Key Highlights

  • Third quarter net sales were USD 1,989.5 million against USD 1,888.3 million a year earlier, with case Volume up 1.4%.
  • Adjusted EPS was USD 2.63, while GAAP basic and diluted Net Income per share was USD 2.64 against USD 1.64.
  • Gross Margin was 38.8% and Operating Margin was 13.7% against 13.1%, with income from operations of USD 271.6 million.
  • Total Debt was USD 2,513.9 million at October 2, against USD 2,786.0 million at year end 2025.

Coca-Cola Consolidated (NASDAQ:COKE), which describes itself as the largest Coca-Cola bottler in the United States, reported third quarter net sales of USD 1,989.5 million, against USD 1,888.3 million in the same quarter of 2025. Adjusted basic EPS was USD 2.63, and GAAP EPS was USD 2.64 against USD 1.64. The fiscal quarter ended October 2, 2026.

Revenue

Net sales increased 5.4%, which the company attributed mainly to annual pricing actions with additional contribution from higher volume. Bottle and can sales were USD 1,818.0 million, with sparkling beverages at USD 1,130.9 million, up 4.4%, and still beverages at USD 687.2 million, up 6.8%. Management said still growth was led by energy and protein products, and sparkling growth by multi-pack aluminum can packages in large store, club and value channels.

Case volume was 94.2 million standard physical cases, up 1.4%, with sparkling volume up 1.5% and still up 1.2%. Post-mix sales and other were up 19.1%, while sales to other Coca-Cola bottlers were down 2.8%. For nine months, net sales were USD 5,888.6 million, which included six additional selling days.

Profit and Margins

Gross profit was USD 771.6 million against USD 748.5 million, and the gross margin of 38.8% was down 80 basis points. Management said aluminum and fuel costs have outpaced price increases. Selling, delivery and administrative expenses were USD 500.0 million against USD 501.9 million, or 25.1% of net sales against 26.6%.

Income from operations was USD 271.6 million against USD 246.6 million, and adjusted income from operations was USD 262.9 million. Interest expense, net, was USD 28.8 million against USD 4.7 million, which the company tied to lower cash and short-term Investment balances and higher debt. A mark-to-market charge on Acquisition related contingent consideration was USD 8.0 million against USD 49.4 million. Net income was USD 175.9 million against USD 142.3 million, and adjusted net income was USD 175.3 million against USD 179.2 million.

Cash and Balance Sheet

Cash flows from operations for nine months were USD 664.8 million against USD 722.9 million, and capital expenditures were about USD 219 million. Cash and cash equivalents were USD 311.9 million against USD 281.9 million at year end 2025, while long-term debt was USD 2,413.9 million against USD 2,686.0 million. Debt includes a USD 900 million three-year term Loan facility, a USD 175 million five-year term loan Facility and USD 700 million of senior bonds due 2029, and the USD 500 million revolving Credit facility had no borrowings.

Weighted average common shares outstanding were 56.5 million against 76.6 million, following the retirement of 18,835,460 shares repurchased in November 2025 from a Subsidiary of The Coca-Cola Company. The quarterly Dividend was USD 0.25 per share in both periods, and the share repurchase program authorization stands at USD 400.0 million.

What Management Pointed To

Net sales of USD 1,989.5 million sit alongside adjusted EPS of USD 2.63, operating margin of 13.7% and total debt of USD 2,513.9 million.

Management listed priorities of commercial execution, Revenue management, Supply chain optimization, Cash Flow generation, route to market and the MyCoke digital selling platform. It noted that the fourth quarter includes six fewer days than the prior-year fourth quarter and projected 2026 capital expenditures of about USD 300 million. After quarter end, the company repaid the USD 100 million of senior notes that matured October 10, 2026, using cash on hand.