Coca-Cola (KO) Stock Rises After Q1 Earnings Exceed Estimates – Zero Sugar Reports 13% Growth

TLDR

• Coca-Cola reported Q1 adjusted EPS of 86 cents, surpassing the 81-cent consensus.
• Net revenue climbed 12% to $12.5 billion, exceeding the $12.2 billion projection.
• Concentrate sales increased by 8%, while global unit case volume rose 3%.
• The company maintained its 2026 full-year organic revenue growth forecast of 4% to 5%.
• Coca-Cola Zero Sugar maintained its momentum with a 13% increase in volume.

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(SeaPRwire) –   Coca-Cola kicked off 2026 with robust performance. The beverage leader announced first-quarter adjusted earnings of 86 cents per share, beating Wall Street expectations of 81 cents. Net revenue reached $12.5 billion, representing a 12% year-over-year increase and outperforming the $12.2 billion analysts had anticipated.

$KO (Coca Cola) #earnings are out: pic.twitter.com/JnTgKZykDZ

— The Earnings Correspondent (@earnings_guy) April 28, 2026

Following the announcement, shares climbed 2.7% in Tuesday’s premarket session.

The Coca-Cola Company, KO

This positive result provides reassurance after Coca-Cola experienced an unusual revenue miss in Q4 2025—its first in at least four years. That previous shortfall had unsettled investors, making these latest figures a welcome recovery.

A highlight of the quarter was the 8% rise in concentrate sales, which include the syrups and flavorings provided to bottling partners. Worldwide unit case volume saw a 3% uptick, bolstered by strength in sparkling flavors, tea, and coffee.

New CEO Henrique Braun, who assumed his position in March, described the results as a “strong start to the year,” while emphasizing that there is “so much more we can do as we navigate a dynamic environment.”

Zero Sugar Keeps Delivering

Coca-Cola Zero Sugar continues to be a primary engine for growth. The product saw a 13% volume increase in Q1, consistent with the growth rate recorded in Q4 2025.

The flagship Coca-Cola brand experienced more modest growth, with unit volume rising 2%, driven by demand across North America and the Asia Pacific markets.

Management reaffirmed its full-year guidance, projecting organic revenue growth between 4% and 5% for 2026. Adjusted comparable earnings are anticipated to rise 8% to 9%, building upon the $3 per share achieved in 2025.

Year-to-date, KO stock has gained 7.9%, outperforming the S&P 500’s 4.8% increase during the same timeframe. Nevertheless, the stock remains nearly 7% below its valuation from late February.

Headwinds Still in the Picture

Challenges remain on the horizon. There are early indications that consumers are pushing back against further price hikes, a strategy that has previously served as a primary driver for Coca-Cola’s revenue expansion.

Additionally, investors are monitoring how the firm will address potential impacts from stricter U.S. food stamp regulations and the implementation of a new sugar tax in Mexico.

Over the last three months, company insiders have offloaded approximately $72 million in stock, with no recorded acquisitions during that period.

Coca-Cola currently holds a market capitalization of roughly $324.71 billion and trades at a P/E ratio of 24.82x.