Coca-Cola is scheduled to report second-quarter earnings before the market opens on Tuesday, kicking off another closely-watched quarter for the global beverage giant.

For the quarter ended in June, Wall Street analysts polled by Factset expect Coca-Cola to report adjusted earnings of 93 cents a share on revenue of $13.2 billion, representing 6.9% and 4.4% growth, respectively, from a year earlier.

The company started the year with strong momentum. In the first quarter, Coca-Cola's adjusted earnings rose 18% from a year ago to 86 cents a share, while revenue climbed 12% to $12.5 billion, both topping expectations. Sales growth was mostly driven by strong sales of concentrates, the syrups and flavor mixtures Coca-Cola sells to its bottling partners.

On the retail level, zero- and low-calorie colas continued to be a notable source of strength for the beverage giant. While unit volume of the trademark Coca-Cola notched 2% year-over-year growth in the first quarter, Coca-Cola Zero Sugar jumped 13% higher, and Diet Coke and Coca-Cola Light grew 6%.

For the full 2026 fiscal year, management expects organic revenue to grow 4% to 5% and comparable earnings to grow 8% to 9%. At the coming earnings call, investors want to know whether consumers continued buying more beverages during the second quarter -- particularly as household budgets remain pressured.

In the U.S., there are concerns that consumers might be buying drinks less frequently or switching to cheaper products. Smaller packages like mini-cans can help Coca-Cola keep its products affordable without broadly cutting prices. In North America, mini-can volume grew by a high-single-digits percentage in the first quarter following the launch of single--serve mini--cans in convenience stores.

Coca-Cola shares are up nearly 20% this year, outperforming those of many packaged food and beverage companies. Any change to management's full-year guidance -- or signs that volume growth is slowing more than expected -- could have a large effect on the stock.

Analysts at Bank of America believe that Coca-Cola can preserve overall organic growth, despite a difficult consumer environment.

Earlier this month, Coca-Cola disclosed a technology disruption affecting operations at its fast-growing dairy brand Fairlife. Investors may seek additional details about whether the incident created any operational or financial impact for the current quarter.

The Fairlife ransomware attack may hurt third- and fourth-quarter results because Coca-Cola suspended production, but the business should recover by the first half of 2027, said analysts at Bank of America.

Investors may also want to hear whether the World Cup, held in the United States, Canada, and Mexico this summer, has helped drive higher sales at Coca-Cola. The company has described the 2026 World Cup as a significant marketing and consumer-engagement opportunity.

Coca-Cola is an official sponsor of the FIFA World Cup, including the 2026 tournament. It serves as the tournament's official soft drink.

Write to Evie Liu at evie.liu@barrons.com

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July 27, 2026 16:30 ET (20:30 GMT)

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