Coca-Cola Posts Strongest Quarterly Volume Growth in 17 Years

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3▲2 ▼0Impact / 5
Summary · why it matters

Coca-Cola's sparkling soft drink business delivered 5% year-over-year volume growth for Trademark Coca-Cola in the second quarter of 2026, its strongest quarterly increase in 17 years excluding the COVID recovery period. Management credited part of the momentum to FIFA World Cup activation, while Sprite gained in Asia and the Middle East and Coca-Cola Zero Zero expanded into additional markets after encouraging European results. In North America, the relaunched Mr. Pibb posted volume growth of more than 20%, and the company is using package sizes and price points, including mini cans, to balance affordability and premiumization. PepsiCo's sparkling portfolio saw Pepsi Zero Sugar, Pepsi Wild Cherry & Cream, Mountain Dew Zero Sugar and Mug Root Beer each gain value and volume share, even as North America beverage organic volume declined 4%, while Keurig Dr Pepper's Dr Pepper Zero Sugar retail sales jumped nearly 30% and Canada Dry posted double-digit retail sales growth. Coca-Cola cautioned that second-half comparisons will become more difficult, with two-year volume growth running at about 2%, and carries a Zacks Rank #2 (Buy) with a forward price-to-earnings ratio of 25.44X versus the industry's 19.2X.

Impact on assets 4

Consumer Staples▲ · 4 stocks
The Coca-Cola Company
KO
▲ PositiveDemandrelevance

Trademark Coca-Cola delivered 5% volume growth, its strongest quarterly increase in 17 years, with Sprite, Coca-Cola Zero Zero, and Mr. Pibb all gaining.

PepsiCo Inc
PEP
± MixedDemandrelevance

PepsiCo's Pepsi Zero Sugar, Mountain Dew Zero Sugar and other brands gained value and volume share, but North America beverage organic volume declined 4%.

Keurig Dr Pepper Inc
KDP
▲ PositiveDemandrelevance

Dr Pepper Zero Sugar retail sales jumped nearly 30% and Canada Dry posted double-digit retail sales growth, indicating strong end-customer demand for KDP brands.

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