KO · 10-Q · 2026Q3 · Full report
Operating Income and Margins
COCA COLA CO · 2026-07-29 · Importance 49 · Surprise 32 · From source text
Second-quarter operating income increased 9% to $4,672 million from $4,280 million, and six-month operating income increased 14% to $9,031 million from $7,939 million. Consolidated operating margin expanded to 34.9% from 34.1% in the quarter and to 34.9% from 33.6% year to date. Volume growth, favorable price/mix, lower operating expenses, lower other operating charges and favorable currency movements drove the improvement, while commodity costs and marketing spending were headwinds. Six-month operating income increased in Latin America to $2,215 million and North America to $3,301 million, while Asia Pacific declined to $1,192 million from $1,271 million because of unfavorable price/mix, higher commodity costs and marketing spending.
Key facts
- North America operating income was $3,301 million for the six months ended July 3, 2026 and $2,962 million for the six months ended June 27, 2025.
- Operating income was $9,031 million for the six months ended July 3, 2026, compared to $7,939 million for the six months ended June 27, 2025, an increase of $1,092 million, or 14%.
- Operating income was $4,672 million for the three months ended July 3, 2026, compared to $4,280 million for the three months ended June 27, 2025, an increase of $392 million, or 9%.
- Latin America operating income was $2,215 million for the six months ended July 3, 2026 and $1,861 million for the six months ended June 27, 2025.
- Bottling Investments operating income was $282 million for the six months ended July 3, 2026 and $178 million for the six months ended June 27, 2025.
- EMEA operating income was $2,568 million for the six months ended July 3, 2026 and $2,390 million for the six months ended June 27, 2025.
- Bottling Investments operating income was $91 million for the three months ended July 3, 2026 and $59 million for the three months ended June 27, 2025.
- Corporate operating loss was $256 million for the three months ended July 3, 2026 and $329 million for the three months ended June 27, 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +4.2% | Operating income was $9,031 million for the six months ended July 3, 2026, compared to $7,939 million for the six months ended June 27,… |
| operating_income | positive | realized | +1.5% | Operating income was $4,672 million for the three months ended July 3, 2026, compared to $4,280 million for the three months ended June… |
| operating_income | positive | realized | +1.3% | Latin America operating income was $2,215 million for the six months ended July 3, 2026 and $1,861 million for the six months ended June… |
| operating_income | positive | realized | +1.3% | North America operating income was $3,301 million for the six months ended July 3, 2026 and $2,962 million for the six months ended June… |
| operating_income | positive | realized | +0.4% | Bottling Investments operating income was $282 million for the six months ended July 3, 2026 and $178 million for the six months ended… |