Coca-Cola Q1 Revenue of $12.5 Billion Beats Expectations

The Coca-Cola Company reported better-than-expected financial results for the first quarter of 2026, with revenue, profit, and full-year guidance all improving. Following the financial report, the stock jumped nearly 3% before the market opened.

Key Data:

• Revenue of $12.5 billion, a year-over-year increase of 12%, higher than the market expectation of $12.25 billion

• Comparable EPS of $0.86, a year-over-year increase of 18%, higher than the market expectation of $0.81

• Organic growth of 10%, with concentrate sales contributing 8 percentage points and price/product mix contributing 2 percentage points

• Operating margin of 35.0%, higher than last year's 32.9%, mainly driven by organic growth and increased operational efficiency

• Maintaining the full-year capital expenditure forecast of $2.2 billion, the comparable EPS growth forecast has been increased from 6%-7% to 8%-9%

Changes in the product structure are the most direct increment this quarter. Global single-case sales of Coca-Cola Zero Sugar increased by 13%, tea beverage sales increased by 38%, and traditional sugar-containing carbonated beverages grew by 2% overall, indicating that health-oriented products are becoming a faster growth source than traditional sodas.

Packaging strategies are also improving sales performance. The company's introduction of mini-bottles and cans, in line with a consumer environment of more cautious spending, has driven double-digit growth in single-serve Coca-Cola Zero Sugar and high single-digit growth in the sales of mini-cans in North America.

Looking at the regions, Asia-Pacific was the main weakness. The net revenue in this region grew by 6%, and case volume grew by 5%, but the price/product mix was -6 percentage points, and the reported operating profit decreased by 14% as raw material costs