Coca-cola is losing its fizzCoca-Cola Consolidated, Inc.BATS:COKEBlueberryCoca-cola just delivered another earnings beat. Margins up, earnings strong, cash flow better than expected if you look closely enough. But something deeper is shifting. Global unit case volume is falling. That is the true heartbeat of the business. You can only raise prices for so long before consumers push back. The company has masked demand weakness with pricing and product mix tricks. But tricks don’t scale forever. Free cash flow tells the story. Reported numbers look bad, down over two billion this quarter. Management points to a one off fairlife payment. Strip that out and sure, the adjusted figure is better. But the bigger trend is flat. Cash generation has stalled. Margins can only expand so much. Marketing cuts are not a growth strategy. Eventually the lack of volume growth will catch up. The stock is trading below its 200-day moving average. In a bull market, that is a warning. Not a crash, just a quiet shift in sentiment. The kind that happens before everyone else notices. And then there is sugar. The core product is facing a structural threat. In the age of LLMs and algorithmic health advice, the message is clear and consistent. Cut sugar. Drink water. Stay away from soft drinks. No amount of marketing will change that. Coke’s global reach is now its biggest risk. If AI changes consumer habits, the decline will be slow and wide. This is not a collapse. But the model is cracking. Quietly and steadily. The forecasts provided herein are intended for informational purposes only and should not be construed as guarantees of future performance. This is an example only to enhance a consumer's understanding of the strategy being described above and is not to be taken as Blueberry Markets providing personal advice.