The Coca-Cola Company has outlined a tempered growth outlook for 2026 after delivering quarterly results that undershot market expectations, even as select categories and regions began to regain momentum.

The global beverage heavyweight projected organic revenue growth of between 4% and 5% for 2026, alongside comparable earnings-per-share expansion of 7% to 8%, signaling steady but measured confidence in an uneven consumer climate.

The Atlanta-based drinks giant posted adjusted quarterly revenue of $11.82 billion for the period ended December 31, missing analyst forecasts of $12.03 billion.

The beverage leader said adjusted earnings, however, came in stronger than anticipated at 58 cents per share, surpassing the expected 56 cents. Net income attributable to shareholders edged up to $2.27 billion, compared with $2.2 billion a year earlier.

It said that, although overall performance reflected pressure from cost-conscious consumers, the company highlighted emerging signs of stabilization in key territories.

Unit case volume rose 1% in the fourth quarter,  marking a second consecutive quarter of growth — while organic revenue advanced 5%, demonstrating resilience when excluding currency movements and portfolio changes.

In North America, volumes climbed 1%, and in Latin America, they rose 2%, suggesting that consumer sentiment in both regions may be gradually improving after prolonged softness.

Even so, annual volume for 2025 remained flat compared with the prior year, underscoring the broader slowdown affecting the beverage sector as households trim grocery spending and cut back on dining out.

Again, across categories, performance diverged sharply, the company’s water, sports, coffee and tea portfolio emerged as the strongest engine of expansion, delivering 3% volume growth worldwide.

Brands such as Smartwater and Bodyarmor helped power that advance, reinforcing the strategic pivot toward drinks perceived as healthier or functional.

Meanwhile, the sparkling soft drinks segment reported flat volume overall. The flagship Coca-Cola brand recorded a 1% increase, while Coke Zero Sugar surged 13%, highlighting sustained consumer appetite for lower-calorie options.

By contrast, the juice, value-added dairy and plant-based beverages division experienced a 3% decline in volume. Growth in Fairlife was offset by the divestment of finished product operations in Nigeria to a local bottling partner.

Leadership transition added another dimension to the earnings update. Outgoing Chief Executive James Quincey described the company’s 2026 outlook as “realistic and prudent,” noting that certain international markets still require operational refinement and improved execution. The earnings call marked his final results briefing before stepping down.

Chief Operating Officer Henrique Braun will formally assume the top role on March 31. During the investor call, the incoming chief executive signaled a sharper operational focus, pledging to accelerate innovation cycles, better align marketing with purchasing channels and deepen digital integration across the system. He emphasised the need for greater agility and precision to drive transformation across the organization.

Chief Financial Officer John Murphy added that the company would remain selective yet opportunistic on acquisitions. While acknowledging mixed outcomes in past deal-making, he noted that nearly half of the firm’s 32 billion-dollar brands originated through strategic transactions, reinforcing acquisitions as a core growth lever.

Investors will gain further clarity when the beverage titan outlines its strategic priorities at the upcoming Consumer Analyst Group of New York conference on February 17.

Finally, the company added revealed that, market sentiment toward the company remains constructive. As of Tuesday’s open, shares had climbed roughly 20% over the past year, lifting its market capitalization above $330 billion,  a valuation that underscores confidence in the company’s ability to navigate shifting consumer behavior while strengthening its premium and health-oriented portfolio.