# Coca-Cola Stock Q3 2026: Volume Up 5% as Guidance Rises Again
> Coca-Cola stock Q3 2026: revenue up 7% to $13.4bn, unit case volume up 5%, EPS guidance raised to 11%+, $11.4bn of free cash flow and the Africa exit.

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## Facts
- Ticker: KO
- QSILabs fair value: $55.88 USD
- Price: $94.08 (as of 2026-10-30)
- As of: Q3 2026 results (quarter ended 2026-10-02); price as of 2026-10-30 close
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/coca-cola-stock-q3-2026-earnings-volume-africa-bottling/

## Short answer
Coca-Cola stock Q3 2026 results were strong and broad: net revenues rose 7% to $13.4bn, organic revenues also grew 7%, unit case volume rose 5% and operating margin widened to 33.4% from 32.0%. Comparable EPS rose 11% to $0.91 and management raised its full-year guidance for the second time. Our discounted cash flow model puts The Coca-Cola Company at $55.88 per share, about 41% below the $94.08 close on 30 October 2026. The business is doing well; the price already assumes it keeps doing well for decades at a lower cost of capital than we use.

## Key takeaways
- Valuation: QSILabs values The Coca-Cola Company (NYSE: KO) at $55.88 per share as of Q3 2026, against a $94.08 close on 30 October 2026, about 41% below the market price. Our value was $58.29 before the Form 10-Q, when the shares closed at $91.18 on 27 October.
- Q3 2026 results: net operating revenues were $13,380m in the quarter ended 2 October 2026, up 7% from $12,455m; operating income was $4,465m, up 12%; EPS was $0.93, up 8%, and comparable EPS $0.91, up 11%, including a 2-point currency tailwind.
- Volume: global unit case volume grew 5%. Coca-Cola Zero Sugar grew 16%, Trademark Coca-Cola 5% and water 8%; North America volume was even while Latin America and Asia Pacific grew 6%.
- Guidance raised: full-year 2026 organic revenue growth is now at least 5%, comparable EPS growth at least 11% (from 9-10%) and free cash flow at least $13.0bn (from about $12.4bn).
- Cash and returns: operating cash flow was $12.5bn and free cash flow $11.4bn in the first nine months; the quarterly dividend is $0.53 a share, a 2.3% yield at $94.08.
- What changes in 2027: the sale of part of Coca-Cola Beverages Africa to Coca-Cola HBC is expected to close by the end of 2026; the company expects it to cut 2027 revenue by about 8% but comparable EPS by only about 2%.

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