Slides
Page 1
Q3 2026 MARGIN ANALYSIS October 27, 2026 RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION The following presentation includes certain "non -GAAP financial measures" as defined in Regulation G under the Securities Exchan ge Act of 1934. A schedule which reconciles our results as reported under Generally Accepted Accounting Principles and the non -GAAP financial measures included in the following presentation is attached as an appendix hereto.
Page 2
3Q25 GAAP Items Impacting Comparability 3Q25 Comparable (Non-GAAP) Underlying Currency Acquisitions & Divestitures 3Q26 Comparable (Non-GAAP) Items Impacting Comparability 3Q26 GAAP ~170bps KEY TAKEAWAYS • Items impacting comparability relate to economic hedging activities. • Underlying gross margin expanded b y ~90 bps, driven by organic r evenue growth. • The acquisitions and divestitures ta ilwind was due to the sale of the company’s finished product operations in Nigeria. Note: Numbers may not add due to rounding. 2 Q3 2026 MARGIN ANALYSIS ~90bps ~(50bps)61.5% 61.0% ~50bps ~30bps ~50bps 62.7% CONSOLIDATED GROSS MARGIN 63.2%
Page 3
YTD25 GAAP Items Impacting Comparability YTD25 Comparable (Non-GAAP) Underlying Currency Acquisitions & Divestitures YTD26 Comparable (Non-GAAP) Items Impacting Comparability YTD26 GAAP ~90bps KEY TAKEAWAYS • Items impacting comparability primarily relate to economic hedging activities. • Underlying gross margin expanded by ~20 bps, driven by organic r evenue growth, partially offset by higher input costs. • The acquisitions and divestitures ta ilwind was primarily due to the sale of the company’s finished product operations in Nigeria. Note: Numbers may not add due to rounding. 3 YTD 2026 MARGIN ANALYSIS ~20bps~(20bps)62.1% 61.9% ~40bps ~30bps ~20bps62.8% CONSOLIDATED GROSS MARGIN 63.0%
Page 4
3Q25 GAAP Items Impacting Comparability 3Q25 Comparable (Non-GAAP) Underlying Currency Acquisitions & Divestitures 3Q26 Comparable (Non-GAAP) Items Impacting Comparability 3Q26 GAAP ~20bps~(10bps)32.0% 31.9% ~20bps 32.9% ~40bps 33.4% Note: Numbers may not add due to rounding. 4 Q3 2026 MARGIN ANALYSIS CONSOLIDATED OPERATING MARGIN KEY TAKEAWAYS • Items impacting comparability primarily relate to economic hedging activities. • Underlying operating margin expanded by ~20 bps, primarily driven by organic revenue growth, partially offset by an increase in marketing investments and highe r o perating expenses. • The a cquisitions and divestitures tailwind was due to the sale of the company’s finished product operations in Nigeria. ~110bps ~60bps
Page 5
YTD25 GAAP Items Impacting Comparability YTD25 Comparable (Non-GAAP) Underlying Currency Acquisitions & Divestitures YTD26 Comparable (Non-GAAP) Items Impacting Comparability YTD26 GAAP ~40bps ~40bps 33.0% 33.5% ~20bps 34.3% ~10bps 34.4% Note: Numbers may not add due to rounding. 5 YTD 2026 MARGIN ANALYSIS CONSOLIDATED OPERATING MARGIN KEY TAKEAWAYS • Items impacting comparability primarily relate to economic hedging activities and charges for the remeasurement of the fairlife contingent consideration liability in the prior year. • Underlying operating margin expanded by ~40 bps, primarily driven by organic revenue growt h a nd lower operating expenses, partially offset by higher input c osts and an increase in marketing investments. • The a cquisitions and divestitures tailwind was primarily due to the sale of the company’s finished product operations in Nigeria. ~90bps ~30bps
Page 6
APPENDIX RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES
Page 7
Gross Margin: Three Months Ended October 2, 2026 Three Months Ended September 26, 2025 Basis Point Growth 63.15% 61.49% 166 0.46% 0.46% 62.69% 61.03% 166 0.45% 0.00% 62.24% 61.03% 121 0.00% (0.28%) 62.24% 61.31% 93 Nine Months Ended October 2, 2026 Nine Months Ended September 26, 2025 Basis Point Growth 63.00% 62.14% 86 0.19% 0.21% 62.81% 61.93% 88 0.36% 0.00% 62.45% 61.93% 52 0.00% (0.32%) 62.45% 62.25% 20 Comparable Gross Margin (Non-GAAP) THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Reported Gross Margin (GAAP) Items Impacting Comparability (Non-GAAP) Comparable Currency Impact (Non-GAAP) Comparable Currency Neutral Gross Margin (Non-GAAP) Impact of Acquisitions and Divestitures on Comparable Currency Neutral Gross Margin (Non-GAAP) Underlying Gross Margin (Non-GAAP) Reported Gross Margin (GAAP) Items Impacting Comparability (Non-GAAP) Comparable Gross Margin (Non-GAAP) Comparable Currency Impact (Non-GAAP) Comparable Currency Neutral Gross Margin (Non-GAAP) Underlying Gross Margin (Non-GAAP) Impact of Acquisitions and Divestitures on Comparable Currency Neutral Gross Margin (Non-GAAP)
Page 8
Operating Margin: Three Months Ended October 2, 2026 Three Months Ended September 26, 2025 Basis Point Growth 33.37% 31.97% 140 0.44% 0.10% 32.93% 31.87% 106 0.60% 0.00% 32.33% 31.87% 46 0.00% (0.25%) 32.33% 32.12% 21 Nine Months Ended October 2, 2026 Nine Months Ended September 26, 2025 Basis Point Growth 34.40% 33.01% 139 0.07% (0.44%) 34.33% 33.45% 88 0.28% 0.00% 34.05% 33.45% 60 0.00% (0.23%) 34.05% 33.68% 37 Comparable Operating Margin (Non-GAAP) THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Reported Operating Margin (GAAP) Items Impacting Comparability (Non-GAAP) Comparable Currency Impact (Non-GAAP) Comparable Currency Neutral Operating Margin (Non-GAAP) Impact of Acquisitions and Divestitures on Comparable Currency Neutral Operating Margin (Non-GAAP) Underlying Operating Margin (Non-GAAP) Reported Operating Margin (GAAP) Items Impacting Comparability (Non-GAAP) Comparable Operating Margin (Non-GAAP) Comparable Currency Impact (Non-GAAP) Comparable Currency Neutral Operating Margin (Non-GAAP) Underlying Operating Margin (Non-GAAP) Impact of Acquisitions and Divestitures on Comparable Currency Neutral Operating Margin (Non-GAAP)