The company’s unit case volume grew 3 per cent, led by China, the United States and India.
Global beverages major The Coca-Cola Company reported a 12 per cent increase in its net revenues in the first quarter of 2026. The revenues rose to USD 12.5 billion, while the organic revenues were up 10 per cent, led by an 8 per cent increase in concentrate sales and a 2 per cent growth in price/mix.
On a consolidated basis, the company’s unit case volume grew 3 per cent, led by China, the United States and India. However, the company said that the Indian market witnessed a decline in the Non-alcoholic ready-to-drink (NARTD) beverages segment. At the broader level, the company gained value share in total NARTD beverages segment.
In South Africa and India, the company continued to expand its use of ultra-lightweight bottles, which supported volume growth in both markets. Operating margin was 35 per cent versus 32.9 per cent in the prior year and comparable operating margin (non-gaap) was 34.5 per cent versus 33.8 per cent in the prior year. Operating margin performance included items impacting comparability, as well as currency tailwinds.
“We have had a strong start to the year. Our performance this quarter reflects our unwavering focus on staying close to the consumer, executing locally and managing complexity. Yet there is so much more we can do as we navigate a dynamic environment. Our team is motivated by the opportunity to build on the company’s great foundation,” said Henrique Braun, Chief Executive Officer, The Coca-Cola Company.
Growth Across Segments
Sparkling soft drinks grew 2 per cent and trademark Coca-Cola grew 2 per cent, driven by growth in Asia Pacific and North America. Coca-Cola zero sugar grew 13 per cent, driven by growth across all geographic operating segments. Diet Coke, Coca-Cola Light grew 6 per cent, driven by growth in North America.
Juice, value-added dairy and plant-based beverages declined 1 per cent, as growth in Asia Pacific was more than offset by a decline in Europe, Middle East and Africa (EMEA). The company pointed out that water, sports, coffee and tea grew 5 per cent. Water grew 5 per cent, driven by growth across all geographic operating segments.
Sports drinks grew 3 per cent, led by growth in North America and EMEA. While coffee was even, tea grew 3 8 per cent, driven by growth in EMEA, Latin America and Asia Pacific. Concentrate sales were five points ahead of unit case volume, primarily due to six additional days in the quarter, partially offset by the timing of concentrate shipments. Earnings per share (EPS) grew 18 per cent to USD 0.91 and comparable EPS (non-gaap) grew 18 per cent to USD 0.86.
Bracing For Summer Season
In India, the company is expanding the network of visi-coolers across retail outlets, ensuring consumers are served chilled beverages at an arm’s reach. A company official earlier said that together with bottling partners, the company is ensuring its beverages remain widely available across retail, on-the-go outlets and emerging channels at accessible price points.
Innovation continues to shape the portfolio, with introductions such as Powerade in sports hydration and the first-ever ready-to-drink RimZim Rose Sharbat that brings a traditionally home, prepared beverage into a convenient and affordable format for younger consumers. The expanding Schweppes range of sparkling waters also signals a clear demand for more contemporary choices for the discerning consumer,” Sundeep Bajoria, Vice President, Coca-Cola India and Southwest Asia, told BW Businessworld earlier.
