Analyst Consensus ?
ConsensusBuy47 ratings
Bullish2961.7%
Neutral1531.9%
Bearish36.4%
The Coca-Cola Company · KO · FY2026 Q1 · Calendar Q2 2026
Coca-Cola Q1 2026: Double-Digit EPS Growth and Raised Guidance Top Estimates
Coca-Cola delivered a strong start to fiscal 2026, with Q1 organic revenue up 10% and comparable EPS rising 18% year-over-year, beating consensus on both lines. Volume grew 3% across all operating segments, demonstrating broad-based demand despite price-mix headwinds. Management raised full-year guidance, lifting the EPS growth range from 7-8% to 8-9%, reflecting confidence in portfolio innovation, digital initiatives, and bottler system investment. The market responded favorably, with shares moving up 4.3% on abnormally high volume. Key risks include commodity cost pressures, geopolitical tensions, and the pending Africa divestiture, but the overall trajectory signals durable brand strength and pricing power.
Reported Before market openNYSEConsumer Defensive
$361.71B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.86
Consensus $0.81
EPS surprise
+5.9%
Reported versus consensus
Reported revenue
$12.47B
Consensus $12.24B
Revenue surprise
+1.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.9%
Event window
SPY move
-0.5%
Same window
Abnormal move
+4.3%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
+4.2%
Up to 20 sessions
KOSPY benchmark
Ask FN2 about KO FY2026 Q1
Transcript, numbers and history already loaded
Why did KO rise 3.9% after beating EPS estimates in FY2026 Q1?What changed in KO's guidance and outlook in FY2026 Q1?Give me the bull and bear case for KO after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared to the prior quarter's maintained guidance, Coca-Cola raised its 2026 outlook from 7-8% to 8-9% EPS growth while keeping the 4-5% organic revenue growth range. Q1 saw the relaunch of Coca-Cola Zero-Zero (0 sugar, 0 caffeine, 0 calories) with a new visual identity, and the company confirmed the pending sale of Coca-Cola Beverages Africa subject to regulatory approval. Operating margin expanded despite gross margin pressure from an inventory timing issue and tea/coffee commodity costs. The company added over 600,000 new retail outlets and deployed 340,000 cold-drink equipment units, broadening distribution reach.
Guidance delta
Prior quarter (Q4 2025): 2026 guidance maintained at 4-5% organic revenue growth and 7-8% EPS growth. Current quarter (Q1 2026): Guidance raised to 4-5% organic revenue growth and 8-9% EPS growth. The revenue range was held; the EPS growth range was lifted by approximately 100 basis points at both ends, reflecting stronger-than-expected first-quarter execution and confidence in the full-year outlook.
Key takeaways
- Q1 2026 organic revenue grew 10% YoY with 3% volume growth across all segments, beating consensus revenue of $12.24B with $12.47B reported.
- Comparable EPS of $0.86 exceeded the $0.81 estimate by 5.9%, driven by 18% YoY EPS growth.
- Full-year guidance was raised, with EPS growth moving from 7-8% to 8-9%; revenue growth held at 4-5%.
- Gross margin was pressured by an inventory timing issue and tea/coffee commodity costs, but operating margin still expanded.
- Coca-Cola Zero-Zero relaunched with a new identity; 600,000+ new outlets and 340,000 cold-drink units deployed.
Management priorities
- Scale the Coca-Cola Zero-Zero rollout globally as a flagship zero-sugar innovation
- Continue FIFA World Cup-related marketing and digital activation campaigns
- Accelerate refillable packaging and sustainability initiatives
- Increase cold-drink equipment deployments and expand outlet coverage
- Complete the sale of Coca-Cola Beverages Africa in H2 2026
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$92.7Current
$60Low
$80.58Average
$104High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Piper Sandler | Overweight | Overweight | Maintain | Oct 26, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 16, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 14, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Oct 5, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Sep 28, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 29, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 29, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 29, 2026 |
| UBS | Buy | Buy | Maintain | Jul 16, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 10, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 29, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Mar 30, 2026 |
| Freedom Broker | Hold | Hold | Maintain | Oct 31, 2025 |
| BNP Paribas | Outperform | Outperform | Maintain | Jul 21, 2025 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jun 9, 2025 |
| Truist Securities | Buy | Buy | Maintain | Oct 16, 2024 |
| CFRA | Hold | Buy | Downgrade | Sep 5, 2024 |
| Wedbush | Outperform | Outperform | Maintain | Jul 27, 2023 |
| HSBC | Buy | Buy | Maintain | Jun 7, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Oct 3, 2022 |
| DZ Bank | Hold | Buy | Downgrade | Apr 28, 2022 |
| Guggenheim | Buy | Buy | Maintain | Apr 26, 2022 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Apr 26, 2022 |
| DA Davidson | Perform | Peer Perform | Maintain | Apr 13, 2021 |
| Bernstein | Outperform | Outperform | Maintain | Jan 20, 2021 |
| Goldman Sachs | Neutral | Neutral | Maintain | Apr 1, 2020 |
| BMO Capital | Market Perform | Market Perform | Maintain | Oct 21, 2019 |
| Atlantic Equities | Overweight | Overweight | Maintain | Jul 29, 2019 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Bank of America | Buy | Buy | Maintain | Oct 9, 2017 |
| Daiwa Capital | Outperform | Outperform | Maintain | Jun 13, 2017 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Sep 29, 2016 |
| Stifel | Hold | Buy | Downgrade | Sep 29, 2016 |
| Susquehanna | Neutral | Neutral | Maintain | Mar 15, 2016 |
| Sterne Agee CRT | Neutral | Buy | Downgrade | Feb 26, 2016 |
| Sterne Agee | Neutral | Buy | Downgrade | Feb 26, 2016 |
| Tigress Financial | Neutral | Buy | Downgrade | Dec 4, 2015 |
| Nomura | Buy | Buy | Maintain | Dec 15, 2014 |
| Societe Generale | Sell | Hold | Downgrade | Oct 22, 2014 |
| Brasil Plural | Overweight | Overweight | Maintain | Aug 25, 2014 |
| Janney Capital | Buy | Buy | Maintain | Dec 12, 2013 |
| Standpoint Research | Sell | Sell | Maintain | Dec 2, 2013 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Sep 19, 2013 |
| CLSA | Underperform | Outperform | Downgrade | Sep 3, 2013 |
| Davenport | Neutral | Buy | Downgrade | Apr 12, 2013 |
| Credit Agricole | Outperform | Underperform | Upgrade | Mar 14, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $92.7. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $102 | $92.71 | +10.0% | Oct 26, 2026 |
| Barclays | Analyst unavailable | $98 | $92 | +5.7% | Oct 16, 2026 |
| Seaport Global | Analyst unavailable | $95 | $87.76 | +2.5% | Aug 14, 2026 |
| Barclays | Lauren Lieberman | $93 | $89.08 | +0.3% | Jul 30, 2026 |
| RBC Capital | Analyst unavailable | $96 | $90.39 | +3.6% | Jul 29, 2026 |
| UBS | Peter Grom | $104 | $90.12 | +12.2% | Jul 29, 2026 |
| Piper Sandler | Analyst unavailable | $95 | $88.27 | +2.5% | Jul 29, 2026 |
| Jefferies | Kaumil Gajrawala | $104 | $88.27 | +12.2% | Jul 29, 2026 |
| Wells Fargo | Analyst unavailable | $95 | $88.27 | +2.5% | Jul 29, 2026 |
| Bernstein | Cristian Rios | $93 | $88.27 | +0.3% | Jul 29, 2026 |
| Morgan Stanley | Dara Mohsenian | $100 | $88.27 | +7.9% | Jul 29, 2026 |
| Goldman Sachs | Analyst unavailable | $86 | $88.27 | -7.2% | Jul 28, 2026 |
| Evercore ISI | Analyst unavailable | $100 | $88.29 | +7.9% | Jul 28, 2026 |
| Barclays | Lauren Lieberman | $91 | $82.12 | -1.8% | Jul 21, 2026 |
| UBS | Peter Grom | $98 | $84.57 | +5.7% | Jul 16, 2026 |
| Bernstein | Analyst unavailable | $83 | $82.46 | -10.5% | Jul 9, 2026 |
| Truist Financial | Analyst unavailable | $88 | $81.42 | -5.1% | Jun 26, 2026 |
| Bernstein | Cristian Rios | $84 | $82.53 | -9.4% | Jun 11, 2026 |
| Morgan Stanley | Dara Mohsenian | $89 | $81.34 | -4.0% | Jun 10, 2026 |
| Barclays | Analyst unavailable | $89 | $81.55 | -4.0% | May 21, 2026 |
| Barclays | Analyst unavailable | $85 | $78.87 | -8.3% | Apr 30, 2026 |
| Morgan Stanley | Analyst unavailable | $88 | $77.58 | -5.1% | Mar 11, 2026 |
| Barclays | Analyst unavailable | $83 | $79.56 | -10.5% | Feb 12, 2026 |
| Truist Financial | Analyst unavailable | $85 | $78.32 | -8.3% | Feb 11, 2026 |
| UBS | Analyst unavailable | $87 | $78.17 | -6.1% | Feb 11, 2026 |
| Morgan Stanley | Analyst unavailable | $87 | $77.33 | -6.1% | Feb 11, 2026 |
| RBC Capital | Nik Modi | $87 | $78.27 | -6.1% | Feb 11, 2026 |
| Evercore ISI | Analyst unavailable | $85 | $77.66 | -8.3% | Feb 11, 2026 |
| RBC Capital | Nik Modi | $78 | $78.52 | -15.9% | Feb 6, 2026 |
| UBS | Peter Grom | $82 | $76.96 | -11.5% | Feb 3, 2026 |
| Deutsche Bank | Analyst unavailable | $83 | $73.52 | -10.5% | Jan 29, 2026 |
| Barclays | Lauren Lieberman | $77 | $70.4 | -16.9% | Oct 23, 2025 |
| Piper Sandler | Analyst unavailable | $81 | $71.22 | -12.6% | Oct 22, 2025 |
| Evercore ISI | Analyst unavailable | $82 | $71.22 | -11.5% | Oct 21, 2025 |
| RBC Capital | Nik Modi | $76 | $70.44 | -18.0% | Jul 21, 2025 |
| Jefferies | Kaumil Gajrawala | $77 | $68.01 | -16.9% | Oct 24, 2024 |
| CFRA | Garrett Nelson | $70 | $67.6 | -24.5% | Oct 23, 2024 |
| Morgan Stanley | Dara Mohsenian | $78 | $70.84 | -15.9% | Aug 27, 2024 |
| Truist Financial | Bill Chappell | $70 | $65.81 | -24.5% | Jul 25, 2024 |
| Argus Research | Christopher Graja | $72 | $62.94 | -22.3% | May 22, 2024 |
| D.A. Davidson | Linda Bolton Weiser | $81 | $28.7 | -12.6% | Nov 21, 2023 |
| RBC Capital | Nik Modi | $69 | $63.98 | -25.6% | Apr 25, 2023 |
| Morgan Stanley | Dara Mohsenian | $70 | $60.36 | -24.5% | Mar 7, 2023 |
| Wells Fargo | Chris Carey | $70 | $60.6 | -24.5% | Feb 14, 2023 |
| Deutsche Bank | Analyst unavailable | $62 | $63.68 | -33.1% | Dec 6, 2022 |
| Wedbush | Gerald Pascarelli | $63 | $54.39 | -32.0% | Oct 10, 2022 |
| HSBC | Analyst unavailable | $76 | $61.15 | -18.0% | Sep 6, 2022 |
| Deutsche Bank | Analyst unavailable | $65 | $62.51 | -29.9% | Jul 27, 2022 |
| UBS | Analyst unavailable | $72 | $63.21 | -22.3% | Jul 27, 2022 |
| Truist Financial | Bill Chappell | $75 | $65.56 | -19.1% | Apr 27, 2022 |
| Wells Fargo | Chris Carey | $74 | $66.15 | -20.2% | Apr 27, 2022 |
| Guggenheim | Analyst unavailable | $71 | $65.46 | -23.4% | Apr 26, 2022 |
| Deutsche Bank | Analyst unavailable | $64 | $65.81 | -31.0% | Apr 26, 2022 |
| Credit Suisse | Analyst unavailable | $68 | $65.81 | -26.6% | Apr 26, 2022 |
| HSBC | Analyst unavailable | $72 | $65.57 | -22.3% | Apr 26, 2022 |
| Citigroup | Analyst unavailable | $68 | $65.94 | -26.6% | Apr 26, 2022 |
| Cowen & Co. | Vivien Azer | $68 | $65.8 | -26.6% | Apr 26, 2022 |
| Credit Suisse | Kaumil Gajrawala | $68 | $65.05 | -26.6% | Apr 26, 2022 |
| Bank of America Securities | Bryan Spillane | $70 | $65.94 | -24.5% | Apr 25, 2022 |
| Guggenheim | Laurent Grandet | $71 | $65.94 | -23.4% | Apr 25, 2022 |
| CFRA | Garrett Nelson | $72 | $65.94 | -22.3% | Apr 25, 2022 |
| Cowen & Co. | Vivien Azer | $68 | $65.94 | -26.6% | Apr 25, 2022 |
| J.P. Morgan | Andrea Faria Teixeira | $73 | $65.25 | -21.3% | Apr 22, 2022 |
| Credit Suisse | Kaumil Gajrawala | $66 | $66.21 | -28.8% | Apr 21, 2022 |
| Evercore ISI | Robert Ottenstein | $70 | $62.54 | -24.5% | Feb 21, 2022 |
| Morgan Stanley | Dara Mohsenian | $76 | $60.29 | -18.0% | Feb 13, 2022 |
| UBS | Sean King | $68 | $59.83 | -26.6% | Feb 11, 2022 |
| Goldman Sachs | Bonnie Herzog | $60 | $60.91 | -35.3% | Feb 10, 2022 |
| Guggenheim | Laurent Grandet | $67 | $60.91 | -27.7% | Feb 10, 2022 |
| Credit Suisse | Kaumil Gajrawala | $66 | $59.15 | -28.8% | Jan 26, 2022 |
| CFRA | Garrett Nelson | $68 | $59.83 | -26.6% | Jan 4, 2022 |
| Bank of America Securities | Bryan Spillane | $64 | $55.19 | -31.0% | Jul 22, 2021 |
| Cowen & Co. | Vivien Azer | $60 | $55.27 | -35.3% | Jul 21, 2021 |
| Argus Research | Chris Graja | $63 | $53.71 | -32.0% | Jun 17, 2021 |
| DZ BANK AG | Axel Herlinghaus | $60 | $52.98 | -35.3% | Apr 21, 2021 |
Track every rating change on KO the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThe Coca-Cola Company, a beverage company, manufactures and sells various nonalcoholic beverages in the United States and internationally. The company provides Trademark Coca-Cola, sparkling soft drinks and flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and emerging beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers comprising restaurants and convenience stores.…
Historical context
All KO earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| KOF Coca-Cola FEMSA, S.A.B. de C.V. | FY2026 Q3 · Calendar Q4 2026 | — | — | KOF Q3: Record volume and innovation offset cost pressure |
| PG The Procter & Gamble Company | FY2027 Q1 · Calendar Q4 2026 | +6.4% | +5.6% | P&G: Volume Growth Supports FY2027 Guidance Despite Cost Headwinds |
Latest beats and misses
Who reports nextBeat on EPS
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the KO recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T09:03:06.634667+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T09:03:06.631994+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-28. For educational purposes only; not investment advice.