Coca-Cola Consolidated Reports Second Quarter and First Half 2025 Results
Coca-Cola Consolidated (NASDAQ: COKE) reported its Q2 and H1 2025 financial results, showing mixed performance. Q2 net sales increased 3.3% to $1.9 billion, with gross profit up 3.6% to $742.5 million. Operating income grew 5% to $272.1 million in Q2, while Q2 net income rose 8.4% to $187.4 million.
Volume declined 0.8% in Q2 and 3.5% in H1 2025, partly due to two fewer selling days in H1. Sparkling category showed resilience with only a 0.3% decline in Q2, while Still beverages volume dropped 2.4%. The company maintained strong execution across its territory, with notable growth in enhanced water, energy, and protein products, despite challenges in Coca-Cola Original taste sales.
Cash flows from operations reached $406.2 million in H1 2025, with $157 million invested in capital expenditures. The company expects total CAPEX of approximately $300 million for fiscal 2025.
Coca-Cola Consolidated (NASDAQ: COKE) ha comunicato i risultati finanziari del secondo trimestre e del primo semestre 2025, evidenziando performance contrastanti. Le vendite nette del Q2 sono aumentate del 3,3% raggiungendo 1,9 miliardi di dollari, con un utile lordo in crescita del 3,6% a 742,5 milioni di dollari. L'utile operativo è salito del 5% a 272,1 milioni di dollari nel Q2, mentre l'utile netto del trimestre è aumentato dell'8,4% a 187,4 milioni di dollari.
Il volume è diminuito dello 0,8% nel Q2 e del 3,5% nel primo semestre 2025, in parte a causa di due giorni di vendita in meno nel semestre. La categoria delle bevande gassate ha mostrato resistenza con un calo di appena il 0,3% nel Q2, mentre il volume delle bevande non gassate è sceso del 2,4%. L'azienda ha mantenuto una forte esecuzione nel suo territorio, con una crescita significativa nei prodotti di acqua arricchita, energia e proteine, nonostante le difficoltà nelle vendite del gusto originale Coca-Cola.
I flussi di cassa dalle operazioni hanno raggiunto i 406,2 milioni di dollari nel primo semestre 2025, con un investimento di 157 milioni di dollari in spese in conto capitale. L'azienda prevede una spesa totale in CAPEX di circa 300 milioni di dollari per l'anno fiscale 2025.
Coca-Cola Consolidated (NASDAQ: COKE) informó sus resultados financieros del segundo trimestre y primer semestre de 2025, mostrando un desempeño mixto. Las ventas netas del Q2 aumentaron un 3,3% alcanzando 1.900 millones de dólares, con una ganancia bruta que creció un 3,6% hasta 742,5 millones de dólares. El ingreso operativo creció un 5% hasta 272,1 millones de dólares en el Q2, mientras que la utilidad neta del trimestre subió un 8,4% hasta 187,4 millones de dólares.
El volumen disminuyó un 0,8% en el Q2 y un 3,5% en el primer semestre de 2025, en parte debido a dos días menos de venta en el semestre. La categoría de bebidas gaseosas mostró resistencia con solo un 0,3% de caída en el Q2, mientras que el volumen de bebidas sin gas bajó un 2,4%. La compañía mantuvo una ejecución sólida en su territorio, con un crecimiento notable en productos de agua mejorada, energía y proteínas, a pesar de los desafíos en las ventas del sabor original de Coca-Cola.
Los flujos de efectivo de las operaciones alcanzaron los 406,2 millones de dólares en el primer semestre de 2025, con una inversión de 157 millones de dólares en gastos de capital. La empresa espera un CAPEX total de aproximadamente 300 millones de dólares para el año fiscal 2025.
Coca-Cola Consolidated (NASDAQ: COKE)는 2025년 2분기 및 상반기 재무 실적을 발표하며 혼조된 성과를 보였습니다. 2분기 순매출은 3.3% 증가한 19억 달러를 기록했고, 총이익은 3.6% 증가한 7억 4,250만 달러였습니다. 2분기 영업이익은 5% 증가한 2억 7,210만 달러, 순이익은 8.4% 증가한 1억 8,740만 달러를 기록했습니다.
판매량은 2분기에 0.8%, 2025년 상반기에는 3.5% 감소했으며, 이는 상반기에 판매일수가 이틀 적었던 영향도 일부 작용했습니다. 탄산음료 부문은 2분기에 0.3% 감소에 그치며 견조한 모습을 보였고, 무탄산 음료 판매량은 2.4% 감소했습니다. 회사는 코카콜라 오리지널 맛 판매에 어려움이 있었음에도 불구하고 강화된 물, 에너지, 단백질 제품에서 눈에 띄는 성장을 이루며 자사 영토 내에서 강력한 실행력을 유지했습니다.
영업활동 현금흐름은 2025년 상반기에 4억 620만 달러에 달했으며, 자본적 지출에는 1억 5,700만 달러가 투자되었습니다. 회사는 2025 회계연도 총 자본적 지출을 약 3억 달러로 예상하고 있습니다.
Coca-Cola Consolidated (NASDAQ: COKE) a publié ses résultats financiers du deuxième trimestre et du premier semestre 2025, montrant des performances mitigées. Les ventes nettes du T2 ont augmenté de 3,3 % pour atteindre 1,9 milliard de dollars, avec un bénéfice brut en hausse de 3,6 % à 742,5 millions de dollars. Le résultat opérationnel a progressé de 5 % à 272,1 millions de dollars au T2, tandis que le bénéfice net du trimestre a augmenté de 8,4 % à 187,4 millions de dollars.
Le volume a diminué de 0,8 % au T2 et de 3,5 % sur le premier semestre 2025, en partie en raison de deux jours de vente en moins au cours du semestre. La catégorie des boissons gazeuses a montré une certaine résistance avec une baisse de seulement 0,3 % au T2, tandis que le volume des boissons non gazeuses a chuté de 2,4 %. L’entreprise a maintenu une forte exécution sur son territoire, avec une croissance notable des produits d’eau enrichie, d’énergie et de protéines, malgré les difficultés rencontrées dans les ventes du goût original de Coca-Cola.
Les flux de trésorerie provenant des opérations ont atteint 406,2 millions de dollars au premier semestre 2025, avec un investissement de 157 millions de dollars en dépenses d’investissement. L’entreprise prévoit un CAPEX total d’environ 300 millions de dollars pour l’exercice 2025.
Coca-Cola Consolidated (NASDAQ: COKE) veröffentlichte die Finanzergebnisse für das zweite Quartal und das erste Halbjahr 2025 und zeigte dabei gemischte Leistungen. Der Nettoumsatz im Q2 stieg um 3,3 % auf 1,9 Milliarden US-Dollar, mit einem Bruttogewinn, der um 3,6 % auf 742,5 Millionen US-Dollar zulegte. Das Betriebsergebnis wuchs im Q2 um 5 % auf 272,1 Millionen US-Dollar, während der Nettogewinn im Q2 um 8,4 % auf 187,4 Millionen US-Dollar anstieg.
Das Volumen ging im Q2 um 0,8 % und im ersten Halbjahr 2025 um 3,5 % zurück, was teilweise auf zwei weniger Verkaufstage im ersten Halbjahr zurückzuführen ist. Die Kategorie der kohlensäurehaltigen Getränke zeigte mit nur einem Rückgang von 0,3 % im Q2 eine gewisse Widerstandsfähigkeit, während das Volumen bei stillen Getränken um 2,4 % sank. Das Unternehmen setzte seine starke Umsetzung im Vertriebsgebiet fort, mit bemerkenswertem Wachstum bei angereicherten Wasser-, Energie- und Proteinprodukten, trotz Herausforderungen beim Verkauf des Coca-Cola Originalgeschmacks.
Die Cashflows aus dem operativen Geschäft erreichten im ersten Halbjahr 2025 406,2 Millionen US-Dollar, wobei 157 Millionen US-Dollar in Investitionsausgaben flossen. Das Unternehmen erwartet für das Geschäftsjahr 2025 Gesamtkapitalausgaben von etwa 300 Millionen US-Dollar.
- Q2 net sales increased 3.3% to $1.9 billion
- Q2 operating income grew 5% to $272.1 million
- Q2 net income rose 8.4% to $187.4 million
- Gross margin improved 10 basis points to 40.0% in Q2
- Strong performance in enhanced water, energy and protein products
- Solid growth in zero-sugar and other flavor offerings
- Volume declined 0.8% in Q2 and 3.5% in H1 2025
- H1 2025 operating income decreased 2.7% to $461.9 million
- H1 2025 net income declined 14% to $291.0 million
- Coca-Cola Original taste sales continued to show weakness
- Sales slowed in convenience outlets and on-premise locations
- Cash flows from operations decreased from $437.1M to $406.2M in H1
Insights
Coca-Cola Consolidated delivered solid Q2 with modest growth amid challenging consumer trends; operational efficiency drove margin expansion despite volume declines.
Coca-Cola Consolidated's Q2 2025 results demonstrate resilient performance amidst shifting consumer preferences. Net sales increased 3.3% to
Particularly noteworthy is the
The results reveal telling consumer behavior shifts. While Coca-Cola Original taste faces continued pressure, the company saw growth in zero-sugar and other flavor variants. Similarly, while Dasani water declined, enhanced water, energy drinks and protein products grew. This bifurcation extends to retail channels – supermarkets, club stores and value channels performed well as consumers seek value in take-home packages, while convenience stores and on-premise locations experienced softness.
The first half results show more pressure, with operating income down
- Second quarter of 2025 net sales increased
3% versus the second quarter of 2024.
- Gross profit in the second quarter of 2025 was
$742 million , an increase of4% versus the second quarter of 2024. Gross margin in the second quarter of 2025 increased 10 basis points(a) to40.0% .
- Income from operations for the second quarter of 2025 was
$272 million , an increase of$13 million , or5% , versus the second quarter of 2024. Operating margin for the second quarter of 2025 increased 30 basis points to14.7% .
- For the first half of 2025, income from operations was
$462 million , a decrease of$13 million , or3% .
| Key Results | ||||||||||||||||||||
| Second Quarter | First Half | |||||||||||||||||||
| (in millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||
| Volume(1) | 90.7 | 91.5 | (0.8)% | 167.4 | 173.6 | (3.5)% | ||||||||||||||
| Net sales | ||||||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Gross margin | 40.0% | 39.9% | 39.9% | 40.1% | ||||||||||||||||
| Income from operations | (2.7)% | |||||||||||||||||||
| Operating margin | 14.7% | 14.4% | 13.4% | 14.0% | ||||||||||||||||
| Beverage Sales | Second Quarter | First Half | ||||||||||||||||||
| (in millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||
| Sparkling bottle/can | ||||||||||||||||||||
| Still bottle/can | ||||||||||||||||||||
(1) Volume is measured on a standard physical case basis and is used to standardize differing package configurations delivered via direct store delivery.
Second Quarter and First Half 2025 Review
CHARLOTTE, N.C., July 24, 2025 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the second quarter ended June 27, 2025 and the first half of fiscal 2025.
“We’re pleased to report very solid second quarter results as we kicked off the summer selling season with strong marketplace execution across our territory,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “Our ongoing focus on top-line growth and margin management is producing steady profit growth and substantial cash flow. These strong, sustained results have allowed us to make an investment in our greatest asset, our teammates, to improve retention and in-store execution. We look forward to continued success in the second half of the year as our 17,000 dedicated teammates serve our customers, consumers and communities with purpose.”
Volume was down
Net sales increased
Gross profit in the second quarter of 2025 was
“We are successfully navigating a demanding retail environment as our customers and consumers are increasingly prioritizing value,” said Dave Katz, President and Chief Operating Officer. “Our commercial planning anticipated the need for a broad range of packages and prices that would appeal to value-conscious consumers. Our steady investments in supply chain capabilities over the past several years have enabled us to be highly responsive to this evolving marketplace.”
Selling, delivery and administrative (“SD&A”) expenses in the second quarter of 2025 increased
Income from operations in the second quarter of 2025 was
Net income in the second quarter of 2025 was
Net income in the first half of 2025 was
Cash flows from operations for the first half of 2025 were
(a) All comparisons are to the corresponding period in the prior year unless specified otherwise.
(b) The discussion of the operating results for the second quarter ended June 27, 2025 and the first half of fiscal 2025 includes selected non-GAAP financial information, such as “comparable” and “adjusted” results. The schedules in this news release reconcile such non-GAAP financial measures to the most directly comparable GAAP financial measures.
| CONTACTS: | ||
| Brian K. Little (Media) | Matt Blickley (Investors) | |
| Vice President, Corporate Communications Officer | Executive Vice President, Chief Financial Officer and Chief Accounting Officer | |
| (980) 378-5537 | (704) 557-4910 | |
| Brian.Little@cokeconsolidated.com | Matt.Blickley@cokeconsolidated.com |
A PDF accompanying this release is available at: http://ml.globenewswire.com/Resource/Download/aa9cc027-dffa-4ee7-b219-55c39846416b
About Coca-Cola Consolidated, Inc.
Headquartered in Charlotte, N.C., Coca‑Cola Consolidated (NASDAQ: COKE) is the largest Coca‑Cola bottler in the United States. We make, sell and distribute beverages of The Coca‑Cola Company, and other partner companies, in more than 300 brands and flavors across 14 states and the District of Columbia, to approximately 60 million consumers. For over 123 years, we have been deeply committed to the consumers, customers and communities we serve and passionate about the broad portfolio of beverages and services we offer. Our Purpose is to honor God in all we do, to serve others, to pursue excellence and to grow profitably.
More information about the Company is available at www.cokeconsolidated.com. Follow Coca‑Cola Consolidated on Facebook, X, Instagram and LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release are “forward-looking statements” subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: increased costs (including due to inflation) or disruption, unavailability or shortages of raw materials, fuel and other supplies; the reliance on purchased finished products from external sources; changes in public and consumer perception and preferences, including concerns related to product safety and sustainability, artificial ingredients, brand reputation and obesity; changes in government regulations related to nonalcoholic beverages, including regulations related to obesity, public health, artificial ingredients, recycling, sustainability and product safety; decreases from historic levels of marketing funding support provided to us by The Coca‑Cola Company and other beverage companies; material changes in the performance requirements for marketing funding support or our inability to meet such requirements; decreases from historic levels of advertising, marketing and product innovation spending by The Coca‑Cola Company and other beverage companies, or advertising campaigns that are negatively perceived by the public; any failure of the several Coca‑Cola system governance entities of which we are a participant to function efficiently or in our best interest and any failure or delay of ours to receive anticipated benefits from these governance entities; provisions in our beverage distribution and manufacturing agreements with The Coca‑Cola Company that could delay or prevent a change in control of us or a sale of our Coca‑Cola distribution or manufacturing businesses; the concentration of our capital stock ownership; our inability to meet requirements under our beverage distribution and manufacturing agreements; changes in the inputs used to calculate our acquisition related contingent consideration liability; technology failures or cyberattacks on our information technology systems or our effective response to technology failures or cyberattacks on our third-party service providers’, business partners’, customers’, suppliers’ or other third parties’ information technology systems; unfavorable changes in the general economy; changes in trade policies, including the imposition of, or increase in, tariffs on imported goods; the concentration risks among our customers and suppliers; lower than expected net pricing of our products resulting from continued and increased customer and competitor consolidations and marketplace competition; the effect of changes in our level of debt, borrowing costs and credit ratings on our access to capital and credit markets, operating flexibility and ability to obtain additional financing to fund future needs; the failure to attract, train and retain qualified employees while controlling labor costs and other labor issues; the failure to maintain productive relationships with our employees covered by collective bargaining agreements, including failing to renegotiate collective bargaining agreements; changes in accounting standards; our use of estimates and assumptions; changes in tax laws, disagreements with tax authorities or additional tax liabilities; changes in legal contingencies; natural disasters, changing weather patterns and unfavorable weather; and climate change or legislative or regulatory responses to such change. These and other factors are discussed in the Company’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The forward-looking statements contained in this news release speak only as of this date, and the Company does not assume any obligation to update them, except as may be required by applicable law.
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Second Quarter | First Half | |||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net sales | $ | 1,855,519 | $ | 1,795,943 | $ | 3,435,496 | $ | 3,387,569 | ||||||||
| Cost of sales | 1,113,023 | 1,079,233 | 2,065,896 | 2,030,300 | ||||||||||||
| Gross profit | 742,496 | 716,710 | 1,369,600 | 1,357,269 | ||||||||||||
| Selling, delivery and administrative expenses | 470,412 | 457,570 | 907,696 | 882,723 | ||||||||||||
| Income from operations | 272,084 | 259,140 | 461,904 | 474,546 | ||||||||||||
| Interest expense (income), net | 5,948 | (1,620 | ) | 12,822 | (4,336 | ) | ||||||||||
| Other expense, net | 13,144 | 28,535 | 56,617 | 23,822 | ||||||||||||
| Income before taxes | 252,992 | 232,225 | 392,465 | 455,060 | ||||||||||||
| Income tax expense | 65,605 | 59,413 | 101,467 | 116,507 | ||||||||||||
| Net income | $ | 187,387 | $ | 172,812 | $ | 290,998 | $ | 338,553 | ||||||||
| Basic net income per share(c): | ||||||||||||||||
| Common Stock | $ | 2.15 | $ | 1.86 | $ | 3.34 | $ | 3.63 | ||||||||
| Weighted average number of Common Stock shares outstanding | 76,969 | 83,016 | 77,048 | 83,349 | ||||||||||||
| Class B Common Stock | $ | 2.15 | $ | 1.86 | $ | 3.34 | $ | 3.62 | ||||||||
| Weighted average number of Class B Common Stock shares outstanding | 10,047 | 10,047 | 10,047 | 10,047 | ||||||||||||
| Diluted net income per share(c): | ||||||||||||||||
| Common Stock | $ | 2.15 | $ | 1.85 | $ | 3.34 | $ | 3.62 | ||||||||
| Weighted average number of Common Stock shares outstanding – assuming dilution | 87,157 | 93,210 | 87,236 | 93,543 | ||||||||||||
| Class B Common Stock | $ | 2.15 | $ | 1.85 | $ | 3.33 | $ | 3.59 | ||||||||
| Weighted average number of Class B Common Stock shares outstanding – assuming dilution | 10,188 | 10,194 | 10,188 | 10,194 | ||||||||||||
(c) All share or per share amounts impacting the net income per share amounts have been retroactively adjusted to reflect the effects of a 10-for-1 forward stock split executed by the Company during the second quarter of 2025.
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| (in thousands) | June 27, 2025 | December 31, 2024 | ||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 1,219,925 | $ | 1,135,824 | ||||
| Short-term investments | 350,186 | 301,210 | ||||||
| Trade accounts receivable, net | 592,523 | 552,979 | ||||||
| Other accounts receivable | 126,590 | 130,563 | ||||||
| Inventories | 349,168 | 330,395 | ||||||
| Prepaid expenses and other current assets | 92,847 | 96,331 | ||||||
| Total current assets | 2,731,239 | 2,547,302 | ||||||
| Property, plant and equipment, net | 1,552,369 | 1,505,267 | ||||||
| Right-of-use assets - operating leases | 107,551 | 112,351 | ||||||
| Leased property under financing leases, net | 1,991 | 3,138 | ||||||
| Other assets | 197,565 | 181,048 | ||||||
| Goodwill | 165,903 | 165,903 | ||||||
| Other identifiable intangible assets, net | 784,873 | 798,130 | ||||||
| Total assets | $ | 5,541,491 | $ | 5,313,139 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Current portion of debt | $ | 349,863 | $ | 349,699 | ||||
| Current portion of obligations under operating leases | 24,538 | 23,257 | ||||||
| Current portion of obligations under financing leases | 1,660 | 2,685 | ||||||
| Accounts payable and accrued expenses | 963,131 | 937,528 | ||||||
| Total current liabilities | 1,339,192 | 1,313,169 | ||||||
| Deferred income taxes | 116,941 | 132,941 | ||||||
| Pension and postretirement benefit obligations and other liabilities | 928,651 | 918,061 | ||||||
| Noncurrent portion of obligations under operating leases | 87,213 | 92,362 | ||||||
| Noncurrent portion of obligations under financing leases | 1,469 | 2,346 | ||||||
| Long-term debt | 1,437,806 | 1,436,649 | ||||||
| Total liabilities | 3,911,272 | 3,895,528 | ||||||
| Equity: | ||||||||
| Stockholders’ equity | 1,630,219 | 1,417,611 | ||||||
| Total liabilities and equity | $ | 5,541,491 | $ | 5,313,139 | ||||
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| First Half | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income | $ | 290,998 | $ | 338,553 | ||||
| Depreciation expense, amortization of intangible assets and deferred proceeds, net | 108,138 | 94,409 | ||||||
| Fair value adjustment of acquisition related contingent consideration | 55,118 | 22,285 | ||||||
| Deferred income taxes | (15,985 | ) | 2,264 | |||||
| Change in current assets and current liabilities | (17,821 | ) | 257 | |||||
| Change in noncurrent assets and noncurrent liabilities | (14,034 | ) | (23,583 | ) | ||||
| Other | (193 | ) | 2,946 | |||||
| Net cash provided by operating activities | $ | 406,221 | $ | 437,131 | ||||
| Cash Flows from Investing Activities: | ||||||||
| Additions to property, plant and equipment | $ | (157,383 | ) | $ | (159,400 | ) | ||
| Purchases and disposals of short-term investments | (45,659 | ) | (196,480 | ) | ||||
| Other | (4,317 | ) | (6,299 | ) | ||||
| Net cash used in investing activities | $ | (207,359 | ) | $ | (362,179 | ) | ||
| Cash Flows from Financing Activities: | ||||||||
| Cash dividends paid | $ | (43,589 | ) | $ | (159,353 | ) | ||
| Payments of acquisition related contingent consideration | (35,209 | ) | (23,676 | ) | ||||
| Payments related to share repurchases | (34,410 | ) | (14,471 | ) | ||||
| Proceeds from bond issuance | — | 1,200,000 | ||||||
| Other | (1,553 | ) | (13,433 | ) | ||||
| Net cash (used in) provided by financing activities | $ | (114,761 | ) | $ | 989,067 | |||
| Net increase in cash and cash equivalents during period | $ | 84,101 | $ | 1,064,019 | ||||
| Cash and cash equivalents at beginning of period | 1,135,824 | 635,269 | ||||||
| Cash and cash equivalents at end of period | $ | 1,219,925 | $ | 1,699,288 | ||||
COMPARABLE AND NON-GAAP FINANCIAL MEASURES(d)
The following tables reconcile reported results (GAAP) to comparable and adjusted results (non-GAAP):
| Second Quarter 2025 | ||||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share(c) | ||||||||||||||||||
| Reported results (GAAP) | $ | 742,496 | $ | 470,412 | $ | 272,084 | $ | 252,992 | $ | 187,387 | $ | 2.15 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 12,390 | 9,275 | 0.11 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | (1,320 | ) | 689 | (2,009 | ) | (2,009 | ) | (1,511 | ) | (0.02 | ) | |||||||||||||
| Total reconciling items | (1,320 | ) | 689 | (2,009 | ) | 10,381 | 7,764 | 0.09 | ||||||||||||||||
| Adjusted results (non-GAAP) | $ | 741,176 | $ | 471,101 | $ | 270,075 | $ | 263,373 | $ | 195,151 | $ | 2.24 | ||||||||||||
| Adjusted % Change vs. Second Quarter 2024 | 3.6 | % | 2.9 | % | 4.8 | % | ||||||||||||||||||
| Second Quarter 2024 | ||||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share(c) | ||||||||||||||||||
| Reported results (GAAP) | $ | 716,710 | $ | 457,570 | $ | 259,140 | $ | 232,225 | $ | 172,812 | $ | 1.86 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 27,826 | 20,950 | 0.22 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | (1,075 | ) | 254 | (1,329 | ) | (1,329 | ) | (1,001 | ) | (0.01 | ) | |||||||||||||
| Total reconciling items | (1,075 | ) | 254 | (1,329 | ) | 26,497 | 19,949 | 0.21 | ||||||||||||||||
| Adjusted results (non-GAAP) | $ | 715,635 | $ | 457,824 | $ | 257,811 | $ | 258,722 | $ | 192,761 | $ | 2.07 | ||||||||||||
Results for the first half of 2024 include two additional selling days compared to the first half of 2025. For comparison purposes, the estimated impact of the additional selling days in the first half of 2024 has been excluded from our comparable(b) volume results.
| First Half | |||||||||
| (in millions) | 2025 | 2024 | Change | ||||||
| Volume | 167.4 | 173.6 | (3.5 | )% | |||||
| Volume related to extra days in fiscal period | — | (1.8 | ) | ||||||
| Comparable volume | 167.4 | 171.8 | (2.5 | )% | |||||
| First Half 2025 | ||||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share(c) | ||||||||||||||||||
| Reported results (GAAP) | $ | 1,369,600 | $ | 907,696 | $ | 461,904 | $ | 392,465 | $ | 290,998 | $ | 3.34 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 55,118 | 41,449 | 0.48 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | (521 | ) | 854 | (1,375 | ) | (1,375 | ) | (1,034 | ) | (0.01 | ) | |||||||||||||
| Total reconciling items | (521 | ) | 854 | (1,375 | ) | 53,743 | 40,415 | 0.47 | ||||||||||||||||
| Adjusted results (non-GAAP) | $ | 1,369,079 | $ | 908,550 | $ | 460,529 | $ | 446,208 | $ | 331,413 | $ | 3.81 | ||||||||||||
| Adjusted % Change vs. First Half 2024 | 0.9 | % | 2.9 | % | (2.9 | )% | ||||||||||||||||||
| First Half 2024 | ||||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share(c) | ||||||||||||||||||
| Reported results (GAAP) | $ | 1,357,269 | $ | 882,723 | $ | 474,546 | $ | 455,060 | $ | 338,553 | $ | 3.63 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 22,285 | 16,778 | 0.18 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | 81 | 211 | (130 | ) | (130 | ) | (98 | ) | — | |||||||||||||||
| Total reconciling items | 81 | 211 | (130 | ) | 22,155 | 16,680 | 0.18 | |||||||||||||||||
| Adjusted results (non-GAAP) | $ | 1,357,350 | $ | 882,934 | $ | 474,416 | $ | 477,215 | $ | 355,233 | $ | 3.81 | ||||||||||||
(c) All share or per share amounts impacting the net income per share amounts have been retroactively adjusted to reflect the effects of a 10-for-1 forward stock split executed by the Company during the second quarter of 2025.
(d) The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). However, management believes that certain non-GAAP financial measures provide users of the financial statements with additional, meaningful financial information that should be considered, in addition to the measures reported in accordance with GAAP, when assessing the Company’s ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The Company’s non-GAAP financial information does not represent a comprehensive basis of accounting.
FAQ
What were Coca-Cola Consolidated's (COKE) key financial results for Q2 2025?
How did COKE's beverage volumes perform in Q2 2025?
What is Coca-Cola Consolidated's capital expenditure outlook for 2025?
How did COKE's operating margins change in Q2 2025?
What were the main challenges faced by COKE in Q2 2025?
