Coca-Cola(US:KO)2025-04-29 17:11Q1 2025 Consolidated Gross Margin Analysis - The reported GAAP gross margin for Q1 2025 was 62.59%, compared to 62.52% in Q1 2024, representing a 7 basis point increase[9] - Items impacting comparability decreased the gross margin by 0.01% in Q1 2025, compared to an increase of 0.24% in Q1 2024[9] - The comparable gross margin (Non-GAAP) for Q1 2025 was 62.60%, an increase of 32 basis points from 62.28% in Q1 2024[9] - Underlying gross margin expanded by approximately 70 basis points, driven by strong organic revenue growth, partially offset by higher commodity costs[4] - Currency exchange rates had a negative impact of 0.64% on the comparable gross margin in Q1 2025[9] - Structural changes, mainly from refranchising bottling operations in the Philippines, created a tailwind[4] Q1 2025 Consolidated Operating Margin Analysis - The reported GAAP operating margin for Q1 2025 was 32.88%, a significant increase of 1,394 basis points from 18.94% in Q1 2024[10] - Items impacting comparability decreased the operating margin by 0.90% in Q1 2025, compared to a decrease of 13.50% in Q1 2024[10] - The comparable operating margin (Non-GAAP) for Q1 2025 was 33.78%, an increase of 134 basis points from 32.44% in Q1 2024[10] - Underlying operating margin expanded by approximately 200 basis points, primarily driven by organic revenue growth, effective cost management, and the timing of marketing investments[7] - Currency exchange rates had a negative impact of 0.78% on the comparable operating margin in Q1 2025[10]