Coca-Cola Beats Revenue Estimates at $13.38 Billion as Unit Case Volume Grows 5%

The Coca-Cola Company (NYSE: KO) reported third-quarter net revenues of $13.38 billion, above the $12.93 billion analysts expected, and adjusted (comparable non-GAAP) EPS of $0.91 against the $0.88 consensus estimate, in an 8-K filed Tuesday, Oct. 27, 2026. Net revenues rose 7% from a year earlier. GAAP diluted EPS was $0.93, up 8%.

Unit case volume grew 5%, led by India, China, Mexico and Brazil. Price/mix added 1%, and organic revenues (non-GAAP) also grew 7%. Operating income rose 12% to $4.47 billion, and operating margin was 33.4% versus 32.0% a year earlier. Comparable operating margin (non-GAAP) was 32.9% versus 31.9%.

Segment results

Latin America posted the largest revenue gain among the operating segments, with net revenues up 25%, and its operating income rose 29%. Comparable currency neutral operating income in the region grew 14%. Bottling Investments operating income rose 261%, while North America's operating income grew 5% and its unit case volume was even.

Full-year outlook

The company raised its 2026 guidance. It now expects comparable EPS growth of at least 11%, up from 9% to 10%, and organic revenue growth of at least 5%, up from approximately 5%. Free cash flow is now guided at at least $13.0 billion, compared with approximately $12.4 billion previously. Analysts expected full-year 2026 EPS of $3.31 on revenue of $49.83 billion. The company said it will provide 2027 guidance with its fourth-quarter results.

Cash and shares

Year-to-date cash from operations was $12.5 billion and free cash flow was $11.4 billion. Based on the Oct. 26, 2026 close of $92.70, the company's market value was about $398.85 billion before the filing.