The Coca-Cola Company

Coca-Cola is positioned to extend its streak of beating earnings estimates when it reports on October 27, 2026, according to Zacks Investment Research. The beverage maker has topped the Zacks Consensus Estimate in each of its last two quarters, delivering an average surprise of 5.80%. In the most recent report, Coca-Cola posted earnings of $0.97 per share versus the consensus estimate of $0.92, a surprise of 5.43%, after beating the prior quarter's $0.81 estimate with earnings of $0.86 per share, a surprise of 6.17%. The stock currently carries a Zacks Earnings ESP of +0.57% and a Zacks Rank #2 (Buy), a combination Zacks research shows produces a positive surprise nearly 70% of the time.

Coca-Cola has regained a long-term Marriott hotel beverage contract in 2026 after several decades without the agreement, while advancing an African bottling refranchising program that shifts more local production and distribution to regional partners. Management has reported consecutive earnings beats in recent quarters and has raised earnings guidance for the current financial year. The company has guided to 9% to 10% comparable earnings growth for 2026 and about 5% organic revenue growth, and how closely reported figures track those targets will show whether the Marriott contract, African refranchising and recent execution are feeding through as planned. Coca-Cola is one of the largest beverage producers globally, selling a broad range of nonalcoholic drinks across the US and international markets, and the regained Marriott deal plugs it back into a long-duration, high-visibility hotel channel. The Marriott win and African bottling refranchising sit inside a narrative stressing an asset-light system, emerging market penetration and higher-margin categories, with analysts modeling a $94.70 fair value.

Coca-Cola reported 5% unit case volume growth in the second quarter of 2026, with gains across every operating unit and nearly all beverage categories. North America volume rose 3%, Latin America gained both value and volume share, and EMEA and Asia Pacific each posted volume growth across all operating units. Management attributed the quarter to favorable weather in certain markets, easier year-ago comparisons and FIFA World Cup activation, which helped drive 5% Trademark Coca-Cola volume growth and 8% Powerade growth globally, though on a two-year basis volume growth was 2%. Among peers, PepsiCo's global convenient foods organic volume rose 3% and global beverages 2% in the quarter, with International Beverage Franchise volume up 5%, while Keurig Dr Pepper's U.S. Refreshment Beverages and international volume mix each rose 6.5%. Coca-Cola shares have rallied 32.9% in the past year versus the industry's 19.3% growth, and the stock trades at a forward price-to-earnings ratio of 25.34X against the industry's 18.95X.

Arca Continental Coca-Cola Southwest Beverages has completed a $42 million expansion of its San Antonio bottling facility, adding 170,000 square feet of warehouse space and a second production line. The Dallas-based Coca-Cola bottler marked the completion with a ribbon-cutting ceremony today. The expanded warehouse can hold an additional 20 percent of product, helping manage holiday and seasonal demand spikes. President Susanne Brady-Lusk said the investment reflects confidence in San Antonio and Central Texas. The San Antonio project is part of AC-CCSWB's broader investment across its territory, which has also included Fort Worth, Houston and Waco. Coca-Cola has served San Antonio for nearly 60 years and employs nearly 900 people locally; AC-CCSWB supplies more than 31 million consumers across Texas and parts of Oklahoma, New Mexico and Arkansas.

Coca-Cola lifted its full-year comparable EPS growth guidance to 9% to 10% and its free cash flow outlook to roughly $12.4 billion after posting its fifth consecutive earnings beat. The beverage giant reported adjusted EPS of $0.97 versus $0.9323 estimated on revenue of $13.38 billion, up 6.74% year over year, with global unit case volume rising 5% on the back of a FIFA World Cup activation spanning more than 180 markets. Coca-Cola Zero Sugar volume climbed 16%, Latin America revenue grew 16%, and operating margin expanded to 34.9%, while trademark Coca-Cola volume delivered its strongest growth in 17 years excluding the COVID recovery. Shares of Coca-Cola, Warren Buffett's largest and longest-held equity position since 1988, have climbed 28.24% year to date and 35.86% over the past year, trading just below a 52-week high of $91.94. Risks include a $960 million BODYARMOR impairment booked in the fourth quarter of 2025, ongoing IRS tax litigation, value-share loss in India, and six fewer selling days in the fourth quarter of 2026.

The Coca-Cola Company plans to invest $10 billion in U.S. infrastructure from 2026 through 2030 to reinforce its manufacturing, distribution, and bottling network in one of its most important markets. The commitment is system-wide and therefore includes investments by Coca-Cola's bottling partners, rather than representing $10 billion of Coca-Cola's own capital expenditure, and Coca-Cola's own 2026 capital expenditure is expected to be substantially smaller. The company's 2025 10-K showed North American unit-case volume fell 1% while price/mix increased revenue by 5%, but Coca-Cola reported 4% North American unit-case volume growth in the first quarter of 2026, led by Trademark Coca-Cola and water, sports, coffee and tea. Coca-Cola subsequently raised its 2026 organic revenue-growth outlook to approximately 5% and comparable EPS growth to 9%-10%. Coca-Cola has also faced higher aluminum and PET costs, which management said were above expectations in 2026, and the value of the investment will depend on whether the spending produces measurable volume, productivity, and margin gains.

Coca-Cola received conditional approval for Coca-Cola HBC to acquire a majority stake in Coca-Cola Beverages Africa, opening access to 14 additional African markets. Management also announced a US$10b commitment to invest in U.S. infrastructure across manufacturing and distribution over a multi year period. The African bottling deal pulls 14 more African territories closer to one listed bottler that already works tightly with Coca-Cola, which can simplify decisions on pricing, marketing, and product mix while reinforcing the parent company's asset light model. The key marker ahead is how Coca-Cola and Coca-Cola HBC frame financial and operational targets for the enlarged African footprint when they give future guidance and integration updates. On the U.S. side, investors can track how much of the US$10b infrastructure commitment is allocated annually between 2026 and 2030 and whether it links to specific capacity or distribution milestones.

Coca-Cola plans to invest $10 billion through 2030 in US infrastructure, including expanded production facilities, distribution, and offices, President and CFO John Murphy said. Speaking with Yahoo Finance, Murphy said the company does not see AI taking jobs as "the path forward for our business," describing Coca-Cola as a physical business that will demand a lot of labor for a long time to come. He said the company will still leverage technology to operate more efficiently, but expects its ecosystem to remain a large employer of people at the local level, both upstream and downstream. Coca-Cola supports about 1 million jobs across the US, and Murphy said growth will be the primary driver of future benefits, with labor among the beneficiaries. On the US consumer, he said the economy has been fueled by a certain segment of the consumer base while other segments remain under pressure, and that the company's revenue growth management capabilities let it offer Coca-Cola at different price points and packages across channels.

UBS has named Coca-Cola its top pick in the beverage, household and personal-care group, positioning the company as a preferred defensive trade as rising bond yields and falling equities shake markets. The bank highlighted Coca-Cola's quarterly dividend of $0.53 per share, which translates into a roughly 2.39% yield at current prices, and argued that the stock's premium relative to history is warranted given its earnings visibility and upside, even after a nearly 30% rally this year. Coca-Cola reported second-quarter revenue of $13.4 billion, up 7% from a year earlier, while organic revenue increased 6%, global unit-case volume rose 5%, and comparable earnings per share climbed 11% to $0.97. Comparable operating margin also expanded to 35.6% from 34.7%. The company raised its 2026 outlook, now expecting organic revenue growth of about 5% and comparable EPS growth of 9% to 10%, and forecasts approximately $12.4 billion of free cash flow for the year.

Coca-Cola Co. is spending an additional $10 billion into its U.S. business, with most of the money going toward increasing production capacity between now and 2030. The beverage giant, whose brands include Coke and Sprite, already has a large U.S. footprint, and the company said the investment reflects its motivation to spend at home rather than merely preserve what it has. Investors did not celebrate the news, with shares trading lower Tuesday afternoon. The payoff will take time, and the question now is what Coca-Cola does with the money and whether the expenditure delivers another leg of growth in a market it has dominated for decades.

PepsiCo's intensified productivity agenda is emerging as a key lever for margin improvement as the company navigates inflation, softer North American demand and continued growth investments. In the second quarter of 2026, core operating profit rose 4%, driven primarily by productivity savings and effective net pricing, though the core operating margin declined 40 basis points as higher operating costs offset some of those benefits. International margins expanded on strong revenue growth and productivity savings, while North American margins contracted due to affordability investments and unfavorable volume and channel mix. PepsiCo expects higher input-cost inflation in the second half versus the first half, but management believes record productivity savings, together with tariff refund claims, should mitigate a significant portion of higher costs and incremental growth investments. Among peers, Coca-Cola's second-quarter 2026 comparable gross margin rose about 120 basis points and its operating margin increased roughly 90 basis points, while Keurig Dr Pepper drove 100 basis points of SG&A leverage and lifted U.S. Refreshment Beverages operating income 11.9%, and remains confident in achieving $400 million in cost synergies. PepsiCo shares have lost 6.6% in the past three months against the industry's rise of 1.4%, and the stock trades at a forward price-to-earnings ratio of 15.38X versus the industry's average of 19.22X.

Coca-Cola said its digital strategy is now tied to measurable commercial outcomes, with management placing digital "at the core of every connection" across consumer, customer and enterprise priorities. The clearest proof point came from the 2026 FIFA World Cup campaign, where connected packaging, digital activations and localized engagement helped Coca-Cola collect more than 25 million first-party data points and generate above 9 billion digital and social media views. Management linked those capabilities to business momentum, saying World Cup activation contributed to 5% volume growth in second-quarter 2026 for Trademark Coca-Cola, its strongest quarterly growth in 17 years excluding COVID-19 recovery, while Powerade volume rose 8% globally and venue incidence exceeded 80% across 16 host cities. Coca-Cola also plans to reuse the tournament's first-party data to sharpen future campaigns such as Coke and Meals and Powerade moments. Management stopped short of isolating digital's precise financial contribution, acknowledging the World Cup impact was difficult to quantify because weather, easier comparisons and broader execution also supported the results. PepsiCo is advancing automation, digitalization and simplification to improve productivity and operating leverage while using always-on digital and social content around platforms such as Formula 1 and the FIFA World Cup, though North America beverage organic volume declined 4% in second-quarter 2026. Monster Beverage increased spending on social and digital media and launched its "Unleash the Beast" campaign across connected TV, programmatic, social and retail media, while second-quarter 2026 net sales jumped 20.2%.

Coca-Cola's latest earnings call reveals that its margin expansion is being driven more by pricing power, revenue growth management, and structural efficiencies than by cost relief. In the second quarter of 2026, comparable gross margin expanded about 120 basis points, while comparable operating margin increased roughly 90 basis points, with management attributing the gains to underlying margin expansion and favorable currency movements. Pricing remains a key lever, with 2% price/mix growth reflecting three points of pricing actions partly offset by one point of unfavorable mix. Cost conditions are becoming more manageable, but management did not point to broad-based cost deflation as the main driver. Looking ahead, margin expansion is expected to be supported by quality top-line growth, disciplined cost management, and the asset-light structure, with the refranchising of Coca-Cola Beverages Africa providing an additional benefit in the fourth quarter of 2026. Among peers, PepsiCo's core operating margin declined 40 basis points despite productivity savings, while Monster Beverage's gross margin improved to 55.9% from 55.7% on pricing and mix.

Coca-Cola reported second-quarter 2026 results that beat revenue and earnings forecasts, driven by volume gains and pricing, and raised its full-year outlook for organic growth and profitability. The stronger performance has prompted an analyst upgrade emphasizing improving earnings prospects, reinforcing confidence in the company's underlying momentum. The raised 2026 guidance puts earnings growth and margin resilience at the center of the story, with management's ability to offset regulatory and health-related pressures through pricing and mix. However, the quarter does not materially change the key risk of declining sugary drink consumption due to health concerns and competition. Investors are also weighing a wide range of fair value estimates, from US$66.20 to US$94.70, with the company's projected $53.4 billion revenue and $17.0 billion earnings by 2029 yielding a fair value of $94.70, a 6% upside to its current price.

Coca-Cola and PepsiCo delivered contrasting second-quarter 2026 results, with Coca-Cola raising full-year guidance on 5% global unit case volume growth while PepsiCo reaffirmed guidance and conceded its Q2 volume fell short. Coca-Cola shares are up 33.35% year to date versus PepsiCo's 2.76% gain. PepsiCo posted $24.18 billion in revenue, up 6.4%, but its PFNA foods segment fell 2% and CEO Ramon Laguarta blamed a weaker consumer driven mainly by gas prices. Coca-Cola's revenue reached $13.38 billion, with Coca-Cola Zero Sugar volume up 16%, and new CEO Henrique Braun highlighted the FIFA World Cup platform spanning more than 180 markets. Coca-Cola's operating margin of 34.9% is more than double PepsiCo's 14.4%, though PepsiCo offers a 3.87% dividend yield backed by a 54th consecutive dividend increase.

The National Restaurant Association's 2026 Restaurant Beverage Trends report finds beverages are becoming a major growth driver for restaurants, with 87% of fullservice operators and 80% of limited-service operators saying beverages can drive traffic. The report, sponsored by The Coca-Cola Company, shows 72% of consumers see restaurants as a good place to discover new beverages, and 37% make beverage-only purchases at least weekly, including 50% of Gen Z adults and 47% of millennials. It also identifies packaging innovation as a key opportunity, with 83% of delivery customers saying they would order beverages more often if packaging improved. Operators are prioritizing smarter menus, with limited-service operators focusing on coffees, teas, smoothies, and wellness beverages, while fullservice operators expand cocktails, alcohol-free options, beer, and wine.

Coca-Cola shares have outperformed every member of the Magnificent 7 tech complex this year, trading at a record high and up 32% year to date under new CEO Henrique Braun. The beverage giant posted second quarter net revenue of $13.4 billion, up 7% year-over-year, with earnings per share rising 16% to $1.03, driven by a 6% organic revenue increase and 5% gain in global unit case volume. By comparison, Meta is down 15% and Tesla is off 22% in 2026, making Tesla the worst performing Magnificent 7 member. Coca-Cola also raised its full-year earnings guidance, citing pricing power, operational efficiencies, and favorable currency tailwinds, while investors have bid up shares as a defensive haven amid market volatility.

Coca-Cola has emerged as the strongest growth name among the largest consumer-staples stocks, according to Seeking Alpha's latest quantitative rankings. The beverage giant earned a B growth grade, the best among the sector's 10 largest holdings, ahead of Monster Beverage and Costco at B-, Philip Morris at C+, and Mondelez at C. PepsiCo was graded D+, while Altria, Colgate-Palmolive, and Procter & Gamble each received a D. Coca-Cola's lead is backed by improving fundamentals, including second-quarter net revenue up 7% to $13.4 billion, organic revenue up 6%, global unit-case volume up 5%, and comparable EPS up 11% to $0.97. Management also raised its full-year outlook to roughly 5% organic revenue growth and comparable EPS growth of 9% to 10% versus 2025, with free cash flow expected to reach approximately $12.4 billion.

Coca-Cola is adapting its beverage portfolio as consumer preferences evolve, reducing the risk that changing tastes could materially undermine its core business. Trademark Coca-Cola volume grew 5% in the second quarter of 2026, its strongest growth in 17 years excluding the COVID recovery period, while Powerade volume increased 8% globally. Fairlife grew 18% in the quarter as the company ramped up capacity at its Webster facility, and Coca-Cola Zero Zero is being expanded globally following encouraging initial performance in Europe. PepsiCo is expanding functional, zero-sugar and permissible offerings, though North America beverage volumes remained subdued, while Monster Beverage's zero-sugar portfolio remained a significant contributor to U.S. growth with the Ultra family growing 19% in the second quarter. Coca-Cola shares have rallied 11.8% in the past three months and trade at a forward price-to-earnings ratio of 26.47X, above the industry's 20.05X.

Monster Beverage's core Monster Energy Drinks segment posted net sales of $2.36 billion in the second quarter of 2026, up 21.6% year over year from $1.94 billion. Overall company net sales advanced 20.2% to $2.54 billion, while operating income increased 17.2% to $740.4 million and earnings per share rose 19% to $0.59. The company cited resilient category demand, product innovation, and expanding global distribution, along with deeper collaboration with Coca-Cola bottling partners, as key drivers. Management highlighted the zero-sugar Ultra family and Juice Monster as important growth contributors, while noting higher aluminum, freight, fuel, and marketing costs as ongoing challenges.

Coca-Cola's second-quarter 2026 results show a more balanced growth engine, with organic revenues up 6% and unit case volume up 5%. Price/mix contributed 2% to growth, consisting of three points of pricing offset by one point of unfavorable mix related to investment timing in Asia Pacific. North America volume grew 3%, while Trademark Coca-Cola volume rose 5% globally, its strongest growth in 17 years excluding the COVID recovery. Management expects volume and price/mix to move more in tandem during 2026, balancing affordability and premiumization through packaging formats and entry price points.

Foods & Inns Ltd reported a slowdown in export dispatch due to vessel non-availability and significant increases in ocean freight, leading to delayed call-ups and a backlog of 1,800 million tons of finished goods. Average realization declined by 18.5% year-on-year due to lower raw material (mango) prices, impacting top-line value growth despite volume growth. The company received a higher order from its top customer, Coca-Cola, for the Maza brand, which celebrated its 50th anniversary. The frozen food segment continues to show strong growth, with a 20% growth in Q1 and a 30% CAGR over the last two years, and the company is expanding capacity to meet demand. The pectin segment has started commercial production, with samples sent to big brands and consumer testing underway, expected to yield opportunities in the second half of the year.

Five Dividend Aristocrats posted better-than-expected second-quarter earnings and raised full-year guidance, according to 24/7 Wall St. American States Water crushed Q2 estimates and rewarded shareholders with an 8% dividend hike, extending its 70-year streak of consecutive increases. Coca-Cola reported $13.37 billion in revenue and $0.97 in comparable EPS, beating consensus and raising its full-year earnings growth forecast to 8% to 9%. Dover's adjusted EPS climbed 12% to $2.74, and the company raised full-year guidance for both organic revenue and adjusted earnings. Federal Realty Investment Trust posted a 96% occupancy rate and extended its record 59-year streak of annual dividend increases. Stanley Black & Decker delivered a massive earnings beat, reporting $1.57 adjusted EPS versus the $1.21 consensus.

The Trump administration is weighing a plan to index capital gains for inflation, which would reduce but not eliminate the tax bill on Warren Buffett's long-held stock positions. National Economic Council Director Kevin Hassett confirmed the White House is developing capital gains proposals ahead of November's midterms, with inflation-indexed cost basis at the center. For Berkshire Hathaway's Coca-Cola stake, built between 1988 and 1994 with a split-adjusted cost basis near $3.25 a share, cumulative inflation of roughly 2.7 times would push the adjusted basis to around $8 to $9, but with Coca-Cola trading in the high $80s, the adjustment shaves only a few dollars off the taxable gain per share. The Cruz-Scott version of indexing was estimated to reduce federal revenue by about $200 billion, while the Committee for a Responsible Federal Budget warned that executive action alone could add $170 billion to $950 billion to the national debt by 2035. Investors whose holdings merely tracked inflation would benefit most from indexing, while genuine long-term compounders still owe tax on decades of real outperformance.

Coca-Cola raised its full-year 2026 guidance following a second-quarter earnings beat, while PepsiCo maintained its more modest outlook amid ongoing North American weakness. Coca-Cola reported net revenue of $13.37 billion, up 7% year over year and ahead of estimates of $13.05 billion, with adjusted earnings per share of $0.97 beating the $0.92 consensus. The company lifted its organic revenue growth forecast to approximately 5% from a prior range of 4% to 5%, and now expects adjusted EPS growth of 9% to 10%, up from 8% to 9%. PepsiCo posted net revenue of roughly $24.18 billion, topping expectations of $23.86 billion, and adjusted EPS of $2.20, edging estimates of $2.19, but North American beverage volumes fell 4% and snack volumes were flat. PepsiCo reiterated its fiscal 2026 outlook for organic revenue growth of 2% to 4% and adjusted EPS growth of approximately 5% to 7%, while Coca-Cola's premium valuation and stronger growth trajectory have widened the divergence between the two consumer staples stocks.

Apple, Microsoft, and Coca-Cola each reported quarterly results that reinforced their durable competitive advantages. Apple's Services revenue reached $30.98 billion and its active device base exceeded 2.5 billion, while Microsoft's AI business surpassed a $37 billion annualized run rate, up 123% year-over-year. Coca-Cola extended its dividend streak to over 63 years and raised 2026 EPS growth guidance to 8-9% after a 12% revenue increase. All three companies face distinct risks, including Apple's premium valuation, Microsoft's surging capital expenditures, and Coca-Cola's impairment and divestiture headwinds.

Coca-Cola raised its full-year guidance for the second time this year after second-quarter net revenue climbed 7% to $13.4 billion and comparable earnings per share rose 11% to 97 cents, beating Wall Street estimates by five cents. Global unit case volume grew 5%, the fastest pace in years outside pandemic-recovery comparisons, driven by a 16% jump in Zero Sugar volume and an 8% increase in Powerade volume, which was helped by placement during World Cup hydration breaks. The company now expects 2026 organic revenue growth of about 5%, up from a prior range of 4% to 5%, and raised comparable EPS growth guidance to 9% to 10% from 8% to 9%. CFO John Murphy told Reuters that the company lost value share in India's ready-to-drink beverage market due to aluminum can shortages, while rising aluminum and PET plastic costs are pressuring margins. Coca-Cola shares closed at $87.05 on Friday, near a 52-week high, and the stock is up roughly 26% so far this year.

Coca-Cola raised its 2026 outlook, citing broad-based momentum across emerging markets that is helping to offset pressure on lower-income consumers in North America. Management highlighted Asia Pacific, particularly India and China, as significant long-term opportunities, with India accounting for seven of the company's top 10 brands and both countries delivering strong volume growth. The company also reported broad-based growth across Latin America, Africa and Asia Pacific, underscoring an increasingly diversified growth engine beyond developed markets. In the United States, Coca-Cola is addressing consumer spending pressure through value-focused packaging, affordable price points and targeted innovation rather than relying solely on pricing. The Zacks Consensus Estimate for 2026 and 2027 earnings implies year-over-year growth of 9.7% and 6.7%, respectively, and the stock carries a Zacks Rank #2 (Buy).

Zacks Investment Research identifies five soft drink stocks poised for growth amid rising demand for healthier beverages and digital transformation. The Zacks Beverages – Soft Drinks industry, ranked in the top 37% of over 250 Zacks industries, is benefiting from consumer shifts toward zero-sugar, low-calorie, and functional drinks, as well as investments in AI, e-commerce, and smart manufacturing. The Coca-Cola Company, Monster Beverage Corporation, Fomento Económico Mexicano, Primo Brands Corporation, and The Vita Coco Company are highlighted as well-positioned to capitalize on these trends, though the industry faces headwinds from rising input costs and tariff uncertainty. Vita Coco holds a Zacks Rank #1, Coca-Cola and Primo Brands hold a Zacks Rank #2, and Monster Beverage and Fomento Económico Mexicano hold a Zacks Rank #3.

Coca-Cola raised its fiscal 2026 outlook following better-than-expected second-quarter results. The company now expects organic revenues to increase about 5% in 2026, at the high end of its previous 4-5% range, and comparable currency-neutral earnings per share to rise 7-8%, above the prior 6-7% forecast. Second-quarter revenues increased 7% year over year to $13.38 billion, beating the Zacks Consensus Estimate of $13.06 billion, while comparable earnings of 97 cents per share topped the consensus of 92 cents. Global unit case volume advanced 5%, supported by growth across markets and beverage categories, and comparable operating margin expanded to 35.6% from 34.7%. The pending sale of Coca-Cola Beverages Africa is expected to improve the structural margin profile but will create a 2-3% drag on comparable revenues and an approximately 1% headwind to comparable earnings per share for 2026.

A growing number of companies are raising their profit outlooks despite macroeconomic uncertainty. More S&P 500 firms are lifting guidance than cutting it, and Wall Street analysts have raised third-quarter earnings estimates for the index for the second consecutive quarter. Argus research analyst Christine Dooley views consistent guidance raises as a catalyst for market-beating returns. Among the companies that have raised guidance in the second quarter so far are Cheesecake Factory, Ford, General Motors, Hasbro, Starbucks, Coca-Cola, Charles Schwab, PayPal, US Bancorp, ASML, Seagate Technology, Supermicro Computer, Bristol Myers Squibb, Johnson & Johnson, UnitedHealth Group, 3M, Lockheed Martin, Northrop Grumman, United Airlines, and United Parcel Service.

Coca-Cola's early investment in zero-sugar drinks is paying off with stronger growth and market share gains, while PepsiCo struggles with declining volumes and brand fatigue. Coca-Cola Zero Sugar grew 16% globally in the second quarter, and Diet Coke and Coca-Cola Light added another 7%, helping drive a 5% volume gain and 6% organic revenue growth. In contrast, PepsiCo's North American beverage volume fell 4%, its North American food business saw organic revenue slip 2%, and overall organic revenue grew just 2.4%. Coca-Cola trades at a premium to PepsiCo, which offers a cheaper valuation and a higher dividend yield, but Coke's operational edge appears durable.