The Coca-Cola Company (KO) Q4 2025 Financial Results Summary

The Coca-Cola Company released its financial results for the fourth quarter and full year 2025 on February 10, 2026. Here is a summary of the key metrics and highlights from the report:

Highlights

Quarterly Performance

• Net Revenues: Increased by 2% to $11.8 billion.
• Organic Revenues (Non-GAAP): Grew 5%.
• Operating Income: Declined by 32% to $1.8 billion.
• Comparable Currency Neutral Operating Income (Non-GAAP): Grew 13%.
• Earnings Per Share (EPS): Grew 4% to $0.53; Comparable EPS (Non-GAAP) grew 6% to $0.58.

Full Year Performance

• Net Revenues: Grew 2% to $47.9 billion.
• Organic Revenues (Non-GAAP): Increased by 5%.
• Operating Income: Grew 38% to $13.8 billion.
• EPS: Grew 23% to $3.04; Comparable EPS (Non-GAAP) grew 4% to $3.00.
• Cash Flow from Operations: Totaled $7.4 billion; Free Cash Flow (Non-GAAP) stood at $5.3 billion.

Volume Metrics

• Global Unit Case Volume: Grew by 1% for the quarter, remained even for the full year.
• Concentrate Sales: Up by 4% for the quarter, reflecting strong demand; up by 1% for the full year.

Margin and Income Updates

• Quarterly Operating Margin: Finished at 15.6%, down from 23.5% year-over-year.
• Full Year Operating Margin: Improved to 28.7% from 21.2% year-over-year.
• Comparable Operating Margin (Non-GAAP): Standing at 24.4% for the quarter, and 31.2% for the full year, showing improvement from 24.0% and 30.0% from the previous year, respectively.

Market Share

Gained value share in total nonalcoholic ready-to-drink (NARTD) beverages both for the quarter and the full year.

Capital Allocation

• Dividends: The company distributed $8.8 billion in dividends during 2025 and has consistently increased its dividend for the last 63 years.
• Share Repurchases: The company repurchased $0.7 billion of shares, leading to net repurchases of $0.4 billion.

Corporate Actions & Innovations

The company is focusing on marketing initiatives targeting younger consumers through various campaigns like Trademark Coca-Cola’s “Rings of Magic.” Aimed at deepening market intimacy and accelerating digital transformation, it announced a new role of Chief Digital Officer.

Forward Outlook for 2026

• The company anticipates 4% to 5% organic revenue growth.
• Projected comparable EPS (Non-GAAP) growth of 7% to 8% based on anticipated growth.
• Expected Free Cash Flow (Non-GAAP) of approximately $12.2 billion in 2026.

Inflation and Economic Pressures

Operating performance impacted by various factors, including a $960 million non-cash impairment charge related to BODYARMOR.

Summary

In summary, The Coca-Cola Company reported steady revenue growth in Q4 2025 bolstered by strong operational and strategic initiatives, all while increasing market share. The outlook for 2026 remains positive with expectations for organic top-line growth and a commitment to shareholder returns through dividends and share repurchases.

Below are the extracted tables from the press release provided:

Consolidated Statements of Income

(In millions except per share data)

Note: All amounts are in thousands.

	December 31, 2025	December 31, 2024	% Change
Net Operating Revenues	$11,822	$11,544	2
Cost of goods sold	4,723	4,613	2
Gross Profit	7,099	6,931	2
Selling, general and administrative expenses	4,199	4,046	4
Other operating charges	1,059	176	502
Operating Income	1,841	2,709	-32
Interest income	233	204	15
Interest expense	431	431	0
Equity income (loss) — net	475	338	40
Other income (loss) — net	844	-14	—
Income Before Income Taxes	2,962	2,806	6
Income taxes	646	593	9
Consolidated Net Income	2,316	2,213	5
Less: Net income (loss) attributable to noncontrolling interests	45	18	156
Net Income Attributable to Shareowners of The Coca-Cola Company	$2,271	$2,195	3
Basic Net Income Per Share1	$0.53	$0.51	4
Diluted Net Income Per Share1	$0.53	$0.51	4
Average Shares Outstanding	4,302	4,306	0
Effect of dilutive securities	11	11	-8
Average Shares Outstanding Assuming Dilution	4,313	4,317	0

Consolidated Balance Sheets

(In millions except par value)

Note: All amounts are in millions.

ASSETS	December 31, 2025	December 31, 2024
Current Assets
Cash and cash equivalents	$10,270	$10,828
Short-term investments	3,602	2,020
Total Cash, Cash Equivalents and	13,872	12,848
Short-Term Investments
Marketable securities	1,934	1,723
Trade accounts receivable, less
allowances of $495 and $506,
respectively	3,038	3,569
Inventories	4,425	4,728
Prepaid expenses and other current	2,433	2,998
assets
Assets held for sale	5,342	131
Total Current Assets	31,044	25,997
Equity method investments	20,235	18,087
Deferred income tax assets	1,206	1,319
Property, plant and equipment — net	9,613	10,303
Trademarks with indefinite lives	12,531	13,301
Goodwill	15,491	18,139
Other noncurrent assets	14,696	13,403
Total Assets	$104,816	$100,549
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses	$14,813	$21,712
Loans and notes payable	1,551	1,499
Current maturities of long-term debt	1,822	648
Accrued income taxes	525	1,387
Liabilities held for sale	2,570	3
Total Current Liabilities	21,281	25,249
Long-term debt	42,119	42,375
Other noncurrent liabilities	4,735	4,084
Deferred income tax liabilities	2,406	2,469
The Coca-Cola Company Shareowners’
Equity
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 shares	1,760	1,760
Capital surplus	20,581	19,801
Reinvested earnings	80,382	76,054
Accumulated other comprehensive income (loss)	-14,131	-16,843
Treasury stock, at cost — 2,738 and 2,738 shares, respectively	-56,423	-55,916
Equity Attributable to Shareowners of The Coca-Cola Company	32,169	24,856
Equity attributable to noncontrolling interests	2,106	1,516
Total Equity	34,275	26,372
Total Liabilities and Equity	$104,816	$100,549