Coca-Cola Shares Gain 33% as a $100 Share Price Implies 30 Times 2026 Comparable EPS

Coca-Cola (KO) shares rose 32.8% from the Jan. 2 close through Oct. 14, putting a hypothetical $100 share price at about 30 times the company’s implied 2026 comparable earnings per share.

The stock closed at $91.78 on Oct. 14, compared with $69.12 at the Jan. 2 close. The gain excludes dividends. From $91.78, shares would need to rise about 9% to reach $100.

Quarterly results showed growth in both sales and comparable earnings, though the sales measures moved at different rates. In the first quarter, net revenue increased 12% year over year to $12.5 billion. Organic revenue advanced 10%, unit case volume rose 3% and comparable earnings per share (EPS) climbed 18% to $0.86. In the second quarter, net revenue was up 7% to $13.4 billion, organic revenue grew 6%, unit case volume increased 5% and comparable EPS rose 11% to $0.97.

Net revenue growth and organic revenue growth are distinct measures. Coca-Cola’s organic revenue calculation removes currency movements and the effects of buying or selling businesses; it is a non-GAAP measure. Across the two quarters, organic revenue growth was lower in Q2 than Q1, while unit case volume growth was higher.

Coca-Cola raised its 2026 organic revenue growth outlook to about 5%, from a previous range of 4% to 5%. It also lifted its comparable EPS growth forecast to 9% to 10%, up from 8% to 9%. The EPS outlook includes an estimated 3% benefit from currency and an approximately 1% drag from acquisitions and divestitures. The comparable currency-neutral EPS growth estimate, excluding those transactions, is 7% to 8%.

Comparable EPS was $3.00 for 2025. Applying the 2026 growth outlook implies a range of $3.27 to $3.30 per share. At $100, the stock would trade at about 30 times that implied comparable EPS. The $100 level is a scenario based on the calculation, not part of Coca-Cola’s guidance.

The company’s next scheduled results are for the third quarter, before the market opens Oct. 27. Its investor call is scheduled for 8:30 a.m. ET (12:30 UTC).