Coca-Cola lifts profit forecast as demand stays resilient in first quarter
Coca-Cola lifted its 2026 profit outlook after first-quarter revenue rose 12% to $12.47 billion, with volume up 3% despite tighter consumer budgets.
Coca-Cola said demand held up across its portfolio in the first quarter, lifting its full-year profit outlook after net revenues rose 12% to $12.47 billion and global unit case volume increased 3%. Comparable earnings per share climbed 18% to 86 cents, while operating income rose 19%, a combination that showed the company was still finding room to grow even as shoppers kept a close eye on prices.
The numbers point to a business still benefiting from pricing power. Coca-Cola said price and mix added 2% in the quarter, while concentrate sales rose 8%. Operating margin widened to 35.0% from 32.9% a year earlier, and comparable operating margin improved to 34.5% from 33.8%. The gains suggest that higher prices and a better mix of products helped offset heavier input costs and marketing spending, but they also raise the question of how much of the growth came from true volume strength versus consumers trading up into more expensive drinks.
The first quarter was also the first under chief executive Henrique Braun, who inherited a global system that sells products in more than 200 countries and territories. Coca-Cola said its localization strategy remained central to the quarter, with marketing tied to Chinese New Year, Ramadan and other culturally important occasions helping support sales. The company also continued to lean into smaller packages, zero-sugar drinks and other offerings that fit both health-conscious and budget-conscious buying patterns, while market-share gains in nonalcoholic ready-to-drink beverages suggested it was still winning shelf space and loyalty.
Investors responded quickly. Coca-Cola shares rose about 2% in premarket trading after the results, and the company’s new outlook called for organic revenue growth of 4% to 5% in 2026 and comparable EPS growth of 8% to 9%. It also expects a 1% to 2% currency tailwind for comparable net revenue, partly offset by a 4% headwind from acquisitions and divestitures if the planned sale of Coca-Cola Beverages Africa closes in the second half of the year.
The quarter reinforces Coca-Cola’s long-standing role as a read on consumer resilience. Households are still buying small daily indulgences, but the stronger message for the market is that premium branding, local execution and selective price increases are still doing enough work to protect growth, even in a cost-conscious economy.
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