Guides 4-5% organic revenue and 7-8% comparable EPS growth in 2026
KO reported 5% organic revenue growth in Q4 2025 with improving volume momentum, and guided 2026 to 4-5% organic revenue, 7-8% comparable EPS growth, and $12.2B in free cash flow. The company highlighted value share gains across most geographies and celebrated James Quincy's last call as CEO before Enrique Braun takes over. Q4 2025 organic revenue growth of 5% was driven by ~4% pricing and 1% volume growth; mix was an unusual -3% drag.
Buzzberg readGuides 4-5% organic revenue and 7-8% comparable EPS growth in 2026KO reported 5% organic revenue growth in Q4 2025 with improving volume momentum, and guided 2026 to 4-5% organic revenue, 7-8% comparable EPS growth, and $12.2B in free cash flow. The company highlighted value share gains across most geographies and celebrated James Quincy's last call as CEO before Enrique Braun takes over. Q4 2025 organic revenue growth of 5% was driven by ~4% pricing and 1% volume growth; mix was an unusual -3% drag.Read full analysisCollapse analysis
KO reported 5% organic revenue growth in Q4 2025 with improving volume momentum, and guided 2026 to 4-5% organic revenue, 7-8% comparable EPS growth, and $12.2B in free cash flow. The company highlighted value share gains across most geographies and celebrated James Quincy's last call as CEO before Enrique Braun takes over. Q4 2025 organic revenue growth of 5% was driven by ~4% pricing and 1% volume growth; mix was an unusual -3% drag.
Full-year FY2025 unit case volume was flat, but improved sequentially each month in Q4, ending with positive momentum.
2026 guidance: 4-5% organic revenue growth (in line with long-term algo), 7-8% comparable EPS growth (on $3.00 basis), including ~3pt FX tailwind offset by ~1pt divestiture headwind.
CEO transition: James Quincy steps down as CEO, Enrique Braun (current COO) becomes CEO; Quincy becomes Executive Chairman.
Revenue$11.822B
reported
EPS$0.58
reported
Gross margin60.05%
reported
Op margin15.57%
reported
What changed this quarter
01
Guidance
Guides 4-5% organic revenue and 7-8% comparable EPS growth in 2026
Guidance · revenue to 4.5%
02
Demand
Expects 2026 growth to rebalance to roughly 50/50 volume and price
Management struck a balanced tone: confident in 2026 guidance and long-term positioning, but explicitly acknowledged volume recovery needs in markets like India, China, and Mexico and said innovation is not yet where it needs to be.
03
Innovation
New CEO says innovation success rates must improve
Full-year FY2025 unit case volume was flat, but improved sequentially each month in Q4, ending with positive momentum.
04
Portfolio
Divestitures to shave 4 points off 2026 net revenue growth
2026 guidance: 4-5% organic revenue growth (in line with long-term algo), 7-8% comparable EPS growth (on $3.00 basis), including ~3pt FX tailwind offset by ~1pt divestiture headwind.
AI, capex & demand read
AI
Platform & monetization
AI was discussed mainly as a digital enablement tool: management cited AI-driven digital ordering and next-best-SKU capabilities in India through its Coke Buddy platform, and said it wants to put digital at the core of consumer, customer, and system connections.
Demand
Bookings & conversion
Expects 2026 growth to rebalance to roughly 50/50 volume and price. Management struck a balanced tone: confident in 2026 guidance and long-term positioning, but explicitly acknowledged volume recovery needs in markets like India, China, and Mexico and said innovation is not yet where it needs to be.
Capex
Investment and capacity
Capital spending is expected to be about $2.2 billion in 2026, with roughly 25% tied to company-owned bottlers and the rest funding growth capacity, including concentrate and finished goods businesses such as Fairlife. Management emphasized continued investment ahead of the curve alongside bottling partners, especially in high-potential markets like India.
Tone · Measured
Management struck a balanced tone: confident in 2026 guidance and long-term positioning, but explicitly acknowledged volume recovery needs in markets like India, China, and Mexico and said innovation is not yet where it needs to be.
Bottlenecks
Manufacturing capacity
The better than ever alignment that we have today with our bottleneck partners is simply the starting point.
“The better than ever alignment that we have today with our bottleneck partners is simply the starting point.”
… policy prioritizes both discipline and agility to drive the long-term health of our business and create value for our stakeholders. Finally, there are some considerations to keep in mind for 2026. First, due to a calendar shift in the first quarter, while we'll have six additional days, we expect approximately half of the benefit to be offset by concentrated shipment, cycling and timing. Also, the fourth quarter will have six fewer days. Additionally, we will have lost equity income due to divesting our interest in Coca-Cola Consolidated in November 2025. Lastly, assuming the pending sale of Coca-Cola Beverages Africa closes during the second half of 2026, subject to regulatory approvals, we expect the impact from acquisitions and divestitures to be back half-weighted. To sum it all up, we're focused on continuing what's working and transforming where needed to deliver on our 2026 guidance and create enduring value for our shareholders. We believe we're well positioned to drive top line growth, margin expansion, cash generation, and returns over the long term. Next week at Cagney, I'll elaborate further on how we will do this. With that, operator, we're ready to take questions.
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