Earnings live updates: Eli Lilly stock jumps as weight-loss drugs boost results, Caterpillar rises, Google surges

Coca-Cola (KO) beat Wall Street’s expectations as consumers across the globe bought more across its portfolio.

Global unit case volume was up 3%, more than the roughly 1% Wall Street expected, per Bloomberg consensus data. In North America, volume grew 4%.

CFO John Murphy told Yahoo Finance the strength was due to a mix of “strong marketing,” the lapping of a softer first quarter last year, and momentum across all categories, including Coca-Cola Zero Sugar and more premium options like FairLife, which he called “a home run” for the business.

The launch of single-serve mini-cans in convenience retail stores helped drive growth.

“Value is more top of mind than it was, say, a couple of years ago … being able to innovate with different pack sizes, different price points, depending on the channel, depending on the geography, we know that playbook works, and it’s a matter of being able to execute it at scale over time,” he said.

Murphy said the Mexican sugary beverage tax increase did impact the quarter, leading to a decline in volume there.

Plus, the company raised its fiscal year outlook.

It now expects adjusted earnings to grow 8% to 9% in 2026, up from a previous expectation of 7% to 8% growth, which Murphy said was a “reflection of a change in the effective tax rate,” which is now just over 19%, compared to the previous expectation of 20.9%.

When asked if transportation costs for the year are up because of the war in Iran, Murphy said, “not so much” in the first quarter, but the company is “looking closely at how things play out for the rest of the year and adjusting appropriately.”