The Coca-Cola Company (NYSE:KO) is expected to post stable underlying consumption volumes in the first quarter of 2026, with strength in North America and EMEA offset by continued weakness in parts of Asia, according to Bank of America.
The bank said it is maintaining its total global underlying consumption volume (UCV) estimate for the quarter at a decline of 0.2% year-over-year, unchanged from prior expectations but below Visible Alpha consensus, which is expected to show growth of 0.8%.
The update comes ahead of Coca-Cola’s first-quarter earnings on April 28.
Bank of America reiterated its Buy rating on the stock and its $88 price objective, pointing to resilient global demand and the company’s relative strength versus peers in navigating a complex macroeconomic backdrop.
Analysts noted that consumption is still resilient, leaving them to believe that KO is well positioned to manage through a “complex macro backdrop,” according to the note.
Asia Pacific remains the weakest area, with UCVs forecast to decline 5.3%, driven by steep drops in India and Southwest Asia of around 10% and a 7% decline in Greater China and Mongolia, though Japan, South Korea and ASEAN are expected to be broadly flat.
Latin America was revised slightly lower to growth of 0.7% from 1%, reflecting updated country-level bottler data, while North America was nudged higher to growth of 3.6% from 3.5% on improving US scanner trends.
In Europe, Middle East and Africa, Bank of America left its outlook unchanged at growth of 2.1%, with strong growth of around 5% expected in Africa and 4% in the Middle East and Eurasia (4%), offset by a decline of 1% in Europe.
The analysts noted their framework is based on Coca-Cola’s country-level disclosures aligned with bottler-reported volumes, emphasizing consumption trends rather than concentrate shipments.