10-Q · July 23, 2026
Vita Coco delivered a strong Q2: revenue rose 28.1% year over year to $216.153 million, diluted EPS increased to $0.82 from $0.38, and operating margin reached 29.2% from 14.9%. Results reflect broad-based branded and…
Earnings analysis · 10-Q
COCO earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Vita Coco delivered a strong Q3 2026, with revenue of $243.825 million, up 33.7% year over year and ahead of consensus, while diluted EPS of $0.58 exceeded estimates by 9.4%. Profitability and Adjusted EBITDA also…
Read full summary
Vita Coco delivered a strong Q3 2026, with revenue of $243.825 million, up 33.7% year over year and ahead of consensus, while diluted EPS of $0.58 exceeded estimates by 9.4%. Profitability and Adjusted EBITDA also improved year over year, although EPS declined from $0.82 in Q2 2026 and the supplied filing text does not provide current-quarter gross margin, operating margin, free cash flow, cash, inventory, or receivables data. The main offsets are tariff uncertainty, concentration of sales in major customers and the Americas, and new operational and cold-chain exposure following the July 2026 Copra acquisition.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.58
- Segment
- Americas: approximately 81% of nine-month 2026 consolidated net revenue; revenue amount not disclosed in supplied filing text.
- Segment
- International: 17% of net sales as of September 30, 2026; revenue amount not disclosed in supplied filing text.
What stood out
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Revenue growth and estimate beat
Q3 revenue was $243.825 million, up 33.7% year over year and above the $230.491 million consensus estimate by approximately 5.8%.
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EPS beat despite sequential decline
Diluted EPS was $0.58, exceeding the $0.53 consensus estimate by $0.05, or 9.4%. EPS declined from $0.82 in Q2 2026 but increased from $0.40 in Q3 2025.
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Strong earnings conversion
Growth was broad-based: organic growth was 17.8%, while net income increased to $35.017 million and Adjusted EBITDA reached $53.156 million.
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International expansion with concentration
The International segment represented 17% of net sales as of September 30, 2026, while the Americas segment represented approximately 81% of consolidated nine-month revenue, indicating continued Americas concentration.
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Expanded currency hedging
Foreign-exchange forward-contract notional value increased to $338.3 million from $128.8 million at December 31, 2025; the contracts generated a $0.5 million unrealized gain for the nine months ended September 30, 2026.
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Controls remain effective
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
What to watch
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Tariff exemptions and refunds remain uncertain
The filing identifies tariff and refund uncertainty as a material risk. The company received approximately $15.6 million of tariff refunds during the three months ended June 30, 2026, but the government or other plaintiffs could contest, delay, recoup, or offset those refunds; tariff changes could increase cost of goods sold and compress margins.
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Material customer concentration
Customer concentration is significant: two customers represented approximately 45% of consolidated net sales in the nine months ended September 30, 2026, and the two largest customers accounted for approximately 23% and 22% of total net sales, respectively.
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Copra integration and single-site exposure
The July 2026 Copra acquisition introduced exposure to a single owned manufacturing facility in Thailand, including cold-chain, regulatory, operating, and integration risks. The filing states that Copra products require continuous refrigeration and that production concentration in 1 owned facility limits the ability to shift volume after a disruption.
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Higher foreign-exchange sensitivity
Foreign-exchange exposure increased materially: forward-contract notional values were $338.3 million at September 30, 2026 versus $128.8 million at December 31, 2025, and a 10% dollar move was estimated to produce an approximately $26.3 million gain or loss on outstanding forwards.
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Geopolitical shipping disruption
The filing adds exposure to geopolitical and shipping disruption from the military conflict involving Iran, which commenced in February 2026. The company warns that renewed maritime restrictions or escalation could increase costs, delay deliveries, and reduce customer demand.
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Capital allocation during expansion
The company repurchased 690,630 shares for $42.4 million during the quarter, while approximately $18.5 million remained available under the repurchase program at September 30, 2026; continued repurchases could compete with acquisition, integration, or manufacturing investment needs.
Management's outlook
The supplied 10-Q text does not include quantitative revenue or EPS guidance. The separate October 22, 2026 8-K reportedly raised fiscal 2026 revenue guidance to $810 million-$820 million, but that guidance is not treated as 10-Q guidance here.
Earlier filings 4
10-Q · April 29, 2026
The Vita Coco Company (COCO) demonstrated stronger-than-expected performance for Q1 2026, reporting revenue of $180 million and an EPS of $0.50, which exceeded estimates by 21% and 51% respectively. The company raised…
10-K · February 18, 2026
Vita Coco (COCO) presents a market-leading coconut-water franchise ( >40% U.S. share; 80% U.K. share) and an asset-light, diversified supply network (16 factories across six countries). Fiscal 2025 revenue accelerated…
10-Q · July 30, 2025
Vita Coco reported Q2 net sales of $168,759,000 and diluted EPS of $0.38, with revenue and EPS up versus the year-ago quarter. Growth was driven by the Americas and International Vita Coco coconut water sales, while…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.