Coca-Cola

The Coca-Cola Company makes and sells concentrates, syrups and finished beverages. Its brands include Coca-Cola, Sprite, Fanta, fairlife, smartwater, Powerade, Minute Maid and Costa. It sells most of its concentrate to independent bottling partners, which make, package and distribute the drinks.

It also owns some bottling operations in its Bottling Investments segment, and it is selling several of them. Net revenues were $47.9 billion in 2025 and $13.4 billion in Q3 2026. Henrique Braun became CEO on March 31, 2026, and James Quincey became Executive Chairman.

Coca-Cola trades at a premium because investors pay for brands that grow almost every year in good and bad economies. Organic revenue grew 5% in 2025, and the company now guides at least 5% organic revenue growth and at least 11% comparable EPS growth for 2026. Unit case volume grew 5% in each of Q2 and Q3 2026, and the company gained value share in each quarter. The price assumes that this growth continues for many years and that the IRS tax case does not take a large part of the cash.

For the premium to be earned, three things must be true. Organic revenue must keep growing about 5% or more a year after the sales of bottling operations in Africa and Asia, which lower reported revenue. The comparable operating margin must stay near the 32.9% of Q3 2026. The U.S.

Court of Appeals for the Eleventh Circuit, which heard the IRS case on June 25, 2026, must rule mostly for the company, or the company can owe about $14 billion more in tax and interest for 2010 to 2025. The Q4 2026 report with the 2027 guidance, expected in February 2027, gives the next test. The court ruling has no set date. The premium can shrink if volume growth slows, if currency turns against the company, or if the company loses the tax case.

1. Q4 2026 · est.Due this quarter

   Sale of bottling operations in AfricaA close of the sale to Coca-Cola HBC by the end of 2026, as the company expects, passes; a delay into 2027 or a lower price fails.
2. Feb 9, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 guidance for organic revenue growth near 5% or more and comparable EPS growth above the divestiture and currency headwinds passes; lower organic growth guidance or a lower margin fails.
3. 2027 · est.Pending

   Eleventh Circuit ruling on the IRS tax caseA ruling mostly for the company passes; a ruling for the IRS, which can add about $14 billion of tax and interest, fails.

Every passed and failed checkpoint across all picks

• October 28, 2026In its Q3 2026 Form 10-Q, Coca-Cola said that its bottling operations in Singapore, Malaysia and Myanmar are now held for sale. It expects these sales to close by mid-2027, after regulatory approvals.
• October 27, 2026Coca-Cola reported Q3 2026 results. Net revenues grew 7% to $13.4 billion, organic revenues grew 7% and unit case volume grew 5%. Comparable EPS grew 11% to $0.91. It raised its 2026 guidance to at least 5% organic revenue growth, at least 11% comparable EPS growth and at least $13.0 billion of free cash flow. For 2027, it expects a headwind from acquisitions and divestitures of about 8% to comparable net revenues and about 2% to comparable EPS.
• July 28, 2026Coca-Cola reported Q2 2026 results. Net revenues grew 7% to $13.4 billion, organic revenues grew 6% and unit case volume grew 5%. Comparable EPS grew 11% to $0.97. It raised its 2026 guidance for comparable EPS growth to 9% to 10% and for free cash flow to about $12.4 billion.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about February 9, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Oct 2, 2026Filed October 28, 2026 · ko-20261002
• 8-KEarnings releaseFiled October 27, 2026 · ko-20261027
• 10-QQuarterly report for the period ended Jul 3, 2026Filed July 29, 2026 · ko-20260703
• 8-KEarnings releaseFiled July 28, 2026 · ko-20260728
• 8-KOther company newsFiled July 16, 2026 · ko-20260716
• 8-KChange of directors or officersFiled June 25, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled May 1, 2026 · ko-20260429
• 10-QQuarterly report for the period ended Apr 3, 2026Filed April 30, 2026 · ko-20260403
• 8-KEarnings releaseFiled April 28, 2026 · ko-20260428
• 8-KChange of directors or officersFiled February 20, 2026 · ko-20260219

Every filing on SEC EDGAR (CIK 21344)

• Coca-Cola can lose its tax case with the IRS. It would then not get back the $6.0 billion it paid in 2024 and $589 million of interest on it, it can owe about $14 billion more for 2010 to 2025, and its effective tax rate can rise by about 3.8 points. The company believes that it will more likely than not win on appeal.
• The price assumes many years of steady growth. Health rules, sugar taxes and changes in what people drink can slow volume growth. North America unit case volume was even in Q3 2026.
• About two thirds of the business is outside the United States. Currency helped comparable EPS by about 3% in 2026, but the company expects a slight currency headwind in 2027.
• Coca-Cola is selling bottling operations in Africa and Asia. These sales lower reported revenue, by about 8% in 2027, and they can be delayed by regulators.
• A new CEO took over on March 31, 2026, and the head of North America left in July 2026. The fairlife ransomware event of July 2026 shows that cyber attacks can stop production.

Coca-Cola funds itself mainly with long-term notes in U.S. dollars and euros, and it uses commercial paper for short-term needs. At October 2, 2026, debt was $41.6 billion: $36.6 billion of long-term debt, $4.9 billion of current maturities and $73 million of loans and notes payable. Read more

Dividend yield

2.2% (last 12 months, at today’s price of $96.03)

Paid per share

$2.10 in the last 12 months (4 payments)

Current annual rate

$2.12 ($0.53 × 4 a year)

Payout ratio

67% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 15, 2026, $0.53 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 4.7% a year. Over the last 10 years, the dividend grew by about 4.3% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.