Coca-Cola's Q1 exceeded expectations
The Coca-Cola Company today reported first quarter 2026 results. “We’ve had a strong start to the year,” said Henrique Braun, CEO of The Coca-Cola Company. “Our performance this quarter reflects our unwavering focus on staying close to the consumer, executing locally and managing complexity. Yet there’s so much more we can do as we navigate a dynamic environment. Our team is motivated by the opportunity to build on the company’s great foundation.”
Analysts have remarked that the results have exceeded expectations by surpassing the forecasted earnings per share (EPS) of $0.8: EPS grew 18% to $0.91, and comparable EPS (non-GAAP) grew 18% to $0.86.
The EPS shares grew by following the announcement, driven by a 10% increase in organic revenue and a 3% rise in global unit case volume.
Coca-Cola’s 2026 Revenues
Net revenues grew 12% to $12.5 billion, and organic revenues (non-GAAP) grew 10%, driven by an 8% increase in concentrate sales and 2% growth in price/mix. Concentrate sales were 5 points ahead of unit case volume, primarily due to six additional days in the quarter, partially offset by the timing of concentrate shipments.
Cash flow from operations and free cash flow (non-GAAP) were $2.0 billion and $1.8 billion, respectively.
Operating margin 2026
Operating margin was 35.0% versus 32.9% in the prior year, and comparable operating margin (non-GAAP) was 34.5% versus 33.8% in the prior year. Operating margin performance included items impacting comparability, as well as currency tailwinds. Comparable operating margin (non-GAAP) expansion was driven by organic revenue (non-GAAP) growth and lower operating expenses, partially offset by higher input costs and an increase in marketing investments.
Progressing toward more balanced growth by remaining consumer centric
Alongside strong brand building, innovation and integrated execution, the company and its bottling partners continue to harness all levers of revenue growth management to drive topline growth. During the quarter, by strengthening brand, price, pack and channel options, the company and its bottling partners provided compelling value and premium offerings to consumers.
In North America, mini-can volume grew high single digits following the launch of single‑serve mini‑cans in convenience retail stores, and, in the United Kingdom, the launch of a new premium single‑serve 500ml “Superfan” can featuring Premier League‑themed packaging contributed to volume growth. Collectively, these actions reflect the company’s heightened focus on harnessing revenue growth management to increase consumer recruitment and deliver more balanced growth over time across both unit case volume and price/mix.
