Filing Flows › Coca Cola (KO) › Q3 2025
Coca Cola (KO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Coca Cola (KO) reported revenue of $12.5B for the third quarter 2025 (Q3 2025), +5% from a year earlier and -0.6% from the quarter before. Operating margin was 32.0%, net earnings $3.7B (29.7% of revenue).
Coca Cola, Q3 2025: revenue $12.5B (+5% year over year), operating margin 32.0%, net earnings $3.7B, operating cash flow $5.0B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.5B | -0.6% | +5% |
| Gross profit | $7.7B | -2% | +7% |
| Operating profit | $4.0B | -7% | +59% |
| Net earnings | $3.7B | -3% | +30% |
| Operating cash flow | $5.0B | +32% | — |
| Free cash flow | $4.6B | +35% | — |
What changed
Revenue was $12.5B in Q3 2025, up 5% year over year and down 1% from the previous quarter. Concentrate Revenue was the largest line at 66% of revenue. Concentrate Revenue added $1.1B year over year (up 16%), 190% of the total change. Finished product operations declined 11%.
Gross margin was 61.5%, up 0.8 points from a year earlier. Operating profit was $4.0B, a 32.0% margin (up 10.8 points year over year). Of the extra revenue versus a year earlier, 245% reached operating profit, above the 21% margin then. Operating expenses fell 21% while revenue rose 5%. Net earnings were $3.7B, up 30% year over year ($3.7B including minority interests, which bore $0.01B of losses). The effective tax rate was 12.0%.
Operating cash flow was $5.0B, 137% of net earnings. Non-cash charges added back $0.27B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $0.48B left free cash flow of $4.6B.
Questions
What was Coca Cola's revenue in the third quarter 2025?
Coca Cola (KO) reported revenue of $12.5B for the third quarter 2025 (Q3 2025), +5% from a year earlier and -0.6% from the quarter before.
Was Coca Cola profitable in the third quarter 2025?
Operating profit was $4.0B (32.0% of revenue) and net earnings $3.7B.
Source: Coca Cola 10-Q on SEC EDGAR.