Coca-Cola Q2 2026: concentrate, bottling and regional mix
The Coca-Cola Company · KO. Concentrate operations supplied most reported revenue; Latin America grew faster than North America in reported dollars.
- Research updated
- Latest filing analyzed
- 10-Q for period ended 2026-07-03, filed 2026-07-29
- SEC filing cutoff
- Publication version
- ko-reviewed-2026-09-18
Business and reporting model
The Coca-Cola Company owns and markets beverage brands, supplies concentrates and syrups to bottling partners, and also sells finished beverages through certain operations. Its economics therefore combine brand and concentrate activity with more asset-intensive finished-product and bottling activity. The company reports regional operating segments plus Bottling Investments; these should not be confused with the concentrate-versus-finished-product line-of-business view.
Provenance: Original Arqaris synthesis of Coca-Cola's 2025 Form 10-K business discussion and Q2 2026 Form 10-Q line-of-business and segment notes. Read the SEC-hosted annual filing.
What the latest filing shows
These findings describe three months ended july 3, 2026 and june 27, 2025. Each reported fact is drawn from the latest SEC filing analyzed; calculations use the unrounded reported values. Interpretation and limits are Arqaris analysis.
Reported fact: Concentrate operations revenue was $8,146 million versus $7,618 million, while finished-product operations revenue was $5,234 million versus $4,917 million. SEC source ↗
Calculation: Concentrate operations supplied about 61% of the $13,380 million quarterly total.
Interpretation: The distinction explains why beverage-system volume and company revenue need not move in lockstep.
Limit: These line-of-business figures are not separate audited regional operating segments.
Reported fact: Latin America third-party segment revenue was $1,839 million versus $1,587 million; North America was $5,405 million versus $5,028 million. SEC source ↗
Interpretation: North America remained much larger, while Latin America's reported-dollar growth rate was higher in this quarter.
Reported fact: The filing reports worldwide unit-case volume growth of 5% and a 2% favorable consolidated price/mix effect for the quarter. SEC source ↗
Interpretation: Reported revenue growth reflects more than physical cases; currency, mix and bottling structure also affect the comparison.
Limit: Unit cases and price/mix are company-defined operating measures, not direct components that can simply be added to GAAP revenue.
Comparable financial evidence
Reported values are USD millions for three months ended july 3, 2026 and june 27, 2025. Changes are Arqaris calculations: (current ÷ prior − 1) × 100, rounded to one decimal place. The note column identifies reporting boundaries that matter for this company.
| Measure | Current | Prior | Calculated change | Reporting note |
|---|---|---|---|---|
| Concentrate operations revenue | 8,146 | 7,618 | 6.9% | Line of business, not operating segment |
| Finished-product operations revenue | 5,234 | 4,917 | 6.4% | Line of business, not operating segment |
| North America third-party revenue | 5,405 | 5,028 | 7.5% | Regional segment external revenue |
| Latin America third-party revenue | 1,839 | 1,587 | 15.9% | Regional segment external revenue |
| Consolidated net operating revenues | 13,380 | 12,535 | 6.7% | Company total |
How to read the change
Coca-Cola's two reporting views answer different questions. Concentrate versus finished products describes how the company earns revenue within its beverage system; regional segment figures show where the reported business operates. The concentrate share matters because the company does not recognize all retail sales made by independent bottling partners.
The filing also discloses unit-case volume and price/mix movements. These measures help explain why reported revenue rose, but a direct bridge to GAAP revenue must account for currency, acquisitions and divestitures, and other presentation effects. The Latin America and North America figures shown here are third-party regional revenue, not global beverage consumption.
What this research cannot establish
- Concentrate and finished-product categories overlap the regional segments; they cannot be added to the regional table.
- Independent bottler sales to retailers are not the same as Coca-Cola's consolidated revenue.
- Currency and business changes affect reported-dollar comparisons; volume and price/mix are not standalone GAAP revenue lines.
This is selected filing analysis, not a valuation, recommendation, live price or forecast. It does not cover every risk or event after the SEC cutoff. Read the full filings before relying on any selected figure. Understand reported revenue boundaries and review Arqaris methodology.
Primary sources and method
- The Coca-Cola Company 10-Q, period ended 2026-07-03; accession 0001628280-26-050503, filed 2026-07-29. Source for the current and comparable values and filing-specific findings.
- The Coca-Cola Company 10-K, period ended 2025-12-31; accession 0001628280-26-010047, filed 2026-02-20. Source for the business and reporting-model context.
Business explanations and interpretations are original Arqaris text. Historical facts are attributed to SEC-hosted issuer filings; percentage changes and selected shares are Arqaris calculations. No commercial company-profile description is reproduced.