Coca-Cola Q2 Preview: Will Warren Buffett Favorite Acknowledge Donald Trump's Sugar Push?

The Coca-Cola Company KO could have some of the most prominent people in the U.S. watching along when the beverage giant reports second-quarter financial results Tuesday before market open.

Here are the earnings estimates, what experts are saying ahead of the report, and the key items to watch.

Earnings Estimates: Analysts expect Coca-Cola to report second-quarter revenue of $12.54 billion. That’s up from $12.36 billion in last year's second quarter, according to data from Benzinga Pro.

The company had a rare revenue miss in the first quarter. However, it beat analyst estimates for revenue in nine of the last 10 quarters overall.

Analysts expect Coke to report quarterly earnings of 83 cents per share, down from 84 cents in last year's second quarter. The company has beaten analyst estimates for earnings per share in five straight quarters and eight of the last 10 quarters overall. Over the past 10 quarters, Coca-Cola has not missed consensus estimates a single time, with eight beats and two quarters coming in line with estimates.

What Experts Are Saying: Coca-Cola's financial results come at an interesting time. Rival PepsiCo PEP recently reported earnings on July 17, and President Donald Trump highlighted the company, according to Freedom Capital Markets Chief Global Strategist Jay Woods‘ weekly newsletter.

"Coca-Cola is hoping to follow in Pepsi's footsteps when they report on Tuesday," Woods said.

Pepsi beat analyst estimates for both earnings per share and revenue. The company also raised full-year guidance for earnings per share.

Shares of the President's favorite drink made headlines last week when he posted to social media that the soda giant would be using American-made sugar cane in their signature Coca-Cola. The company didn't appear fully on board, and neither confirmed nor denied those reports.

Woods said the two key metrics to watch in Coca-Cola's quarterly results are how the weak dollar is impacting earnings and if the company raises guidance. Woods said the weak dollar could help the company's performance in some of its biggest foreign markets, including Latin America and Asia.

Resilient growth, strategic tailwinds and improving fundamentals were highlighted as reasons Bank of America Securities analyst Bryan D. Spillane remains bullish on Coca-Cola.

The analyst stated that the second half of 2025 appears favorable for the company's bottlers, which should contribute to EBIT and earnings per share growth.

Spillane reiterated a Buy rating on Coca-Cola and price target of $66 in the latest report.

The analyst said Coca-Cola should continue to outpace multinational peers, and the strength of the company is not fully priced into the stock.

Key Items to Watch: Coca-Cola gained significant attention last week when Trump announced that he convinced the company to use real cane sugar in its U.S. beverages. The company has yet to confirm or deny this. Coca-Cola brass will likely be put to the test with questions from analysts this week.

The taste of Coca-Cola varies in different countries due to the sweetener used or whether the product contains real cane sugar.

The beverage giant could look to split the difference and keep its regular Coca-Cola, while also offering a version with real cane sugar. Coca-Cola is unlikely to switch completely to cane sugar due to the higher costs and logistics involved.

Speaking of Trump, Coca-Cola warned about the impact of tariffs earlier this year with higher costs for aluminum leading to potentially using more plastic. The company could give an update on how tariffs are impacting operations and what it means for costs and the consumer.

Along with Trump providing plenty of attention for Coca-Cola, the stock will also attract attention from investors thanks to its positioning in the Dow Jones Industrial Average and being a key holding of Warren Buffett's Berkshire Hathaway Inc BRKBRK.

Coca-Cola is the 28^th largest holding in the SPDR Dow Jones Industrial Average ETF DIA, due to the index being price-weighted. High volatility for Coca-Cola stock would have less impact on the Dow Jones than one of the higher-priced stocks in the index.

Buffett's Berkshire Hathaway owns 400 million Coca-Cola shares, representing more than 9% of the beverage giant. Coca-Cola makes up over 9% of the Berkshire Hathaway stock portfolio, which means high volatility for the stock could impact Berkshire shares.

Pepsi's reported flat growth for its Pepsi Beverages North America segment, while International Beverages were up 3%. In the first quarter, Coca-Cola had 3% growth in North America and 7% growth in the Europe, Middle East and Africa region.

Investors and analysts will be looking for year-over-year growth across several of the company's business segments.

Price Action: Coca-Cola stock is up 0.3% to $70.08 on Monday versus a 52-week trading range of $60.62 to $74.38. Coca-Cola stock is up 13.3% year-to-date in 2025.

Pepsi stock trades at $140.97 on Monday, down 6.1% year-to-date in 2025.

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