Cases of Coca-Cola brand soda stack up at a Costco wholesale store on November 13, 2025 in Simi Valley, California.
Kevin Carter | Getty Images
coca cola Despite mixed quarterly results released Tuesday, demand for the company’s drinks in North America and Latin America is starting to show signs of improvement.
The company projects full-year organic revenue growth of 4% to 5% and comparable earnings per share growth of 7% to 8% for 2026.
Coca-Cola stock fell about 3% in premarket trading.
Here’s how the company reported for the year ended Dec. 31 compared to Wall Street expectations, based on a survey of analysts by LSEG.
Adjusted earnings per share: 58 cents vs. 56 cents expected Adjusted earnings: $11.82 billion vs. $12.03 billion expected
The beverage giant reported fourth-quarter net income attributable to shareholders of $2.27 billion, or 53 cents per share, up from $2.2 billion, or 51 cents per share, in the year-ago period.
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, divestitures and foreign exchange, increased 5% in the quarter.
Unit case volumes increased 1% in the quarter, marking the company’s second consecutive quarter of growth. This metric excludes pricing and foreign currency effects to reflect demand.
like a rival pepsicoDemand for cola beverages is declining as budget-conscious shoppers look to save money on groceries and eat out less frequently. Coca-Cola’s overall sales volume in 2025 was unchanged from the previous year.
But there are some bright spots, like Smart Water and Fairlife, that show consumers are still willing to pay more for premium drinks.
And two major markets for Coca-Cola are starting to show signs of improvement. Coke sales volume in North America increased by 1% and in Latin America by 2%.
Globally, Coke’s water, sports, coffee and tea divisions outperformed the rest of the portfolio, showing that consumers are willing to spend on drinks they consider healthier options. The division saw a 3% increase in volumes due to increased demand for brands such as Smart Water and Body Armor.
The company’s carbonated beverages business reported flat sales volumes. Volumes for its namesake soda rose 1% in the quarter, while Coke Zero Sugar reported a 13% increase in volumes.
Cola’s juice, value-added dairy products and plant-based beverages segment reported a 3% decline in sales volume. The increased demand for Fairlife was offset by the sale of Coke’s finished products business in Nigeria to one of its bottlers.
Coca-Cola’s stock price has risen about 22% over the past year, giving it a market value of about $335 billion as of Monday’s close.
