Coca-Cola Reports Fourth Quarter and Full Year 2025 Results
ATLANTA--( BUSINESS WIRE)--The Coca-Cola Company today reported fourth quarter and full year 2025 results. “I’m encouraged by our performance in 2025 which showed both the resilience and momentum that define our business,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “Looking ahead, we will focus on executing our strategy even better and positioning our system for long-term success.”
Highlights
Quarterly/Full Year Performance
Company Updates
Operating Review – Three Months Ended December 31, 2025
Revenues and Volume
Percent Change
Concentrate
Sales 1
Price/Mix
Currency
Impact
Acquisitions
and
Divestitures
Reported Net
Revenues
Organic
Revenues 2
Unit Case
Volume 3
Consolidated
4
1
(2)
(1)
2
5
1
Europe, Middle East & Africa
9
(3)
2
(3)
4
6
2
Latin America
4
6
(7)
0
3
10
2
North America
1
4
0
0
4
5
1
Asia Pacific
4
(3)
(8)
0
(7)
0
0
Bottling Investments
(2)
1
0
(2)
(2)
(1)
(6)
Operating Income and EPS
Percent Change
Reported
Operating Income
Items Impacting
Comparability
Currency Impact
Comparable
Currency Neutral
Operating
Income 2
Consolidated
(32)
(38)
(8)
13
Europe, Middle East & Africa
(9)
(3)
(4)
(2)
Latin America
0
2
(15)
13
North America
(65)
(80)
0
15
Asia Pacific
(36)
(29)
(4)
(3)
Bottling Investments
(4)
1
(3)
(2)
Percent Change
Reported EPS
Items Impacting
Comparability
Currency Impact
Comparable
Currency Neutral
EPS 2
Consolidated
4
(2)
(5)
11
1
For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.
2
Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
3
Unit case volume is computed based on average daily sales.
Operating Review – Year Ended December 31, 2025
Revenues and Volume
Percent Change
Concentrate
Sales 1
Price/Mix
Currency
Impact
Acquisitions
and
Divestitures
Reported Net
Revenues
Organic
Revenues 2
Unit Case
Volume
Consolidated
1
4
(2)
(1)
2
5
0
Europe, Middle East & Africa
4
2
0
(1)
5
6
3
Latin America
(1)
11
(12)
0
(2)
10
0
North America
(1)
5
0
0
4
4
(1)
Asia Pacific
1
4
(3)
(1)
1
5
0
Bottling Investments
0
2
(2)
(7)
(8)
1
(8)
Operating Income and EPS
Percent Change
Reported
Operating
Income
Items Impacting
Comparability
Currency Impact
Comparable
Currency Neutral
Operating
Income 2
Consolidated
38
31
(7)
13
Europe, Middle East & Africa
1
(2)
(4)
7
Latin America
(1)
0
(18)
17
North America
11
1
0
10
Asia Pacific
(5)
(6)
(4)
5
Bottling Investments
(14)
0
(2)
(12)
Percent Change
Reported EPS
Items Impacting
Comparability
Currency Impact
Comparable
Currency Neutral
EPS 2
Consolidated
23
19
(5)
9
1
For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes, if any.
2
Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
In addition to the data in the preceding tables, operating results included the following:
Consolidated
Unit case volume performance included the following:
Europe, Middle East & Africa
Latin America
North America
Asia Pacific
Bottling Investments
Capital Allocation Update
Outlook
The 2026 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2026 projected organic revenues (non-GAAP) to full year 2026 projected reported net revenues, full year 2026 projected comparable net revenues (non-GAAP) to full year 2026 projected reported net revenues, full year 2026 projected underlying effective tax rate (non-GAAP) to full year 2026 projected reported effective tax rate, full year 2026 projected comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) to full year 2026 projected reported EPS, or full year 2026 projected comparable EPS (non-GAAP) to full year 2026 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of acquisitions and divestitures throughout 2026; the exact timing and exact amount of items impacting comparability throughout 2026; and the exact impact of fluctuations in foreign currency exchange rates throughout 2026. The unavailable information could have a significant impact on the company’s full year 2026 reported financial results.
Full Year 2026
The company expects to deliver organic revenue (non-GAAP) growth of 4% to 5%.
For comparable net revenues (non-GAAP), the company expects an approximate 1% currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 4% headwind from acquisitions and divestitures. This assumes the pending sale of Coca-Cola Beverages Africa ("CCBA") closes during the second half of 2026, subject to regulatory approvals.
The company’s underlying effective tax rate (non-GAAP) is estimated to be 20.9%. This does not include the impact of ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.
The company expects to deliver comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) growth of 5% to 6% and comparable EPS (non-GAAP) growth of 7% to 8% versus $3.00 in 2025.
Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 3% currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 1% headwind from acquisitions and divestitures. This assumes the pending sale of CCBA closes during the second half of 2026, subject to regulatory approvals.
The company expects to generate free cash flow (non-GAAP) of approximately $12.2 billion. This consists of cash flow from operations of approximately $14.4 billion, less capital expenditures of approximately $2.2 billion.
First Quarter 2026 Considerations
Comparable net revenues (non-GAAP) are expected to include a 2% currency tailwind based on the current rates and including the impact of hedged positions, in addition to a 1% headwind from acquisitions and divestitures.
Comparable EPS (non-GAAP) percentage growth is expected to include a 2% currency tailwind based on the current rates and including the impact of hedged positions.
The first quarter has six additional days compared to the first quarter of 2025.
Notes
Conference Call
The company is hosting a conference call with investors and analysts to discuss fourth quarter and full year 2025 operating results today, Feb. 10, 2026, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.