Coca-Cola (NYSE:KO) delivered a modest first-quarter beat on earnings but came in slightly below revenue expectations.
The beverage giant reported adjusted earnings of $0.73 per share, just ahead of the $0.72 analyst consensus. Revenue totaled $11.1 billion, narrowly missing forecasts of $11.2 billion.
Organic revenue grew 6% year-over-year, fueled by a 5% rise in pricing and product mix, along with a 1% gain in concentrate sales. Unit case volume rose 2%, with India, China, and Brazil driving much of the growth.
Profitability improved meaningfully, with operating margin expanding to 32.9% from 18.9% a year earlier. On a comparable basis, operating margin rose to 33.8%, helped by strong revenue execution, disciplined cost management, and the timing of marketing investments.
For the full year 2025, Coca-Cola reaffirmed its organic revenue growth target of 5% to 6%. However, the company expects a 5% to 6% currency-related drag on earnings and now forecasts comparable EPS growth of 2% to 3%.
