Coca-Cola (KO) shares fizzed up to a new 52-week high on Tuesday after the beverage giant served up second-quarter results that beat Wall Street's expectations and raised its full-year outlook. The stock was up nearly 6% at $89.09, as investors cheered strong global demand and a World Cup-fueled boost.

The company reported adjusted earnings of 97 cents per share, topping the analyst consensus of 93 cents. Revenue climbed 7% year over year to $13.4 billion, also above the $13.162 billion analysts were looking for.

Organic Revenue and Volume Growth Stay Strong

Organic revenue grew 6%, driven by a 4% increase in concentrate sales and a 2% improvement in price/mix. Unit case volume rose 5%, led by growth in India, China, the United States, and Brazil.

CEO Henrique Braun said the company continued to gain value share despite an uneven consumer environment by leveraging its brand portfolio while investing for long-term growth.

Brand Performance: World Cup Magic

Coca-Cola's FIFA World Cup 2026 campaign was a standout performer. It contributed to Trademark Coca-Cola's 5% volume growth — its strongest quarterly volume growth in 17 years, excluding the COVID recovery period. Powerade also benefited, with 8% volume growth.

The water, sports, coffee, and tea segment posted 6% volume growth, while sparkling soft drinks volume increased 4%. Coca-Cola Zero Sugar volume jumped 16%, and Diet Coke/Coca-Cola Light volume rose 7%. The juice, value-added dairy, and plant-based beverages segment reported 2% volume growth.

During the earnings call, Braun noted that consumers continue to face inflation, geopolitical uncertainty, and economic challenges in many markets, leading them to reassess purchasing decisions despite generally resilient economic conditions.

Coca-Cola Raises Full-Year Guidance

Buoyed by the strong quarter, Coca-Cola raised its full-year comparable earnings-per-share growth forecast to 9% to 10%, up from its previous guidance of 8% to 9%. The company also increased its organic revenue growth outlook to about 5%, compared with its prior guidance of 4% to 5%.

Fairlife Restarts Production After Ransomware Attack

Separately, Coca-Cola said Monday that Fairlife, its dairy business, has resumed most production at its four U.S. facilities following a ransomware attack that temporarily disrupted operations. The company previously disclosed that an unauthorized third party accessed parts of Fairlife's systems and obtained certain data, prompting a temporary production suspension.

Coca-Cola Price Action

Coca-Cola shares were up 5.98% at $89.09 at the time of publication on Tuesday, trading at a new 52-week high.