Coca-Cola beat earnings and revenue expectations and raised its full-year outlook

Coca-Cola $KO raised its full-year guidance on Tuesday after it reported third-quarter comparable earnings of 91 cents a share on net revenues of $13.4 billion. Comparable earnings per share grew 11%, and net revenues grew 7% from a year earlier. Wall Street analysts surveyed by LSEG had forecast 88 cents a share on $12.92 billion in revenue, according to CNBC. Reported EPS rose 8% to 93 cents. Global unit case volume grew 5%, and organic revenues grew 7%, the company said. Concentrate sales rose 7% and price/mix added 1%. Operating margin was 33.4%, versus 32.0% a year earlier. The company lifted its outlook for 2026. It projects organic revenue growth of at least 5%, up from an earlier projection of about 5%. It projects comparable EPS growth of at least 11%, up from 9% to 10%. Free cash flow is projected at no less than $13.0 billion, versus about $12.4 billion in the prior outlook. "Our results this quarter demonstrate our system's sustained momentum, giving us confidence in our updated full year guidance," CEO Henrique Braun said in a statement. Trademark Coca-Cola volume grew 5% and Coca-Cola Zero Sugar volume grew 16%. Latin America volume rose 6% and organic revenues there rose 16%. North America volume was flat. The company gained value share in total nonalcoholic ready-to-drink beverages, though it lost share in Europe, the Middle East and Africa. The guidance assumes the pending sale of the company's bottling operations in Africa closes in the fourth quarter, subject to regulatory approvals. The company said it will provide 2027 guidance when it reports fourth-quarter earnings. Coca-Cola raised its full-year profit guidance after the second quarter, when it beat Wall Street expectations. At that point it set its comparable EPS growth target at 9% to 10% and organic revenue growth at around 5%. Coca-Cola stock has risen nearly 32% in 2026, and the beverage maker is now valued at $398 billion. The company is holding a conference call with investors and analysts at 8:30 a.m. ET on Tuesday to discuss the results.