Coca-cola Company (the) · NYSE:KO
Coca-cola Company (the) — Q1 2026 Earnings Presentation
23 slides from Coca-cola Company (the)'s earnings presentation, Apr 28, 2026
Slide 1: Coca-Cola Reports First Quarter 2026 Results and Updates Full Year Guidance
Coca-Cola Reports First Quarter 2026 Results and Updates Full Year Guidance Global Unit Case Volume Grew 3% Net Revenues Grew 12%; Organic Revenues (Non-GAAP) Grew 10% Operating Income Grew 19%; Comparable Currency Neutral Operating Income (Non-GAAP) Grew 12% Operating Margin was 35.0% versus 32.9%
Slide 2: Company Updates
• Cash flow: Cash flow from operations and free cash flow (non-GAAP) were $2.0 billion and $1.8 billion, respectively. Company Updates • Executing locally relevant marketing at scale to drive enduring brand value: The company is sharpening its focus on leveraging unique insights to deliver impactful
Slide 3: Operating Review – Three Months Ended April 3, 2026
Operating Review – Three Months Ended April 3, 2026 Revenues and Volume Acquisitions Concentrate Currency and Reported Net Organic Unit Case Percent Change Sales1 Price/Mix Impact Divestitures Revenues Revenues2 Volume3 Consolidated 8 2 3 (1) 12 10 3 Europe, Middle East & Africa 5 5 6 (3) 13 11 2 La
Slide 4: Operating Review – Three Months Ended April 3, 2026
8%, driven by growth in EMEA, Latin America and Asia Pacific. • Price/mix grew 2%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 5 points ahead of unit case volume, primarily due to six additional days in the quarter, partially of
Slide 5: Asia Pacific
Asia Pacific • Unit case volume grew 5%, driven by growth across all global beverage categories. • Price/mix declined 6%, primarily driven by unfavorable mix and affordability initiatives. Concentrate sales were 5 points ahead of unit case volume, primarily due to six additional days in the quarter,
Slide 6: Outlook
Outlook The 2026 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2026 projected organic revenues (non-GAAP) to full year 2026 projected reported net revenues, full
Slide 7: Unit Case Volume and Concentrate Sales Definitions
measured in number of transactions. “Unit case volume” means the number of unit cases (or unit case equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers. • “Concentrate sales” represents the amount of concentrates, syrups, b
Slide 8: Consolidated Statements of Income
THE COCA-COLA COMPANY AND SUBSIDIARIES Consolidated Statements of Income (In millions except per share data) Three Months Ended April 3, March 28, % 2026 2025 Change Net Operating Revenues $ 12,472 $ 11,129 12 Cost of goods sold 4,620 4,163 11 Gross Profit 7,852 6,966 13 Selling, general and adminis
Slide 9: Consolidated Balance Sheets
THE COCA-COLA COMPANY AND SUBSIDIARIES Consolidated Balance Sheets (In millions except par value) April 3, December 31, 2026 2025 ASSETS Current Assets Cash and cash equivalents $ 10,574 $ 10,270 Short-term investments 509 3,602 Total Cash, Cash Equivalents and Short-Term Investments 11,083 13,872 M
Slide 10: Consolidated Statements of Cash Flows
THE COCA-COLA COMPANY AND SUBSIDIARIES Consolidated Statements of Cash Flows (In millions) Three Months Ended April 3, March 28, 2026 2025 Operating Activities Consolidated net income $ 3,966 $ 3,335 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Depre
Slide 11: Operating Segments and Corporate
THE COCA-COLA COMPANY AND SUBSIDIARIES Operating Segments and Corporate (In millions) Three Months Ended Net Operating Revenues1 Operating Income (Loss) April 3, March 28, % Fav. / April 3, March 28, % Fav. / 2026 2025 (Unfav.) 2026 2025 (Unfav.) EMEA $ 3,012 $ 2,657 13 $ 1,259 $ 1,065 18 Latin Amer
Slide 12: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or referred to herein as “reported”). To supplement our consolidated financ
Slide 13: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures • “Comparable operating income” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). “Comparable currency neutral operati
Slide 14: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Asset Impairments During the three months ended March 28, 2025, the company recorded an other-than-temporary impairment charge of $25 million in Latin America, primarily driven by the restructuring of a joi
Slide 15: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures During the three months ended April 3, 2026, the company recorded a charge of $4 million related to North America modernization initiatives. During the three months ended March 28, 2025, the company recorde
Slide 16: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (In millions except per share data) Three Months Ended April 3, 2026 Selling, Net Cost of general and Other operating goods Gross Gross administrative operating Operating Operating revenues sold profit marg
Slide 17: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (In millions except per share data) Three Months Ended April 3, 2026 Equity Other Income Diluted income income before net Interest (loss) — (loss) — income Income Effective Net income expense net net taxes
Slide 18: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Diluted Net Income Per Share: Three Months Ended April 3, 2026 % Change — Reported (GAAP) 18 % Currency Impact 6 % Change — Currency Neutral (Non-GAAP) 12 % Impact of Items Impacting Comparability (Non-GAAP
Slide 19: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (In millions) Net Operating Revenues by Operating Segment and Corporate: Three Months Ended April 3, 2026 Latin North Asia Bottling EMEA America America Pacific Investments Corporate Eliminations Consolidat
Slide 20: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (In millions) Operating Income (Loss) by Operating Segment and Corporate: Three Months Ended April 3, 2026 Latin North Asia Bottling EMEA America America Pacific Investments Corporate Consolidated Reported
Slide 21: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Operating Margin: Three Months Ended Three Months Ended Basis Point April 3, 2026 March 28, 2025 Growth (Decline) Reported Operating Margin (GAAP) 34.95 % 32.88 % 207 Items Impacting Comparability (Non-GAAP
Slide 22: About The Coca-Cola Company
About The Coca-Cola Company The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories world
Slide 23: Forward-Looking Statements
Forward-Looking Statements This press release may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “opportunity,” “ahead,” “expect,” “intend,” “estimate,” “anticipate,” “project,”
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