Coca-Cola announced Tuesday that it will introduce a new version of its classic cola made with real cane sugar in the U.S. this fall. This confirms a recent statement by former President Donald Trump, who claimed on social media that Coke had agreed to make the switch from high fructose corn syrup — the sweetener used since the 1980s — to cane sugar.
Initially, Coca-Cola did not confirm Trump’s claim but hinted at upcoming product changes. During a Tuesday earnings call, CEO James Quincey confirmed the plan and said the company wants to offer more options to meet changing consumer tastes.
“We appreciate the president’s support of our brand,” Quincey said. “We’re exploring a wide range of sweetener choices.”
Coca-Cola already uses cane sugar in some of its other U.S. products, such as Simply lemonades and Honest Tea. Since 2005, it has also sold the Mexican version of Coca-Cola, which contains cane sugar, to American customers.
Quincey emphasized the company’s ongoing interest in innovation and adapting to shifting consumer preferences. Competitors like PepsiCo and Dr Pepper have offered cane sugar versions of their colas in the U.S. since 2009.
When asked whether Coca-Cola might also introduce a prebiotic cola, as PepsiCo recently did, Quincey mentioned that the company currently sells a fiber-enhanced version of Coke in Japan and is studying consumer feedback.
In terms of performance, Coca-Cola reported improved demand in several regions during the second quarter, including China, Europe, Africa, and North America. However, sales in India were hurt by early monsoons and regional conflict, and demand in Thailand and Indonesia was also lower than expected. In the U.S. and other countries, lower-income consumers have been cutting back on spending.
Overall, global beverage sales volumes declined by 1%. Categories such as juice, dairy, and plant-based drinks dropped 4%, and sports drinks fell by 3%. One strong performer was Coca-Cola Zero Sugar, which saw a 14% increase in sales volume, although the original version still sells more overall.
In North America, volumes were down 1%, which was an improvement compared to a 3% drop in the first quarter. Sales among Hispanic consumers also bounced back by late June after falling earlier in the year due to a viral video falsely accusing Coca-Cola of reporting employees to immigration authorities. The company responded with targeted advertising and promotional efforts aimed at rebuilding trust.
Quincey said the situation has mostly been resolved but still impacted second-quarter performance.
Financially, Coca-Cola delivered stronger-than-expected earnings for the quarter. Despite lower volumes, higher prices helped boost results. Pricing rose 6% globally. Revenue increased 1% to $12.5 billion, with adjusted revenue hitting $12.6 billion — matching Wall Street’s expectations. Net income surged 58% to $3.8 billion, with adjusted earnings per share at 87 cents, beating analysts’ forecast of 83 cents.
The company now expects adjusted full-year earnings to grow by 8%. Earlier this year, the projection was 8% to 10%, but in April, it was revised to 7% to 9%. Coca-Cola earned $2.88 per share in 2024.
Coca-Cola’s stock was down 1% in early trading Tuesday.
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