Coca‑Cola has announced its financial results for the third quarter of 2025, reporting a 1% increase in global unit case volume and a 5% rise in net revenues. Organic revenues, which exclude the impact of currency fluctuations and other factors, grew by 6%. The company’s operating income rose significantly by 59%, while comparable currency neutral operating income increased by 15%.
Looking ahead to the remainder of 2025 and into 2026, Coca‑Cola provided updated financial guidance. The company expects organic revenue growth between 5% and 6%. For comparable net revenues, it anticipates a currency headwind of 1% to 2%, along with an additional headwind of about 1% from acquisitions, divestitures, and structural changes.
The company highlighted that its operations are mostly local but acknowledged that global trade dynamics could affect certain cost components across different markets. “At this time, the company expects the impact to be manageable,” according to the statement.
Coca‑Cola’s underlying effective tax rate is estimated at 20.7%, up from last year’s rate of 18.6%. This increase reflects the implementation of global minimum tax regulations in several countries and does not account for ongoing tax litigation with U.S. authorities.
The outlook for earnings per share (EPS) includes an expected growth of approximately 8% for comparable currency neutral EPS and around a 3% increase in comparable EPS compared to $2.88 in 2024. These projections factor in an approximate currency headwind of up to 5%, as well as a similar impact from structural business changes.
Free cash flow excluding the fairlife contingent consideration payment is projected at no less than $9.8 billion, which is based on anticipated cash flow from operations (excluding this payment) of about $12 billion and capital expenditures around $2.2 billion.
The company noted it cannot fully reconcile certain non-GAAP financial measures with their reported counterparts due to uncertainties related to acquisitions, divestitures, structural changes, timing issues, items impacting comparability, and foreign exchange fluctuations throughout both years.
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