Coca-Cola (KO) Q1 2025 earnings

Coca-Cola beat Wall Street’s quarterly earnings and revenue estimates Tuesday and largely reaffirmed its full-year outlook, as it said it expects the effects of global trade conflicts to be “manageable.”

For 2025, Coke is still anticipating that its organic revenue will grow 5% to 6% and comparable earnings per share will increase 2% to 3%.

Unlike rival PepsiCo, Coke did not trim its full-year forecast. Coke said its operations are “primarily local,” although costs, like aluminum, could rise due to the trade wars sparked by President Donald Trump‘s tariffs. On Thursday, Pepsi cut its forecast for core constant currency earnings per share, citing the new tariffs, economic volatility and a more cautious consumer.

Shares of Coke rose 1% in premarket trading.

Here’s what Coke reported for the first quarter compared with consensus estimates from Wall Street analysts surveyed by LSEG:

• Earnings per share: 73 cents adjusted vs. 71 cents expected
• Revenue: $11.22 billion adjusted vs. $11.14 billion expected

The beverage giant reported first-quarter net income attributable to shareholders of $3.33 billion, or 77 cents per share, up from $3.18 billion, or 74 cents per share, a year earlier.

Excluding restructuring charges, transactions gains and other items, Coke earned 73 cents per share.

Net sales dropped 2% to $11.13 billion. When excluding items affecting comparability, the company reported quarterly revenue of $11.22 billion.

The company’s organic revenue, which strips out acquisitions, divestitures and foreign currency, increased 6% during the quarter, boosted by higher prices on its drinks.

Coke’s unit case volume grew 2% in the quarter, lifted by growth in India, China and Brazil. The metric strips out the impact of pricing and foreign currency to reflect demand.

The company’s sparkling soft drinks segment, which includes its namesake soda, saw volume rise 2%. Coke Zero Sugar’s volume climbed 14% in the quarter.

Coke’s juice, value-added dairy and plant-based drinks division reported volume growth of 1%. The business includes Fairlife, Simply Beverages and Minute Maid.

Coke’s water, sports, coffee and tea segment also posted volume growth of 2%, thanks to higher demand for its water. The company’s sports drinks and coffee brands saw declining volume, while tea was flat.

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