The Coca-Cola Company
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsCoca-Cola is a global total beverage company selling sparkling soft drinks, water, sports drinks, coffee, tea, juice, dairy, and plant-based beverages in more than 200 countries.
What they do
Coca-Cola markets and licenses a portfolio of beverage brands grouped into categories including Trademark Coca-Cola, sparkling flavors, water/sports/coffee/tea, juice/value-added dairy/plant-based, and emerging beverages. It sells concentrates and syrups to independent bottling partners and also operates consolidated bottling and distribution operations. The company's operating segments are EMEA, Latin America, North America, Asia Pacific, and Bottling Investments, supported by a Corporate center and platform services.
Revenue drivers
- Trademark Coca-Cola — Flagship brand family including Coca-Cola, Coca-Cola Zero Sugar, and Diet Coke; drove 5% volume growth in Q2 2026, partly from FIFA World Cup activations.
- Sparkling flavors — Includes Sprite, Fanta, and other sparkling soft drinks; Sprite volume grew in Q2 2026, supported by localized innovations like Sprite+Tea in China.
- Water, sports, coffee and tea — Includes Powerade, BODYARMOR, and Costa coffee; Powerade volume grew 8% in Q2 2026, and BODYARMOR FIT is a new functional sparkling sports drink.
- Bottling Investments — Consolidated bottling and distribution operations that generate revenue from finished product sales; part of the company's five operating segments.
Recent performance
In Q2 2026, Coca-Cola reported net revenues of $13.4 billion, up 7%, with organic revenue growth of 6%. Global unit case volume grew 5%, and EPS grew 16% to $1.03, with comparable EPS up 11% to $0.97. Operating margin was 34.9%, up from 34.1% a year ago. Year-to-date cash flow from operations was $7.5 billion and free cash flow was $6.9 billion.
Strategy
Coca-Cola is focusing on consumer-led innovation, establishing innovation hubs in each operating unit to scale successful products faster, and expanding functional offerings like BODYARMOR FIT. The company is also leveraging global events like the FIFA World Cup to drive brand engagement and volume. Management emphasizes gaining value share in total nonalcoholic ready-to-drink beverages while investing for long-term growth.
Risks
- Economic and geopolitical conditions — Global inflationary pressures, currency fluctuations, and geopolitical instability could reduce consumer demand and affordability for Coca-Cola's products.
- BodyArmor trademark impairment — A $960 million impairment charge was recorded in Q4 2025 due to lower performance expectations; further impairment is possible if near-term results miss revised projections or discount rates rise.
- Ransomware attack at fairlife — A ransomware event at U.S. fairlife operations caused a temporary production suspension, though management believes it is not material to financial results.
- Competitive pressure — Intensifying competition in categories like sports drinks and sparkling beverages could pressure market share and pricing.
Outlook
Coca-Cola raised its full-year guidance following strong Q2 2026 results. Management continues to monitor the BodyArmor trademark's fair value and expects to recognize an additional impairment charge if operating results do not meet revised projections. The company remains focused on driving volume growth through innovation and global marketing campaigns.