3 unchanged sentences
(In millions except per share data)
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 28,
−Removed: 2024 June 27,
−Removed: 2025 June 28,
+Added: Three Months Ended Nine Months Ended
+Added: September 26,
+Added: 2025 September 27,
+Added: 2024 September 26,
+Added: 2025 September 27,
Net Operating Revenues $ 12,455 $ 11,854 $ 36,119 $ 35,517
25 unchanged sentences
(In millions)
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 28,
−Removed: 2024 June 27,
−Removed: 2025 June 28,
+Added: Three Months Ended Nine Months Ended
+Added: September 26,
+Added: 2025 September 27,
+Added: 2024 September 26,
+Added: 2025 September 27,
Consolidated Net Income $ 3,683 $ 2,850 $ 10,821 $ 8,436
11 unchanged sentences
(In millions except par value)
+Added: September 26,
2025 December 31,
43 unchanged sentences
(In millions)
−Removed: Six Months Ended
−Removed: 2025 June 28,
+Added: Nine Months Ended
+Added: September 26,
+Added: 2025 September 27,
Operating Activities
27 unchanged sentences
Dividends ( 4,391 ) ( 4,274 )
+Added: Proceeds from sale of a noncontrolling interest 1,277 —
Other financing activities ( 261 ) ( 14 )
19 unchanged sentences
In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included.
−Removed: Operating results for the three and six months ended June 27, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
+Added: Operating results for the three and nine months ended September 26, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes.
1 unchanged sentence
Each of our quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period.
−Removed: The second quarter of 2025 and the second quarter of 2024 ended on June 27, 2025 and June 28, 2024, respectively.
+Added: The third quarter of 2025 and the third quarter of 2024 ended on September 26, 2025 and September 27, 2024, respectively.
Our fourth quarter and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls.
14 unchanged sentences
The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions):
+Added: September 26,
2025 December 31,
2 unchanged sentences
Cash, cash equivalents, restricted cash and restricted cash equivalents $ 13,364 $ 11,488
+Added: September 27,
2024 December 31,
3 unchanged sentences
ACQUISITIONS AND DIVESTITURES
−Removed: Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 179 million during the six months ended June 27, 2025, which included $ 148 million of investments in alternative energy limited partnerships.
+Added: Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 356 million and $ 153 million during the nine months ended September 26, 2025 and September 27, 2024, respectively.
+Added: The activity during 2025 included an additional investment of $ 54 million in an equity method investee in Japan.
+Added: The activity during the nine months ended September 26, 2025 and September 27, 2024 included $ 271 million and $ 114 million, respectively, of investments in alternative energy limited partnerships.
Refer to Note 15 for additional information on these investments.
−Removed: Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 25 million during the six months ended June 28, 2024.
−Removed: Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the six months ended June 27, 2025 totaled $ 973 million.
−Removed: In March 2025, the Company sold a portion of its ownership interest in Coca-Cola Europacific Partners plc (“CCEP”), an equity method investee, for which we received cash proceeds of $ 741 million and recognized a net gain of $ 331 million.
−Removed: In May 2025, the Company refranchised its bottling operations in certain territories in India that were held for sale as of December 31, 2024, for which we received net cash proceeds of $ 218 million and recognized a net gain of $ 102 million.
−Removed: Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the six months ended June 28, 2024 totaled $ 2,907 million.
−Removed: The Company refranchised its bottling operations in certain territories in India in January and February 2024, for which we received net cash proceeds of $ 476 million and recognized a net gain of $ 290 million.
−Removed: In February 2024, the Company refranchised its bottling operations in the Philippines to CCEP and a local business partner, for which we received net cash proceeds of $ 1,656 million and recognized a net gain of $ 599 million.
+Added: Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the nine months ended September 26, 2025 totaled $ 1,020 million.
+Added: In March 2025, the Company sold a portion of our ownership interest in Coca-Cola Europacific Partners plc (“CCEP”), an equity method investee, for which we received cash proceeds of $ 741 million and recognized a net gain of $ 331 million.
+Added: In May 2025, the Company refranchised our bottling operations in certain territories in India that were held for sale as of December 31, 2024, for which we received net cash proceeds of $ 218 million and recognized a net gain of $ 102 million.
+Added: Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the nine months ended September 27, 2024 totaled $ 3,468 million.
+Added: The Company refranchised our bottling operations in certain territories in India in January and February 2024, for which we received net cash proceeds of $ 474 million and recognized a net gain of $ 290 million.
+Added: In February 2024, the Company refranchised our bottling operations in the Philippines to CCEP and a local business partner, for which we received net cash proceeds of $ 1,652 million and recognized a net gain of $ 595 million.
We also sold our ownership interest in an equity method investee in Thailand, for which we received net cash proceeds of $ 718 million and recognized a net gain of $ 506 million.
−Removed: Additionally, the Company refranchised its bottling operations in Bangladesh to Coca-Cola İçecek A.Ş., an equity method investee, for which we received net cash proceeds of $ 27 million and a note receivable of $ 29 million and recognized a net loss of $ 18 million, primarily due to the related reversal of cumulative translation adjustments.
−Removed: During the six months ended June 27, 2025, the Company recognized an additional loss of $ 14 million related to post-closing adjustments and a corresponding reduction in the outstanding note receivable balance.
+Added: Additionally, the Company refranchised our bottling operations in Bangladesh to Coca-Cola İçecek A.Ş., an equity method investee, for which we received net cash proceeds of $ 27 million and a note receivable of $ 29 million and recognized a net loss of $ 18 million, primarily due to the related reclassification of net foreign currency translation adjustments to income.
+Added: During the nine months ended September 26, 2025, the Company recognized an additional loss of $ 14 million related to post-closing adjustments and a corresponding reduction in the outstanding note receivable balance.
+Added: In July 2024, we sold a portion of our interest in Coca-Cola Consolidated, Inc.
+Added: (“Coke Consolidated”), an equity method investee, to Coke Consolidated, for which we received cash proceeds of $ 554 million and recognized a net gain of $ 338 million.
These gains and losses were recorded in the line item other income (loss) — net in our consolidated statements of income.
+Added: Assets and Liabilities Held for Sale
+Added: As of September 26, 2025, certain of the Company’s finished product operations in Nigeria, which were included in the Europe, Middle East & Africa operating segment, met the criteria to be classified as held for sale.
+Added: As a result, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell based on the estimated proceeds.
+Added: As there are significant negative net foreign currency translation adjustments that will be reclassified to income upon sale, the carrying amount of the assets held for sale (including the net foreign currency translation adjustments) exceeded the estimated proceeds, which required us to record an impairment loss in excess of the carrying amount of the assets held for sale (excluding the net foreign currency translation adjustments).
+Added: As a result, during the three and nine months ended September 26, 2025, the Company recorded a charge of $ 393 million, which consisted of a $ 235 million charge to write off the carrying amount of the assets held for sale (excluding the net foreign currency translation adjustments) and a $ 158 million charge to accrue the remaining difference between the carrying amount (including the net foreign currency translation adjustments) and the estimated proceeds.
+Added: The accrual was recorded in the line item accounts payable and accrued expenses in our consolidated balance sheet.
+Added: These charges were recorded in the line item other income (loss) — net in our consolidated statements of income.
+Added: The sale of these operations was completed on October 2, 2025.
+Added: Assets and Liabilities Held for Sale — Subsequent Event
+Added: In October 2025, the Company entered into a definitive agreement to sell a portion of our interest in our bottling operations in Africa to Coca-Cola HBC AG (“CCHBC”), an equity method investee.
+Added: Closing is subject to various regulatory approvals and is expected by the end of 2026, upon which we will deconsolidate these bottling operations.
+Added: We have also agreed to a separate option arrangement for CCHBC to acquire the Company’s remaining 25% ownership interest within a six-year period from closing.
+Added: As these operations met the criteria to be classified as held for sale during the fourth quarter, we will be required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell based on the estimated proceeds.
+Added: Due to the significant negative net foreign currency translation adjustments that will be reclassified to income upon sale, we will be required to reduce the carrying amount of the assets held for sale, which will result in an impairment charge of approximately $ 1 billion during the fourth quarter of 2025.
+Added: The following table presents information related to the major classes of assets and liabilities of our bottling operations in Africa as of September 26, 2025, which were included in the Bottling Investments operating segment, that will be classified as held for sale during the fourth quarter of 2025 (in millions):
+Added: September 26, 2025
+Added: Cash, cash equivalents and short-term investments $ 121
+Added: Trade accounts receivable, less allowances 393
+Added: Inventories 445
+Added: Prepaid expenses and other current assets 162
+Added: Equity method investments
+Added: Deferred income tax assets 33
+Added: Property, plant and equipment — net 1,817
+Added: Trademarks with indefinite lives 2
+Added: Goodwill 3,206
+Added: Other noncurrent assets 52
+Added: Assets held for sale $ 6,236
+Added: Accounts payable and accrued expenses $ 641
+Added: Loans and notes payable 226
+Added: Current maturities of long-term debt 375
+Added: Long-term debt 903
+Added: Other noncurrent liabilities 139
+Added: Deferred income tax liabilities 157
+Added: Liabilities held for sale $ 2,441
NET OPERATING REVENUES
1 unchanged sentence
United States International Total
−Removed: Three Months Ended June 27, 2025
+Added: Three Months Ended September 26, 2025
Concentrate operations $ 2,375 $ 5,823 $ 8,198
1 unchanged sentence
Total $ 5,118 $ 7,337 $ 12,455
−Removed: Three Months Ended June 28, 2024
+Added: Three Months Ended September 27, 2024
Concentrate operations $ 2,283 $ 4,775 $ 7,058
2 unchanged sentences
United States International Total
−Removed: Six Months Ended June 27, 2025
+Added: Nine Months Ended September 26, 2025
Concentrate operations $ 6,570 $ 17,100 $ 23,670
1 unchanged sentence
Total $ 14,306 $ 21,813 $ 36,119
−Removed: Six Months Ended June 28, 2024
+Added: Nine Months Ended September 27, 2024
Concentrate operations $ 6,686 $ 14,521 $ 21,207
5 unchanged sentences
Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value
−Removed: June 27, 2025
+Added: September 26, 2025
Marketable securities $ 477 $ —
7 unchanged sentences
Three Months Ended
−Removed: 2025 June 28,
+Added: September 26,
+Added: 2025 September 27,
Net gains (losses) recognized during the period related to equity securities $ 165 $ 116
3 unchanged sentences
still held at the end of the period
−Removed: Six Months Ended
−Removed: 2025 June 28,
+Added: Nine Months Ended
+Added: September 26,
+Added: 2025 September 27,
Net gains (losses) recognized during the period related to equity securities $ 315 $ 351
7 unchanged sentences
Cost Gains Losses
−Removed: June 27, 2025
+Added: September 26, 2025
Trading securities
12 unchanged sentences
The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):
−Removed: June 27, 2025 December 31, 2024
+Added: September 26, 2025 December 31, 2024
Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities
3 unchanged sentences
Total debt securities $ 49 $ 1,756 $ 45 $ 1,631
−Removed: The contractual maturities of these available-for-sale debt securities as of June 27, 2025 were as follows (in millions):
+Added: The contractual maturities of these available-for-sale debt securities as of September 26, 2025 were as follows (in millions):
Cost Estimated
6 unchanged sentences
The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 28,
−Removed: 2024 June 27,
−Removed: 2025 June 28,
+Added: Three Months Ended Nine Months Ended
+Added: September 26,
+Added: 2025 September 27,
+Added: 2024 September 26,
+Added: 2025 September 27,
Gross gains $ — $ 9 $ 3 $ 14
6 unchanged sentences
The Company uses one of our consolidated captive insurance companies to reinsure group annuity insurance contracts that cover the obligations of certain of our European and Canadian pension plans.
−Removed: This captive’s solvency capital funds included total equity and debt securities of $ 2,076 million and $ 1,883 million as of June 27, 2025 and December 31, 2024, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets were not available to satisfy our current obligations.
+Added: This captive’s solvency capital funds included total equity and debt securities of $ 2,219 million and $ 1,883 million as of September 26, 2025 and December 31, 2024, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets were not available to satisfy our current obligations.
Inventories consisted of the following (in millions):
+Added: September 26,
2025 December 31,
7 unchanged sentences
Derivatives Designated as Hedging Instruments Financial Statement Line Item Impacted 1
+Added: September 26,
2025 December 31,
7 unchanged sentences
Commodity contracts Accounts payable and accrued expenses 2 —
+Added: Interest rate contracts Accounts payable and accrued expenses 23 —
Interest rate contracts Other noncurrent liabilities 722 922
7 unchanged sentences
Derivatives Not Designated as Hedging Instruments Financial Statement Line Item Impacted 1
+Added: September 26,
2025 December 31, 2024
28 unchanged sentences
The changes in the fair values of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in our consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings.
−Removed: The changes in the fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings.
+Added: The changes in the fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into income.
The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is typically three years .
8 unchanged sentences
The total notional values of derivatives that were designated and qualified for the
−Removed: Company’s foreign currency cash flow hedging program were $ 11,831 million and $ 9,206 million as of June 27, 2025 and December 31, 2024, respectively.
+Added: Company’s foreign currency cash flow hedging program were $ 10,151 million and $ 9,206 million as of September 26, 2025 and December 31, 2024, respectively.
The Company uses cross-currency swaps to hedge the changes in cash flows of certain of its foreign currency denominated debt and other monetary assets or liabilities due to fluctuations in foreign currency exchange rates.
For this hedging program, the Company recognizes in earnings each period the changes in carrying values of these foreign currency denominated assets and liabilities due to fluctuations in exchange rates.
−Removed: The changes in fair values of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into earnings for the changes in fair values attributable to fluctuations in foreign currency exchange rates.
−Removed: The total notional value of derivatives that were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities was $ 557 million as of both June 27, 2025 and December 31, 2024.
+Added: The changes in fair values of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into income for the changes in fair values attributable to fluctuations in foreign currency exchange rates.
+Added: The total notional value of derivatives that were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities was $ 557 million as of both September 26, 2025 and December 31, 2024.
The Company has entered into commodity futures contracts and other derivative instruments on various commodities to mitigate the price risk associated with forecasted purchases of materials used in our manufacturing process.
1 unchanged sentence
The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of certain commodities.
−Removed: The total notional values of derivatives that were designated and qualified for this program were $ 65 million and $ 58 million as of June 27, 2025 and December 31, 2024, respectively.
+Added: The total notional values of derivatives that were designated and qualified for this program were $ 90 million and $ 58 million as of September 26, 2025 and December 31, 2024, respectively.
Our Company monitors our mix of short-term debt and long-term debt regularly.
2 unchanged sentences
The objective of this hedging program is to mitigate the risk of adverse changes in benchmark interest rates on the Company’s future interest payments.
−Removed: The total notional value of derivatives that were designated and qualified for this program was $ 1,300 million as of June 27, 2025.
+Added: The total notional value of derivatives that were designated and qualified for this program was $ 1,785 million as of September 26, 2025.
There were no derivatives that were designated as part of the Company’s interest rate cash flow hedging program as of December 31, 2024.
−Removed: The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions):
+Added: The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and income (in millions):
in OCI Financial Statement Line Item Impacted Gain (Loss) Reclassified from AOCI into Income
−Removed: Three Months Ended June 27, 2025
+Added: Three Months Ended September 26, 2025
Foreign currency contracts $ 41 Net operating revenues $ ( 109 )
5 unchanged sentences
Total $ 51 $ ( 112 )
−Removed: Three Months Ended June 28, 2024
+Added: Three Months Ended September 27, 2024
Foreign currency contracts $ ( 150 ) Net operating revenues $ 48
4 unchanged sentences
Interest rate contracts ( 55 ) Interest expense ( 1 )
+Added: $ ( 209 ) $ 72
in OCI Financial Statement Line Item Impacted Gain (Loss) Reclassified from AOCI into Income
−Removed: Six Months Ended June 27, 2025
+Added: Nine Months Ended September 26, 2025
Foreign currency contracts $ ( 729 ) Net operating revenues $ ( 137 )
5 unchanged sentences
Total $ ( 711 ) $ ( 73 )
−Removed: Six Months Ended June 28, 2024
+Added: Nine Months Ended September 27, 2024
Foreign currency contracts $ 58 Net operating revenues $ 30
4 unchanged sentences
Interest rate contracts ( 53 ) Interest expense ( 1 )
−Removed: $ 204 $ ( 40 )
−Removed: As of June 27, 2025, the Company estimates that it will reclassify into earnings during the next 12 months net losses of $ 339 million from the pretax amount recorded in AOCI as the anticipated cash flows occur.
+Added: As of September 26, 2025, the Company estimates that it will reclassify into income during the next 12 months net losses of $ 251 million from the pretax amount recorded in AOCI as the anticipated cash flows occur.
Fair Value Hedging Strategy
4 unchanged sentences
When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately if the hedged item has matured or has been extinguished.
−Removed: The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $ 13,655 million and $ 12,628 million as of June 27, 2025 and December 31, 2024, respectively.
−Removed: The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions):
−Removed: Hedging Instruments and Hedged Items Financial Statement Line Item Impacted Gain (Loss)
−Removed: Recognized in Income
−Removed: Three Months Ended
−Removed: 2025 June 28,
−Removed: Interest rate contracts Interest expense $ 168 $ ( 19 )
−Removed: Fixed-rate debt Interest expense ( 170 ) 20
−Removed: Net impact of fair value hedging instruments $ ( 2 ) $ 1
−Removed: Hedging Instruments and Hedged Items Financial Statement Line Item Impacted Gain (Loss)
−Removed: Recognized in Income
−Removed: Six Months Ended
−Removed: 2025 June 28,
+Added: The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $ 13,641 million and $ 12,628 million as of September 26, 2025 and December 31, 2024, respectively.
+Added: The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on income (in millions):
+Added: Hedging Instruments and Hedged Items Financial Statement Line Item Impacted Gain (Loss) Recognized in Income
+Added: Three Months Ended Nine Months Ended
+Added: September 26,
+Added: 2025 September 27,
+Added: 2024 September 26,
+Added: 2025 September 27,
Interest rate contracts Interest expense $ 26 $ 447 $ 274 $ 283
5 unchanged sentences
Hedged Items Included in the Carrying Values of Hedged Items Remaining for Which Hedge Accounting Has Been Discontinued
−Removed: Balance Sheet Location of Hedged Items June 27,
+Added: Balance Sheet Location of Hedged Items September 26,
2025 December 31,
−Removed: 2024 June 27,
+Added: 2024 September 26,
2025 December 31,
−Removed: 2024 June 27,
+Added: 2024 September 26,
2025 December 31,
+Added: Current maturities of long-term debt $ 1,469 $ — $ ( 15 ) $ — $ — $ —
Long-term debt 11,614 11,824 ( 722 ) ( 915 ) 106 130
2 unchanged sentences
The Company uses forward contracts and a portion of its foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in a number of foreign operations.
−Removed: During the three months ended June 27, 2025, the Company changed its policy for assessing the effectiveness for derivative financial instruments designated as net investment hedges to include only the changes in fair value attributable to changes in foreign currency spot rates.
+Added: In 2025, the Company changed its policy for assessing the effectiveness of derivative financial instruments designated as net investment hedges to include only the changes in fair value attributable to changes in foreign currency spot rates.
The changes in the fair values of the effective portion of the derivative financial instruments are recognized in net foreign currency translation adjustments, a component of AOCI, to offset the changes in the values of the net investments being hedged.
1 unchanged sentence
For non-derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in the carrying values of the designated portions of the non-derivative financial instruments due to fluctuations in foreign currency exchange rates are recorded in net foreign currency translation adjustments.
−Removed: Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change.
+Added: Any ineffective portions of net investment hedges are reclassified from AOCI into income during the period of change.
The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions):
Notional Values Gain (Loss) Recognized in OCI
−Removed: as of Three Months Ended Six Months Ended
+Added: as of Three Months Ended Nine Months Ended
+Added: September 26,
2025 December 31,
−Removed: 2024 June 27,
−Removed: 2025 June 28,
−Removed: 2024 June 27,
−Removed: 2025 June 28,
+Added: 2024 September 26,
+Added: 2025 September 27,
+Added: 2024 September 26,
+Added: 2025 September 27,
Foreign currency contracts $ 1,067 $ 59 $ 12 $ ( 8 ) $ 11 $ 16
1 unchanged sentence
Total $ 16,009 $ 13,280 $ 35 $ ( 575 ) $ ( 1,710 ) $ ( 194 )
−Removed: The Company reclassified a gain of $ 3 million related to net investment hedges from AOCI into earnings during the six months ended June 28, 2024.
−Removed: The Company did not reclassify any gains or losses during the three and six months ended June 27, 2025, nor the three months ended June 28, 2024.
+Added: The Company reclassified a gain of $ 3 million related to net investment hedges from AOCI into income during the nine months ended September 27, 2024.
+Added: The Company did not reclassify any gains or losses during the three and nine months ended September 26, 2025, nor the three months ended September 27, 2024.
The cash inflows and outflows associated with the Company’s derivative contracts designated as net investment hedges are classified in the line item other investing activities in our consolidated statement of cash flows.
8 unchanged sentences
dollar net cash flows are immediately recognized in earnings in the line items net operating revenues, cost of goods sold or other income (loss) — net in our consolidated statement of income, as applicable.
−Removed: The total notional values of derivatives related to our foreign currency economic hedges were $ 13,455 million and $ 8,620 million as of June 27, 2025 and December 31, 2024, respectively.
+Added: The total notional values of derivatives related to our foreign currency economic hedges were $ 9,492 million and $ 8,620 million as of September 26, 2025 and December 31, 2024, respectively.
The Company also uses certain derivatives as economic hedges to mitigate the price risk associated with the purchase of materials used in the manufacturing process and vehicle fuel.
−Removed: The changes in the fair values of these economic hedges are
−Removed: immediately recognized in earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our consolidated statement of income, as applicable.
−Removed: The total notional values of derivatives related to our economic hedges of this type were $ 643 million and $ 328 million as of June 27, 2025 and December 31, 2024, respectively.
−Removed: The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions):
+Added: The changes in the fair values of these economic hedges are immediately recognized in earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our consolidated statement of income, as applicable.
+Added: The total notional values of derivatives related to our economic hedges of this type were $ 612 million and $ 328 million as of September 26, 2025 and December 31, 2024, respectively.
+Added: The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on income (in millions):
Derivatives Not Designated as Hedging Instruments Financial Statement Line Item Impacted Gain (Loss)
1 unchanged sentence
Three Months Ended
−Removed: 2025 June 28,
+Added: September 26,
+Added: 2025 September 27,
Foreign currency contracts Net operating revenues $ 1 $ ( 83 )
6 unchanged sentences
Recognized in Income
−Removed: Six Months Ended
−Removed: 2025 June 28,
+Added: Nine Months Ended
+Added: September 26,
+Added: 2025 September 27,
Foreign currency contracts Net operating revenues $ ( 181 ) $ 36
16 unchanged sentences
All activity related to amounts due to suppliers that elected to participate in the SCF program is reflected within the operating activities section of our consolidated statement of cash flows.
−Removed: As of June 27, 2025 and December 31, 2024, the amount of obligations outstanding that the Company has confirmed as valid to the financial institutions under the SCF program was $ 1,325 million and $ 1,330 million, respectively.
+Added: As of September 26, 2025 and December 31, 2024, the amount of obligations outstanding that the Company has confirmed as valid to the financial institutions under the SCF program was $ 1,313 million and $ 1,330 million, respectively.
DEBT AND BORROWING ARRANGEMENTS
Loans and notes payable consist primarily of commercial paper issued in the United States.
−Removed: As of June 27, 2025 and December 31, 2024, we had $ 4,040 million and $ 1,139 million, respectively, in outstanding commercial paper borrowings.
−Removed: During the six months ended June 27, 2025, our bottling operations in Africa refinanced $ 569 million of current maturities of long-term debt into long-term debt .
+Added: As of September 26, 2025 and December 31, 2024, we had $ 1,992 million and $ 1,139 million, respectively, in outstanding commercial paper borrowings.
+Added: During the nine months ended September 26, 2025, our bottling operations in Africa refinanced $ 585 million of current maturities of long-term debt into long-term debt.
+Added: Our bottling operations in Africa also refinanced a portion of their loans and notes payable, resulting in an increase to long-term debt of $ 55 million.
COMMITMENTS AND CONTINGENCIES
−Removed: As of June 27, 2025, we were contingently liable for guarantees of indebtedness owed by third parties of $ 810 million, of which $ 61 million was related to variable interest entities.
+Added: As of September 26, 2025, we were contingently liable for guarantees of indebtedness owed by third parties of $ 740 million, of which $ 62 million was related to variable interest entities.
Our guarantees are primarily related to third-party customers, bottlers and vendors and have arisen through the normal course of business.
42 unchanged sentences
tax regulations (known as the blocked-income regulations) that address the effect of certain Brazilian legal restrictions on royalty payments by the Company’s licensee in Brazil apply to the Company’s operations and that the Tax Court opinion in 3M Co.
−Removed: Commissioner (February 9, 2023) controlled as to the validity of those regulations.
+Added: Commissioner (February 9, 2023) (“ 3M case”) controlled as to the validity of those regulations.
+Added: On October 1, 2025, the U.S.
+Added: Court of Appeals for the Eighth Circuit issued an opinion reversing the judgment of the Tax Court in the 3M case.
+Added: In its decision, the court concluded that the blocked-income regulation was inconsistent with Internal Revenue Code (“IRC”) Section 482 and that the IRS therefore could not reallocate income from 3M’s subsidiary in Brazil to 3M in contravention of Brazilian restrictions on the payment of royalties.
+Added: Further, the U.S.
+Added: Court of Appeals for the Eighth Circuit specifically rejected the IRS’ argument that the ability of 3M’s subsidiary in Brazil to pay dividends, rather than royalties, meant that royalty income should not be treated as blocked.
+Added: Both of these conclusions are highly supportive of the Company’s position in its case and reinforce its prior conclusions.
The Company believes that the IRS and the Tax Court misinterpreted and misapplied the applicable regulations in reallocating income earned by the Company’s foreign licensees to increase the Company’s U.S.
13 unchanged sentences
That amount, plus interest earned, would be refunded in full or in part if the Company’s tax positions are ultimately sustained on appeal.
−Removed: For the three and six months ended June 27, 2025, the Company recorded net interest income of $ 54 million and $ 107 million, respectively, related to this tax payment in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy.
−Removed: The payment of the IRS invoices and the related accrued interest were recorded in the line item other noncurrent assets in our consolidated balance sheets as of June 27, 2025 and December 31, 2024.
+Added: For the three and nine months ended September 26, 2025, the Company recorded net interest income of $ 55 million and $ 162 million, respectively, related to this tax payment in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy.
+Added: The payment of the IRS invoices and the related accrued interest were recorded in the line item other noncurrent assets in our consolidated balance sheets as of September 26, 2025 and December 31, 2024.
On October 22, 2024, the Company appealed the Tax Court’s decision to the U.S.
3 unchanged sentences
The IRS filed its appellate brief on July 7, 2025.
+Added: The Company filed its reply brief on August 27, 2025.
In determining the amount of tax reserve to be recorded as of December 31, 2020, the Company completed the required two-step evaluation process prescribed by Accounting Standards Codification 740, Accounting for Income Taxes .
1 unchanged sentence
We also considered our intention to vigorously defend our positions and assert our various well-founded legal claims via every available avenue of appeal.
−Removed: We concluded, based on the technical and legal merits of the Company’s tax positions, that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal.
+Added: We concluded, based on the technical and legal
+Added: merits of the Company’s tax positions, that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal.
In addition, we considered a number of alternative transfer pricing methodologies, including the methodology asserted by the IRS and affirmed in the Opinions (“Tax Court Methodology”), that could be applied by the courts upon final resolution of the litigation.
2 unchanged sentences
parent company by its foreign licensees, in reliance upon the Closing Agreement, that would be recharacterized as royalties in accordance with the Opinions and the Company’s analysis.
−Removed: The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of June 27, 2025.
−Removed: However, based on the required probability analysis and the accrual of interest through the current reporting period, we updated our tax reserve as of June 27, 2025 to $ 493 million.
+Added: The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of September 26, 2025.
+Added: However, based on the required probability analysis and the accrual of interest through the current reporting period, we updated our tax reserve as of September 26, 2025 to $ 502 million.
While the Company strongly disagrees with the IRS’ positions and the portions of the Opinions affirming such positions, it is possible that some portion or all of the adjustments proposed by the IRS and sustained by the Tax Court could ultimately be upheld.
−Removed: In that event, the Company would not receive a refund of the applicable portion or all of the $ 6.0 billion it paid in
−Removed: response to the IRS invoices issued in September 2024 and the related accrued interest receivable of $ 241 million as of June 27, 2025.
+Added: In that event, the Company would not receive a refund of the applicable portion or all of the $ 6.0 billion it paid in response to the IRS invoices issued in September 2024 and the related accrued interest receivable of $ 313 million as of September 26, 2025.
Additionally, the Company would likely be subject to significant additional liabilities for subsequent years, which could have a material adverse impact on the Company’s financial position, results of operations and cash flows.
4 unchanged sentences
Additional income tax and interest on any unpaid potential liabilities for the 2010 through 2024 tax years would continue to accrue until the time any such potential liability, or portion thereof, were to be paid.
−Removed: The Company estimates the impact of the continued application of the Tax Court Methodology for the three and six months ended June 27, 2025 would increase the potential aggregate incremental tax and interest liability by approximately $ 400 million and $ 800 million, respectively.
+Added: The Company estimates the impact of the continued application of the Tax Court Methodology for the three and nine months ended September 26, 2025 would increase the potential aggregate incremental tax and interest liability by approximately $ 400 million and $ 1.2 billion, respectively.
We currently project the continued application of the Tax Court Methodology in 2025, assuming similar facts and circumstances as of December 31, 2024, would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately 3.5 %.
4 unchanged sentences
Our reserves for the Company’s self-insured losses are estimated using actuarial methods and assumptions of the insurance industry, adjusted for our specific expectations based on our claims history.
−Removed: Our self-insurance reserves totaled $ 169 million and $ 168 million as of June 27, 2025 and December 31, 2024, respectively .
+Added: Our self-insurance reserves totaled $ 171 million and $ 168 million as of September 26, 2025 and December 31, 2024, respectively .
OTHER COMPREHENSIVE INCOME
2 unchanged sentences
AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions):
+Added: September 26,
2025 December 31,
5 unchanged sentences
The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions):
−Removed: Six Months Ended June 27, 2025
+Added: Nine Months Ended September 26, 2025
Shareowners of
4 unchanged sentences
Net foreign currency translation adjustments 1
+Added: 2,281 ( 122 ) 2,159
Net gains (losses) on derivatives 2
3 unchanged sentences
Total comprehensive income (loss) $ 12,727 $ ( 137 ) $ 12,590
+Added: 1 Includes reclassification of $ 226 million of foreign currency translation adjustments from shareowners of The Coca-Cola Company to noncontrolling interests related to our bottling operations in India.
+Added: Refer to Note 11.
2 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
1 unchanged sentence
The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions):
−Removed: Three Months Ended June 27, 2025 Before-Tax Amount Income Tax After-Tax Amount
+Added: Three Months Ended September 26, 2025 Before-Tax Amount Income Tax After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period $ 482 $ ( 96 ) $ 386
+Added: Reclassification adjustments recognized in net income 38 — 38
Gains (losses) on intra-entity transactions that are of a long-term investment nature ( 39 ) — ( 39 )
Gains (losses) on net investment hedges arising during the period 1
−Removed: ( 1,139 ) 284 ( 855 )
+Added: Reclassification to noncontrolling interests 2
Net foreign currency translation adjustments $ 742 $ ( 104 ) $ 638
5 unchanged sentences
Unrealized gains (losses) arising during the period $ 12 $ ( 4 ) $ 8
+Added: Reclassification adjustments recognized in net income 1 — 1
Net change in unrealized gains (losses) on available-for-sale debt securities 3
7 unchanged sentences
1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
+Added: 2 Refer to Note 11 for additional information related to the noncontrolling interest in our bottling operations in India.
3 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
−Removed: Six Months Ended June 27, 2025 Before-Tax Amount Income Tax After-Tax Amount
+Added: Nine Months Ended September 26, 2025 Before-Tax Amount Income Tax After-Tax Amount
Foreign currency translation adjustments:
4 unchanged sentences
( 1,710 ) 427 ( 1,283 )
+Added: Reclassification to noncontrolling interests 2
Net foreign currency translation adjustments $ 2,045 $ 236 $ 2,281
15 unchanged sentences
1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
+Added: 2 Refer to Note 11 for additional information related to the noncontrolling interest in our bottling operations in India.
3 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
−Removed: Three Months Ended June 28, 2024 Before-Tax Amount Income Tax After-Tax Amount
+Added: Three Months Ended September 27, 2024 Before-Tax Amount Income Tax After-Tax Amount
Foreign currency translation adjustments:
12 unchanged sentences
Net change in unrealized gains (losses) on available-for-sale debt securities 2
−Removed: $ ( 40 ) $ 13 $ ( 27 )
Pension and other postretirement benefit liabilities:
6 unchanged sentences
2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
−Removed: Six Months Ended June 28, 2024 Before-Tax Amount Income Tax After-Tax Amount
+Added: Nine Months Ended September 27, 2024 Before-Tax Amount Income Tax After-Tax Amount
Foreign currency translation adjustments:
24 unchanged sentences
Amount Reclassified from AOCI
−Removed: Description of AOCI Component Financial Statement Line Item Impacted Three Months Ended June 27, 2025 Six Months Ended June 27, 2025
+Added: Description of AOCI Component Financial Statement Line Item Impacted Three Months Ended September 26, 2025 Nine Months Ended September 26, 2025
Foreign currency translation adjustments:
27 unchanged sentences
Refer to Note 2.
+Added: 2 Related to the refranchising of certain bottling operations in Ghana.
+Added: Refer to Note 16.
CHANGES IN EQUITY
1 unchanged sentence
Shareowners of The Coca-Cola Company
−Removed: Three Months Ended June 27, 2025 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
−Removed: March 28, 2025 4,304 $ 27,754 $ 77,189 $ ( 16,482 ) $ 1,760 $ 19,873 $ ( 56,138 ) $ 1,552
+Added: Three Months Ended September 26, 2025 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
+Added: June 27, 2025 4,304 $ 30,182 $ 78,803 $ ( 15,758 ) $ 1,760 $ 19,970 $ ( 56,190 ) $ 1,597
Comprehensive income (loss) 1
+Added: — 4,288 3,696 806 — — — ( 214 )
Dividends paid/payable to
4 unchanged sentences
— ( 7 ) — — — — — ( 7 )
−Removed: Contributions by noncontrolling interests — 13 — — — — — 13
Purchases of treasury stock ( 3 ) ( 174 ) — — — — ( 174 ) —
1 unchanged sentence
compensation plans 1 92 — — — 83 9 —
−Removed: June 27, 2025 4,304 $ 30,182 $ 78,803 $ ( 15,758 ) $ 1,760 $ 19,970 $ ( 56,190 ) $ 1,597
+Added: Sale of subsidiary shares 1
+Added: — 1,080 — — — 436 — 644
+Added: September 26, 2025 4,302 $ 33,267 $ 80,305 $ ( 14,952 ) $ 1,760 $ 20,489 $ ( 56,355 ) $ 2,020
+Added: 1 In July 2025, we sold a 40 % noncontrolling interest in our bottling operations in India to a local partner for approximately $ 1.3 billion, which, net of direct costs, resulted in an increase to total equity of $ 1.1 billion.
+Added: As a result, 40 % of the subsidiary’s equity was allocated to the noncontrolling interest and the remaining amount was recorded in capital surplus.
+Added: Additionally, $ 226 million of foreign currency translation adjustments included in AOCI were allocated to the noncontrolling interest.
Shareowners of The Coca-Cola Company
−Removed: Six Months Ended June 27, 2025 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
+Added: Nine Months Ended September 26, 2025 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
December 31, 2024 4,302 $ 26,372 $ 76,054 $ ( 16,843 ) $ 1,760 $ 19,801 $ ( 55,916 ) $ 1,516
Comprehensive income (loss) 1
+Added: — 12,590 10,836 1,891 — — — ( 137 )
Dividends paid/payable to
8 unchanged sentences
compensation plans 8 347 — — — 252 95 —
−Removed: June 27, 2025 4,304 $ 30,182 $ 78,803 $ ( 15,758 ) $ 1,760 $ 19,970 $ ( 56,190 ) $ 1,597
+Added: Sale of subsidiary shares 1
+Added: — 1,080 — — — 436 — 644
+Added: September 26, 2025 4,302 $ 33,267 $ 80,305 $ ( 14,952 ) $ 1,760 $ 20,489 $ ( 56,355 ) $ 2,020
+Added: 1 In July 2025, we sold a 40 % noncontrolling interest in our bottling operations in India to a local partner for approximately $ 1.3 billion, which, net of direct costs, resulted in an increase to total equity of $ 1.1 billion.
+Added: As a result, 40 % of the subsidiary’s equity was allocated to the noncontrolling interest and the remaining amount was recorded in capital surplus.
+Added: Additionally, $ 226 million of foreign currency translation adjustments included in AOCI were allocated to the noncontrolling interest.
Shareowners of The Coca-Cola Company
−Removed: Three Months Ended June 28, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
−Removed: March 29, 2024 4,308 $ 27,946 $ 74,868 $ ( 14,504 ) $ 1,760 $ 19,321 $ ( 55,016 ) $ 1,517
+Added: Three Months Ended September 27, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
+Added: June 28, 2024 4,309 $ 27,411 $ 75,189 $ ( 15,458 ) $ 1,760 $ 19,468 $ ( 55,106 ) $ 1,558
Comprehensive income (loss) — 2,853 2,848 ( 78 ) — — — 83
8 unchanged sentences
compensation plans 6 344 — — — 242 102 —
−Removed: June 28, 2024 4,309 $ 27,411 $ 75,189 $ ( 15,458 ) $ 1,760 $ 19,468 $ ( 55,106 ) $ 1,558
+Added: September 27, 2024 4,310 $ 28,154 $ 75,946 $ ( 15,536 ) $ 1,760 $ 19,710 $ ( 55,362 ) $ 1,636
Shareowners of The Coca-Cola Company
−Removed: Six Months Ended June 28, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
+Added: Nine Months Ended September 27, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
December 31, 2023 4,308 $ 27,480 $ 73,782 $ ( 14,275 ) $ 1,760 $ 19,209 $ ( 54,535 ) $ 1,539
10 unchanged sentences
compensation plans 20 809 — — — 501 308 —
−Removed: June 28, 2024 4,309 $ 27,411 $ 75,189 $ ( 15,458 ) $ 1,760 $ 19,468 $ ( 55,106 ) $ 1,558
−Removed: On July 22, 2025, we sold a noncontrolling interest in our bottling operations in India to a local partner for approximately $ 1.4 billion.
+Added: September 27, 2024 4,310 $ 28,154 $ 75,946 $ ( 15,536 ) $ 1,760 $ 19,710 $ ( 55,362 ) $ 1,636
SIGNIFICANT OPERATING AND NONOPERATING ITEMS
Other Operating Charges
−Removed: During the three months ended June 27, 2025, the Company recorded other operating charges of $ 71 million.
−Removed: These charges primarily included $ 31 million related to the impairment of a trademark in Latin America, $ 28 million related to the Company’s productivity and reinvestment program, $ 7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India, $ 4 million for the amortization of noncompete agreements related to the BA Sports Nutrition, LLC (“BodyArmor”) acquisition in 2021 and $ 2 million related to tax litigation expense.
−Removed: During the six months ended June 27, 2025, the Company recorded other operating charges of $ 144 million.
+Added: During the three months ended September 26, 2025, the Company recorded other operating charges of $ 58 million.
+Added: These charges included $ 27 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $ 24 million related to the Company’s productivity and reinvestment program, $ 4 million for the amortization of noncompete agreements related to the BA Sports Nutrition, LLC (“BodyArmor”) acquisition in 2021 and $ 3 million related to tax litigation expense.
+Added: During the nine months ended September 26, 2025, the Company recorded other operating charges of $ 202 million.
These charges consisted of $ 47 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020, which brought the total liability to $ 6,173 million and was paid in March 2025.
−Removed: Additionally, other operating charges included $ 39 million related to the Company’s productivity and reinvestment program, $ 31 million related to the impairment of a trademark in Latin America, $ 8 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $ 7 million for the amortization of noncompete agreements related to the BodyArmor acquisition, $ 7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India and $ 5 million related to tax litigation expense.
−Removed: During the three months ended June 28, 2024, the Company recorded other operating charges of $ 1,370 million.
−Removed: These charges consisted of $ 1,337 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $ 32 million related to the Company’s productivity and reinvestment program and $ 3 million for the amortization of noncompete agreements related to the BodyArmor acquisition.
+Added: Additionally, other operating charges included $ 63 million related to the Company’s productivity and reinvestment program, $ 35 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $ 31 million related to the impairment of a trademark that impacted the Latin America operating segment, $ 11 million for the amortization of noncompete agreements related to the BodyArmor acquisition, $ 8 million related to tax litigation expense and $ 7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India.
+Added: During the three months ended September 27, 2024, the Company recorded other operating charges of $ 1,044 million.
+Added: These charges consisted of $ 919 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $ 87 million related to the impairment of a trademark that impacted the Latin America operating segment and $ 34 million related to the Company’s productivity and reinvestment program.
+Added: In addition, other operating charges included $ 4 million for the amortization of noncompete agreements related to the BodyArmor acquisition and
+Added: $ 2 million of transaction costs related to the sale of a portion of our interest in Coke Consolidated.
These charges were partially offset by a net benefit of $ 2 million related to a revision of management’s estimates for tax litigation expense.
−Removed: During the six months ended June 28, 2024, the Company recorded other operating charges of $ 2,943 million.
−Removed: These charges consisted of $ 2,102 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $ 760 million related to the impairment of our BodyArmor trademark and $ 68 million related to the Company’s productivity and reinvestment program.
−Removed: In addition, other operating charges included $ 7 million for transaction costs related to the refranchising of our bottling operations in certain territories in India and $ 7 million for the amortization of noncompete agreements related to the BodyArmor acquisition.
+Added: During the nine months ended September 27, 2024, the Company recorded other operating charges of $ 3,987 million.
+Added: These charges consisted of $ 3,021 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $ 760 million related to the impairment of our BodyArmor trademark that impacted our North America operating segment, $ 102 million related to the Company’s productivity and reinvestment program and $ 87 million related to the impairment of a trademark that impacted our Latin America operating segment.
+Added: In addition, other operating charges included $ 11 million for the amortization of noncompete agreements related to the BodyArmor acquisition, $ 7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India and $ 2 million of transaction costs related to the sale of a portion of our interest in Coke Consolidated.
These charges were partially offset by a net benefit of $ 3 million related to a revision of management’s estimates for tax litigation expense.
−Removed: Refer to Note 2 for additional information on the refranchising of our bottling operations in certain territories in India.
+Added: Refer to Note 2 for additional information on the refranchising of our bottling operations in certain territories in India and the sale of a portion of our interest in Coke Consolidated.
Refer to Note 9 for additional information on the tax litigation.
1 unchanged sentence
Refer to Note 16 for additional information on the fairlife acquisition and the impairments.
−Removed: Refer to Note 17 for the impact certain of these charges had on our operating segments and Corporate.
Other Nonoperating Items
Equity Income (Loss) — Net
−Removed: During the three and six months ended June 27, 2025, the Company recorded net charges of $ 20 million and $ 28 million, respectively.
−Removed: During the three and six months ended June 28, 2024, the Company recorded net charges of $ 24 million and $ 49 million, respectively.
+Added: During the three and nine months ended September 26, 2025, the Company recorded a net gain of $ 7 million and a net charge of $ 21 million, respectively.
+Added: During the three and nine months ended September 27, 2024, the Company recorded a net gain of $ 4 million and a net charge of $ 45 million, respectively.
These amounts represent the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
Other Income (Loss) — Net
−Removed: During the three months ended June 27, 2025, the Company recognized a net gain of $ 163 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, a net gain of $ 102 million related to the refranchising of our bottling operations in certain territories in India, an other-than-temporary impairment charge of $ 40 million related to an equity method investee in Latin America and a charge of $ 28 million related to assets held for sale.
−Removed: During the six months ended June 27, 2025, the Company recognized a net gain of $ 331 million related to the sale of a portion of our ownership interest in CCEP, a net gain of $ 144 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and a net gain of $ 102 million related to the refranchising of our bottling operations in certain territories in India.
−Removed: The Company also recorded other-than-temporary impairment charges of $ 40 million related to an equity method investee in Latin America and $ 25 million related to a joint venture in Latin America, as well as a charge of $ 28 million related to assets held for sale, and charges of $ 25 million and $ 11 million for special termination benefits and a curtailment loss, respectively, related to non-U.S.
+Added: During the three months ended September 26, 2025, the Company recognized a net gain of $ 151 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, a charge of $ 393 million related to certain operations held for sale in Nigeria and a charge of $ 8 million related to the refranchising of certain bottling operations in Ghana.
+Added: During the nine months ended September 26, 2025, the Company recognized a net gain of $ 331 million related to the sale of a portion of our ownership interest in CCEP, a net gain of $ 295 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and a net gain of $ 102 million related to the refranchising of our bottling operations in certain territories in India.
+Added: The Company also recorded a charge of $ 393 million related to certain operations held for sale in Nigeria and recorded other-than-temporary impairment charges of $ 40 million related to an equity method investee in Latin America and $ 25 million related to a joint venture in Latin America.
+Added: Additionally, the Company recorded a charge of $ 36 million related to the refranchising of certain bottling operations in Ghana, and charges of $ 25 million and $ 11 million for special termination benefits and a curtailment loss, respectively, related to non-U.S.
pension activity.
−Removed: During the three months ended June 28, 2024, the Company recognized a net gain of $ 50 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities and an other-than-temporary impairment charge of $ 34 million related to an equity method investee in Latin America.
−Removed: During the six months ended June 28, 2024, the Company recognized net gains of $ 599 million and $ 290 million related to the refranchising of our bottling operations in the Philippines and certain territories in India, respectively.
−Removed: The Company also recognized a net gain of $ 516 million related to the sale of our ownership interest in an equity method investee in Thailand.
−Removed: Additionally, the Company recognized a net gain of $ 228 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.
+Added: During the three months ended September 27, 2024, the Company recognized a net gain of $ 338 million related to the sale of a portion of our interest in Coke Consolidated and a net gain of $ 103 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.
+Added: These gains were partially offset by a charge of $ 10 million related to post-closing adjustments for the sale of our ownership interest in an equity method investee in Thailand and a charge of $ 4 million related to post-closing adjustments for the refranchising of our bottling operations in the Philippines.
+Added: During the nine months ended September 27, 2024, the Company recognized a net gain of $ 595 million related to the refranchising of our bottling operations in the Philippines, including the impact of post-closing adjustments, and recognized a net gain of $ 506 million related to the sale of our ownership interest in an equity method investee in Thailand, including the impact of post-closing adjustments.
+Added: The Company also recognized a net gain of $ 338 million related to the sale of a portion of our interest in Coke Consolidated, a net gain of $ 331 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and a net gain of $ 290 million related to the refranchising of our bottling operations in certain territories in India, including the impact of post-closing adjustments.
These gains were partially offset by an other-than-temporary impairment charge of $ 34 million related to an equity method investee in Latin America and a loss of $ 7 million related to post-closing adjustments for the refranchising of our bottling operations in Vietnam in 2023.
−Removed: Refer to Note 2 for additional information on the sale of our ownership interest in CCEP, the sale of our ownership interest in an equity method investee in Thailand and the refranchising of our bottling operations.
+Added: Refer to Note 2 for additional information on our divestiture activities and on our operations held for sale in Nigeria.
Refer to Note 4 for additional information on equity and debt securities.
1 unchanged sentence
pension curtailment and special termination benefits.
−Removed: Refer to Note 16 for additional information on the impairment charges and the assets held for sale.
+Added: Refer to Note 16 for additional information on the impairment charges and the bottling operations in Ghana.
RESTRUCTURING
3 unchanged sentences
While most of the initiatives included in this program were substantially completed by the end of 2024, certain initiatives, which are primarily designed to further simplify and standardize our organization, have been delayed and will be completed during 2025.
−Removed: During the three and six months ended June 27, 2025, the Company incurred expenses of $ 28 million and $ 39 million, respectively, and during the three and six months ended June 28, 2024, incurred expenses of $ 32 million and $ 68 million, respectively, related to our productivity and reinvestment program.
+Added: During the three and nine months ended September 26, 2025, the Company incurred expenses of $ 24 million and $ 63 million, respectively, and during the three and nine months ended September 27, 2024, incurred expenses of $ 34 million and $ 102 million, respectively, related to our productivity and reinvestment program.
These expenses primarily included internal and external costs associated with the implementation of the program’s initiatives and were recorded in the line item other operating charges in our consolidated statements of income.
−Removed: Refer to Note 17 for the impact these expenses had on our operating segments and Corporate.
The Company has incurred total pretax expenses of $ 4,489 million related to this program since it commenced.
4 unchanged sentences
Three Months Ended
−Removed: 2025 June 28,
−Removed: 2024 June 27,
−Removed: 2025 June 28,
+Added: September 26,
+Added: 2025 September 27,
+Added: 2024 September 26,
+Added: 2025 September 27,
Service cost $ 26 $ 26 $ 1 $ 1
4 unchanged sentences
Amortization of net actuarial loss (gain) 25 26 ( 1 ) ( 1 )
+Added: Settlement loss (gain) — — — ( 19 )
Net periodic benefit cost (income) $ 22 $ 11 $ 1 $ ( 18 )
2 unchanged sentences
Benefit Plans
−Removed: Six Months Ended
−Removed: 2025 June 28,
−Removed: 2024 June 27,
−Removed: 2025 June 28,
+Added: Nine Months Ended
+Added: September 26,
+Added: 2025 September 27,
+Added: 2024 September 26,
+Added: 2025 September 27,
Service cost $ 77 $ 79 $ 3 $ 3
4 unchanged sentences
Amortization of net actuarial loss (gain) 76 77 ( 1 ) ( 3 )
+Added: Settlement loss (gain) — — — ( 19 )
Curtailment loss (gain) 2
6 unchanged sentences
All of the amounts in the tables above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income.
−Removed: During the six months ended June 27, 2025, the Company contributed $ 17 million to our pension trusts, offset by $ 331 million in transfers of surplus non-U.S.
+Added: During the nine months ended September 26, 2025, the Company contributed $ 23 million to our pension trusts, offset by $ 331 million in transfers of surplus non-U.S.
plan assets from pension trusts to general assets of the Company.
1 unchanged sentence
The Company contributed $ 20 million to our pension trusts, offset by a $ 44 million transfer of surplus non-U.S.
−Removed: plan assets from pension trusts to general assets of the Company during the six months ended June 28, 2024.
−Removed: The Company recorded income taxes of $ 993 million ( 20.7 % effective tax rate) and $ 627 million ( 20.7 % effective tax rate) during the three months ended June 27, 2025 and June 28, 2024, respectively.
−Removed: The Company recorded income taxes of $ 1,715 million ( 19.4 % effective tax rate) and $ 1,314 million ( 19.0 % effective tax rate) during the six months ended June 27, 2025 and June 28, 2024, respectively.
−Removed: The Company’s effective tax rates for the three and six months ended June 27, 2025 and June 28, 2024 vary from the statutory U.S.
+Added: plan assets from pension trusts to general assets of the Company during the nine months ended September 27, 2024.
+Added: The Company recorded income taxes of $ 500 million ( 11.9 % effective tax rate) and $ 530 million ( 15.7 % effective tax rate) during the three months ended September 26, 2025 and September 27, 2024, respectively.
+Added: The Company recorded income taxes of $ 2,215 million ( 17.0 % effective tax rate) and $ 1,844 million ( 17.9 % effective tax rate) during the nine months ended September 26, 2025 and September 27, 2024, respectively.
+Added: The Company’s effective tax rates for the three and nine months ended September 26, 2025 and September 27, 2024 vary from the statutory U.S.
federal tax rate of 21.0 %, primarily due to the tax impact of significant operating and nonoperating items, as described in Note 12, along with the tax benefits of having significant earnings generated outside of the United States and significant earnings generated in investments accounted for under the equity method, both of which are generally taxed at rates lower than the statutory U.S.
federal tax rate.
−Removed: The Company’s effective tax rates for the three and six months ended June 27, 2025 included $ 12 million and $ 155 million, respectively, of net tax benefits related to various discrete tax items, including net interest income of $ 54 million and
−Removed: $ 107 million, respectively, related to the IRS Tax Litigation Deposit recorded in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy.
−Removed: The Company’s effective tax rate for the six months ended June 27, 2025 also included a tax benefit of $ 85 million related to a change in the Company’s indefinite reinvestment assertion for certain foreign entities.
−Removed: The Company’s effective tax rates for the three and six months ended June 28, 2024 included $ 119 million and $ 60 million, respectively, of net tax expense related to various discrete tax items, including the resolution of certain foreign tax matters.
−Removed: During the six months ended June 27, 2025, the Company invested $ 148 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities.
−Removed: During the three and six months ended June 27, 2025, the Company received tax credits and other income tax benefits of $ 146 million and $ 155 million, respectively, and recognized amortization expense of $ 135 million and $ 142 million, respectively, related to all of our investments of this nature.
−Removed: The amount of non-income tax-related activity and other returns related to these investments was not material during the six months ended June 27, 2025.
−Removed: As of June 27, 2025, the carrying value of these investments was $ 48 million.
−Removed: The Company recorded $ 123 million of unfunded commitments related to these investments in the line item accounts payable and accrued expenses in our consolidated balance sheets as of June 27, 2025 and December 31, 2024.
−Removed: The Company expects to fulfill these unfunded commitments in 2025.
−Removed: On November 18, 2020, the Tax Court issued the Opinion regarding the Company’s 2015 litigation with the IRS involving transfer pricing tax adjustments in which it predominantly sided with the IRS.
−Removed: On November 8, 2023, the Tax Court issued a supplemental opinion, siding with the IRS in concluding both that the blocked-income regulations apply to the Company’s operations and that the Tax Court opinion in 3M Co.
−Removed: Commissioner (February 9, 2023) controlled as to the validity of those regulations.
−Removed: On August 2, 2024, the Tax Court entered a decision reflecting additional federal income tax of $ 2.7 billion for the 2007 through 2009 tax years.
−Removed: With applicable interest, the total liability for the 2007 through 2009 tax years resulting from the Tax Court’s decision is $ 6.0 billion.
−Removed: On October 22, 2024, the Company appealed the Tax Court’s decision to the U.S.
−Removed: Court of Appeals for the Eleventh Circuit.
−Removed: The Company filed its principal appellate brief with the U.S.
−Removed: Court of Appeals for the Eleventh Circuit on March 12, 2025.
−Removed: The Company strongly disagrees with the Opinions and intends to vigorously defend its positions.
+Added: The Company’s effective tax rates for the three and nine months ended September 26, 2025 included $ 442 million and $ 597 million, respectively, of net tax benefits related to various discrete tax items, including net interest income of $ 55 million and $ 162 million, respectively, related to the IRS Tax Litigation Deposit recorded in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy.
+Added: Also included were tax benefits of $ 258 million and $ 344 million, respectively, related to changes in the Company’s indefinite reinvestment assertion and reassessments of the realizability of deferred tax assets for certain foreign entities.
+Added: The Company’s effective tax rates for the three and nine months ended September 27, 2024 included $ 45 million of net tax benefit and $ 15 million of net tax expense, respectively, related to various discrete tax items, including the resolution of certain foreign tax matters, certain return to provision adjustments and the net tax impact of agreed-upon audit issues.
+Added: During the nine months ended September 26, 2025, the Company invested $ 271 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities.
+Added: During the three and nine months ended September 26, 2025, the Company received tax credits and other income tax benefits of $ 13 million and $ 168 million, respectively, and recognized amortization expense of $ 11 million and $ 153 million, respectively, related to all of our investments of this nature.
+Added: The amount of non-income tax-related activity and other returns related to these investments was not material during the three and nine months ended September 26, 2025.
+Added: During the nine months ended September 27, 2024, the Company invested $ 114 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities.
+Added: During the three and nine months ended September 27, 2024, the Company received tax credits and other income tax benefits of $ 74 million and
+Added: recognized amortization expense of $ 70 million related to all of our investments of this nature.
+Added: The amount of non-income tax-related activity and other returns related to these investments was not material during the three and nine months ended September 27, 2024.
+Added: As of September 26, 2025 and December 31, 2024, the carrying value of these investments was $ 37 million and $ 41 million, respectively.
+Added: The Company has no unfunded commitments related to these investments as of September 26, 2025.
+Added: The Company recorded $ 123 million of unfunded commitments related to these investments in the line item accounts payable and accrued expenses in our consolidated balance sheet as of December 31, 2024.
+Added: We are currently in litigation with the IRS for tax years 2007 through 2009.
Refer to Note 9.
2 unchanged sentences
The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions):
−Removed: June 27, 2025 Level 1 Level 2 Level 3 Other 3
+Added: September 26, 2025 Level 1 Level 2 Level 3 Other 3
Equity securities with readily determinable values 1
46 unchanged sentences
Refer to Note 6 for additional information related to the composition of our derivatives portfolio.
−Removed: Gross realized and unrealized gains and losses on Level 3 assets and liabilities, excluding the contingent consideration liability, were not significant for the three and six months ended June 27, 2025 and June 28, 2024.
+Added: Gross realized and unrealized gains and losses on Level 3 assets and liabilities, excluding the contingent consideration liability, were not significant for the three and nine months ended September 26, 2025 and September 27, 2024.
The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period.
−Removed: Gross transfers between levels within the hierarchy were not significant for the three and six months ended June 27, 2025 and June 28, 2024.
+Added: Gross transfers between levels within the hierarchy were not significant for the three and nine months ended September 26, 2025 and September 27, 2024.
Nonrecurring Fair Value Measurements
1 unchanged sentence
Gains (Losses)
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 28,
−Removed: 2024 June 27,
−Removed: 2025 June 28,
−Removed: Other-than-temporary impairment charges $ ( 40 ) 1
−Removed: Impairment of intangible assets ( 31 ) 2
+Added: Three Months Ended Nine Months Ended
+Added: September 26, 2025 September 27,
+Added: 2024 September 26,
+Added: 2025 September 27,
Assets held for sale $ ( 235 ) 1
+Added: $ — $ ( 263 ) 1
+Added: Impairment of intangible assets — ( 87 ) 2
+Added: Other-than-temporary impairment charges — — ( 65 ) 4,5
Total $ ( 235 ) $ ( 87 ) $ ( 359 ) $ ( 881 )
−Removed: 1 During the three and six months ended June 27, 2025 and June 28, 2024, the Company recorded other-than-temporary impairment charges of $ 40 million and $ 34 million, respectively, related to an equity method investee in Latin America.
−Removed: These impairment charges were derived using Level 3 inputs and were primarily driven by revised projections of future operating results.
−Removed: These charges were recorded in the line item other income (loss) — net in our consolidated statements of income.
−Removed: 2 During the three and six months ended June 27, 2025, the Company recorded an asset impairment charge of $ 31 million related to a trademark in Latin America.
+Added: 1 The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the estimated proceeds.
+Added: During the three and nine months ended September 26, 2025, the Company recorded a charge of $ 235 million in the line item other income (loss) — net in our consolidated statements of income.
+Added: This charge was due to the write-off of assets related to the sale of certain finished product operations in Nigeria and was calculated based on Level 3 inputs.
+Added: Refer to Note 2.
+Added: Additionally, during the nine months ended September 26, 2025, the Company recorded a charge of $ 28 million in the line item other income (loss) — net in our consolidated statement of income.
+Added: This charge was due to the write-down of assets held for sale related to the refranchising of certain bottling operations in Ghana.
+Added: This charge, which was calculated based on Level 3 inputs, primarily related to property, plant and equipment.
+Added: These operations were sold in July 2025, resulting in an additional loss of $ 8 million.
+Added: 2 During the three and nine months ended September 27, 2024, the Company recorded an asset impairment charge of $ 87 million related to a trademark in Latin America.
This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results and changes in macroeconomic conditions.
1 unchanged sentence
The remaining carrying value of the trademark is $ 125 million.
−Removed: 3 The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the agreed-upon sale price.
−Removed: During the three and six months ended June 27, 2025, the Company recorded a charge of $ 28 million in the line item other income (loss) — net in our consolidated statements of income.
−Removed: This charge was due to the write-down of assets held for sale related to the refranchising of certain bottling operations in Ghana.
−Removed: This charge, which was calculated based on Level 3 inputs, primarily impacted the line item property, plant and equipment in our consolidated balance sheet.
−Removed: 4 During the six months ended June 27, 2025, the Company recorded an other-than-temporary impairment charge of $ 25 million related to a joint venture in Latin America.
+Added: 3 During the nine months ended September 26, 2025, the Company recorded an asset impairment charge of $ 31 million related to a trademark in Latin America.
+Added: This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results and changes in macroeconomic conditions.
+Added: This charge was recorded in the line item other operating charges in our consolidated statement of income.
+Added: The remaining carrying value of the trademark is $ 55 million.
+Added: 4 During the nine months ended September 26, 2025 and September 27, 2024, the Company recorded other-than-temporary impairment charges of $ 40 million and $ 34 million, respectively, related to an equity method investee in Latin America.
+Added: These impairment charges were derived using Level 3 inputs and were primarily driven by revised projections of future operating results.
+Added: These charges were recorded in the line item other income (loss) — net in our consolidated statements of income.
+Added: 5 During the nine months ended September 26, 2025, the Company recorded an other-than-temporary impairment charge of $ 25 million related to a joint venture in Latin America.
This impairment charge was derived using Level 3 inputs and was due to the joint venture’s restructuring and planned liquidation.
This charge was recorded in the line item other income (loss) — net in our consolidated statement of income.
−Removed: 5 During the six months ended June 28, 2024, the Company recorded an asset impairment charge of $ 760 million related to our BodyArmor trademark in North America, which was primarily driven by revised projections of future operating results and higher discount rates resulting from changes in macroeconomic conditions since the acquisition date.
+Added: 6 During the nine months ended September 27, 2024, the Company recorded an asset impairment charge of $ 760 million related to our BodyArmor trademark in North America, which was primarily driven by revised projections of future operating results and higher discount rates resulting from changes in macroeconomic conditions since the acquisition date.
The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs.
5 unchanged sentences
Where quoted prices are not available, the fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt instruments.
−Removed: As of June 27, 2025, the carrying value and fair value of our long-term debt, including the current portion, were $ 45,067 million and $ 40,184 million, respectively.
+Added: As of September 26, 2025, the carrying value and fair value of our long-term debt, including the current portion, were $ 45,097 million and $ 40,677 million, respectively.
As of December 31, 2024, the carrying value and fair value of our long-term debt, including the current portion, were $ 43,023 million and $ 38,052 million, respectively.
5 unchanged sentences
Investments Corporate Eliminations Consolidated
−Removed: Three Months Ended June 27, 2025
+Added: Three Months Ended September 26, 2025
Net operating revenues:
14 unchanged sentences
Depreciation and amortization 40 8 83 12 78 47 — 268
−Removed: Three Months Ended June 28, 2024
+Added: Three Months Ended September 27, 2024
Net operating revenues:
14 unchanged sentences
Depreciation and amortization 47 8 78 11 74 50 — 268
−Removed: Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, our Chief Operating Decision Maker.
−Removed: During the three and six months ended June 27, 2025 and June 28, 2024, our operating segments and Corporate were impacted by acquisition and divestiture activities.
−Removed: Refer to Note 2.
−Removed: Additionally, during the three months ended June 27, 2025, the results of our operating segments and Corporate were impacted by the following items:
−Removed: • Operating income (loss) was reduced by $ 31 million for Latin America due to the impairment of a trademark.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) was reduced by $ 28 million for Corporate due to the Company’s productivity and reinvestment program.
−Removed: Refer to Note 13.
−Removed: • Operating income (loss) was reduced by $ 7 million for Corporate due to transaction costs related to the refranchising of our bottling operations in certain territories in India.
−Removed: Refer to Note 2.
−Removed: • Operating income (loss) was reduced by $ 4 million for Corporate due to charges related to our acquisition of BodyArmor.
−Removed: Refer to Note 12.
−Removed: During the three months ended June 28, 2024, the results of our operating segments and Corporate were impacted by the following items:
−Removed: • Operating income (loss) was reduced by $ 1,337 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) was reduced by $ 32 million for Corporate due to the Company’s productivity and reinvestment program.
−Removed: Refer to Note 13.
−Removed: • Operating income (loss) was reduced by $ 7 million for North America due to the restructuring of our manufacturing operations in the United States.
−Removed: • Operating income (loss) was reduced by $ 3 million for Corporate due to charges related to our acquisition of BodyArmor.
−Removed: Refer to Note 12.
Europe, Middle East & Africa Latin
2 unchanged sentences
Investments Corporate Eliminations Consolidated
−Removed: Six Months Ended June 27, 2025
+Added: Nine Months Ended September 26, 2025
Net operating revenues:
14 unchanged sentences
Depreciation and amortization 139 23 245 34 230 143 — 814
−Removed: Six Months Ended June 28, 2024
+Added: Nine Months Ended September 27, 2024
Net operating revenues:
14 unchanged sentences
Depreciation and amortization 137 22 237 32 243 128 — 799
−Removed: During the six months ended June 27, 2025, the results of our operating segments and Corporate were impacted by the following items:
−Removed: • Operating income (loss) was reduced by $ 47 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
−Removed: • Operating income (loss) was reduced by $ 39 million for Corporate due to the Company’s productivity and reinvestment program.
−Removed: Refer to Note 13.
−Removed: • Operating income (loss) was reduced by $ 31 million for Latin America due to the impairment of a trademark.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) was reduced by $ 8 million for Corporate due to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations.
−Removed: • Operating income (loss) was reduced by $ 7 million for Corporate due to charges related to our acquisition of BodyArmor.
−Removed: Refer to Note 12.
−Removed: • Operating income (loss) was reduced by $ 7 million for Corporate due to transaction costs related to the refranchising of our bottling operations in certain territories in India.
−Removed: Refer to Note 2.
−Removed: During the six months ended June 28, 2024, the results of our operating segments and Corporate were impacted by the following items:
−Removed: • Operating income (loss) was reduced by $ 2,102 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) was reduced by $ 760 million for North America due to the impairment of our BodyArmor trademark.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) was reduced by $ 68 million for Corporate due to the Company’s productivity and reinvestment program.
−Removed: Refer to Note 13.
−Removed: • Operating income (loss) was reduced by $ 10 million for North America due to the restructuring of our manufacturing operations in the United States.
−Removed: • Operating income (loss) was reduced by $ 7 million for Corporate due to transaction costs related to the refranchising of our bottling operations in certain territories in India.
+Added: Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, our Chief Operating Decision Maker.
+Added: During the three and nine months ended September 26, 2025 and September 27, 2024, our operating segments and Corporate were impacted by acquisition and divestiture activities.
Refer to Note 2.
−Removed: • Operating income (loss) was reduced by $ 7 million for Corporate due to charges related to our acquisition of BodyArmor.
+Added: Additionally, during the three and nine months ended September 26, 2025 and September 27, 2024, our operating segments and Corporate were impacted by certain significant operating and nonoperating items.
Refer to Note 12.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.