Coca-Cola Consolidated, Inc. Earnings Summary — Q2 FY2026

• Revenue increased 16.9% to $1.85 billion, primarily driven by strong volume performance and strategic pricing actions.
• Results were favorably impacted by six additional selling days in Q1 2026 compared to Q1 2025; adjusted net sales grew a robust 8.5%.
• Sparkling volume rose 12.2%, led by zero-sugar offerings, while Still volume jumped 17.5% due to high demand for Dasani casepacks and Monster energy.
• Gross margin compressed 30 basis points to 39.4% as approximately $35 million in additional aluminum costs outpaced pricing gains.
• Operating income grew 25.1% to $237.5 million, though adjusted operating margin fell 70 basis points due to increased frontline wage investments.
• The balance sheet remains leveraged with a reported stockholders' deficit of $643 million, despite paying down $150 million in term loan principal during the quarter.

Management expects capital expenditures for the full fiscal year 2026 to be approximately $300 million. They anticipate that the six-day advantage seen in Q1 will be offset by six fewer days in Q4 2025, resulting in a neutral impact for the full fiscal year.

Stable

Strong top-line momentum and volume growth across both Sparkling and Still categories offset significant gross margin pressure from commodity headwinds.

The company maintains a cautious but optimistic outlook for 2026, focusing on navigating a volatile macroeconomic environment and geopolitical impacts on input costs like aluminum.