Coca-Cola Co (NYSE: $KO) is a leading manufacturer and seller of beverage concentrates, syrups, and finishes sparkling soft drinks, sports drinks, dairy, and juice products. On Tuesday, February 10, 2026, it released its Q4 and full-year fiscal 2025 results. Here is a deep dive into those results.
Coca-Cola Q4 And FY25 Results
The company reported a 2% YoY increase in net revenue to $11.8 billion, below estimates of $12.03. Its revenue growth in Q4 was driven by a 4% increase in concentrate sales and 1% rise in price/mix. Concentrate sales were 3 points ahead of unit case volume, driven by the timing of concentrate shipments, and one additional day.
Full-year net revenue rose 2% YoY to $47.9 billion, driven by 4% increase in price/mix, and a 1% rise in concentrate sales. Concentrate sales were 1 point ahead of unit case volume due to the timing of shipments.
Fourth quarter non-GAAP EPS came in at $0.58, a 6% YoY increase, above estimates of $0.56. For the full year, EPS increased 4% YoY to $3.
Coca-Cola reported a non-GAAP operating margin of 24.4% compared to 24% the previous year. Full-year non-GAAP operating margin came in at 31.2% compared to 30% the previous year. The growth in Q4 and full-year non-GAAP operating margin was driven by organic revenue growth and effective cost management.
Other Highlights
The company reported an increase in value share in total nonalcoholic ready-to-drink (“NARTD”) beverages for both Q4 and the full year. At the end of the year, the company had $7.4 billion in cash flow from operations and $5.3 billion in non-GAAP free cash flow.
In fiscal 2025, the company reinvested $2.1 billion in the business, a 2% YoY increase. It also continued to grow its dividend, paying out $8.8 billion in dividends throughout 2025. This marks the 63rd year the company has increased dividend payouts annually.
Throughout fiscal 2025, Coca-Cola bought back $0.7 billion worth of shares and issued $0.3 billion worth of shares in connection with the exercise of stock options by employees. As a result, its net share buyback for fiscal 2025 was $0.4 billion. It has $5.2 billion remaining under its existing share buyback authorization.
Q1 And FY26 Outlook
For the full year fiscal 2026, Coca-Cola expects non-GAAP revenue to grow 4% to 5%. It also expects non-GAAP EPS growth of 7% to 8%, compared to the $3 reported in fiscal 2025. Coca-Cola forecasts non-GAAP free cash flow of around $12.2 billion, which comprises $14.4 billion in cash flow from operations, less $2.2 billion in capital expenditures.
Market Performance
Following the revenue miss, Coca-Cola shares dipped 0.90% to $77.25 as of 0:41 AM in New York. Year to date, $KO shares are up 10.53%, while over the past six months, they have gained 9.85%. Over the past 52 weeks, the shares have gained 19.71%. The company’s current market cap is $332.55 billion.
Analysts are optimistic about the future of the stock, giving it a strong buy rating. They forecast an average price of $80.67, which is a 2.07% upside based on the last closing price. The analysts forecast a wide range of prices, with a high of $88 and a low of $72.
Is $KO A Buy in 2026?
For investors seeking out an income-focused, stable, defensive dividend stock, $KO remains an attractive option. It has grown dividends consecutively for the past 63 years. With a huge market share, great brand recognition, and huge pricing power, $KO is a potentially great option for risk-averse investors.
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