Coca-Cola has smashed market expectations in its second quarter thanks to a marketing blitz ahead of the recent World Cup, where Powerade sponsored the controversial hydration break in every match.
The drinks behemoth reported a 7% jump in net revenues to $13.4bn (£11.5bn) in the three months, as a 5% rise in volumes powered a 6% increase in organic sales. Analysts had predicted organic growth of 3.5%.
The group said the Fifa World Cup had provided a “unique opportunity” to activate a marketing campaign “at unprecedented scale” across more than 180 markets.
Before the start of the tournament, the company’s ‘Trophy Tour’ made more than 70 stops across about 30 markets, reaching in excess of 700,000 fans. Coke also spanned more than 20 million retail outlets with experiential activations and customer partnerships, while it generated more than 60 billion digital impressions and nine billion views across social media platforms, supported by an army of 2,500 content creators.
It helped trademark Coca‑Cola become the number one brand by share of voice during the tournament.
Coke said its World Cup campaign contributed to a portion of 5% volume growth for trademark Coca‑Cola and an 8% jump for Powerade, which sponsored the controversial hydration break at the tournament, during the quarter.
The group raised its full-year guidance to the top end of its forecasts thanks to the performance, with growth now expected to be at around 5% rather than the 4%-5% previously guided.
In Europe, the Middle East and Africa, volumes were up 4% in the three months ended 3 July 2026, primarily driven by growth in the Coca-Cola brand, water, sports drinks, coffee and tea. Latin America and North America both boosted volumes by 3%, while Asia Pacific was up 8%.
Coca-Cola’s group operating margin improved by 80 basis points to 34.9% in the quarter, with earnings per share up 16% to $1.03, or 11% on a comparable basis.
“We delivered another strong quarter by staying close to the changing needs of our consumers and customers,” CEO Henrique Braun said.
“While we continue to see a dynamic consumer landscape, we leveraged our powerful brands and system to gain value share, delivering revenue, profit and earnings growth while also investing for the long term.”
While measured against Coca-Cola’s easiest comparative period of the financial year, the company’s performance pleased analysts.
RBC’s Nik Modi said the group was “in a better position than most” thanks to its flair in navigating outside shocks.
Bernstein analyst Cristian Rios called the results “compelling, particularly because the beat was driven by volume”.
“Unit case volumes were up in every region, suggesting the driver of performance could have been the World Cup,” he noted.
“We believe investors will now focus on medium to longer-term trends, to better understand business expectations as strategic challenges, which include pressured consumers around the world, increased focus on health and wellness, and a more challenging regulatory environment, remain.”
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