Coca-Cola has released its financial results for the third quarter of 2025, reporting a 1% increase in global unit case volume. The company also noted a 5% rise in net revenues and a 6% growth in organic revenues on a non-GAAP basis.
Operating income saw significant growth, increasing by 59%. Comparable currency neutral operating income, calculated on a non-GAAP basis, grew by 15%.
Coca-Cola provided forward-looking statements for both 2025 and 2026 that include non-GAAP financial measures. The company stated it is unable to reconcile certain projected figures to their reported counterparts due to unpredictable factors such as acquisitions, divestitures, structural changes, items impacting comparability, and foreign currency fluctuations. The statement noted: “The unavailable information could have a significant impact on the company’s full year 2025 and full year 2026 reported financial results.”
In terms of guidance for the remainder of the year, Coca-Cola expects organic revenue growth (non-GAAP) between 5% and 6%. For comparable net revenues (non-GAAP), there is an anticipated currency headwind of between 1% and 2%, with an additional approximate 1% headwind from acquisitions, divestitures, and structural changes.
Despite primarily local operations, Coca-Cola acknowledged that global trade dynamics may affect certain components of its cost structure but currently expects these impacts to be manageable.
The company’s underlying effective tax rate (non-GAAP) is estimated at 20.7%, up from 18.6% in the previous year. This estimate reflects new global minimum tax regulations enacted in several countries but does not include potential effects from ongoing tax litigation with the U.S. Internal Revenue Service if the company does not prevail.
Coca-Cola projects comparable currency neutral EPS (non-GAAP) growth of about 8%, with overall comparable EPS (non-GAAP) expected to grow around 3% compared to $2.88 in the prior year. These EPS figures are anticipated to reflect approximately a 5% currency headwind along with a roughly 1% headwind from acquisitions, divestitures, and structural changes.
For free cash flow excluding the fairlife contingent consideration payment (non-GAAP), Coca-Cola now expects at least $9.8 billion—an update from its prior forecast of $9.5 billion—consisting of about $12 billion in cash flow from operations minus capital expenditures estimated at $2.2 billion.
Additional projections indicate that comparable net revenues (non-GAAP) should see a slight benefit from current exchange rates including hedged positions; however, comparable EPS (non-GAAP) percentage growth is still expected to face a currency headwind between 4% and 5%.
“Based on the current macroenvironment, the company is providing the following full year guidance,” Coca-Cola stated in its release.
