Filing Flows › Coca Cola (KO) › Q2 2025
Coca Cola (KO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
Coca Cola (KO) reported revenue of $12.5B for the second quarter 2025 (Q2 2025), +1% from a year earlier and +13% from the quarter before. Operating margin was 34.1%, net earnings $3.8B (30.3% of revenue).
Coca Cola, Q2 2025: revenue $12.5B (+1% year over year), operating margin 34.1%, net earnings $3.8B, operating cash flow $3.8B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.5B | +13% | +1% |
| Gross profit | $7.8B | +12% | +4% |
| Operating profit | $4.3B | +17% | +63% |
| Net earnings | $3.8B | +14% | +58% |
| Operating cash flow | $3.8B | — | +6% |
| Free cash flow | $3.4B | — | +7% |
What changed
Revenue was $12.5B in Q2 2025, up 1% year over year and up 13% from the previous quarter. Concentrate Revenue was the largest line at 66% of revenue. Concentrate Revenue added $0.80B year over year (up 11%), 462% of the total change. Finished product operations declined 13%.
Gross margin was 62.4%, up 1.3 points from a year earlier. Operating profit was $4.3B, a 34.1% margin (up 12.9 points year over year). Of the extra revenue versus a year earlier, 958% reached operating profit, above the 21% margin then. Operating expenses fell 28% while revenue rose 1%. Net earnings were $3.8B, up 58% year over year. The effective tax rate was 20.7%.
Operating cash flow was $3.8B (up 6% year over year), 100% of net earnings. Non-cash charges added back $0.28B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.34B. Capital expenditures of $0.44B left free cash flow of $3.4B.
Questions
What was Coca Cola's revenue in the second quarter 2025?
Coca Cola (KO) reported revenue of $12.5B for the second quarter 2025 (Q2 2025), +1% from a year earlier and +13% from the quarter before.
Was Coca Cola profitable in the second quarter 2025?
Operating profit was $4.3B (34.1% of revenue) and net earnings $3.8B.
Source: Coca Cola 10-Q on SEC EDGAR.