Coca-Cola lifted its full-year outlook on 27 October after third-quarter net revenue rose 7% to US$13.4 billion. For the quarter ended 2 October 2026, reported earnings per share were US$0.93, while comparable earnings were US$0.91.
Growth in drinks sold and earnings
Global unit case volume, the company’s measure of beverage sales volume, increased 5%. Reported operating margin reached 33.4%, compared with 32.0% a year earlier. Comparable margin was 32.9%, versus 31.9%. These percentages describe how much operating income remains from revenue, not the return earned by a shareholder.
The distinction between the two earnings measures is important. Reported EPS rose 8%; comparable EPS rose 11%. In its separate reconciliation, Coca-Cola adjusts specified items, including tax matters. Non-GAAP measures supplement the reported accounts and may not be comparable with another company’s adjusted figures.
Cash already generated versus the forecast
The reconciliation reports US$12.471 billion of operating cash flow for the first nine months, less US$1.063 billion of property, plant and equipment purchases, giving US$11.408 billion of free cash flow. This is a nine-month cash measure, not third-quarter net profit.
For full-year 2026, Coca-Cola now expects comparable EPS growth of at least 11% and free cash flow of at least US$13.0 billion. Both are forecasts. Readers should watch the final quarter and the stated currency and divestiture assumptions rather than treat guidance as money already earned. No analyst-consensus comparison or share-price reaction is asserted here.
| Measure | Verified figure | Basis or condition | Official evidence |
|---|---|---|---|
| Q3 net revenue | US$13.4bn; +7% | Quarter ended 2 October 2026 | Q3 release |
| Q3 reported EPS | US$0.93; +8% | GAAP; diluted earnings per share | Reconciliation, p6 |
| Q3 comparable EPS | US$0.91; +11% | Non-GAAP; not the reported measure | Reconciliation, p6 |
| Nine-month free cash flow | US$11.408bn | US$12.471bn operating cash less US$1.063bn capital purchases | Reconciliation, p14 |
| Full-year guidance | Comparable EPS growth ≥11%; free cash flow ≥US$13.0bn | Forward-looking, not completed results | Outlook |
Sources: Coca-Cola Q3 2026 release, observed 2026-10-27T13:32:23.580Z; separate GAAP/non-GAAP reconciliation, pages 1–2, 6 and 14, observed 2026-10-27T13:32:24.830Z. Amounts are US dollars; cash-flow and quarterly periods are distinguished above.
AI-assisted reporting checked against linked official documents; not independent human editorial approval. Publisher-designated author: Tatai. Information only, not investment advice.
Recorded source observation: . This is a source-check timestamp, not a market quote or a new article update.