Coca-Cola Outpaces PepsiCo in Q2 Earnings Report
Coca-Cola's (KO) Q2 2026 earnings report showed a significant gap between it and rival PepsiCo (PEP). Coca-Cola's revenue increased by 6.74% to $13.38 billion, with global unit case volume rising 5%. The company's Zero Sugar momentum was a major contributor, with volume up 16%, making it the strongest volume growth in 17 years excluding COVID recovery.
PepsiCo's (PEP) revenue also increased by 6.4% to $24.18 billion, but its mix is messier. PFNA revenue fell 2%, while Latin America Foods grew 15%, Asia Pacific Foods 12%, and EMEA 10%. PepsiCo's core operating margin contracted 40 basis points.
Coca-Cola's FIFA World Cup 2026 campaign has been successful, reaching over 20 million retail outlets, generating 9 billion views, and collecting 25 million first-party data records. On the other hand, Pepsi is restaging global brands, scaling Poppy and Siete, and pushing a $3 billion permissible-foods portfolio growing near double digits.