Key Takeaways The Coca-Cola Company's (KO) long-standing ambition to break into the global coffee segment remains a work in progress. The company's acquisition of Costa aimed to unlock multiple verticals, including store-based retail, ready-to-drink (RTD) formats and at-home coffee experiences. While the Costa brand has shown strength in-store, particularly in the U.K., its broader expansion into RTD and vending solutions has not delivered at the pace the company had hoped. Management acknowledged that the ...

At recent levels, Coca-Cola's stock price is appealing. Here's a great green flag for Coca-Cola: It's reasonably valued at recent levels, with a recent forward-looking price-to-earnings (P/E) ratio of 22.8 slightly below its five-year average of 23.3 and a price-to-sales ratio of 6.2 a smidge below its five-year average of 6.3. Why might you invest in it, especially if you're worried about the effect of tariffs and/or a possible recession? There are plenty of reasons to invest in Coca-Cola: So you're thinki ...

其中，无糖可口可乐二季度得益于所有地理运营板块的增长，实现了14%的增长。但可口可乐整体箱量 销售下降1%，其中含气软饮下降1%，果汁、增值乳制品及植物基饮料下降4%。饮用水、运动饮料、咖 啡及茶类产品持平。 其中，咖啡增长1%，主要得益于亚太地区的增长。茶类产品持平，欧洲、中东及非洲地区的增长主要 被北美的下降所抵消。 对于咖啡业务，詹鲲杰表示，乔雅咖啡是可口可乐的一次尝试，Costa是可口可乐在咖啡领域的第四次 尝试。咖啡在整个饮料行业中是一个规模大、分散且不断增长的品类。 得益于市场定价举措及有利的产品组合，可口可乐价格/产品组合增长6%。与去年相比，2025年第二季 度受高通胀影响的市场对其的推动作用有所减弱。 价格的提高，可口可乐营业利润增长63%，这得益于所有地理运营区域的有机收入（非公认会计原则） 增长、营销投入的时机以及有效的成本管理。 对于中国市场，可口可乐方面称，在中国市场凭借可口可乐品牌产品的强劲表现以及餐饮渠道的增长， 实现了销量提升。目前，可口可乐正着力制定更精细化的渠道策略和针对特定客户的执行方案，以此推 动更具针对性的促销活动，并加快冰柜投放进度。 7月22日，可口可乐公司发布的 ...

Core Insights - Coca-Cola reported a 1% year-over-year decline in overall shipments for Q2 FY25, but achieved a 5% organic revenue growth and a 4% increase in comparable earnings per share despite adverse currency and tax impacts [1] - Free cash flow, excluding Fairlife or contingent payments, reached $3.9 billion, up approximately $600 million year-over-year, driven by strong core business performance and reduced tax burden [1] - The company maintained its guidance for 2025, expecting organic revenue growth of 5% to 6% [1] Regional Performance - In the Asia-Pacific region, overall shipments declined, but revenue growth was achieved, with notable declines in Thailand, Indonesia, and Vietnam offset by growth in Australia and the Philippines [2] - China saw shipment growth due to strong performance of Coca-Cola trademark products in the foodservice channel, while India experienced a decline due to early monsoon and geopolitical conflicts [2] - The company is expanding refillable offerings and increasing store coverage to address shipment declines [2] Strategic Adjustments - The "pivot" strategy refers to the company's ability to quickly adapt to changing market conditions, with improvements noted in Q2 after a weaker Q1 performance [3] - The company plans to increase investments to drive growth, particularly in markets like Mexico and India, which are expected to rebound [4] North America Insights - North America showed improvement in Q2 with revenue growth and stable consumer spending, despite challenges faced by low-income groups [6] - The company is focusing on targeted marketing to address the needs of Hispanic consumers, who have shown recovery in Q2 [6] - Profitability in North America improved due to productivity gains and effective cost management, with a return to normal profit margins compared to four years ago [6] Global Consumer Trends - Overall consumer resilience was noted, with strong performance in North America, Europe, the Middle East, Africa, and China, while some regions like India, Mexico, Japan, and Southeast Asia showed unexpected weakness [7] - The company plans to leverage marketing, innovation, and revenue growth management to continue driving growth in the second half of the year [7] Product Innovations - Coca-Cola plans to launch a cane sugar-sweetened beverage in the U.S. this fall, expanding its product offerings to meet diverse consumer preferences [8] - The company is exploring various new product ideas, including fiber-based innovations, while maintaining a focus on successful product series development [8] Fairlife Brand Performance - Fairlife continues to see double-digit growth, although the pace has slowed due to capacity constraints and a higher base from the previous year [9] - The company is optimistic about future growth with new production capacity expected to come online in early 2026 [9] EMEA Region Outlook - The EMEA region showed positive growth in Q2, with both volume and pricing structures improving, driven by strong performance in Coca-Cola and flavored beverages [9] - The company is focusing on value strategies to cater to price-sensitive consumers in the region [9]

Core Viewpoint - Coca-Cola demonstrates resilience in turbulent markets, showcasing its defensive attributes and strong brand power, making it a compelling investment option for stability-focused investors [2][18][19] Market Performance - Coca-Cola's stock surged approximately 19.7% in the three months leading to late April 2025, with a year-to-date gain of about 18.8%, contrasting with the S&P 500's decline of around 10% [3][4] - The company's low beta of 0.45 indicates lower volatility compared to the market average, enhancing its appeal during market downturns [4] Dividend Information - Coca-Cola has a dividend yield of 2.83% and has increased its annual dividend for 63 consecutive years, solidifying its status as a Dividend King [6][7] - The latest quarterly dividend was raised by approximately 5.2%, resulting in an annual dividend of $2.04 per share, up from $1.94 in 2024 [7][9] - The dividend payout ratio is reported at 82.6%, but a more sustainable ratio based on comparable EPS is 70.8% [8] Financial Performance - In FY2024, Coca-Cola's organic revenues increased by 12%, driven by an 11% improvement in price/mix, indicating strong pricing power [10] - The Comparable Operating Margin expanded to 30.0% in FY2024 from 29.1% the previous year, despite increased input costs [11] - Comparable EPS increased by 7% to $2.88 in FY2024, even after a significant currency headwind [13] Cash Flow and Operational Efficiency - Reported cash flow from operations decreased by 41% to $6.8 billion in FY2024, impacted by a $6.0 billion deposit related to tax litigation [14] - Excluding this item, Free Cash Flow reached $10.8 billion, an 11% increase year over year, highlighting strong cash-generating capabilities [14] Strategic Initiatives - Coca-Cola is expanding its product portfolio in response to evolving consumer preferences, including categories like water, sports drinks, and low/no-sugar options [15] Analyst Sentiment - Analysts maintain a strong consensus Buy rating for Coca-Cola, with a 12-month price target of $75.06, suggesting a potential upside of 4.31% [16] - The company's management projects solid growth in organic revenue and comparable EPS for the fiscal year, despite anticipated currency headwinds [17]