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COKE · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Coca-Cola Consolidated, Inc. Common Stock (COKE) stock moving?
Coca-Cola Consolidated reported Q3 2026 results on Nov 4 with net sales up 5.4% to $1.99B, income from operations up 10.1% to $271.6M, and adjusted EPS of $2.63 versus $2.06 a year earlier. Volume grew 1.4% in the quarter and 7.1% over nine months, but the quarterly growth was slower and gross margin fell 80 bps to 38.8%. Management said it has reduced debt by $450M year to date and is adding a glass bottle line in Indianapolis. The stock fell to $204.18 on the earnings day, then rallied to $212.50 on Nov 5 on 869K shares. It closed at $214.28 on Nov 10, up 3.0% on 392K shares, below the 30-day average of about 592K. The 30-day range is $198.66 to $219.99, and the stock now sits in its upper half. The earnings beat and deleveraging are the main positives, while margin pressure and the slower quarterly volume gain are the main concerns.
News behind the analysis
- Coca-Cola Consolidated Reports Third Quarter 2026 Financial ResultsReported Q3 2026 revenue of $1.99B and adjusted EPS of $2.63. Net sales rose 5.4% and income from operations rose 10.1% to $271.6M.
- Coca-Cola Consolidated Q3 Adj. EPS $2.63 Up From $2.06 YoY, Sales $1.990B Up From $1.888B YoYAdjusted EPS rose about 28% year over year on Q3 sales of $1.990B versus $1.888B a year earlier.
About Coca-Cola Consolidated, Inc. Common Stock
Coca-Cola Consolidated, based in Charlotte, North Carolina, is the largest Coca-Cola bottler in the US. It makes, sells and distributes more than 300 drink brands from The Coca-Cola Company and partner companies across parts of the Southeast, Midwest and Mid-Atlantic. What sets it apart is that it is an independent company controlled by the Harrison family, and it bought back all the shares Coca-Cola owned in late 2025.
How it makes money
Nearly all of its revenue comes from selling nonalcoholic drinks to grocery stores, convenience stores, mass retailers, restaurants and vending channels in its territories. That includes sparkling soft drinks like Coca-Cola, Sprite and Dr Pepper, and still drinks such as water, sports drinks, teas and energy drinks like Monster. It buys concentrate and syrup from The Coca-Cola Company, then bottles, packages and delivers the drinks itself. It makes money on the gap between its costs and the prices it charges. A small 'All Other' segment, roughly 4% of sales, covers things like manufacturing and transportation services. Quarterly net sales were about $2.0 billion in Q3 2026.
What usually moves COKE
- Price increases versus sales volume in its territories
- Costs of aluminum, plastic (PET), sweetener and concentrate
- Fuel, labor and delivery costs
- Consumer spending and shifts between soda and still drinks
- Capital spending and its relationship with The Coca-Cola Company