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Sep 26, 2025
Coca-Cola Q3 2025 Earnings Report
Coca-Cola reported strong Q3 2025 results with increased revenues, earnings, and operating income.
Key Takeaways
Coca-Cola delivered solid performance in Q3 2025, growing net revenues to $12.5 billion and achieving a 30% increase in EPS. The company expanded operating margins and gained market share in key beverage categories despite currency headwinds and a challenging macroeconomic backdrop.
Net revenues increased by 5% to $12.5 billion, with organic revenues (non-GAAP) growing 6%.
Operating income saw a substantial 59% increase, and comparable currency neutral operating income (non-GAAP) grew 15%.
EPS grew 30% to $0.86, while comparable EPS (non-GAAP) increased 6% to $0.82.
The company maintained its global leadership in ready-to-drink tea and gained value share in total nonalcoholic ready-to-drink beverages.
Revenue by Geographic Location
Forward Guidance
Coca-Cola maintained its full-year 2025 guidance, expecting steady organic revenue and EPS growth while managing currency and structural headwinds.
Positive Outlook
- Organic revenue growth expected between 5% and 6%.
- Comparable currency neutral EPS expected to grow ~8%.
- Comparable EPS expected to grow ~3% over 2024’s $2.88.
- Free cash flow excluding fairlife payment raised to at least $9.8B.
- Company expects solid demand and pricing trends to continue.
Challenges Ahead
- Expected 1-2% currency headwind on comparable net revenues.
- Approx. 1% headwind from acquisitions and divestitures.
- 5% currency headwind expected on comparable EPS.
- Higher effective tax rate of 20.7% due to global tax changes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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