NYSE$KO
Coca-Cola · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Coca-Cola reported solid results and raised full-year guidance due to year-to-date performance.
Coca-Cola reported an 8% increase in net revenues, reaching $12.0 billion, and an 11% growth in organic revenues. EPS grew by 9% to $0.71, and comparable EPS grew by 7% to $0.74. The company is raising its full-year topline and bottom-line guidance.
- Net revenues grew 8% to $12.0 billion, with organic revenues growing 11%.
- EPS grew 9% to $0.71, and comparable EPS grew 7% to $0.74.
- Operating margin was 27.4%, while comparable operating margin was 29.7%.
- The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.
Headline financials
Revenue & EPS history
Coca-Cola · Revenue · Quarterly
$12B
Forward guidance
The company expects to deliver organic revenue (non-GAAP) growth of 10% to 11%. Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 6% currency headwind. The company expects to generate free cash flow (non-GAAP) of approximately $9.5 billion.
Tailwinds
- The company expects to deliver organic revenue (non-GAAP) growth of 10% to 11%.
- The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP).
- The company's underlying effective tax rate (non-GAAP) is estimated to be 19.0%.
- The company expects to generate free cash flow (non-GAAP) of approximately $9.5 billion.
- The company continues to expect to repurchase shares to offset dilution resulting from employee stock-based compensation plans and may also use a portion of the proceeds we expect to receive from nonoperating activities to repurchase additional shares.
Headwinds
- For comparable net revenues (non-GAAP), the company expects an approximate 4% currency headwind.
- The company expects an approximate 1% headwind from acquisitions, divestitures and structural changes.
- Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 6% currency headwind.
- Comparable EPS (non-GAAP) percentage growth is expected to include a slight headwind from acquisitions, divestitures and structural changes.
- Comparable net revenues (non-GAAP) are expected to include an approximate 4% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.3%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+0.5%
Avg return
30 days after
59%
43 / 73 earnings
Positive
+6.1%
Q1 2013
Best reaction
-9.1%
Q4 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.0% | +4.2% | +6.6% | |
| Q4 2025 | -1.5% | +0.9% | -0.5% | |
| Q3 2025 | +3.7% | +1.9% | +4.0% | |
| Q2 2025 | +0.6% | -0.6% | -3.6% | |
| Q1 2025 | +0.8% | -0.2% | -0.4% | |
| Q4 2024 | +4.7% | +6.7% | +7.9% | |
| Q3 2024 | -3.1% | -4.0% | -8.0% | |
| Q2 2024 | +1.6% | +3.5% | +7.0% | |
| Q1 2024 | -0.2% | +0.2% | -0.1% | |
| Q4 2023 | -0.7% | -0.5% | +1.3% | |
| Q3 2023 | +3.8% | +2.1% | +8.0% | |
| Q2 2023 | +0.3% | -0.5% | -3.0% | |
| Q1 2023 | -0.3% | +0.2% | -4.9% | |
| Q4 2022 | -1.7% | -0.8% | -0.5% | |
| Q3 2022 | +3.2% | +5.5% | +8.8% | |
| Q2 2022 | +1.3% | +3.2% | +4.0% | |
| Q1 2022 | -0.3% | -1.0% | -1.8% | |
| Q4 2021 | -1.2% | -0.2% | -5.1% | |
| Q3 2021 | +2.9% | +3.1% | -1.4% | |
| Q2 2021 | +1.1% | +2.2% | +1.5% | |
| Q1 2021 | +0.9% | +1.5% | +0.9% | |
| Q4 2020 | +1.2% | +2.0% | +1.3% | |
| Q3 2020 | +1.1% | -0.2% | +5.4% | |
| Q2 2020 | +5.1% | +5.1% | +2.7% | |
| Q1 2020 | -1.8% | -2.4% | -2.9% | |
| Q4 2019 | +2.4% | +3.2% | -6.2% | |
| Q3 2019 | +0.8% | +1.6% | -2.1% | |
| Q2 2019 | +5.0% | +5.8% | +6.4% | |
| Q1 2019 | +1.2% | +1.8% | +5.2% | |
| Q4 2018 | -9.1% | -10.0% | -9.0% | |
| Q3 2018 | +3.1% | +3.3% | +5.4% | |
| Q2 2018 | +2.2% | +2.1% | +0.8% | |
| Q1 2018 | -3.5% | -1.5% | -3.8% | |
| Q4 2017 | -1.8% | -3.2% | -2.9% | |
| Q3 2017 | +0.1% | -0.7% | -0.6% | |
| Q2 2017 | +1.9% | +1.3% | +0.7% | |
| Q1 2017 | -0.1% | -0.3% | +4.9% | |
| Q4 2016 | -3.4% | -3.5% | +0.6% | |
| Q3 2016 | -1.0% | -0.3% | -2.4% | |
| Q2 2016 | -2.7% | -3.2% | -3.5% | |
| Q1 2016 | -6.3% | — | — | |
| Q4 2015 | -0.2% | — | — | |
| Q3 2015 | +2.2% | — | — | |
| Q2 2015 | -0.8% | — | — | |
| Q1 2015 | +0.4% | — | — | |
| Q4 2014 | +2.8% | — | — | |
| Q3 2014 | -6.2% | — | — | |
| Q2 2014 | -3.7% | — | — | |
| Q1 2014 | +4.8% | — | — | |
| Q4 2013 | -4.7% | — | — | |
| Q3 2013 | +0.2% | — | — | |
| Q2 2013 | -0.4% | — | — | |
| Q1 2013 | +6.1% | — | — | |
| Q4 2012 | -3.6% | — | — | |
| Q3 2012 | -1.0% | — | — | |
| Q2 2012 | +1.3% | — | — | |
| Q1 2012 | +0.8% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2011 | +2.1% | — | — | |
| Q2 2011 | -1.4% | — | — | |
| Q1 2011 | +2.0% | — | — | |
| Q4 2010 | +0.9% | — | — | |
| Q3 2010 | +0.8% | — | — | |
| Q2 2010 | +2.3% | — | — | |
| Q1 2009 | +0.2% | — | — | |
| Q1 2010 | -0.8% | — | — | |
| Q4 2007 | +0.3% | — | — | |
| Q4 2009 | +0.3% | — | — | |
| Q3 2008 | -0.3% | — | — | |
| Q3 2009 | -0.3% | — | — | |
| Q4 2008 | +1.1% | — | — | |
| Q2 2008 | +1.1% | — | — | |
| Q2 2009 | +1.1% | — | — |
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