Coca-Cola (KO) official guidance

Divestitures are now expected to be a 2%-3% headwind to comparable net revenues and an approximate 1% headwind to comparable earnings per share.

Divestitures are now expected to be a 2%-3% headwind to comparable net revenues and an approximate 1% headwind to comparable earnings per share.

All in, we now expect comparable earnings per share growth of 9%-10% versus $3 in 2025.

We expect concentrate shipments to lag unit case volume by 1 point during the third quarter and now expect concentrate shipments to slightly trail unit case volume for the full year.

We expect concentrate shipments to lag unit case volume by 1 point during the third quarter and now expect concentrate shipments to slightly trail unit case volume for the full year.

We now expect comparable currency-neutral earnings per share growth, excluding acquisitions and divestitures, of 7%-8%.

Based on current rates and our hedge positions, we now expect an approximate 1-point currency tailwind to comparable net revenues and continue to expect an approximate 3-point currency tailwind to comparable earnings per share for the full year 2026.

Based on current rates and our hedge positions, we now expect an approximate 1-point currency tailwind to comparable net revenues and continue to expect an approximate 3-point currency tailwind to comparable earnings per share for the full year 2026.

Our underlying effective tax rate for 2026 is still expected to be 19.9%.

Based on our year-to-date results and expectations for the balance of the year, including six fewer days in the fourth quarter, we expect to deliver at the high end of our prior revenue guidance with organic revenue growth of approximately 5%.

| Comparable EPS (non-GAAP) | •Approx. 3% currency tailwind1 •Minimal headwind from acquisitions and divestitures2 |

| Comparable net revenues (non-GAAP) | •Approx. 1% currency tailwind1 •Approx. 1% headwind from acquisitions and divestitures2 |

| Projected GAAP Purchases of Property, Plant and Equipment | (2.2) |

| Comparable EPS (non-GAAP) | 9% to 10% growth, which includes: •Approx. 3% currency tailwind1 •Approx. 1% headwind from acquisitions and divestitures2 | 8% to 9% growth, which includes: •Approx. 3% currency tailwind1 •Approx. 1% headwind from acquisitions and divestitures2 |

| Comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) | 7% to 8% growth | 6% to 7% growth |

| Comparable net revenues (non-GAAP) | •Approx. 1% currency tailwind1 •Approx. 1% headwind from acquisitions and divestitures2 |

| Free cash flow (non-GAAP) | Approx. $12.4 billion, consisting of: •Approx. $14.6 billion of cash from operations •Approx. $2.2 billion of capital expenditures | Approx. $12.2 billion, consisting of: •Approx. $14.4 billion of cash from operations •Approx. $2.2 billion of capital expenditures |

| Projected GAAP Net Cash Provided by Operating Activities | $ | 14.6 |

| Organic revenues (non-GAAP) | Approx. 5% growth | 4% to 5% growth |

Lastly, assuming the pending sale of Coca-Cola Beverages Africa closes during the second half of 2026, we see opportunity for more margin expansion in the latter half of this year.

Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 3% currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 1% headwind from acquisitions and divestitures.

Comparable net revenues (non-GAAP) are expected to include an approximate 1% currency tailwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions and divestitures.

Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 3% currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 1% headwind from acquisitions and divestitures.

Comparable net revenues (non-GAAP) are expected to include an approximate 1% currency tailwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions and divestitures.

We also expect to generate approximately $12.2 billion of free cash flow in 2026, through approximately $14.4 billion in cash from operations, less approximately $2.2 billion in capital investments.

Comparable net revenues (non-GAAP) are expected to include a 2% currency tailwind based on the current rates and including the impact of hedged positions, in addition to a 1% headwind from acquisitions and divestitures.

Comparable EPS (non-GAAP) percentage growth is expected to include a 2% currency tailwind based on the current rates and including the impact of hedged positions.

Comparable net revenues (non-GAAP) are expected to include a 2% currency tailwind based on the current rates and including the impact of hedged positions, in addition to a 1% headwind from acquisitions and divestitures.

We continue to expect organic revenue growth of 5%-6% and expect comparable currency-neutral earnings per share growth of approximately 8%, both of which reflect delivery in line with our long-term growth algorithm.

All in, based on what we know today, we continue to expect 2025 comparable earnings per share growth of approximately 3% versus $2.88 in 2024.

Based on current rates and our hedge position, we continue to expect a 1%-2% currency headwind to comparable net revenues and an approximate 5% currency headwind to comparable earnings per share for full year 2025.

Based on current rates and our hedge position, we continue to expect a 1%-2% currency headwind to comparable net revenues and an approximate 5% currency headwind to comparable earnings per share for full year 2025.

Regarding currency, if we assume current rates and our hedge positions, there would be a slight tailwind to both comparable net revenues and comparable earnings per share for full year 2026.

Regarding currency, if we assume current rates and our hedge positions, there would be a slight tailwind to both comparable net revenues and comparable earnings per share for full year 2026.

Our underlying effective tax rate for 2025 is now expected to be 20.7%.

Last, excluding the fairlife contingent consideration payment, we now expect to generate at least $9.8 billion of free cash flow in 2025.

We continue to expect organic revenue growth of 5%-6% and expect comparable currency-neutral earnings per share growth of approximately 8%, both of which reflect delivery in line with our long-term growth algorithm.

This consists of cash flow from operations excluding the fairlife contingent consideration payment (non-GAAP) of approximately $12.0 billion, less capital expenditures of approximately $2.2 billion. — Updated from $9.5 billion

This consists of cash flow from operations excluding the fairlife contingent consideration payment (non-GAAP) of approximately $12.0 billion, less capital expenditures of approximately $2.2 billion. — Updated from $9.5 billion