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Dec 31, 2022
Coca-Cola Q4 2022 Earnings Report
Coca-Cola reported strong fourth quarter results, with revenue growth and operating income increase.
Key Takeaways
Coca-Cola's Q4 2022 results showed strong revenue growth of 7% to $10.1 billion and a 24% increase in operating income. EPS declined 16% to $0.47, while comparable EPS was even at $0.45. The company gained value share in total nonalcoholic ready-to-drink beverages.
Net revenues grew 7% to $10.1 billion, while organic revenues (non-GAAP) grew 15%.
Operating income grew 24%, and comparable currency neutral operating income (non-GAAP) grew 21%.
EPS declined 16% to $0.47, with comparable EPS (non-GAAP) at $0.45.
The company gained value share in total nonalcoholic ready-to-drink beverages.
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%.
- The company’s 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 through cash flow from operations of approximately $11.4 billion, less capital expenditures of approximately $1.9 billion.
- Comparable currency neutral EPS (non-GAAP) growth of 7% to 9%
- Comparable EPS (non-GAAP) growth of 4% to 5%
Challenges Ahead
- For comparable net revenues (non-GAAP), the company expects a 2% to 3% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes.
- The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP) based on the current rates and including the impact of hedged positions.
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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