NYSE: KO COCA COLA CO 8-K

Coca-Cola beats Q2 with 7% revenue growth, 16% EPS gain, raises full-year guidance

Filed July 28, 2026 · Period ending July 28, 2026 · ~1 min read

Key Changes

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Q2 net revenues grew 7% to $13.4B with 5% volume growth; diluted EPS rose 16% to $1.03, operating margin expanded to 34.9% from 34.1%

Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
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Raised FY 2026 guidance: organic revenue growth to ~5% (from 4-5%), comparable EPS growth to 9-10% (from 8-9%), free cash flow to ~$12.4B (from $12.2B)

Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
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FIFA World Cup 2026 campaign generated 60B+ impressions across 180+ markets, contributed to 5% Trademark Coca-Cola volume growth and 8% Powerade growth

Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
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Year-to-date cash flow from operations reached $7.5B with $6.9B in free cash flow, supporting capital allocation priorities

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Innovation initiatives including Coca-Cola Zero Zero expansion, Sprite+Tea in China, and BODYARMOR FIT launch contributed to 5% quarterly volume growth

Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →

Summary

Coca-Cola delivered strong second-quarter results that beat expectations and prompted management to raise full-year guidance across multiple metrics. Revenue grew 7% to $13.4 billion driven by 5% volume growth and pricing discipline, while operating margin expanded 80 basis points to 34.9%. Diluted EPS jumped 16% to $1.03, reflecting both top-line momentum and operational leverage.

The company gained value share in total nonalcoholic ready-to-drink beverages, with particular strength in India, China, the United States, and Brazil. The guidance raise signals management confidence in sustained momentum. Organic revenue growth guidance moved to approximately 5% from a prior 4-5% range, while comparable EPS growth guidance increased to 9-10% from 8-9%.

Free cash flow guidance rose to $12.4 billion from $12.2 billion. The FIFA World Cup 2026 marketing campaign demonstrated the company's ability to execute at scale, generating over 60 billion impressions and collecting 25 million first-party data records that can inform future targeting. Innovation efforts—including the global rollout of Coca-Cola Zero Zero and functional offerings like BODYARMOR FIT—are translating consumer insights into volume growth. For retail holders, the combination of volume growth, margin expansion, and raised guidance reflects a business executing well in a competitive environment.

Section-by-Section Diff

Event · Item 2.02 — Results of Operations and Financial Condition

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The Coca-Cola Company reported Q2 2026 financial results via press release dated July 28, 2026.

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Added Q2 2026 earnings announcement high

Added in current filing · verify on EDGAR →

Attached as Exhibit 99.1 is a copy of a press release of The Coca-Cola Company (“company”), dated July 28, 2026, reporting the company’s financial results for the second quarter 2026.

The company disclosed its second quarter 2026 financial results through a press release. The 8-K itself does not contain the actual financial figures; those are in the attached Exhibit 99.1 press release, which was not provided in this filing body.

Event · Exhibit 99.1

~14,500 words View exhibit on EDGAR ↗

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Added Raised full-year 2026 guidance high

Added in current filing · view on EDGAR →

Organic revenues (non-GAAP) Approx. 5% growth 4% to 5% growth ... Comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) 7% to 8% growth 6% to 7% growth ... Comparable EPS (non-GAAP) 9% to 10% growth, which includes:

•Approx. 3% currency tailwind1

•Approx. 1% headwind from acquisitions and divestitures2

8% to 9% growth, which includes:

•Approx. 3% currency tailwind1

•Approx. 1% headwind from acquisitions and divestitures2 ... Free cash flow (non-GAAP) Approx. $12.4 billion, consisting of:

•Approx. $14.6 billion of cash from operations

•Approx. $2.2 billion of capital expenditures

Approx. $12.2 billion, consisting of:

•Approx. $14.4 billion of cash from operations

•Approx. $2.2 billion of capital expenditures

Coca-Cola raised its full-year 2026 guidance across multiple metrics. Organic revenue growth guidance increased to approximately 5% from 4-5%. Comparable currency neutral EPS excluding acquisitions and divestitures guidance increased to 7-8% growth from 6-7%. Comparable EPS guidance increased to 9-10% growth from 8-9%. Free cash flow guidance increased to approximately $12.4 billion from $12.2 billion.

Added FIFA World Cup 2026 marketing campaign medium

Added in current filing · view on EDGAR →

The FIFA World Cup™ provided a unique opportunity for the company to activate a campaign at unprecedented scale across more than 180 markets. ... Digital and social activations generated more than 60 billion impressions and over 9 billion views, supported by more than 2,500 content creators, helping Trademark Coca‑Cola become the #1 brand by share of voice during the tournament and leading to record-setting engagement with Powerade. The company also leveraged connected packaging to engage more than 80 million consumers and collect more than 25 million first-party data records, which can be used to tailor future marketing campaigns. By combining global scale with local execution, the company’s FIFA World Cup 2026™ campaign contributed to a portion of both 5% volume growth for Trademark Coca‑Cola and 8% volume growth for Powerade during the quarter.

Coca-Cola executed a large-scale FIFA World Cup 2026 marketing campaign across more than 180 markets, generating over 60 billion impressions and 9 billion views. The campaign helped Trademark Coca-Cola become the #1 brand by share of voice during the tournament and contributed to 5% volume growth for Trademark Coca-Cola and 8% volume growth for Powerade during the quarter. The company also collected over 25 million first-party data records through connected packaging.

Added Innovation initiatives medium

Added in current filing · view on EDGAR →

The company is establishing innovation hubs across each of its operating units to translate consumer insights into locally relevant innovations to capture more drinking occasions. ... One example is Coca-Cola Zero Zero, which has redesigned packaging that better connects with consumers and meets demand for great taste with zero sugar, zero calories and zero caffeine. The offering is being extended to markets across Asia Pacific and Latin America following strong results and consumer reception in Europe. In China, the company adapted its U.S. Sprite+Tea innovation with a lemon-forward flavor profile that resonates with local Chinese consumers and supported Sprite’s volume growth during the quarter. The company is also expanding functional offerings to meet evolving consumer needs, including a sparkling sports drink, BODYARMOR FIT, which combines zero sugar with electrolytes and caffeine and provides metabolism support. In aggregate, innovation contributed to the company’s 5% volume growth during the quarter, reflecting its focus on improving speed to market and making innovation work harder across more brands and markets.

Coca-Cola is scaling consumer-led innovation through new innovation hubs across operating units. Key initiatives include expanding Coca-Cola Zero Zero to Asia Pacific and Latin America, launching Sprite+Tea in China, and introducing BODYARMOR FIT, a sparkling sports drink with zero sugar, electrolytes and caffeine. Innovation contributed to the company's 5% volume growth during the quarter.