Coca-Cola raised its full-year outlook for the third consecutive quarter on Tuesday, betting on resilient demand for zero-sugar sodas and premium beverages.
The beverage giant now expects comparable earnings per share to grow at least 11% in 2026, up from its previous forecast of 9% to 10%.
It also raised its organic revenue growth outlook to at least 5%, from approximately 5% previously.
Coca-Cola shares rose about 1% in premarket trading.
The updated forecast came as the company reported third-quarter results above Wall Street expectations.
Adjusted earnings per share came in at 91 cents, beating analysts’ estimates of 88 cents, according to LSEG data.
Revenue reached $13.4 billion, ahead of the $12.92 billion expected.
Revenue rises as international demand offsets US weakness
Coca-Cola reported net income attributable to shareholders of $4.01 billion, or 93 cents per share, compared with $3.7 billion, or 86 cents per share, a year earlier.
Excluding transaction gains and other items, earnings were 91 cents per share.
Net sales increased 7% to $13.4 billion, while organic revenue, which excludes the effects of acquisitions, divestitures and currency movements, also grew 7%.
Unit case volume increased 5%, supported by stronger demand outside North America.
India, China, Mexico and Brazil were among the markets driving growth.
However, volume in North America was unchanged.
Growth in Trademark Coca-Cola was offset by declines in water, sports drinks, coffee and tea.
Coca-Cola has previously said consumers in the US are facing pressure from inflation and economic uncertainty.
The company has responded by offering smaller, more affordable packs while introducing higher-priced products, including new flavours such as Coca-Cola Cherry Float.
Zero-sugar drinks and premium brands support growth
Coca-Cola’s sparkling soft drinks business recorded 5% volume growth in the quarter.
Trademark Coca-Cola also grew 5%, while Coca-Cola Zero Sugar volume rose 16%, with both brands gaining across all geographic operating segments.
Diet Coke and Coca-Cola Light grew 6%, supported by North America and Asia Pacific.
Other sparkling flavours increased 3%, driven by Asia Pacific, Latin America, and Europe, the Middle East and Africa.
Globally, the company’s water, sports, coffee and tea division reported 5% volume growth, fuelled by an 8% jump in water.
Tea and coffee volumes were flat, while sports drinks fell 3%.
Volume in the juice, value-added dairy and plant-based beverages business was unchanged overall, despite growth in brands such as Fairlife and Minute Maid.
Coca-Cola also benefited from demand associated with the soccer World Cup in July, which provided a brief boost to sales of its energy drink brands.
Coca-Cola gains ground as PepsiCo faces pressure
Coca-Cola’s performance contrasts with that of rival PepsiCo, which lowered its annual targets earlier this month and stepped up cost-cutting measures amid weak demand for snacks in North America.
Coca-Cola has also secured a deal to supply beverages to thousands of KFC restaurants in the US, replacing longtime supplier PepsiCo.
The switch is scheduled to begin in January, as restaurants reassess beverage offerings to attract younger consumers and improve profitability.
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