Coca-Cola reported stronger-than-expected earnings and revenue for the first quarter on Tuesday, signaling steady consumer demand and pricing power—even as trade tensions loom. The company reaffirmed its full-year forecast, in contrast to rival PepsiCo, which recently trimmed its guidance.
For Q1, Coke posted adjusted earnings per share of 73 cents, surpassing Wall Street’s estimate of 71 cents, according to analysts surveyed by LSEG. Revenue also came in higher than expected at $11.22 billion, compared with projections of $11.14 billion.
Net income attributable to shareholders rose to $3.33 billion (77 cents per share), up from $3.18 billion (74 cents per share) a year earlier. While reported net sales dipped 2% to $11.13 billion, excluding one-time items, revenue reached $11.22 billion. Organic revenue—which excludes the effects of acquisitions, divestitures, and currency fluctuations—rose 6%, largely driven by price increases.
Coca-Cola’s unit case volume, a measure of product demand that excludes pricing and currency effects, rose 2%. Growth was especially strong in India, China, and Brazil, where consumer appetite for Coke’s beverages remained robust.
The company’s sparkling soft drinks segment saw a 2% increase in volume, with Coke Zero Sugar jumping 14%. Juice, plant-based drinks, and value-added dairy products, including Fairlife, Simply Beverages, and Minute Maid, rose 1%.
Meanwhile, Coke’s water, sports, coffee, and tea division also posted 2% volume growth, thanks to rising demand for its water brands. However, sports drink and coffee sales declined, while tea remained flat.
Looking ahead, Coca-Cola maintained its 2025 forecast, expecting 5% to 6% growth in organic revenue and a 2% to 3% increase in comparable earnings per share.
Despite concerns over rising costs from trade disputes—especially tariffs affecting materials like aluminum—the company said its operations remain largely local. “The effects of global trade conflicts are expected to be manageable,” the company stated.
In contrast, PepsiCo last week cited new tariffs, economic volatility, and weaker consumer sentiment as reasons for cutting its earnings outlook.
Coca-Cola’s shares rose 1% in premarket trading following the results.
