Can Coca-Cola Retain Pricing Power and Regain Momentum

Investors are watching Coca-Cola (NYSE: KO | KO Price Prediction) ahead of Q1 2026 results due before the market opens Tuesday, April 28. After Keurig Dr Pepper (NASDAQ:KDP) posted stronger-than-expected results pointing to durable beverage pricing and resilient demand, this print will test whether KO’s momentum is still intact.

Pricing Held the Line, Volume Is the Question

Last quarter, KO delivered EPS of $0.58 versus $0.56 estimated, while revenue of $11.82 billion missed the $12.15 billion consensus. Underneath the headline, organic revenue still grew 5% in Q4 and for the full year, with Coca-Cola Zero Sugar volume up 13%.

Headline price/mix of 1% masked 4% underlying pricing offset by 3% unfavorable mix. Management guided FY2026 to 4% to 5% organic revenue growth and 7% to 8% comparable EPS growth, helped by a 3% currency tailwind. Shares are up 10.36% year to date, signaling that the buyside has already started rewarding the pricing-power story.

Consensus Setup

Pricing, the Calendar, and Asia Pacific

Three things will shape how I read this print. First, pricing durability. James Quincey said 2026 should move toward a 50-50 split between volume and price, with price elevated early. KDP’s beat suggests consumers are still absorbing higher absolute price points, which is exactly what KO needs to confirm.

Second, the calendar. Q1 2026 carries six additional shipping days versus Q1 2025, which will inflate reported revenue and concentrate sales. You should strip that out before judging underlying momentum.

Third, geographic recovery. Asia Pacific revenue fell 7% in Q4, with volume declines in Mexico, Thailand, and India. Quincey expects India, China, ASEAN, and Europe to bounce back through 2026, with Mexico’s new excise tax hitting hardest in Q1. I’ll be watching for early signs those drags are stabilizing.

Margins matter, too. North America operating margin hit 30% for the first time last quarter. John Murphy framed that as part of roughly 60 basis points of annual operating margin expansion over eight years, not a fluke. Polymarket traders are pricing a 92% probability of an EPS beat, consistent with eight straight quarterly beats.

First Test for the New CEO Era

This is effectively the handoff quarter to CEO-elect Henrique Braun, closing a Quincey stretch that inflected comparable EPS from roughly $2 to $3. If pricing holds, currency flips positive, and Asia Pacific stops bleeding, the FY2026 algorithm looks credible. If not, the 24x forward earnings multiple needs a stronger story to defend.