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KO FY2025 Q4 IN LINE

Coca-Cola Company (The) 실적 발표

Feb 10, 2026 · 08:30 ET Enrique BraunJames QuincyJohn Murphy
Buzzberg 분석

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 분석 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. 전체 분석 보기분석 접기

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 margin 60.05% reported
Op margin 15.57% reported

이번 분기에 달라진 점

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, 자본지출 및 수요 분석

AI

플랫폼 및 수익화

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.

수요

수주 및 전환

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.

자본지출

투자 및 생산능력

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.

톤 · 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.

병목

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.”
Enrique Braun

공급망 알파

A1

Monthly volume improved sequentially throughout Q4 2025, ending the year with better momentum despite flat full-year unit case volume.

“While unit case volume was flat in 2025, we ended the year with better momentum as volume improved each month during the fourth quarter.”
Enrique Braun
A2

Q4 price mix of 1% was driven by ~4% pricing offset by 3% negative mix, and on a four-quarter view mix is roughly flat.

“Underlying pricing, as John mentioned, was really 4%. There was this 3% negative mix.”
James Quincy

향후 가이던스

In LineGuidance · revenue to 4.5%
지표기간범위중간값상태
EPSFY2026$3.21–$3.24$3.23GUIDED
Free cash flowFY2026$12.2B$12.2BGUIDED
RevenueFY20264%–5%4.5%GUIDED

기업 영향 분석

COKE
+23.2%
발표 이후
$153.73→$189.33
투자 대상

KO sold its stake in its largest bottler, COKE, which will create an equity income headwind in 2026.

“We will have lost equity income due to divesting our interest in Coca-Cola Consolidated in November 2025.”
John Murphy