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Core Insights - Coca-Cola reported Q3 2025 revenue of $12.46 billion, a 5.1% year-over-year increase, slightly exceeding market expectations [1] - The company achieved a 6% year-over-year growth in organic revenue, marking a recovery from previous negative growth in the first half of the year [1] - The introduction of smaller, lower-priced packaging and eco-friendly options helped stabilize concentrate sales, which remained flat year-over-year [1] Revenue Performance - In Latin America and India, the launch of smaller cans of Coca-Cola was well-received by price-sensitive consumers, driving organic growth [3] - The price of concentrates increased by 6% year-over-year, supported by a higher proportion of premium products in the product mix [3] - The Asia-Pacific region showed strong performance with revenue of $1.51 billion, an 11% year-over-year increase, particularly benefiting from increased cooler placements in China [3][5] Product Category Analysis - Zero-sugar Coca-Cola experienced explosive growth, with a 14% year-over-year increase, maintaining double-digit growth for five consecutive quarters [5] - Classic Coca-Cola grew by only 1% year-over-year, while other carbonated beverages declined by 1% [5] - Health-related products, including ready-to-drink tea and sports drinks, outperformed industry averages, with Fairlife milk experiencing strong demand due to its health benefits [7] Profitability and Cost Management - Coca-Cola's gross margin improved by 0.8 percentage points to 61.5%, aided by lower core raw material prices and an enhanced product mix [7] - Despite increased marketing and channel expenses during peak season, the company's overall expense ratio decreased by 1.7 percentage points to 29%, leading to a core operating margin of 32% [9] - The use of AI in various operational processes has significantly improved efficiency and cost structure [9] Future Outlook - Coca-Cola plans to continue its "De-averaging" strategy, utilizing AI for refined operations across different regions and channels [11] - The company is expected to maintain its leading position in the global beverage market while delivering more enjoyable products to consumers [11]