Coca-Cola Company
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.33%.
Did KO Beat Earnings? Q1 2025 Results
Coca-Cola delivered a mixed but broadly resilient first quarter for 2025, posting earnings per share of $0.73 against a consensus estimate of $0.7161 — a beat of 1.94% — while revenue of $11.13 billion came in just shy of the $11.17 billion Wall Street expected, falling 1.5% year over year. The top-line softness was largely a story of currency, not demand: organic revenue grew 6% as substantial foreign exchange headwinds and refranchising impacts weighed on reported figures. Underpinning the quarter's strength was 2% global unit case volume growth, with Asia Pacific up 6% and Coca-Cola Zero Sugar extending its momentum with 14% global volume growth, even as North America saw a 3% volume decline. <a href="https://247wallst.com/investing/2026/02/15/coca-colas-week-in-review-analysts-raise-price-targets-q4-beat/">analysts raised price targets</a> following the results, encouraged by the company's production model that helped insulate it from tariff pressures. Management held its full-year outlook, projecting organic revenue growth of 5% to 6% and comparable EPS growth of 2% to 3% against a 5% to 6% currency headwind.
- Global unit case volume growth of 2% led by India, China, and Brazil
- Price/mix grew 5% driven by pricing actions in the marketplace
- Coca-Cola Zero Sugar grew 14% globally across all geographic segments
- Asia Pacific unit case volume grew 6% across all beverage categories
- Organic revenue growth of 6% with 5% price/mix and 1% concentrate sales growth
- Comparable operating margin expanded 134 basis points to 33.8%
- Effective cost management and timing of marketing investments
“Our performance this quarter once again demonstrates the effectiveness of our all-weather strategy. Despite some pressure in key developed markets, the power of our global footprint allowed us to successfully navigate a complex external environment. By remaining true to our purpose and staying close to the consumer, we are confident in our ability to create enduring long-term value.”
Coca-Cola CEO, on the earnings call
Forward Guidance & Outlook
For full year 2025, Coca-Cola expects organic revenue growth of 5% to 6% (unchanged). Comparable currency neutral EPS growth is expected at 7% to 9% (updated). Comparable EPS growth is expected at 2% to 3% versus $2.88 in 2024 (unchanged), with a 5% to 6% currency headwind. Comparable net revenues are expected to face a 2% to 3% currency headwind plus a slight headwind from acquisitions, divestitures and structural changes (updated). The underlying effective tax rate is estimated at 20.8% versus 18.6% in 2024. Free cash flow excluding the fairlife contingent consideration payment is projected at approximately $9.5 billion. The company noted that global trade dynamics may impact certain cost structure components but expects the impact to be manageable. For Q2 2025, comparable net revenues are expected to include an approximate 3% currency headwind, and comparable EPS growth is expected to include a 5% to 6% currency headwind.
KO YoY Financials
KO Revenue by Segment
KO Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.