Published
## Filings that contain financial statements The following 8-K exhibits carry actual financial statements and are the primary source filings for numbers cited elsewhere in this brief: - **Accession 0000021344-25-000024** (filed 2025-04-29): Exhibit 99.1 contains the unaudited Consolidated Statements of Income and Consolidated Balance Sheets for the quarter ended March 28, 2025 (vs. March 29, 2024 / December 31, 2024). - **Accession 0000021344-25-000047** (filed 2025-06-26): Exhibits 99.1/101 contain a full recast of the Annual Report on Form 10-K financial statements for the year ended December 31, 2024 — Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows and Consolidated Statements of Shareowners' Equity for 2024, 2023 and 2022 — restated solely to reflect the sunset of the Global Ventures operating segment; no other 2024 10-K information was updated. - **Accession 0000021344-25-000054** (filed 2025-07-22): Exhibit 99.1 contains the unaudited Consolidated Statements of Income and Consolidated Balance Sheets for the quarter ended June 27, 2025 (vs. June 28, 2024 / December 31, 2024), plus six-month year-to-date results. - **Accession 0001628280-25-045577** (filed 2025-10-21): Exhibit 99.1 contains the unaudited Consolidated Statements of Income and Consolidated Balance Sheets for the quarter ended September 26, 2025. - **Accession 0001628280-26-006642** (filed 2026-02-10): Exhibit 99.1 contains the unaudited Consolidated Statements of Income and Consolidated Balance Sheets for the quarter and full year ended December 31, 2025. - **Accession 0001628280-26-027723** (filed 2026-04-28): Exhibit 99.1 contains the unaudited Consolidated Statements of Income and Consolidated Balance Sheets for the quarter ended April 3, 2026 (vs. March 28, 2025). - **Accession 0001628280-26-049922** (filed 2026-07-28): Exhibit 99.1 contains the unaudited Consolidated Statements of Income and Consolidated Balance Sheets for the quarter ended July 3, 2026 (vs. June 27, 2025), plus six-month year-to-date results. ## Earnings and guidance **Q1 2025 (accession 0000021344-25-000024, filed 2025-04-29).** Net revenues declined 2% to $11.1 billion; organic revenues (non-GAAP) grew 6%. Operating income grew 71% to $3.66 billion (comparable currency-neutral operating income up 10%). EPS grew 5% to $0.77; comparable EPS grew 1% to $0.73. Operating cash flow was negative $5.2 billion, driven by a $6.1 billion contingent-consideration payment tied to the 2020 fairlife acquisition; free cash flow excluding that payment (non-GAAP) was $558 million. Full-year 2025 guidance was reaffirmed on organic revenue growth (5%–6%) and largely maintained elsewhere, with the currency-headwind assumptions updated. **Q2 2025 (accession 0000021344-25-000054, filed 2025-07-22).** Net revenues grew 1% to $12.5 billion; organic revenues grew 5%. Operating income grew 63% to $4.28 billion. EPS grew 58% to $0.88; comparable EPS grew 4% to $0.87. Full-year comparable currency-neutral EPS guidance was narrowed to approximately 8% growth (the midpoint of the prior 7%–9% range) and comparable EPS guidance was raised to approximately 3% growth versus $2.88 in 2024 (from 2%–3%). **Q3 2025 (accession 0001628280-25-045577, filed 2025-10-21).** Net revenues grew 5% to $12.5 billion; organic revenues grew 6%. Operating income grew 59% (comparable currency-neutral operating income up 15%). EPS grew 30% to $0.86; comparable EPS grew 6% to $0.82. Full-year free cash flow guidance (excluding the fairlife payment) was raised to at least $9.8 billion (from $9.5 billion). The company introduced preliminary full-year 2026 considerations, expecting a slight currency tailwind on both comparable revenue and EPS growth, with formal 2026 guidance deferred to the Q4 report. **Q4 and full year 2025 (accession 0001628280-26-006642, filed 2026-02-10).** Q4 net revenues grew 2% to $11.8 billion; full-year net revenues grew 2% to $47.9 billion, with organic revenue growth of 5% for both periods. Q4 operating income declined 32%, reflecting a $960 million non-cash impairment charge on the BODYARMOR trademark; full-year operating income grew 38%. Full-year EPS grew 23% to $3.04; comparable EPS grew 4% to $3.00. Full-year operating cash flow was $7.4 billion and free cash flow (non-GAAP) was $5.3 billion ($11.4 billion excluding the fairlife contingent-consideration payment). The company paid $8.8 billion in dividends in 2025 and extended its dividend-increase streak to 63 consecutive years; net share repurchases were a modest $0.4 billion, with roughly $5.2 billion of buyback authorization remaining. The company issued initial full-year 2026 guidance: organic revenue growth of 4%–5%, comparable currency-neutral EPS growth (excluding acquisitions/divestitures) of 5%–6%, and comparable EPS growth of 7%–8% versus $3.00 in 2025 — guidance that explicitly assumes the pending sale of Coca-Cola Beverages Africa (CCBA) closes in the second half of 2026. **Q1 2026 (accession 0001628280-26-027723, filed 2026-04-28).** Net revenues grew 12% to $12.5 billion (aided by six additional days in the quarter); organic revenues grew 10%. Operating income grew 19%; EPS grew 18% to $0.91, comparable EPS grew 18% to $0.86. Full-year 2026 guidance was raised: comparable currency-neutral EPS (ex. acquisitions/divestitures) growth of 6%–7% (from 5%–6%) and comparable EPS growth of 8%–9% (from 7%–8%), still contingent on the CCBA sale closing in the second half of 2026. **Q2 2026 (accession 0001628280-26-049922, filed 2026-07-28).** Net revenues grew 7% to $13.4 billion; organic revenues grew 6%, aided by global FIFA World Cup marketing activation. Operating income grew 9%; EPS grew 16% to $1.03, comparable EPS grew 11% to $0.97. Full-year 2026 guidance was raised again: organic revenue growth of approximately 5% (from 4%–5%), comparable currency-neutral EPS (ex. acquisitions/divestitures) growth of 7%–8% (from 6%–7%), comparable EPS growth of 9%–10% (from 8%–9%), and free cash flow of approximately $12.4 billion (from $12.2 billion). The acquisitions/divestitures headwind assumption on comparable net revenues was reduced to 2%–3% (from approximately 4%), reflecting an updated expectation that the CCBA sale now closes toward the end of the third quarter or during the fourth quarter of 2026, rather than earlier in the second half. ## M&A and portfolio actions - **Coca-Cola Beverages Africa (CCBA) — signed, not yet closed.** As disclosed in the Q3 2025 earnings release (accession 0001628280-25-045577, filed 2025-10-21), Coca-Cola HBC AG entered into a definitive agreement on October 21, 2025 to acquire a controlling interest in CCBA from The Coca-Cola Company and Gutsche Family Investments. Subsequent earnings releases through Q2 2026 continue to describe the transaction as pending, subject to regulatory approvals, with the expected closing window pushed from "second half of 2026" (as of the Q4 2025 and Q1 2026 releases) to "toward the end of the third quarter or during the fourth quarter of 2026" (as of the Q2 2026 release, accession 0001628280-26-049922). - **Hindustan Coca-Cola Holdings (India) — completed.** As disclosed in the Q3 2025 earnings release (accession 0001628280-25-045577), the company completed the sale of a 40% ownership stake in Hindustan Coca-Cola Holdings Pvt. Ltd. to Jubilant Bhartia Group in July 2025, a further step in refranchising Indian bottling operations. - The Q4 2025 earnings release (accession 0001628280-26-006642) states the company made no significant acquisitions in 2025 and continued to pursue refranchising and an "asset-light" agenda for company-owned bottling operations. ## Segment reporting change **Global Ventures segment sunset, effective January 1, 2025 (accession 0000021344-25-000047, filed 2025-06-26).** The company eliminated its Global Ventures operating segment, which had housed Costa Limited, innocent, doğadan and Monster Beverage-related distribution fees. Costa (excluding its ready-to-drink business), innocent and doğadan now report within Europe, Middle East & Africa; Costa's ready-to-drink business and the Monster-related fees now report within the applicable geographic segments. This 8-K restated the relevant portions of the FY2024 Form 10-K — including the full set of consolidated financial statements for 2024, 2023 and 2022 — solely to reflect the new segmentation; no other 2024 10-K disclosures were updated for subsequent developments. ## Leadership and board changes - **CEO succession announced (accession 0001552781-25-000454, filed 2025-12-10).** On December 10, 2025 the board elected Henrique Braun, then Executive Vice President and Chief Operating Officer, as Chief Executive Officer effective March 31, 2026. James Quincey, the outgoing CEO, transitions to Executive Chairman on the same date. Mr. Braun was also slated for nomination as a director at the 2026 Annual Meeting. - **Additional executive realignment (accession 0001552781-26-000017, filed 2026-01-14).** Effective March 31, 2026: a new Chief Digital Officer role (Sedef Salingan Sahin, previously President of Eurasia and Middle East) absorbs digital responsibilities from CFO John Murphy; Customer and Commercial Leadership responsibilities move from Mr. Murphy to Manolo Arroyo, who becomes EVP and Chief Marketing and Customer Commercial Officer. Mr. Murphy continues as President and CFO, retaining Global Strategy, Corporate Development, Investor Relations, Tax, Treasury, Audit, Accounting, Controls and related functions. - **Board addition (accession 0001628280-25-045223, filed 2025-10-16).** Max Levchin was elected to the board effective October 16, 2025 and appointed to the Talent and Compensation Committee. - **CEO/Executive Chairman compensation terms (accession 0001628280-26-010052, filed 2026-02-20).** Letters dated February 19, 2026 set Mr. Braun's base salary at $1,450,000 and Mr. Quincey's at $1,200,000, both effective March 31, 2026, with target annual incentives of 200% of base salary for each. - **North America leadership change (accession 0001552781-26-000366, filed 2026-06-25).** Jennifer Mann, EVP and President of the North America Operating Unit, is departing the company; her current role ends July 31, 2026, after which she serves as a senior advisor through April 30, 2027 under a Separation Agreement. CFO John Murphy assumed interim responsibility for the North America Operating Unit effective August 1, 2026. ## Cybersecurity incident **fairlife ransomware event (accession 0001628280-26-048466, filed 2026-07-16).** On July 16, 2026 the company disclosed that fairlife, LLC, its dairy subsidiary, identified unauthorized third-party access to a portion of its systems, including production-related systems, in connection with a ransomware event. Production operations at fairlife's U.S. facilities were temporarily suspended; Canadian production was not affected. Product quality and safety were not reported to be impacted. The company said its investigation was ongoing and it had not yet determined whether the incident is reasonably likely to have a material effect. The Form 10-Q filed 2026-07-29 (accession 0001628280-26-050503, Operations Review) updates this: the event involved unauthorized third-party access and the taking of certain data; a majority of production operations have since resumed; and, based on information available and the investigation to date, the company believes the incident "has not had, and is not reasonably likely to have, a material impact on the Company's financial condition or results of operations." ## Annual meeting results Both the 2025 Annual Meeting (held April 30, 2025; accession 0000021344-25-000033, filed 2025-05-02) and the 2026 Annual Meeting (held April 29, 2026; accession 0001628280-26-029230, filed 2026-05-01) saw all director nominees elected and routine advisory proposals (say-on-pay, auditor ratification) pass, while shareowner proposals on ESG, DEI and related topics were voted down by wide margins. Support for director nominees was generally strong (mostly above 90% for-votes), though not uniformly so: at the 2026 meeting, Thomas S. Gayner received only 76.00% for-votes, the lowest among director nominees. Henrique Braun and Max Levchin stood for election as directors for the first time at the 2026 Annual Meeting and were elected with support above 98%.