S&P 500 Consumer Staples Sector SEC Filings — October 27, 2026

Q3 2026 comparable EPS grew 11% to $0.91 with operating margin expanding to 33.4% from 32.0% and full-year comparable EPS guidance raised to at least 11% growth

Net revenues rose 7% to $13.4B on 5% unit case volume growth, showing top-line growth broadly driven by volume rather than price alone

North America unit case volume was flat, with Trademark Coca-Cola growth offset by declines in water, sports, coffee and tea, a deceleration signal in the core home market

EMEA lost value share in total NARTD beverages, with losses in France and the United Kingdom outweighing gains in Nigeria and Morocco

Asia Pacific price/mix declined 2% as unfavorable mix more than offset pricing actions, and global sports drinks volume fell 3%

Executive VP Sullivan John Christopher had 975 shares withheld for taxes at $1,018.21 (~$993K) and holds 48,460 shares after the transaction; this is tax withholding on awards, not open-market selling

EVP Polit Javier had 549 shares withheld for taxes (~$559K) and was awarded 4,129 shares, retaining 12,747 shares afterward

EVP Self Adam Webb had 64 shares withheld (~$65K) and holds 3,270 shares after the transaction, a small withholding relative to holdings

Director Aakre D Scott had 3,621 shares withheld at $24.61 (~$89K) and holds 42,303 shares, with no open-market sales reported

Director Ettinger Jeffrey M had 15,094 shares withheld at $21.06 (~$318K), a larger withholding that still reflects tax settlement rather than discretionary selling; holdings of 57,230 shares remain substantial

BlackRock reports 7,665,771 shares (6.3% of outstanding) as of September 30, 2026 under Rule 13d-1(b), a passive ordinary-course disclosure with no activist intent

North America unit case volume flat despite 5% global unit case growth shows dependence on non-core markets for volume growth, with core-market water, sports, coffee and tea all declining

Value share lost in EMEA, with France and the United Kingdom declines outweighing Nigeria and Morocco gains, signaling competitive pressure in mature European markets

Price/mix fell 2% in Asia Pacific, with unfavorable mix overwhelming pricing actions, which could compress margins if the trend persists

Global sports drinks volume fell 3%, with Asia Pacific down 3%, a category decline that undermines portfolio diversification

Management described Europe's price/mix and concentrate timing as contributing to uneven quarterly dynamics, meaning reported Q3 results may partly reflect timing rather than sustainable run-rate

Multiple executives had large share withholdings on the same date at the same price, reflecting vesting events rather than discretionary signals and offering no conviction read

Full-year comparable EPS guidance raised to at least 11% growth after a Q3 beat, creating potential for estimate revisions if Q4 delivers in line

Operating margin up 140 bps to 33.4% while reported operating income grew 12% versus revenue growth of 7%, showing operating leverage that supports continued earnings growth

Trademark Coca-Cola grew in North America even as the broader portfolio softened, suggesting brand-level pricing and demand power that can anchor the franchise

Gains in Nigeria and Morocco within EMEA point to volume runway in developing markets where per-capita consumption is still low

BlackRock's 6.3% stake and ordinary-course passive positioning indicate a stable institutional base, which can reduce near-term share-price volatility from forced selling

Coca-Cola grew global unit cases 5% while North America was flat, indicating that Staples volume growth is increasingly coming from emerging markets rather than mature core markets [IMPLICATION: favor exposure to companies with international volume runway]

Asia Pacific price/mix fell 2% despite pricing actions, pointing to consumer trade-down and mix headwinds that may recur across Staples with heavy Asia exposure [IMPLICATION: watch pricing power in Asia-weighted portfolios]

Sports drinks (-3% globally) and water/coffee/tea declines in North America suggest consumer shift away from certain functional categories toward trademark core brands [IMPLICATION: brand concentration is being rewarded over category breadth]

All four insider filings (Costco, Hormel) reflect RSU/award vesting tax withholdings with no open-market sales, so insider activity offers no directional signal this period [IMPLICATION: do not read Form 4 withholdings as bearish or bullish conviction]

The Clorox 13G/A and its 6.3% BlackRock stake reflect typical index-driven ownership in large-cap Staples, reinforcing a stable shareholder base [IMPLICATION: limited activist or control-change risk in the near term]

Test whether North America volume recovers from flat and whether guidance of at least 11% comparable EPS growth holds; monitor sports drinks and water categories

Track whether France and United Kingdom share losses reverse or deepen in the next reporting period

Monitor whether the 2% price/mix decline narrows as pricing actions take hold

Watch for any open-market sales following the tax-withholding events, which would be more informative than withholdings

Monitor Director Ettinger's and Director Aakre's future Form 4 filings for discretionary buying or selling beyond tax settlement

Track subsequent 13G amendments for changes in the 6.3% stake as a signal of institutional rebalancing