Management remarks
Call period: 2026 Q2 · 2026-07-28
Guidance: Based on our year-to-date results and expectations for the balance of the year, including 6 fewer days in the fourth quarter, we expect to deliver at the high end of our prior revenue guidance with organic revenue growth of approximately 5%. We now expect comparable currency-neutral earnings per share growth, excluding acquisitions and divestitures of 7% to 8%. All in, we now expect comparable earnings per share growth of 9% to 10% versus $3 in 2025.Demand and orders: Trademark Coca-Cola volume growth of 5% for the quarter, its strongest volume growth in 17 years, excluding COVID recovery. Powerade also grew volume 8% globally during the quarter. Fairlife demand continues to be pretty strong.Margins: Comparable gross margin increased approximately 120 basis points and comparable operating margin increased approximately 90 basis points. Both were driven by underlying expansion and currency tailwinds.Analyst Q&A
Analyst Peter Galbo asked: So certainly impressive. But just -- you're going to get some structural benefit as CCBA kind of moves out. But how do you think about just the opportunity to continue to push the underlying kind of operating margins going forward? Management John Murphy answered: It's implicit in the long-term algorithm. And we believe and we've demonstrated, I think, in the last few years that we have the levers to continue to expand the implied margin in the algorithm. In recent years, we've had a couple of primary drivers in our favor and some that have been headwinds. The structural changes in our overall model, becoming more asset-light has, as you know, been one of the primary drivers.管理层陈述
电话会期间：2026 Q2 · 2026-07-28
指引：根据我们今年迄今为止的业绩以及对今年剩余时间的预期（包括第四季度比2025年第四季度少6天），我们预计将达到此前营收指引的上限，有机营收增长率约为5%。我们目前预计，不包括收购和剥离业务的可比中性汇率每股收益增长率为7%至8%。总体而言，我们预计可比每股收益增长率为9%至10%，而2025年为3美元。需求与订单：本季度可口可乐原味产品销量增长5%，为新冠疫情复苏以来17年来最强销量增幅。动力水本季度全球销量增长8%。菲尔莱夫产品需求持续强劲。利润率：可比毛利率增长约120个基点，可比营业利润率增长约90个基点。两者均由基础业务扩张和货币顺风推动。分析师问答
分析师彼得·加尔博提问：随着CCBA业务调整，公司将获得一定结构性收益，您如何看待持续推高潜在营业利润率的机会？ 管理方约翰·墨菲回答：这隐含在长期算法中，我们相信并已在过去几年证明，我们有能力持续提升算法中的隐含利润率。近年来我们有若干有利驱动因素，也存在一些逆风，整体业务模式向更轻资产转型便是主要驱动因素之一。This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。
