Coca-Cola today announced its second quarter 2025 results, closing with net revenue up 1% to $12.5 billion and organic revenue up 5%. Revenues saw a 6% increase in price/mix and a 1% decline in concentrate sales, "in line with unit case volume."

Operating margin was 34.1% and comparable operating margin was 34.7%. The Atlanta-based company's press release explains that the operating margin performance "included comparability factors as well as currency headwinds." The comparable operating margin expansion was driven by "organic revenue growth, the timing of marketing investments, and effective cost management, partially offset by currency headwinds."

Earnings per share (EPS) increased 58% to $0.88 and included the impact of an 11 percentage point currency headwind. Comparable EPS increased 4% to $0.87 and "included the impact of a 5 percentage point currency headwind." The company, the official statement emphasizes, "gained valuable share in the non-alcoholic ready-to-drink (NARTD) beverage industry." Operating cash flow was negative $1.4 billion, reflecting $6.1 billion of the contingent consideration payment made in the first quarter in connection with the acquisition of Fairlife, LLC in 2020 ( ). Free cash flow decreased $5.5 billion from the prior year and was negative $2.1 billion. Free cash flow, excluding the Fairlife contingent consideration payment, was $3.9 billion.

The full-year 2025 forecast, at this point, indicates organic revenue growth of between 5% and 6%. Regarding comparable net revenue, "the company expects a 1%-2% currency headwind, based on current rates and including the impact of hedged positions, as well as a 1% headwind from acquisitions, divestitures, and structural changes."

The company's operations, the statement emphasizes, are primarily local, "but are subject to global trade dynamics that may impact certain components of the company's cost structure in its markets. The company currently believes the impact is manageable."

Currency-neutral comparable EPS growth of approximately 8% and comparable EPS growth of approximately 3% to $2.88 in 2024 is also expected. "The company," the statement says, "expects to generate free cash flow of approximately $9.5 billion.

Regarding the outlook for the third quarter of 2025, "comparable net revenues are expected to include a currency headwind of approximately 1%, based on current rates and including the impact of hedged positions.
Comparable EPS growth is expected to include a 5%-6% currency headwind, based on current rates and including the impact of hedged positions.

“In the second quarter, amid a constantly evolving external environment, our system's ability to remain focused and flexible allowed us to stay on course in the first half of the year,” said James Quincey , Chairman and CEO of The Coca-Cola Company. “We continue to act with clear purpose on our priorities and are confident in our trajectory to achieve our updated 2025 guidance and long-term goals.”