Coca-Cola Raises 2026 Guidance After Strong Second Quarter

The Coca-Cola Company raised its full-year 2026 adjusted earnings and organic revenue growth guidance on July 28, following second-quarter results that exceeded Wall Street expectations. The company now projects comparable earnings per share growth of 9% to 10% and organic revenue growth of approximately 5%. Shares rose 3.07% to $86.68 in pre-market trading after the announcement.

Second-quarter comparable revenue rose 6% to $13.37 billion, beating estimates of $13.16 billion. This growth was fueled by a 5% increase in global unit case volume, led by a 16% surge in Coca-Cola Zero Sugar and a 7% increase in Diet Coke and Coca-Cola Light. Additional drivers included the fairlife milk brand and marketing activations for America 250 and the FIFA World Cup 2026. The company specifically noted that hydration breaks during soccer matches created new advertising opportunities and increased sales for trademark Coca-Cola and Powerade.

To address softening spending among lower-income U.S. consumers, the company implemented price increases and smaller pack sizes. CFO John Murphy stated that a recent ransomware attack on fairlife production facilities would not have a material financial impact on the quarter. However, Murphy warned that conflict in the Middle East, including the war in Iran, has driven up fuel, aluminum, and PET costs, which may impact 2027. CEO Henrique Braun attributed the company's value share gains to staying close to changing consumer needs.