KOCoca ColaQ1 FY2026财报解读

Revenue Growth Acceleration

Total revenue grew 12.1% YoY to $12.47B in Q1 FY2026, up from $11.13B in Q1 FY2025, reflecting strong top-line momentum across the business driven by pricing power and volume gains.

来源: Source: 10-Q Income Statement

Margin Expansion Across the Board

Gross margin improved modestly to 62.96% from 62.59%, while operating margin expanded meaningfully by ~207 basis points to 34.95% from 32.88%, indicating effective cost discipline relative to revenue growth. SG&A grew only 7.4% versus revenue growth of 12.1%, demonstrating operating leverage.

来源: Source: 10-Q Income Statement & Key Ratios

Operating Cash Flow Turnaround

Operating cash flow swung dramatically from -$5.20B in Q1 FY2025 to +$2.02B in Q1 FY2026, a YoY improvement of $7.22B, signaling a significant normalization in working capital dynamics after the prior year's cash outflows.

来源: Source: 10-Q Cash Flow Statement

Strengthened Balance Sheet and Liquidity

Current assets rose 16.1% YoY to $30.39B while current liabilities fell 6.0% to $22.38B, pushing the current ratio to 1.36x. Cash and equivalents grew 25.6% YoY to $10.57B, reflecting improved liquidity. Stockholders' equity surged 28.4% to $33.63B.

来源: Source: 10-Q Balance Sheet

Shareholder Returns Remain Robust

Coca-Cola paid $2.28B in dividends in Q1 FY2026 (vs. $89M in Q1 FY2025) and repurchased $477M in shares (vs. $370M), underscoring its commitment to returning capital to shareholders even as it maintains strong liquidity.

来源: Source: 10-Q Cash Flow Statement

As a global beverage company generating significant revenue outside the United States, Coca-Cola is highly exposed to foreign currency fluctuations. Adverse movements in key currencies can materially impact reported revenues and earnings. The 12.1% revenue growth may partially mask underlying organic growth rates when currency headwinds are present.

来源: Source: 10-Q Income Statement & Balance Sheet

Cost of revenue grew 11.0% YoY to $4.62B, reflecting ongoing input cost inflation in key commodities such as sugar, aluminum, and PET plastic. While gross margin held relatively stable at 62.96%, sustained commodity price increases could compress margins if pricing power weakens.

来源: Source: 10-Q Income Statement

Dividends paid surged to $2.28B in Q1 FY2026 from just $89M in Q1 FY2025, a 2,462.9% increase, which may reflect timing of annual dividend payments. This level of cash outflow, if sustained, could constrain financial flexibility and limit reinvestment capacity.

来源: Source: 10-Q Cash Flow Statement

Total assets of $104.22B against stockholders' equity of $33.63B implies significant leverage on the balance sheet. While the current ratio of 1.36x is adequate, the company carries substantial long-term obligations that could become burdensome in a rising interest rate environment.

来源: Source: 10-Q Balance Sheet

ROA stands at only 3.77% despite strong net income of $3.92B, reflecting the capital-intensive and asset-heavy nature of Coca-Cola's global operations. This limits the company's ability to generate outsized returns relative to its total asset base of $104.22B.

来源: Source: 10-Q Key Ratios & Balance Sheet