On 21 October 2025, Coca‑Cola released its third‑quarter 2025 results, reporting net operating revenues of $12.535 billion, up 5% year‑over‑year, and an adjusted earnings per share of $0.86, compared with the consensus estimate of $0.78. The company’s operating income rose 59% to $4.280 billion, and its operating margin reached 32.0%, a significant improvement over the 21.2% margin recorded in the prior year.
The earnings release also highlighted a 30% increase in net income attributable to shareholders, reaching $3.810 billion, or $0.88 per diluted share, versus $2.411 billion, or $0.56 per diluted share, a year earlier. Gross profit climbed to $7.821 billion, giving a gross margin of 62.4%, up from 61.1% in Q2 2024. Comparable currency‑neutral operating income grew 15% to $4.280 billion, and comparable EPS increased 6% to $0.82.
On the same day, Coca‑Cola announced the sale of a 75% controlling interest in Coca‑Cola Beverages Africa (CCBA) to Coca‑Cola HBC AG. The transaction values 100% of CCBA at an equity value of $3.4 billion, with Coca‑Cola selling 41.52% of its 66.52% stake and Coca‑Cola HBC acquiring 33.48% of the stake held by Gutsche Family Investments. The deal is expected to close by the end of 2026 and will reduce bottling investments to roughly 5% of consolidated net revenue.
These developments are significant for investors: the earnings beat confirms the company’s ability to generate robust profitability amid a challenging environment, while the CCBA sale accelerates Coca‑Cola’s refranchising strategy, improving its capital‑light model and potentially enhancing return on invested capital. Together, they represent a material shift in both the company’s financial performance and its long‑term growth strategy.
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