Coca-Cola (KO +1.00%) has looked more like a growth stock in 2026, surging 22% year to date, and one number from the second-quarter earnings call says why. Trademark Coca-Cola sales volume grew 5% year over year in Q2 2026 -- the highest volume increase in 17 years, excluding the COVID-19 recovery.

Coca-Cola has raised prices in recent years to offset inflationary costs, reflecting the competitive advantage built on its brand power. Volume growth shows it does not have to rely on pricing alone to drive revenue.

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Higher margins are also driving earnings growth faster than sales growth, which matters for dividend investors. Adjusted earnings grew 11% year over year in Q2 2026. With the company distributing around two-thirds of its earnings on average in recent years, that bottom-line growth can support further dividend increases.

Coca-Cola raised its dividend for the 64th consecutive year in February 2026. Its quarterly dividend of $0.53 per share, up 3.9% over last year, brings the stock's forward dividend yield to 2.47%.

Coca-Cola is a quality consumer staples giant built on a strong brand and a global distribution system that covers 180 markets and more than 20 million retail outlets. Last quarter's volume growth shows that those brands remain relevant even in an inflationary environment, making the stock hard to ignore as a long-term dividend holding.