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KO · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Clean growth and a raised full-year outlook — unit case volume +5% (Trademark Coca-Cola +5%, Coke Zero Sugar +16%, World Cup lift), organic revenue +6%, operating income +9% with margin up to 34.9%, and EPS +16% to $1.03; below the operating line a $370M other-income gain and lower interest cost did extra work, so comparable EPS grew a slower 11% to $0.97.
Net Income
$4,425M
up 16.1% y/y
Net Operating Revenues
$13,380M
up 6.7% y/y
Operating Income
$4,672M
up 9.2% y/y
Gross Profit
$8,415M
up 7.6% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net Operating Revenues | $13,380 · +6.7% |
| Cost of Goods Sold | $4,965 · +5.3% |
| Gross Profit | $8,415 · +7.6% · 62.9% margin |
| SG&A (incl. marketing) | $3,720 · +7.2% |
| Other Operating Charges | $23 · vs $71 |
| Operating Income | $4,672 · +9.2% · 34.9% margin |
| Net Interest Expense | $171 · vs $257 · interest expense $369, income $198 |
| Equity Income (bottler stakes) | $604 · +7.7% |
| Other Income, net | $370 · vs $212 |
| Pre-Tax Income | $5,475 · +14.2% |
| Income Tax | $1,037 · +4.4% · 18.9% effective rate |
| Minority Interests | $13 |
| Net Income | $4,425 · +16.1% · $1.03/sh · 33.1% margin |
Verdict: clean growth and a raised full-year outlook — unit case volume +5% (Trademark Coca-Cola +5%, Coke Zero Sugar +16%, World Cup lift), organic revenue +6%, operating income +9% with margin up to 34.9%, and EPS +16% to $1.03; below the operating line a $370M other-income gain and lower interest cost did extra work, so comparable EPS grew a slower 11% to $0.97.
Full-year 2026 guidance raised: organic revenue ≈5% (was 4–5%), comparable EPS +9–10% (was +8–9%), free cash flow ≈$12.4B (was $12.2B) on ≈$14.6B operating cash flow and ≈$2.2B capex. Year-to-date operating cash flow $7.5B, free cash flow $6.9B; dividends paid $4.56B, buybacks $0.66B in six months.
Source and notation
Source: The Coca-Cola Company press release, 8-K EX-99.1 of 07/28/2026 (SEC EDGAR).
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Chart: “KO Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/ko/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/ko/q2-2026"><img src="https://whoreportstoday.com/t/ko/q2-2026/sankey.png" alt="KO Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/ko/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/ko/q2-2026">KO Q2 2026 earnings chart (Who Reports Today)</a>
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- Growth mix: unit case volume +5%, concentrate sales +4%, price/mix +2%, currency +2%, acquisitions/divestitures −1% → reported revenue +7%, organic (non-GAAP) +6%.
- Latin America is the star: revenue +16% ($1.84B, of which 11 points is currency) and operating income +23% to $1.18B; North America revenue +7% to $5.41B; EMEA operating income slipped 1% and Asia Pacific was flat (+1%), with share losses in India.
- Other income of $370M (vs $212M) includes $247M of 'other items' and a $66M transaction gain that the company strips out of comparable results — that is why GAAP EPS grew 16% but comparable EPS only 11% ($0.97).
- Interest expense fell 17% to $369M while interest income rose to $198M: net interest cost dropped from $257M to $171M. Debt: $6.5B due within a year and $37.0B long-term; cash and short-term investments $13.5B.
- Equity income from bottler stakes (Coca-Cola FEMSA, Coca-Cola Europacific, etc.) — $604M, +8% — is ≈11% of pre-tax income; it is profit Coca-Cola books without selling a single case itself.
- Effective tax rate 18.9% versus 20.7% a year ago (a $40M benefit from certain tax matters); underlying rate guided at 19.9%.
- Operating margin 34.9% vs 34.1%: gross margin improved to 62.9% despite higher input costs, while SG&A grew in line with revenue on stepped-up World Cup marketing.
- Balance sheet still carries 'held for sale' assets of $5.4B and liabilities of $2.4B — bottling operations being refranchised; quarter-to-quarter revenue will keep shifting as they leave.
What distorts the picture in this report and what to watch beyond the headlines.
KO — The Coca-Cola Company produces non-alcoholic beverages, including its flagship Coca-Cola brand.
It operates globally with headquarters in Atlanta, Georgia.
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