Coca-cola Company (the) · NYSE:KO
Coca-cola Company (the) — Q2 2026 Earnings Presentation
30 slides from Coca-cola Company (the)'s earnings presentation, Jul 28, 2026
Slide 1: Coca-Cola Reports Second Quarter 2026 Results and Raises Full Year Guidance
Coca-Cola Reports Second Quarter 2026 Results and Raises Full Year Guidance Global Unit Case Volume Grew 5% Net Revenues Grew 7%; Organic Revenues (Non-GAAP) Grew 6% Operating Income Grew 9%; Comparable Currency Neutral Operating Income (Non-GAAP) Grew 6% Operating Margin was 34.9% versus 34.1% in t
Slide 2: Highlights and Company Updates
• Cash flow: Year-to-date cash flow from operations and free cash flow (non-GAAP) were $7.5 billion and $6.9 billion, respectively. Company Updates • Activating the FIFA World Cup™ behind a single, globally connected campaign: The FIFA World Cup™ provided a unique opportunity for the company to acti
Slide 3: Operating Review – Three Months Ended July 3, 2026
Operating Review – Three Months Ended July 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 4 2 2 (1) 7 6 5 Europe, Middle East & Africa 1 1 2 (3) 2 3 4 Latin A
Slide 4: Europe, Middle East & Africa
Asia Pacific. Coffee declined 2%, primarily driven by a decline in Asia Pacific. Tea grew 6%, 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 1 point beh
Slide 5: Asia Pacific
Asia Pacific • Unit case volume grew 8%, primarily driven by growth in sparkling flavors and Trademark Coca-Cola. • Price/mix declined 9%, primarily driven by unfavorable mix and affordability initiatives. Concentrate sales were 3 points ahead of unit case volume due to the timing of concentrate shi
Slide 6: Operating Review – Six Months Ended July 3, 2026
Operating Review – Six Months Ended July 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 6 2 2 (1) 9 8 4 Europe, Middle East & Africa 3 3 4 (3) 7 6 3 Latin Ame
Slide 7: 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 8: Notes
Notes • All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period, unless otherwise noted. • All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage change
Slide 9: Consolidated Statements of Income
THE COCA-COLA COMPANY AND SUBSIDIARIES Consolidated Statements of Income (In millions except per share data) Three Months Ended July 3, June 27, % 2026 2025 Change Net Operating Revenues $ 13,380 $ 12,535 7 Cost of goods sold 4,965 4,714 5 Gross Profit 8,415 7,821 8 Selling, general and administrati
Slide 10: Consolidated Statements of Income
THE COCA-COLA COMPANY AND SUBSIDIARIES Consolidated Statements of Income (In millions except per share data) Six Months Ended July 3, June 27, % 2026 2025 Change Net Operating Revenues $ 25,852 $ 23,664 9 Cost of goods sold 9,585 8,877 8 Gross Profit 16,267 14,787 10 Selling, general and administrat
Slide 11: Consolidated Balance Sheets
THE COCA-COLA COMPANY AND SUBSIDIARIES Consolidated Balance Sheets (In millions except par value) July 3, December 31, 2026 2025 ASSETS Current Assets Cash and cash equivalents $ 12,907 $ 10,270 Short-term investments 622 3,602 Total Cash, Cash Equivalents and Short-Term Investments 13,529 13,872 Ma
Slide 12: Consolidated Statements of Cash Flows
THE COCA-COLA COMPANY AND SUBSIDIARIES Consolidated Statements of Cash Flows (In millions) Six Months Ended July 3, June 27, 2026 2025 Operating Activities Consolidated net income $ 8,404 $ 7,138 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Depreciat
Slide 13: 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) % Fav. / % Fav. / July 3, 2026 June 27, 2025 (Unfav.) July 3, 2026 June 27, 2025 (Unfav.) EMEA $ 3,240 $ 3,176 2 $ 1,309 $ 1,325 (1) Latin America
Slide 14: Operating Segments and Corporate
THE COCA-COLA COMPANY AND SUBSIDIARIES Operating Segments and Corporate (In millions) Six Months Ended Net Operating Revenues1 Operating Income (Loss) % Fav. / % Fav. / July 3, 2026 June 27, 2025 (Unfav.) July 3, 2026 June 27, 2025 (Unfav.) EMEA $ 6,252 $ 5,833 7 $ 2,568 $ 2,390 7 Latin America 3,51
Slide 15: 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 16: Reconciliation of GAAP and Non-GAAP Financial Measures
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures ongoing revenue performance and trends by presenting revenue growth excluding the impact of foreign exchange as well as the impact of acquisitions and divestitures. • “Comparable operating income” is a non-
Slide 17: Asset Impairments and Equity Investees
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Asset Impairments During the three and six months ended June 27, 2025, the company recorded an other-than-temporary impairment charge of $40 million related to an equity method investee in Latin America, wh
Slide 18: Unrealized Gains and Losses on Debt Securities
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Unrealized Gains and Losses on Equity and Trading Debt Securities The company excludes the net impact of unrealized gains and losses resulting from mark-to-market adjustments on our equity and trading debt
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 except per share data) Three Months Ended July 3, 2026 Selling, Net Cost of general and Other operating goods Gross Gross administrative operating Operating Operating revenues sold profit margi
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 except per share data) Three Months Ended July 3, 2026 Equity Other Income Diluted income income before net Interest (loss) — (loss) — income Income Effective Net income expense net net taxes t
Slide 21: 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) Six Months Ended July 3, 2026 Selling, Net Cost of general and Other operating goods Gross Gross administrative operating Operating Operating revenues sold profit margin
Slide 22: 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) Six Months Ended July 3, 2026 Equity Other Income Diluted income income before net Interest (loss) — (loss) — income Income Effective Net income expense net net taxes tax
Slide 23: Diluted Net Income Per Share
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Diluted Net Income Per Share: Three Months Ended July 3, 2026 % Change — Reported (GAAP) 16 % Currency Impact 4 % Change — Currency Neutral (Non-GAAP) 12 % Impact of Items Impacting Comparability (Non-GAAP)
Slide 24: Net Operating Revenues by Operating Segment and Corporate
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 July 3, 2026 Latin North Asia Bottling EMEA America America Pacific Investments Corporate Eliminations Consolidate
Slide 25: Net Operating Revenues by Operating Segment and Corporate
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (In millions) Net Operating Revenues by Operating Segment and Corporate: Six Months Ended July 3, 2026 Latin North Asia Bottling EMEA America America Pacific Investments Corporate Eliminations Consolidated
Slide 26: Operating Income by Operating Segment and Corporate
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 July 3, 2026 Latin North Asia Bottling EMEA America America Pacific Investments Corporate Consolidated Reported (
Slide 27: Operating Income by Operating Segment and Corporate
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (In millions) Operating Income (Loss) by Operating Segment and Corporate: Six Months Ended July 3, 2026 Latin North Asia Bottling EMEA America America Pacific Investments Corporate Consolidated Reported (GA
Slide 28: Operating Margin
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Operating Margin: Three Months Ended Three Months Ended Basis Point July 3, 2026 June 27, 2025 Growth (Decline) Reported Operating Margin (GAAP) 34.92 % 34.15 % 77 Items Impacting Comparability (Non-GAAP) (
Slide 29: 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 30: 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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