Coca-Cola (KO) Q4 FY2025 earnings: revenue $11.8 billion, up 2.4% on the year

Coca-Cola Co. (KO) reported revenue of $11.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.4% on the same quarter a year earlier. Net income was $2.3 billion, up 3.5% on the year, and diluted earnings per share $0.53. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue

$11.8 billion

+2.4% on the year · -5.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

15.6%

23.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$2.3 billion

+3.5% on the year · -38.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.53

+3.9% on the year · -38.4% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 12 new.

Q4 net revenue up 2%: Net revenues rose 2% to $11.8 billion; organic revenues grew 5%, driven by 4% concentrate sales growth and 1% price/mix. Concentrate sales ran 3 points ahead of volume on shipment timing and one extra day.
Unit case volume up 1% in Q4: Global unit case volume grew 1% in the quarter, led by Brazil, the United States and Japan. For the full year it was even, as Central Asia, North Africa and Brazil growth was offset by declines in Mexico, the United States and Thailand.
EPS up 4% in Q4, 23% for year: Diluted EPS grew 4% to $0.53 in the quarter and 23% to $3.04 for the full year. Comparable EPS grew 6% to $0.58 in the quarter and 4% to $3.00 for the full year.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	11,822	12,455	11,544	-5.1%	+2.4%
Cost of revenue	4,723	4,797	4,613	-1.5%	+2.4%
Gross profit	7,099	7,658	6,931	-7.3%	+2.4%
Gross margin	60.0%	61.5%	60.0%
Selling, general and administrative	4,199	3,618	4,046	+16.1%	+3.8%
Operating income	1,841	3,982	2,709	-53.8%	-32.0%
Operating margin	15.6%	32.0%	23.5%
Interest expense	431	391	431	+10.2%	0.0%
Pre-tax income	2,962	4,183	2,806	-29.2%	+5.6%
Income tax	646	500	593	+29.2%	+8.9%
Effective tax rate	21.8%	12.0%	21.1%
Net income	2,271	3,696	2,195	-38.6%	+3.5%
Net margin	19.2%	29.7%	19.0%
Diluted EPS	$0.53	$0.86	$0.51	-38.4%	+3.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,756	5,043	3,951	-25.5%	-4.9%
Capital expenditure	882	479	803	+84.1%	+9.8%
Free cash flow	2,874	4,564	3,148	-37.0%	-8.7%
Free cash flow margin	24.3%	36.6%	27.3%
Cash from investing	-1,044	1,255	-783
Cash from financing	-5,052	-3,140	-5,484
Depreciation and amortisation	236	268	276	-11.9%	-14.5%
Share-based compensation	75.0	74.0	79.0	+1.4%	-5.1%
Buybacks	102	172	567	-40.7%	-82.0%
Dividends paid	4,388	2,108	4,085	+108.2%	+7.4%
Dividend per share	n/a	$0.51	n/a
Diluted shares, weighted	4,313m	4,313m	4,317m	0.0%	-0.1%
Shares outstanding at period end	4,301m	4,302m	4,301m	-0.0%	-0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	32,169	31,247	24,856	+3.0%	+29.4%
Non-controlling interest	2,106	2,020	1,516	+4.3%	+38.9%
Debt	45,492	47,416	44,522	-4.1%	+2.2%
Operating lease liabilities	1,401	n/a	923		+51.8%
Other liabilities	23,648	25,362	28,732	-6.8%	-17.7%
Total liabilities and equity	104,816	106,045	100,549	-1.2%	+4.2%
Fixed assets	9,613	10,902	10,303	-11.8%	-6.7%
Goodwill	15,491	18,662	18,139	-17.0%	-14.6%
Securities held for sale or to maturity	1,774	1,756	1,631	+1.0%	+8.8%
Cash and equivalents	10,270	12,732	10,828	-19.3%	-5.2%
Receivables	3,038	3,946	3,569	-23.0%	-14.9%
Inventory	4,425	4,802	4,728	-7.9%	-6.4%
Other assets	60,205	53,245	51,351	+13.1%	+17.2%
Total assets	104,816	106,045	100,549	-1.2%	+4.2%

Questions

What was Coca-Cola's revenue in Q4 FY2025?

Coca-Cola (KO) reported revenue of $11.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.4% on the same quarter a year earlier.

How much did Coca-Cola earn in Q4 FY2025?

Net income for Q4 FY2025 was $2.3 billion, up 3.5% on the year, and diluted earnings per share $0.53.

When did Coca-Cola report Q4 FY2025 results?

Coca-Cola filed its 10-K for the year that ended with the quarter on 20 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	9,464	10,491	11,325	11,063	10,125	10,980	11,972	11,953	10,849	11,300	12,363	11,854	11,544	11,129	12,535	12,455	11,822	12,472	13,380	13,380
Cost of revenue	4,088	4,091	4,830	4,566	4,513	4,317	4,912	4,657	4,634	4,235	4,812	4,664	4,613	4,163	4,714	4,797	4,723	4,620	4,965	4,930
Gross profit	5,376	6,400	6,495	6,497	5,612	6,663	7,060	7,296	6,215	7,065	7,551	7,190	6,931	6,966	7,821	7,658	7,099	7,852	8,415	8,450
Gross margin	57%	61%	57%	59%	55%	61%	59%	61%	57%	63%	61%	61%	60%	63%	62%	61%	60%	63%	63%	63%
SG&A	3,336	2,967	3,203	3,279	3,431	3,185	3,321	3,667	3,799	3,351	3,549	3,636	4,046	3,234	3,470	3,618	4,199	3,472	3,720	3,975
Operating income	1,672	3,405	2,341	3,088	2,075	3,367	2,401	3,270	2,273	2,141	2,632	2,510	2,709	3,659	4,280	3,982	1,841	4,359	4,672	4,465
Operating margin	18%	32%	21%	28%	20%	31%	20%	27%	21%	19%	21%	21%	23%	33%	34%	32%	16%	35%	35%	33%
Interest expense	165	182	198	198	304	372	374	368	413	382	418	425	431	387	445	391	431	375	369	354
Pre-tax income	2,960	3,458	2,284	3,444	2,500	4,053	2,880	3,537	2,482	3,872	3,028	3,380	2,806	4,057	4,796	4,183	2,962	4,611	5,475	4,833
Tax rate	17%	19%	17%	18%	18%	23%	12%	13%	20%	18%	21%	16%	21%	18%	21%	12%	22%	14%	19%	16%
Net income	2,414	2,781	1,905	2,825	2,031	3,107	2,547	3,087	1,973	3,177	2,411	2,848	2,195	3,330	3,810	3,696	2,271	3,924	4,425	4,009
Net margin	26%	27%	17%	26%	20%	28%	21%	26%	18%	28%	20%	24%	19%	30%	30%	30%	19%	31%	33%	30%
Diluted EPS	$0.55	$0.64	$0.44	$0.65	$0.47	$0.72	$0.59	$0.71	$0.46	$0.74	$0.56	$0.66	$0.51	$0.77	$0.88	$0.86	$0.53	$0.91	$1.03	$0.93
Operating cash flow	3,394	623	3,923	3,522	2,950	160	4,469	4,300	2,670	528	3,585	-1,259	3,951	-5,202	3,811	5,043	3,756	2,021	5,522	4,928
Capital expenditure	639	217	270	289	708	276	339	386	851	370	422	469	803	309	442	479	882	266	418	379
Free cash flow	2,755	406	3,653	3,233	2,242	-116	4,130	3,914	1,819	158	3,163	-1,728	3,148	-5,511	3,369	4,564	2,874	1,755	5,104	4,549
Buybacks	7.0	546	664	202	6.0	848	236	109	1,096	702	172	354	567	370	102	172	102	477	186	237
Dividends paid	1,815	1,906	1,904	100	3,706	101	1,988	1,989	3,874	99.0	2,085	2,090	4,085	89.0	2,194	2,108	4,388	2,281	2,281	2,280
Shares outstanding	4,335m	4,335m	4,325m	4,325m	4,327m	4,325m	4,324m	4,323m	4,312m	4,308m	4,310m	4,308m	4,301m	4,304m	4,304m	4,302m	4,301m	4,302m	4,303m	4,302m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 20 February 2026: the filing.