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Coca-Cola
🇺🇸 NYSE:KO
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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.

Total Revenue
$11B
Previous year: $10.5B
+4.7%
EPS
$0.68
Previous year: $0.64
+6.3%
Organic Revenue Growth
12%
Previous year: 18%
-33.3%
Global Unit Case Growth
3%
Previous year: 8%
-62.5%
Gross Profit
$6.66B
Previous year: $6.4B
+4.1%
Cash and Equivalents
$12B
Previous year: $7.68B
+56.3%
Free Cash Flow
-$116M
Previous year: $400M
-129.0%
Total Assets
$97.4B
Previous year: $94.1B
+3.6%

Coca-Cola

Coca-Cola

Coca-Cola 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).
  • Comparable EPS (non-GAAP) percentage growth is expected to include a 2% to 3% currency headwind.
  • Comparable EPS (non-GAAP) percentage growth is expected to include a slight headwind from acquisitions, divestitures and structural changes.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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