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Mar 31, 2023
Coca-Cola Q1 2023 Earnings Report
Coca-Cola's Q1 2023 results demonstrated resilience with volume and revenue growth, despite a dynamic operating environment.
Key Takeaways
Coca-Cola reported a 5% increase in net revenues to $11.0 billion and a 12% growth in organic revenues. EPS grew by 12% to $0.72, while comparable EPS grew by 5% to $0.68. The company gained value share in total nonalcoholic ready-to-drink beverages.
Net revenues increased by 5% to $11.0 billion, with organic revenues growing by 12%.
EPS grew by 12% to $0.72, and comparable EPS increased by 5% to $0.68.
Operating margin was 30.7%, while comparable operating margin was 31.8%.
The company gained value share in the total nonalcoholic ready-to-drink beverage market.
Revenue by Geographic Location
Forward Guidance
The company expects to deliver organic revenue (non-GAAP) growth of 7% to 8%.
Positive Outlook
- The company expects to deliver organic revenue (non-GAAP) growth of 7% to 8%.
- Underlying effective tax rate (non-GAAP) is estimated to be 19.5%.
- The company expects to generate free cash flow (non-GAAP) of approximately $9.5 billion.
- Comparable net revenues (non-GAAP) are expected to include a 3% to 4% currency headwind.
- Comparable EPS (non-GAAP) percentage growth is expected to include a 2% to 3% currency headwind.
Challenges Ahead
- Comparable net revenues (non-GAAP) are expected to include a 3% to 4% currency headwind.
- Comparable net revenues (non-GAAP) are expected to include an approximate 1% headwind from acquisitions, divestitures and structural changes.
- Commodity price inflation is expected to be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP).
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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