Coca-Cola Reports Third Quarter 2026
– The Coca-Cola Company today reported third quarter 2026 results. “Our results this quarter demonstrate our system’s sustained momentum, giving us confidence in our updated full year guidance,” said Henrique Braun, CEO of The Coca-Cola Company. “By staying close to consumers and executing with agility across our global system, we are delivering quality growth while continuing to invest in the capabilities, brands and people that will fuel our future.”
• Revenues: Net revenues grew 7% to $13.4 billion, and organic revenues (non- GAAP) grew 7%, driven by a 7% increase in concentrate sales and 1% growth in price/mix. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.
• Operating margin: Operating margin was 33.4% versus 32.0% in the prior year, and comparable operating margin (non-GAAP) was 32.9% versus 31.9% in the prior year. Operating margin performance included items impacting comparability, as well as currency tailwinds. Comparable operating margin (non-GAAP) expansion was driven by organic revenue (non-GAAP) growth and currency tailwinds, partially offset by an increase in marketing investments and higher operating expenses.
• Earnings per share: EPS grew 8% to $0.93, and comparable EPS (non-GAAP) grew 11% to $0.91. Both EPS and comparable EPS (non-GAAP) performance included the impact of a 2-point currency tailwind.
• Market share: The company gained value share in total nonalcoholic ready-to- drink (“NARTD”) beverages.
• Cash flow: Year-to-date cash flow from operations and free cash flow (non- GAAP) were $12.5 billion and $11.4 billion, respectively. 1
• Celebrating local heritage and strengthening communities through its brands: Recently, the company reached milestone anniversaries in three important markets: the United States, Mexico and Nigeria. In the United States, the Coca- Cola system marked 140 years of serving consumers and strengthening communities. According to a recent study from Steward Redqueen, the system today supports nearly 1 million jobs throughout the value chain and contributes approximately $85 billion in annual economic activity in the United States. From Trademark Coca-Cola to fairlife, the company’s brands continue to provide consumers with beverages across many drinking occasions. The system celebrated 100 years of growing together with Mexico through a campaign rooted in consumers’ deep, multigenerational connections with Coca-Cola. The campaign came to life through limited-edition packaging, local cultural icons and integrated experiences, generating strong consumer engagement that contributed to volume growth during the quarter. In Nigeria, a 75-year anniversary celebration of Coca-Cola’s connection with generations of Nigerians brought together national pride, music, authentic connection and self-expression through distinctive packaging, creator content and experiential activations. The campaign reached more than 100 million consumers, contributing to volume growth and value and volume share gains for the quarter. Together, these milestones demonstrate how the company combines global scale with deep local roots to create meaningful consumer experiences and drive growth.
• Globally connecting brands to consumers through locally relevant music experiences: The company continues to connect its brands to passion points, with music serving as a powerful global platform to drive relevance and consumer engagement. As an example, across Europe, Coca-Cola and Sprite were highlighted at 60 festivals in more than 20 markets, reaching over 12 million attendees and over 500 million livestream viewers while building direct consumer connections through first-party data. Highlights include uplifting activations at Tomorrowland in Belgium, Rock in Rio Lisboa in Portugal and Coca-Cola Music Experience in Spain. The company drove strong local momentum in Greece by offering Trademark Coca-Cola products in the newly launched 500ml “Supercan” across nearly 20 live music events. In Great Britain, the company bridged music and soccer by partnering with British rapper Central Cee to create an original song for its English Premier League campaign. Together, these activations strengthened brand relevance and contributed to volume growth for the quarter in Europe. 2
Comparable Percent Reported Items Currency Currency Change Operating Impacting Impact Neutral Income Comparabili… Operating Income2 Consolidat… 12 1 3 8 Europe, Middle East 7 0 0 7 & Africa Latin 29 1 13 14 America North 5 0 0 5 America Asia 8 -5 -1 14 Pacific Bottling 261 11 -2 252 Investments Percent Items Currency Comparable Change Reported EPS Impacting Impact Currency Comparabili… Neutral EPS2 Consolidat… 8 -3 2 9
1 For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.
2 Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
In addition to the data in the preceding tables, operating results included the following:
• Unit case volume grew 5%, led by India, China, Mexico and Brazil. Performance included the following:
◦ Sparkling soft drinks grew 5%. Trademark Coca-Cola grew 5% and Coca-Cola Zero Sugar grew 16%, both driven by growth across all geographic operating segments. Diet Coke/Coca-Cola Light grew 6%, driven by growth in North America and Asia Pacific. Sparkling flavors grew 3%, driven by growth in Asia Pacific, Latin America and Europe, Middle East & Africa (“EMEA”).
◦ Juice, value-added dairy and plant-based beverages was even, as growth in Asia Pacific, Latin America and North America was offset by a decline in EMEA. Growth in fairlife, Maaza and Minute Maid was offset by the impact of the sale of the company’s finished product operations in Nigeria in the fourth quarter of 2025.
◦ Water, sports, coffee and tea grew 5%. Water grew 8%, driven by growth in Asia Pacific, Latin America and EMEA. Sports drinks declined 3%, as growth in EMEA and Latin America was more than offset by a decline 3 in Asia Pacific. Coffee was even, as growth in EMEA was offset by a decline in Asia Pacific. Tea was even, as growth in Latin America was offset by a decline in North America.
• Price/mix grew 1%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.
• Operating income grew 12%, which included items impacting comparability and currency tailwinds. Comparable currency neutral operating income (non-GAAP) grew 8%, primarily driven by organic revenue (non-GAAP) growth, partially offset by an increase in marketing investments and higher operating expenses.
• Unit case volume grew 5%, primarily driven by growth in Trademark Coca-Cola, water, sports, coffee and tea, and sparkling flavors.
• Price/mix grew 1%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 1 point ahead of unit case volume due to the timing of concentrate shipments.
• Operating income and comparable currency neutral operating income (non-GAAP) both grew 7%, primarily driven by organic revenue (non-GAAP) growth and lower input costs, partially offset by an increase in marketing investments and higher operating expenses.
• The company lost value share in total NARTD beverages, as gains in Nigeria and Morocco were more than offset by losses in France and the United Kingdom.
• Un it case volume grew 6%, driven by growth across all global beverage categories.
• Price/mix grew 7%, primarily driven by pricing actions in the marketplace and favorable mix. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.
• Operating income grew 29%, which included items impacting comparability and a currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 14%, primarily driven by organic revenue (non-GAAP) growth and lower operating expenses, partially offset by an increase in marketing investments.
• The company gained value share in total NARTD beverages, led by share gains in Brazil and Mexico.
• Unit case volume was even, as growth in Trademark Coca-Cola was offset by a decline in water, sports, coffee and tea.
• Price/mix grew 1%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.
• Operating income and comparable currency neutral operating income (non-GAAP) both grew 5%, primarily driven by organic revenue (non-GAAP) growth and the timing of marketing investments, partially offset by higher input costs and operating expenses.
• The company gained value share in total NARTD beverages, led by share gains in juice, value-added dairy and plant-based beverages and Trademark Coca-Cola. 4
• Unit case volume grew 6%, driven by growth across all global beverage categories.
• Price/mix declined 2%, as pricing actions in the marketplace were more than offset by unfavorable mix. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.
• Operating income grew 8%, which included items impacting comparability and a currency headwind. Comparable currency neutral operating income (non-GAAP) grew 14%, primarily driven by organic revenue (non-GAAP) growth.
• The company gained value share in total NARTD beverages, led by share gains in Japan and Vietnam.
• Unit case volume grew 8%, primarily driven by growth in India and South Africa.
• Price/mix grew 3%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix.
• Operating income grew 261%, which included items impacting comparability and a currency headwind. Comparable currency neutral operating income (non-GAAP) grew 252%, primarily driven by organic revenue (non-GAAP) growth and lower operating expenses. 5
Comparable Percent Reported Items Currency Currency Change Operating Impacting Impact Neutral Income Comparabili… Operating Income2 Consolidat… 13 2 2 9 Europe, Middle East 7 2 2 4 & Africa Latin 22 5 8 9 America North 9 -2 0 11 America Asia -2 1 -1 -2 Pacific Bottling 108 2 -1 107 Investments Percent Items Currency Comparable Change Reported EPS Impacting Impact Currency Comparabili… Neutral EPS2 Consolidat… 14 1 2 11
1 For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.
2 Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
The 2026 and 2027 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 year 2026 projected comparable net revenues (non-GAAP) to full year 2026 projected reported net revenues, full year 2026 projected underlying effective tax rate (non-GAAP) to full year 2026 projected reported effective tax rate, full year 2026 projected comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) to full year 2026 projected reported EPS, full year 2026 projected comparable EPS (non-GAAP) to full year 2026 projected reported EPS, full year 2027 projected comparable net revenues (non-GAAP) to full year 2027 projected reported net revenues, or full year 2027 projected comparable EPS (non-GAAP) to full year 2027 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of acquisitions and divestitures throughout 2026 and 2027; the exact timing and exact amount of items impacting comparability throughout 2026 and 2027; and the exact impact of fluctuations in foreign currency exchange rates throughout 2026 and 2027. The unavailable information could have a significant impact on the company’s full year 2026 and full year 2027 reported financial results. 6 Full Year 2026 Guidance
Current Prior Organic revenues At least 5% growth Approx. 5% growth (non-GAAP) •Approx. 1% currency •Approx. 1% currency Comparable net tailwind1 tailwind1 revenues •Approx. 2% headwind •2% to 3% headwind from (non-GAAP) from acquisitions and acquisitions and divestitures2 divestitures2 Underlying effective tax rate 19.7% 19.9% (non-GAAP)3 Comparable currency neutral EPS excluding acquisitions At least 9% growth 7% to 8% growth and divestitures (non-GAAP) At least 11% growth, 9% to 10% growth, which which includes: includes: Comparable EPS •Approx. 3% currency •Approx. 3% currency (non-GAAP) tailwind1 tailwind1 •Approx. 1% headwind •Approx. 1% headwind from acquisitions and from acquisitions and divestitures2 divestitures2 At least $13.0 billion, Approx. $12.4 billion, consisting of: consisting of: Free cash flow •At least $15.2 billion •Approx. $14.6 billion (non-GAAP) of cash from operations of cash from operations •Approx. $2.2 billion •Approx. $2.2 billion of capital expenditures of capital expenditures
Comparable net revenues •Approx. 1% currency tailwind1 (non-GAAP) •Approx. 4% headwind from acquisitions and divestitures2 •Approx. 4% currency tailwind1 Comparable EPS (non-GAAP) •Approx. 3% headwind from acquisitions and divestitures2
Comparable net revenues •Slight currency headwind1 (non-GAAP) •Approx. 8% headwind from acquisitions and divestitures2 •Slight currency headwind1 Comparable EPS (non-GAAP) •Approx. 2% headwind from acquisitions and divestitures2
The company will provide full year 2027 guidance when it reports fourth quarter earnings.
1 Current column based on current rates and including the impact of hedged positions. Prior column based on prior rates and including the impact of hedged positions.
2 Current column assumes the pending sale of our bottling operations in Africa closes during the fourth quarter of 2026, and prior column assumes the pending sale of our bottling operations in Africa closes towards the end of the third quarter or during the fourth quarter of 2026. Closing is subject to regulatory approvals.
• All references to growth rate perc entages 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 changes are computed based on average daily sales, unless otherwise noted. “Unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings), with the exception of unit case equivalents for Costa non-ready-to- drink beverage products, which are primarily measured in number of transactions. “Unit case volume” means the number of unit cases (or unit case 7 equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.
• “Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished beverages sold by, the company to its bottling partners or other customers. For Costa non-ready-to-drink beverage products, “concentrate sales” represents the amount of beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents), sold by the company to customers or consumers. In the reconciliation of reported net revenues, “concentrate sales” represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating segments after considering the impact of acquisitions and divestitures, if any. For the Bottling Investments operating segment, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.
• “Price/mix” represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred.
• First quarter 2026 financial results were impacted by six additional days as compared to first quarter 2025, and fourth quarter 2026 financial results will be impacted by six fewer days as compared to fourth quarter 2025. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.
The company is hosting a conference call with investors and analysts to discuss third quarter 2026 operating results today, Oct. 27, 2026, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company. 9
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company. 10
THE COCA-COLA COMPANY AND SUBSIDIARIES Consolidated Balance Sheets (In millions except par value) ASSETS October 2, December 31, Current Assets 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 13,454 $ 10,270 equivalents Short-term investments 231 3,602 Total Cash, Cash Equivalents and 13,685 13,872 Short-Term Investments Marketable securities 2,910 1,934 Trade accounts receivable, less allowances of $514 and 3,571 3,038 $495, respectively Inventories 4,410 4,425 Prepaid expenses and other current 2,475 2,433 assets Assets held for sale 6,275 5,342 Total Current Assets 33,326 31,044 Equity method 20,710 20,235 investments Deferred income tax 1,086 1,206 assets Property, plant and 9,485 9,613 equipment — net Trademarks with 12,459 12,531 indefinite lives Goodwill 15,408 15,491 Other noncurrent 15,476 14,696 assets Total Assets $ 107,950 $ 104,816 LIABILITIES AND EQUITY Current Liabilities Accounts payable and $ 15,633 $ 14,813 accrued expenses Loans and notes 73 1,551 payable Current maturities of 4,923 1,822 long-term debt Accrued income taxes 577 525 Liabilities held for 3,003 2,570 sale Total Current 24,209 21,281 Liabilities Long-term debt 36,623 42,119 Other noncurrent 4,678 4,735 liabilities Deferred income tax 2,907 2,406 liabilities The Coca-Cola Company Shareowners’ Equity Common stock, $0.25 par value; authorized — 11,200 1,760 1,760 shares; issued — 7,040 shares Capital surplus 20,894 20,581 Reinvested earnings 85,898 80,382 Accumulated other comprehensive income -14,090 -14,131 (loss) Treasury stock, at cost — 2,738 and -57,090 -56,423 2,738 shares, respectively Equity Attributable to Shareowners of 37,372 32,169 The Coca-Cola Company Equity attributable to noncontrolling 2,161 2,106 interests Total Equity 39,533 34,275 Total Liabilities and $ 107,950 $ 104,816 Equity
THE COCA-COLA COMPANY AND SUBSIDIARI… Consolidat… Statements of Cash Flows (In millions) September Operating Nine Months October 2, 26, Activities Ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Consolidat… $ 12,460 $ 10,821 net income Adjustments to reconcile consolidat… net income to net cash provided by operating activities: Depreciati… and 783 814 amortizati… Stock-based compensati… 194 204 expense Deferred income 457 496 taxes Equity (income) loss — net -1,013 -859 of dividends Foreign currency 106 127 adjustments Significant (gains) -61 -396 losses — net Other operating — 38 charges Other items 43 447 Net change in operating -498 -8,040 assets and liabilities Net Cash Provided by (Used in) 12,471 3,652 Operating Activities Investing Activities Purchases of -3,706 -3,292 investments Proceeds from disposals 5,952 4,300 of investments Acquisitio… of businesses, equity method -204 -356 investments and nonmarketa… securities Proceeds from disposals of businesses, equity 1 1,020 method investments and nonmarketa… securities Purchases of property, -1,063 -1,230 plant and equipment Proceeds from disposals of 43 21 property, plant and equipment Collateral (paid) received associated -133 300 with hedging activities — net Other investing 271 214 activities Net Cash Provided by (Used in) 1,161 977 Investing Activities Financing Activities Issuances of loans, notes 19 4,854 payable and long-term debt Payments of loans, notes -3,165 -4,166 payable and long-term debt Issuances 355 243 of stock Purchases of stock -900 -644 for treasury Dividends -6,842 -4,391 Proceeds from sale of a — 1,277 noncontrol… interest Other financing -13 -261 activities Net Cash Provided by (Used in) -10,546 -3,088 Financing Activities Effect of Exchange Rate Changes on Cash, Cash 35 335 Equivalent… Restricted Cash and Restricted Cash Equivalents Cash, Cash Equivalent… Restricted Cash and Restricted Cash Equivalents Net increase (decrease) in cash, cash equivalent… restricted 3,121 1,876 cash and restricted cash equivalents during the period Cash, cash equivalent… restricted cash and restricted 11,010 11,488 cash equivalents at beginning of period Cash, Cash Equivalent… Restricted Cash and 14,131 13,364 Restricted Cash Equivalents at End of Period Less: Restricted cash and restricted 677 632 cash equivalents at end of period Cash and Cash Equivalents $ 13,454 $ 12,732 at End of Period
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 During the three months ended October 2, 2026, intersegment revenues were $122 million for EMEA, $2 million for North America, $65 million for Asia Pacific and $3 million for Bottling Investments. During the three months ended September 26, 2025, intersegment revenues were $178 million for EMEA, $1 million for Latin America, $4 million for North America, $68 million for Asia Pacific and $2 million for Bottling Investments.
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 During the nine months ended October 2, 2026, intersegment revenues were $480 million for EMEA, $7 million for North America, $241 million for Asia Pacific and $7 million for Bottling Investments. During the nine months ended September 26, 2025, intersegment revenues were $522 million for EMEA, $1 million for Latin America, $7 million for North America, $272 million for Asia Pacific and $6 million for Bottling Investments. 13
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 financial statements reported on a GAAP basis, we provide the following non-GAAP financial measures: “comparable net revenues,” “comparable currency neutral net revenues,” “organic revenues,” “comparable operating margin,” “underlying operating margin,” “comparable operating income,” “comparable currency neutral operating income,” “comparable EPS,” “comparable currency neutral EPS,” “comparable currency neutral EPS excluding acquisitions and divestitures,” “underlying effective tax rate” and “free cash flow,” each of which is defined below. Management believes these non- GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors’ ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of each of these non-GAAP financial measures to GAAP information are also included below. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company’s performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.
• “Currency neutral operating results” are determined by dividing or multiplying, as appropriate, our current period actual U.S. dollar operating results by the current period actual exchange rates (that include the impact of current period currency hedging activities) to derive our current period local currency operating results. We then multiply or divide, as appropriate, the derived current period local currency operating results by the foreign currency exchange rates (that also include the impact of the comparable prior period currency hedging activities) used to translate the company’s financial statements in the comparable prior year period to determine what the current period U.S. dollar operating results would have been if the foreign currency exchange rates had not changed from the comparable prior year period.
• “Acquisitions and divestitures” generally refers to acquisitions and divestitures of brands or businesses, some of which the company considers to be structural changes. The impact of acquisitions and divestitures is the difference between the change in the relevant metric and the change in what that metric would have been if we removed the amount associated with an acquisition or a divestiture from either the current year or the prior year, as applicable. We generally refer to acquisitions and divestitures of bottling operations as “structural changes,” which are a component of acquisitions and divestitures and also include the impact of intercompany transactions between our operating segments, as applicable. Typically, structural changes do not impact the company’s unit case volume on a consolidated basis or at the geographic operating segment level. In May 2025, the company refranchised our bottling operations in certain territories in India. The impact of this refranchising has been included as a structural change in our analysis of net revenues on a consolidated basis as well as for the Bottling Investments and Asia Pacific operating segments for the nine months ended October 2, 2026. Additionally, in October 2025, the company sold our finished product operations in Nigeria. The impact of this sale has been included as a divestiture in our analysis of net revenues on a consolidated basis as well as for the EMEA operating segment for the three and nine months ended October 2, 2026.
• “Comparable net revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). “Comparable currency neutral net revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below) as well as the impact of fluctuations in foreign currency exchange rates. Management believes the comparable net revenues (non-GAAP) growth measure and the comparable currency neutral net revenues (non- GAAP) growth measure provide investors with useful supplemental information to enhance their understanding of the company’s revenue performance and trends by improving their ability to compare our period-to-period results. “Organic revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for the impact of acquisitions and divestitures, as applicable, and the impact of fluctuations in foreign currency exchange rates. Management believes the organic revenue (non-GAAP) growth measure provides users with useful supplemental information regarding the company’s 14
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-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). “Comparable currency neutral operating income” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below) and the impact of fluctuations in foreign currency exchange rates. “Comparable operating margin” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). “Underlying operating margin” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below), the impact of fluctuations in foreign currency exchange rates, and the impact of acquisitions and divestitures, as applicable. Management uses these non-GAAP financial measures to evaluate the company’s performance and make resource allocation decisions. Further, management believes the comparable operating income (non- GAAP) growth measure, comparable currency neutral operating income (non-GAAP) growth measure, comparable operating margin (non-GAAP) measure and underlying operating margin (non-GAAP) measure enhance its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the company’s underlying business performance and trends by improving their ability to compare our period-to- period financial results.
• “Comparable EPS,” “comparable currency neutral EPS” and “comparable currency neutral EPS excluding acquisitions and divestitures” are non-GAAP financial measures that exclude or have otherwise been adjusted for items impacting comparability (discussed further below). Comparable currency neutral EPS (non- GAAP) has been adjusted for the impact of fluctuations in foreign currency exchange rates, and comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) has been adjusted for the impact of fluctuations in foreign currency exchange rates and the impact of acquisitions and divestitures, as applicable. Management uses these non-GAAP financial measures to evaluate the company’s performance and make resource allocation decisions. Further, management believes the comparable EPS (non-GAAP), comparable currency neutral EPS (non-GAAP) and comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) growth measures enhance its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the company’s underlying business performance and trends by improving their ability to compare our period-to- period financial results.
• “Underlying effective tax rate” is a non-GAAP financial measure that represents the estimated annual effective income tax rate on income before income taxes, which excludes or has otherwise been adjusted for items impacting comparability (discussed further below).
• “Free cash flow” is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment. Management uses this non-GAAP financial measure to evaluate the company’s performance and make resource allocation decisions.
The following information is provided to give qualitative and quantitative information related to items impacting comparability. Items impacting comparability are not defined terms within GAAP. Therefore, our non-GAAP financial information may not be comparable to similarly titled measures reported by other companies. We determine which items to consider as “items impacting comparability” based on how management views our business; makes financial, operating, compensation and planning decisions; and evaluates the company’s ongoing performance. Items such as charges, gains and accounting changes which are viewed by management as impacting only the current period or the comparable period, but not both, or as pertaining to different and unrelated underlying activities or events across comparable periods, are generally considered “items impacting comparability.” Items impacting comparability include, but are not limited to, asset impairments, transaction gains/losses including associated costs, and charges related to restructuring initiatives, in each case when exceeding a U.S. dollar threshold. Also included are our proportionate share of similar items incurred by our equity method investees, timing differences related to our economic (non-designated) hedging activities, and timing differences related to unrealized mark-to-market adjustments of equity securities and trading debt securities, regardless of size. In addition, we provide the impact that fluctuations in foreign currency exchange rates had on our financial results (“currency neutral operating results” defined above). 15
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures
During the nine months ended September 26, 2025, the company recorded an other- than-temporary impairment charge of $40 million related to an equity method investee in Latin America, which was primarily driven by revised projections of future operating results. The company also recorded a charge of $31 million related to the impairment of a trademark in Latin America, which was primarily driven by revised projections of future operating results and changes in macroeconomic conditions. Additionally, the company recorded an other-than- temporary impairment charge of $25 million in Latin America, primarily driven by the restructuring of a joint venture.
During the three and nine months ended October 2, 2026, the company recorded net charges of $8 million and $30 million, respectively. During the three and nine months ended September 26, 2025, the company recorded a net gain of $7 million and a net charge of $21 million, respectively. These amounts represent the company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
During the three and nine months ended October 2, 2026, the company recorded reductions in the previously recorded impairment charge of $5 million and $61 million, respectively, related to our bottling operations in Africa, which are held for sale. These reductions are based on management's revised estimates.
During the three and nine months ended September 26, 2025, the company recorded a charge of $393 million related to certain operations held for sale in Nigeria and charges of $8 million and $36 million, respectively, related to the refranchising of certain bottling operations in Ghana.
During the nine months ended September 26, 2025, the company recorded a gain of $331 million related to the sale of a portion of our ownership interest in Coca- Cola Europacific Partners plc, an equity method investee. The company also recognized a gain of $102 million and incurred $7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India. Additionally, the company recorded a charge of $47 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife. In March 2025, the company made the remaining milestone payment for fairlife.
During the three and nine months ended September 26, 2025, the company recorded charges of $24 million and $63 million, respectively. The costs incurred were primarily related to certain initiatives designed to further simplify and standardize our organization as part of our productivity and reinvestment program.
The company uses derivatives as economic hedges primarily to mitigate the foreign exchange risk for certain currencies, certain interest rate risk, and the price risk associated with the purchase of materials used in our manufacturing processes as well as the purchase of vehicle fuel. Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges. The changes in fair values of these economic hedges are immediately recognized in earnings.
The company excludes the net impact of mark-to-market adjustments for outstanding hedges and realized gains/losses for settled hedges from our non- GAAP financial information until the period in which the underlying exposure being hedged impacts our consolidated statement of income. Management believes this adjustment provides meaningful information related to the impact of our economic hedging activities. During the three and nine months ended October 2, 2026, the net impact of the company’s adjustment related to our economic hedging activities resulted in decreases of $83 million and $113 million, respectively, to our non-GAAP income before income taxes.
During the three and nine months ended September 26, 2025, the net impact of the company’s adjustment related to our economic hedging activities resulted in decreases of $88 million and $17 million, respectively, to our non-GAAP income before income taxes. 16
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures
The company excludes the net impact of unrealized gains and losses resulting from mark-to-market adjustments on our equity and trading debt securities from our non-GAAP financial information until the period in which the underlying securities are sold and the associated gains or losses are realized, unless individually significant. Management believes this adjustment provides meaningful information related to the impact of our investments in equity and trading debt securities. During the three and nine months ended October 2, 2026, the net impact of the company’s adjustment related to unrealized gains and losses on our equity and trading debt securities resulted in decreases of $10 million and $171 million, respectively, to our non-GAAP income before income taxes.
During the three and nine months ended September 26, 2025, the net impact of the company’s adjustment related to unrealized gains and losses on our equity and trading debt securities resulted in decreases of $96 million and $183 million, respectively, to our non-GAAP income before income taxes.
During the three and nine months ended October 2, 2026, the company recorded $192 million of settlement charges and special termination benefits related to a non-U.S. pension plan. Additionally, the company recorded charges of $6 million and $16 million, respectively, related to North America modernization initiatives and charges of $4 million and $11 million, respectively, for the amortization of noncompete agreements related to the BODYARMOR acquisition in 2021.
During the nine months ended October 2, 2026, the company recorded a charge of $19 million related to an indemnification agreement entered into as a part of the refranchising of certain bottling operations. The company also recorded a net charge of $8 million related to tax litigation expense.
During the three and nine months ended September 26, 2025, the company recorded charges of $27 million and $35 million, respectively, related to an indemnification agreement entered into as a part of the refranchising of certain bottling operations. Additionally, the company recorded charges of $4 million and $11 million, respectively, for the amortization of noncompete agreements related to the BODYARMOR acquisition. The company also recorded net charges of $3 million and $8 million, respectively, related to tax litigation expense.
During the nine months ended September 26, 2025, the company recorded a charge of $36 million related to non-U.S. pension curtailment and special termination benefits. The company also recorded a charge of $2 million related to restructuring our manufacturing operations in the United States.
During the three and nine months ended October 2, 2026, the company recorded net income tax benefits of $117 million and $298 million, respectively, primarily associated with return to provision adjustments and $9 million and $52 million, respectively, of excess tax benefits associated with the company’s stock‑based compensation arrangements. Additionally, the company recorded net income tax benefits of $57 million and $155 million, respectively, related to the interest earned on the company’s IRS tax litigation deposit that was paid in 2024. The company also recorded net income tax expense of $11 million and $14 million, respectively, for changes to the company’s uncertain tax positions, including interest and penalties, as well as for various discrete tax items.
During the three and nine months ended September 26, 2025, the company recorded net income tax benefits of $36 million and $1 million, respectively, primarily associated with return to provision adjustments and net income tax benefits of $351 million and $409 million, respectively, for changes to our uncertain tax positions, including interest and penalties, as well as for various discrete tax items. Additionally, the company recorded net income tax benefits of $55 million and $162 million, respectively, related to the interest earned on the company’s IRS tax litigation deposit. During the nine months ended September 26, 2025, the company recorded $25 million of excess tax benefits associated with the company’s stock-based compensation arrangements. 17
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. 18
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 The income tax adjustments are the calculated income tax benefits (charges) at the applicable tax rate for each of the items impacting comparability with the exception of certain tax matters discussed above.
3 This represents net income attributable to shareowners of The Coca-Cola Company. 19
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. 20
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 The income tax adjustments are the calculated income tax benefits (charges) at the applicable tax rate for each of the items impacting comparability with the exception of certain tax matters discussed above.
3 This represents net income attributable to shareowners of The Coca-Cola Company. 21
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Diluted Net Income Per Share: Three Months Ended October 2, 2026 % Change — Reported (GAAP) 8 % Currency Impact 2 % Change — Currency Neutral (Non-GAAP) 7 % Impact of Items Impacting Comparability -3 (Non-GAAP) % Change — Comparable (Non-GAAP) 11 % Comparable Currency Impact 2 (Non-GAAP) % Change — Comparable Currency Neutral 9 (Non-GAAP) Nine Months Ended October 2, 2026 % Change — Reported (GAAP) 14 % Currency Impact 4 % Change — Currency Neutral (Non-GAAP) 10 % Impact of Items Impacting Comparability 1 (Non-GAAP) % Change — Comparable (Non-GAAP) 13 % Comparable Currency Impact 2 (Non-GAAP) % Change — Comparable Currency Neutral 11 (Non-GAAP)
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. 23
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. 24
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. 25
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. 26
THE COCA-COLA COMPANY AND SUBSIDIAR… Reconcili… of GAAP and Non-GAAP Financial Measures Operating Margin: Three Three Months Months Basis Point Ended Ended Growth October 2, September (Decline) 2026 26, 2025 Reported Operating 33.37 % 31.97 % 140 Margin (GAAP) Items Impacting 0.44 % 0.10 % Comparabi… (Non-GAAP) Comparable Operating 32.93 % 31.87 % 106 Margin (Non-GAAP) Comparable Currency 0.60 % 0.00 % Impact (Non-GAAP) Comparable Currency Neutral 32.33 % 31.87 % 46 Operating Margin (Non-GAAP) Impact of Acquisiti… and Divestitu… on Comparable 0.00 % -0.25 % Currency Neutral Operating Margin (Non-GAAP) Underlying Operating 32.33 % 32.12 % 21 Margin (Non-GAAP) Nine Months Nine Months Basis Point Ended Ended Growth October 2, September (Decline) 2026 26, 2025 Reported Operating 34.40 % 33.01 % 139 Margin (GAAP) Items Impacting 0.07 % -0.44 % Comparabi… (Non-GAAP) Comparable Operating 34.33 % 33.45 % 88 Margin (Non-GAAP) Comparable Currency 0.28 % 0.00 % Impact (Non-GAAP) Comparable Currency Neutral 34.05 % 33.45 % 60 Operating Margin (Non-GAAP) Impact of Acquisiti… and Divestitu… on Comparable 0.00 % -0.23 % Currency Neutral Operating Margin (Non-GAAP) Underlying Operating 34.05 % 33.68 % 37 Margin (Non-GAAP)
Projected 2026 Free Cash Flow (In billions): Year Ending December 31, 2026 ────────────────────────────────────────────────────────────────────────────── Projected GAAP Net Cash Provided by $ 15.2 Operating Activities Projected GAAP Purchases of Property, -2.2 Plant and Equipment Projected Free Cash Flow (Non-GAAP) $ 13.0
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 worldwide. Our portfolio of sparkling soft drink brands includes Coca-Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Fuze Tea, Gold Peak and Ayataka. Our juice, value-added dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and Santa Clara. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.coca-colacompany.com and follow us on Instagram, Facebook and LinkedIn.
The information contained on, or that may be accessed through, our website or social media channels is not incorporated by reference into, and is not a part of, this document. 28
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,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola Company’s actual results to differ materially from its historical experience and our present expectations or projections. These risks include, but are not limited to, unfavorable economic and geopolitical conditions, including the direct or indirect negative impacts of geopolitical conflicts; increased competition; an inability to be successful in our innovation activities; changes in the retail landscape or the loss of key customers; an inability to expand our business in emerging and developing markets; an inability to successfully manage the potential negative consequences of our productivity initiatives; an inability to attract, retain and inspire outstanding talent; disruption of our supply chain, including increased commodity, raw material, packaging, energy, transportation and other input costs; an inability to successfully integrate and manage our acquired businesses, brands or bottling operations or an inability to realize a significant portion of the anticipated benefits of our joint ventures or strategic relationships; failure by our third-party service providers and business partners to satisfactorily fulfill their commitments and responsibilities, or such third parties experience adverse events; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages, labor shortages or labor unrest; obesity and other health-related concerns; evolving consumer product and shopping preferences; product safety and quality concerns; perceived negative health consequences of processing and of certain ingredients, such as nutritive and non-nutritive sweeteners, color additives and biotechnology-derived substances, and of other substances present in our beverage products or packaging materials; failure to digitalize the Coca-Cola system; damage to our brand image, corporate reputation and social license to operate from negative publicity, whether or not warranted, concerning product safety or quality, workplace and human rights, obesity or other issues; an inability to successfully manage new product launches; an inability to maintain good relationships with our bottling partners; deterioration in our bottling partners’ financial condition; an inability to successfully manage our refranchising activities or divestitures of certain brands or businesses; increases in income tax rates, changes in income tax laws or the unfavorable resolution of tax matters, including the outcome of our ongoing tax dispute or any related disputes with the U.S. Internal Revenue Service (“IRS”); the possibility that the assumptions used to calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable outcome of the ongoing tax dispute with the IRS could significantly change; increased or new indirect taxes; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the marketing or sale of our products; litigation claims or legal proceedings; conducting business in markets with high-risk legal compliance environments; failure to adequately protect, or disputes relating to, trademarks, formulas and other intellectual property rights; changes in, or failure to comply with, the laws and regulations applicable to our products or our business operations; fluctuations in foreign currency exchange rates; interest rate increases; an inability to achieve our overall long-term growth objectives; default by or failure of one or more of our counterparty financial institutions; impairment charges; an inability to protect our information systems against service interruption, misappropriation of data or cybersecurity incidents; failure to comply with privacy and data protection laws; evolving sustainability regulatory requirements and expectations; increasing concerns about the environmental impact of plastic bottles and other packaging materials; water scarcity and poor quality; increased demand for food products, decreased agricultural productivity and increased regulation of ingredient sourcing due diligence; climate change and legal or regulatory responses thereto; adverse weather conditions; and other risks discussed in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequently filed Quarterly Reports on Form 10-Q, which are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements. 29
Full text with the tables
Exhibit 99.1
Coca-Cola Reports Third Quarter 2026
Results and Raises Full Year Guidance
Global Unit Case Volume Grew 5%
Net Revenues Grew 7%;
Organic Revenues (Non-GAAP) Grew 7%
Operating Income Grew 12%;
Comparable Currency Neutral Operating Income (Non-GAAP) Grew 8%
Operating Margin was 33.4% versus 32.0% in the Prior Year;
Comparable Operating Margin (Non-GAAP) was 32.9% versus 31.9% in the Prior Year
EPS Grew 8% to $0.93; Comparable EPS (Non-GAAP) Grew 11% to $0.91
ATLANTA, Oct. 27, 2026
– The Coca-Cola Company today reported third quarter 2026 results. “Our results
this quarter demonstrate our system’s sustained momentum, giving us confidence
in our updated full year guidance,” said Henrique Braun, CEO of The Coca-Cola
Company. “By staying close to consumers and executing with agility across our
global system, we are delivering quality growth while continuing to invest in
the capabilities, brands and people that will fuel our future.”
Highlights
Quarterly Performance
• Revenues: Net revenues grew 7% to $13.4 billion, and organic revenues (non-
GAAP) grew 7%, driven by a 7% increase in concentrate sales and 1% growth in
price/mix. Concentrate sales were 2 points ahead of unit case volume due to the
timing of concentrate shipments.
• Operating margin: Operating margin was 33.4% versus 32.0% in the prior year,
and comparable operating margin (non-GAAP) was 32.9% versus 31.9% in the prior
year. Operating margin performance included items impacting comparability, as
well as currency tailwinds. Comparable operating margin (non-GAAP) expansion was
driven by organic revenue (non-GAAP) growth and currency tailwinds, partially
offset by an increase in marketing investments and higher operating expenses.
• Earnings per share: EPS grew 8% to $0.93, and comparable EPS (non-GAAP) grew
11% to $0.91. Both EPS and comparable EPS (non-GAAP) performance included the
impact of a 2-point currency tailwind.
• Market share: The company gained value share in total nonalcoholic ready-to-
drink (“NARTD”) beverages.
• Cash flow: Year-to-date cash flow from operations and free cash flow (non-
GAAP) were $12.5 billion and $11.4 billion, respectively.
1
Company Updates
• Celebrating local heritage and strengthening communities through its brands:
Recently, the company reached milestone anniversaries in three important
markets: the United States, Mexico and Nigeria. In the United States, the Coca-
Cola system marked 140 years of serving consumers and strengthening communities.
According to a recent study from Steward Redqueen, the system today supports
nearly 1 million jobs throughout the value chain and contributes approximately
$85 billion in annual economic activity in the United States. From Trademark
Coca-Cola to fairlife, the company’s brands continue to provide consumers with
beverages across many drinking occasions. The system celebrated 100 years of
growing together with Mexico through a campaign rooted in consumers’ deep,
multigenerational connections with Coca-Cola. The campaign came to life through
limited-edition packaging, local cultural icons and integrated experiences,
generating strong consumer engagement that contributed to volume growth during
the quarter. In Nigeria, a 75-year anniversary celebration of Coca-Cola’s
connection with generations of Nigerians brought together national pride, music,
authentic connection and self-expression through distinctive packaging, creator
content and experiential activations. The campaign reached more than 100 million
consumers, contributing to volume growth and value and volume share gains for
the quarter. Together, these milestones demonstrate how the company combines
global scale with deep local roots to create meaningful consumer experiences and
drive growth.
• Globally connecting brands to consumers through locally relevant music
experiences: The company continues to connect its brands to passion points, with
music serving as a powerful global platform to drive relevance and consumer
engagement. As an example, across Europe, Coca-Cola and Sprite were highlighted
at 60 festivals in more than 20 markets, reaching over 12 million attendees and
over 500 million livestream viewers while building direct consumer connections
through first-party data. Highlights include uplifting activations at
Tomorrowland in Belgium, Rock in Rio Lisboa in Portugal and Coca-Cola Music
Experience in Spain. The company drove strong local momentum in Greece by
offering Trademark Coca-Cola products in the newly launched 500ml “Supercan”
across nearly 20 live music events. In Great Britain, the company bridged music
and soccer by partnering with British rapper Central Cee to create an original
song for its English Premier League campaign. Together, these activations
strengthened brand relevance and contributed to volume growth for the quarter in
Europe.
2
Operating Review–Three Months Ended October 2, 2026
─────────────────────────────────────────────────────
Revenues and Volume
Perc… Conce… Curre… Acqui… Repor… Organic Unit
Chan… Sales1 Price… Impact and Net Revenu… Case
Dives… Reven… Volum…
Cons… 7 1 1 -1 7 7 5
Euro…
Midd…
East 6 1 0 -3 4 7 5
&
Afri…
Latin 8 7 9 0 25 16 6
Amer…
North 2 1 0 0 3 3 0
Amer…
Asia 8 -2 -3 0 4 6 6
Paci…
Bott… 10 3 1 0 13 12 8
Inve…
Operating Income and EPS
Comparable
Percent Reported Items Currency Currency
Change Operating Impacting Impact Neutral
Income Comparabili… Operating
Income2
Consolidat… 12 1 3 8
Europe,
Middle East 7 0 0 7
& Africa
Latin 29 1 13 14
America
North 5 0 0 5
America
Asia 8 -5 -1 14
Pacific
Bottling 261 11 -2 252
Investments
Percent Items Currency Comparable
Change Reported EPS Impacting Impact Currency
Comparabili… Neutral EPS2
Consolidat… 8 -3 2 9
Note: Certain rows may not add due to rounding.
1 For Bottling Investments, this represents the percent change in net revenues
attributable to the increase (decrease) in unit case volume computed based on
total sales (rather than average daily sales) in each of the corresponding
periods after considering the impact of structural changes, if any.
2 Organic revenues, comparable currency neutral operating income and comparable
currency neutral EPS are non-GAAP financial measures. Refer to the
Reconciliation of GAAP and Non-GAAP Financial Measures section.
3 Unit case volume is computed based on average daily sales.
In addition to the data in the preceding tables, operating results included the
following:
Consolidated
• Unit case volume grew 5%, led by India, China, Mexico and Brazil. Performance
included the following:
◦ Sparkling soft drinks grew 5%. Trademark Coca-Cola grew 5% and Coca-Cola Zero
Sugar grew 16%, both driven by growth across all geographic operating segments.
Diet Coke/Coca-Cola Light grew 6%, driven by growth in North America and Asia
Pacific. Sparkling flavors grew 3%, driven by growth in Asia Pacific, Latin
America and Europe, Middle East & Africa (“EMEA”).
◦ Juice, value-added dairy and plant-based beverages was even, as growth in Asia
Pacific, Latin America and North America was offset by a decline in EMEA. Growth
in fairlife, Maaza and Minute Maid was offset by the impact of the sale of the
company’s finished product operations in Nigeria in the fourth quarter of 2025.
◦ Water, sports, coffee and tea grew 5%. Water grew 8%, driven by growth in Asia
Pacific, Latin America and EMEA. Sports drinks declined 3%, as growth in EMEA
and Latin America was more than offset by a decline
3
in Asia Pacific. Coffee was even, as growth in EMEA was offset by a decline in
Asia Pacific. Tea was even, as growth in Latin America was offset by a decline
in North America.
• Price/mix grew 1%, primarily driven by pricing actions in the marketplace,
partially offset by unfavorable mix. Concentrate sales were 2 points ahead of
unit case volume due to the timing of concentrate shipments.
• Operating income grew 12%, which included items impacting comparability and
currency tailwinds. Comparable currency neutral operating income (non-GAAP) grew
8%, primarily driven by organic revenue (non-GAAP) growth, partially offset by
an increase in marketing investments and higher operating expenses.
Europe, Middle East & Africa
• Unit case volume grew 5%, primarily driven by growth in Trademark Coca-Cola,
water, sports, coffee and tea, and sparkling flavors.
• Price/mix grew 1%, primarily driven by pricing actions in the marketplace,
partially offset by unfavorable mix. Concentrate sales were 1 point ahead of
unit case volume due to the timing of concentrate shipments.
• Operating income and comparable currency neutral operating income (non-GAAP)
both grew 7%, primarily driven by organic revenue (non-GAAP) growth and lower
input costs, partially offset by an increase in marketing investments and higher
operating expenses.
• The company lost value share in total NARTD beverages, as gains in Nigeria and
Morocco were more than offset by losses in France and the United Kingdom.
Latin America
• Un it case volume grew 6%, driven by growth across all global beverage
categories.
• Price/mix grew 7%, primarily driven by pricing actions in the marketplace and
favorable mix. Concentrate sales were 2 points ahead of unit case volume due to
the timing of concentrate shipments.
• Operating income grew 29%, which included items impacting comparability and a
currency tailwind. Comparable currency neutral operating income (non-GAAP) grew
14%, primarily driven by organic revenue (non-GAAP) growth and lower operating
expenses, partially offset by an increase in marketing investments.
• The company gained value share in total NARTD beverages, led by share gains in
Brazil and Mexico.
North America
• Unit case volume was even, as growth in Trademark Coca-Cola was offset by a
decline in water, sports, coffee and tea.
• Price/mix grew 1%, primarily driven by pricing actions in the marketplace,
partially offset by unfavorable mix. Concentrate sales were 2 points ahead of
unit case volume due to the timing of concentrate shipments.
• Operating income and comparable currency neutral operating income (non-GAAP)
both grew 5%, primarily driven by organic revenue (non-GAAP) growth and the
timing of marketing investments, partially offset by higher input costs and
operating expenses.
• The company gained value share in total NARTD beverages, led by share gains in
juice, value-added dairy and plant-based beverages and Trademark Coca-Cola.
4
Asia Pacific
• Unit case volume grew 6%, driven by growth across all global beverage
categories.
• Price/mix declined 2%, as pricing actions in the marketplace were more than
offset by unfavorable mix. Concentrate sales were 2 points ahead of unit case
volume due to the timing of concentrate shipments.
• Operating income grew 8%, which included items impacting comparability and a
currency headwind. Comparable currency neutral operating income (non-GAAP) grew
14%, primarily driven by organic revenue (non-GAAP) growth.
• The company gained value share in total NARTD beverages, led by share gains in
Japan and Vietnam.
Bottling Investments
• Unit case volume grew 8%, primarily driven by growth in India and South
Africa.
• Price/mix grew 3%, primarily driven by pricing actions in the marketplace,
partially offset by unfavorable mix.
• Operating income grew 261%, which included items impacting comparability and a
currency headwind. Comparable currency neutral operating income (non-GAAP) grew
252%, primarily driven by organic revenue (non-GAAP) growth and lower operating
expenses.
5
Operating Review – Nine Months Ended October 2, 2026
──────────────────────────────────────────────────────
Revenues and Volume
Perc… Conce… Curre… Acqui… Repor… Organic Unit
Chan… Sales1 Price… Impact and Net Revenu… Case
Dives… Reven… Volum…
Cons… 6 1 2 -1 9 8 4
Euro…
Midd…
East 4 2 3 -3 6 6 3
&
Afri…
Latin 6 4 8 0 18 10 3
Amer…
North 5 2 0 0 7 7 2
Amer…
Asia 10 -6 -1 0 3 4 7
Paci…
Bott… 10 1 2 -1 11 11 5
Inve…
Operating Income and EPS
Comparable
Percent Reported Items Currency Currency
Change Operating Impacting Impact Neutral
Income Comparabili… Operating
Income2
Consolidat… 13 2 2 9
Europe,
Middle East 7 2 2 4
& Africa
Latin 22 5 8 9
America
North 9 -2 0 11
America
Asia -2 1 -1 -2
Pacific
Bottling 108 2 -1 107
Investments
Percent Items Currency Comparable
Change Reported EPS Impacting Impact Currency
Comparabili… Neutral EPS2
Consolidat… 14 1 2 11
Note: Certain rows may not add due to rounding.
1 For Bottling Investments, this represents the percent change in net revenues
attributable to the increase (decrease) in unit case volume computed based on
total sales (rather than average daily sales) in each of the corresponding
periods after considering the impact of structural changes, if any.
2 Organic revenues, comparable currency neutral operating income and comparable
currency neutral EPS are non-GAAP financial measures. Refer to the
Reconciliation of GAAP and Non-GAAP Financial Measures section.
3 Unit case volume is computed based on average daily sales.
Outlook
The 2026 and 2027 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 year 2026
projected comparable net revenues (non-GAAP) to full year 2026 projected
reported net revenues, full year 2026 projected underlying effective tax rate
(non-GAAP) to full year 2026 projected reported effective tax rate, full year
2026 projected comparable currency neutral EPS excluding acquisitions and
divestitures (non-GAAP) to full year 2026 projected reported EPS, full year 2026
projected comparable EPS (non-GAAP) to full year 2026 projected reported EPS,
full year 2027 projected comparable net revenues (non-GAAP) to full year 2027
projected reported net revenues, or full year 2027 projected comparable EPS
(non-GAAP) to full year 2027 projected reported EPS without unreasonable efforts
because it is not possible to predict with a reasonable degree of certainty the
exact timing and exact impact of acquisitions and divestitures throughout 2026
and 2027; the exact timing and exact amount of items impacting comparability
throughout 2026 and 2027; and the exact impact of fluctuations in foreign
currency exchange rates throughout 2026 and 2027. The unavailable information
could have a significant impact on the company’s full year 2026 and full year
2027 reported financial results.
6
Full Year 2026 Guidance
Current Prior
Organic revenues At least 5% growth Approx. 5% growth
(non-GAAP)
•Approx. 1% currency •Approx. 1% currency
Comparable net tailwind1 tailwind1
revenues •Approx. 2% headwind •2% to 3% headwind from
(non-GAAP) from acquisitions and acquisitions and
divestitures2 divestitures2
Underlying effective
tax rate 19.7% 19.9%
(non-GAAP)3
Comparable currency
neutral EPS
excluding acquisitions At least 9% growth 7% to 8% growth
and divestitures
(non-GAAP)
At least 11% growth, 9% to 10% growth, which
which includes: includes:
Comparable EPS •Approx. 3% currency •Approx. 3% currency
(non-GAAP) tailwind1 tailwind1
•Approx. 1% headwind •Approx. 1% headwind
from acquisitions and from acquisitions and
divestitures2 divestitures2
At least $13.0 billion, Approx. $12.4 billion,
consisting of: consisting of:
Free cash flow •At least $15.2 billion •Approx. $14.6 billion
(non-GAAP) of cash from operations of cash from operations
•Approx. $2.2 billion •Approx. $2.2 billion
of capital expenditures of capital expenditures
Fourth Quarter 2026 Considerations
Comparable net revenues •Approx. 1% currency tailwind1
(non-GAAP) •Approx. 4% headwind from acquisitions and
divestitures2
•Approx. 4% currency tailwind1
Comparable EPS (non-GAAP) •Approx. 3% headwind from acquisitions and
divestitures2
Full Year 2027 Considerations
Comparable net revenues •Slight currency headwind1
(non-GAAP) •Approx. 8% headwind from acquisitions and
divestitures2
•Slight currency headwind1
Comparable EPS (non-GAAP) •Approx. 2% headwind from acquisitions and
divestitures2
The company will provide full year 2027 guidance when it reports fourth quarter
earnings.
1 Current column based on current rates and including the impact of hedged
positions. Prior column based on prior rates and including the impact of hedged
positions.
2 Current column assumes the pending sale of our bottling operations in Africa
closes during the fourth quarter of 2026, and prior column assumes the pending
sale of our bottling operations in Africa closes towards the end of the third
quarter or during the fourth quarter of 2026. Closing is subject to regulatory
approvals.
3 This does not include the impact of ongoing tax litigation with the U.S.
Internal Revenue Service, if the company were not to prevail.
Notes
• All references to growth rate perc entages 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 changes are computed based
on average daily sales, unless otherwise noted. “Unit case” means a unit of
measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce
servings), with the exception of unit case equivalents for Costa non-ready-to-
drink beverage products, which are primarily measured in number of transactions.
“Unit case volume” means the number of unit cases (or unit case
7
equivalents) of company beverages directly or indirectly sold by the company and
its bottling partners to customers or consumers.
• “Concentrate sales” represents the amount of concentrates, syrups, beverage
bases, source waters and powders/minerals (in all instances expressed in unit
case equivalents) sold by, or used in finished beverages sold by, the company to
its bottling partners or other customers. For Costa non-ready-to-drink beverage
products, “concentrate sales” represents the amount of beverages, primarily
measured in number of transactions (in all instances expressed in unit case
equivalents), sold by the company to customers or consumers. In the
reconciliation of reported net revenues, “concentrate sales” represents the
percent change in net revenues attributable to the increase (decrease) in
concentrate sales volume for the geographic operating segments after considering
the impact of acquisitions and divestitures, if any. For the Bottling
Investments operating segment, this represents the percent change in net
revenues attributable to the increase (decrease) in unit case volume computed
based on total sales (rather than average daily sales) in each of the
corresponding periods after considering the impact of structural changes, if
any. The Bottling Investments operating segment reflects unit case volume growth
for consolidated bottlers only.
• “Price/mix” represents the change in net operating revenues caused by factors
such as price changes, the mix of products and packages sold, and the mix of
channels and geographic territories where the sales occurred.
• First quarter 2026 financial results were impacted by six additional days as
compared to first quarter 2025, and fourth quarter 2026 financial results will
be impacted by six fewer days as compared to fourth quarter 2025. Unit case
volume results for the quarters are not impacted by the variances in days due to
the average daily sales computation referenced above.
Conference Call
The company is hosting a conference call with investors and analysts to discuss
third quarter 2026 operating results today, Oct. 27, 2026, at 8:30 a.m. ET. The
company invites participants to listen to a live webcast of the conference call
on the company’s website, http://www.coca-colacompany.com, in the “Investors”
section. An audio replay in downloadable digital format and a transcript of the
call will be available on the website within 24 hours following the call.
Further, the “Investors” section of the website includes certain supplemental
information and a reconciliation of non-GAAP financial measures to the company’s
results as reported under GAAP, which may be used during the call when
discussing financial results.
Contacts:
Investors and Analysts : Todd Beiger, koinvestorrelations@coca-cola.com
Media : Scott Leith, sleith@coca-cola.com
8
THE
COCA-C…
COMPANY
AND
SUBSID…
Consol…
Statem…
of
Income
(In
millio…
except
per Three October Septemb…
share Months 2, 26, %
data) Ended 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Net
Operat… $ 13,380 $ 12,455 7
Revenu…
Cost of
goods 4,930 4,797 3
sold
Gross 8,450 7,658 10
Profit
Sellin…
general
and 3,975 3,618 10
admini…
expens…
Other
operat… 10 58 -83
charges
Operat… 4,465 3,982 12
Income
Intere… 224 185 21
income
Intere… 354 391 -9
expense
Equity
income 653 644 1
(loss)
— net
Other
income -155 -237 35
(loss)
— net
Income
Before 4,833 4,183 16
Income
Taxes
Income 777 500 56
taxes
Consol…
Net 4,056 3,683 10
Income
Less:
Net
income
(loss) 47 -13 —
attrib…
to
noncon…
intere…
Net
Income
Attrib…
to $ 4,009 $ 3,696 8
Shareo…
of The
Coca-C…
Company
Basic
Net
Income $ 0.93 $ 0.86 8
Per
Share1
Diluted
Net
Income $ 0.93 $ 0.86 8
Per
Share1
Average
Shares 4,303 4,303 0
Outsta…
Effect
of 11 10 13
diluti…
securi…
Average
Shares
Outsta… 4,314 4,313 0
Assumi…
Diluti…
Note: Certain growth rates may not recalculate using the rounded dollar amounts
provided.
1 Calculated based on net income attributable to shareowners of The Coca-Cola
Company.
9
THE
COCA-C…
COMPANY
AND
SUBSID…
Consol…
Statem…
of
Income
(In
millio…
except
per Nine October Septemb…
share Months 2, 26, %
data) Ended 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Net
Operat… $ 39,232 $ 36,119 9
Revenu…
Cost of
goods 14,515 13,674 6
sold
Gross 24,717 22,445 10
Profit
Sellin…
general
and 11,167 10,322 8
admini…
expens…
Other
operat… 54 202 -74
charges
Operat… 13,496 11,921 13
Income
Intere… 644 553 17
income
Intere… 1,098 1,223 -10
expense
Equity
income 1,641 1,556 5
(loss)
— net
Other
income 236 229 3
(loss)
— net
Income
Before 14,919 13,036 14
Income
Taxes
Income 2,459 2,215 11
taxes
Consol…
Net 12,460 10,821 15
Income
Less:
Net
income
(loss) 102 -15 —
attrib…
to
noncon…
intere…
Net
Income
Attrib…
to $ 12,358 $ 10,836 14
Shareo…
of The
Coca-C…
Company
Basic
Net
Income $ 2.87 $ 2.52 14
Per
Share1
Diluted
Net
Income $ 2.86 $ 2.51 14
Per
Share1
Average
Shares 4,302 4,303 0
Outsta…
Effect
of 11 11 6
diluti…
securi…
Average
Shares
Outsta… 4,313 4,314 0
Assumi…
Diluti…
Note: Certain growth rates may not recalculate using the rounded dollar amounts
provided.
1 Calculated based on net income attributable to shareowners of The Coca-Cola
Company.
10
THE COCA-COLA COMPANY
AND SUBSIDIARIES
Consolidated Balance
Sheets
(In millions except
par value)
ASSETS October 2, December 31,
Current Assets 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 13,454 $ 10,270
equivalents
Short-term investments 231 3,602
Total Cash, Cash
Equivalents and 13,685 13,872
Short-Term Investments
Marketable securities 2,910 1,934
Trade accounts
receivable, less
allowances of $514 and 3,571 3,038
$495,
respectively
Inventories 4,410 4,425
Prepaid expenses and
other current 2,475 2,433
assets
Assets held for sale 6,275 5,342
Total Current Assets 33,326 31,044
Equity method 20,710 20,235
investments
Deferred income tax 1,086 1,206
assets
Property, plant and 9,485 9,613
equipment — net
Trademarks with 12,459 12,531
indefinite lives
Goodwill 15,408 15,491
Other noncurrent 15,476 14,696
assets
Total Assets $ 107,950 $ 104,816
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and $ 15,633 $ 14,813
accrued expenses
Loans and notes 73 1,551
payable
Current maturities of 4,923 1,822
long-term debt
Accrued income taxes 577 525
Liabilities held for 3,003 2,570
sale
Total Current 24,209 21,281
Liabilities
Long-term debt 36,623 42,119
Other noncurrent 4,678 4,735
liabilities
Deferred income tax 2,907 2,406
liabilities
The Coca-Cola Company
Shareowners’
Equity
Common stock, $0.25
par value;
authorized — 11,200 1,760 1,760
shares; issued —
7,040 shares
Capital surplus 20,894 20,581
Reinvested earnings 85,898 80,382
Accumulated other
comprehensive income -14,090 -14,131
(loss)
Treasury stock, at
cost — 2,738 and -57,090 -56,423
2,738 shares,
respectively
Equity Attributable to
Shareowners of 37,372 32,169
The Coca-Cola Company
Equity attributable to
noncontrolling 2,161 2,106
interests
Total Equity 39,533 34,275
Total Liabilities and $ 107,950 $ 104,816
Equity
11
THE
COCA-COLA
COMPANY AND
SUBSIDIARI…
Consolidat…
Statements
of Cash
Flows
(In
millions) September
Operating Nine Months October 2, 26,
Activities Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Consolidat… $ 12,460 $ 10,821
net income
Adjustments
to
reconcile
consolidat…
net income
to net cash
provided by
operating
activities:
Depreciati…
and 783 814
amortizati…
Stock-based
compensati… 194 204
expense
Deferred
income 457 496
taxes
Equity
(income)
loss — net -1,013 -859
of
dividends
Foreign
currency 106 127
adjustments
Significant
(gains) -61 -396
losses —
net
Other
operating — 38
charges
Other items 43 447
Net change
in
operating -498 -8,040
assets and
liabilities
Net Cash
Provided by
(Used in) 12,471 3,652
Operating
Activities
Investing
Activities
Purchases
of -3,706 -3,292
investments
Proceeds
from
disposals 5,952 4,300
of
investments
Acquisitio…
of
businesses,
equity
method -204 -356
investments
and
nonmarketa…
securities
Proceeds
from
disposals
of
businesses,
equity 1 1,020
method
investments
and
nonmarketa…
securities
Purchases
of
property, -1,063 -1,230
plant and
equipment
Proceeds
from
disposals
of 43 21
property,
plant and
equipment
Collateral
(paid)
received
associated -133 300
with
hedging
activities
— net
Other
investing 271 214
activities
Net Cash
Provided by
(Used in) 1,161 977
Investing
Activities
Financing
Activities
Issuances
of loans,
notes 19 4,854
payable and
long-term
debt
Payments of
loans,
notes -3,165 -4,166
payable and
long-term
debt
Issuances 355 243
of stock
Purchases
of stock -900 -644
for
treasury
Dividends -6,842 -4,391
Proceeds
from sale
of a — 1,277
noncontrol…
interest
Other
financing -13 -261
activities
Net Cash
Provided by
(Used in) -10,546 -3,088
Financing
Activities
Effect of
Exchange
Rate
Changes on
Cash,
Cash 35 335
Equivalent…
Restricted
Cash and
Restricted
Cash
Equivalents
Cash, Cash
Equivalent…
Restricted
Cash
and
Restricted
Cash
Equivalents
Net
increase
(decrease)
in cash,
cash
equivalent…
restricted 3,121 1,876
cash and
restricted
cash
equivalents
during the
period
Cash, cash
equivalent…
restricted
cash
and
restricted 11,010 11,488
cash
equivalents
at
beginning
of period
Cash, Cash
Equivalent…
Restricted
Cash
and 14,131 13,364
Restricted
Cash
Equivalents
at End
of Period
Less:
Restricted
cash and
restricted 677 632
cash
equivalents
at end of
period
Cash and
Cash
Equivalents $ 13,454 $ 12,732
at End of
Period
12
THE
CO…
CO…
AND
SU…
Op…
Se…
and
Co…
(In
mi…
Th… Net Op…
Mo… Ope… In…
En… Rev… % (L… %
Oc… Sep… Fav. Oct… Se… Fa…
2, 26, / 2, 26, /
20… 2025 (Un… 2026 20… (U…
──────────────────────────────────────────────────────────────────────────────
EM… $ 3,1… $ 2,9… 4 $ 1,1… $ 1,0… 7
La… 1,9… 1,5… 25 1,1… 897 29
Am…
No… 5,3… 5,2… 3 1,7… 1,6… 5
Am…
As… 1,5… 1,5… 4 563 521 8
Pa…
Bo… 1,5… 1,3… 13 205 57 261
In…
Co… 38 34 8 -392 -271 -45
El… -192 -253 24 — — —
Co… $ 13,… $ 12,… 7 $ 4,4… $ 3,9… 12
Note: Certain growth rates may not recalculate using the rounded dollar amounts
provided.
1 During the three months ended October 2, 2026, intersegment revenues were $122
million for EMEA, $2 million for North America, $65 million for Asia Pacific and
$3 million for Bottling Investments. During the three months ended September 26,
2025, intersegment revenues were $178 million for EMEA, $1 million for Latin
America, $4 million for North America, $68 million for Asia Pacific and $2
million for Bottling Investments.
Ni… Net Ope…
Mo… Ope… Inc…
En… Rev… % (Lo… %
Oc… Sep… Fav. Oct… Sep… Fav.
2, 26, / 2, 26, /
20… 2025 (Un… 2026 2025 (Un…
──────────────────────────────────────────────────────────────────────────────
EM… $ 9,3… $ 8,8… 6 $ 3,… $ 3,… 7
La… 5,4… 4,6… 18 3,… 2,… 22
Am…
No… 15,… 14,… 7 5,… 4,… 9
Am…
As… 4,6… 4,4… 3 1,… 1,… -2
Pa…
Bo… 4,6… 4,2… 11 487 235 108
In…
Co… 107 99 8 -9… -9… 8
El… -735 -808 9 — — —
Co… $ 39,… $ 36,… 9 $ 13… $ 11… 13
Note: Certain growth rates may not recalculate using the rounded dollar amounts
provided.
1 During the nine months ended October 2, 2026, intersegment revenues were $480
million for EMEA, $7 million for North America, $241 million for Asia Pacific
and $7 million for Bottling Investments. During the nine months ended September
26, 2025, intersegment revenues were $522 million for EMEA, $1 million for Latin
America, $7 million for North America, $272 million for Asia Pacific and $6
million for Bottling Investments.
13
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 financial statements reported on
a GAAP basis, we provide the following non-GAAP financial measures: “comparable
net revenues,” “comparable currency neutral net revenues,” “organic revenues,”
“comparable operating margin,” “underlying operating margin,” “comparable
operating income,” “comparable currency neutral operating income,” “comparable
EPS,” “comparable currency neutral EPS,” “comparable currency neutral EPS
excluding acquisitions and divestitures,” “underlying effective tax rate” and
“free cash flow,” each of which is defined below. Management believes these non-
GAAP financial measures provide investors with additional meaningful financial
information that should be considered when assessing our underlying business
performance and trends. Further, management believes these non-GAAP financial
measures also enhance investors’ ability to compare period-to-period financial
results. Non-GAAP financial measures should be viewed in addition to, and not as
an alternative for, the company’s reported results prepared in accordance with
GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of
accounting. Therefore, our non-GAAP financial measures may not be comparable to
similarly titled measures reported by other companies. Reconciliations of each
of these non-GAAP financial measures to GAAP information are also included
below. Management uses these non-GAAP financial measures in making financial,
operating, compensation and planning decisions and in evaluating the company’s
performance. Disclosing these non-GAAP financial measures allows investors and
management to view our operating results excluding the impact of items that are
not reflective of the underlying operating performance.
DEFINITIONS
• “Currency neutral operating results” are determined by dividing or
multiplying, as appropriate, our current period actual U.S. dollar operating
results by the current period actual exchange rates (that include the impact of
current period currency hedging activities) to derive our current period local
currency operating results. We then multiply or divide, as appropriate, the
derived current period local currency operating results by the foreign currency
exchange rates (that also include the impact of the comparable prior period
currency hedging activities) used to translate the company’s financial
statements in the comparable prior year period to determine what the current
period U.S. dollar operating results would have been if the foreign currency
exchange rates had not changed from the comparable prior year period.
• “Acquisitions and divestitures” generally refers to acquisitions and
divestitures of brands or businesses, some of which the company considers to be
structural changes. The impact of acquisitions and divestitures is the
difference between the change in the relevant metric and the change in what that
metric would have been if we removed the amount associated with an acquisition
or a divestiture from either the current year or the prior year, as applicable.
We generally refer to acquisitions and divestitures of bottling operations as
“structural changes,” which are a component of acquisitions and divestitures and
also include the impact of intercompany transactions between our operating
segments, as applicable. Typically, structural changes do not impact the
company’s unit case volume on a consolidated basis or at the geographic
operating segment level. In May 2025, the company refranchised our bottling
operations in certain territories in India. The impact of this refranchising has
been included as a structural change in our analysis of net revenues on a
consolidated basis as well as for the Bottling Investments and Asia Pacific
operating segments for the nine months ended October 2, 2026. Additionally, in
October 2025, the company sold our finished product operations in Nigeria. The
impact of this sale has been included as a divestiture in our analysis of net
revenues on a consolidated basis as well as for the EMEA operating segment for
the three and nine months ended October 2, 2026.
• “Comparable net revenues” is a non-GAAP financial measure that excludes or has
otherwise been adjusted for items impacting comparability (discussed further
below). “Comparable currency neutral net revenues” is a non-GAAP financial
measure that excludes or has otherwise been adjusted for items impacting
comparability (discussed further below) as well as the impact of fluctuations in
foreign currency exchange rates. Management believes the comparable net revenues
(non-GAAP) growth measure and the comparable currency neutral net revenues (non-
GAAP) growth measure provide investors with useful supplemental information to
enhance their understanding of the company’s revenue performance and trends by
improving their ability to compare our period-to-period results. “Organic
revenues” is a non-GAAP financial measure that excludes or has otherwise been
adjusted for the impact of acquisitions and divestitures, as applicable, and the
impact of fluctuations in foreign currency exchange rates. Management believes
the organic revenue (non-GAAP) growth measure provides users with useful
supplemental information regarding the company’s
14
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-GAAP financial measure that excludes or
has otherwise been adjusted for items impacting comparability (discussed further
below). “Comparable currency neutral operating income” is a non-GAAP financial
measure that excludes or has otherwise been adjusted for items impacting
comparability (discussed further below) and the impact of fluctuations in
foreign currency exchange rates. “Comparable operating margin” is a non-GAAP
financial measure that excludes or has otherwise been adjusted for items
impacting comparability (discussed further below). “Underlying operating margin”
is a non-GAAP financial measure that excludes or has otherwise been adjusted for
items impacting comparability (discussed further below), the impact of
fluctuations in foreign currency exchange rates, and the impact of acquisitions
and divestitures, as applicable. Management uses these non-GAAP financial
measures to evaluate the company’s performance and make resource allocation
decisions. Further, management believes the comparable operating income (non-
GAAP) growth measure, comparable currency neutral operating income (non-GAAP)
growth measure, comparable operating margin (non-GAAP) measure and underlying
operating margin (non-GAAP) measure enhance its ability to communicate the
underlying operating results and provide investors with useful supplemental
information to enhance their understanding of the company’s underlying business
performance and trends by improving their ability to compare our period-to-
period financial results.
• “Comparable EPS,” “comparable currency neutral EPS” and “comparable currency
neutral EPS excluding acquisitions and divestitures” are non-GAAP financial
measures that exclude or have otherwise been adjusted for items impacting
comparability (discussed further below). Comparable currency neutral EPS (non-
GAAP) has been adjusted for the impact of fluctuations in foreign currency
exchange rates, and comparable currency neutral EPS excluding acquisitions and
divestitures (non-GAAP) has been adjusted for the impact of fluctuations in
foreign currency exchange rates and the impact of acquisitions and divestitures,
as applicable. Management uses these non-GAAP financial measures to evaluate the
company’s performance and make resource allocation decisions. Further,
management believes the comparable EPS (non-GAAP), comparable currency neutral
EPS (non-GAAP) and comparable currency neutral EPS excluding acquisitions and
divestitures (non-GAAP) growth measures enhance its ability to communicate the
underlying operating results and provide investors with useful supplemental
information to enhance their understanding of the company’s underlying business
performance and trends by improving their ability to compare our period-to-
period financial results.
• “Underlying effective tax rate” is a non-GAAP financial measure that
represents the estimated annual effective income tax rate on income before
income taxes, which excludes or has otherwise been adjusted for items impacting
comparability (discussed further below).
• “Free cash flow” is a non-GAAP financial measure that represents net cash
provided by operating activities less purchases of property, plant and
equipment. Management uses this non-GAAP financial measure to evaluate the
company’s performance and make resource allocation decisions.
ITEMS IMPACTING COMPARABILITY
The following information is provided to give qualitative and quantitative
information related to items impacting comparability. Items impacting
comparability are not defined terms within GAAP. Therefore, our non-GAAP
financial information may not be comparable to similarly titled measures
reported by other companies. We determine which items to consider as “items
impacting comparability” based on how management views our business; makes
financial, operating, compensation and planning decisions; and evaluates the
company’s ongoing performance. Items such as charges, gains and accounting
changes which are viewed by management as impacting only the current period or
the comparable period, but not both, or as pertaining to different and unrelated
underlying activities or events across comparable periods, are generally
considered “items impacting comparability.” Items impacting comparability
include, but are not limited to, asset impairments, transaction gains/losses
including associated costs, and charges related to restructuring initiatives, in
each case when exceeding a U.S. dollar threshold. Also included are our
proportionate share of similar items incurred by our equity method investees,
timing differences related to our economic (non-designated) hedging activities,
and timing differences related to unrealized mark-to-market adjustments of
equity securities and trading debt securities, regardless of size. In addition,
we provide the impact that fluctuations in foreign currency exchange rates had
on our financial results (“currency neutral operating results” defined above).
15
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial
Measures
Asset Impairments
During the nine months ended September 26, 2025, the company recorded an other-
than-temporary impairment charge of $40 million related to an equity method
investee in Latin America, which was primarily driven by revised projections of
future operating results. The company also recorded a charge of $31 million
related to the impairment of a trademark in Latin America, which was primarily
driven by revised projections of future operating results and changes in
macroeconomic conditions. Additionally, the company recorded an other-than-
temporary impairment charge of $25 million in Latin America, primarily driven by
the restructuring of a joint venture.
Equity Investees
During the three and nine months ended October 2, 2026, the company recorded net
charges of $8 million and $30 million, respectively. During the three and nine
months ended September 26, 2025, the company recorded a net gain of $7 million
and a net charge of $21 million, respectively. These amounts represent the
company’s proportionate share of significant operating and nonoperating items
recorded by certain of our equity method investees.
Transaction Gains/Losses
During the three and nine months ended October 2, 2026, the company recorded
reductions in the previously recorded impairment charge of $5 million and $61
million, respectively, related to our bottling operations in Africa, which are
held for sale. These reductions are based on management's revised estimates.
During the three and nine months ended September 26, 2025, the company recorded
a charge of $393 million related to certain operations held for sale in Nigeria
and charges of $8 million and $36 million, respectively, related to the
refranchising of certain bottling operations in Ghana.
During the nine months ended September 26, 2025, the company recorded a gain of
$331 million related to the sale of a portion of our ownership interest in Coca-
Cola Europacific Partners plc, an equity method investee. The company also
recognized a gain of $102 million and incurred $7 million of transaction costs
related to the refranchising of our bottling operations in certain territories
in India. Additionally, the company recorded a charge of $47 million related to
the remeasurement of our contingent consideration liability to fair value in
conjunction with our acquisition of fairlife. In March 2025, the company made
the remaining milestone payment for fairlife.
Restructuring
During the three and nine months ended September 26, 2025, the company recorded
charges of $24 million and $63 million, respectively. The costs incurred were
primarily related to certain initiatives designed to further simplify and
standardize our organization as part of our productivity and reinvestment
program.
Other Items
Economic (Non-Designated) Hedges
The company uses derivatives as economic hedges primarily to mitigate the
foreign exchange risk for certain currencies, certain interest rate risk, and
the price risk associated with the purchase of materials used in our
manufacturing processes as well as the purchase of vehicle fuel. Although these
derivatives were not designated and/or did not qualify for hedge accounting,
they are effective economic hedges. The changes in fair values of these economic
hedges are immediately recognized in earnings.
The company excludes the net impact of mark-to-market adjustments for
outstanding hedges and realized gains/losses for settled hedges from our non-
GAAP financial information until the period in which the underlying exposure
being hedged impacts our consolidated statement of income. Management believes
this adjustment provides meaningful information related to the impact of our
economic hedging activities. During the three and nine months ended October 2,
2026, the net impact of the company’s adjustment related to our economic hedging
activities resulted in decreases of $83 million and $113 million, respectively,
to our non-GAAP income before income taxes.
During the three and nine months ended September 26, 2025, the net impact of the
company’s adjustment related to our economic hedging activities resulted in
decreases of $88 million and $17 million, respectively, to our non-GAAP income
before income taxes.
16
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 securities from
our non-GAAP financial information until the period in which the underlying
securities are sold and the associated gains or losses are realized, unless
individually significant. Management believes this adjustment provides
meaningful information related to the impact of our investments in equity and
trading debt securities. During the three and nine months ended October 2, 2026,
the net impact of the company’s adjustment related to unrealized gains and
losses on our equity and trading debt securities resulted in decreases of $10
million and $171 million, respectively, to our non-GAAP income before income
taxes.
During the three and nine months ended September 26, 2025, the net impact of the
company’s adjustment related to unrealized gains and losses on our equity and
trading debt securities resulted in decreases of $96 million and $183 million,
respectively, to our non-GAAP income before income taxes.
Other
During the three and nine months ended October 2, 2026, the company recorded
$192 million of settlement charges and special termination benefits related to a
non-U.S. pension plan. Additionally, the company recorded charges of $6 million
and $16 million, respectively, related to North America modernization
initiatives and charges of $4 million and $11 million, respectively, for the
amortization of noncompete agreements related to the BODYARMOR acquisition in
2021.
During the nine months ended October 2, 2026, the company recorded a charge of
$19 million related to an indemnification agreement entered into as a part of
the refranchising of certain bottling operations. The company also recorded a
net charge of $8 million related to tax litigation expense.
During the three and nine months ended September 26, 2025, the company recorded
charges of $27 million and $35 million, respectively, related to an
indemnification agreement entered into as a part of the refranchising of certain
bottling operations. Additionally, the company recorded charges of $4 million
and $11 million, respectively, for the amortization of noncompete agreements
related to the BODYARMOR acquisition. The company also recorded net charges of
$3 million and $8 million, respectively, related to tax litigation expense.
During the nine months ended September 26, 2025, the company recorded a charge
of $36 million related to non-U.S. pension curtailment and special termination
benefits. The company also recorded a charge of $2 million related to
restructuring our manufacturing operations in the United States.
Certain Tax Matters
During the three and nine months ended October 2, 2026, the company recorded net
income tax benefits of $117 million and $298 million, respectively, primarily
associated with return to provision adjustments and $9 million and $52 million,
respectively, of excess tax benefits associated with the company’s stock‑based
compensation arrangements. Additionally, the company recorded net income tax
benefits of $57 million and $155 million, respectively, related to the interest
earned on the company’s IRS tax litigation deposit that was paid in 2024. The
company also recorded net income tax expense of $11 million and $14 million,
respectively, for changes to the company’s uncertain tax positions, including
interest and penalties, as well as for various discrete tax items.
During the three and nine months ended September 26, 2025, the company recorded
net income tax benefits of $36 million and $1 million, respectively, primarily
associated with return to provision adjustments and net income tax benefits of
$351 million and $409 million, respectively, for changes to our uncertain tax
positions, including interest and penalties, as well as for various discrete tax
items. Additionally, the company recorded net income tax benefits of $55 million
and $162 million, respectively, related to the interest earned on the company’s
IRS tax litigation deposit. During the nine months ended September 26, 2025, the
company recorded $25 million of excess tax benefits associated with the
company’s stock-based compensation arrangements.
17
T…
M… …
E… … …
O… … … … …
2, … … … … … … … …
2… … … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … … % $ … $ … $ … … %
— — — — — —
— — — — — —
— — — — — —
— — — — — —
… … … — … …
— — — — — —
$ … $ … $ … … % $ … $ — $ … … %
T…
M…
E…
S…
2…
2…
C… S…
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o… g… p… m… a… o… i… m…
r… s… a… c…
e…
$ … $ … $ … … % $ … $ … $ … … %
— — — — — —
— — — — — —
— — — — — —
— — — — … …
… … … — … …
— — — — — —
$ … $ … $ … … % $ … $ — $ … … %
C… S…
N… of G… g… O… O…
o… g… p… a… o… i…
r… s… a… c…
e…
7 3 10 10 -… 12
1 0 1 0 — 3
7 3 9 9 — 10
8 3 11 10 — 11
1 0 2 0 — 3
7 3 9 9 — 8
Note: Certain columns may not add due to rounding. Certain growth rates may not
recalculate using the rounded dollar amounts provided.
18
…
…
…
… … … …
… … … … …
… … … … … …
… — — … … … …
… … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ % $ $
— — — —
— 8 — 8
— — … …
— — — —
5 — … …
— — — —
$ … $ … $ … $ … $ % $ $
…
…
…
…
…
…
… … … …
… … … … … … …
… … … … … … …
— — … … …
… … …
$ … $ … $ … $ … $ % $ $
— — — —
— … — …
— — … …
— — — …
6 — … …
— — — —
$ … $ … $ … $ … $ % $ $
… … … …
… … … … … … …
… … … … … … …
— — … …
… … …
… 1 … … … 8 8
… 4 … … 5 … …
Note: Certain columns may not add due to rounding. Certain growth rates may not
recalculate using the rounded dollar amounts provided.
1 The income tax adjustments are the calculated income tax benefits (charges) at
the applicable tax rate for each of the items impacting comparability with the
exception of certain tax matters discussed above.
2 This does not include the impact of the ongoing tax litigation with the U.S.
Internal Revenue Service, if the company were not to prevail.
3 This represents net income attributable to shareowners of The Coca-Cola
Company.
19
N…
M… …
E… … …
O… … … … …
2, … … … … … … … …
2… … … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … … % $ … $ … $ … … %
— — — — — —
— — — — — —
— — — — — —
— — — — — —
… … … — … …
— — — — — —
$ … $ … $ … … % $ … $ — $ … … %
N…
M…
E…
S…
2…
2…
C… S…
N… of G… G… g… O… O… O…
o… g… p… m… a… o… i… m…
r… s… a… c…
e…
$ … $ … $ … … % $ … $ … $ … … %
— — — — … …
— — — — — —
— — — — … …
— — — — … …
… … 2 — … …
— — — — — —
$ … $ … $ … … % $ … $ — $ … … %
C… S…
N… of G… g… O… O…
o… g… p… a… o… i…
r… s… a… c…
e…
9 6 10 8 -… 13
2 0 3 2 — 4
7 6 7 7 — 10
8 6 10 8 — 11
1 0 2 2 — 2
7 5 8 6 — 9
Note: Certain columns may not add due to rounding. Certain growth rates may not
recalculate using the rounded dollar amounts provided.
20
…
…
…
… … … …
… … … … …
… … … … … …
… — — … … … …
… … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ % $ $
— — — —
— … — …
— — … …
— — — —
… — … …
— — — —
$ … $ … $ … $ … $ % $ $
…
…
…
…
…
…
… … … …
… … … … … … …
… … … … … … …
— — … … …
… … …
$ … $ … $ … $ … $ % $ $
— — … …
— … — …
— — … …
— — — …
… — … …
— — — —
$ … $ … $ … $ … $ % $ $
… … … …
… … … … … … …
… … … … … … …
— — … …
… … …
… 5 3 … … … …
… 6 … … 7 … …
Note: Certain columns may not add due to rounding. Certain growth rates may not
recalculate using the rounded dollar amounts provided.
1 The income tax adjustments are the calculated income tax benefits (charges) at
the applicable tax rate for each of the items impacting comparability with the
exception of certain tax matters discussed above.
2 This does not include the impact of the ongoing tax litigation with the U.S.
Internal Revenue Service, if the company were not to prevail.
3 This represents net income attributable to shareowners of The Coca-Cola
Company.
21
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP
Financial
Measures
Diluted Net Income Per Share:
Three Months Ended October 2, 2026
% Change — Reported (GAAP) 8
% Currency Impact 2
% Change — Currency Neutral (Non-GAAP) 7
% Impact of Items Impacting
Comparability -3
(Non-GAAP)
% Change — Comparable (Non-GAAP) 11
% Comparable Currency Impact 2
(Non-GAAP)
% Change — Comparable Currency Neutral 9
(Non-GAAP)
Nine Months Ended October 2, 2026
% Change — Reported (GAAP) 14
% Currency Impact 4
% Change — Currency Neutral (Non-GAAP) 10
% Impact of Items Impacting
Comparability 1
(Non-GAAP)
% Change — Comparable (Non-GAAP) 13
% Comparable Currency Impact 2
(Non-GAAP)
% Change — Comparable Currency Neutral 11
(Non-GAAP)
Note: Certain columns may not add due to rounding.
22
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
… T…
… M…
… E…
… O…
… 2,
… 2… L… N… A… B…
… E… A… A… P… I… C… E… C…
──────────────────────────────────────────────────────────────────────────────
… $ 3… $ 1… $ 5… $ … $ … $ … $ … $ …
…
…
…
…
… -… -… — 5 — — — …
…
… $ 3… $ 1… $ 5… $ … $ … $ … $ … $ …
…
T…
M…
E…
S…
2…
2…
E… L… N… A… B… C… E… C…
A… A… P… I…
… $ 2… $ 1… $ 5… $ … $ … $ … $ … $ …
…
…
…
…
… -… -… -4 … — — — …
…
… $ 2… $ 1… $ 5… $ … $ … $ … $ … $ …
…
E… L… N… A… B… C… E… C…
A… A… P… I…
%
…
— 4 25 3 4 13 8 24 7
…
…
%
… 0 9 0 -3 1 0 — 1
…
%
…
— 4 16 3 6 12 8 — 7
…
…
…
%
… -3 0 0 0 0 0 — -1
…
…
%
…
— 7 16 3 6 12 8 — 7
…
…
…
%
…
— 4 24 3 5 13 8 — 8
…
…
%
…
… 0 8 0 -1 1 0 — 1
…
…
%
…
—
… 4 16 3 6 12 8 — 7
…
…
…
Note: Certain columns may not add due to rounding. Certain growth rates may not
recalculate using the rounded dollar amounts provided.
23
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
… N…
… M…
… E…
… O…
… 2,
… 2… L… N… … …
… E… A… A… … … … … …
──────────────────────────────────────────────────────────────────────────────
… $ 9… $ 5… $ 1… $ 4… $ 4… $ 1… $ -… $ 3…
…
…
…
…
… -… -… -7 7 — — — -…
…
… $ 9… $ 5… $ 1… $ 4… $ 4… $ 1… $ -… $ 3…
…
N…
M…
E…
S…
2…
2…
E… L… N… … … … … …
A… A… … …
… $ 8… $ 4… $ 1… $ 4… $ 4… $ 99 $ -… $ 3…
…
…
…
…
… 34 62 10 20 — — — 1…
…
… $ 8… $ 4… $ 1… $ 4… $ 4… $ 99 $ -… $ 3…
…
E… L… N… … … … … …
A… A… … …
%
…
— 6 18 7 3 … 8 9 9
…
…
%
… 3 8 0 … 2 0 — 2
…
%
…
— 3 10 7 4 9 8 — 7
…
…
…
%
… -3 0 0 0 … 0 — …
…
…
%
…
— 6 10 7 4 … 8 — 8
…
…
…
%
…
— 5 16 7 3 … 8 — 8
…
…
%
…
… 2 7 0 … 2 0 — 1
…
…
%
…
—
… 3 10 7 4 9 8 — 7
…
…
…
Note: Certain columns may not add due to rounding. Certain growth rates may not
recalculate using the rounded dollar amounts provided.
24
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
… T…
… M…
… E…
… O…
… 2,
… 2… L… No… As… Bo…
… E… A… Am… Pa… In… Co… Co…
──────────────────────────────────────────────────────────────────────────────
… $ 1… $ 1… $ 1… $ 5… $ 2… $ -… $ 4…
…
…
…
…
… — — — — — — —
…
… — — — — — — —
…
… — — — — — — —
… -… -… -… 5 -4 4 -…
…
… $ 1… $ 1… $ 1… $ 5… $ 2… $ -… $ 4…
…
T…
M…
E…
S…
2…
2…
E… L… No… As… Bo… Co… Co…
A… Am… Pa… In…
… $ 1… $ 8… $ 1… $ 5… $ 57 $ -… $ 3…
…
…
…
…
… — — — — — — —
…
… — — — — — — —
…
… — — — — — 24 24
… -… -… -… -… 1 34 -…
…
… $ 1… $ 8… $ 1… $ 5… $ 58 $ -… $ 3…
…
E… L… No… As… Bo… Co… Co…
A… Am… Pa… In…
%
…
— 7 29 5 8 261 -45 12
…
…
%
… 0 14 0 -6 -2 1 3
…
%
…
— 6 14 5 13 263 -45 10
…
…
…
%
…
…
… 0 1 0 -5 11 38 1
…
…
…
%
…
— 7 28 5 12 250 -82 11
…
…
%
…
… 0 13 0 -1 -2 1 3
…
…
%
…
—
… 7 14 5 14 252 -83 8
…
…
…
Note: Certain columns may not add due to rounding. Certain growth rates may not
recalculate using the rounded dollar amounts provided.
25
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
… N…
… M…
… E…
… O…
… 2,
… 2… L… No… As… Bo…
… E… A… Am… Pa… In… Co… Co…
──────────────────────────────────────────────────────────────────────────────
… $ 3… $ 3… $ 5… $ 1… $ 4… $ -… $ 1…
…
…
…
…
… — — — — — — —
…
… — — — — — — —
…
… — — — — — — —
… -… -… -… 7 -7 38 -…
…
… $ 3… $ 3… $ 5… $ 1… $ 4… $ -… $ 1…
…
N…
M…
E…
S…
2…
2…
E… L… No… As… Bo… Co… Co…
A… Am… Pa… In…
… $ 3… $ 2… $ 4… $ 1… $ 2… $ -… $ 1…
…
…
…
…
… — 31 — — — — 31
…
… — — — — — 54 54
…
… — — — — — 63 63
… 36 62 -… 20 -1 54 56
…
… $ 3… $ 2… $ 4… $ 1… $ 2… $ -… $ 1…
…
E… L… No… As… Bo… Co… Co…
A… Am… Pa… In…
%
…
— 7 22 9 -2 108 8 13
…
…
%
… 3 12 0 0 -1 -1 4
…
%
…
— 4 11 9 -2 109 9 10
…
…
…
%
…
…
… 2 5 -2 1 2 15 2
…
…
…
%
…
— 6 17 11 -3 106 -7 11
…
…
%
…
… 2 8 0 -1 -1 -1 2
…
…
%
…
—
… 4 9 11 -2 107 -6 9
…
…
…
Note: Certain columns may not add due to rounding. Certain growth rates may not
recalculate using the rounded dollar amounts provided.
26
THE
COCA-COLA
COMPANY
AND
SUBSIDIAR…
Reconcili…
of GAAP
and
Non-GAAP
Financial
Measures
Operating
Margin:
Three Three
Months Months Basis Point
Ended Ended Growth
October 2, September (Decline)
2026 26, 2025
Reported
Operating 33.37 % 31.97 % 140
Margin
(GAAP)
Items
Impacting 0.44 % 0.10 %
Comparabi…
(Non-GAAP)
Comparable
Operating 32.93 % 31.87 % 106
Margin
(Non-GAAP)
Comparable
Currency 0.60 % 0.00 %
Impact
(Non-GAAP)
Comparable
Currency
Neutral 32.33 % 31.87 % 46
Operating
Margin
(Non-GAAP)
Impact of
Acquisiti…
and
Divestitu…
on
Comparable 0.00 % -0.25 %
Currency
Neutral
Operating
Margin
(Non-GAAP)
Underlying
Operating 32.33 % 32.12 % 21
Margin
(Non-GAAP)
Nine Months Nine Months Basis Point
Ended Ended Growth
October 2, September (Decline)
2026 26, 2025
Reported
Operating 34.40 % 33.01 % 139
Margin
(GAAP)
Items
Impacting 0.07 % -0.44 %
Comparabi…
(Non-GAAP)
Comparable
Operating 34.33 % 33.45 % 88
Margin
(Non-GAAP)
Comparable
Currency 0.28 % 0.00 %
Impact
(Non-GAAP)
Comparable
Currency
Neutral 34.05 % 33.45 % 60
Operating
Margin
(Non-GAAP)
Impact of
Acquisiti…
and
Divestitu…
on
Comparable 0.00 % -0.23 %
Currency
Neutral
Operating
Margin
(Non-GAAP)
Underlying
Operating 34.05 % 33.68 % 37
Margin
(Non-GAAP)
Nine Months Ended October 2,
Free Cash Flow (In millions): 2026
──────────────────────────────────────────────────────────────────────────────
Net Cash Provided by (Used in)
Operating $ 12,471
Activities (GAAP)
Purchases of Property, Plant and -1,063
Equipment (GAAP)
Free Cash Flow (Non-GAAP) $ 11,408
Projected 2026 Free Cash Flow (In
billions): Year Ending December 31, 2026
──────────────────────────────────────────────────────────────────────────────
Projected GAAP Net Cash Provided by $ 15.2
Operating Activities
Projected GAAP Purchases of Property, -2.2
Plant and Equipment
Projected Free Cash Flow (Non-GAAP) $ 13.0
27
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 worldwide. Our portfolio of sparkling soft drink
brands includes
Coca-Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include
Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa,
Georgia, Fuze Tea, Gold Peak and Ayataka. Our juice, value-added dairy and
plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle,
fairlife and Santa Clara. We’re constantly transforming our portfolio, from
reducing sugar in our drinks to bringing innovative new products to market. We
seek to positively impact people’s lives, communities and the planet through
water replenishment, packaging recycling, sustainable sourcing practices and
carbon emissions reductions across our value chain. Together with our bottling
partners, we employ more than 700,000 people, helping bring economic opportunity
to local communities worldwide. Learn more at www.coca-colacompany.com and
follow us on Instagram, Facebook and LinkedIn.
The information contained on, or that may be accessed through, our website or
social media channels is not incorporated by reference into, and is not a part
of, this document.
28
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,” “will” and similar expressions
identify forward-looking statements, which generally are not historical in
nature. Forward-looking statements are subject to certain risks and
uncertainties that could cause The Coca-Cola Company’s actual results to differ
materially from its historical experience and our present expectations or
projections. These risks include, but are not limited to, unfavorable economic
and geopolitical conditions, including the direct or indirect negative impacts
of geopolitical conflicts; increased competition; an inability to be successful
in our innovation activities; changes in the retail landscape or the loss of key
customers; an inability to expand our business in emerging and developing
markets; an inability to successfully manage the potential negative consequences
of our productivity initiatives; an inability to attract, retain and inspire
outstanding talent; disruption of our supply chain, including increased
commodity, raw material, packaging, energy, transportation and other input
costs; an inability to successfully integrate and manage our acquired
businesses, brands or bottling operations or an inability to realize a
significant portion of the anticipated benefits of our joint ventures or
strategic relationships; failure by our third-party service providers and
business partners to satisfactorily fulfill their commitments and
responsibilities, or such third parties experience adverse events; an inability
to renew collective bargaining agreements on satisfactory terms, or we or our
bottling partners experience strikes, work stoppages, labor shortages or labor
unrest; obesity and other health-related concerns; evolving consumer product and
shopping preferences; product safety and quality concerns; perceived negative
health consequences of processing and of certain ingredients, such as nutritive
and non-nutritive sweeteners, color additives and biotechnology-derived
substances, and of other substances present in our beverage products or
packaging materials; failure to digitalize the Coca-Cola system; damage to our
brand image, corporate reputation and social license to operate from negative
publicity, whether or not warranted, concerning product safety or quality,
workplace and human rights, obesity or other issues; an inability to
successfully manage new product launches; an inability to maintain good
relationships with our bottling partners; deterioration in our bottling
partners’ financial condition; an inability to successfully manage our
refranchising activities or divestitures of certain brands or businesses;
increases in income tax rates, changes in income tax laws or the unfavorable
resolution of tax matters, including the outcome of our ongoing tax dispute or
any related disputes with the U.S. Internal Revenue Service (“IRS”); the
possibility that the assumptions used to calculate our estimated aggregate
incremental tax and interest liability related to the potential unfavorable
outcome of the ongoing tax dispute with the IRS could significantly change;
increased or new indirect taxes; changes in laws and regulations relating to
beverage containers and packaging; significant additional labeling or warning
requirements or limitations on the marketing or sale of our products; litigation
claims or legal proceedings; conducting business in markets with high-risk legal
compliance environments; failure to adequately protect, or disputes relating to,
trademarks, formulas and other intellectual property rights; changes in, or
failure to comply with, the laws and regulations applicable to our products or
our business operations; fluctuations in foreign currency exchange rates;
interest rate increases; an inability to achieve our overall long-term growth
objectives; default by or failure of one or more of our counterparty financial
institutions; impairment charges; an inability to protect our information
systems against service interruption, misappropriation of data or cybersecurity
incidents; failure to comply with privacy and data protection laws; evolving
sustainability regulatory requirements and expectations; increasing concerns
about the environmental impact of plastic bottles and other packaging materials;
water scarcity and poor quality; increased demand for food products, decreased
agricultural productivity and increased regulation of ingredient sourcing due
diligence; climate change and legal or regulatory responses thereto; adverse
weather conditions; and other risks discussed in our filings with the Securities
and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for
the year ended December 31, 2025 and subsequently filed Quarterly Reports on
Form 10-Q, which are available from the SEC. You should not place undue reliance
on forward-looking statements, which speak only as of the date they are made. We
undertake no obligation to publicly update or revise any forward-looking
statements.
29