Coca-Cola Consolidated Reports Fourth Quarter and Fiscal Year 2025 Results
MWN-AI** Summary
Coca-Cola Consolidated, Inc. (NASDAQ: COKE) published its financial results for the fourth quarter and fiscal year 2025, reporting a robust increase in net sales and operating income. For Q4 2025, net sales reached $1.9 billion, a 9% increase compared to the same period in 2024, driven by price increases and strong volume performance. Gross profit for the quarter was $754 million, up 8% year-over-year. However, net income for the quarter fell to $137 million, down 23.3% from the previous year, primarily due to prior-year non-cash fair value adjustments that benefited that period.
For the entire fiscal year 2025, Coca-Cola Consolidated generated net sales of $7.2 billion, a 4.8% increase from 2024, with gross profit growing 4.3% to $2.9 billion. Despite the overall positive trajectory, net income for the year decreased by 9.9% to $570 million, influenced by similar non-cash adjustments and increased interest expenses.
In terms of volume, the fourth quarter saw an increase of 4.6%— bolstered by a favorable comparison from an extra selling day—while the full year only recorded a modest growth of 0.3%. Sparkling beverage sales saw a boost from zero-sugar and flavored options, while the still category performed robustly, highlighting the broad strength of the company’s beverage portfolio.
Selling, delivery, and administrative expenses (SD&A) increased significantly in Q4 and throughout 2025, largely due to labor costs and strategic investments in front-line workers. Overall, the results underline Coca-Cola Consolidated’s resilience and adaptive strategies in a competitive beverage landscape, setting a cautious but optimistic outlook for 2026.
MWN-AI** Analysis
Coca-Cola Consolidated, Inc. reported strong financial results for Q4 and the full fiscal year 2025, which can provide valuable insights for potential investors. The company's net sales increased by 9% year-over-year in the fourth quarter, reaching $1.9 billion, attributed to price increases and a robust volume performance in both sparkling and still beverages. Notably, while sparkling beverages still hold significant market share, the still category has shown remarkable growth, driven by brands like Bodyarmor and Dasani.
The gross profit for Q4 was $754 million, marking an 8.1% increase compared to the same quarter of 2024, although the gross margin slightly decreased to 39.6%, primarily due to rising aluminum costs. Despite this, the operational efficiency demonstrates Coca-Cola Consolidated's ability to manage costs effectively, with a 10.7% increase in operating income.
Net income in Q4 fell to $137 million from $179 million in Q4 2024, reflecting headwinds from non-cash fair value adjustments related to acquisition liabilities and increased interest expenses. However, when adjusted, net income showed a slight year-over-year growth, indicating consistent profitability.
For investors, Coca-Cola Consolidated’s focus on cost management, brand diversification, and strategic partnerships, including upcoming major events like the FIFA World Cup, suggests potential for future growth. The company’s capital expenditures, around $300 million for 2026, indicate ongoing investments in infrastructure and capability improvements, essential for long-term efficiency and market responsiveness.
The increase in operating margins and a disciplined approach to managing SD&A expenses (stable at 26.6%) highlight the company’s operational resilience, particularly in a challenging economic landscape marked by inflationary pressures and cost increases.
In conclusion, Coca-Cola Consolidated exhibits solid growth prospects supported by positive operating metrics and strategic investments. Investors might find the stock appealing for its steady performance and potential upside in a recovering beverage market. However, keeping a watchful eye on evolving consumer preferences and operational costs will remain crucial.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
- Net sales in the fourth quarter of 2025 increased 9% versus the fourth quarter of 2024.
- Gross profit in the fourth quarter of 2025 was $754 million, an increase of 8% versus the fourth quarter of 2024.
- Income from operations for the fourth quarter of 2025 was $242 million, an increase of $23 million, or 11%(a). Income from operations for fiscal year 2025 was $951 million, an increase of $30 million, or 3%.
| Key Results | ||||||||||||||||||||||
| Fourth Quarter | Fiscal Year | |||||||||||||||||||||
| (in millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Volume(1) | 93.8 | 89.7 | 4.6 | % | 354.0 | 353.1 | 0.3 | % | ||||||||||||||
| Net sales | $ | 1,904.2 | $ | 1,746.5 | 9.0 | % | $ | 7,228.1 | $ | 6,899.7 | 4.8 | % | ||||||||||
| Gross profit | $ | 754.2 | $ | 697.9 | 8.1 | % | $ | 2,872.4 | $ | 2,753.2 | 4.3 | % | ||||||||||
| Gross margin | 39.6 | % | 40.0 | % | 39.7 | % | 39.9 | % | ||||||||||||||
| Income from operations | $ | 242.1 | $ | 218.7 | 10.7 | % | $ | 950.7 | $ | 920.4 | 3.3 | % | ||||||||||
| Operating margin | 12.7 | % | 12.5 | % | 13.2 | % | 13.3 | % | ||||||||||||||
| Beverage Sales | Fourth Quarter | Fiscal Year | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Sparkling bottle/can | $ | 1,152.9 | $ | 1,083.5 | 6.4 | % | $ | 4,249.8 | $ | 4,106.1 | 3.5 | % | ||||||||||
| Still bottle/can | $ | 584.4 | $ | 531.3 | 10.0 | % | $ | 2,362.9 | $ | 2,227.2 | 6.1 | % |
| (1) | Volume is measured on a standard physical case basis and is used to standardize differing package configurations delivered via direct store delivery. |
Fourth Quarter and Fiscal Year 2025 Review
CHARLOTTE, N.C., Feb. 18, 2026 (GLOBE NEWSWIRE) -- Coca?Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the fourth quarter and the fiscal year ended December 31, 2025.
“2025 was another successful year of performance for our Company, delivering the highest level of revenue, gross profit and operating income in our Company’s history,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “I’m especially proud of our teammates operating as One Team to drive superior execution in the marketplace. The strong results we are achieving affirm our decision to make an incremental investment this year in our front-line teammates.”
Volume was up 4.6% in the fourth quarter of 2025 and up 0.3% in fiscal year 2025. The fourth quarter of 2025 had one additional selling day compared to the fourth quarter of 2024, which accounted for approximately 1.1% of the increase in volume. Our Sparkling category volume increased by 3.5% in the fourth quarter of 2025. The strong Sparkling volume performance continued to be driven by growth within zero-sugar and flavor offerings, with improved demand for Coca-Cola Original Taste. Still category volume increased 8.7% in the fourth quarter of 2025 as a result of strong performance across many brands. Monster, Dasani, Powerade, BODYARMOR, Topo Chico and Core Power all achieved volume growth in the fourth quarter of 2025, reflecting strength across our entire portfolio of brands. For fiscal year 2025, there was one fewer selling day compared to fiscal year 2024, which negatively impacted the annual volume comparison by approximately 0.3%. For fiscal year 2025, Sparkling volume was flat while Still volume increased 1.0%.
Net sales increased 9.0% to $1.9 billion in the fourth quarter of 2025 and increased 4.8% to $7.2 billion in fiscal year 2025. The additional selling day in the fourth quarter of 2025 accounted for approximately $20 million of the sales growth during the quarter, or 1.1%. The growth in net sales was primarily the result of annual pricing actions and strong volume performance during the fourth quarter of 2025. Sparkling and Still net sales increased 6.4% and 10.0% in the fourth quarter of 2025, respectively, compared to the fourth quarter of 2024. For fiscal year 2025, Sparkling and Still net sales increased 3.5% and 6.1%, respectively. The increase in Sparkling category net sales was driven primarily by sales of multi-pack, take-home packages sold within our large store, club and value channels. The increase in Still category net sales was driven primarily by the solid performance across our Still portfolio sold within large retail and convenience stores.
Gross profit in the fourth quarter of 2025 was $754.2 million, an increase of $56.4 million, or 8.1%. Gross margin in the fourth quarter of 2025 decreased 40 basis points to 39.6%. The reduction in gross margin resulted primarily from an increase in aluminum costs, which included the impact of elevated import tariffs. This reduction in gross margin was partially offset by efficiencies in our supply chain and go-to-market strategies. Gross profit in fiscal year 2025 was $2.9 billion, an increase of $119.2 million, or 4.3%.
“Our operating performance in 2025 and the momentum we built in the back half of the year demonstrates the strength of our portfolio and the dedication of our teammates,” said Dave Katz, President and Chief Operating Officer. “The operating environment continues to be dynamic with multiple regulatory and cost challenges, but our strong partnership with The Coca-Cola Company, the strength of our brand portfolio and the high-performing team we have in place gives me optimism about 2026. We are excited about our plans to celebrate America250TM and the FIFA World Cup in 2026 and the value both of these partnerships will drive for our business.”
Selling, delivery and administrative (“SD&A”) expenses in the fourth quarter of 2025 increased $33.0 million, or 6.9%. The increase in SD&A expenses in the fourth quarter of 2025 as compared to the fourth quarter of 2024 was primarily driven by the cost of labor, which includes annual wage adjustments made earlier this year and an additional investment in the base wages of our front-line teammates, which became effective at the beginning of the third quarter of 2025. SD&A expenses as a percentage of net sales in the fourth quarter of 2025 decreased 50 basis points to 26.9% as compared to the fourth quarter of 2024. SD&A expenses in fiscal year 2025 increased $88.9 million, or 4.8%. SD&A expenses as a percentage of net sales in fiscal year 2025 remained stable at 26.6% as compared to fiscal year 2024.
Income from operations in the fourth quarter of 2025 was $242.1 million, compared to $218.7 million in the fourth quarter of 2024, an increase of 10.7%. The additional selling day in the fourth quarter of 2025 accounted for approximately $5 million of the growth in income from operations during the quarter, or 2.3%. Operating margin for the fourth quarter of 2025 was 12.7% as compared to 12.5% for the fourth quarter of 2024, an increase of 20 basis points. For fiscal year 2025, income from operations improved $30.3 million to $950.7 million, an increase of 3.3%. The one fewer selling day in fiscal year 2025 accounted for an approximately $5 million decrease in income from operations.
Net income in the fourth quarter of 2025 was $137.3 million, compared to $178.9 million in the fourth quarter of 2024, a decline of $41.7 million, or 23.3%. On an adjusted(b) basis, net income in the fourth quarter of 2025 was $157.8 million, compared to $156.7 million in the fourth quarter of 2024, an increase of $1.2 million, or 0.7%. Net income for the fourth quarter of 2024 benefited from routine, non-cash fair value adjustments to our acquisition related contingent consideration liability, driven primarily by an increase to the discount rate used to compute the fair value of the liability during that period.
Net income in fiscal year 2025 was $570.6 million, compared to $633.1 million in fiscal year 2024, a decline of $62.5 million, or 9.9%. On an adjusted(b) basis, net income in fiscal year 2025 was $668.5 million, compared to $678.6 million in fiscal year 2024, a decrease of $10.1 million, or 1.5%. As compared to fiscal year 2024, net income for fiscal year 2025 was more adversely impacted by routine, non-cash fair value adjustments to our acquisition related contingent consideration liability, primarily driven by changes in the discount rate and future cash flow projections used to compute the fair value of the liability, and by increased interest expense. Income tax expense for fiscal year 2025 was $202.3 million, compared to $223.5 million for fiscal year 2024, resulting in an effective income tax rate of approximately 26% for both periods.
Cash flows from operations for fiscal year 2025 were $931.9 million, compared to $876.4 million for fiscal year 2024. In fiscal year 2025, we invested approximately $312 million in capital expenditures as we continue to optimize our supply chain and invest for future growth. In fiscal year 2026, we expect capital expenditures to be approximately $300 million. In the fourth quarter of 2025, we repurchased all of the remaining shares of our common stock previously owned by The Coca-Cola Company for approximately $2.4 billion. In fiscal year 2025, we returned approximately $2.7 billion to stockholders through share repurchases and dividends.
Note on 2026 fiscal calendar: The first quarter of 2026 will include six extra days as compared to the first quarter of 2025. The fourth quarter of 2026 will include six fewer days as compared to the fourth quarter of 2025. The full fiscal years of 2026 and 2025 have the same number of days.
| (a) | All comparisons are to the corresponding period in the prior year unless specified otherwise. |
| (b) | The discussion of the operating results for the fourth quarter and the fiscal year ended December 31, 2025 includes selected non-GAAP financial information, such as “comparable” and “adjusted” results. The schedules in this news release reconcile such non-GAAP financial measures to the most directly comparable GAAP financial measures. |
| CONTACTS: | |
| Brian K. Little (Media) | Matt Blickley (Investors) |
| Vice President, Corporate Communications Officer | Chief Financial Officer and Chief Accounting Officer |
| (980) 378-5537 | (704) 557-4910 |
| Brian.Little@cokeconsolidated.com | Matt.Blickley@cokeconsolidated.com |
A PDF accompanying this release is available at: http://ml.globenewswire.com/Resource/Download/6c45a417-9e02-413c-91bb-ed763f3bc33a
About Coca-Cola Consolidated, Inc.
Headquartered in Charlotte, N.C., Coca?Cola Consolidated (NASDAQ: COKE) is the largest Coca?Cola bottler in the United States. We make, sell and distribute beverages of The Coca?Cola Company, and other partner companies, in more than 300 brands and flavors across 14 states and the District of Columbia, to approximately 60 million consumers. For over 123 years, we have been deeply committed to the consumers, customers and communities we serve and passionate about the broad portfolio of beverages and services we offer. Our Purpose is to honor God in all we do, to serve others, to pursue excellence and to grow profitably.
More information about the Company is available at www.cokeconsolidated.com. Follow Coca?Cola Consolidated on Facebook, X, Instagram and LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release are “forward-looking statements” subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: increased costs (including due to inflation or uncertainty around tariffs) or disruption, unavailability or shortages of raw materials, fuel and other supplies; the reliance on purchased finished products from external sources; changes in public and consumer perception and preferences, including concerns related to product safety and sustainability, artificial ingredients, brand reputation and obesity; changes in government regulations related to nonalcoholic beverages, including regulations related to obesity, public health, artificial ingredients, recycling, sustainability, product safety and benefit programs, including supplemental nutrition assistance programs; decreases from historic levels of marketing funding support provided to us by The Coca?Cola Company and other beverage companies; material changes in the performance requirements for marketing funding support or our inability to meet such requirements; decreases from historic levels of advertising, marketing and product innovation spending by The Coca?Cola Company and other beverage companies, or advertising campaigns that are negatively perceived by the public; any failure of the several Coca?Cola system governance entities of which we are a participant to function efficiently or in our best interest and any failure or delay of ours to receive anticipated benefits from these governance entities; provisions in our beverage distribution and manufacturing agreements with The Coca?Cola Company that could delay or prevent a change in control of us or a sale of our Coca?Cola distribution or manufacturing businesses; the concentration of our capital stock ownership; our inability to meet requirements under our beverage distribution and manufacturing agreements; changes in the inputs used to calculate our acquisition related contingent consideration liability; technology failures or cyberattacks on our information technology systems or our effective response to technology failures or cyberattacks on our third-party service providers’, business partners’, customers’, suppliers’ or other third parties’ information technology systems; unfavorable changes in the general economy; changes in trade policies, including the imposition of, or increase in, tariffs on imported goods; the concentration risks among our customers and suppliers; lower than expected net pricing of our products resulting from continued and increased customer and competitor consolidations and marketplace competition; the effect of changes in our level of debt, borrowing costs and credit ratings on our access to capital and credit markets, operating flexibility and ability to obtain additional financing to fund future needs; the failure to attract, train and retain qualified employees while controlling labor costs and other labor issues; the failure to maintain productive relationships with our employees covered by collective bargaining agreements, including failing to renegotiate collective bargaining agreements; changes in accounting standards; our use of estimates and assumptions; changes in tax laws, disagreements with tax authorities or additional tax liabilities; changes in legal contingencies; natural disasters, changing weather patterns and unfavorable weather, or the increased frequency of any such events due to climate change, and public expectations around combatting climate change; or legislative or regulatory responses to such change. These and other factors are discussed in the Company’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The forward-looking statements contained in this news release speak only as of this date, and the Company does not assume any obligation to update them, except as may be required by applicable law.
| FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||
| Fourth Quarter | Fiscal Year | ||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Net sales | $ | 1,904,242 | $ | 1,746,495 | $ | 7,228,055 | $ | 6,899,716 | |||||
| Cost of sales | 1,149,996 | 1,048,621 | 4,355,693 | 4,146,537 | |||||||||
| Gross profit | 754,246 | 697,874 | 2,872,362 | 2,753,179 | |||||||||
| Selling, delivery and administrative expenses | 512,128 | 479,125 | 1,921,706 | 1,832,829 | |||||||||
| Income from operations | 242,118 | 218,749 | 950,656 | 920,350 | |||||||||
| Interest expense, net | 25,169 | 3,997 | 42,678 | 1,848 | |||||||||
| Other expense (income), net | 28,726 | (31,279 | ) | 135,060 | 61,848 | ||||||||
| Income before taxes | 188,223 | 246,031 | 772,918 | 856,654 | |||||||||
| Income tax expense | 50,973 | 67,083 | 202,336 | 223,529 | |||||||||
| Net income | $ | 137,250 | $ | 178,948 | $ | 570,582 | $ | 633,125 | |||||
| Basic net income per share(c): | |||||||||||||
| Common Stock | $ | 1.84 | $ | 2.05 | $ | 6.82 | $ | 7.01 | |||||
| Weighted average number of Common Stock shares outstanding | 64,626 | 77,330 | 73,658 | 80,348 | |||||||||
| Class B Common Stock | $ | 1.80 | $ | 2.05 | $ | 6.78 | $ | 6.95 | |||||
| Weighted average number of Class B Common Stock shares outstanding | 10,047 | 10,047 | 10,047 | 10,047 | |||||||||
| Diluted net income per share(c): | |||||||||||||
| Common Stock | $ | 1.84 | $ | 2.05 | $ | 6.81 | $ | 6.99 | |||||
| Weighted average number of Common Stock shares outstanding – assuming dilution | 74,732 | 87,452 | 83,807 | 90,524 | |||||||||
| Class B Common Stock | $ | 1.80 | $ | 2.04 | $ | 6.76 | $ | 6.92 | |||||
| Weighted average number of Class B Common Stock shares outstanding – assuming dilution | 10,106 | 10,122 | 10,149 | 10,176 |
| (c) | All share or per share amounts impacting the net income per share amounts have been retroactively adjusted to reflect the effects of a 10-for-1 forward stock split executed by the Company during the second quarter of 2025. |
| FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||
| (in thousands) | December 31, 2025 | December 31, 2024 | |||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 281,918 | $ | 1,135,824 | |||
| Short-term investments | — | 301,210 | |||||
| Trade accounts receivable, net | 574,601 | 552,979 | |||||
| Other accounts receivable | 125,086 | 130,563 | |||||
| Inventories | 336,401 | 330,395 | |||||
| Prepaid expenses and other current assets | 108,668 | 96,331 | |||||
| Total current assets | 1,426,674 | 2,547,302 | |||||
| Property, plant and equipment, net | 1,604,605 | 1,505,267 | |||||
| Right-of-use assets - operating leases | 116,611 | 112,351 | |||||
| Leased property under financing leases, net | 1,160 | 3,138 | |||||
| Other assets | 216,428 | 181,048 | |||||
| Goodwill | 165,903 | 165,903 | |||||
| Other identifiable intangible assets, net | 771,617 | 798,130 | |||||
| Total assets | $ | 4,302,998 | $ | 5,313,139 | |||
| LIABILITIES AND (DEFICIT)/EQUITY | |||||||
| Current Liabilities: | |||||||
| Current portion of debt | $ | 100,000 | $ | 349,699 | |||
| Current portion of obligations under operating leases | 24,412 | 23,257 | |||||
| Current portion of obligations under financing leases | 556 | 2,685 | |||||
| Accounts payable and accrued expenses | 1,003,689 | 937,528 | |||||
| Total current liabilities | 1,128,657 | 1,313,169 | |||||
| Deferred income taxes | 143,738 | 132,941 | |||||
| Pension and postretirement benefit obligations and other liabilities | 988,053 | 918,061 | |||||
| Noncurrent portion of obligations under operating leases | 95,076 | 92,362 | |||||
| Noncurrent portion of obligations under financing leases | 1,188 | 2,346 | |||||
| Long-term debt | 2,686,009 | 1,436,649 | |||||
| Total liabilities | 5,042,721 | 3,895,528 | |||||
| (Deficit)/Equity: | |||||||
| Stockholders’ (deficit)/equity | (739,723 | ) | 1,417,611 | ||||
| Total liabilities and (deficit)/equity | $ | 4,302,998 | $ | 5,313,139 |
| FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| Fiscal Year | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income | $ | 570,582 | $ | 633,125 | ||||
| Depreciation expense, amortization of intangible assets and deferred proceeds, net | 218,530 | 193,791 | ||||||
| Fair value adjustment of acquisition related contingent consideration | 131,901 | 59,166 | ||||||
| Deferred income taxes | 13,704 | 2,529 | ||||||
| Change in current assets and current liabilities | 10,551 | (3,774 | ) | |||||
| Change in noncurrent assets and noncurrent liabilities | (17,354 | ) | (13,958 | ) | ||||
| Other | 3,990 | 5,478 | ||||||
| Net cash provided by operating activities | $ | 931,904 | $ | 876,357 | ||||
| Cash Flows from Investing Activities: | ||||||||
| Additions to property, plant and equipment | $ | (312,315 | ) | $ | (371,015 | ) | ||
| Purchases and disposals of short-term investments | 306,304 | (296,035 | ) | |||||
| Other | (13,006 | ) | (15,151 | ) | ||||
| Net cash used in investing activities | $ | (19,017 | ) | $ | (682,201 | ) | ||
| Cash Flows from Financing Activities: | ||||||||
| Payments related to share repurchases | $ | (2,606,031 | ) | $ | (625,654 | ) | ||
| Borrowings under bridge loan facility and term loan facilities | 2,150,000 | — | ||||||
| Repayments of bridge loan facility and senior notes | (1,150,000 | ) | — | |||||
| Cash dividends paid | (86,673 | ) | (185,635 | ) | ||||
| Payments of acquisition related contingent consideration | (68,884 | ) | (64,312 | ) | ||||
| Proceeds from bond issuance | — | 1,200,000 | ||||||
| Other | (5,205 | ) | (18,000 | ) | ||||
| Net cash (used in) provided by financing activities | $ | (1,766,793 | ) | $ | 306,399 | |||
| Net (decrease) increase in cash and cash equivalents during period | $ | (853,906 | ) | $ | 500,555 | |||
| Cash and cash equivalents at beginning of period | 1,135,824 | 635,269 | ||||||
| Cash and cash equivalents at end of period | $ | 281,918 | $ | 1,135,824 |
| COMPARABLE AND NON-GAAP FINANCIAL MEASURES(d) The following tables reconcile reported results (GAAP) to comparable and adjusted results (non-GAAP): |
Results for the fourth quarter of 2025 include one additional selling day compared to the fourth quarter of 2024. Results for fiscal year 2025 include one fewer selling day compared to fiscal year 2024. For comparison purposes, the estimated impact of the changes in selling days in the fourth quarter and fiscal year 2025 have been excluded from our comparable(b) volume results.
| Fourth Quarter | Fiscal Year | |||||||||||||||
| (in millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||
| Volume | 93.8 | 89.7 | 4.6 | % | 354.0 | 353.1 | 0.3 | % | ||||||||
| Volume related to extra day in fiscal period | (1.0 | ) | — | — | (1.0 | ) | ||||||||||
| Comparable volume | 92.8 | 89.7 | 3.5 | % | 354.0 | 352.1 | 0.5 | % |
| Fourth Quarter 2025 | ||||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share(c) | ||||||||||||||||||
| Reported results (GAAP) | $ | 754,246 | $ | 512,128 | $ | 242,118 | $ | 188,223 | $ | 137,250 | $ | 1.84 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 27,433 | 20,630 | 0.28 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | (1,284 | ) | (1,225 | ) | (59 | ) | (59 | ) | (44 | ) | (0.01 | ) | ||||||||||||
| Total reconciling items | (1,284 | ) | (1,225 | ) | (59 | ) | 27,374 | 20,586 | 0.27 | |||||||||||||||
| Adjusted results (non-GAAP) | $ | 752,962 | $ | 510,903 | $ | 242,059 | $ | 215,597 | $ | 157,836 | $ | 2.11 | ||||||||||||
| Adjusted % Change vs. Fourth Quarter 2024 | 7.6 | % | 6.7 | % | 9.6 | % |
| Fourth Quarter 2024 | ||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share(c) | ||||||||||||||||
| Reported results (GAAP) | $ | 697,874 | $ | 479,125 | $ | 218,749 | $ | 246,031 | $ | 178,948 | $ | 2.05 | ||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | (31,711 | ) | (23,937 | ) | (0.26 | ) | |||||||||||||
| Fair value adjustments for commodity derivative instruments | 2,073 | (127 | ) | 2,200 | 2,200 | 1,656 | 0.02 | |||||||||||||||
| Total reconciling items | 2,073 | (127 | ) | 2,200 | (29,511 | ) | (22,281 | ) | (0.24 | ) | ||||||||||||
| Adjusted results (non-GAAP) | $ | 699,947 | $ | 478,998 | $ | 220,949 | $ | 216,520 | $ | 156,667 | $ | 1.81 |
| Fiscal Year 2025 | ||||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share(c) | ||||||||||||||||||
| Reported results (GAAP) | $ | 2,872,362 | $ | 1,921,706 | $ | 950,656 | $ | 772,918 | $ | 570,582 | $ | 6.82 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 131,901 | 99,190 | 1.18 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | (2,183 | ) | (455 | ) | (1,728 | ) | (1,728 | ) | (1,299 | ) | (0.02 | ) | ||||||||||||
| Total reconciling items | (2,183 | ) | (455 | ) | (1,728 | ) | 130,173 | 97,891 | 1.16 | |||||||||||||||
| Adjusted results (non-GAAP) | $ | 2,870,179 | $ | 1,921,251 | $ | 948,928 | $ | 903,091 | $ | 668,473 | $ | 7.98 | ||||||||||||
| Adjusted % Change vs. Fiscal Year 2024 | 4.2 | % | 4.9 | % | 3.0 | % |
| Fiscal Year 2024 | |||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share(c) | |||||||||||||
| Reported results (GAAP) | $ | 2,753,179 | $ | 1,832,829 | $ | 920,350 | $ | 856,654 | $ | 633,125 | $ | 7.01 | |||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 59,166 | 44,493 | 0.49 | |||||||||||||
| Fair value adjustments for commodity derivative instruments | 728 | (547 | ) | 1,275 | 1,275 | 959 | 0.01 | ||||||||||||
| Total reconciling items | 728 | (547 | ) | 1,275 | 60,441 | 45,452 | 0.50 | ||||||||||||
| Adjusted results (non-GAAP) | $ | 2,753,907 | $ | 1,832,282 | $ | 921,625 | $ | 917,095 | $ | 678,577 | $ | 7.51 |
| (d) | The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). However, management believes that certain non-GAAP financial measures provide users of the financial statements with additional, meaningful financial information that should be considered, in addition to the measures reported in accordance with GAAP, when assessing the Company’s ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The Company’s non-GAAP financial information does not represent a comprehensive basis of accounting. |
FAQ**
How did "Coca-Cola Consolidated Inc. COKE" manage to achieve a 9% increase in net sales in the fourth quarter of 2025 compared to the fourth quarter of 2024, and what specific strategies contributed to this growth?
What factors contributed to the 8% increase in gross profit for "Coca-Cola Consolidated Inc. COKE" in the fourth quarter of 2025, and how did changes in aluminum costs impact their gross margin?
In what ways did the additional selling day in the fourth quarter of 2025 for "Coca-Cola Consolidated Inc. COKE" affect their income from operations and overall profitability compared to the previous year?
How does "Coca-Cola Consolidated Inc. COKE" plan to address the challenges posed by increased interest expenses and regulatory factors to sustain their growth in net sales and income from operations going forward?
**MWN-AI FAQ is based on asking OpenAI questions about Coca-Cola Consolidated Inc. (NASDAQ: COKE).
NASDAQ: COKE
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