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James Quincey: Coca-Cola Chairman and CEO
James Quincey has dedicated nearly three decades to The Coca-Cola Company, rising through the ranks to become CEO and Chairman of the company.
The Coca-Cola Company (KO) investor relations material
The Coca-Cola Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
On track to deliver reiterated top-line and bottom-line guidance for 2025, with confidence in achieving longer-term commitments.
Net operating revenues rose 5% to $12.5B for Q3 2025, with organic revenues up 6% year-over-year, driven by favorable pricing and product mix.
Operating income surged 59% to $4.0B, with comparable currency neutral operating income up 15%.
Gained value share in total nonalcoholic ready-to-drink beverages globally for the 18th consecutive quarter.
Completed significant refranchising steps in India and Africa, advancing the strategy to focus on brand building and innovation.
Financial highlights
Organic revenues grew 6% in Q3 2025; unit cases grew 1%.
Gross margin for Q3 was 61.5%, with operating margin at 32.0% (up from 21.2% last year).
Comparable EPS of $0.82 increased 6% year-over-year, despite 6% currency headwinds; reported EPS up 30% to $0.86.
Free cash flow (excluding fairlife payment) was $8.5B, up from prior year.
Net debt leverage at 1.8x EBITDA, below the targeted range.
Outlook and guidance
Expecting 2025 organic revenue growth of 5–6% and comparable currency-neutral EPS growth of ~8%.
Anticipate 1–2% currency headwind to net revenues and ~5% headwind to EPS for 2025.
Underlying effective tax rate for 2025 expected at 20.7%.
At least $9.8B free cash flow expected for 2025 (excluding fairlife payment).
Capital expenditures for 2025 are expected to be about $2.2B, with continued share repurchases to offset employee stock-based compensation dilution.
Impact of fairlife payment on future capital allocation?
Expected benefits from recent refranchising deals?
Which specific brands drive portfolio growth?
Refranchising's impact on future margins?
GLP-1 drug impact on beverage consumption?
Mexico sugar tax adaptation strategy
Refranchising completion: remaining steps and focus?
GLP-1 impact on protein drinks and strategy?
Mexico sugary drink tax: adaptation strategy?
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Frequently asked questions
Beverage industry behemoth
The Coca-Cola company might not need any further introduction than the simple statement “The producers of Coca-Cola”. This is a testament to the impact that the company has had throughout history, and continues to have in modern society. Founded in 1866 the company has continued to expand over the years and is now one of the world's most famous and recognized brands. Coca-Cola has been publicly traded for over 100 years, and Warren Buffet and his investment company Berkshire Hathaway owns a significant stake in the company.
Legendary trade secrets
One important part of Coca-Cola's brand identity is the secrecy surrounding the recipe for their most iconic drink. The formula, known only to a select few and passed down from executive to executive, consists of a unique blend of ingredients. The recipe's secrecy has been carefully guarded throughout the company's history and is today kept safely in a vault at Coca-Cola's headquarters, adding an air of mystery and exclusivity to the brand. This aura of secrecy has contributed to the intrigue and fascination surrounding Coca-Cola, making it an enduring symbol of the beverage industry. One legendary story regarding the secret recipe is how one disgruntled employee stole it from the headquarters and planned to sell it to Pepsi for over a million dollars. Pepsi, not interested in buying trade secrets and producing an identical product to their biggest competitor, promptly alerted Coca-Cola who in turn called the FBI.
Not just Coca-Cola
The Coca-Cola Company offers a variety of products in addition to its iconic Coca-Cola beverage. Some of its notable brands include Diet Coke, Sprite, Fanta, Minute Maid, Powerade, Dasani, SmartWater, Honest Tea, and Vitaminwater. These products cater to different consumer preferences and situations by providing a range of flavors, carbonated and non-carbonated options, juices, sports drinks, bottled water, drink mixers, and more. The Coca-Cola Company strives to fill every possible want from consumers looking for a bottled non-alcoholic drink.
An incredibly well cemented global presence
The Coca-cola Company is well and truly a global brand, and the list of countries where their products aren’t available (oftentimes due to sanctions or logistical issues) for sale is very short. Coca-Cola has achieved a remarkable global presence, with its products being sold in almost every corner of the world. The company has pursued a strategy of international expansion, establishing bottling and distribution networks in numerous countries. Additionally, Coca-Cola's strong brand recognition and marketing efforts have contributed to its widespread popularity. The company's ability to adapt its products to local tastes and preferences has also played a crucial role in its global success.
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