Coca-Cola Consolidated (COKE) Q3 2025 earnings summary

Executive summary

• Net sales rose 6.9% year-over-year to $1.89 billion in Q3 2025, driven by higher pricing, volume, and strong market share gains across Sparkling and Still beverage categories.

• Sparkling category volume increased 1.4% and Still volume surged 8.9% in Q3, led by zero-sugar, flavor offerings, and strong brand performance.

• Gross profit increased 7.2% to $748.5 million, and operating income grew 8.6% to $246.6 million, with operating margin improving to 13.1%.

• Net income for Q3 2025 was $142.3 million, up 23.1% year-over-year; adjusted net income was $179.2 million, up 7.5%.

• Cash flows from operations for the first nine months reached $722.9 million, supporting $211 million in shareholder returns via repurchases and dividends.

Financial highlights

• Q3 2025 net sales: $1.89B (+6.9% YoY); gross profit: $748.5M (+7.2% YoY); net income: $142.3M (+23.1% YoY).

• First nine months 2025 net sales: $5.32B (+3.3% YoY); net income: $433.3M (-4.6% YoY).

• Adjusted net income for Q3 2025: $179.2M (+7.5% YoY); for nine months: $510.6M (-2.2% YoY).

• Gross margin in Q3 2025 improved to 39.6%; SD&A expenses as % of sales decreased to 26.6%.

• EPS for Q3 increased 24% to $1.64; adjusted EPS rose 10% to $2.06.

Outlook and guidance

• Capital expenditures for 2025 are expected to be approximately $300 million, focused on supply chain optimization and growth investments.

• Management expects continued focus on commercial execution, revenue management, and digital selling platforms.