Coca-Cola $KO rises 3.7% as Q2 revenue hits $13.4B, guide raised

$KO rose 3.7% after Coca-Cola reported second-quarter net revenue of $13.4B, up 7% year over year, and lifted its full-year 2026 earnings outlook. The company said organic revenue grew 6%, global unit case volume rose 5%, concentrate sales added 4%, and price/mix contributed 2%.

The earnings surprise was concrete rather than narrative. Coca-Cola's Q2 release put reported EPS growth at 16% and comparable currency-neutral EPS growth at 9%. FactSet numbers cited by Barron's showed adjusted EPS of $0.97 against a $0.93 consensus estimate, with revenue ahead of the $13.17B view.

Volume was broad enough to matter for consumer-staples investors. The company said unit case volume increased 5%, led by India, China, the United States and Brazil. Trademark Coca-Cola volume grew 5%, Coca-Cola Zero Sugar grew 16%, Diet Coke/Coca-Cola Light grew 7%, and water, sports, coffee and tea grew 6%.

Guidance moved higher. Coca-Cola now expects about 5% organic revenue growth for 2026, compared with the prior 4%-5% range. Comparable EPS growth is now expected at 9%-10%, up from 8%-9%, including an approximately 3% currency tailwind and an approximately 1% headwind from acquisitions and divestitures. Free cash flow is now expected at about $12.4B, built from about $14.6B of cash from operations and about $2.2B of capital expenditures.

The next checkpoint is whether third-quarter volume can hold while the company absorbs acquisition and divestiture effects. Management flagged an approximately 1% currency tailwind and an approximately 1% acquisitions-and-divestitures headwind for Q3 comparable net revenue, while saying comparable EPS should receive an approximately 3% currency tailwind.

Not investment advice. Verify all figures with primary sources before acting.