Coca-Cola Lifts 2026 Profit and Cash Flow Outlook as Global Drink Volumes Rise

Coca-Cola raised its full-year 2026 earnings and cash-flow forecasts on Tuesday after reporting higher third-quarter revenue and stronger sales volumes across much of its international business.

The Atlanta-based beverage company said global unit case volume grew 5% in the three months ended October 2. Growth was led by India, China, Mexico and Brazil, while North American volume was unchanged from a year earlier. The result suggests that the company's expansion was not driven solely by price increases.

Net revenue increased 7% to about $13.4 billion, while organic revenue, which excludes certain currency and portfolio effects, also rose 7%. Reported operating income increased 12%, and operating margin widened to 33.4% from 32.0%. Comparable earnings per share reached $0.91, an 11% increase, while reported earnings per share rose 8% to $0.93.

Coca-Cola Zero Sugar stood out among the company's brands, with worldwide volume up 16%. Overall sparkling soft-drink volume increased 5%. In North America, gains for the main Coca-Cola brand were offset by softer demand in other beverage categories.

For the full year, the company now expects comparable currency-neutral earnings-per-share growth, excluding acquisitions and divestitures, of at least 9%, compared with its previous range of 7% to 8%. It raised its forecast for comparable reported earnings-per-share growth to at least 11% and increased its free-cash-flow projection to at least $13 billion from approximately $12.4 billion.

Those measures are adjusted, non-GAAP forecasts rather than guarantees of final reported profit. The company also warned that portfolio changes could weigh on reported revenue next year, and its outlook remains subject to currency movements, costs and other business risks.

The October 27 results provide a view of uneven consumer demand: volume expanded in Latin America and Asia Pacific, but did not grow in North America. Investors will watch whether international momentum can offset regional weakness and sustain the revised forecasts.