Coca-Cola CEO James Quincey: The U.S. consumer continues to be robust

Summary

Coca-Cola Chairman and CEO James Quincey discusses the state of the global and U.S. consumer, tariffs, input cost inflation, GLP-1 drug impacts, AI adoption, and CEO succession. He says the U.S. consumer remains resilient, Coca-Cola is largely tariff-immune due to local production, and moderating agricultural input costs could help margins. He also highlights portfolio shifts from GLP-1 drugs, Fairlife/Core Power protein growth, and generative AI's marketing efficiency. The interview concludes with his explanation of stepping down as CEO and handing the role to a successor.

• Quincey says global economy and U.S. consumer remain resilient.
• Coca-Cola is relatively immune to tariffs because beverages are produced locally.
• Agricultural input cost inflation is moderating, potentially aiding 2026 margins.
• GLP-1 drugs shift demand away from sugar drinks, alcohol, and snacks toward coffee, diet, protein, and sports drinks.
• Fairlife and Core Power are growing fast but were capacity constrained; new plant capacity is coming.
• Generative AI is reducing cost and time for Coca-Cola's marketing and ad production.
• Quincey discusses CEO succession, saying he is stepping down slightly early while the business has momentum.
• Coca-Cola's discontinued sparkling water and Tab return are briefly discussed.