Coca-Cola Raises Earnings Outlook as North American Business Slows

Coca-Cola reported better-than-expected third-quarter results and raised its full-year earnings outlook, although demand in its North American business remained subdued, Brooke DiPalma reported for Yahoo Finance.

Coca-Cola raised its 2026 earnings outlook after reporting higher third-quarter revenue and global beverage volume growth. [Photo: The Coca-Cola Company Facebook]

The company posted comparable earnings of $0.91 per share, exceeding Wall Street analysts' average estimate of $0.88. Revenue reached $13.4 billion, also surpassing expectations of approximately $12.9 billion.

Global unit case volume increased 5%, above the roughly 3% growth analysts had anticipated.

Coca-Cola Zero Sugar led the gains, with volume rising 16% year over year. Diet Coke and Coca-Cola Light recorded combined growth of 6%.

However, North American unit case volume was flat, as growth in the company's flagship Coca-Cola brands was offset by declines in water, sports drinks, coffee and tea.

Higher input costs and operating expenses also weighed on the business.

CFO John Murphy previously told Yahoo Finance that the conflict in the Middle East had significantly affected fuel prices, with consequences for aluminum costs as well.

Aluminum is a substantial input for Coca-Cola's bottling partners.

The company raised its 2026 comparable currency-neutral earnings-per-share growth forecast to at least 9%, up from its previous outlook of 7% to 8%.

The results highlight Coca-Cola's ability to generate growth across international markets even as its North American business faces cost pressures and uneven consumer demand.