Coca-Cola (KO): Q2 Earnings Preview

研报英文原文证据摘录

Coca-Cola (KO): Q2 Earnings Preview

9 July 2026

Cristian Rios

+1 917 344 8615

U.S. Beverages, Household & Personal Care Products cristian.rios@bernsteinsg.com

Coca-Cola Co Yolanda Zhang

+1 917 344 8346

Rating yolanda.zhang@bernsteinsg.com

Market-Perform

Price Target

KO 83.00 USD (84.00 OLD)

Close Date 7 Jul 2026

Company-Wide Drivers KO Close Price (USD) 84.05

Price Target (USD) 83.00

We expect Q2 reported top-line growth to look optically softer vs. Q1 because Q1 benefited Upside/(Downside) (1)%

from six extra selling days. However, underlying organic growth should remain healthy. 52-Week Range 85.68/65.35

SPX 7,482.71

We believe that the biggest debate will be whether North America mix recovery and global

FYE Dec

RGM tools can offset an increasingly “uneven” consumer, Mexico tax pressures, and APAC

Div Yield 2.5%

affordability investments.

Market Cap (USD) (M) 361,387

In our conversations, management sounded relatively comfortable on 2026 hedging, noting EV (USD) (M) 393,558

that hedge positions are generally in good shape given the company and bottlers typically Performance YTD 1M 6M 12M

hedge 12–18 months out. The bigger concern is not 2026 but potentially 2027–2028 if Absolute (%) 20.1 5.6 21.1 19.6

aluminum remains elevated for longer. SPX (%) 9.3 1.0 8.1 20.2

Relative (%) 10.8 4.6 13.0 (0.6)

Aluminum matters most for bottlers, especially in the U.S. where the package mix has Source: Bloomberg, Bernstein estimates and analysis.

significant aluminum exposure. While crude has moved back down, aluminum has not

normalized at the same rate, creating a potential future cost pressure for bottlers as hedges Price Performance, 1YR

roll. This may influence 2027 annual planning and future pricing decisions more than Q2’26 $90 8000

results. $85 7500

$80