Coca-Cola (KO) Q3 2025 Financial Results Summary
The Coca-Cola Company reported its third quarter 2025 results on October 21, 2025. Below is a summary of the key metrics and highlights from the earnings report:
Highlights
Quarterly Performance
- Net Revenues:
- Grew 5% to $12.5 billion compared to the same quarter a year ago.
- Organic Revenues (Non-GAAP) increased 6%.
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Revenue performance was bolstered by 6% price/mix growth, while concentrate sales remained even year-over-year.
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Operating Income:
- Increased significantly by 59%, leading to an operating margin of 32.0%, up from 21.2% in the previous year.
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Comparable Currency Neutral Operating Income (Non-GAAP) rose 15%.
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Earnings Per Share (EPS):
- EPS rose 30% to $0.86, despite a 4-point currency headwind.
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Comparable EPS (Non-GAAP) grew 6% to $0.82, impacted by a 6-point currency headwind.
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Cash Flow:
- Year-to-date cash flow from operations totalled $3.7 billion.
- Year-to-date free cash flow (excluding contingent considerations) stood at $8.5 billion.
Regional Performance
- Europe, Middle East & Africa:
- Revenue: Increased by 10%.
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Operating Income: Grew 10%.
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Latin America:
- Revenue: Slight decrease of 4%.
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Operating Income: Declined 4% but a 3% increase in comparable currency neutral operating income.
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North America:
- Revenue: Rose 4%.
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Operating Income: Increased by 15%.
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Asia Pacific:
- Revenue: Grew 11%.
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Operating Income: Increased by 13%.
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Bottling Investments:
- Revenue: Rose by 2%.
- Operating Income: Saw a substantial increase of 32%.
Market Share & Strategy
- Coca-Cola gained market share in the non-alcoholic ready-to-drink (NARTD) beverage sector.
- The company continues to focus on a wide-ranging beverage portfolio and aims to strengthen its consumer franchise system through refranchising strategies, particularly in Africa and India.
Dividend and Share Repurchase
- The company declared dividends of $4.4 billion during the quarter.
Summary of Key Metrics
- Net Revenues Growth: 5% (vs. Q3 2024)
- Organic Revenues Growth: 6%
- Operating Income Growth: 59%
- Operating Margin: 32.0% (up from 21.2%)
- EPS Growth: 30% to $0.86 (vs. $0.66 YoY)
- Comparable EPS Growth: 6% to $0.82
Conclusion
Coca-Cola’s Q3 2025 performance indicates robust growth across various metrics despite currency headwinds. The company’s strategic focus on refranchising and leveraging its diverse beverage portfolio continues to position it favorably in the global market.
| Net Operating Revenues | $12,455 | $11,854 | 5 |
|---|---|---|---|
| Cost of goods sold | 4,797 | 4,664 | 3 |
| Gross Profit | 7,658 | 7,190 | 7 |
| Selling, general and administrative expenses | |||
| Other operating charges | 58 | 1,044 | -94 |
| Operating Income | 3,982 | 2,510 | 59 |
| Interest income | 185 | 263 | -30 |
| Interest expense | 391 | 425 | -8 |
| Equity income (loss) — net | 644 | 541 | 19 |
| Other income (loss) — net | -237 | 491 | |
| Income Before Income Taxes | 4,183 | 3,380 | 24 |
| Income taxes | 500 | 530 | -6 |
| Consolidated Net Income | 3,683 | 2,850 | 29 |
| Less: Net income (loss) attributable to noncontrolling interests | -13 | 2 | |
| Net Income Attributable to Shareowners of The Coca-Cola Company | $3,696 | $2,848 | 30 |
| Basic Net Income Per Share1 | $0.86 | $0.66 | 30 |
| Diluted Net Income Per Share1 | $0.86 | $0.66 | 30 |
| Average Shares Outstanding | 4,303 | 4,311 | 0 |
| Effect of dilutive securities | 10 | 12 | -19 |
| Average Shares Outstanding Assuming Dilution |
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.
| ASSETS | September 26, 2025 | December 31, 2024 |
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | $ 12,732 | $ 10,828 |
| Short-term investments | 1,142 | 2,020 |
| Total Cash, Cash Equivalents and Short-Term Investments | 13,874 | 12,848 |
| Marketable securities | 1,907 | 1,723 |
| Trade accounts receivable, less allowances of $520 and $506, respectively | 3,946 | 3,569 |
| Inventories | 4,802 | 4,728 |
| Prepaid expenses and other current assets | 2,718 | 3,129 |
| Total Current Assets | 27,247 | 25,997 |
| Equity method investments | 20,323 | 18,087 |
| Deferred income tax assets | 1,267 | 1,319 |
| Property, plant and equipment — net | 10,902 | 10,303 |
| Trademarks with indefinite lives | 13,515 | 13,301 |
| Goodwill | 18,662 | 18,139 |
| Other noncurrent assets | 14,129 | 13,403 |
| Total Assets | $ 106,045 | $100,549 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses | $ 17,692 | $ 21,715 |
| Loans and notes payable | 2,319 | 1,499 |
| Current maturities of long-term debt | 1,920 | 648 |
| Accrued income taxes | 568 | 1,387 |
| Total Current Liabilities | 22,499 | 25,249 |
| Long-term debt | 43,177 | 42,375 |
| Other noncurrent liabilities | 4,667 | 4,084 |
| Deferred income tax liabilities | 2,435 | 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 | 20,489 | 19,801 |
| Reinvested earnings | 80,305 | 76,054 |
| Accumulated other comprehensive income (loss) | -14,952 | -16,843 |
| Treasury stock, at cost — 2,738 and 2,738 shares, respectively | -56,355 | -55,916 |
| Equity Attributable to Shareowners of The Coca-Cola Company | 31,247 | 24,856 |
| Equity attributable to noncontrolling interests | 2,020 | 1,516 |
| Total Equity | 33,267 | 26,372 |
| Total Liabilities and Equity | $ 106,045 | $100,549 |
