Coca-Cola's early investment in zero-sugar drinks is paying off with stronger growth and market share gains, while PepsiCo struggles with declining volumes and brand fatigue. Coca-Cola Zero Sugar grew 16% globally in the second quarter, and Diet Coke and Coca-Cola Light added another 7%, helping drive a 5% volume gain and 6% organic revenue growth. In contrast, PepsiCo's North American beverage volume fell 4%, its North American food business saw organic revenue slip 2%, and overall organic revenue grew just 2.4%. Coca-Cola trades at a premium to PepsiCo, which offers a cheaper valuation and a higher dividend yield, but Coke's operational edge appears durable.
The Coca-Cola CompanyCoca-Cola Zero Sugar grew 16% and Diet Coke added 7%, driving volume and revenue growth.
PepsiCo IncPepsiCo's North American beverage volume fell 4% and food organic revenue slipped 2%.
Coca-Cola Europacific Partners PLC