COKE Q2: Revenue +10.6%, but aluminum costs compress margin 210bp; $2.4B buyback complete

Filed August 5, 2026 · Period ending July 3, 2026 · Compared to 10-Q Jul 24, 2025 · ~2 min read

Key Changes

• high

  Gross margin fell 210bp to 37.9% as $45M in aluminum cost increases (driven by geopolitical conflicts, supply constraints, and tariffs) outpaced pricing actions, reversing prior-year margin expansion.

  MD&A: Gross Margin verify on EDGAR →
• high

  Operating income flat at $271.3M despite 10.6% revenue growth; operating margin compressed 150bp to 13.2% as aluminum inflation overwhelmed volume gains.

  MD&A: Operating Income verify on EDGAR →
• high

  Completed $2.4B repurchase of all Coca-Cola Company shares (18.8M shares retired) on Nov 7, 2025, funded by $1.35B term loans; company now in retained-deficit position though dividend capacity unaffected.

  Notes: Share Repurchase & Debt view on EDGAR →