◆ Inside the Latest Results (2025 & Q2 2026)

Coca-Cola's recent results read like a demonstration of the moat at work, and they are worth walking through because they answer, with numbers, the fears that hang over the stock. For full-year 2025, the company reported net revenue of $47.9 billion, up 2% as reported and 5% on an organic basis¹ — the organic figure being the truer measure, since the reported number was dragged down by the strong-dollar currency headwind that perennially flatters or punishes this globally-earning business. Net income came in at $13.1 billion and GAAP earnings per share at $3.04², up sharply, while comparable (non-GAAP) EPS grew a steadier 4% to $3.00. Growth was led by global value-share gains in the nonalcoholic ready-to-drink category and by strength in emerging markets like Brazil and Central Asia — precisely the young, growing frontier the bull case rests on.

The engine of the growth tells the pricing-power story plainly. Organic revenue grew across the year on a combination of price/mix and resilient volume, demonstrating once again Coca-Cola's ability to raise prices on a beloved, affordable product without losing the customer. And the cash showed up where it matters most: the company raised its dividend for the sixty-third consecutive year³, lifting the annual payout about 5% to $2.04 per share — a record of durability only a genuinely wide-moat business can sustain, and the tangible proof that the franchise still converts its advantages into rising, dependable cash.

The momentum carried into 2026 and, if anything, strengthened. In the second quarter of 2026, net revenue grew 7% to $13.4 billion⁴, organic revenue rose 6% (on 4% concentrate-sales growth and 2% price/mix), and — most tellingly — global unit case volume grew 5%, with every single reporting segment posting volume growth. That volume figure directly rebuts the 'the core is quietly dying' fear: people are not just paying more, they are drinking more, across every region. On the strength of it, management raised full-year 2026 guidance — for the second time — to about 5% organic revenue growth⁵ and, notably, 9% to 10% comparable EPS growth, up from a prior 8% to 9%.

The honest reading of these results is that they validate the moat and blunt the bear case, at least for now. A company facing structural decline does not post 5% volume growth across every segment, raise guidance twice, and extend a six-decade dividend streak. The GLP-1 and sugar fears remain real long-run questions, and currency will keep buffeting the reported numbers year to year. But the underlying franchise, as of its latest results, is demonstrably healthy and even accelerating — growing volume and price together, gaining share, throwing off record cash, and rewarding owners with a rising dividend. This is what a wide moat looks like in its ordinary, unglamorous operation: not explosive growth, but steady, broad-based, cash-generative strength that shows up quarter after quarter, and that the market's structural worries have, so far, been premature in doubting.