Coca-Cola reported fiscal Q2 2026 results in which unit case volume grew 5%, price/mix added 2%, and comparable operating margin reached 35.6%, up from 34.7% a year earlier. Comparable gross margin rose to 63.4% from 62.2%, and comparable EPS rose 11% to $0.97, while reported EPS grew 16% to $1.03. Trademark Coca-Cola grew 5% and Coca-Cola Zero Sugar grew 16%, with the company saying its FIFA World Cup campaign across more than 180 markets contributed to part of the growth in Trademark Coca-Cola and Powerade. Management raised its full-year outlook to about 5% organic revenue growth and 9% to 10% comparable EPS growth, guidance that includes roughly 3 points of currency help and a small drag from divestitures, with free cash flow projected at about $12.4 billion. Regionally, North America price/mix of 4% outran 3% volume growth, while Asia Pacific unit case volume grew 8% but price/mix fell 9% on unfavorable mix and affordability initiatives, and the company lost value share in the region as gains in Japan and China were outweighed by a loss in India. The stock trades at a forward P/E of 25.99 against a five-year average of 23.81 and a sector multiple of 14.51, with a dividend yield of 2.47% and a payout ratio of 64.40%.
The Coca-Cola CompanyCoca-Cola posted Q2 volume growth of 5%, margin expansion to 35.6%, 11% comparable EPS growth, and raised full-year guidance.
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