Coca-Cola Consolidated (COKE) Q4 2025 earnings summary

Executive summary

• Achieved record revenue, gross profit, and operating income for both Q4 and fiscal year 2025, driven by strong execution and portfolio performance.

• Volume grew 4.6% in Q4 2025 and 0.3% for the year, with Sparkling and Still categories both contributing to growth.

• Q4 benefited from one extra selling day, while the full year had one fewer selling day compared to 2024.

Financial highlights

• Q4 2025 net sales rose 9% year-over-year to $1.9 billion; full-year net sales up 4.8% to $7.2 billion.

• Q4 gross profit increased 8.1% to $754 million; full-year gross profit up 4.3% to $2.87 billion.

• Q4 income from operations grew 10.7% to $242 million; full-year income from operations up 3.3% to $951 million.

• Q4 net income declined 23.3% to $137 million, but adjusted net income rose 0.7% to $158 million.

• Full-year net income fell 9.9% to $571 million; adjusted net income down 1.5% to $668 million.

• Q4 gross margin was 39.6% (down 40 bps); operating margin 12.7% (up 20 bps).

Outlook and guidance

• Management expressed optimism for 2026, citing strong brand portfolio and upcoming major events like America250 and FIFA World Cup.

• Fiscal 2026 capital expenditures expected to be about $300 million.

• Q1 2026 will have six extra days, Q4 2026 will have six fewer days compared to 2025.