Analyst Consensus ?
ConsensusBuy47 ratings
Bullish2961.7%
Neutral1531.9%
Bearish36.4%
The Coca-Cola Company · KO · FY2026 Q2 · Calendar Q3 2026
Coca-Cola Q2: Volume Growth and Margin Expansion Continue
The supplied evidence supports a constructive but qualified view: Coca-Cola combined resilient demand, margin expansion, and maintained raised guidance in Q2. The case depends on sustaining volume and price/mix execution while managing commodity, consumer, geopolitical, tax, and divestiture risks.
Reported Before market openNYSEConsumer Defensive
$381.25B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.97
Consensus $0.92
EPS surprise
+5.4%
Reported versus consensus
Reported revenue
$13.37B
Consensus $13.17B
Revenue surprise
+1.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+5.0%
Event window
SPY move
+0.2%
Same window
Abnormal move
+4.8%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
+3.8%
Up to 20 sessions
KOSPY benchmark
Ask FN2 about KO FY2026 Q2
Transcript, numbers and history already loaded
Why did KO rise 5.0% after beating EPS estimates in FY2026 Q2?What changed in KO's guidance and outlook in FY2026 Q2?Give me the bull and bear case for KO after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the current analysis shows stronger reported volume growth, margin expansion, and continued raised guidance. The FIFA World Cup activation and fairlife production progress were prominent current-quarter developments, while the IRS tax dispute remains unresolved.
Guidance delta
Management maintained raised 2026 guidance of approximately 5% organic revenue growth and 9-10% EPS growth.
Key takeaways
- Management reported 5% year-over-year volume growth and 6% organic revenue growth.
- Comparable gross margin rose approximately 120 basis points and operating margin rose approximately 90 basis points.
- Management attributed momentum to FIFA World Cup activation and revenue growth management.
- Fairlife production resumed at all four U.S. facilities, with Webster capacity ramping as planned.
- The ongoing IRS tax dispute and commodity volatility remain material risks.
Management priorities
- Continue the consumer-centric 4Is framework and digital integration.
- Scale Coca-Cola Zero Zero into additional markets.
- Develop fairlife availability, flavors, and packaging.
- Invest in AI, digital capabilities, and selective advertising.
- Expand strategic partnerships and emerging-market initiatives.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$88.09Current
$60Low
$79.79Average
$104High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 24, 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 |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Jul 30, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 30, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 29, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 29, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 29, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 29, 2026 |
| UBS | Buy | Buy | Maintain | Jul 16, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 14, 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 $88.09. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Seaport Global | Analyst unavailable | $95 | $87.76 | +7.8% | Aug 14, 2026 |
| Barclays | Lauren Lieberman | $93 | $89.08 | +5.6% | Jul 30, 2026 |
| RBC Capital | Analyst unavailable | $96 | $90.39 | +9.0% | Jul 29, 2026 |
| UBS | Peter Grom | $104 | $90.12 | +18.1% | Jul 29, 2026 |
| Piper Sandler | Analyst unavailable | $95 | $88.27 | +7.8% | Jul 29, 2026 |
| Jefferies | Kaumil Gajrawala | $104 | $88.27 | +18.1% | Jul 29, 2026 |
| Wells Fargo | Analyst unavailable | $95 | $88.27 | +7.8% | Jul 29, 2026 |
| Bernstein | Cristian Rios | $93 | $88.27 | +5.6% | Jul 29, 2026 |
| Morgan Stanley | Dara Mohsenian | $100 | $88.27 | +13.5% | Jul 29, 2026 |
| Goldman Sachs | Analyst unavailable | $86 | $88.27 | -2.4% | Jul 28, 2026 |
| Evercore ISI | Analyst unavailable | $100 | $88.29 | +13.5% | Jul 28, 2026 |
| Barclays | Lauren Lieberman | $91 | $82.12 | +3.3% | Jul 21, 2026 |
| UBS | Peter Grom | $98 | $84.57 | +11.2% | Jul 16, 2026 |
| Bernstein | Analyst unavailable | $83 | $82.46 | -5.8% | Jul 9, 2026 |
| Truist Financial | Analyst unavailable | $88 | $81.42 | -0.1% | Jun 26, 2026 |
| Bernstein | Cristian Rios | $84 | $82.53 | -4.6% | Jun 11, 2026 |
| Morgan Stanley | Dara Mohsenian | $89 | $81.34 | +1.0% | Jun 10, 2026 |
| Barclays | Analyst unavailable | $89 | $81.55 | +1.0% | May 21, 2026 |
| Barclays | Analyst unavailable | $85 | $78.87 | -3.5% | Apr 30, 2026 |
| Morgan Stanley | Analyst unavailable | $88 | $77.58 | -0.1% | Mar 11, 2026 |
| Barclays | Analyst unavailable | $83 | $79.56 | -5.8% | Feb 12, 2026 |
| Truist Financial | Analyst unavailable | $85 | $78.32 | -3.5% | Feb 11, 2026 |
| UBS | Analyst unavailable | $87 | $78.17 | -1.2% | Feb 11, 2026 |
| Morgan Stanley | Analyst unavailable | $87 | $77.33 | -1.2% | Feb 11, 2026 |
| RBC Capital | Nik Modi | $87 | $78.27 | -1.2% | Feb 11, 2026 |
| Evercore ISI | Analyst unavailable | $85 | $77.66 | -3.5% | Feb 11, 2026 |
| RBC Capital | Nik Modi | $78 | $78.52 | -11.5% | Feb 6, 2026 |
| UBS | Peter Grom | $82 | $76.96 | -6.9% | Feb 3, 2026 |
| Deutsche Bank | Analyst unavailable | $83 | $73.52 | -5.8% | Jan 29, 2026 |
| Barclays | Lauren Lieberman | $77 | $70.4 | -12.6% | Oct 23, 2025 |
| Piper Sandler | Analyst unavailable | $81 | $71.22 | -8.0% | Oct 22, 2025 |
| Evercore ISI | Analyst unavailable | $82 | $71.22 | -6.9% | Oct 21, 2025 |
| RBC Capital | Nik Modi | $76 | $70.44 | -13.7% | Jul 21, 2025 |
| Jefferies | Kaumil Gajrawala | $77 | $68.01 | -12.6% | Oct 24, 2024 |
| CFRA | Garrett Nelson | $70 | $67.6 | -20.5% | Oct 23, 2024 |
| Morgan Stanley | Dara Mohsenian | $78 | $70.84 | -11.5% | Aug 27, 2024 |
| Truist Financial | Bill Chappell | $70 | $65.81 | -20.5% | Jul 25, 2024 |
| Argus Research | Christopher Graja | $72 | $62.94 | -18.3% | May 22, 2024 |
| D.A. Davidson | Linda Bolton Weiser | $81 | $28.7 | -8.0% | Nov 21, 2023 |
| Bernstein | Callum Elliott | $66 | $63.98 | -25.1% | Apr 25, 2023 |
| Morgan Stanley | Dara Mohsenian | $70 | $60.36 | -20.5% | Mar 7, 2023 |
| Wells Fargo | Chris Carey | $70 | $60.6 | -20.5% | Feb 14, 2023 |
| Deutsche Bank | Analyst unavailable | $62 | $63.68 | -29.6% | Dec 6, 2022 |
| Wedbush | Gerald Pascarelli | $63 | $54.39 | -28.5% | Oct 10, 2022 |
| HSBC | Analyst unavailable | $76 | $61.15 | -13.7% | Sep 6, 2022 |
| Deutsche Bank | Analyst unavailable | $65 | $62.51 | -26.2% | Jul 27, 2022 |
| UBS | Analyst unavailable | $72 | $63.21 | -18.3% | Jul 27, 2022 |
| Truist Financial | Bill Chappell | $75 | $65.56 | -14.9% | Apr 27, 2022 |
| Wells Fargo | Chris Carey | $74 | $66.15 | -16.0% | Apr 27, 2022 |
| Guggenheim | Analyst unavailable | $71 | $65.46 | -19.4% | Apr 26, 2022 |
| Deutsche Bank | Analyst unavailable | $64 | $65.81 | -27.3% | Apr 26, 2022 |
| Credit Suisse | Analyst unavailable | $68 | $65.81 | -22.8% | Apr 26, 2022 |
| HSBC | Analyst unavailable | $72 | $65.57 | -18.3% | Apr 26, 2022 |
| Citigroup | Analyst unavailable | $68 | $65.94 | -22.8% | Apr 26, 2022 |
| Cowen & Co. | Vivien Azer | $68 | $65.8 | -22.8% | Apr 26, 2022 |
| Credit Suisse | Kaumil Gajrawala | $68 | $65.05 | -22.8% | Apr 26, 2022 |
| Bank of America Securities | Bryan Spillane | $70 | $65.94 | -20.5% | Apr 25, 2022 |
| Guggenheim | Laurent Grandet | $71 | $65.94 | -19.4% | Apr 25, 2022 |
| CFRA | Garrett Nelson | $72 | $65.94 | -18.3% | Apr 25, 2022 |
| Cowen & Co. | Vivien Azer | $68 | $65.94 | -22.8% | Apr 25, 2022 |
| J.P. Morgan | Andrea Faria Teixeira | $73 | $65.25 | -17.1% | Apr 22, 2022 |
| Credit Suisse | Kaumil Gajrawala | $66 | $66.21 | -25.1% | Apr 21, 2022 |
| Evercore ISI | Robert Ottenstein | $70 | $62.54 | -20.5% | Feb 21, 2022 |
| Morgan Stanley | Dara Mohsenian | $76 | $60.29 | -13.7% | Feb 13, 2022 |
| UBS | Sean King | $68 | $59.83 | -22.8% | Feb 11, 2022 |
| Goldman Sachs | Bonnie Herzog | $60 | $60.91 | -31.9% | Feb 10, 2022 |
| Guggenheim | Laurent Grandet | $67 | $60.91 | -23.9% | Feb 10, 2022 |
| Credit Suisse | Kaumil Gajrawala | $66 | $59.15 | -25.1% | Jan 26, 2022 |
| CFRA | Garrett Nelson | $68 | $59.83 | -22.8% | Jan 4, 2022 |
| Bank of America Securities | Bryan Spillane | $64 | $55.19 | -27.3% | Jul 22, 2021 |
| Cowen & Co. | Vivien Azer | $60 | $55.27 | -31.9% | Jul 21, 2021 |
| Argus Research | Chris Graja | $63 | $53.71 | -28.5% | Jun 17, 2021 |
| DZ BANK AG | Axel Herlinghaus | $60 | $52.98 | -31.9% | 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 |
|---|---|---|---|---|
| GIS General Mills, Inc. | FY2027 Q1 · Calendar Q3 2026 | — | +0.1% | General Mills leans on price mix and innovation as pressures persist |
| KR The Kroger Co. | FY2026 Q2 · Calendar Q3 2026 | +2.8% | +2.7% | Kroger: Strong digital growth offsets softer sales outlook |
| CPB Campbell Soup Company | FY2026 Q4 · Calendar Q3 2026 | +1.1% | -7.0% | Campbell’s leans on savings and innovation amid pressured demand |
| BF-A Brown-Forman Corporation | FY2027 Q1 · Calendar Q3 2026 | +3.0% | — | Brown-Forman holds FY27 outlook as RTD innovation offsets barrel pressure |
| BF-B Brown-Forman Corporation | FY2027 Q1 · Calendar Q3 2026 | 0.0% | — | Brown-Forman maintains FY27 outlook as innovation offsets pressure |
| DG Dollar General Corporation | FY2027 Q2 · Calendar Q3 2026 | +23.4% | +2.5% | Dollar General Raises FY2026 Outlook After Strong Q2 |
Latest beats and misses
Who reports nextBeat on EPS
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% 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 · 2026-07-28T16:05:21.343340+00:00
- FN2 earnings calendar · 2026-09-02T01:23:14.593608+00:00
- Polygon adjusted daily market bars · 2026-09-24T01:20:52.252825+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T01:20:52.250117+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 2026-09-24. For educational purposes only; not investment advice.