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Here's What Key Metrics Tell Us About Coca-Cola (KO) Q2 Earnings

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Coca-Cola (KO - Free Report) reported $13.37 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 6.7%. EPS of $0.97 for the same period compares to $0.87 a year ago.

The reported revenue represents a surprise of +2.44% over the Zacks Consensus Estimate of $13.05 billion. With the consensus EPS estimate being $0.92, the EPS surprise was +5.44%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Coca-Cola performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Net Operating Revenues- North America: $5.41 billion versus the four-analyst average estimate of $5.21 billion. The reported number represents a year-over-year change of +7.5%.
  • Net Operating Revenues- Latin America: $1.84 billion versus $1.73 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +15.9% change.
  • Net Operating Revenues- Asia Pacific: $1.58 billion versus $1.55 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +0.6% change.
  • Net Operating Revenues- Bottling investments: $1.53 billion compared to the $1.49 billion average estimate based on four analysts. The reported number represents a change of +8.2% year over year.
  • Net Operating Revenues- Europe, Middle East & Africa: $3.24 billion compared to the $3.31 billion average estimate based on four analysts. The reported number represents a change of +2% year over year.
  • Net Operating Revenues- Corporate: $37 million versus the three-analyst average estimate of $37.32 million. The reported number represents a year-over-year change of -5.1%.
  • Net Operating Revenues- Eliminations: $-252 million versus the three-analyst average estimate of $-260.97 million. The reported number represents a year-over-year change of -9.7%.
  • Operating Income- Europe, Middle East & Africa- Non-GAAP: $1.31 billion versus $1.41 billion estimated by four analysts on average.
  • Operating Income- Bottling Investments- Non-GAAP: $90 million compared to the $88.56 million average estimate based on four analysts.
  • Operating Income- Corporate- Non-GAAP: $-239 million versus $-280.59 million estimated by four analysts on average.
  • Operating income- North America- Non-GAAP: $1.77 billion compared to the $1.64 billion average estimate based on four analysts.
  • Operating Income- Asia Pacific- Non-GAAP: $661 million versus $652.45 million estimated by four analysts on average.

View all Key Company Metrics for Coca-Cola here>>>

Shares of Coca-Cola have returned +1.7% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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