KO Delivers Strong 2Q Beat With ‘26 Guidance Moving Higher

研报英文原文证据摘录

KO Delivers Strong 2Q Beat With ‘26 Guidance Moving Higher

Global Research

28 July 2026ab

First Read

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KO Delivers Strong 2Q Beat With '26 Guidance Americas

Moving Higher Soft Drinks

12-month rating Buy

12m price target US$98.00

Initial Reaction: Positive

Heading into KO's print, our conversations suggested the base case expectation was for

another strong quarter, driven by organic sales growth and unit case volume Price (28 Jul 2026) US$84.07

momentum, with guidance expected at the high end of the range. While valuation has RIC: KO.N BBG: KO US

led some investors to step aside, sentiment remained broadly positive given KO's

Trading data and key metrics

visibility into +MSD organic growth and +HSD EPS growth in a sector where growth

remains scarce. Against this backdrop, we think the quarter will be viewed positively. EPS 52-wk range US$84.92-65.67

exceeded UBS/Street expectations as better-than-expected organic revenue growth, Market cap. US$362b

stronger unit case volumes of +5%, and GM/OPM upside all contributed to the beat. On Shares o/s 4,310m (COM)

guidance, KO now expects organic sales to be at the high end of the prior range with Free float 95%

adjusted EPS moving higher. Although guidance embeds a modest slowdown in organic Avg. daily volume ('000) 5,384

sales growth in 2H (partially due to fewer selling days in 4Q), we think this may be Avg. daily value (m) US$435.3

viewed as conservative. Ultimately the result reinforces our confidence in KO's ability to Common s/h equity (12/26E) US$34.3b

deliver consistent growth in a challenging operating environment and while valuation P/BV (12/26E) 10.5x

and positioning may limit the reaction to a degree today, we would expect shares to Net debt to EBITDA (12/26E) 1.8x