The company expects to register organic revenue (non-gaap) growth of 4 per cent to 5 per cent in 2026
Global beverage maker Coca-Cola has reported a 2 per cent growth in net revenues to USD 47.9 billion for the full year 2025. For the fourth quarter, net revenues grew 2 per cent to USD 11.8 billion. Organic revenues (non-gaap) grew 5 per cent for the quarter and2025. The company expects to deliver organic revenue (non-gaap) growth of 4 per cent to 5 per cent in 2026.
Global unit case volume grew 1 per cent for the quarter and was even for the full year. Operating income declined 32 per cent for the quarter and grew 38 per cent for the full year. Comparable currency-neutral operating income (non-gaap) grew 13 per cent for the quarter and the full year.
For the quarter, operating margin was 15.6 per cent as compared to 23.5 per cent in the prior year and comparable operating margin (non-gaap) was 24.4 per cent versus 24 per cent in the prior year. For the full year, operating margin was 28.7 per cent versus 21.2 per cent in the prior year.
For the quarter, earnings per share (EPS) grew 4 per cent to USD 0.53, while comparable EPS (non-gaap) grew 6 per cent to USD 0.58. EPS performance included the impact of a nine-point currency headwind, while comparable EPS (non-Gaap) performance included the impact of a five-point currency headwind. For both the quarter and the full year, the company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.
Unit Case Volume Performance
Unit case volume grew 1 per cent for the quarter, led by growth in Brazil, the United States and Japan. For the full year, unit case volume was even, as growth in Central Asia, North Africa and Brazil was offset by declines in Mexico, the United States and Thailand.
Sparkling soft drinks were even for both the quarter and the full year. For the quarter, growth in Europe, Middle East and Africa (EMEA) was offset by a decline in Asia Pacific. For the full year, growth in EMEA was offset by declines in Asia Pacific and Latin America. Trademark Coca-Cola grew 1 per cent for the quarter and was even for the full year.
Juice, value-added dairy and plant-based beverages declined 3 per cent for both the quarter and the full year, as growth in Latin America was more than offset by declines in Asia Pacific and EMEA. Water, sports, coffee and tea grew 3 per cent for the quarter and 2 per cent for the full year. Water grew 4 per cent for the quarter and 2 per cent for the full year.
For the quarter, water performance was driven by growth in Latin America, Asia Pacific and North America and, for the full year, growth in Asia Pacific, EMEA and Latin America. Sports drinks grew 5 per cent for the quarter and 1 per cent for the full year, both primarily driven by North America and EMEA.
When it comes to bottling investments, the company stated that that the unit case volume declined 6 per cent for the quarter, largely due to a decline in India and the impact of refranchising bottling operations. The company continued to invest in its various lines of business and spent USD 2.1 billion on capital expenditures in 2025, an increase of 2 per cent versus the prior year.
Outlook For 2026
For comparable net revenues (non-gaap), the company expects an approximate 1 per cent currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 4 per cent headwind from acquisitions and divestitures. This assumes the pending sale of Coca-Cola Beverages Africa (CCBA) closes during the second half of 2026, subject to regulatory approvals.
The company expects to generate free cash flow (non-gaap) of approximately USD 12.2 billion. This consists of cash flow from operations of approximately USD 14.4 billion, less capital expenditures of approximately USD 2.2 billion.
