The Coca-Cola Company beat market expectations to deliver 6% organic revenue growth in Q3, as volumes flipped back into positive growth following a 1% dip in Q2.
Despite higher prices, global volumes for the franchise head grew 1% in the three months to 26 September 2025, driven by a 4% jump in Europe, the Middle East and north Africa. Year-to-date volumes were up 1% overall.
Net revenue in the quarter grew 5% to $12.5bn (£9.3bn), just beating market estimates of $12.4bn.
Coca-Cola reported organic revenue growth in all regions, despite volume stagnancy in the Americas, and said it had gained market share globally.
Comparable earnings per share grew to $0.82, ahead of estimates of $0.78.
“While the overall environment has continued to be challenging, we’ve stayed flexible – adapting plans where needed and investing for growth,” said Coca-Cola chairman and CEO James Quincey.
“By offering choice across our total beverage portfolio and leveraging our franchise model’s unique strengths, we’re gaining ground and strengthening our leadership position. We’re confident we can deliver on our 2025 guidance while also working to achieve our longer-term objectives.”
RBC Capital Markets’ co-head of global consumer and retail research Nik Modi said it had been a “solid quarter” for the drinks giant.
“Coca-Cola delivered a better-than-expected print for the circumstances, following management talking down volumes due to international softness in early September,” he said.
Recent restructures at the drinks giant – including the proposed sale of Costa Coffee and the sale of an ownership stake in Indian subsidiary Hindustan Coca-Cola Holdings – will “facilitate better allocation of resources” according to Modi.
“This should ultimately lead to better share gains and white space expansion.”
Coca-Cola also revealed it had agreed the sale of a 41.3% stake in Coca-Cola Beverages Africa to its European franchisee Coca-Cola HBC (CCH). Buying a further 33.5% stake from Gutsche Family Investments, CCH will now run the African business for Coca-Cola.
“Coca-Cola HBC is a strong and valued bottler that will help usher in the next chapter of growth for CCBA,” said Henrique Braun, Coca-Cola’s COO and executive vice president.
Coca-Cola HBC will have the option to buy the remaining 25% from Coca-Cola within six years of the deal closing, expected to be by the end of 2026.
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