Investors looking for a World Cup winner may want to look beyond the soccer field.

In a note published Tuesday, Bank of America said the tournament is likely to drive higher beer and soft-drink consumption across the U.S., creating a temporary but meaningful tailwind for beverage companies.

Among them, The Coca-Cola Company (KO) appears best positioned to capitalize on the event.

“The tournament creates a unique stretch of repeated consumption occasions across bars, restaurants and homes,” BofA analyst Peter Galbo wrote in a report examining the impact of previous major sporting events on beverage demand.

Looking Back To The 1994 Playbook

To estimate the potential impact of the 2026 tournament, BofA looked at the last World Cup hosted by the United States in 1994.

The bank found that beer shipments received a boost of roughly 0.8 million barrels during that tournament, equivalent to about 0.4% of annual industry volumes.

Applying a similar framework today, BofA expects the 2026 World Cup to add approximately 0.8 million barrels to U.S. beer demand this year.

Importantly, the effect is not expected to be limited to match days.

“A monthly view of 1994 suggests that the uplift was not concentrated solely in June and July, when matches were played, but instead spread across May through August,” the analysts said.

The pattern suggests distributors built inventories ahead of the event and replenished them afterward, reflecting sustained demand throughout the tournament period.

According to Goldman Sachs, between 5 million and 6 million fans are expected to attend the 78 matches being played in the United States between June 11 and July 19. The bank estimates the event could lift U.S. retail sales growth by 0.3 percentage points in June and 0.1 percentage points in July as spending rises on food, beverages, hospitality and tourism.

Goldman also expects foreign arrivals to run between 500,000 and 1 million above trend during the tournament, adding further support to consumer spending.

Coca-Cola Is BofA’s Clean Read

Carbonated soft drinks look even better. In 1994 the category added about 278 million cases, a 3.2% bump, the only one of three U.S.-hosted mega-events to show a meaningful gain.

“Within the group, we believe The Coca-Cola Company is best positioned to capture this upside, supported by its role as a primary World Cup sponsor,” Galbo said.

The bank added that Coca-Cola’s sponsorship status should strengthen brand visibility and consumer engagement relative to competitors.

BofA maintained its Buy rating on Coca-Cola and reiterated a $90 price target. That target sits near the top of the Street’s range.

Shares trade near $79.47, the consensus price target stands at $83.20, and the full range runs from $71 to $91.

For Coca-Cola, that combination of elevated consumption occasions, increased tourism and unmatched World Cup branding could make the 2026 tournament one of the company’s strongest marketing and sales catalysts of the year.