NYSE$KO
Coca-Cola · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Coca-Cola's Q3 2024 results were impacted by currency headwinds and a charge related to the fairlife acquisition, but demonstrated resilience with organic revenue growth.
Coca-Cola reported a 1% decline in net revenues, but organic revenues grew by 9%. EPS declined by 7% to $0.66, while comparable EPS grew by 5% to $0.77. The company gained value share in total nonalcoholic ready-to-drink beverages.
- Net revenues declined 1%, while organic revenues (non-GAAP) grew 9%.
- EPS declined 7% to $0.66, but comparable EPS (non-GAAP) grew 5% to $0.77.
- Operating margin was 21.2% versus 27.4% in the prior year; comparable operating margin (non-GAAP) was 30.7% versus 29.7% in the prior year.
- The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.
Headline financials
Revenue & EPS history
Coca-Cola · Revenue · Quarterly
$11.9B
Forward guidance
The company expects to deliver organic revenue (non-GAAP) growth of approximately 10%. Comparable EPS (non-GAAP) growth is expected to include an approximate 9% currency headwind. The company expects to generate free cash flow excluding the IRS tax litigation deposit (non-GAAP) of approximately $9.2 billion.
Tailwinds
- The company expects to deliver organic revenue (non-GAAP) growth of approximately 10%, which consists of operating performance at the high end of the company’s long-term growth model and the anticipated pricing impact of a number of markets experiencing intense inflation.
- The company expects to generate free cash flow excluding the IRS tax litigation deposit (non-GAAP) of approximately $9.2 billion.
- 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 a 4% to 5% headwind from acquisitions, divestitures and structural changes.
- The company expects elevated interest expense resulting from the debt issued to pay the IRS tax litigation deposit and the upcoming fairlife contingent consideration payment.
- The company will provide full-year 2025 guidance when it reports fourth quarter earnings.
Headwinds
- For comparable net revenues (non-GAAP), the company expects an approximate 5% currency headwind based on the current rates and including the impact of hedged positions.
- Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 9% currency headwind based on the current rates and including the impact of hedged positions. The majority of currency headwinds are due to devaluation resulting from intense inflation.
- For comparable net revenues (non-GAAP), the company expects a 4% to 5% headwind from acquisitions, divestitures and structural changes.
- Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 10% currency headwind based on the current rates and including the impact of hedged positions, in addition to a 3% to 4% headwind from acquisitions, divestitures and structural changes.
- The company expects elevated interest expense resulting from the debt issued to pay the IRS tax litigation deposit and the upcoming fairlife contingent consideration payment.
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 2024
+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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