The company says that the business in India was hit by early monsoons and geopolitical conflict in the important summer season
Marking an increase of 1 per cent, the net revenues of The Coca-Cola Company grew to USD 12.5 billion in the second quarter of 2025. The organic revenues rose 5 per cent, the company informed in its earnings release.
Revenue performance included 6 per cent growth in price/mix and a 1 per cent decline in concentrate sales. Concentrate sales were in line with unit case volume, the company said, adding that the global unit case volume declined 1 per cent during the quarter.
In India, after a strong start to the year, volume declined, as the business was impacted by early monsoons and geopolitical conflict early in the important summer season. In response, the company is engaging consumers with integrated marketing campaigns like Coca-Cola and Meals supported by execution in the quick service restaurant channel.
“India is never going to be a straight line, and indeed, Q2 was not. But we are very bullish on India overall. The Q2 did decline. There was the conflict and the monsoon. But we have a lot of marketing campaigns focused on India. We have also just set up the first kind of refranchising piece with the Jubilant Group for the company-owned bottler that we are having, which is basically at the bottom half of India, and that’s up and running with a new Chief Executive Officer (CEO),” stated James Quincey, Chairman and Chief Executive Officer (CEO) of The Coca-Cola Company.
Operating margin was 34.1 per cent, and comparable operating margin (non-gaap) was 34.7 per cent. Operating margin performance included items impacting comparability as well as currency headwinds. The company highlighted that the comparable operating margin (non-gaap) expansion was driven by organic revenue (non-gaap) growth, the timing of marketing investments and effective cost management, partially offset by currency headwinds.
“Amid a shifting external landscape in the second quarter, the ability of our system to stay both focused and flexible enabled us to stay on course in the first half of the year. We continue to execute with a clear intent on our priorities and are confident in our trajectory to deliver on our updated 2025 guidance and longer-term objectives,” stated James Quincey, Chairman and Chief Executive Officer (CEO) of The Coca-Cola Company.
Earnings per share (EPS) grew 58 per cent to USD 0.88 and included the impact of an 11-point currency headwind. During the quarter, the company gained value share in total non-alcoholic ready-to-drink (NARTD) beverages. Operating cash flow was negative USD 1.4 billion
