Coca-Cola Q2 revenue up 7% on volume rebound; BodyArmor impaired $960M, tax appeal heard

Filed July 29, 2026 · Period ending July 3, 2026 · Compared to 10-Q Jul 24, 2025 · ~2 min read

Key Changes

• high

  Q2 net revenues rose 7% to $13.4B (vs 1% prior year) on 5% volume growth and favorable FX; H1 revenues up 9% to $25.9B (vs flat prior year) on 6% volume growth. North America volumes swung from -1% to +3%, Asia Pacific from -3% to +8%.

  MD&A: Revenue & Volume verify on EDGAR →
• high

  BodyArmor trademark impaired $960M in Q4 FY25 (reducing carrying value to $2.4B) due to slowing category growth, intensifying competition, and revised innovation plans. Management warns further impairments likely if near-term results miss projections.

  MD&A: BodyArmor Impairment verify on EDGAR →
• high

  Eleventh Circuit heard IRS tax appeal June 2026; Eighth Circuit reversed 3M precedent Oct 2025, ruling blocked-income regulation inconsistent with tax law and rejecting IRS dividend argument—both conclusions support Coca-Cola's position. Potential 2010-2025 liability now ~$14B (vs ~$12B prior year).

  Legal Proceedings & MD&A: Tax Litigation verify on EDGAR →