The Coca-Cola (KO) Q3 2026 Earnings Call: Guidance and Outlook
The company provided updated guidance for the full year 2026, raising expectations for earnings per share growth and free cash flow generation. The outlook accounts for anticipated destocking in the fourth quarter and 6 fewer selling days.
About The Coca-Cola. The Coca-Cola Company, a beverage company, manufactures and sells various nonalcoholic beverages in the United States and internationally. The company provides Trademark Coca-Cola, sparkling soft drinks and flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and emerging beverages.
No specific quarterly guidance was provided, though management noted 6 fewer selling days and expected destocking in the fourth quarter.
Annual guidance
Organic revenue growth
At least 5%.
Comparable currency-neutral EPS growth
At least 9%.
Comparable EPS growth
At least 11% versus $3 in 2025.
Free cash flow
At least $13 billion.
Outlook
Consumer behavior
Expects behavior to remain largely unchanged with value being a key consideration across all markets.
Commodities
Costs remain manageable, but the company is seeing elevated pressures in logistics and transportation.
Currency
Expects a slight headwind to both comparable net revenues and comparable earnings per share for full year 2027 based on current rates.
Refranchising
The anticipated refranchising of Coca-Cola Beverages Africa is expected to be an 8-point headwind to comparable net revenues and a 2-point headwind to comparable earnings per share in 2027.
India bottling operations
The company is exploring a potential IPO of its bottling operations in India.
Dombey's summary of the The Coca-Cola Q3 2026 earnings call held Oct 27, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.
