The Coca-Cola Company today reported second quarter 2025 results. “Amid a shifting external landscape in the second quarter, the ability of our system to stay both focused and flexible enabled us to stay on course in the first half of the year,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “We continue to execute with a clear intent on our priorities and are confident in our trajectory to deliver on our updated 2025 guidance and longer-term objectives.”

• Revenues: Net revenues grew 1% to $12.5 billion, and organic revenues (non-GAAP) grew 5%. Revenue performance included 6% growth in price/mix and a 1% decline in concentrate sales. Concentrate sales were in line with unit case volume.

• Operating margin: Operating margin was 34.1%, and comparable operating margin (non-GAAP) was 34.7%. Operating margin performance included items impacting comparability as well as currency headwinds. Comparable operating margin (non-GAAP) expansion was driven by organic revenue (non-GAAP) growth, the timing of marketing investments and effective cost management, partially offset by currency headwinds.

• Earnings per share: EPS grew 58% to $0.88 and included the impact of an 11-point currency headwind. Comparable EPS (non-GAAP) grew 4% to $0.87 and included the impact of a 5-point currency headwind.

• Market share: The company gained value share in total nonalcoholic ready-to-drink (“NARTD”) beverages.

• Cash flow: Operating cash flow was negative $1.4 billion, which reflects $6.1 billion of the contingent consideration payment made during the first quarter in conjunction with the acquisition of fairlife, LLC (“fairlife”) in 2020 (“fairlife contingent consideration payment”). Free cash flow (non-GAAP) declined $5.5 billion versus the prior year, resulting in negative free cash flow (non-GAAP) of $2.1 billion. Free cash flow excluding the fairlife contingent consideration payment (non-GAAP) was $3.9 billion.

• Uplifting consumer connections through brand-led marketing: The company continued to drive consumer engagement, fueled by Trademark Coca-Cola and the global relaunch of the iconic “Share a Coke” campaign. Reimagined for the next generation, ”Share a Coke” taps into nostalgia with personalized bottles and cans to share with friends and family and serves as a reminder that Coca-Cola is for everyone. Rolled out across the Trademark Coca-Cola portfolio and amplified by connected packaging, the campaign returned on a larger scale, activated with approximately 10 billion bottles and cans in more than 120 countries with over 30,000 names tailored to local markets. The campaign contributed to single-serve transaction growth for the category, while Coca-Cola Zero Sugar achieved double-digit volume growth for the fourth consecutive quarter. In North America, the company also launched the “This is My Taste” campaign for Diet Coke, inspired by social media insights showing that consumers use a distinctive language, like “crispy” taste, to express their connection to the brand. The campaign contributed to growth in the quarter, marking Diet Coke’s fourth consecutive quarter of volume growth in North America, reinvigorating the brand and adding a new generation of consumers to its loyal following. As part of its ongoing innovation agenda, this fall in the United States, the company plans to launch an offering made with U.S. cane sugar to expand its Trademark Coca-Cola product range. This addition is designed to complement the company’s strong core portfolio and offer more choices across occasions and preferences.

• Untapping opportunities through end-to-end revenue growth management (“RGM”) capabilities: The Coca-Cola system’s RGM strategy helps to ensure it has the right products, in the right packages, at the right price points, in the right channels, with the right messages to meet consumer needs. The company, in partnership with its bottling partners, is transforming its trove of data into segmented insights to identify new opportunities in the market and create more transactions at the point of sale. For example, within the juice drinks category, the company has added more than 130 million transactions year-to-date by focusing on lower-cost single-serve offerings in markets that include Latin America and India, where consumers are looking for commercial beverages at affordable prices. Additionally, in Spain, volume improved sequentially, partially by pairing sparkling soft drinks in an affordable 1.25-liter package with enhanced point-of-sale materials communicating the value and drinking occasion. The strategy of utilizing all RGM levers continues to allow the company to grow transactions ahead of volume and generate positive mix benefits, which has continued for the past several years.

Revenues and Volume

Operating Income and EPS

In addition to the data in the preceding tables, operating results included the following:

• Unit case volume declined 1%, as growth in Central Asia, Argentina and China was more than offset by declines in Mexico, India and Thailand. Performance included the following:
  • Sparkling soft drinks declined 1%. Trademark Coca-Cola declined 1%, as growth in Europe, Middle East and Africa was more than offset by a decline in Latin America. Coca-Cola Zero Sugar grew 14%, driven by growth across all geographic operating segments. Sparkling flavors declined 2%, as growth in Europe, Middle East and Africa was more than offset by a decline in Asia Pacific.
  • Juice, value-added dairy and plant-based beverages declined 4%, as growth in Latin America was more than offset by a decline in Asia Pacific.
  • Water, sports, coffee and tea was even. Water was even, as growth in Asia Pacific and Europe, Middle East and Africa was offset by a decline in Latin America. Sports drinks declined 3%, as growth in North America was more than offset by a decline in Latin America. Coffee grew 1%, primarily driven by growth in Asia Pacific. Tea was even, as growth in Europe, Middle East and Africa was offset primarily by a decline in North America.
• Price/mix grew 6%, primarily driven by pricing actions in the marketplace and favorable mix. The impact from markets experiencing intense inflation contributed less in the second quarter of 2025 versus the prior year. Concentrate sales were in line with unit case volume.
• Operating income grew 63%, which included items impacting comparability and currency headwinds. Comparable currency neutral operating income (non-GAAP) grew 15%, driven by organic revenue (non-GAAP) growth across all geographic operating segments, the timing of marketing investments and effective cost management.

• Unit case volume grew 3%, primarily driven by growth in sparkling flavors, water, sports, coffee and tea, and Trademark Coca-Cola.
• Price/mix grew 3%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 1 point behind unit case volume due to the timing of concentrate shipments.
• Operating income grew 3%, which included items impacting comparability and a 4-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 7%, primarily driven by organic revenue (non-GAAP) growth and the timing of operating expenses, partially offset by higher input costs and marketing investments.
• The company gained value share in total NARTD beverages, led by Türkiye, Nigeria and Egypt.

• Unit case volume declined 2%, as growth in juice, value-added dairy and plant-based beverages was more than offset by declines in water, sports, coffee and tea and Trademark Coca-Cola.
• Price/mix grew 15%, driven by pricing actions in the marketplace, timing of investments and favorable mix. Concentrate sales were 1 point ahead of unit case volume due to the timing of concentrate shipments.
• Operating income grew 4%, which included items impacting comparability and a 29-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 38%, primarily driven by organic revenue (non-GAAP) growth, lower input costs and the timing of marketing investments.
• Value share in total NARTD beverages for the company was even, as gains in Argentina and Brazil were offset by declines in Mexico and Chile.

• Unit case volume declined 1%, as growth in sparkling flavors was more than offset by a decline in Trademark Coca-Cola.
• Price/mix grew 3%, driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 1 point ahead of unit case volume due to the timing of concentrate shipments.
• Operating income grew 18%, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 10%, primarily driven by organic revenue (non-GAAP) growth and effective cost management, partially offset by an increase in marketing investments.
• The company gained value share in total NARTD beverages, led by juice, value-added dairy and plant-based beverages.

• Unit case volume declined 3%, as growth in water, sports, coffee and tea was more than offset by declines in sparkling flavors and juice, value-added dairy and plant-based beverages.
• Price/mix grew 10%, driven by timing of investments, pricing actions in the marketplace and favorable mix. Concentrate sales were 2 points behind unit case volume due to the timing of concentrate shipments.
• Operating income was even, which included items impacting comparability and an 8-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 8%, primarily driven by organic revenue (non-GAAP) growth.
• The company gained value share in total NARTD beverages, led by South Korea and the Philippines.

• Unit case volume declined 5%, largely due to a decline in India and the impact of refranchising bottling operations.
• Price/mix was even, as pricing actions in the marketplace were offset by unfavorable mix.
• Operating income declined 39%, which included a 4-point currency headwind and the impact of refranchising bottling operations. Comparable currency neutral operating income (non-GAAP) declined 35%, primarily driven by a decline in organic revenue (non-GAAP), partially offset by lower input costs.

Revenues and Volume

Operating Income and EPS