Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Organic Revenue Growth | 7% | Not stated |
| Unit Case Volume Growth | 5% | Not stated |
| Comparable EPS | $0.91 | 11% increase |
| Year-to-date Free Cash Flow | $11.4 billion | Increase versus prior year |
| Net Debt Leverage | 1.3x EBITDA | Below target range of 2 to 2.5x |
Guidance and outlook
- Full year 2026 organic revenue growth: at least 5%.
- Full year 2026 comparable currency-neutral EPS growth: at least 9%.
- Full year 2026 comparable EPS growth: at least 11% versus $3 in 2025.
- Full year 2026 free cash flow: at least $13 billion.
How management sounded
Positive (+6 on our -10 to +10 scale). Management highlighted 22 consecutive quarters of value share gains and raised full-year EPS guidance, despite acknowledging uneven global conditions and specific headwinds like destocking. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Volume Sustainability
Asked: How did summer events impact results, and can volume growth be sustained?
Answer: Management noted 22 consecutive quarters of value share gains and stated they are leveraging technology and data from summer events to drive engagement and transactions into 2027.
Price/Mix Strategy
Asked: How will the price/mix strategy evolve in 2027 to meet top-line goals?
Answer: Management aims for a balanced revenue algorithm of 2 to 3 points volume and 2 to 3 points price/mix, noting that 2/3 of recent mix headwinds were manageable or proactive.
North America Performance
Asked: Why was volume flat in North America, and what is the outlook?
Answer: Volume was impacted by the timing of the July 4 holiday and cycling strong prior-year results, but management saw sequential monthly improvement and expects momentum to continue.
IRS Case and Capital Allocation
Asked: How does the IRS case impact capital allocation and optionality?
Answer: Management is maintaining a strong balance sheet to manage potential outcomes of the IRS dispute while prioritizing organic investment and dividends.
What to watch before the next call
- The outcome of the ongoing dispute with the IRS.
- The closing of the Coca-Cola Beverages Africa refranchising.
- Potential IPO of bottling operations in India.
- Currency volatility and its impact on 2027 guidance.
