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

Company context

Snapshot as of publication

The 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.…

Earnings scorecard

Reported versus consensus
Reported EPS $0.86 Consensus $1
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

Follow KO with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

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

Related earnings events

Consumer Defensive
PM · FY2026 Q2 · Calendar Q3 2026PM Beats Q2 on Smoke-Free Momentum, Holds Full-Year GuidanceCOST · FY2026 Q3 · Calendar Q2 2026Costco Q3 FY26: Revenue Beat, EPS Miss as Record Gas Volumes Drive GrowthWMT · FY2027 Q1 · Calendar Q2 2026Walmart Q1 FY27: Sales Beat on eCommerce Strength, but Stock Sold Off 7%

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-07-28T09:03:06.634667+00:00
  4. 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.

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 . For educational purposes only; not investment advice.