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Coca Cola reports third quarter 2025 results
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Friday, 31 October, 2025, 16 : 00 PM [IST]
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Atlanta, USA
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The Coca Cola Company reported third quarter 2025 results. James Quincey, chairman and CEO of The Coca Cola Company, said, “While the overall environment has continued to be challenging, we’ve stayed flexible — adapting plans where needed and investing for growth. By offering choice across our total beverage portfolio and leveraging our franchise model’s unique strengths, we’re gaining ground and strengthening our leadership position. We’re confident we can deliver on our 2025 guidance while also working to achieve our longer-term objectives.”
Revenues: Net revenues grew 5% to $12.5 billion, and organic revenues (non-GAAP) grew 6%. Revenue performance included 6% growth in price/mix, while concentrate sales were even. Concentrate sales were 1 point behind unit case volume due to the timing of concentrate shipments.
Operating margin: Operating margin was 32.0%, and comparable operating margin (non-GAAP) was 31.9%. Operating margin performance included items impacting comparability and currency headwinds. Comparable operating margin (non-GAAP) expansion was driven by organic revenue (non-GAAP) growth and effective cost management, partially offset by an increase in marketing investments and currency headwinds.
Earnings per share: EPS grew 30% to $0.86 and included the impact of a 4-point currency headwind. Comparable EPS (non-GAAP) grew 6% to $0.82 and included the impact of a 6-point currency headwind.
Market share: The company gained value share in total non-alcoholic ready-to-drink beverages.
Cash flow: Year-to-date cash flow from operations and free cash flow (non-GAAP) were $3.7 billion and $2.4 billion, respectively, which reflects $6.1 billion of the contingent consideration payment made during the first quarter in conjunction with the acquisition of fairlife LLC, in 2020. Year-to-date free cash flow excluding the fairlife contingent consideration payment (non-GAAP) was $8.5 billion.
Continuing to build the world’s strongest consumer franchise system: The company’s franchise business model has enabled it to develop a strong global footprint with strong local expertise in markets around the world. Coca Cola HBC AG entered into a definitive agreement to acquire a controlling interest in Coca Cola Beverages Africa Pty Ltd., from the company and Gutsche Family Investments. CCHBC is a leading Coca-Cola bottler with a strong track record in Africa and the company is confident that this refranchising step will drive CCBA’s next chapter of growth. Additionally, in July, the company reached another milestone in the refranchising process in India with the sale of a 40% ownership stake in Hindustan Coca Cola Holdings Pvt. Ltd., to Jubilant Bhartia Group. The company will continue to focus on building a portfolio of consumer-loved brands and pursue enduring long-term growth for the Coca Cola system with trusted, capable and motivated bottling partners.
Unlocking growth through a broad and consumer-centric beverage portfolio: Complementing its reinvigorated sparkling portfolio, the company is delivering consumer-centric solutions across key need states, including functionality, with its total beverage approach. The company’s ready-to-drink tea portfolio maintained its global leadership position in the category, with Fuze Tea growing retail value five times the industry average year-to-date. The company’s dual-brand sports strategy with Powerade and Bodyarmor is delivering positive results, as the company gained value share and grew volume during the quarter. In addition to the success of the fairlife portfolio in the United States, within the value-added dairy category in Mexico, Santa Clara became the value share leader and grew volume 13% during the quarter, supported by stepped-up communication on lactose-free and flavoured milk and impactful in-store displays. Expanding on the success of Minute Maid Zero Sugar in North America, the company has taken the brand to certain markets in Asia Pacific that are seeing strong consumer interest and solid volume performance. This momentum underscores the company’s continued focus on meeting evolving consumer preferences and driving growth across its beverage portfolio.
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