Coca-Cola plans to invest $10 billion in US infrastructure between 2026 and 2030, with the figure covering the company’s entire US system, including its bottling partners.

CFO John Murphy confirmed the system-wide scope to Fortune on Monday. Coca-Cola announced the investment on Tuesday. The planned spending includes projects already announced in California, Colorado, Alabama, New York, and other states. For comparison, Coca-Cola’s standalone capital expenditure forecast for fiscal 2026 is approximately $2.2 billion. Because the $10 billion plan spans five years and includes bottling partners, it is not directly comparable with the standalone 2026 capital expenditure forecast.

The company said its US system contributed $85 billion to gross domestic product in a single year and supports nearly 1 million jobs, citing an independently commissioned study. It also reported that the system spent roughly $37 billion with US suppliers and contributed $177 million to community programs through its foundations.

KO stock opened at $89.34 on Tuesday, up 1.2% on the day. The shares were trading near their 52-week high of $92.49 and above their 52-week low of $65.35.

Second-Quarter Earnings

On July 28, Coca-Cola reported second-quarter earnings per share of $0.97, exceeding the analyst consensus estimate of $0.93 by $0.04. Revenue reached $13.37 billion, above the $13.17 billion estimate and 6.2% higher than in the same quarter a year earlier.

The company reported a net margin of 28.56% and a return on equity of 39.38%. Its full-year 2026 EPS guidance remains between $3.27 and $3.30.

Coca-Cola also declared a quarterly dividend of $0.53 per share, payable October 1. The ex-dividend date is September 15, and the annualized yield is 2.4%.

Institutional Holdings and Analyst Targets

Bank of America increased its KO position by 4.4% in the second quarter, adding nearly 1.94 million shares and bringing its total holding to 45.96 million shares valued at approximately $3.74 billion. Other notable buyers included Norges Bank and Capital World Investors. Bank of New York Mellon increased its position by 23.9%. Institutional investors now own 70.26% of KO.

Several analysts raised their price targets. Morgan Stanley increased its target from $89 to $100 while maintaining an “overweight” rating. Jefferies raised its target from $95 to $104 and kept a “buy” rating. Royal Bank of Canada moved its target from $87 to $96 and maintained an “outperform” rating.

Goldman Sachs retained a “neutral” rating but raised its target from $82 to $86. The overall analyst consensus is “Moderate Buy,” with an average price target of $95.76.

Insider transactions included the sale of 50,000 shares by Executive Vice President Nancy Quan at $90.39 in August. The sale was disclosed as covering tax obligations related to the vesting of equity awards. Insider Sanket Ray also sold 9,958 shares at $86.50 in August.

Options activity included the purchase of 231,303 call options, approximately 349% above average call volume.

Source: CoinCentral