US Beverages and Household & Personal Care: 2Q‘26 Earnings Preview

Research evidence excerpt

US Beverages and Household & Personal Care: 2Q‘26 Earnings Preview

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14 Jul 2026 05:00:00 ET │ 150 pages

US Beverages and Household &

Personal Care

2Q’26 Earnings Preview

Filippo Falorni, CFA AC

CITI'S TAKE +1-212-816-3743

filippo.falorni@citi.com

In this note, we preview earnings for 15 of our 19 covered names that will

report C2Q’26 in Jul/Aug (ex-STZ/BFB/PEP). We expect muted trends in the Chasen Bender, CFA

US & Europe on the impact of higher gas/energy prices on consumer chasen.bender@citi.com

sentiment, net of stronger trends in EMs, where multinationals are gaining Jonmichael Shekianshare. On the margin side, the recent decline in oil prices provides more

flexibility to the group, but we also note headwinds will remain elevated over jonmichael.shekian@citi.com

the next couple of quarters and companies are likely to take less price

increases as an offset. Names we are more positive on into the print include

EL, ELF, KO while names we are more cautious on include CLX, CELH, SAM.

2Q’26 Preview — We expect muted trends in the US & Europe on the impact of higher

gas/energy prices on consumer sentiment (especially among lower-income consumers), as

evidenced by companies that have already reported (e.g. PEP/STZ), net of stronger trends in

EMs, where category growth remained stronger and multinationals are gaining share from

local competition. On the margin side, the recent decline in oil prices provides more flexibility

to the group, but we also note headwinds will remain elevated over the next couple of

quarters and companies are likely to take less price increases as an offset.

Names we view positively into the print — We have positive near-term biases on EL, ELF,

KO. At EL, we expect a solid F4Q’26 topline delivery on solid China trends around 6/18 with