The Coca-Cola Company has raised its 2026 earnings and free cash flow forecasts following a strong third-quarter performance, with higher beverage sales, improved pricing and favourable currency movements supporting growth.
Comparable earnings per share rose 11% year-on-year to 91 cents, beating the Zacks Consensus Estimate of 87 cents. Comparable revenue increased 7% to $13.4 billion, ahead of analysts’ projection of $12.9 billion. Organic revenue also grew 7%.
Global unit case volume increased 5%, driven by demand in markets including India, China, Mexico and Brazil. Coca-Cola Zero Sugar recorded a particularly strong performance, with volume rising 16%.
The flagship Coca-Cola trademark and sparkling soft drinks each grew 5%. Diet Coke and Coca-Cola Light increased 6%, while sparkling flavours recorded 3% growth.
In the broader beverage portfolio, water, sports drinks, coffee and tea combined grew 5% in volume, supported by an 8% increase in water. Sports drinks declined 3%, while coffee, tea, juice, value-added dairy and plant-based beverages remained flat.
The results highlight the contribution of Coca-Cola’s wider beverage portfolio, although growth remained uneven across categories. Stronger performance in sparkling drinks and water helped offset weaker or unchanged volumes in some other segments.
The improved outlook comes as Coca-Cola continues to strengthen its commercial presence across international markets. This month, Marriott moved nearly 10,000 hotels under a global Coca-Cola beverage agreement covering properties in several markets, including Nigeria and South Africa.
The agreement provides Coca-Cola with access to a substantial international hospitality network, creating opportunities to reach consumers through hotels, restaurants and other food-service outlets.
For Coca-Cola, the combination of stronger consumer demand, portfolio performance and expanded commercial partnerships supports its growth outlook.
The company’s ability to sustain volume growth while maintaining pricing and profitability will remain important as it moves into the final quarter of 2026.
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