Coca-Cola Company
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.06%.
Did KO Beat Earnings? Q2 2025 Results
Coca-Cola delivered a largely solid second quarter, with comparable EPS of $0.87 clearing the $0.8373 consensus estimate by 3.91%, even as reported revenue of $12.54 billion came in fractionally light of the $12.55 billion analysts had expected — a miss of just 0.15% on 1.4% year-over-year top-line growth. The real engine behind the quarter was margin expansion: comparable operating margin widened to 34.7% from 32.8% a year ago, driven by cost discipline and the timing of marketing spend, helping offset a 1% decline in global unit case volume that was concentrated in Mexico, India, and Thailand. Organic revenue growth of 5% was powered almost entirely by price/mix improvement, a dynamic that has become a recurring theme for the beverage giant navigating an uneven global consumer environment. Looking ahead, Coca-Cola maintained its 5% to 6% organic revenue growth target and now expects <a href="https://247wallst.com/investing/2026/02/15/coca-colas-week-in-review-analysts-raise-price-targets-q4-beat/">comparable EPS growth of approximately</a> 3% for full-year 2025, with currency headwinds projected at roughly 5%.
- 6% price/mix growth driven by pricing actions and favorable mix
- Coca-Cola Zero Sugar grew 14% in volume for the fourth consecutive quarter of double-digit growth
- Diet Coke achieved fourth consecutive quarter of volume growth in North America
- Global relaunch of 'Share a Coke' campaign across 120+ countries with 10 billion bottles and cans
- Comparable currency neutral operating income grew 15% driven by organic revenue growth, timing of marketing investments and effective cost management
- Gained value share in total NARTD beverages
- Revenue growth management strategy adding 130+ million transactions year-to-date in juice drinks category
“Amid a shifting external landscape in the second quarter, the ability of our system to stay both focused and flexible enabled us to stay on course in the first half of the year.”
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 net revenues are expected to face a 1% to 2% currency headwind plus approximately 1% headwind from acquisitions, divestitures and structural changes (updated). The company expects comparable currency neutral EPS growth of approximately 8% (updated) and comparable EPS growth of approximately 3% versus $2.88 in 2024 (updated), with an approximate 5% currency headwind and approximately 1% structural headwind. 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 expected at approximately $9.5 billion (unchanged), consisting of approximately $11.7 billion in operating cash flow less approximately $2.2 billion in capital expenditures. The company expects the impact of global trade dynamics on its cost structure to be manageable. For Q3 2025, comparable net revenues are expected to include an approximately 1% 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.