Coca-Cola: Beat 2Q26 & Raised 2026 Guidance as Solid Momentum Continues

研报英文原文证据摘录

Coca-Cola: Beat 2Q26 & Raised 2026 Guidance as Solid Momentum Continues

J P M O R G A N North America Equity Research

28 July 2026

Coca-Cola Overweight

KO, KO US

Beat 2Q26 & Raised 2026 Guidance as Solid Price (27 Jul 26):$84.07

Momentum Continues

Beverage, Household & Personal

JPM View/Expected Stock Reaction: Positive. We expect a positive stock Care Products

reaction today on the strong OSG/EPS beat and raised guidance, which we do not Andrea Teixeira, CFA AC

think was widely expected given the macro uncertainty (and fairlife incident, (1-212) 622-6735

which company announced yesterday is not expected to have a material impact on andrea.f.teixeira@jpmorgan.com

company’s results) and should stand out positively within the Staples universe in Drew Levine, CFA

2Q earnings season. For a third consecutive quarter, the strong OSG beat was (1-212) 622-0374

drew.levine@jpmorgan.com

driven by better-than-expected volume performance including unit case volumes

Shovana Chowdhury

+5% (best since 2Q22, which was still benefitting from COVID laps, and prior to

(1-212) 270-2184

that best since 1Q12), albeit against easy comparisons (-1% in 2Q25) and likely shovana.chowdhury@jpmorgan.com

some World Cup benefit (although on the other hand 2Q26 also had headwind from J.P. Morgan Securities LLC

Easter timing). Volumes were strong led by India, China, U.S. (NA volumes +3%),

and Brazil. The operating leverage also led to +40bps/+20bps gross/operating

margin expansion on an underlying basis despite the commodities cost pressures,

which is encouraging.The guidance raise was led by the top line, now at the high

end of the previous range, and the implied 2H26 embedded in guidance still leaves

room to beat the raised bar, in our view. While the consumer environment is