Coca-Cola Company
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −4.31%.
Did KO Beat Earnings? Q4 2025 Results
Coca-Cola closed out Q4 2025 with a mixed but broadly resilient performance, delivering earnings per share of $0.58 against a consensus estimate of $0.56 — a 3.57% beat — while revenue of $11.82 billion came in 2.70% below the $12.15 billion Wall Street had expected, rising just 2.4% year over year as significant currency headwinds weighed on reported figures. The headline shortfall, however, obscures the underlying momentum: organic revenue grew 5% for both the quarter and the full year, driven by disciplined pricing and volume gains in markets including Brazil, the United States, and Japan. A $960 million non-cash impairment charge on the BODYARMOR trademark pressured GAAP operating income, though comparable margins continued to expand. Coca-Cola Zero Sugar remained a standout, with unit case volume surging 13% in Q4. <a href="https://247wallst.com/investing/2026/02/15/coca-colas-week-in-review-analysts-raise-price-targets-q4-beat/">analysts have since raised price targets</a> following the print. Looking into 2026, management guided for 4%–5% organic revenue growth and comparable EPS growth of 7%–8% versus a $3.00 base, aided by an approximate 3% currency tailwind.
- Organic revenue growth of 5% driven by 4% increase in concentrate sales and 1% price/mix growth in Q4
- Coca-Cola Zero Sugar unit case volume grew 13% in Q4 and 14% for the full year
- Pricing actions in the marketplace across all geographies
- Effective cost management driving comparable operating margin expansion
- Gained value share in total NARTD beverages for both Q4 and full year
- North America comparable currency neutral operating income grew 15% in Q4
“I'm encouraged by our performance in 2025 which showed both the resilience and momentum that define our business.”
Coca-Cola CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Coca-Cola expects organic revenue growth of 4% to 5%. Comparable currency neutral EPS excluding acquisitions and divestitures is expected to grow 5% to 6%, and comparable EPS is expected to grow 7% to 8% versus $3.00 in 2025. Comparable EPS growth includes an approximate 3% currency tailwind, with an approximate 1% headwind from acquisitions and divestitures. The company expects comparable net revenues to see an approximate 1% currency tailwind and approximately 4% headwind from acquisitions and divestitures, assuming the pending sale of Coca-Cola Beverages Africa closes during H2 2026. The underlying effective tax rate is estimated at 20.9%. Free cash flow is expected to be approximately $12.2 billion, consisting of approximately $14.4 billion in operating cash flow less approximately $2.2 billion in capital expenditures. For Q1 2026, comparable net revenues are expected to include a 2% currency tailwind and 1% headwind from acquisitions and divestitures, with the first quarter having six additional days compared to Q1 2025.
KO YoY Financials
KO Revenue by Segment
KO Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.