Coca-Cola (KO) Q4 2025 earnings

Coca-Cola on Tuesday reported mixed quarterly results, although demand for its drinks in North America and Latin America is beginning to show signs of improvement.

Looking ahead to 2026, the company is projecting organic revenue growth of 4% to 5% and comparable earnings per share growth of 7% to 8% for the full year.

Shares of Coca-Cola fell roughly 3% in premarket trading.

Here’s what the company reported for the period ended Dec. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Adjusted earnings per share: 58 cents vs. 56 cents expected
• Adjusted revenue: $11.82 billion vs. $12.03 billion expected

The beverage giant reported fourth-quarter net income attributable to shareholders of $2.27 billion, or 53 cents per share, up from $2.2 billion, or 51 cents per share, a year earlier.

Excluding transaction gains and other one-times items, Coke earned 58 cents per share.

Net sales rose 2% to $11.82 billion. Organic revenue, which strips out acquisitions, divestitures and currency, increased 5% in the quarter.

Unit case volume rose 1% in the quarter, marking the second straight quarter of growth for the company. The metric excludes the impact of pricing and foreign currency to reflect demand.

Like rival PepsiCo, Coke has seen demand for its drinks fall as budget-conscious shoppers try to save more on their grocery bills and dine out less frequently. Coke’s overall volume for 2025 was unchanged from the prior year.

But there have been some bright spots, like Smartwater and Fairlife, showing that consumers are still willing to pay more for premium drinks.

And two key markets for Coke are starting to show signs of improvement. Coke’s volume in North America increased 1%, while it rose 2% in Latin America.

Worldwide, Coke’s water, sports, coffee and tea division outperformed the rest of its portfolio, signaling consumers’ willingness to spend on drinks they perceive as healthier options. The segment saw volume grow 3%, thanks to higher demand for brands like Smartwater and Bodyarmor.

The company’s sparkling soft drinks business reported flat volume. Its namesake soda saw volume rise 1% in the quarter, while Coke Zero Sugar reported that its volume climbed 13%.

Coke’s juice, value-added dairy and plant-based beverages division reported that volume fell 3%. Higher demand for Fairlife was offset by the sale of Coke’s finished product operations in Nigeria to one of its bottlers.

Shares of Coca-Cola have risen roughly 22% over the last year as of Monday’s close, raising its market value up to about $335 billion.