Cases of Coca-Cola brand soda are stacked at a Costco Wholesale store on November 13, 2025 in Simi Valley, California.
Kevin Carter | Getty Images
Coca-Cola reported mixed quarterly results on Tuesday, even as demand for its drinks in North America and Latin America begins to show signs of improvement.
Looking ahead to 2026, the company expects organic revenue growth of 4-5% and comparable earnings per share growth of 7-8% for the full year.
Shares of Coca-Cola fell about 3% in premarket trading.
Here’s what the company reported for the period ended Dec. 31 versus what Wall Street expected, based on a survey of analysts by LSEG:
- Adjusted earnings per share: 58 cents versus 56 cents expected
- Adjusted income: $11.82 billion versus $12.03 billion expected
The beverage giant reported fourth-quarter net income attributable to shareholders of $2.27 billion, or 53 cents per share, compared with $2.2 billion, or 51 cents per share, a year earlier.
Excluding trading gains and other one-time items, Coke earned 58 cents per share.
Net sales increased 2% to $11.82 billion. Organic revenue, excluding acquisitions, disposals and currency effects, increased by 5% over the quarter.
Unit case volume increased 1% during the quarter, marking the second consecutive quarter of growth for the company. The measure excludes the impact of prices and foreign currencies to reflect demand.
Like a rival PepsiCoCoke has seen demand for its drinks plummet as budget-conscious shoppers try to save more on their grocery bills and dine out less frequently. Coca-Cola’s overall volume for 2025 remained unchanged from the previous year.
But there have been some bright spots, like Smartwater and Fairlife, which show consumers are still willing to pay more for premium drinks.
And two key markets for Coca-Cola are starting to show signs of improvement. Coca-Cola’s volume in North America increased 1%, while it increased 2% in Latin America.
Globally, Coke’s water, sports, coffee and tea division outperformed the rest of its portfolio, reflecting consumers’ willingness to spend on beverages they perceive as healthier options. The segment saw volume increase 3%, driven by higher demand for brands like Smartwater and Bodyarmor.
The company’s carbonated soft drinks business recorded stable volume. Its namesake soda saw volume increase 1% during the quarter, while Coke Zero Sugar reported its volume climbed 13%.
Coca-Cola’s juice, value-added dairy and plant-based beverages division reported volume fell 3%. The increased demand for Fairlife was offset by the sale of Coke’s finished products business in Nigeria to one of its bottlers.
Shares of Coca-Cola are up about 22% over the past year as of Monday’s close, bringing its market value to about $335 billion.