Logotype for The Coca-Cola 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.
Logotype for The Coca-Cola Company
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.

Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next The Coca-Cola Company earnings date

Logotype for The Coca-Cola Company
Q4 202511 Feb, 2026
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next The Coca-Cola Company earnings date

Logotype for The Coca-Cola Company
Q4 202511 Feb, 2026

The essential earnings season companion

The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

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.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage