Coca-Cola Consolidated Reports First Quarter 2026 Results
Rhea-AI Summary
Coca-Cola Consolidated (NASDAQ: COKE) reported Q1 2026 results for the period ended April 3, 2026. Net sales rose 16.9% to $1,846.7M and volume increased 13.4% to 87.0 million cases. Gross profit was $727.1M and income from operations was $237.5M.
The quarter included six extra days; adjusted results exclude the estimated impact of those days. Management cited higher aluminum costs and wage investments as primary margin pressures.
AI-generated analysis. Not financial advice.
Positive
- Net sales +16.9% to $1,846.7M in Q1 2026
- Volume +13.4% to 87.0 million cases in Q1 2026
- Income from operations +25.1% to $237.5M in Q1 2026
Negative
- Adjusted operating margin down 70 bps to 11.4% in Q1 2026
- Adjusted net income declined 12.3% to $119.5M
- Gross margin contraction from higher input costs, ~$35M aluminum impact
News Market Reaction – COKE
On the day this news was published, COKE declined 15.63%, reflecting a significant negative market reaction. Argus tracked a trough of -16.3% from its starting point during tracking. Our momentum scanner triggered 54 alerts that day, indicating high trading interest and price volatility. This price movement removed approximately $2.48B from the company's valuation, bringing the market cap to $13.40B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
COKE was up 2.68% before the release, while key peers like CCEP, MNST, CELH, PRMB and KDP showed smaller positive moves between roughly 0.4–1.4%. No peers appeared in the momentum scanner, suggesting a company-specific move rather than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 18 | Q4/FY 2025 earnings | Positive | +3.8% | Strong Q4 and full-year 2025 growth in sales, profit and cash generation. |
| Oct 29 | Q3 2025 earnings | Positive | +3.5% | Q3 2025 showed rising net sales, profit and EPS with volume growth. |
| Jul 24 | Q2/H1 2025 earnings | Positive | +6.3% | Q2 2025 delivered higher sales, profit and cash flow despite volume pressure. |
| Apr 30 | Q1 2025 earnings | Negative | -12.0% | Q1 2025 saw declines in net sales, volume, margins and net income. |
| Feb 20 | Q4/FY 2024 earnings | Positive | -4.1% | Strong Q4 2024 and full-year growth but shares fell despite positive results. |
Earnings releases have usually seen the stock move in the direction of the operational results, with only one notable divergence when strong Q4 2024 results coincided with a share price decline.
Recent earnings for COKE have generally highlighted steady growth in net sales and income from operations, with Q2–Q4 2024–2025 showing expanding profits and healthy cash generation. One outlier was Q1 2025, when volume and income declined and the stock fell about 12%. Against that backdrop, today’s Q1 2026 report, featuring strong volume and revenue growth but some margin pressure, fits a pattern of resilient fundamentals after prior softness, giving investors updated context on execution and cost headwinds.
Historical Comparison
Across the last five earnings releases, COKE’s average next-day move was about -0.51%, indicating historically modest share-price reactions to financial results.
Earnings from early 2024 through Q4 2025 show a shift from occasional soft quarters, like Q1 2025, toward generally stronger sales, profits and cash generation, framing Q1 2026 as part of a longer-term growth narrative with intermittent margin and volume volatility.
Market Pulse Summary
The stock dropped -15.6% in the session following this news. A negative reaction despite strong top-line growth would fit the pattern seen in Q4 2024, when good results coincided with share price weakness. Q1 2026 combined double-digit volume and revenue gains with lower adjusted margins and a year-on-year decline in adjusted net income, giving bears some traction. Any sharp downside move could reflect concern about sustained input-cost inflation and the non-recurring benefit of six extra days, rather than a simple rejection of the company’s longer-term growth trajectory.
Key Terms
non-gaap financial
gross margin financial
operating margin financial
basis points financial
fair value adjustment financial
capital expenditures financial
AI-generated analysis. Not financial advice.
- Net sales in the first quarter of 2026 increased
17% versus the first quarter of 2025; adjusted(a) net sales increased9% .
- Gross profit in the first quarter of 2026 was
$727 million , an increase of16% versus the first quarter of 2025; adjusted(a) gross profit increased7% .
- Income from operations for the first quarter of 2026 was
$238 million , an increase of$48 million , or25% (b); adjusted(a) income from operations increased2% .
| Key Results | |||||
| First Quarter | |||||
| (in millions) | 2026 | 2025 | Change | ||
| Volume(1) | 87.0 | 76.7 | |||
| Net sales | |||||
| Gross profit | |||||
| Gross margin | 39.4% | 39.7% | |||
| Income from operations | |||||
| Operating margin | 12.9% | 12.0% | |||
| Beverage Sales | First Quarter | ||||
| (in millions) | 2026 | 2025 | Change | ||
| Sparkling bottle/can | |||||
| Still bottle/can | |||||
(1) Volume is measured on a standard physical case basis and is used to standardize differing package configurations delivered via direct store delivery.
First Quarter 2026 Review
CHARLOTTE, May 06, 2026 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the first quarter ended April 3, 2026.
“We entered 2026 with strong momentum, positioning ourselves for another year of profitable growth,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “Our solid volume, revenue and market share gains across our portfolio reflect the strength of our brands and the diligent execution by our team. I remain optimistic about our future and the resilience of our business as we navigate an uncertain and volatile macroeconomic environment.”
Results for the first quarter of 2026 included six additional days compared to the first quarter of 2025. For comparison purposes, the estimated impact of the six additional days in the first quarter of 2026 compared to the first quarter of 2025 has been excluded from our adjusted(a) results. The Company estimates the impact of the six additional days to be as follows:
| (in millions) | Results of extra days in fiscal period |
| Volume | 5.4 |
| Net sales | |
| Gross profit | |
| SD&A expenses | |
| Income from operations |
Volume was up
Net sales increased
Gross profit in the first quarter of 2026 was
“In the first quarter of 2026, we successfully navigated a period of increasing input costs that placed significant pressure on our gross margins,” said Dave Katz, President and Chief Operating Officer. “Despite these cost pressures, I am encouraged by the continued strong commercial performance across our entire portfolio. Our business continues to evolve and our team remains agile in driving profitable growth despite the cost and regulatory challenges our business faces. Our investment in our teammates is continuing to deliver results, which demonstrates what it means to have an engaged, high-performing team relentlessly pursuing excellence.”
Selling, delivery and administrative (“SD&A”) expenses in the first quarter of 2026 increased
Income from operations in the first quarter of 2026 was
Net income in the first quarter of 2026 was
Income tax expense in the first quarter of 2026 was
Cash flows from operations for the first quarter of 2026 were
As noted above, 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) The discussion of the operating results for the first quarter ended April 3, 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.
(b) All comparisons are to the corresponding period in the prior year unless specified otherwise.
| 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/dc9dbf77-8f2b-4478-9286-8a65525d02ba
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) | ||||||||
| First Quarter | ||||||||
| (in thousands, except per share data) | 2026 | 2025 | ||||||
| Net sales | $ | 1,846,668 | $ | 1,579,977 | ||||
| Cost of sales | 1,119,588 | 952,873 | ||||||
| Gross profit | 727,080 | 627,104 | ||||||
| Selling, delivery and administrative expenses | 489,556 | 437,284 | ||||||
| Income from operations | 237,524 | 189,820 | ||||||
| Interest expense, net | 32,063 | 6,874 | ||||||
| Other expense, net | 54,242 | 43,473 | ||||||
| Income before taxes | 151,219 | 139,473 | ||||||
| Income tax expense | 39,663 | 35,862 | ||||||
| Net income | $ | 111,556 | $ | 103,611 | ||||
| Basic net income per share(c): | ||||||||
| Common Stock | $ | 1.68 | $ | 1.19 | ||||
| Weighted average number of Common Stock shares outstanding | 56,517 | 77,131 | ||||||
| Class B Common Stock | $ | 1.68 | $ | 1.19 | ||||
| Weighted average number of Class B Common Stock shares outstanding | 10,047 | 10,047 | ||||||
| Diluted net income per share(c): | ||||||||
| Common Stock | $ | 1.67 | $ | 1.19 | ||||
| Weighted average number of Common Stock shares outstanding – assuming dilution | 66,623 | 87,265 | ||||||
| Class B Common Stock | $ | 1.67 | $ | 1.19 | ||||
| Weighted average number of Class B Common Stock shares outstanding – assuming dilution | 10,106 | 10,134 | ||||||
(c) All prior period share or per share amounts impacting the net income per share amounts have been retroactively adjusted to reflect the effects of a 10-for-1 forward stock split executed by the Company during the second quarter of 2025.
| FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| (in thousands) | April 3, 2026 | December 31, 2025 | ||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 232,947 | $ | 281,918 | ||||
| Trade accounts receivable, net | 597,921 | 574,601 | ||||||
| Other accounts receivable | 158,968 | 125,086 | ||||||
| Inventories | 388,740 | 336,401 | ||||||
| Prepaid expenses and other current assets | 121,831 | 108,668 | ||||||
| Total current assets | 1,500,407 | 1,426,674 | ||||||
| Property, plant and equipment, net | 1,626,463 | 1,604,605 | ||||||
| Right-of-use assets - operating leases | 111,635 | 116,611 | ||||||
| Leased property under financing leases, net | 1,058 | 1,160 | ||||||
| Other assets | 222,253 | 216,428 | ||||||
| Goodwill | 165,903 | 165,903 | ||||||
| Other identifiable intangible assets, net | 764,989 | 771,617 | ||||||
| Total assets | $ | 4,392,708 | $ | 4,302,998 | ||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Current portion of debt | $ | 100,000 | $ | 100,000 | ||||
| Current portion of obligations under operating leases | 24,063 | 24,412 | ||||||
| Current portion of obligations under financing leases | 489 | 556 | ||||||
| Accounts payable and accrued expenses | 1,090,569 | 1,003,689 | ||||||
| Total current liabilities | 1,215,121 | 1,128,657 | ||||||
| Deferred income taxes | 183,098 | 143,738 | ||||||
| Pension and postretirement benefit obligations and other liabilities | 1,009,647 | 988,053 | ||||||
| Noncurrent portion of obligations under operating leases | 90,046 | 95,076 | ||||||
| Noncurrent portion of obligations under financing leases | 1,118 | 1,188 | ||||||
| Long-term debt | 2,537,148 | 2,686,009 | ||||||
| Total liabilities | 5,036,178 | 5,042,721 | ||||||
| (Deficit)/Equity: | ||||||||
| Stockholders’ (deficit)/equity | (643,470 | ) | (739,723 | ) | ||||
| Total liabilities and (deficit)/equity | $ | 4,392,708 | $ | 4,302,998 | ||||
| FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| First Quarter | ||||||||
| (in thousands) | 2026 | 2025 | ||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income | $ | 111,556 | $ | 103,611 | ||||
| Depreciation expense, amortization of intangible assets and deferred proceeds, net | 56,902 | 53,373 | ||||||
| Fair value adjustment of acquisition related contingent consideration | 53,391 | 42,728 | ||||||
| Deferred income taxes | 38,925 | 35,278 | ||||||
| Change in current assets and current liabilities | (46,089 | ) | (19,676 | ) | ||||
| Change in noncurrent assets and noncurrent liabilities | (11,974 | ) | (19,347 | ) | ||||
| Other | 2,562 | 2,204 | ||||||
| Net cash provided by operating activities | $ | 205,273 | $ | 198,171 | ||||
| Cash Flows from Investing Activities: | ||||||||
| Additions to property, plant and equipment | $ | (63,112 | ) | $ | (97,866 | ) | ||
| Purchases and disposals of short-term investments | — | (37,402 | ) | |||||
| Other | (5,226 | ) | (4,427 | ) | ||||
| Net cash used in investing activities | $ | (68,338 | ) | $ | (139,695 | ) | ||
| Cash Flows from Financing Activities: | ||||||||
| Payments on term loan facility | $ | (150,000 | ) | $ | — | |||
| Payments of acquisition related contingent consideration | (19,070 | ) | (19,819 | ) | ||||
| Cash dividends paid | (16,641 | ) | (21,794 | ) | ||||
| Other | (195 | ) | (882 | ) | ||||
| Net cash used in financing activities | $ | (185,906 | ) | $ | (42,495 | ) | ||
| Net (decrease) increase in cash and cash equivalents during period | $ | (48,971 | ) | $ | 15,981 | |||
| Cash and cash equivalents at beginning of period | 281,918 | 1,135,824 | ||||||
| Cash and cash equivalents at end of period | $ | 232,947 | $ | 1,151,805 | ||||
| NON-GAAP FINANCIAL MEASURES(d) The following tables reconcile reported results (GAAP) to adjusted results (non-GAAP): |
Results for the first quarter of 2026 include six additional days compared to the first quarter of 2025. For comparison purposes, the estimated impact of the additional days in the first quarter of 2026 has been excluded from our adjusted(a) volume and financial results below.
| First Quarter 2026 | ||||||||||||
| (in millions) | Sparkling | Still | Total | |||||||||
| Volume | 65.7 | 21.3 | 87.0 | |||||||||
| Volume related to extra days in fiscal period | (4.1 | ) | (1.3 | ) | (5.4 | ) | ||||||
| Adjusted volume | 61.6 | 20.0 | 81.6 | |||||||||
| First Quarter 2025 | ||||||||||||
| (in millions) | Sparkling | Still | Total | |||||||||
| Volume | 58.6 | 18.1 | 76.7 | |||||||||
| Reported % Change vs. First Quarter 2025 | 12.2 | % | 17.5 | % | 13.4 | % | ||||||
| Adjusted % Change vs. First Quarter 2025 | 5.3 | % | 10.2 | % | 6.4 | % | ||||||
| First Quarter 2026 | ||||||||||||
| (in millions) | Sparkling | Still | Total | |||||||||
| Bottle/can beverage sales | $ | 1,089.8 | $ | 605.1 | $ | 1,694.9 | ||||||
| Bottle/can beverage sales related to extra days in fiscal period | (75.8 | ) | (42.1 | ) | (117.9 | ) | ||||||
| Adjusted bottle/can beverage sales | $ | 1,014.0 | $ | 563.0 | $ | 1,577.0 | ||||||
| First Quarter 2025 | ||||||||||||
| (in millions) | Sparkling | Still | Total | |||||||||
| Bottle/can beverage sales | $ | 933.8 | $ | 509.2 | $ | 1,443.0 | ||||||
| Reported % Change vs. First Quarter 2025 | 16.7 | % | 18.9 | % | 17.5 | % | ||||||
| Adjusted % Change vs. First Quarter 2025 | 8.6 | % | 10.6 | % | 9.3 | % | ||||||
| First 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(c) | |||||||||||||||||||||
| Reported results (GAAP) | $ | 1,846,668 | $ | 727,080 | $ | 489,556 | $ | 237,524 | $ | 151,219 | $ | 111,556 | $ | 1.68 | ||||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | — | 53,391 | 40,203 | 0.60 | |||||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | — | (2,498 | ) | 10,377 | (12,875 | ) | (12,875 | ) | (9,695 | ) | (0.15 | ) | ||||||||||||||||
| 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 | ) | (57,498 | ) | (14,623 | ) | (42,875 | ) | 10,516 | 7,918 | 0.11 | |||||||||||||||||
| Adjusted results (non-GAAP) | $ | 1,714,668 | $ | 669,582 | $ | 474,933 | $ | 194,649 | $ | 161,735 | $ | 119,474 | $ | 1.79 | ||||||||||||||
| Adjusted % Change vs. First Quarter 2025 | 8.5 | % | 6.6 | % | 8.6 | % | 2.2 | % | ||||||||||||||||||||
| First 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(c) | |||||||||||||||||||||
| Reported results (GAAP) | $ | 1,579,977 | $ | 627,104 | $ | 437,284 | $ | 189,820 | $ | 139,473 | $ | 103,611 | $ | 1.19 | ||||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | — | 42,728 | 32,174 | 0.37 | |||||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | — | 799 | 165 | 634 | 634 | 477 | — | |||||||||||||||||||||
| Total reconciling items | — | 799 | 165 | 634 | 43,362 | 32,651 | 0.37 | |||||||||||||||||||||
| Adjusted results (non-GAAP) | $ | 1,579,977 | $ | 627,903 | $ | 437,449 | $ | 190,454 | $ | 182,835 | $ | 136,262 | $ | 1.56 | ||||||||||||||
(d) 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.
