- Coca-Cola press release (NYSE:KO): Q3 Non-GAAP EPS of $0.82 beats by $0.04.
- Revenue of $12.5B (+5.0% Y/Y) beats by $90M.
- Global Unit Case Volume Grew 1%.
- Organic Revenues (Non-GAAP) Grew 6%.
- Comparable Operating Margin (Non-GAAP) was 31.9% versus 30.7% in the Prior Year.
- Year-to-date cash flow from operations and free cash flow (non-GAAP) were $3.7 billion and $2.4 billion, respectively.
- Year-to-date free cash flow excluding the fairlife contingent consideration payment (non-GAAP) was $8.5 billion.
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Full Year 2025
Based on the current macroenvironment, the company is providing the following full year guidance.
The company expects to deliver organic revenue (non-GAAP) growth of 5% to 6%. — No Update
For comparable net revenues (non-GAAP), the company expects a 1% to 2% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes. — No Update
The company’s operations are primarily local, however, they are subject to global trade dynamics that may impact certain components of the company’s cost structure across its markets. At this time, the company expects the impact to be manageable. — No Update
The company’s underlying effective tax rate (non-GAAP) is estimated to be 20.7% versus 18.6% in 2024. This includes the impact of several countries enacting the global minimum tax regulations and does not include the impact of ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail. — Updated from 20.8%
The company expects to deliver comparable currency neutral EPS (non-GAAP) growth of approximately 8%. — No Update
The company expects comparable EPS (non-GAAP) growth of approximately 3% versus $2.88 in 2024. — No Update
Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 5% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes. — No Update
The company expects to generate free cash flow excluding the fairlife contingent consideration payment (non-GAAP) of at least $9.8 billion. This consists of cash flow from operations excluding the fairlife contingent consideration payment (non-GAAP) of approximately $12.0 billion, less capital expenditures of approximately $2.2 billion. — Updated from $9.5 billion
Fourth Quarter 2025 Considerations — New
Comparable net revenues (non-GAAP) are expected to include a slight currency tailwind based on the current rates and including the impact of hedged positions.
Comparable EPS (non-GAAP) percentage growth is expected to include a 4% to 5% currency headwind based on the current rates and including the impact of hedged positions.
Full Year 2026 Considerations — New
Comparable net revenues (non-GAAP) are expected to include a slight currency tailwind based on the current rates and including the impact of hedged positions.
Comparable EPS (non-GAAP) percentage growth is expected to include a slight currency tailwind based on the current rates and including the impact of hedged positions.
The company will provide full year 2026 guidance when it reports fourth quarter earnings.
Coca-Cola beats top-line and bottom-line estimates; reaffirms FY25 outlook
