Core Insights - Coca-Cola's latest quarterly performance exceeded expectations due to price increases and an expanded health beverage portfolio, but global volume growth remains weak, particularly in key markets like North America, indicating that high living costs continue to suppress consumer demand [1][6]. Financial Performance - Q3 net income increased by 5% to $12.5 billion, with organic revenue growth of 6% [3]. - Adjusted EPS grew by 6% to $0.82, impacted by a 6% negative effect from currency fluctuations [3]. - The operating margin reached 32.0%, significantly up from 21.2% the previous year, primarily due to the base effect from the fairlife goodwill impairment in 2024 [3]. Sales and Volume Analysis - The price mix increased by 6%, indicating that consumers are willing to pay higher prices for Coca-Cola products [2][7]. - Unit case volume only grew by 1%, with zero growth recorded in North America and Latin America, highlighting ongoing challenges in consumer demand [6][7]. - The growth in global sales was mainly driven by markets in Central Asia, North Africa, Brazil, and the UK [7]. Product Performance - Healthier product categories, such as no-sugar sodas, sports drinks, and bottled water, showed strong performance, helping to offset the decline in traditional sugary soft drinks [2][10]. - Bottled water and sports drinks saw a 3% increase in sales, while coffee and tea categories grew by 2%. In contrast, core carbonated soft drinks remained flat, and juice, value-added dairy, and plant-based beverages declined by 3% [10]. Strategic Outlook - Coca-Cola reaffirmed its full-year guidance, expecting adjusted EPS to grow by about 3% and organic revenue to increase by 5% to 6% [11]. - The company is continuing its strategic shift by divesting its bottling operations, with a recent agreement to acquire a controlling stake in another company to create a $2.6 billion bottling giant in Africa [11].