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ATLANTA, USA – The Coca-Cola Company yesterday (July 22, 2025) 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.”
Quarterly Performance
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.
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.
