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Higher Margins Sweeten Coca-Cola's Q2, Yet Volume Struggles Persist

The Coca-Cola Company (NYSE:KO) on Tuesday reported mixed second-quarter 2025 earnings and revenue. The food and beverage giant reported adjusted earnings of 87 cents per share, beating the consensus of 83 cents.

Net revenues grew 1% to $12.50 billion, almost in line with the consensus of $12.54 billion, and organic revenues grew 5%. Revenue performance included a 6% growth in price/mix and a 1% decline in concentrate sales, which were in line with unit case volume.

Operating margin was 34.1%, and comparable operating margin was 34.7%. Comparable operating margin expansion was driven by organic revenue growth, the timing of marketing investments, and effective cost management, partially offset by currency headwinds.

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Unit case volume declined 1%, as growth in Central Asia, Argentina, and China was more than offset by declines in Mexico, India, and Thailand.

Sparkling soft drinks declined 1%. Trademark Coca-Cola declined 1%, as growth in Europe, the Middle East, and Africa was more than offset by a decline in Latin America.

Coca-Cola Zero Sugar grew 14%, driven by ...