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The Coca-Cola Company
The Coca-Cola Company (KO) investor relations material
The Coca-Cola Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Leadership transition announced, with Henrique Braun succeeding James Quincey as CEO, emphasizing continuity and a focus on growth, innovation, and digital engagement.
Strategic priorities since 2017 have driven 7% average organic revenue growth and $150 billion in market value creation.
Underlying gross and operating margins expanded significantly year-over-year, driven by organic revenue growth and effective cost management.
Acquisitions and divestitures, notably the sale of finished product operations in Nigeria and bottling refranchising, provided a tailwind to margins.
Global unit case volume grew 1% in Q4 and was flat for the full year, with net revenues up 2% for both periods; organic revenues (non-GAAP) rose 5% for both periods, driven by concentrate sales and price/mix improvements.
Financial highlights
Organic revenue grew 5% in Q4 2025; unit case growth was 1%.
Comparable EPS for Q4 was $0.58, up 6% year-over-year, despite 5% currency headwinds.
FY 2025 reported gross margin reached 61.6%, with underlying gross margin up ~110 bps year-over-year.
Free cash flow (excluding fairlife payment) reached $11.4 billion in 2025, up $600 million from the prior year.
Q4 operating margin: 15.6% (GAAP), 24.4% (comparable); full year: 28.7% (GAAP), 31.2% (comparable).
Outlook and guidance
2026 organic revenue growth expected at 4%-5%, in line with long-term algorithm.
Comparable currency-neutral EPS growth (excluding M&A) projected at 5%-6%.
Total comparable EPS growth expected at 7%-8% versus $3 in 2025.
Free cash flow guidance for 2026 is approximately $12.2 billion.
Margin expansion is expected to continue, supported by organic revenue growth and ongoing cost management initiatives.
Q4 BODYARMOR impairment drivers
Chief Digital Officer's mandate
Fairlife payment impact on free cash flow
Future innovation strategy for local brands
North America operating margin sustainability
Capital allocation post-IRS dispute outcome
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Next The Coca-Cola Company earnings date
Consumer Analyst Group of New York Conference (CAGNY) 202617 Feb, 2026
The Coca-Cola Company
Next The Coca-Cola Company earnings date
Consumer Analyst Group of New York Conference (CAGNY) 202617 Feb, 2026
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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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