Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2025 Results

Third quarter of 2025 net sales increased 7% versus the third quarter of 2024.Gross profit in the third quarter of 2025 was $749 million, an increase of 7% versus the third quarter of 2024. Gross margin in the third quarter of 2025 increased 10 basis points(a) to 39.6%.Income from operations for the third quarter of 2025 was $247 million, an increase of $20 million, or 9%. Operating margin for the third quarter of 2025 increased 20 basis points to 13.1%. Earnings per share for the third quarter of 2025 increased $0.32 to $1.64, an increase of 24%. On an adjusted(b) basis, earnings per share increased $0.18 to $2.06, or 10%. Key Results Third Quarter First Nine Months (in millions)2025 2024 Change 2025 2024 ChangeVolume(1) 92.8 89.9 3.3% 260.3 263.4 (1.2)%Net sales$1,888.3 $1,765.7 6.9% $5,323.8 $5,153.2 3.3%Gross profit$748.5 $698.0 7.2% $2,118.1 $2,055.3 3.1%Gross margin 39.6% 39.5% 39.8% 39.9% Income from operations$246.6 $227.1 8.6% $708.5 $701.6 1.0%Operating margin 13.1% 12.9% 13.3% 13.6% Beverage SalesThird Quarter First Nine Months (in millions)2025 2024 Change 2025 2024 ChangeSparkling bottle/can$1,083.1 $1,034.7 4.7% $3,096.9 $3,025.9 2.3%Still bottle/can$643.3 $585.5 9.9% $1,778.5 $1,694.7 4.9% (1)Volume is measured on a standard physical case basis and is used to standardize differing package configurations delivered via direct store delivery. Third Quarter and First Nine Months 2025 Review CHARLOTTE, N.C., Oct. 29, 2025 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the third quarter ended September 26, 2025 and the first nine months of fiscal 2025. “Our third quarter results reflect the ongoing dedication and resilience of our 17,000 teammates,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “We are beginning to see early returns on the teammate investment we announced last quarter, as our continued momentum in sales execution has led to solid market share growth across our portfolio. Our strong financial performance has allowed us to execute on our commitment to return capital to stockholders with over $211 million distributed through share repurchases and dividends during 2025.” Volume was up 3.3% in the third quarter of 2025 and down 1.2% in the first nine months of the year. The first nine months of 2025 had two fewer selling days compared to the first nine months of 2024, which accounted for approximately 0.7% of the first nine-month volume decline. Our Sparkling category volume increased by 1.4% in the third quarter of 2025. The strong Sparkling volume performance was driven primarily by growth within zero-sugar and flavor offerings, while we continued to experience moderating headwinds in demand for Coca-Cola Original Taste. Still volume increased 8.9% in the third quarter of 2025 as a result of strong performance across many brands. Monster, Powerade, smartwater, Core Power, Dasani and Topo Chico all achieved volume growth in the third quarter of 2025, reflecting the strength of the brands and strong consumer demand. Net sales increased 6.9% to $1.9 billion in the third quarter of 2025 and increased 3.3% to $5.3 billion in the first nine months of 2025. The growth in net sales was primarily the result of annual price increases executed during the first quarter of 2025 and strong volume performance during the third quarter. Sparkling and Still net sales increased 4.7% and 9.9% in the third quarter of 2025, respectively, compared to the third quarter of 2024. 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 of numerous brands across the category sold within large retail and convenience stores. Gross profit in the third quarter of 2025 was $748.5 million, an increase of $50.5 million, or 7.2%. Gross margin in the third quarter of 2025 improved 10 basis points to 39.6%. Gross profit in the first nine months of 2025 was $2.1 billion, an increase of $62.8 million, or 3.1%. The annual price increases we executed earlier this year across our portfolio have been effective in offsetting the net impact of increased commodity costs, including the continued volatility of import tariffs on aluminum, across our portfolio. “Our team’s relentless focus on timely, thoughtful execution combined with a strong brand portfolio is resulting in impressive operating results in a demanding retail landscape,” said Dave Katz, President and Chief Operating Officer. “Investments in our supply chain and selling capabilities have allowed us to meet the increasing demands of our customers while delivering profitable growth in a dynamic period of cost inflation. Our business remains healthy, we have momentum in brands throughout our portfolio and we have a customer-focused team executing across our territory, all of which support our ability to continue to deliver strong business performance.” Selling, delivery and administrative (“SD&A”) expenses in the third quarter of 2025 increased $30.9 million, or 6.6%. The increase in SD&A expenses in the third quarter of 2025 as compared to the third 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. SD&A expenses as a percentage of net sales in the third quarter of 2025 decreased 10 basis points to 26.6% as compared to the third quarter of 2024. SD&A expenses in the first nine months of 2025 increased $55.9 million, or 4.1%. SD&A expenses as a percentage of net sales in the first nine months of 2025 increased 20 basis points to 26.5% as compared to the first nine months of 2024. Income from operations in the third quarter of 2025 was $246.6 million, compared to $227.1 million in the third quarter of 2024, an increase of 8.6%. Operating margin for the third quarter of 2025 was 13.1% as compared to 12.9% for the third quarter of 2024, an increase of 20 basis points. For the first nine months of 2025, income from operations improved $6.9 million to $708.5 million, an increase of 1.0%. The two fewer selling days in the first nine months of 2025 accounted for an approximately $10 million decrease in income from operations. Net income in the third quarter of 2025 was $142.3 million, compared to $115.6 million in the third quarter of 2024, an increase of $26.7 million, or 23.1%. On an adjusted(b) basis, net income in the third quarter of 2025 was $179.2 million, compared to $166.7 million in the third quarter of 2024, an increase of $12.5 million, or 7.5%. Income tax expense for the third quarter of 2025 was $49.9 million, compared to $39.9 million for the third quarter of 2024, resulting in an effective income tax rate of approximately 26% for both periods. Net income in the first nine months of 2025 was $433.3 million, compared to $454.2 million in the first nine months of 2024, a decline of $20.8 million, or 4.6%. On an adjusted(b) basis, net income in the first nine months of 2025 was $510.6 million, compared to $521.9 million in the first nine months of 2024, a decrease of $11.3 million, or 2.2%. Net income for both the first nine months of 2025 and 2024 was adversely impacted by routine, non-cash fair value adjustments to our acquisition related contingent consideration liability, driven by changes in the discount rate and future cash flow projections used to compute the fair value of the liability. Cash flows from operations for the first nine months of 2025 were $722.9 million, compared to $707.9 million for the first nine months of 2024. In the first nine months of 2025, we invested approximately $210 million in capital expenditures as we continue to optimize our supply chain and invest for future growth. In fiscal year 2025, we expect capital expenditures to be approximately $300 million. In the third quarter of 2025, we returned over $133 million to stockholders through approximately $111 million of share repurchases and approximately $22 million of dividends. Through the first nine months of 2025, we have returned approximately $211 million to stockholders through repurchases and dividends. (a)All comparisons are to the corresponding period in the prior year unless specified otherwise. (b)The discussion of the operating results for the third quarter ended September 26, 2025 and the first nine months of fiscal 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 OfficerExecutive Vice President, Chief Financial Officer and Chief Accounting Officer(980) 378-5537(704) 557-4910Brian.Little@cokeconsolidated.comMatt.Blickley@cokeconsolidated.com A PDF accompanying this release is available at: http://ml.globenewswire.com/Resource/Download/82117286-961a-48bc-8fb7-8fe6704c4111 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 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 and product safety; 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; and 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, 2024. 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 STATEMENTSCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED) Third Quarter First Nine Months(in thousands, except per share data) 2025 2024 2025 2024Net sales $1,888,317 $1,765,652 $5,323,813 $5,153,221 Cost of sales 1,139,801 1,067,616 3,205,697 3,097,916 Gross profit 748,516 698,036 2,118,116 2,055,305 Selling, delivery and administrative expenses 501,882 470,981 1,409,578 1,353,704 Income from operations 246,634 227,055 708,538 701,601 Interest expense (income), net 4,687 2,187 17,509 (2,149)Other expense, net 49,717 69,305 106,334 93,127 Income before taxes 192,230 155,563 584,695 610,623 Income tax expense 49,896 39,939 151,363 156,446 Net income $142,334 $115,624 $433,332 $454,177 Basic net income per share(c): Common Stock $1.64 $1.32 $4.99 $4.97 Weighted average number of Common Stock shares outstanding 76,554 77,560 76,881 81,405 Class B Common Stock $1.64 $1.32 $4.98 $4.93 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 $1.64 $1.32 $4.98 $4.96 Weighted average number of Common Stock shares outstanding – assuming dilution 86,728 87,719 87,070 91,578 Class B Common Stock $1.64 $1.32 $4.97 $4.90 Weighted average number of Class B Common Stock shares outstanding – assuming dilution 10,174 10,159 10,189 10,173 (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 STATEMENTSCONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED) (in thousands) September 26, 2025 December 31, 2024ASSETS Current Assets: Cash and cash equivalents $1,532,473 $1,135,824 Short-term investments 149,061 301,210 Trade accounts receivable, net 575,451 552,979 Other accounts receivable 135,348 130,563 Inventories 354,857 330,395 Prepaid expenses and other current assets 100,550 96,331 Total current assets 2,847,740 2,547,302 Property, plant and equipment, net 1,543,793 1,505,267 Right-of-use assets - operating leases 121,485 112,351 Leased property under financing leases, net 1,261 3,138 Other assets 210,083 181,048 Goodwill 165,903 165,903 Other identifiable intangible assets, net 778,245 798,130 Total assets $5,668,510 $5,313,139 LIABILITIES AND EQUITY Current Liabilities: Current portion of debt $349,945 $349,699 Current portion of obligations under operating leases 24,544 23,257 Current portion of obligations under financing leases 548 2,685 Accounts payable and accrued expenses 1,018,612 937,528 Total current liabilities 1,393,649 1,313,169 Deferred income taxes 133,465 132,941 Pension and postretirement benefit obligations and other liabilities 964,089 918,061 Noncurrent portion of obligations under operating leases 101,614 92,362 Noncurrent portion of obligations under financing leases 1,330 2,346 Long-term debt 1,438,439 1,436,649 Total liabilities 4,032,586 3,895,528 Equity: Stockholders’ equity 1,635,924 1,417,611 Total liabilities and equity $5,668,510 $5,313,139 FINANCIAL STATEMENTSCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED) First Nine Months(in thousands) 2025 2024Cash Flows from Operating Activities: Net income $433,332 $454,177 Depreciation expense, amortization of intangible assets and deferred proceeds, net 163,224 143,179 Fair value adjustment of acquisition related contingent consideration 104,468 90,877 Deferred income taxes 523 (18,030)Change in current assets and current liabilities 38,581 55,763 Change in noncurrent assets and noncurrent liabilities (19,120) (23,650)Other 1,905 5,577 Net cash provided by operating activities $722,913 $707,893 Cash Flows from Investing Activities: Additions to property, plant and equipment $(209,994) $(287,333)Purchases and disposals of short-term investments 156,643 (211,256)Other (8,324) (9,369)Net cash used in investing activities $(61,675) $(507,958) Cash Flows from Financing Activities: Payments related to share repurchases $(145,698) $(574,009)Cash dividends paid (65,310) (163,733)Payments of acquisition related contingent consideration (51,639) (44,243)Proceeds from bond issuance — 1,200,000 Other (1,942) (17,213)Net cash (used in) provided by financing activities $(264,589) $400,802 Net increase in cash and cash equivalents during period $396,649 $600,737 Cash and cash equivalents at beginning of period 1,135,824 635,269 Cash and cash equivalents at end of period $1,532,473 $1,236,006 COMPARABLE AND NON-GAAP FINANCIAL MEASURES(d)The following tables reconcile reported results (GAAP) to comparable and adjusted results (non-GAAP): Third Quarter 2025(in thousands, except per share data) Gross profit SD&Aexpenses Income fromoperations Incomebefore taxes Net income Basic netincome pershare(c)Reported results (GAAP) $748,516 $501,882 $246,634 $192,230 $142,334 $1.64 Fair value adjustment of acquisition related contingent consideration — — — 49,350 37,111 0.42 Fair value adjustments for commodity derivative instruments (378) (84) (294) (294) (221) — Total reconciling items (378) (84) (294) 49,056 36,890 0.42 Adjusted results (non-GAAP) $748,138 $501,798 $246,340 $241,286 $179,224 $2.06 Adjusted % Change vs. Third Quarter 2024 7.4 % 6.7 % 8.9 % Third Quarter 2024(in thousands, except per share data) Gross profit SD&Aexpenses Income fromoperations Incomebefore taxes Net income Basic netincome pershare(c)Reported results (GAAP) $698,036 $470,981 $227,055 $155,563 $115,624 $1.32 Fair value adjustment of acquisition related contingent consideration — — — 68,592 51,652 0.57 Fair value adjustments for commodity derivative instruments (1,426) (631) (795) (795) (599) (0.01)Total reconciling items (1,426) (631) (795) 67,797 51,053 0.56 Adjusted results (non-GAAP) $696,610 $470,350 $226,260 $223,360 $166,677 $1.88 Results for the first nine months of 2024 include two additional selling days compared to the first nine months of 2025. For comparison purposes, the estimated impact of the additional selling days in the first nine months of 2024 has been excluded from our comparable(b) volume results. First Nine Months (in millions) 2025 2024 ChangeVolume 260.3 263.4 (1.2)%Volume related to extra days in fiscal period — (1.7) Comparable volume 260.3 261.7 (0.5)% First Nine Months 2025(in thousands, except per share data) Gross profit SD&Aexpenses Income fromoperations Incomebefore taxes Net income Basic netincome pershare(c)Reported results (GAAP) $2,118,116 $1,409,578 $708,538 $584,695 $433,332 $4.99 Fair value adjustment of acquisition related contingent consideration — — — 104,468 78,560 0.90 Fair value adjustments for commodity derivative instruments (899) 770 (1,669) (1,669) (1,255) (0.01)Total reconciling items (899) 770 (1,669) 102,799 77,305 0.89 Adjusted results (non-GAAP) $2,117,217 $1,410,348 $706,869 $687,494 $510,637 $5.88 Adjusted % Change vs. First Nine Months 2024 3.1% 4.2% 0.9% First Nine Months 2024(in thousands, except per share data) Gross profit SD&A expenses Income from operations Income before taxes Net income Basic netincome per share(c)Reported results (GAAP) $2,055,305 $1,353,704 $701,601 $610,623 $454,177 $4.97 Fair value adjustment of acquisition related contingent consideration — — — 90,877 68,430 0.75 Fair value adjustments for commodity derivative instruments (1,345) (420) (925) (925) (697) (0.01)Total reconciling items (1,345) (420) (925) 89,952 67,733 0.74 Adjusted results (non-GAAP) $2,053,960 $1,353,284 $700,676 $700,575 $521,910 $5.71 (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.

Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2025 Results

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