Filing Flows › Coca Cola (KO) › Q4 2025
Coca Cola (KO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Coca Cola (KO) reported revenue of $11.8B for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -5% from the quarter before. Operating margin was 15.6%, net earnings $2.3B (19.2% of revenue).
Coca Cola, Q4 2025: revenue $11.8B (+2% year over year), operating margin 15.6%, net earnings $2.3B, operating cash flow $3.8B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.8B | -5% | +2% |
| Gross profit | $7.1B | -7% | +2% |
| Operating profit | $1.8B | -54% | -32% |
| Net earnings | $2.3B | -39% | +3% |
| Operating cash flow | $3.8B | -26% | -5% |
| Free cash flow | $2.9B | -37% | -9% |
What changed
Revenue was $11.8B in Q4 2025, up 2% year over year and down 5% from the previous quarter. Finished product operations was the largest line at 59% of revenue.
Gross margin was 60.0%, unchanged from a year earlier. Operating profit was $1.8B, a 15.6% margin (down 7.9 points year over year). Operating profit fell $0.87B even though revenue rose $0.28B versus a year earlier, so costs grew faster than sales. Operating expenses grew 25% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+502%). Net earnings were $2.3B, up 3% year over year. The effective tax rate was 21.8%. Non-operating items added $1.1B, 38% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $3.8B (down 5% year over year), 162% of net earnings. Non-cash charges added back $0.24B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $1.1B. Capital expenditures of $0.88B left free cash flow of $2.9B.
Questions
What was Coca Cola's revenue in the fourth quarter 2025?
Coca Cola (KO) reported revenue of $11.8B for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -5% from the quarter before.
Was Coca Cola profitable in the fourth quarter 2025?
Operating profit was $1.8B (15.6% of revenue) and net earnings $2.3B.
Source: Coca Cola 10-K on SEC EDGAR.