Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2026 Results
Quarterly operating margin expanded despite higher aluminum and fuel costs, while adjusted net income declined 2.2%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Coca-Cola Consolidated (COKE) reported third-quarter 2026 net sales of $1,989.5 million, up 5.4% from the prior-year quarter. Volume rose 1.4%. Operating income increased 10.1% to $271.6 million, with operating margin rising to 13.7% from 13.1%. Gross margin fell to 38.8% from 39.6% as commodity and supply-chain costs outpaced pricing and sales mix shifted. Net income rose 23.6% to $175.9 million, while adjusted net income declined 2.2% to $175.3 million.
For the first nine months, sales increased 10.6% to $5,888.6 million and operating income rose 10.1% to $780.5 million. Operating cash flow fell to $664.8 million from $722.9 million. Capital spending was approximately $219 million; the company expects approximately $300 million for fiscal 2026. Debt was reduced by $450 million through October. Six additional days contributed approximately $30.0 million to nine-month operating income.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter net sales increased 5.4% to $1,989.5 million year over year.
- Moderate pointThird-quarter volume increased 1.4%, with Sparkling up 1.5% and Still up 1.2% year over year.
- Moderate pointThird-quarter gross profit increased 3.1% to $771.6 million year over year.
- Moderate pointThird-quarter operating income increased 10.1% to $271.6 million year over year.
- Moderate pointThird-quarter net income increased 23.6% to $175.9 million year over year.
- Moderate pointDebt reduction reached $450 million for 2026 through October. 3.3% of market cap
16 minor points
- Minor pointThird-quarter Sparkling sales increased 4.4% to $1,130.9 million year over year.
- Minor pointThird-quarter Still sales increased 6.8% to $687.2 million year over year.
- Minor pointThird-quarter operating margin increased 60 basis points to 13.7% from 13.1%.
- Minor pointThird-quarter diluted Common Stock earnings rose to $2.64 per share from $1.64 a year earlier.
- Minor pointThird-quarter selling, delivery and administrative expenses decreased 0.4%, including an approximately $6 million favorable non-cash fuel-hedging adjustment.
- Minor pointNine-month net sales increased 10.6% to $5,888.6 million year over year.
- Minor pointNine-month volume increased 7.1%, with Sparkling up 6.7% and Still up 8.5% year over year.
- Minor pointNine-month Sparkling sales increased 9.9% to $3,405.0 million year over year.
- Minor pointNine-month Still sales increased 11.9% to $1,990.2 million year over year.
- Minor pointNine-month gross profit increased 7.5% to $2,277.1 million year over year.
- Minor pointNine-month operating income increased 10.1% to $780.5 million; six additional selling days contributed approximately $30.0 million.
- Minor pointNine-month net income increased 3.0% to $446.2 million; six additional days contributed approximately $22.6 million.
- Minor pointNine-month diluted Common Stock earnings rose to $6.69 per share from $4.98 a year earlier.
- Minor pointCash and cash equivalents increased to $311.914 million at October 2 from $281.918 million at year-end 2025.
- Minor point. Forward-looking: it has not happened yet and may not happen.Capital investment included approximately $219 million spent over nine months; fiscal 2026 spending is expected at approximately $300 million.
- Minor point. Forward-looking: it has not happened yet and may not happen.Indianapolis production investment includes the addition of a new glass bottle production line.
Negative
- Moderate pointThird-quarter gross margin fell 80 basis points to 38.8%; higher costs outpaced pricing, alongside unfavorable sales mix.
- Moderate pointThird-quarter adjusted net income decreased 2.2% to $175.3 million from $179.2 million a year earlier.
- Moderate pointThird-quarter net interest expense increased to $28.843 million from $4.687 million a year earlier.
- Moderate pointNine-month operating cash flow declined to $664.8 million from $722.9 million a year earlier.
- Moderate pointNine-month selling, delivery and administrative expenses rose 6.2%; approximately $25.0 million reflected six additional days.
6 minor points
- Minor pointNine-month gross margin declined to 38.7% from 39.8% a year earlier.
- Minor pointNine-month adjusted net income decreased 5.5% to $482.5 million from $510.6 million a year earlier.
- Minor pointNine-month net interest expense increased to $91.387 million from $17.509 million a year earlier.
- Minor pointHoliday timing reduced third-quarter total volume by approximately 1.0% year over year, the company estimates.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter 2026 will include six fewer days than fourth-quarter 2025.
- Minor pointStockholders’ deficit remained $339.775 million at October 2, versus $739.723 million at year-end 2025.
News Explained
Beyond the already summarized results, the release reports nine-month weighted-average Common Stock shares of 56,517 thousand, versus 76,881 thousand in 2025, and separately records
Key Figures
- Q3 net sales
- $1,989.5 million; +5.4%
- Third quarter 2026 versus third quarter 2025
- Q3 gross margin
- 38.8%; down 80 basis points
- Third quarter 2026 versus third quarter 2025
- Q3 income from operations
- $271.6 million; +10.1%
- Third quarter 2026 versus third quarter 2025
- Adjusted Q3 income from operations
- $262.9 million; +6.7%
- Third quarter 2026 versus third quarter 2025
- Q3 net income
- $175.9 million; +23.6%
- Third quarter 2026 versus third quarter 2025
- Adjusted Q3 net income
- $175.3 million; down 2.2%
- Third quarter 2026 versus third quarter 2025
- Debt reduction
- $450 million
- Through October 2026
- Expected fiscal 2026 capital expenditures
- Approximately $300 million
- Fiscal year 2026 expectation
Historical Context
-
Q2 revenue grew, but gross margin fell 210 bps and reported net income declined.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap financial information financial
fair value adjustments financial
contingent consideration financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Third quarter of 2026 net sales increased
5% versus the third quarter of 2025. - Gross profit in the third quarter of 2026 was
$772 million , an increase of3% (a). - Income from operations for the third quarter of 2026 was
$272 million , an increase of$25 million , or10% . Operating margin for the third quarter of 2026 increased 60 basis points to13.7% . - For the first nine months of 2026, income from operations was
$780 million , an increase of$72 million , or10% ; adjusted(b) income from operations increased5% .
Key Results
| Third Quarter | First Nine Months | |||||||||||||||||||||
| (in millions) | 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||
| Volume(1) | 94.2 | 92.8 | 1.4 | % | 278.8 | 260.3 | 7.1 | % | ||||||||||||||
| Net sales | $ | 1,989.5 | $ | 1,888.3 | 5.4 | % | $ | 5,888.6 | $ | 5,323.8 | 10.6 | % | ||||||||||
| Gross profit | $ | 771.6 | $ | 748.5 | 3.1 | % | $ | 2,277.1 | $ | 2,118.1 | 7.5 | % | ||||||||||
| Gross margin | 38.8 | % | 39.6 | % | 38.7 | % | 39.8 | % | ||||||||||||||
| Income from operations | $ | 271.6 | $ | 246.6 | 10.1 | % | $ | 780.5 | $ | 708.5 | 10.1 | % | ||||||||||
| Operating margin | 13.7 | % | 13.1 | % | 13.3 | % | 13.3 | % | ||||||||||||||
| Beverage Sales | Third Quarter | First Nine Months | ||||||||||||||||||||
| (in millions) | 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||
| Sparkling bottle/can | $ | 1,130.9 | $ | 1,083.1 | 4.4 | % | $ | 3,405.0 | $ | 3,096.9 | 9.9 | % | ||||||||||
| Still bottle/can | $ | 687.2 | $ | 643.3 | 6.8 | % | $ | 1,990.2 | $ | 1,778.5 | 11.9 | % | ||||||||||
(1) Volume is measured on a standard physical case basis and is used to standardize differing package configurations delivered via direct store delivery.
Third Quarter and First Nine Months 2026 Review
CHARLOTTE, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the third quarter ended October 2, 2026 and the first nine months of fiscal 2026.
"Our third quarter results reflect the strength of our business and the dedication of our teammates to serving our customers and consumers every day," said J. Frank Harrison, III, Chairman and Chief Executive Officer. "Our net sales growth reflects a healthy balance of volume and price which, combined with our focus on local execution, continues to position us for long-term growth. We remain committed to investing for the long term, including the addition of our new glass bottle production line in Indianapolis, while continuing to strengthen our balance sheet. This year, through October, we have reduced our debt by
Volume increased
Net sales increased
Gross profit in the third quarter of 2026 was
"We are pleased with the continued momentum of our business and the success of our commercial strategies, which drove strong net sales growth in the quarter," said Dave Katz, President and Chief Operating Officer. "Higher aluminum costs, a challenging transportation market and increased fuel costs continued to pressure our gross margin. However, disciplined expense management, along with cycling our prior-year investment in our teammates, allowed us to leverage our operating expenses and expand our operating margin. Together with The Coca-Cola Company, we remain focused on affordability as we invest strategically with our customers to drive balanced, durable growth.”
Selling, delivery and administrative (“SD&A”) expenses in the third quarter of 2026 decreased
Income from operations in the third quarter of 2026 was
Net income in the third quarter of 2026 was
Net income for the first nine months of 2026 was
Cash flows from operations for the first nine months of 2026 were
As a reminder, the first quarter of 2026 included six extra days as compared to the first quarter of 2025. The fourth quarter of 2026 will include six fewer days as compared to the fourth quarter of 2025. The full fiscal years of 2026 and 2025 have the same number of days.
| (a) | All comparisons are to the corresponding period in the prior year unless specified otherwise. |
| (b) | The discussion of the operating results for the third quarter ended October 2, 2026 and the first nine months of 2026 includes selected non-GAAP financial information, such as “adjusted” results. The schedules in this news release reconcile such non-GAAP financial measures to the most directly comparable GAAP financial measures. |
| CONTACTS: | ||
| Brian K. Little (Media) | Matt Blickley (Investors) | |
| Vice President, Corporate Communications Officer | Chief Financial Officer and Chief Accounting Officer | |
| (980) 378-5537 | (704) 557-4910 | |
| Brian.Little@cokeconsolidated.com | Matt.Blickley@cokeconsolidated.com |
A PDF accompanying this release is available at: http://ml.globenewswire.com/Resource/Download/9d03567b-7c77-427c-b029-ae63fd951f31
About Coca-Cola Consolidated, Inc.
Headquartered in Charlotte, N.C., Coca‑Cola Consolidated (NASDAQ: COKE) is the largest Coca‑Cola bottler in the United States. We make, sell and distribute beverages of The Coca‑Cola Company, and other partner companies, in more than 300 brands and flavors across 14 states and the District of Columbia, to approximately 60 million consumers.
For over 124 years, we have been deeply committed to the consumers, customers and communities we serve and passionate about the broad portfolio of beverages and services we offer. Our Purpose is to honor God in all we do, to serve others, to pursue excellence and to grow profitably.
More information about the Company is available at www.cokeconsolidated.com. Follow Coca‑Cola Consolidated on Facebook, X, Instagram and LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release are “forward-looking statements” subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: increased costs (including due to inflation or uncertainty around tariffs) or disruption, unavailability or shortages of raw materials, fuel and other supplies; the reliance on purchased finished products from external sources; changes in public and consumer perception and preferences, including concerns related to product safety and sustainability, artificial ingredients, brand reputation and obesity; changes in government regulations related to nonalcoholic beverages, including regulations related to obesity, public health, artificial ingredients, recycling, sustainability, product safety and benefit programs, including supplemental nutrition assistance programs; decreases from historic levels of marketing funding support provided to us by The Coca‑Cola Company and other beverage companies; material changes in the performance requirements for marketing funding support or our inability to meet such requirements; decreases from historic levels of advertising, marketing and product innovation spending by The Coca‑Cola Company and other beverage companies, or advertising campaigns that are negatively perceived by the public; any failure of the several Coca‑Cola system governance entities of which we are a participant to function efficiently or in our best interest and any failure or delay of ours to receive anticipated benefits from these governance entities; provisions in our beverage distribution and manufacturing agreements with The Coca‑Cola Company that could delay or prevent a change in control of us or a sale of our Coca‑Cola distribution or manufacturing businesses; the concentration of our capital stock ownership; our inability to meet requirements under our beverage distribution and manufacturing agreements; changes in the inputs used to calculate our acquisition related contingent consideration liability; technology failures or cyberattacks on our information technology systems or our effective response to technology failures or cyberattacks on our third-party service providers’, business partners’, customers’, suppliers’ or other third parties’ information technology systems; unfavorable changes in the general economy; changes in trade policies, including the imposition of, or increase in, tariffs on imported goods; the concentration risks among our customers and suppliers; lower than expected net pricing of our products resulting from continued and increased customer and competitor consolidations and marketplace competition; the effect of changes in our level of debt, borrowing costs and credit ratings on our access to capital and credit markets, operating flexibility and ability to obtain additional financing to fund future needs; the failure to attract, train and retain qualified employees while controlling labor costs and other labor issues; the failure to maintain productive relationships with our employees covered by collective bargaining agreements, including failing to renegotiate collective bargaining agreements; changes in accounting standards; our use of estimates and assumptions; changes in tax laws, disagreements with tax authorities or additional tax liabilities; changes in legal contingencies; natural disasters, changing weather patterns and unfavorable weather, or the increased frequency of any such events due to climate change, and public expectations around combatting climate change or legislative or regulatory responses to such change. These and other factors are discussed in the Company’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The forward-looking statements contained in this news release speak only as of this date, and the Company does not assume any obligation to update them, except as may be required by applicable law.
| FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||
| Third Quarter | First Nine Months | |||||||||||
| (in thousands, except per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Net sales | $ | 1,989,543 | $ | 1,888,317 | $ | 5,888,631 | $ | 5,323,813 | ||||
| Cost of sales | 1,217,959 | 1,139,801 | 3,611,554 | 3,205,697 | ||||||||
| Gross profit | 771,584 | 748,516 | 2,277,077 | 2,118,116 | ||||||||
| Selling, delivery and administrative expenses | 499,993 | 501,882 | 1,496,623 | 1,409,578 | ||||||||
| Income from operations | 271,591 | 246,634 | 780,454 | 708,538 | ||||||||
| Interest expense, net | 28,843 | 4,687 | 91,387 | 17,509 | ||||||||
| Other expense, net | 4,109 | 49,717 | 84,089 | 106,334 | ||||||||
| Income before taxes | 238,639 | 192,230 | 604,978 | 584,695 | ||||||||
| Income tax expense | 62,780 | 49,896 | 158,742 | 151,363 | ||||||||
| Net income | $ | 175,859 | $ | 142,334 | $ | 446,236 | $ | 433,332 | ||||
| Basic net income per share: | ||||||||||||
| Common Stock | $ | 2.64 | $ | 1.64 | $ | 6.70 | $ | 4.99 | ||||
| Weighted average number of Common Stock shares outstanding | 56,517 | 76,554 | 56,517 | 76,881 | ||||||||
| Class B Common Stock | $ | 2.64 | $ | 1.64 | $ | 6.70 | $ | 4.98 | ||||
| Weighted average number of Class B Common Stock shares outstanding | 10,047 | 10,047 | 10,047 | 10,047 | ||||||||
| Diluted net income per share: | ||||||||||||
| Common Stock | $ | 2.64 | $ | 1.64 | $ | 6.69 | $ | 4.98 | ||||
| Weighted average number of Common Stock shares outstanding – assuming dilution | 66,641 | 86,728 | 66,653 | 87,070 | ||||||||
| Class B Common Stock | $ | 2.64 | $ | 1.64 | $ | 6.69 | $ | 4.97 | ||||
| Weighted average number of Class B Common Stock shares outstanding – assuming dilution | 10,124 | 10,174 | 10,136 | 10,189 | ||||||||
| FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| (in thousands) | October 2, 2026 | December 31, 2025 | ||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 311,914 | $ | 281,918 | ||||
| Trade accounts receivable, net | 623,828 | 574,601 | ||||||
| Other accounts receivable | 238,653 | 125,086 | ||||||
| Inventories | 384,259 | 336,401 | ||||||
| Prepaid expenses and other current assets | 119,461 | 108,668 | ||||||
| Total current assets | 1,678,115 | 1,426,674 | ||||||
| Property, plant and equipment, net | 1,651,964 | 1,604,605 | ||||||
| Right-of-use assets - operating leases | 101,270 | 116,611 | ||||||
| Leased property under financing leases, net | 855 | 1,160 | ||||||
| Other assets | 245,537 | 216,428 | ||||||
| Goodwill | 165,903 | 165,903 | ||||||
| Other identifiable intangible assets, net | 751,750 | 771,617 | ||||||
| Total assets | $ | 4,595,394 | $ | 4,302,998 | ||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Current portion of debt | $ | 100,000 | $ | 100,000 | ||||
| Current portion of obligations under operating leases | 23,346 | 24,412 | ||||||
| Current portion of obligations under financing leases | 354 | 556 | ||||||
| Accounts payable and accrued expenses | 1,137,706 | 1,003,689 | ||||||
| Total current liabilities | 1,261,406 | 1,128,657 | ||||||
| Deferred income taxes | 151,447 | 143,738 | ||||||
| Pension and postretirement benefit obligations and other liabilities | 1,026,870 | 988,053 | ||||||
| Noncurrent portion of obligations under operating leases | 80,536 | 95,076 | ||||||
| Noncurrent portion of obligations under financing leases | 976 | 1,188 | ||||||
| Long-term debt | 2,413,934 | 2,686,009 | ||||||
| Total liabilities | 4,935,169 | 5,042,721 | ||||||
| (Deficit)/Equity: | ||||||||
| Stockholders’ (deficit)/equity | (339,775 | ) | (739,723 | ) | ||||
| Total liabilities and (deficit)/equity | $ | 4,595,394 | $ | 4,302,998 | ||||
| FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| First Nine Months | ||||||||
| (in thousands) | 2026 | 2025 | ||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income | $ | 446,236 | $ | 433,332 | ||||
| Depreciation expense, amortization of intangible assets and deferred proceeds, net | 173,688 | 163,224 | ||||||
| Fair value adjustment of acquisition related contingent consideration | 86,085 | 104,468 | ||||||
| Deferred income taxes | 6,526 | 523 | ||||||
| Payments of acquisition related contingent consideration | (5,562 | ) | — | |||||
| Change in current assets and current liabilities | (43,496 | ) | 38,581 | |||||
| Change in noncurrent assets and noncurrent liabilities | (7,213 | ) | (19,120 | ) | ||||
| Other | 8,540 | 1,905 | ||||||
| Net cash provided by operating activities | $ | 664,804 | $ | 722,913 | ||||
| Cash Flows from Investing Activities: | ||||||||
| Additions to property, plant and equipment | $ | (219,281 | ) | $ | (209,994 | ) | ||
| Purchases and disposals of short-term investments | — | 156,643 | ||||||
| Other | (12,798 | ) | (8,324 | ) | ||||
| Net cash used in investing activities | $ | (232,079 | ) | $ | (61,675 | ) | ||
| Cash Flows from Financing Activities: | ||||||||
| Payments on term loan facility | $ | (275,000 | ) | $ | — | |||
| Cash dividends paid | (49,923 | ) | (65,310 | ) | ||||
| Payments of acquisition related contingent consideration | (49,144 | ) | (51,639 | ) | ||||
| Payments related to share repurchases | (27,972 | ) | (145,698 | ) | ||||
| Other | (690 | ) | (1,942 | ) | ||||
| Net cash used in financing activities | $ | (402,729 | ) | $ | (264,589 | ) | ||
| Net increase in cash and cash equivalents during period | $ | 29,996 | $ | 396,649 | ||||
| Cash and cash equivalents at beginning of period | 281,918 | 1,135,824 | ||||||
| Cash and cash equivalents at end of period | $ | 311,914 | $ | 1,532,473 | ||||
| NON-GAAP FINANCIAL MEASURES(c) The following tables reconcile reported results (GAAP) to adjusted results (non-GAAP): | ||||||||||||||||||||||||||
| Third Quarter 2026 | ||||||||||||||||||||||||||
| (in thousands, except per share data) | Net sales | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share | |||||||||||||||||||
| Reported results (GAAP) | $ | 1,989,543 | $ | 771,584 | $ | 499,993 | $ | 271,591 | $ | 238,639 | $ | 175,859 | $ | 2.64 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | — | 7,971 | 6,002 | 0.09 | |||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | — | (3,064 | ) | 5,627 | (8,691 | ) | (8,691 | ) | (6,545 | ) | (0.10 | ) | ||||||||||||||
| Total reconciling items | — | (3,064 | ) | 5,627 | (8,691 | ) | (720 | ) | (543 | ) | (0.01 | ) | ||||||||||||||
| Adjusted results (non-GAAP) | $ | 1,989,543 | $ | 768,520 | $ | 505,620 | $ | 262,900 | $ | 237,919 | $ | 175,316 | $ | 2.63 | ||||||||||||
| Adjusted % Change vs. Third Quarter 2025 | | | ||||||||||||||||||||||||
| Reported gross/operating margin percentage(d) | | |||||||||||||||||||||||||
| Adjusted gross/operating margin percentage(d) | ||||||||||||||||||||||||||
| Third Quarter 2025 | ||||||||||||||||||||||||||
| (in thousands, except per share data) | Net sales | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share | |||||||||||||||||||
| Reported results (GAAP) | $ | 1,888,317 | $ | 748,516 | $ | 501,882 | $ | 246,634 | $ | 192,230 | $ | 142,334 | $ | 1.64 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | — | 49,350 | 37,111 | 0.42 | |||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | — | (378 | ) | (84 | ) | (294 | ) | (294 | ) | (221 | ) | — | ||||||||||||||
| Total reconciling items | — | (378 | ) | (84 | ) | (294 | ) | 49,056 | 36,890 | 0.42 | ||||||||||||||||
| Adjusted results (non-GAAP) | $ | 1,888,317 | $ | 748,138 | $ | 501,798 | $ | 246,340 | $ | 241,286 | $ | 179,224 | $ | 2.06 | ||||||||||||
| Reported gross/operating margin percentage(d) | ||||||||||||||||||||||||||
| Adjusted gross/operating margin percentage(d) | ||||||||||||||||||||||||||
Results for the first nine months of 2026 include six additional days compared to the first nine months of 2025. For comparison purposes, the estimated impact of the additional days in the first nine months of 2026 has been excluded from our adjusted(b) volume and financial results below.
| First Nine Months 2026 | |||||||||
| (in millions) | Sparkling | Still | Total | ||||||
| Volume | 206.7 | 72.1 | 278.8 | ||||||
| Volume related to extra days in fiscal period | (4.1 | ) | (1.3 | ) | (5.4 | ) | |||
| Adjusted volume | 202.6 | 70.8 | 273.4 | ||||||
| First Nine Months 2025 | |||||||||
| (in millions) | Sparkling | Still | Total | ||||||
| Volume | 193.8 | 66.4 | 260.3 | ||||||
| Reported % Change vs. First Nine Months 2025 | 6.7 | % | 8.5 | % | 7.1 | % | |||
| Adjusted % Change vs. First Nine Months 2025 | 4.6 | % | 6.6 | % | 5.1 | % | |||
| First Nine Months 2026 | ||||||||||||
| (in millions) | Sparkling | Still | Total | |||||||||
| Bottle/can beverage sales | $ | 3,405.0 | $ | 1,990.2 | $ | 5,395.2 | ||||||
| Bottle/can beverage sales related to extra days in fiscal period | (75.8 | ) | (42.1 | ) | (117.9 | ) | ||||||
| Adjusted bottle/can beverage sales | $ | 3,329.2 | $ | 1,948.1 | $ | 5,277.3 | ||||||
| First Nine Months 2025 | ||||||||||||
| (in millions) | Sparkling | Still | Total | |||||||||
| Bottle/can beverage sales | $ | 3,096.9 | $ | 1,778.5 | $ | 4,875.5 | ||||||
| Reported % Change vs. First Nine Months 2025 | 9.9 | % | 11.9 | % | 10.7 | % | ||||||
| Adjusted % Change vs. First Nine Months 2025 | 7.5 | % | 9.5 | % | 8.2 | % | ||||||
| First Nine Months 2026 | ||||||||||||||||||||||||||||
| (in thousands, except per share data) | Net sales | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share | |||||||||||||||||||||
| Reported results (GAAP) | $ | 5,888,631 | $ | 2,277,077 | $ | 1,496,623 | $ | 780,454 | $ | 604,978 | $ | 446,236 | $ | 6.70 | ||||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | — | 86,085 | 64,822 | 0.97 | |||||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | — | 4,524 | 12,481 | (7,957 | ) | (7,957 | ) | (5,992 | ) | (0.09 | ) | |||||||||||||||||
| Results of extra days in fiscal period | (132,000 | ) | (55,000 | ) | (25,000 | ) | (30,000 | ) | (30,000 | ) | (22,590 | ) | (0.34 | ) | ||||||||||||||
| Total reconciling items | (132,000 | ) | (50,476 | ) | (12,519 | ) | (37,957 | ) | 48,128 | 36,240 | 0.54 | |||||||||||||||||
| Adjusted results (non-GAAP) | $ | 5,756,631 | $ | 2,226,601 | $ | 1,484,104 | $ | 742,497 | $ | 653,106 | $ | 482,476 | $ | 7.24 | ||||||||||||||
| Adjusted % Change vs. First Nine Months 2025 | ||||||||||||||||||||||||||||
| First Nine Months 2025 | ||||||||||||||||||||||||||
| (in thousands, except per share data) | Net sales | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share | |||||||||||||||||||
| Reported results (GAAP) | $ | 5,323,813 | $ | 2,118,116 | $ | 1,409,578 | $ | 708,538 | $ | 584,695 | $ | 433,332 | $ | 4.99 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | — | 104,468 | 78,560 | 0.90 | |||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | — | (899 | ) | 770 | (1,669 | ) | (1,669 | ) | (1,255 | ) | (0.01 | ) | ||||||||||||||
| Total reconciling items | — | (899 | ) | 770 | (1,669 | ) | 102,799 | 77,305 | 0.89 | |||||||||||||||||
| Adjusted results (non-GAAP) | $ | 5,323,813 | $ | 2,117,217 | $ | 1,410,348 | $ | 706,869 | $ | 687,494 | $ | 510,637 | $ | 5.88 | ||||||||||||
| (c) | The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). However, management believes that certain non-GAAP financial measures provide users of the financial statements with additional, meaningful financial information that should be considered, in addition to the measures reported in accordance with GAAP, when assessing the Company’s ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The Company’s non-GAAP financial information does not represent a comprehensive basis of accounting. |
| (d) | Reported gross margin and reported operating margin are calculated as gross profit and operating income, respectively, as a percentage of net sales. Adjusted gross margin and adjusted operating margin are calculated as adjusted gross profit and adjusted operating income, respectively, which adjust for the impact of fair value changes to our commodity derivative instruments, as a percentage of net sales. |
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Coca-Cola Consolidated's third-quarter 2026 sales and earnings?
Third-quarter net sales increased 5.4% to $1,989.5 million, while net income rose 23.6% to $175.9 million year over year. Diluted Common Stock earnings were $2.64 per share, compared with $1.64. Adjusted net income declined 2.2% to $175.3 million.
Why did Coca-Cola Consolidated's gross margin decline in the third quarter of 2026?
Higher commodity and supply-chain costs outpaced price increases, while a shift in sales mix also reduced gross margin. Gross margin declined 80 basis points to 38.8%. Aluminum and fuel were among the costs putting pressure on the quarter.
How does Coca-Cola Consolidated's 2026 fiscal calendar affect comparisons?
The first quarter of 2026 included six extra days versus the first quarter of 2025, while the fourth quarter will include six fewer days. Fiscal 2026 and fiscal 2025 have the same total number of days.
Why did Coca-Cola Consolidated's third-quarter GAAP and adjusted net income move in opposite directions?
Third-quarter 2025 net income was adversely affected by non-cash fair-value adjustments to acquisition-related contingent consideration compared with third-quarter 2026. Against that comparison, 2026 GAAP net income rose 23.6%, while adjusted net income declined 2.2%.