# Coca-Cola (KO): Best Volume Quarter in 17 Years — So Why We’re Saying REDUCE

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/coca-cola-ko-best-volume-quarter-in-17-years-so-why-we-re-saying-reduce
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/coca-cola-ko-best-volume-quarter-in-17-years-so-why-we-re-saying-reduce.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-29T15:53:39+00:00
Episode link: https://chargedalpha.podbean.com/e/coca-cola-ko-best-volume-quarter-in-17-years-%e2%80%94-so-why-we-re-saying-reduce/
Audio file: https://mcdn.podbean.com/mf/web/mizbibpyo8f19tw1/audio_3.mp3
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Duration seconds: 924

## Resource

The Coca-Cola Company (KO) Q2 2026 — The Coca-Cola Company (KO) reported Q2 2026 (three months ended July 3, 2026) before the open on July 28: net revenue $13.38B (+6.7% YoY, beating the ~$13.16B consensus), organic revenue +6% (4 pts concentrate sales, 2 pts price/mix), global unit case volume +5%, operating margin 34.9% vs 34.1% (comparable 35.6% vs 34.7%), reported EPS $1.03 (+16%) and comparable EPS $0.97 (+11%) vs a $0.93 estimate. Trademark Coca-Cola volume grew 5% — management's strongest quarterly growth in 17 years excluding the COVID rebound — helped by the FIFA World Cup hosted in North America, favorable European weather, and the easiest comparison of the year. FY26 guidance was raised: organic revenue ~5% (from 4-5%), comparable EPS growth 9-10% (from 8-9%) off a $3.00 FY25 base, and free cash flow ~$12.4B ($14.6B CFO less $2.2B capex). Coca-Cola Zero Sugar volume +16% in every geographic segment, fairlife +18% in H1, Powerade +8%, Diet Coke +7%; coffee -2%. The under-covered facts: CFO John Murphy stated the TWO-YEAR average volume growth is just 2%; price/mix of +2% is three points of pricing less a point of unfavorable mix; Asia Pacific grew volume 8% but price/mix fell 9% (Braun split it into rough thirds of investment timing, affordability initiatives and geo mix) with a value-share loss in India; EMEA comparable currency-neutral operating income fell 5%; reported EPS growth of 16% is only 9% on a comparable currency-neutral basis, and ~3 of the 9-10 points of FY guidance is currency. Net debt/EBITDA is 1.4x, below the 2-2.5x target, but the $2.12 dividend absorbs ~75% of guided FCF. The unresolved IRS transfer-pricing case (oral arguments heard at the Eleventh Circuit in late June 2026, decision 6-12 months out, ~$6B already deposited, exposure past…

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