Coca-Cola has released 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. The company also saw organic revenues (non-GAAP) grow by 6%.
Operating income for the quarter increased by 59%, while comparable currency neutral operating income (non-GAAP) rose by 15%. The company noted that its outlook for 2025 and 2026 includes forward-looking non-GAAP financial measures, which it uses to assess performance. Coca-Cola stated that it cannot reconcile these projected non-GAAP figures with reported results due to uncertainties regarding acquisitions, divestitures, structural changes, and foreign currency fluctuations.
Looking ahead, Coca-Cola expects to achieve organic revenue growth of between 5% and 6%. The company also anticipates a currency headwind of 1% to 2% for comparable net revenues based on current rates and hedged positions. An additional headwind of about 1% is expected from acquisitions, divestitures, and structural changes.
Coca-Cola’s operations are mainly local but are influenced by global trade dynamics that may affect certain cost components across markets. “At this time, the company expects the impact to be manageable,” the company stated.
The estimated underlying effective tax rate (non-GAAP) for 2025 is projected at 20.7%, compared to 18.6% in 2024. This estimate accounts for new global minimum tax regulations enacted in several countries but does not include potential impacts from ongoing U.S. Internal Revenue Service litigation.
The company projects comparable currency neutral EPS (non-GAAP) growth of approximately 8%. Comparable EPS (non-GAAP) growth is expected to be around 3%, compared to $2.88 in 2024. Both figures are anticipated to face a roughly 5% currency headwind due to current exchange rates and hedging strategies, along with an additional approximate 1% headwind from structural changes.
Coca-Cola forecasts free cash flow—excluding the fairlife contingent consideration payment—of at least $9.8 billion for the year. This projection consists of approximately $12 billion in operational cash flow minus about $2.2 billion in capital expenditures.
Additionally, comparable net revenues are expected to see a slight positive effect from currency movements based on current rates and hedged positions, while comparable EPS growth could face a currency headwind between 4% and 5%.
“At this time, the company expects the impact to be manageable.”
###
