Coca-Cola closed the fourth quarter and full-year 2025 with results that confirm the robustness of its operating model, despite a challenging currency environment and some one-off items that impacted near-term profitability. In the fourth quarter, net revenues grew 2% to $11,8 billion, while organic revenues increased 5%, supported by increased concentrate sales and a positive price/mix contribution. For the full year, revenues reached $47,9 billion, also up 2%, with organic revenues up 5%, confirming the group's ability to secure value in a mature global market.
Global unit case volumes grew 1% in the quarter and were stable for the year, with varying performance across regions. Quarterly profitability was impacted by non-recurring items: operating income decreased 32%, primarily due to a $960 million non-cash impairment charge related to the BODYARMOR brand and the impact of foreign exchange. Excluding these items, comparable earnings at constant exchange rates increased 13%, highlighting the effectiveness of pricing and cost control policies.
Earnings per share reached $0,53 for the quarter (+4%), while year-over-year they rose 23% to $3,04. On a comparable basis, 2025 EPS is $3,00, up 4%, despite significant currency headwinds. In terms of cash flow, Coca-Cola generated $7,4 billion in operating cash flow and $5,3 billion in free cash flow, impacted by the payment related to the fairlife acquisition; excluding this item, free cash flow exceeds $11 billion.
From a geographical point of view, EMEA and Latin America supported volume growth, while North America and Asia Pacific showed more selective dynamics, influenced by mix and input costs.
At the portfolio level, Coca-Cola Zero Sugar continues to expand strongly, posting double-digit growth, as do the water and sports drink categories, while juices and plant-based drinks are weaker.
Looking to 2026, the group expects organic revenue growth of between 4% and 5% and comparable EPS growth of between 7% and 8%, supported by an expected improvement in the currency environment.
The strategy of financial discipline, targeted investments in marketing and innovation, and the continuation of the asset-light agenda remain central, with the aim of further strengthening value generation in the medium to long term.
