Coca-Cola reports 6% revenue growth in Q4 2024, surpasses analysts’ expectations 

USA – The Coca-Cola Company has reported a 6 percent year-over-year increase in net revenues, reaching US$11.5 billion in the fourth quarter of 2024, surpassing analysts’ expectations as global demand for its beverages grew. 

According to the company, the revenue growth was primarily driven by a 14 percent surge in organic revenues, supported by a 9 percent increase in price/mix and a 5 percent rise in concentrate sales.  

Concentrate sales outpaced unit case volume by three points, mainly due to two extra shipping days and the timing of concentrate shipments. 

Operating income for the quarter rose significantly, increasing by 19 percent, while comparable currency-neutral operating income grew by 22 percent. 

For the full year, Coca-Cola’s net revenues rose by 3 percent to US$47.1 billion, while organic revenues (non-GAAP) climbed 12 percent. The growth was fueled by an 11 percent increase in price/mix and a 2 percent rise in concentrate sales.  

Concentrate sales were one point ahead of unit case volume, primarily due to the timing of shipments. 

“Our all-weather strategy is working, and we continue to demonstrate our ability to lead through dynamic external environments,” said James Quincey, Chairman and CEO of The Coca-Cola Company.  

“Our global scale, coupled with local-market expertise and the unwavering dedication of our people and our system, uniquely position us to capture the vast opportunities ahead.” 

Coca-Cola’s unit case volume grew by 2 percent in the quarter, reversing a decline from the previous quarter. The company attributed this growth to increasing consumer demand in China, Brazil, and the United States. 

The sparkling soft drinks segment, which includes Coca-Cola’s core soda products, saw a 2 percent volume increase in the quarter.  

Coke Zero Sugar recorded a strong performance, with a 13 percent rise in volume. 

Sparkling flavors also grew by 2 percent during the quarter and 1 percent for the full year, mainly driven by demand in Asia-Pacific and North America. 

Coca-Cola’s water, sports, coffee, and tea division recorded 2 percent volume growth in the quarter, though full-year volume declined by 1 percent. While water and tea brands experienced increased demand, sports drinks and coffee volumes declined. 

The juice, value-added dairy, and plant-based beverages division saw a 1 percent decrease in volume, with declines in Europe, the Middle East, and Africa outweighing growth in North America. 

Despite strong revenue growth, Coca-Cola’s full-year cash flow from operations declined by 41 percent to US$6.8 billion. The decline was largely due to a US$6.0 billion deposit made to the U.S. Internal Revenue Service (IRS) related to the ongoing tax litigation. 

Looking ahead to 2025, Coca-Cola expects organic revenue growth of 5 to 6 percent. The company also projects comparable earnings per share to increase by 2 to 3 percent, factoring in a 6 to 7 percent headwind from currency exchange and minor impacts from acquisitions and divestitures. 

“It seems more likely in ’25, there’ll be a little more price and a little less volume, but there will be volume growth,” Quincey told analysts. 

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