Coca-Cola (KO) Earnings: Q3 2026 Results

The quarter ended October 2, 2026 and Coca-Cola published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Coca-Cola reports EPS two ways: GAAP, under the accounting rules every US filer follows, and comparable (non-GAAP), which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Segment revenues include intersegment sales; eliminations of $192 million ($253 million a year earlier) reconcile them to the total.
• Coca-Cola's first quarter of 2026 had six more days than the first quarter of 2025, and its fourth quarter of 2026 will have six fewer days than the fourth quarter of 2025.
• Coca-Cola has agreed to sell part of its interest in its bottling operations in Africa to Coca-Cola HBC; the operations are held for sale and the deal is expected to close by the end of 2026.

Source: Coca-Cola Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended October 2, 2026. Figures as reported; checked against the release on November 10, 2026.

How Coca-Cola splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Coca-Cola's Europe, Middle East & Africa revenue was $3.1 billion in Q3 2026, up 4% from $3.0 billion in Q3 2025, 23% of total revenue.
• Coca-Cola's Latin America revenue was $2.0 billion in Q3 2026, up 24% from $1.6 billion in Q3 2025, 15% of total revenue.
• Coca-Cola's North America revenue was $5.4 billion in Q3 2026, up 3% from $5.3 billion in Q3 2025, 40% of total revenue.
• Coca-Cola's Asia Pacific revenue was $1.6 billion in Q3 2026, up 4% from $1.5 billion in Q3 2025, 12% of total revenue.
• Coca-Cola's Bottling Investments revenue was $1.5 billion in Q3 2026, up 13% from $1.3 billion in Q3 2025, 11% of total revenue.
• Coca-Cola's Corporate revenue was $38.0 million in Q3 2026, up 12% from $34.0 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Coca-Cola raised its full-year guidance. The prior figures were organic revenue growth of approximately 5%, comparable EPS growth of 9% to 10% and free cash flow of approximately $12.4 billion.

In its Q3 2026 release, Coca-Cola said:

“Organic revenues (non-GAAP) At least 5% growth”

“Comparable EPS (non-GAAP) At least 11% growth”

“Free cash flow (non-GAAP) At least $13.0 billion, consisting of: • At least $15.2 billion of cash from operations • Approx. $2.2 billion of capital expenditures”

“The company will provide full year 2027 guidance when it reports fourth quarter earnings.”

Source: Coca-Cola Q3 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the KO forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net operating revenues and diluted EPS, each as first reported in that quarter's release. Q2 and Q3 2026 net operating revenues were both $13,380 million; the nine-month total of $39,232 million confirms it.

We do not hold a confirmed date for Coca-Cola's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

Coca-Cola's net operating revenues were $13,380 million in Q3 2026, against $12,455 million a year earlier, up 7%. Organic revenues (non-GAAP) also grew 7%, from a 7% increase in concentrate sales and 1% growth in price/mix. Unit case volume grew 5%; Coca-Cola says concentrate sales ran 2 points ahead of it because of the timing of concentrate shipments. (Coca-Cola Q3 2026 release, Oct 27, 2026)

Coca-Cola runs two lines of business. Concentrate operations sell concentrates and syrups to bottling partners, which make, package and distribute the finished drinks; finished product operations, primarily Coca-Cola's consolidated bottlers, sell finished beverages to retailers, distributors and wholesalers, with higher revenue but lower gross margins. In Q3 2026 concentrate operations brought in $8,199 million and finished product operations $5,181 million. In 2025 concentrate operations were 59% of net operating revenues and 85% of unit case volume. (Coca-Cola Form 10-Q, Q3 2026, Oct 28, 2026; Coca-Cola Form 10-K, 2025, Feb 20, 2026)

North America is Coca-Cola's largest segment, with $5,386 million of net operating revenues in the quarter, up 3%. Latin America grew 25% to $1,958 million on 7% price/mix and a 9-point currency benefit. Asia Pacific grew 4% to $1,563 million, with price/mix down 2% as pricing was more than offset by unfavorable mix, and Bottling Investments grew 13% to $1,523 million. By geography, $5,259 million came from the United States and $8,121 million from international markets. (Coca-Cola Q3 2026 release, Oct 27, 2026; Coca-Cola Form 10-Q, Q3 2026, Oct 28, 2026)

Coca-Cola's volume growth was led by India, China, Mexico and Brazil. Sparkling soft drinks grew 5%, with Coca-Cola Zero Sugar up 16%, and water, sports, coffee and tea grew 5%, with water up 8% and sports drinks down 3%. Juice, value-added dairy and plant-based beverages were even, as growth in fairlife, Maaza and Minute Maid was offset by the sale of the finished product operations in Nigeria in the fourth quarter of 2025. (Coca-Cola Q3 2026 release, Oct 27, 2026)

Coca-Cola's GAAP diluted EPS of $0.93 in Q3 2026 was above its comparable EPS (non-GAAP) of $0.91. The difference is mostly certain tax matters: $172 million of net tax benefits, worth $0.04 per share, including $117 million of return to provision adjustments and $57 million related to interest earned on its IRS tax litigation deposit. Other items, mainly economic hedges, worked the other way, by $0.02. Both EPS figures include a 2-point currency tailwind. (Coca-Cola Q3 2026 release, Oct 27, 2026)

Coca-Cola's GAAP effective tax rate was 16.1% in the quarter and its comparable rate 19.3%. Coca-Cola is in litigation with the IRS over tax years 2007 through 2009, in which the Tax Court sided with the IRS, and its 2026 underlying effective tax rate guidance of 19.7% does not include the impact if it were not to prevail. (Coca-Cola Q3 2026 release, Oct 27, 2026; Coca-Cola Form 10-Q, Q3 2026, Oct 28, 2026)

Coca-Cola's share count was flat: 4,314 million diluted shares in the quarter, against 4,313 million a year earlier. Coca-Cola says it expects to repurchase shares in 2026 to offset dilution from employee stock-based compensation. (Coca-Cola Q3 2026 release, Oct 27, 2026; Coca-Cola Form 10-Q, Q3 2026, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Coca-Cola gives full-year guidance in its release and raised it with the Q3 2026 results. It now expects organic revenue growth (non-GAAP) of at least 5% (prior: approx. 5%), comparable currency neutral EPS growth excluding acquisitions and divestitures of at least 9% (prior: 7% to 8%), comparable EPS growth of at least 11% (prior: 9% to 10%), including an approximately 3% currency tailwind, and free cash flow of at least $13.0 billion (prior: approx. $12.4 billion). (Coca-Cola Q3 2026 release, Oct 27, 2026)

For Q4 2026 Coca-Cola expects an approximately 4% headwind to comparable net revenues and an approximately 3% headwind to comparable EPS from acquisitions and divestitures. For 2027 it expects an approximately 8% headwind to comparable net revenues from acquisitions and divestitures, assuming the sale of its bottling operations in Africa closes in Q4 2026, and it will give full-year 2027 guidance with its fourth quarter results. (Coca-Cola Q3 2026 release, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover Coca-Cola, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Coca-Cola's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning KO is on is KO a buy or a sell?, what analysts expect next is on the KO forecast, and what the company does is on the Coca-Cola (KO) stock page.

Every number on this page can be traced to a document Coca-Cola published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.