KO · 10-Q · 2026Q4 · Full report
Operating Income and Margins
COCA COLA CO · 2026-10-28 · Importance 54 · Surprise 40 · From source text
Operating income increased 12% to $4,465 million for the three months ended October 2, 2026, and increased 13% to $13,496 million for the nine months. Consolidated operating margin rose to 33.4% from 32.0% for the quarter and to 34.4% from 33.0% for the nine months. Quarterly operating income benefited from 7% higher concentrate sales volume, favorable price/mix, lower commodity costs, lower other operating charges and a 3% favorable currency impact; higher marketing and other operating expenses partly offset those gains. Nine-month operating income benefited from 6% higher concentrate sales volume and a 4% favorable currency impact, while higher commodity costs and marketing spending were offsets; Asia Pacific operating income declined to $1,755 million from $1,792 million.
Key facts
- Operating income for the three months ended October 2, 2026 was $4,465 million, up $483 million or 12% from $3,982 million; drivers included 7% concentrate sales volume growth, favorable price/mix, lower commodity costs and a 3% favorable currency impact. source
- Operating income for the nine months ended October 2, 2026 was $13,496 million, up $1,575 million or 13% from $11,921 million; a favorable currency impact was 4%. source
- For the three months ended October 2, 2026, EMEA operating income was $1,171 million, compared with $1,097 million; growth was driven by 6% concentrate sales volume growth, favorable price/mix and lower commodity costs. source
- For the three months ended October 2, 2026, Latin America operating income was $1,152 million, compared with $897 million; currency had a favorable impact of 14%. source
- For the three months ended October 2, 2026, North America operating income was $1,766 million, compared with $1,681 million. source
- For the nine months ended October 2, 2026, EMEA operating income was $3,739 million, compared with $3,487 million; currency had a favorable impact of 3%. source
- For the nine months ended October 2, 2026, Latin America operating income was $3,367 million, compared with $2,758 million; currency had a favorable impact of 12%. source
- For the nine months ended October 2, 2026, North America operating income was $5,067 million, compared with $4,643 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +11.8% | Operating income for the nine months ended October 2, 2026 was $13,496 million, up $1,575 million or 13% from $11,921 million; a favorable… |
| operating_income | positive | realized | +4.5% | For the nine months ended October 2, 2026, Latin America operating income was $3,367 million, compared with $2,758 million; currency had a… |
| operating_income | positive | realized | +3.2% | For the nine months ended October 2, 2026, North America operating income was $5,067 million, compared with $4,643 million. |
| operating_income | positive | realized | +1.9% | For the nine months ended October 2, 2026, EMEA operating income was $3,739 million, compared with $3,487 million; currency had a… |
| operating_income | negative | realized | -0.3% | For the nine months ended October 2, 2026, Asia Pacific operating income was $1,755 million, compared with $1,792 million; volume… |