Coca-Cola Reports First Quarter 2025 Results

By Staff Writer Atlanta Trend

• Apr 30, 2025

The Coca-Cola Company has reported first quarter 2025 results. “Our performance this quarter once again demonstrates the effectiveness of our all-weather strategy,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “Despite some pressure in key developed markets, the power of our global footprint allowed us to successfully navigate a complex external environment. By remaining true to our purpose and staying close to the consumer, we are confident in our ability to create enduring long-term value.”

Revenues: Net revenues declined 2% to $11.1 billion, driven by currency headwinds and the impact of refranchising bottling operations. Organic revenues (non-GAAP) grew 6% and included 5% growth in price/mix and a 1% increase in concentrate sales. Concentrate sales were 1 point behind unit case volume, primarily due to two fewer days in the quarter, partially offset by the timing of concentrate shipments.

Operating margin: Operating margin was 32.9%, and comparable operating margin (non-GAAP) was 33.8%. 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, effective cost management, the timing of marketing investments and the impact of refranchising bottling operations, partially offset by currency headwinds.

Earnings per share: EPS grew 5% to $0.77 and included the impact of a 9-point currency headwind. Comparable EPS (non-GAAP) grew 1% to $0.73 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: Cash flow used in operations was $5.2 billion. Free cash flow (non-GAAP) declined approximately $5.7 billion versus the prior year, resulting in negative free cash flow (non-GAAP) of approximately $5.5 billion. Both decreased versus the prior year due to $6.1 billion of the contingent consideration payment made during the quarter in conjunction with the acquisition of fairlife, LLC (“fairlife”) in 2020 (“fairlife contingent consideration payment”). Free cash flow excluding the fairlife contingent consideration payment (non-GAAP) was $558 million.