Coca-Cola Q2 2026 Revenue Up 7% to $13.38 Billion, Net Profit Jumps 16%, Raises Full-Year Guidance Again

Coca-Cola reported second-quarter 2026 revenue of approximately $13.38 billion, up 7% year-on-year. Net profit reached $4.43 billion, or $1.03 per share, compared with $3.81 billion and $0.89 per share in the same period last year. Adjusted earnings per share were $0.97.

By growth driver, concentrate sales rose 4% in the quarter, unit case volume increased 5%, and price and product mix contributed 2% growth, with volume re-emerging as the primary growth engine. Zero-sugar Coke sales grew 16%, the fastest pace in recent years, with growth recorded across all geographic regions. Diet Coke sales rose 7%. Juice, value-added dairy, and plant-based beverages turned from negative growth in the first quarter to positive growth of 2%, sports drinks rose 5%, ready-to-drink tea grew 6%, and ready-to-drink coffee declined 2%.

Regionally, North America posted revenue of $5.41 billion, up 7%, with both volume and price/mix improving. Concentrate and unit case volume each rose 3%, while price and mix contributed 4% growth. Europe, the Middle East, and Africa reported revenue of $3.24 billion, up 2%, with organic growth of 3%, making it the only segment with negative profit growth. Latin America generated $1.84 billion in revenue, up 16%, benefiting from the peak summer season and World Cup event marketing. Asia Pacific revenue was $1.58 billion, up 1%, with unit case volume rising 8% but price and mix declining 9% as the company adopted a volume-for-price strategy by promoting affordable small-format packages.

World Cup marketing activities significantly boosted demand for products. With the tournament hosted in North America and strong football culture in Latin America, both regions fully captured the event dividend. The company's hydration pause mechanism created additional sales opportunities for its sports drink brands. Coca-Cola branded sparkling beverages and Powerade sports drinks both saw notable sales increases from World Cup promotions.

This is the company's second upward revision of full-year guidance within the year.

Regarding cost pressures, the company said it is closely monitoring rising raw material costs. The Middle East conflict has had a notable impact on fuel prices, which in turn have pushed up aluminum prices. The company emphasized that raising product prices is only one of the measures to address cost increases, and any final pricing decisions will be made by each region based on local competitive conditions. Separately, the premium ultrafiltered milk brand Fairlife suffered a production halt in North America due to a cyberattack, but manufacturing has largely resumed. The brand has an annualized revenue of approximately $3.5 billion, accounting for about 7% of total company revenue, and the outage had a limited impact on profit.

The company continues to advance its digital and AI systems implementation, with the core goal of improving operational decision granularity through differentiated dynamic pricing and product mix allocation. Leveraging consumer preference data and point-of-sale operational data, the company has implemented pricing strategies by region and channel. While maintaining an affordable product lineup, it avoids price wars and preserves earnings resilience.