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Coca-Cola Consolidated (COKE) investor relations material
Coca-Cola Consolidated Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales rose 3.3% to $1.86B in Q2 2025 and 1.4% to $3.44B in the first half, driven by higher pricing and favorable product mix, despite volume declines due to fewer selling days and softness in certain categories.
Gross profit increased 3.6% to $742.5M in Q2, with gross margin up 10 bps to 40.0%, aided by annual price increases and product mix shifts.
Net income for Q2 was $187.4M, up 8.4% year-over-year; adjusted net income was $195.2M, up 1.2%. First half net income declined 14% to $291.0M, with adjusted net income down 6.7% to $331.4M, impacted by non-cash fair value adjustments.
Operating income rose 5.0% to $272.1M in Q2, but fell 2.7% to $461.9M for the first half, with two fewer selling days accounting for about $10M of the decline.
Cash flow from operations was $406.2M in the first half, down from $437.1M, with $157M invested in capital expenditures.
Financial highlights
Q2 2025 net sales: $1.86B (+3.3% YoY); gross profit: $742.5M (+3.6% YoY); operating income: $272.1M (+5.0% YoY); net income: $187.4M (+8.4% YoY).
First half 2025 net sales: $3.44B (+1.4% YoY); gross profit: $1.37B (+0.9% YoY); operating income: $461.9M (-2.7% YoY); net income: $291.0M (-14.0% YoY).
Adjusted net income for Q2: $195.2M (+1.2% YoY); for first half: $331.4M (-6.7% YoY).
Q2 EPS: $2.15 (basic and diluted); first half EPS: $3.34 (basic and diluted), both retroactively adjusted for stock split.
Cash and cash equivalents at June 27, 2025: $1.22B; short-term investments: $350.2M.
Outlook and guidance
Capital expenditures for 2025 expected to be approximately $300M, focused on supply chain optimization and growth investments.
Management anticipates continued focus on top-line growth, margin management, and investments in workforce and supply chain.
Sufficient capital is available to finance business plans and maintain capital spending for at least the next 12 months.
Anticipates annual acquisition-related contingent consideration payments of $50M–$80M over the next five years.
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