COKE

Coca-Cola Consolidated is the largest Coca-Cola bottler in the US, and the underlying business performed steadily in FY2025: net sales rose 4.8% to $7.23B on annual pricing actions (Sparkling +3.5%, Still +6.1%), income from operations grew 3.3% to $951M, and operating cash flow rose 6.3% to $932M. Volume was roughly flat (physical cases +0.3%), with growth concentrated in zero-sugar/flavor Sparkling and the Still portfolio (Monster, Powerade, BODYARMOR, Topo Chico). Gross margin slipped 20bps to 39.7% on higher aluminum costs (including tariff impact) and a mix shift toward lower-margin Still products. GAAP net income fell 9.9% to $571M, but management notes adjusted net income was $668.5M, down only 1.5%, with the GAAP decline driven by non-cash fair-value adjustments to acquisition-related contingent consideration and higher interest expense — so operating earnings power is largely intact.

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