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Worth notingMarket eventTue, Oct 271 min read
Demand for zero-sugar sodas and premium drinks supports earnings, though resilience remains uneven across the North American beverage market.
Coca-Cola reported third-quarter 2026 results on October 27 and raised its full-year outlook for the third consecutive quarter. It now expects comparable earnings per share—adjusted to make performance easier to compare—to grow at least 11%, up from its previous forecast of 9% to 10%.[1][2]
Global beverage volume grew 5% in the quarter, including 16% growth for Coca-Cola Zero Sugar. Organic revenue, which excludes effects such as currency movements and business acquisitions or disposals, increased 7%.[3]
Consumers bought more drinks, while higher prices also lifted Coca-Cola's quarterly results. The raised profit forecast rests on the company's confidence in demand for zero-sugar sodas and higher-priced drinks such as fairlife milk: more units expand sales, and higher prices increase revenue per unit.[4][5]
That resilience does not extend equally across categories. Coca-Cola's North American volume was flat, with weakness in water, sports drinks, coffee and tea, while Coca-Cola-branded drinks grew. The results therefore support demand for strong brands and particular products, with limited evidence of a broader recovery across U.S. beverages.[3]
Coca-Cola's demand in these products is a positive signal for competing brands seeking a share of consumer spending. Rivals' ability to benefit depends on their own products' appeal; Coca-Cola's growth does not establish growth across the whole industry.[5][3]
Weakness in Coca-Cola's categories gives competing producers and their suppliers reason to plan output and supply cautiously. Continued soft demand would constrain volume-led revenue growth; the evidence does not establish that rivals are also declining.[3]