Coca-Cola posts $12.46 billion revenue in Q3, gains from Indian bottling deal

The Coca-Cola Company on Wednesday announced its third-quarter results for 2025, highlighting the strength of its franchise business model, which continues to drive a robust global footprint backed by local market expertise.

Notably, the beverage giant refranchised its bottling operations in India in 2024, selling a 40% ownership stake in Hindustan Coca-Cola Holdings Pvt. Ltd. to the Jubilant Bhartia Group.

The company said the deal resulted in net gain of $290 million related to the refranchising of certain territories in India, including post-closing adjustments during the nine months ended September 27, 2025. Coca-Cola also incurred $7 million in transaction costs related to the deal.

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For the quarter, Coca-Cola posted revenue of $12.46 billion, with an operating margin of 32%, up from 21.2% a year earlier. The company attributed the improvement to organic revenue growth and cost management, partly offset by higher marketing spends and currency fluctuations. Meanwhile, rival PepsiCo's net revenue rose 2.6% year-on-year to $23.94 billion in Q3, while operating profit slipped to $3.57 billion on a quarter-on-quarter basis.

Cash flow from operations stood at $3.7 billion, while free cash flow was $2.4 billion year-to-date.

Global unit case volume rose 2%, driven primarily by growth in Africa and India, though partially offset by the impact of the India refranchising transaction.

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Looking ahead, Coca-Cola expects to deliver 5–6% organic revenue growth (non-GAAP) for the full year 2025.