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Coca-Cola Q2'25 Earnings Highlights

$KO (+0.01%)


๐Ÿ”น Comparable EPS: $0.87 (Est. $0.83) ๐ŸŸข; UP +4% YoY

๐Ÿ”น Revenue: $12.5B (Est. $12.55B) ๐Ÿ”ด; UP +1% YoY

๐Ÿ”น Comparable Operating Margin: 34.7% (Est. 33.1%) ๐ŸŸข; UP +1.9 pts YoY

๐Ÿ”น Adj. Organic Revenue: +5% YoY (Est. +4.49%) ๐ŸŸข

๐Ÿ”น Price/Mix: +6% (Est. +5.59%) ๐ŸŸข

๐Ÿ”น Unit Case Volume: -1% (Est. -0.36%) ๐Ÿ”ด

๐Ÿ”น Concentrate Sales: -1% (Est. -0.83%) ๐Ÿ”ด


FY25 Guidance (Updated)

๐Ÿ”น Comparable EPS Growth: +3% vs. $2.88 in 2024 (Prior: +2%โ€“3%)

๐Ÿ”น Currency-Neutral EPS Growth: ~8%

๐Ÿ”น Organic Revenue Growth: 5%โ€“6% (Unchanged)

๐Ÿ”น FX Headwind to Net Revenue: 1%โ€“2%; Structural Headwind: ~1%

๐Ÿ”น Capex: ~$2.2B (Est. $2.15B)

๐Ÿ”น Underlying Tax Rate: ~20.8%

๐Ÿ”น Free Cash Flow (ex. fairlife): ~$9.5B


Segment Performance


North America

๐Ÿ”น Unit Case Volume: -1%

๐Ÿ”น Price/Mix: +3%

๐Ÿ”น Comp Op. Income: +10% (Currency-Neutral)

๐Ÿ”ธ Diet Coke grew for the 4th straight quarter; strong Coca-Cola Zero Sugar


Latin America

๐Ÿ”น Unit Case Volume: -2%

๐Ÿ”น Price/Mix: +15%

๐Ÿ”น Comp Op. Income: +38% (Currency-Neutral)


EMEA

๐Ÿ”น Unit Case Volume: +3%

๐Ÿ”น Price/Mix: +3%

๐Ÿ”น Comp Op. Income: +7% (Currency-Neutral)


Asia Pacific

๐Ÿ”น Unit Case Volume: -3%

๐Ÿ”น Price/Mix: +10%

๐Ÿ”น Comp Op. Income: +8% (Currency-Neutral)


Bottling Investments

๐Ÿ”น Unit Case Volume: -5%

๐Ÿ”น Price/Mix: Flat

๐Ÿ”น Comp Op. Income: -35% (Currency-Neutral)


Cash Flow & Margin


๐Ÿ”น Operating Cash Flow: -$1.4B

๐Ÿ”น Free Cash Flow: -$2.1B (Excluding fairlife: +$3.9B)

๐Ÿ”น GAAP Operating Margin: 34.1% (vs. 21.3%)

๐Ÿ”น Comparable Operating Margin: 34.7% (vs. 32.8%)


CEO Commentary: James Quincey

๐Ÿ”ธ โ€œWeโ€™re executing with clear intent and flexibility amid shifting external dynamics.โ€

๐Ÿ”ธ โ€œCampaigns like โ€˜Share a Cokeโ€™ and innovations like U.S. cane sugar variants are driving engagement.โ€

๐Ÿ”ธ โ€œConfident in delivering on our updated FY25 outlook and long-term objectives.โ€

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