The Coca-Cola Company has raised its 2026 earnings and free cash flow forecasts after reporting stronger-than-expected third-quarter results, supported by higher beverage sales, improved pricing and favourable currency movements.

The beverage maker recorded comparable earnings per share of 91 cents, an 11 per cent year-on-year increase that exceeded the Zacks Consensus Estimate of 87 cents. Comparable revenue rose seven per cent to $13.4 billion, beating analysts’ projection of $12.9 billion, while organic revenue also grew seven per cent.

Driving the performance, global unit case volume increased five per cent, supported by demand across India, China, Mexico and Brazil. Coca-Cola Zero Sugar volumes surged 16 per cent, while its flagship Coca-Cola trademark and sparkling soft drinks each grew five per cent. Diet Coke and Coca-Cola Light recorded six per cent growth, while sparkling flavours advanced three per cent.

Elsewhere, water, sports drinks, coffee and tea collectively recorded five per cent volume growth, driven by an eight per cent increase in water. However, sports drinks declined three per cent, while coffee, tea, juice, value-added dairy and plant-based beverages recorded flat volumes.

On profitability, Coca-Cola expanded its comparable gross margin by 170 basis points to 62.7 per cent, exceeding Zacks’ forecast of 61.3 per cent. Comparable currency-neutral operating income increased eight per cent, although selling, general and administrative expenses rose 10 per cent to $4 billion and the cost of goods sold increased three per cent to $4.9 billion.

Organic revenue growth reflected higher concentrate sales and a one per cent improvement in price/mix, although unfavourable product mix partly offset pricing gains. Concentrate sales outpaced unit case volume growth by two percentage points because of shipment timing.

Regionally, North America revenue increased three per cent to $5.4 billion, while comparable currency-neutral operating income rose five per cent despite flat unit case volume.

Across Latin America, revenue surged 25 per cent to $2 billion, supported by a nine per cent favourable currency effect and 16 per cent organic revenue growth. Unit case volume increased six per cent, while comparable currency-neutral operating income advanced 14 per cent. In Europe, the Middle East and Africa, revenue grew four per cent to $3.1 billion, with organic revenue advancing seven per cent and unit case volume increasing five per cent. C