Coke Beats on Profit and Sales, but Says Thirst is Still Lukewarm

With input from CNBC, Bloomberg, the Financial Times, AP, and Reuters.

Coca-Cola blew past Wall Street’s Q3 targets, yet it’s still seeing a cautious consumer — especially in the US and Europe.

Adjusted EPS came in at 82 cents versus 78 cents expected, on revenue of $12.46 billion against a $12.39 billion forecast. Net income rose to $3.7 billion (86 cents a share). Organic sales climbed 6%, and unit case volume ticked up 1% — a welcome reversal from last quarter’s dip— though volumes were flat in North and Latin America. Shares rose about 3% in morning trading.

Management said demand remains soft but improved through the quarter. Coke is leaning into “affordable” options such as mini cans to keep lower-income shoppers in the fold, while premium labels like Fairlife and Smartwater continue to pull their weight with higher-income buyers. By category, water and sports drinks grew 3%, coffee and tea rose 2%, sparkling soft drinks were flat, and juice/dairy/plant-based fell 3%.

Coke reiterated its full-year outlook: comparable EPS up about 3% and organic revenue up 5%–6%. Looking to 2026, the company expects a small currency tailwind, with fuller guidance coming alongside Q4 results.