The Coca-Cola Company (NYSE:KO) on Tuesday reported mixed second-quarter 2025 earnings and revenue. The food and beverage giant reported adjusted earnings of 87 cents per share, beating the consensus of 83 cents.
Net revenues grew 1% to $12.50 billion, almost in line with the consensus of $12.54 billion, and organic revenues grew 5%. Revenue performance included a 6% growth in price/mix and a 1% decline in concentrate sales, which were in line with unit case volume.
Operating margin was 34.1%, and comparable operating margin was 34.7%. Comparable operating margin expansion was driven by organic revenue growth, the timing of marketing investments, and effective cost management, partially offset by currency headwinds.
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Unit case volume declined 1%, as growth in Central Asia, Argentina, and China was more than offset by declines in Mexico, India, and Thailand.
Sparkling soft drinks declined 1%. Trademark Coca-Cola declined 1%, as growth in Europe, the Middle East, and Africa was more than offset by a decline in Latin America.
Coca-Cola Zero Sugar grew 14%, driven by growth across all geographic operating segments. Sparkling flavors declined 2%, as growth in Europe, the Middle East, and Africa was more than offset by a decline in Asia Pacific.
Juice, value-added dairy, and plant-based beverages declined 4%, as growth in Latin America was more than offset by a decline in Asia Pacific.
Water, sports, coffee and tea was even. Water was even, as growth in Asia Pacific and Europe, Middle East and Africa was offset by a decline in Latin America.
Sports drinks declined 3%, as growth in North America was more than offset by a decline in Latin America. Coffee grew 1%, primarily driven by growth in Asia Pacific. Tea was even, as growth in Europe, Middle East and Africa was offset primarily by a decline in North America.
This fall, as part of its ongoing innovation, the company plans to launch a new U.S. cane sugar-based offering in the United States, expanding its Trademark Coca-Cola product range to provide more choices. This announcement follows recent public commentary, including a social media post by President Donald Trump last week, indicating prior discussions and agreement on the change with company executives.
In the second-quarter earnings conference call, Coca-Cola’s CEO attributed volume declines in North America to continued uncertainty and pressure on some socioeconomic segments of consumers.