Coca-Cola’s first quarter 2026 results showed a sharp step-up in sales, profit and earnings versus a year earlier, led by stronger volume, higher pricing and a larger contribution from concentrate sales.
Net revenues rose 12% to $12.5 billion from the prior-year period, while organic revenues increased 10%. Concentrate sales climbed 8%, outpacing 3% global unit case volume growth by 5 percentage points, helped by six additional days in the quarter and partly offset by shipment timing.
Operating income increased 19%, and operating margin widened to 35.0% from 32.9%. Comparable operating margin improved to 34.5% from 33.8%.
Earnings per share rose 18% to $0.91, up from the prior-year period, while comparable EPS also increased 18% to $0.86.
Cash flow from operations came in at $2.0 billion, and free cash flow was $1.8 billion.
By region, North America posted the strongest volume growth among the major segments at 4%, with operating income up 20% and comparable currency-neutral operating income up 17%. Europe, Middle East & Africa unit case volume rose 2%, operating income increased 18%, and comparable currency-neutral operating income rose 12%. Latin America volume grew 1%, operating income increased 15%, and comparable currency-neutral operating income rose 9%. Asia Pacific volume climbed 5%, but operating income fell 14% and comparable currency-neutral operating income declined 17%. Bottling investments volume grew 1%, while operating income jumped 62% and comparable currency-neutral operating income increased 53%.
Within categories, sparkling soft drinks grew 2%, with trademark Coca-Cola up 2% and Coca-Cola Zero Sugar up 13%. Diet Coke/Coca-Cola Light rose 6%, sparkling flavors increased 3%, water advanced 5%, sports drinks grew 3%, coffee was flat, and tea surged 38%. Juice, value-added dairy and plant-based beverages declined 1%.
Price/mix increased 2% globally, driven by pricing actions, while unit case volume growth was led by China, the United States and India.
Coca-Cola also updated its full-year 2026 outlook. It now expects comparable EPS growth of 8% to 9% versus $3.00 in 2025, up from the prior view, and comparable currency-neutral EPS excluding acquisitions and divestitures to rise 6% to 7%. The company kept its organic revenue growth target at 4% to 5% and reaffirmed expected free cash flow of about $12.2 billion. Today the company's shares have moved 0.46% to a price of $76.63. If you want to know more, read the company's complete 8-K report here.
