20 unchanged sentences
The decrease in fair value was primarily driven by the revised projections of future operating results as well as higher discount rates resulting from changes in macroeconomic conditions since the acquisition date.
−Removed: As of June 27, 2025, the fair value of this trademark approximates its carrying value.
+Added: As of September 26, 2025, the fair value of this trademark approximates its carrying value.
If the near-term operating results of this trademark do not achieve our revised financial projections, or if the macroeconomic conditions change causing the discount rate to increase without an offsetting increase in the operating results, it is likely that we would be required to recognize an additional impairment charge.
41 unchanged sentences
In January, February and December 2024 as well as May 2025, the Company refranchised our bottling operations in certain territories in India, and in February 2024, the Company refranchised our bottling operations in Bangladesh and the Philippines.
−Removed: The impact of each of these refranchisings has been included as a structural change in our analysis of net operating revenues on a consolidated basis as well as for the Bottling Investments and Asia Pacific operating segments for the three and six months ended June 27, 2025, as applicable.
+Added: The impact of each of these refranchisings has been included as a structural change in our analysis of net operating revenues on a consolidated basis as well as for the Bottling Investments and Asia Pacific operating segments for the three and nine months ended September 26, 2025, as applicable.
Beverage Volume
18 unchanged sentences
Three Months Ended
−Removed: June 27, 2025 Six Months Ended
−Removed: June 27, 2025
+Added: September 26, 2025 Nine Months Ended
+Added: September 26, 2025
Unit Cases 1,2,3
18 unchanged sentences
As a result, the first quarter of 2025 had two fewer days when compared to the first quarter of 2024, and the fourth quarter of 2025 will have one additional day when compared to the fourth quarter of 2024.
−Removed: 5 After considering the impact of structural changes, unit case volume for Bottling Investments for the three and six months ended June 27, 2025 decreased 2% and 1%, respectively.
−Removed: 6 After considering the impact of structural changes, concentrate sales volume for Asia Pacific for the six months ended June 27, 2025 grew 1%.
+Added: 5 After considering the impact of structural changes, unit case volume for Bottling Investments for the three and nine months ended September 26, 2025 increased 5% and 1%, respectively.
+Added: 6 After considering the impact of structural changes, concentrate sales volume for Asia Pacific for the nine months ended September 26, 2025 was even.
Unit Case Volume
Although a significant portion of our Company’s net operating revenues is not based directly on unit case volume, we believe unit case volume performance is one of the indicators of the underlying strength of the Coca-Cola system because it measures demand for our products at the consumer level.
−Removed: Three Months Ended June 27, 2025 versus Three Months Ended June 28, 2024
−Removed: Unit case volume in Europe, Middle East and Africa increased 3%, which included 5% growth in sparkling flavors, 4% growth in water, sports, coffee and tea, and 1% growth in Trademark Coca-Cola, as well as growth in energy drinks, partially offset by a 3% decline in juice, value-added dairy and plant-based beverages.
−Removed: The operating segment’s volume performance included an increase in unit case volume of 5% in the Eurasia and Middle East operating unit, 2% in the Africa operating unit and 1% in the Europe operating unit, as well as growth in energy drinks.
−Removed: Unit case volume in Latin America decreased 2%, which included a 4% decline in water, sports, coffee and tea, a 1% decline in Trademark Coca-Cola and a 3% decline in sparkling flavors, partially offset by 1% growth in juice, value-added dairy and plant-based beverages and growth in energy drinks.
−Removed: The operating segment’s volume performance included a decline of 6% in Mexico, partially offset by 14% growth in Argentina.
−Removed: Unit case volume in North America decreased 1%, which included a 1% decline in Trademark Coca-Cola, a 3% decline in juice, value-added dairy and plant-based beverages and a 1% decline in water, sports, coffee and tea, partially offset by 1% growth in sparkling flavors and growth in energy drinks.
−Removed: Unit case volume in Asia Pacific decreased 3%, which included a 7% decline in sparkling flavors, a 10% decline in juice, value-added dairy and plant-based beverages and a 2% decline in Trademark Coca-Cola, partially offset by 2% growth in water, sports, coffee and tea, as well as growth in energy drinks.
−Removed: The operating segment’s volume performance included a decline of 6% in both the India and Southwest Asia and the ASEAN and South Pacific operating units, as well as a decline of 2% in the Japan and South Korea operating unit, partially offset by 1% growth in the Greater China and Mongolia operating unit and growth in energy drinks.
−Removed: Unit case volume for Bottling Investments decreased 5%, driven by the impact of refranchising our bottling operations in certain territories in India and declines across most markets.
−Removed: Six Months Ended June 27, 2025 versus Six Months Ended June 28, 2024
−Removed: Unit case volume in Europe, Middle East and Africa increased 3%, which included 2% growth in Trademark Coca-Cola, 4% growth in sparkling flavors and 3% growth in water, sports, coffee and tea, as well as growth in energy drinks, partially offset by a 4% decline in juice, value-added dairy and plant-based beverages.
+Added: Three Months Ended September 26, 2025 versus Three Months Ended September 27, 2024
+Added: Unit case volume in Europe, Middle East and Africa increased 4%, which included 3% growth in Trademark Coca-Cola, 5% growth in sparkling flavors, 4% growth in water, sports, coffee and tea, as well as growth in energy drinks, partially offset by a 1% decline in juice, value-added dairy and plant-based beverages.
+Added: The operating segment’s volume performance included an increase in unit case volume of 8% in the Eurasia and Middle East operating unit, 7% in the Africa operating unit and growth in energy drinks, partially offset by a decline of 1% in the Europe operating unit.
+Added: Unit case volume in Latin America was even, which included 3% growth in water, sports, coffee and tea, 2% growth in juice, value-added dairy and plant-based beverages and growth in energy drinks, offset by a 1% decline in both Trademark Coca-Cola and sparkling flavors.
+Added: The operating segment’s volume performance included 3% growth in Brazil, offset by a decline of 3% in Mexico.
+Added: Unit case volume in North America was even, which included 2% growth in water, sports, coffee and tea, as well as growth in energy drinks, offset by a 1% decline in Trademark Coca-Cola and a 2% decline in juice, value-added dairy and plant-based beverages.
+Added: Unit case volume in sparkling flavors was even.
+Added: Unit case volume in Asia Pacific decreased 1%, which included a 6% decline in sparkling flavors and a 9% decline in juice, value-added dairy and plant-based beverages, partially offset by 2% growth in Trademark Coca-Cola, 1% growth in water, sports, coffee and tea, as well as growth in energy drinks.
+Added: The operating segment’s volume performance included a decline of 4% in the India and Southwest Asia operating unit as well as a decline of 1% in the Greater China and Mongolia, ASEAN and South Pacific, and Japan and South Korea operating units.
+Added: These declines were partially offset by growth in energy drinks.
+Added: Unit case volume for Bottling Investments increased 2%, driven by growth in unit case volume in Africa and India, partially offset by the impact of refranchising our bottling operations in certain territories in India.
+Added: Nine Months Ended September 26, 2025 versus Nine Months Ended September 27, 2024
+Added: Unit case volume in Europe, Middle East and Africa increased 3%, which included 2% growth in Trademark Coca-Cola, 4% growth in sparkling flavors, 3% growth in water, sports, coffee and tea, as well as growth in energy drinks, partially offset by a 3% decline in juice, value-added dairy and plant-based beverages.
The operating segment’s volume performance included an increase in unit case volume of 8% in the Eurasia and Middle East operating unit, 4% in the Africa operating unit and growth in energy drinks.
Unit case volume in the Europe operating unit was even.
−Removed: Unit case volume in Latin America decreased 1%, which included a 4% decline in sparkling flavors and a 2% decline in water, sports, coffee and tea, partially offset by 1% growth in juice, value-added dairy and plant-based beverages as well as growth in energy drinks.
−Removed: Unit case volume in Trademark Coca-Cola was even.
−Removed: The operating segment’s volume performance included a decline of 5% in Mexico, partially offset by 15% growth in Argentina and 2% growth in Brazil.
−Removed: Unit case volume in North America decreased 2%, which included a 2% decline in Trademark Coca-Cola, a 3% decline in water, sports, coffee and tea, and a decline of 1% in juice, value-added dairy and plant-based beverages, partially offset by growth in energy drinks.
+Added: Unit case volume in Latin America decreased 1%, which included a 3% decline in sparkling flavors and a 1% decline in Trademark Coca-Cola, partially offset by 1% growth in juice, value-added dairy and plant-based beverages, as well as growth in energy drinks.
+Added: Unit case volume in water, sports, coffee and tea was even.
+Added: The operating segment’s volume performance included a decline of 4% in Mexico, partially offset by 2% growth in Brazil and 9% growth in Argentina.
+Added: Unit case volume in North America decreased 1%, which included a 2% decline in Trademark Coca-Cola and a 1% decline in both water, sports, coffee and tea and juice, value-added dairy and plant-based beverages, partially offset by growth in energy drinks.
Unit case volume in sparkling flavors was even.
−Removed: Unit case volume in Asia Pacific increased 1%, which included 4% growth in water, sports, coffee and tea and 1% growth in Trademark Coca-Cola, as well as growth in energy drinks, partially offset by a decline of 3% in juice, value-added dairy and plant-based beverages and a decline of 1% in sparkling flavors.
−Removed: The operating segment’s volume performance included 3% growth in both the Greater China and Mongolia and the India and Southwest Asia operating units and growth in energy drinks, partially offset by a decline of 4% in the ASEAN and South Pacific operating unit and a decline of 1% in the Japan and South Korea operating unit.
+Added: Unit case volume in Asia Pacific was even, which included 3% growth in water, sports, coffee and tea, 1% growth in Trademark Coca-Cola, as well as growth in energy drinks, offset by a decline of 2% in sparkling flavors and a decline of 5% in juice, value-added dairy and plant-based beverages.
+Added: The operating segment’s volume performance included 2% growth in the Greater China and Mongolia operating unit, 1% growth in the India and Southwest Asia operating unit, and growth in energy drinks, offset by a decline of 3% in the ASEAN and South Pacific operating unit and a decline of 1% in the Japan and South Korea operating unit.
Unit case volume for Bottling Investments decreased 8%, primarily driven by the impact of refranchising our bottling operations in the Philippines, Bangladesh and certain territories in India.
Concentrate Sales Volume
−Removed: During the three months ended June 27, 2025, both worldwide concentrate sales volume and unit case volume decreased 1% compared to the three months ended June 28, 2024.
−Removed: During the six months ended June 27, 2025, worldwide concentrate sales volume was even and unit case volume increased 1% compared to the six months ended June 28, 2024.
+Added: During both the three and nine months ended September 26, 2025, worldwide concentrate sales volume was even and unit case volume increased 1% compared to the three and nine months ended September 27, 2024.
Concentrate sales volume growth is calculated based on the amount sold during the reporting periods, which is impacted by the number of days.
Conversely, unit case volume growth is calculated based on average daily sales, which is not impacted by the number of days in the reporting periods.
−Removed: The first quarter of 2025 had two fewer days when compared to the first quarter of 2024, which contributed to the differences between concentrate sales volume and unit case volume growth rates on a consolidated basis and for the individual operating segments during the six months ended June 27, 2025.
+Added: The first quarter of 2025 had two fewer days when compared to the first quarter of 2024, which contributed to the differences between concentrate sales volume and unit case volume growth rates on a consolidated basis and for the individual operating segments during the nine months ended September 26, 2025.
Additionally, the differences between concentrate sales volume and unit case volume growth rates for the operating segments were impacted by the timing of concentrate shipments.
1 unchanged sentence
Net Operating Revenues
−Removed: Three Months Ended June 27, 2025 versus Three Months Ended June 28, 2024
−Removed: During the three months ended June 27, 2025, net operating revenues were $12,535 million, compared to $12,363 million during the three months ended June 28, 2024, an increase of $172 million, or 1%.
+Added: Three Months Ended September 26, 2025 versus Three Months Ended September 27, 2024
+Added: During the three months ended September 26, 2025, net operating revenues were $12,455 million, compared to $11,854 million during the three months ended September 27, 2024, an increase of $601 million, or 5%.
The following table illustrates, on a percentage basis, the estimated impact of the factors resulting in the increase (decrease) in net operating revenues on a consolidated basis and for each of our operating segments:
24 unchanged sentences
• Europe, Middle East and Africa — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix;
−Removed: • Latin America — favorable pricing initiatives, including inflationary pricing in Argentina, and favorable mix;
−Removed: • North America — favorable pricing initiatives, partially offset by unfavorable mix;
+Added: • Latin America — favorable pricing initiatives and favorable mix;
+Added: • North America — favorable pricing initiatives and favorable mix;
• Asia Pacific — favorable pricing initiatives and favorable mix;
−Removed: • Bottling Investments — favorable pricing initiatives, offset by unfavorable mix.
−Removed: Fluctuations in foreign currency exchange rates, including the effects of our hedging activities, unfavorably impacted our consolidated net operating revenues by 3%.
−Removed: This unfavorable impact was primarily due to a stronger U.S.
−Removed: dollar compared to certain foreign currencies, including the Mexican peso, Brazilian real, Argentine peso, Ethiopian birr and Turkish lira, which had an unfavorable impact on our Latin America;
−Removed: Europe, Middle East and Africa;
−Removed: and Bottling Investments operating segments.
−Removed: The unfavorable impact of a stronger U.S.
−Removed: dollar compared to the currencies listed above was partially offset by the impact of a weaker U.S.
+Added: • Bottling Investments — favorable pricing initiatives, partially offset by unfavorable mix.
+Added: The impact of foreign currency exchange rate fluctuations on our consolidated net operating revenues, including the effects of our hedging activities, was even.
+Added: Net operating revenues were favorably impacted by a weaker U.S.
dollar compared to certain other foreign currencies, including the euro, British pound and Japanese yen, which had a favorable impact on our Europe, Middle East and Africa and Asia Pacific operating segments.
+Added: The favorable impact of a weaker U.S.
+Added: dollar compared to the currencies listed above was offset by the impact of a stronger U.S.
+Added: dollar compared to certain other foreign currencies, including the Ethiopian birr, Turkish lira, and Argentine peso, which had an unfavorable impact on our Europe, Middle East and Africa, Latin America and Bottling Investments operating segments.
Refer to the heading “Liquidity, Capital Resources and Financial Position — Foreign Exchange” below.
4 unchanged sentences
Refer to the heading “Structural Changes, Acquired Brands and Newly Licensed Brands” above for additional information related to acquisitions and divestitures.
−Removed: Six Months Ended June 27, 2025 versus Six Months Ended June 28, 2024
−Removed: During the six months ended June 27, 2025, net operating revenues were $23,664 million, compared to $23,663 million during the six months ended June 28, 2024, an increase of $1 million.
+Added: Nine Months Ended September 26, 2025 versus Nine Months Ended September 27, 2024
+Added: During the nine months ended September 26, 2025, net operating revenues were $36,119 million, compared to $35,517 million during the nine months ended September 27, 2024, an increase of $602 million, or 2%.
The following table illustrates, on a percentage basis, the estimated impact of the factors resulting in the increase (decrease) in net operating revenues on a consolidated basis and for each of our operating segments:
29 unchanged sentences
dollar compared to the currencies listed above was partially offset by the impact of a weaker U.S.
−Removed: dollar compared to certain other foreign currencies, including the British pound, South African rand, Kenyan shilling and Japanese yen, which had a favorable impact on our Europe, Middle East and Africa;
+Added: dollar compared to certain other foreign currencies, including the British pound, euro, South African rand and Japanese yen, which had a favorable impact on our Europe, Middle East and Africa;
Asia Pacific;
11 unchanged sentences
Management uses this measure in making financial, operating and planning decisions and in evaluating the Company’s performance.
−Removed: Our gross profit margin increased to 62.4% for the three months ended June 27, 2025, compared to 61.1% for the three months ended June 28, 2024.
−Removed: Our gross profit margin increased to 62.5% for the six months ended June 27, 2025, compared to 61.8% for the six months ended June 28, 2024.
+Added: Our gross profit margin increased to 61.5% for the three months ended September 26, 2025, compared to 60.7% for the three months ended September 27, 2024.
+Added: Our gross profit margin increased to 62.1% for the nine months ended September 26, 2025, compared to 61.4% for the nine months ended September 27, 2024.
The increases were primarily due to the impact of favorable pricing initiatives and the refranchising of certain of our bottling operations, partially offset by the unfavorable impact of foreign currency exchange rate fluctuations and higher commodity costs.
Selling, General and Administrative Expenses
−Removed: During the three months ended June 27, 2025, selling, general and administrative expenses were $3,470 million, compared to $3,549 million during the three months ended June 28, 2024, a decrease of $79 million, or 2%.
−Removed: During the six months ended June 27, 2025, selling, general and administrative expenses were $6,704 million, compared to $6,900 million during the six months ended June 28, 2024, a decrease of $196 million, or 3%.
−Removed: These decreases were primarily due to the refranchising of certain of our bottling operations as well as the timing of our marketing expenses.
−Removed: During the six months ended June 27, 2025, foreign currency exchange rate fluctuations decreased selling, general and administrative expenses by 1%.
−Removed: Advertising expenses for the three months ended June 27, 2025 and June 28, 2024 were $1,328 million and $1,400 million, respectively.
−Removed: Advertising expenses for the six months ended June 27, 2025 and June 28, 2024 were $2,417 million and $2,561 million, respectively.
−Removed: As of June 27, 2025, we had $334 million of total unrecognized compensation cost related to nonvested stock-based compensation awards granted under our plans, which we expect to recognize over a weighted-average period of 1.8 years as stock-based compensation expense.
+Added: During the three months ended September 26, 2025, selling, general and administrative expenses were $3,618 million, compared to $3,636 million during the three months ended September 27, 2024, a decrease of $18 million.
+Added: This decrease was primarily due to lower annual incentive expense, partially offset by increased advertising expense.
+Added: During the nine months ended September 26, 2025, selling, general and administrative expenses were $10,322 million, compared to $10,536 million during the nine months ended September 27, 2024, a decrease of $214 million, or 2%.
+Added: The decrease was primarily due to the refranchising of certain of our bottling operations and lower annual incentive expense.
+Added: During the three months ended September 26, 2025, foreign currency exchange rate fluctuations increased selling, general and administrative expenses by 1%, and during the nine months ended September 26, 2025, foreign currency exchange rate fluctuations decreased selling, general and administrative expenses by 1%.
+Added: Advertising expenses for the three months ended September 26, 2025 and September 27, 2024 were $1,523 million and $1,376 million, respectively.
+Added: Advertising expenses for the nine months ended September 26, 2025 and September 27, 2024 were $3,940 million and $3,937 million, respectively.
+Added: As of September 26, 2025, we had $296 million of total unrecognized compensation cost related to nonvested stock-based compensation awards granted under our plans, which we expect to recognize over a weighted-average period of 1.7 years as stock-based compensation expense.
This expected cost does not include the impact of any future stock-based compensation awards.
1 unchanged sentence
Other operating charges incurred by our operating segments and Corporate were as follows (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,
Europe, Middle East & Africa $ — $ — $ — $ —
5 unchanged sentences
Total $ 58 $ 1,044 $ 202 $ 3,987
−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 BodyArmor acquisition 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 BodyArmor acquisition 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 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
−Removed: 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 our acquisition of fairlife, $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
+Added: 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 in Latin America, $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 our acquisition of fairlife, $87 million related to the impairment of a trademark in Latin America 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 $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 our acquisition of fairlife, $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 of 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 our acquisition of fairlife, $760 million related to the impairment of our BodyArmor trademark, $102 million related to the Company’s productivity and reinvestment program and $87 million related to the impairment of a trademark in Latin America.
+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 of Notes to Consolidated Financial Statements for additional information on the refranchising of our bottling operations in certain territories in India.
+Added: Refer to Note 2 of Notes to Consolidated Financial Statements for additional information on our divestiture activities.
Refer to Note 9 of Notes to Consolidated Financial Statements for additional information on the tax litigation.
+Added: Refer to Note 12 of Notes to Consolidated Financial Statements for the impact these charges had on our operating segments and Corporate.
Refer to Note 13 of Notes to Consolidated Financial Statements for additional information on the Company’s restructuring initiatives.
Refer to Note 16 of Notes to Consolidated Financial Statements for additional information on the fairlife acquisition and the impairments.
−Removed: Refer to Note 17 of Notes to Consolidated Financial Statements for the impact certain of these charges had on our operating segments and Corporate.
Operating Income and Operating Margin
Information about our operating income contribution by operating segment and Corporate on a percentage basis is as follows:
−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,
Europe, Middle East & Africa 27.5 % 39.8 % 29.3 % 46.1 %
9 unchanged sentences
Information about our operating margin on a consolidated basis and for each of our operating segments and Corporate is as follows:
−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 32.0 % 21.2 % 33.0 % 20.5 %
6 unchanged sentences
* Calculation is not meaningful.
−Removed: Three Months Ended June 27, 2025 versus Three Months Ended June 28, 2024
−Removed: During the three months ended June 27, 2025, operating income was $4,280 million, compared to $2,632 million during the three months ended June 28, 2024, an increase of $1,648 million, or 63%.
−Removed: The increase was driven by lower other operating charges, favorable pricing initiatives and lower selling, general and administrative expenses, partially offset by a decrease in concentrate sales volume of 1%, higher commodity costs and an unfavorable foreign currency exchange rate impact of 14%.
+Added: Three Months Ended September 26, 2025 versus Three Months Ended September 27, 2024
+Added: During the three months ended September 26, 2025, operating income was $3,982 million, compared to $2,510 million during the three months ended September 27, 2024, an increase of $1,472 million, or 59%.
+Added: The increase was driven by lower other operating charges and favorable pricing initiatives, partially offset by higher commodity costs and an unfavorable foreign currency exchange rate impact of 4%.
Fluctuations in foreign currency exchange rates, including the effects of our hedging activities, unfavorably impacted consolidated operating income by 4% due to a stronger U.S.
−Removed: dollar compared to certain foreign currencies, including the Mexican peso and Brazilian real, which had an unfavorable impact on our Latin America operating segment.
+Added: dollar compared to certain foreign currencies, including the Argentine peso and Turkish lira, which had an unfavorable impact on our Latin America and Europe, Middle East and Africa operating segments.
The unfavorable impact of a stronger U.S.
dollar compared to the currencies listed above was partially offset by the impact of a weaker U.S.
−Removed: dollar compared to certain other foreign currencies, including the euro and Japanese yen, which had a favorable impact on our Europe, Middle East and Africa and Asia Pacific operating segments.
+Added: dollar compared to certain other foreign currencies, including the euro, which had a favorable impact on our Europe, Middle East and Africa operating segment.
Refer to the heading “Liquidity, Capital Resources and Financial Position — Foreign Exchange” below.
−Removed: The Europe, Middle East and Africa operating segment reported operating income of $1,325 million and $1,282 million for the three months ended June 27, 2025 and June 28, 2024, respectively.
−Removed: The increase in operating income was primarily driven by an increase in concentrate sales volume of 2%, favorable pricing initiatives and lower operating expenses due to timing, partially offset by higher commodity costs, increased marketing spending and an unfavorable foreign currency exchange rate impact of 4%.
−Removed: Latin America reported operating income of $957 million and $921 million for the three months ended June 27, 2025 and June 28, 2024, respectively.
−Removed: The increase in operating income was primarily driven by favorable pricing initiatives, lower commodity costs and decreased marketing spending due to timing, partially offset by a decrease in concentrate sales volume of 1%, higher operating expenses, higher other operating charges and an unfavorable foreign currency exchange rate impact of 29%.
−Removed: Operating income for North America for the three months ended June 27, 2025 and June 28, 2024 was $1,621 million and $1,376 million, respectively.
−Removed: The increase in operating income was primarily driven by favorable pricing initiatives and lower operating expenses, partially offset by increased marketing spending and an unfavorable foreign currency exchange rate impact of 1%.
−Removed: Asia Pacific’s operating income for the three months ended June 27, 2025 and June 28, 2024 was $647 million and $646 million, respectively.
−Removed: The increase in operating income was primarily driven by favorable pricing initiatives, partially offset by a decrease in concentrate sales volume of 5%, higher commodity costs and an unfavorable foreign currency exchange rate impact of 8%.
−Removed: Bottling Investments’ operating income for the three months ended June 27, 2025 and June 28, 2024 was $59 million and $98 million, respectively.
−Removed: The decrease in operating income was primarily driven by the impact of refranchising our bottling operations in certain territories in India, a decrease in unit case volume of 2% , higher commodity costs and an unfavorable foreign currency exchange rate impact of 4%.
−Removed: Corporate’s operating loss for the three months ended June 27, 2025 and June 28, 2024 was $329 million and $1,691 million, respectively.
−Removed: Operating loss in 2025 decreased primarily as a result of lower other operating charges, primarily due to the prior year remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
+Added: The Europe, Middle East and Africa operating segment reported operating income of $1,097 million and $998 million for the three months ended September 26, 2025 and September 27, 2024, respectively.
+Added: The increase in operating income was primarily driven by an increase in concentrate sales volume of 3% and favorable pricing initiatives, partially offset by increased marketing spending due to timing and an unfavorable foreign currency exchange rate impact of 2%.
+Added: Latin America reported operating income of $897 million and $937 million for the three months ended September 26, 2025 and September 27, 2024, respectively.
+Added: The decrease in operating income was primarily driven by a decrease in concentrate sales volume of 3%, higher commodity costs, increased marketing spending due to timing, and an unfavorable foreign currency exchange rate impact of 16%, partially offset by favorable pricing initiatives and lower other operating charges.
+Added: Operating income for North America for the three months ended September 26, 2025 and September 27, 2024 was $1,681 million and $1,456 million, respectively.
+Added: The increase in operating income was primarily driven by favorable pricing initiatives, partially offset by a decrease in concentrate sales volume of 2% and higher commodity costs.
+Added: Asia Pacific’s operating income for the three months ended September 26, 2025 and September 27, 2024 was $521 million and $462 million, respectively.
+Added: The increase in operating income was primarily driven by favorable pricing initiatives and mix as well as a favorable foreign currency exchange rate impact of 11%, partially offset by a decrease in concentrate sales volume of 1%, higher commodity costs and increased marketing spending due to timing.
+Added: Bottling Investments’ operating income for the three months ended September 26, 2025 and September 27, 2024 was $57 million and $43 million, respectively.
+Added: The increase in operating income was primarily driven by an increase in unit case volume of 5%, favorable pricing initiatives and a favorable foreign currency exchange rate impact of 12%, partially offset by the impact of refranchising our bottling operations in certain territories in India and higher commodity costs.
+Added: Corporate’s operating loss for the three months ended September 26, 2025 and September 27, 2024 was $271 million and $1,386 million, respectively.
+Added: Operating loss in 2025 decreased primarily as a result of lower other operating charges, primarily due to the prior year remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, as well as marketing efficiencies and lower operating expenses.
Refer to Note 16 of Notes to Consolidated Financial Statements for additional information on the fairlife acquisition.
−Removed: Six Months Ended June 27, 2025 versus Six Months Ended June 28, 2024
−Removed: During the six months ended June 27, 2025, operating income was $7,939 million, compared to $4,773 million during the six months ended June 28, 2024, an increase of $3,166 million, or 66%.
+Added: Nine Months Ended September 26, 2025 versus Nine Months Ended September 27, 2024
+Added: During the nine months ended September 26, 2025, operating income was $11,921 million, compared to $7,283 million during the nine months ended September 27, 2024, an increase of $4,638 million, or 64%.
The increase was driven by lower other operating charges and favorable pricing initiatives, partially offset by higher commodity costs and an unfavorable foreign currency exchange rate impact of 12%.
Fluctuations in foreign currency exchange rates, including the effects of our hedging activities, unfavorably impacted consolidated operating income by 12% due to a stronger U.S.
−Removed: dollar compared to certain foreign currencies, including the Mexican peso, Brazilian real, Argentine peso, Zimbabwe gold, Ethiopian birr, and Turkish lira, which had an unfavorable impact on our Latin America;
−Removed: Europe, Middle East and Africa;
−Removed: and Bottling Investments operating segments.
+Added: dollar compared to certain foreign currencies, including the Mexican peso, Brazilian real, Argentine peso, Zimbabwe gold and Turkish lira, which had an unfavorable impact on our Latin America and Europe, Middle East and Africa operating segments.
The unfavorable impact of a stronger U.S.
dollar compared to the currencies listed above was partially offset by the impact of a weaker U.S.
−Removed: dollar compared to certain other foreign currencies, including the Japanese yen, British pound, and South African rand, which had a favorable impact on our Asia Pacific;
−Removed: Europe, Middle East and Africa;
−Removed: and Bottling Investments operating segments.
+Added: dollar compared to certain other foreign currencies, including the euro, British pound and Japanese yen, which had a favorable impact on our Europe, Middle East and Africa and Asia Pacific operating segments.
Refer to the heading “Liquidity, Capital Resources and Financial Position — Foreign Exchange” below.
−Removed: The Europe, Middle East and Africa operating segment reported operating income of $2,390 million and $2,362 million for the six months ended June 27, 2025 and June 28, 2024, respectively.
+Added: The Europe, Middle East and Africa operating segment reported operating income of $3,487 million and $3,360 million for the nine months ended September 26, 2025 and September 27, 2024, respectively.
The increase in operating income was primarily driven by an increase in concentrate sales volume of 2% and favorable pricing initiatives, partially offset by higher commodity costs, increased marketing spending and an unfavorable foreign currency exchange rate impact of 5%.
−Removed: Latin America reported operating income of $1,861 million and $1,866 million for the six months ended June 27, 2025 and June 28, 2024, respectively.
−Removed: The decrease in operating income was primarily driven by a decrease in concentrate sales volume of 2%, higher other operating charges and an unfavorable foreign currency exchange rate impact of 26%, partially offset by favorable pricing initiatives, lower commodity costs and lower marketing spending due to timing.
−Removed: Operating income for North America for the six months ended June 27, 2025 and June 28, 2024 was $2,962 million and $1,873 million, respectively.
−Removed: The increase in operating income was primarily driven by favorable pricing initiatives and lower other operating charges due to the impairment of our BodyArmor trademark in the prior year, partially offset by a decrease in concentrate sales volume of 2%, higher commodity costs, increased marketing spending and an unfavorable foreign currency exchange rate impact of 1%.
+Added: Latin America reported operating income of $2,758 million and $2,803 million for the nine months ended September 26, 2025 and September 27, 2024, respectively.
+Added: The decrease in operating income was primarily driven by a decrease in concentrate sales volume of 2% and an unfavorable foreign currency exchange rate impact of 23%, partially offset by favorable pricing initiatives, lower commodity costs, lower marketing spending due to timing and lower other operating charges.
+Added: Operating income for North America for the nine months ended September 26, 2025 and September 27, 2024 was $4,643 million and $3,329 million, respectively.
+Added: The increase in operating income was primarily driven by favorable pricing initiatives and lower other operating charges due to the impairment of our BodyArmor trademark in the prior year, partially offset by a decrease in concentrate sales volume of 2%, higher commodity costs and increased marketing spending.
Refer to Note 16 of Notes to Consolidated Financial Statements for additional information on the impairment of our BodyArmor trademark.
−Removed: Asia Pacific’s operating income for the six months ended June 27, 2025 and June 28, 2024 was $1,271 million and $1,303 million, respectively.
−Removed: The decrease in operating income was primarily driven by the impact of structural changes, higher commodity costs, higher operating expenses and an unfavorable foreign currency exchange rate impact of 10%, partially offset by concentrate sales volume growth of 1%, favorable pricing initiatives and lower marketing spending due to timing.
−Removed: Bottling Investments’ operating income for the six months ended June 27, 2025 and June 28, 2024 was $178 million and $254 million, respectively.
−Removed: The decrease in operating income was primarily driven by the impact of refranchising our bottling operations in the Philippines, Bangladesh and certain territories in India, a decrease in unit case volume of 2%, higher commodity costs, higher operating expenses and an unfavorable foreign currency exchange rate impact of 4%, partially offset by favorable pricing initiatives.
−Removed: Corporate’s operating loss for the six months ended June 27, 2025 and June 28, 2024 was $723 million and $2,885 million, respectively.
−Removed: Operating loss in 2025 decreased primarily as a result of lower other operating charges, primarily due to the prior year remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition as well as lower marketing spending due to timing.
+Added: Asia Pacific’s operating income for the nine months ended September 26, 2025 and September 27, 2024 was $1,792 million and $1,765 million, respectively.
+Added: The increase in operating income was primarily driven by favorable pricing initiatives, partially offset by the impact of structural changes, higher commodity costs, increased marketing spending and an unfavorable foreign currency exchange rate impact of 4%.
+Added: Bottling Investments’ operating income for the nine months ended September 26, 2025 and September 27, 2024 was $235 million and $297 million, respectively.
+Added: The decrease in operating income was primarily driven by the impact of refranchising our bottling operations in the Philippines, Bangladesh and certain territories in India, higher commodity costs, higher operating expenses and an unfavorable foreign currency exchange rate impact of 2%, partially offset by favorable pricing initiatives.
+Added: Corporate’s operating loss for the nine months ended September 26, 2025 and September 27, 2024 was $994 million and $4,271 million, respectively.
+Added: Operating loss in 2025 decreased primarily as a result of lower other operating charges, primarily due to the prior year remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition as well as marketing efficiencies.
Refer to Note 16 of Notes to Consolidated Financial Statements for additional information on the fairlife acquisition.
1 unchanged sentence
Interest Income
−Removed: During the three months ended June 27, 2025, interest income was $188 million, compared to $275 million during the three months ended June 28, 2024, a decrease of $87 million, or 32%.
−Removed: During the six months ended June 27, 2025, interest income was $368 million, compared to $521 million during the six months ended June 28, 2024, a decrease of $153 million, or 29%.
+Added: During the three months ended September 26, 2025, interest income was $185 million, compared to $263 million during the three months ended September 27, 2024, a decrease of $78 million, or 30%.
+Added: During the nine months ended September 26, 2025, interest income was $553 million, compared to $784 million during the nine months ended September 27, 2024, a decrease of $231 million, or 30%.
The decreases were primarily driven by lower average investment balances on our Corporate and certain international investments.
Interest Expense
−Removed: During the three months ended June 27, 2025, interest expense was $445 million, compared to $418 million during the three months ended June 28, 2024, an increase of $27 million, or 6%.
−Removed: During the six months ended June 27, 2025, interest expense was $832 million, compared to $800 million during the six months ended June 28, 2024, an increase of $32 million, or 4%.
−Removed: The increases were primarily due to the impact of higher debt balances, partially offset by lower rates on derivative instruments compared to the prior year.
+Added: During the three months ended September 26, 2025, interest expense was $391 million, compared to $425 million during the three months ended September 27, 2024, a decrease of $34 million, or 8%.
+Added: During the nine months ended September 26, 2025,
+Added: interest expense was $1,223 million, compared to $1,225 million during the nine months ended September 27, 2024, a decrease of $2 million.
+Added: The decreases were primarily due to the impact of lower rates on derivative instruments compared to the prior year, partially offset by higher debt balances.
Equity Income (Loss) — Net
−Removed: During the three months ended June 27, 2025, equity income was $561 million, compared to equity income of $537 million during the three months ended June 28, 2024, an increase of $24 million, or 4%.
−Removed: During the six months ended June 27, 2025, equity income was $912 million, compared to equity income of $891 million during the six months ended June 28, 2024, an increase of $21 million, or 2%.
+Added: Three Months Ended September 26, 2025 versus Three Months Ended September 27, 2024
+Added: During the three months ended September 26, 2025, equity income was $644 million, compared to equity income of $541 million during the three months ended September 27, 2024, an increase of $103 million, or 19%.
+Added: This increase reflects, among other items, the impact of more favorable operating results reported by certain of our equity method investees in the current year, a favorable foreign currency exchange rate impact and a $3 million increase in net gains resulting from the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
+Added: These favorable impacts were partially offset by the impact of the sale of our ownership interests in certain of our equity method investees.
+Added: Nine Months Ended September 26, 2025 versus Nine Months Ended September 27, 2024
+Added: During the nine months ended September 26, 2025, equity income was $1,556 million, compared to equity income of $1,432 million during the nine months ended September 27, 2024, an increase of $124 million, or 9%.
+Added: This increase reflects, among other items, the impact of more favorable operating results reported by certain of our equity method investees in the current year and a $24 million decrease in net charges resulting from the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
+Added: These favorable impacts were partially offset by the impact of the sale of our ownership interests in certain of our equity method investees and an unfavorable foreign currency exchange rate impact.
Other Income (Loss) — Net
−Removed: Three Months Ended June 27, 2025 versus Three Months Ended June 28, 2024
−Removed: During the three months ended June 27, 2025, other income (loss) — net was income of $212 million.
−Removed: 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 and dividend income of $36 million.
−Removed: Additionally, the Company recorded an other-than-temporary impairment charge of $40 million related to an equity method investee in Latin America, a charge of $28 million related to assets held for sale, $12 million of costs related to our trade accounts receivable factoring program and net foreign currency exchange losses of $4 million.
+Added: Three Months Ended September 26, 2025 versus Three Months Ended September 27, 2024
+Added: During the three months ended September 26, 2025, other income (loss) — net was a loss of $237 million.
+Added: The Company recorded a charge of $393 million related to certain operations held for sale in Nigeria, $13 million of costs related to our trade accounts receivable factoring program, net foreign currency exchange losses of $11 million and a charge of $8 million related to the refranchising of certain bottling operations in Ghana.
+Added: Additionally, 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, and dividend income of $36 million.
Other income (loss) — net also included income of $4 million related to the non-service cost components of net periodic benefit cost.
−Removed: During the three months ended June 28, 2024, other income (loss) — net was income of $2 million.
−Removed: 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, dividend income of $48 million and income of $13 million related to the non-service cost components of net periodic benefit cost.
−Removed: Other income (loss) — net also included net foreign currency exchange losses of $64 million, an other-than-temporary impairment charge of $34 million related to an equity method investee in Latin America and $29 million of costs related to our trade accounts receivable factoring program.
+Added: During the three months ended September 27, 2024, other income (loss) — net was income of $491 million.
+Added: The Company recognized a net gain of $338 million related to the sale of a portion of our interest in Coke Consolidated, 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, dividend income of $74 million and income of $34 million related to the non-service cost components of net periodic benefit cost.
+Added: Other income (loss) — net also included $34 million of costs related to our trade accounts receivable factoring program, a charge of $10 million related to post-closing adjustments for the sale of our ownership interest in an equity method investee in Thailand, net foreign currency exchange losses of $7 million and a charge of $4 million related to post-closing adjustments for the refranchising of our bottling operations in the Philippines.
+Added: Refer to Note 2 of Notes to Consolidated Financial Statements for additional information on our operations held for sale in Nigeria and the sale of a portion of our interest in Coke Consolidated.
Refer to Note 4 of Notes to Consolidated Financial Statements for additional information on equity and debt securities.
Refer to Note 14 of Notes to Consolidated Financial Statements for additional information on net periodic benefit cost or income.
−Removed: Refer to Note 16 of Notes to Consolidated Financial Statements for additional information on the impairment charges.
−Removed: Six Months Ended June 27, 2025 versus Six Months Ended June 28, 2024
−Removed: During the six months ended June 27, 2025, other income (loss) — net was income of $466 million.
−Removed: 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, a net gain of $102 million related to the refranchising of our bottling operations in certain territories in India and dividend income of $91 million.
−Removed: Additionally, the Company 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.
−Removed: Other income (loss) — net also included $36 million of costs related to our trade accounts receivable factoring program, a charge of $28 million related to assets held for sale, net foreign currency exchange losses of $20 million and expense of $30 million related to the non-service cost components of net periodic benefit cost, which included charges of $25 million and $11 million for special termination benefits and a curtailment loss, respectively, related to non-U.S.
+Added: Refer to Note 16 of Notes to Consolidated Financial Statements for additional information on the bottling operations in Ghana.
+Added: Nine Months Ended September 26, 2025 versus Nine Months Ended September 27, 2024
+Added: During the nine months ended September 26, 2025, other income (loss) — net was income of $229 million.
+Added: 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, dividend income of $127 million and a net gain of $102 million related to the refranchising of our bottling operations in certain territories in India.
+Added: Additionally, the Company recorded a charge of $393 million related to certain operations held for sale in Nigeria as well as 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: Other income (loss) — net also included $49 million of costs related to our trade accounts receivable factoring program, a charge of $36 million related to the refranchising of certain bottling operations in Ghana, net foreign currency
+Added: exchange losses of $31 million and expense of $26 million related to the non-service cost components of net periodic benefit cost, which included 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 six months ended June 28, 2024, other income (loss) — net was income of $1,515 million.
−Removed: 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, dividend income of $73 million and income of $28 million related to the non-service cost components of net periodic benefit cost.
+Added: During the nine months ended September 27, 2024, other income (loss) — net was income of $2,006 million.
+Added: 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.
+Added: Additionally, the Company recognized dividend income of $147 million and income of $62 million related to the non-service cost components of net periodic benefit cost.
Other income (loss) — net also included net foreign currency exchange losses of $139 million, $85 million of costs related to our trade accounts receivable factoring program, 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 of Notes to Consolidated Financial Statements for additional information on our divestiture activities.
+Added: Refer to Note 2 of Notes to Consolidated Financial Statements for additional information on our divestiture activities and on our operations held for sale in Nigeria.
Refer to Note 4 of Notes to Consolidated Financial Statements for additional information on equity and debt securities.
Refer to Note 14 of Notes to Consolidated Financial Statements for additional information on net periodic benefit cost or income.
−Removed: Refer to Note 16 of Notes to Consolidated Financial Statements for additional information on the impairment charges.
−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.
−Removed: federal tax rate of 21.0%, primarily due to the tax impact of significant operating and nonoperating items, as described in Note 12 of Notes to Consolidated Financial Statements, along with the tax benefits of having significant earnings generated
−Removed: 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.
+Added: Refer to Note 16 of Notes to Consolidated Financial Statements for additional information on the impairment charges and the bottling operations in Ghana.
+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.
+Added: federal tax rate of 21.0%, primarily due to the tax impact of significant operating and nonoperating items, as described in Note 12 of Notes to Consolidated Financial Statements, 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 $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: 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: 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: We are currently in litigation with the IRS for tax years 2007 through 2009.
Refer to Note 9 of Notes to Consolidated Financial Statements for additional information on the tax litigation.
5 unchanged sentences
The OECD is currently coordinating a two-pillared project on behalf of the Group of Twenty (G20) and other participating countries which would grant additional taxing rights over profits earned by multinational enterprises to the countries in which their products are sold and services rendered.
−Removed: Pillar One would allow countries to reallocate a portion of profits earned by multinational businesses with an annual global revenue exceeding €20 billion and a profit margin of over 10% to applicable market jurisdictions.
+Added: Pillar One would allow countries to reallocate a portion of profits earned by multinational businesses with an annual global
+Added: revenue exceeding €20 billion and a profit margin of over 10% to applicable market jurisdictions.
While the OECD issued draft language for the international implementation of Pillar One in October 2023, both the substantive rules and implementation process remain under discussion at the OECD, so the timetable for any implementation remains uncertain.
6 unchanged sentences
The Company will continue to monitor developments to determine any potential impact in the countries in which we operate.
+Added: On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States.
+Added: The Company continues to evaluate the future impact of these tax law changes on its financial statements.
+Added: The OBBBA is not currently expected to materially impact the Company’s effective tax rate for 2025.
LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION
8 unchanged sentences
The Company regularly reviews its optimal mix of short-term and long-term debt.
−Removed: The Company’s cash, cash equivalents, short-term investments and marketable securities totaled $14.3 billion as of June 27, 2025.
−Removed: In addition to these funds, our commercial paper program, and our ability to issue long-term debt, we had $4.6 billion in unused backup lines of credit for general corporate purposes as of June 27, 2025.
+Added: The Company’s cash, cash equivalents, short-term investments and marketable securities totaled $15.8 billion as of September 26, 2025.
+Added: In addition to these funds, our commercial paper program, and our ability to issue long-term debt, we had $4.6 billion in unused backup lines of credit for general corporate purposes as of September 26, 2025.
These backup lines of credit expire at various times through 2030.
6 unchanged sentences
In these factoring arrangements, for ease of administration, the Company collects customer payments related to the factored receivables and remits those payments to the financial institutions.
−Removed: The Company sold $8,400 million and $10,021 million of trade accounts receivables under this program during the six months ended June 27, 2025 and June 28, 2024, respectively.
−Removed: The costs of factoring such receivables were $36 million and $51 million for the six months ended June 27, 2025 and June 28, 2024, respectively.
+Added: The Company sold $11,822 million and $16,015 million of trade accounts receivables under this program during the nine months ended September 26, 2025 and September 27, 2024, respectively.
+Added: The costs of factoring such receivables were $49 million and $85 million for the nine months ended September 26, 2025 and September 27, 2024, respectively.
The cash received from the financial institutions is reflected within the operating activities section of our consolidated statement of cash flows.
6 unchanged sentences
On November 8, 2023, the Tax Court issued a supplemental opinion, siding with the IRS in concluding both that certain U.S.
−Removed: 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: 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 the 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 IRC Section 482 and that the IRS therefore could not reallocate income from 3M’s subsidiary in Brazil to 3M in contravention of Brazilian
+Added: 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.
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.
2 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.
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Court of Appeals for the Eleventh Circuit on March 12, 2025.
+Added: The IRS filed its appellate brief on July 7, 2025.
+Added: The Company filed its reply brief on August 27, 2025.
The Company strongly disagrees with the IRS’ positions and the portions of the Opinions affirming such positions and intends to vigorously defend our positions utilizing every available avenue of appeal.
While the Company believes that it is more likely than not that we will ultimately prevail in this litigation upon appeal, it is possible that all, or some portion 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 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.
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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 methodology asserted by the IRS and affirmed in the Opinions 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 methodology asserted by the IRS and affirmed in the Opinions 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.
Refer to Note 9 of Notes to Consolidated Financial Statements for additional information on the tax litigation.
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Cash Flows from Operating Activities
−Removed: Net cash used in operating activities during the six months ended June 27, 2025 was $1,391 million, and net cash provided by operating activities during the six months ended June 28, 2024 was $4,113 million, a decrease of $5,504 million.
−Removed: The decrease was primarily driven by $6,069 million of the $6,173 million final milestone payment for fairlife that was made during the six months ended June 27, 2025, the prior year benefits of both the trade accounts receivable factoring program and the dividend payment from an equity method investee in Thailand, higher net interest payments, as well as the unfavorable impact due to foreign currency exchange rate fluctuations.
−Removed: These items were partially offset by strong cash operating results, lower tax payments, the transfer of surplus non-U.S.
+Added: Net cash provided by operating activities during the nine months ended September 26, 2025 and September 27, 2024 was $3,652 million and $2,854 million, respectively, an increase of $798 million or 28%.
+Added: The increase was primarily driven by strong cash operating results, lower tax payments, the transfer of surplus non-U.S.
plan assets from pension trusts to general assets of the Company and the timing of changes in working capital.
+Added: These items were partially offset by the prior year benefits of both the trade accounts receivable factoring program and the dividend payment from an equity method investee in Thailand, higher marketing payments, unfavorable hedging activity and higher net interest payments, as well as the unfavorable impact due to foreign currency exchange rate fluctuations.
+Added: Additionally, the activity in 2025 included $6.1 billion of the $6.2 billion final milestone payment for fairlife that was made during the nine months ended September 26, 2025.
+Added: The activity in 2024 included the $6.0 billion IRS Tax Litigation Deposit.
+Added: Refer to Note 9 of Notes to Consolidated Financial Statements for additional information on the tax payment to the IRS.
+Added: Refer to Note 12 of Notes to Consolidated Financial Statements for additional information on our milestone payment for fairlife.
Cash Flows from Investing Activities
−Removed: Net cash used in investing activities during the six months ended June 27, 2025 was $278 million, and net cash provided by investing activities during the six months ended June 28, 2024 was $997 million.
+Added: Net cash provided by investing activities during the nine months ended September 26, 2025 and September 27, 2024 was $977 million and $3,307 million, respectively.
Purchases of Investments and Proceeds from Disposals of Investments
−Removed: During the six months ended June 27, 2025, purchases of investments were $2,865 million and proceeds from disposals of investments were $2,201 million, resulting in a net cash outflow of $664 million.
−Removed: During the six months ended June 28, 2024, purchases of investments were $3,827 million and proceeds from disposals of investments were $2,662 million, resulting in a net cash outflow of $1,165 million.
+Added: During the nine months ended September 26, 2025, purchases of investments were $3,292 million and proceeds from disposals of investments were $4,300 million, resulting in a net cash inflow of $1,008 million.
+Added: During the nine months ended September 27, 2024, purchases of investments were $4,398 million and proceeds from disposals of investments were
+Added: $5,125 million, resulting in a net cash inflow of $727 million.
This activity primarily represents the purchases of, and proceeds from the disposals of, investments in marketable securities and short-term investments that were made as part of the Company’s overall cash management strategy.
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Refer to Note 4 of Notes to Consolidated Financial Statements for additional information on our investments.
+Added: Acquisitions of Businesses, Equity Method Investments and Nonmarketable Securities
+Added: During the nine months ended September 26, 2025 and September 27, 2024, the Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $356 million and $153 million, respectively.
+Added: The activity during the nine months ended September 26, 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.
+Added: Refer to Note 15 of Notes to Consolidated Financial Statements for additional information on these investments.
Proceeds from Disposals of Businesses, Equity Method Investments and Nonmarketable Securities
−Removed: During the six months ended June 27, 2025 and June 28, 2024, proceeds from disposals of businesses, equity method investments and nonmarketable securities were $973 million and $2,907 million, respectively.
−Removed: The activity during the six months ended June 27, 2025 primarily related to the sale of a portion of our ownership interest in CCEP and the refranchising of certain of our bottling operations.
−Removed: The activity during the six months ended June 28, 2024 primarily related to sales of our ownership interests in certain equity method investees and the refranchising of certain of our bottling operations.
+Added: During the nine months ended September 26, 2025 and September 27, 2024, proceeds from disposals of businesses, equity method investments and nonmarketable securities were $1,020 million and $3,468 million, respectively.
+Added: The activity during the nine months ended September 26, 2025 primarily related to the sale of a portion of our ownership interest in CCEP and the refranchising of certain of our bottling operations.
+Added: The activity during the nine months ended September 27, 2024 primarily related to sales of our ownership interests in certain equity method investees and the refranchising of certain of our bottling operations.
Refer to Note 2 of Notes to Consolidated Financial Statements.
Purchases of Property, Plant and Equipment
−Removed: Purchases of property, plant and equipment during the six months ended June 27, 2025 and June 28, 2024 were $751 million and $792 million, respectively.
+Added: Purchases of property, plant and equipment during the nine months ended September 26, 2025 and September 27, 2024 were $1,230 million and $1,261 million, respectively.
Other Investing Activities
−Removed: During the six months ended June 27, 2025 and June 28, 2024, the total cash inflow was $124 million and $127 million, respectively.
−Removed: The activity during the six months ended June 27, 2025 included $98 million related to the reimbursement of advanced payments made to finance the construction of leased assets.
−Removed: The activity during the six months ended June 28, 2024 included the collection of $69 million of deferred proceeds related to the refranchising of our bottling operations in Vietnam.
+Added: During the nine months ended September 26, 2025 and September 27, 2024, the total cash inflow was $214 million and $194 million, respectively.
+Added: The activity during the nine months ended September 26, 2025 included $139 million related to the reimbursement of advanced payments made to finance the construction of leased assets.
+Added: The activity during the nine months ended September 27, 2024 included the receipt of a $100 million installment payment on the note receivable related to the sale of our ownership interest in an equity method investee in Pakistan in 2023 and the collection of $69 million of deferred proceeds related to the refranchising of our bottling operations in Vietnam.
Cash Flows from Financing Activities
−Removed: Net cash provided by financing activities during the six months ended June 27, 2025 was $52 million, and net cash used in financing activities during the six months ended June 28, 2024 was $532 million.
+Added: Net cash used in financing activities during the nine months ended September 26, 2025 and September 27, 2024 was $3,088 million and $1,426 million, respectively.
Loans, Notes Payable and Long-Term Debt
−Removed: During the six months ended June 27, 2025, the Company had issuances of debt of $5,320 million, which consisted of $1,547 million of net issuances of commercial paper and short-term debt with maturities of 90 days or less, $3,205 million of issuances of commercial paper and short-term debt with maturities greater than 90 days and long-term debt issuances of $568 million, net of related discounts and issuance costs.
+Added: During the nine months ended September 26, 2025, the Company had issuances of debt of $4,854 million, which consisted of $764 million of net issuances of commercial paper and short-term debt with maturities of 90 days or less, $3,442 million of issuances of commercial paper and short-term debt with maturities greater than 90 days and long-term debt issuances of $648 million, net of related discounts and issuance costs.
Refer to Note 8 of Notes to Consolidated Financial Statements for additional information.
−Removed: The Company made payments of debt of $2,630 million during the six months ended June 27, 2025, which consisted of $1,957 million of payments related to commercial paper and short-term debt with maturities greater than 90 days and payments of long-term debt of $673 million.
−Removed: During the six months ended June 28, 2024, the Company had issuances of debt of $6,832 million, which consisted of $2,677 million of issuances of commercial paper and short-term debt with maturities greater than 90 days and long-term debt issuances of $4,155 million, net of related discounts and issuance costs.
−Removed: The Company made payments of debt of $4,734 million during the six months ended June 28, 2024, which consisted of $1,117 million of net payments of commercial paper and short-term debt with maturities of 90 days or less, payments of $2,450 million related to commercial paper and short-term debt with maturities greater than 90 days and payments of long-term debt of $1,167 million.
+Added: The Company made payments of debt of $4,166 million during the nine months ended September 26, 2025, which consisted of $3,427 million of payments related to commercial paper and short-term debt with maturities greater than 90 days and payments of long-term debt of $739 million.
+Added: During the nine months ended September 27, 2024, the Company had issuances of debt of $11,298 million, which consisted of $3,129 million of issuances of commercial paper and short-term debt with maturities greater than 90 days and long-term debt issuances of $8,169 million, net of related discounts and issuance costs.
+Added: The Company made payments of debt of $7,925 million during the nine months ended September 27, 2024, which consisted of $818 million of net payments of commercial paper and short-term debt with maturities of 90 days or less, payments of $4,829 million related to commercial paper and short-term debt with maturities greater than 90 days and payments of long-term debt of $2,278 million.
Issuances of Stock
−Removed: The issuances of stock during the six months ended June 27, 2025 and June 28, 2024 were related to the exercise of stock options by employees.
+Added: The issuances of stock during the nine months ended September 26, 2025 and September 27, 2024 were related to the exercise of stock options by employees.
Purchases of Stock for Treasury
−Removed: During the six months ended June 27, 2025, the total cash outflow for treasury stock purchases was $472 million.
+Added: During the nine months ended September 26, 2025, the total cash outflow for treasury stock purchases was $644 million.
The Company repurchased 8.0 million shares of common stock under the share repurchase plan authorized by our Board of Directors.
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In addition to shares repurchased under the share repurchase plan, the Company’s treasury stock activity included shares surrendered to the Company to pay the exercise price and/or to satisfy tax withholding obligations in connection with so-called stock swap exercises of employee stock options and/or the vesting of restricted stock issued to employees.
−Removed: The net impact of the Company’s issuances of stock and share repurchases during the six months ended June 27, 2025 resulted in a net cash outflow of $249 million.
−Removed: During the six months ended June 28, 2024, the total cash outflow for treasury stock purchases was $874 million.
+Added: The net impact of the Company’s issuances of stock and share repurchases during the nine months ended September 26, 2025 resulted in a net cash outflow of $401 million.
+Added: During the nine months ended September 27, 2024, the total cash outflow for treasury stock purchases was $1,228 million.
The Company repurchased 18.0 million shares of common stock under the share repurchase plan authorized by our Board of Directors.
1 unchanged sentence
In addition to shares repurchased under the share repurchase plan, the Company’s treasury stock activity included shares surrendered to the Company to pay the exercise price and/or to satisfy tax withholding obligations in connection with so-called stock swap exercises of employee stock options and/or the vesting of restricted stock issued to employees.
−Removed: The net impact of the Company’s issuances of stock and share repurchases during the six months ended June 28, 2024 resulted in a net cash outflow of $437 million.
−Removed: During the six months ended June 27, 2025 and June 28, 2024, the Company paid dividends of $2,283 million and $2,184 million, respectively.
−Removed: As a result of the timing of our quarterly reporting periods as well as our dividend payment dates, the Company paid substantially all of the 2024 and 2025 second quarterly dividends in the third quarter of each year.
−Removed: Our Board of Directors approved the Company’s regular quarterly dividend of $0.51 per share at its July 2025 meeting.
−Removed: This dividend is payable on October 1, 2025 to shareowners of record as of the close of business on September 15, 2025.
+Added: The net impact of the Company’s issuances of stock and share repurchases during the nine months ended September 27, 2024 resulted in a net cash outflow of $511 million.
+Added: During the nine months ended September 26, 2025 and September 27, 2024, the Company paid dividends of $4,391 million and $4,274 million, respectively.
+Added: As a result of the timing of our quarterly reporting periods as well as our dividend payment dates, the Company paid substantially all of the 2024 and 2025 third quarterly dividends in the fourth quarter of each year.
+Added: Our Board of Directors approved the Company’s regular quarterly dividend of $0.51 per share at its October 2025 meeting.
+Added: This dividend is payable on December 15, 2025 to shareowners of record as of the close of business on December 1, 2025.
+Added: Proceeds from Sale of a Noncontrolling Interest
+Added: During the nine months ended September 26, 2025, the Company received proceeds of $1,277 million from the sale of a noncontrolling interest.
+Added: Refer to Note 11 of Notes to Consolidated Financial Statements for additional information.
Other Financing Activities
−Removed: During the six months ended June 27, 2025 and June 28, 2024, the total cash outflow for other financing activities was $106 million and $9 million, respectively.
−Removed: The cash outflow during the six months ended June 27, 2025 included $104 million of the $6,173 million final milestone payment for fairlife.
+Added: During the nine months ended September 26, 2025 and September 27, 2024, the total cash outflow for other financing activities was $261 million and $14 million, respectively.
+Added: The cash outflow during the nine months ended September 26, 2025 included $149 million of withholding taxes and other direct costs related to the sale of a noncontrolling interest.
+Added: Refer to Note 11 of Notes to Consolidated Financial Statements for additional information.
+Added: Additionally, the cash outflow during the nine months ended September 26, 2025 includes $104 million of the $6.2 billion final milestone payment for fairlife.
Foreign Exchange
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Our hedging activities are designed to mitigate, over time, a portion of the impact of exchange rate fluctuations on our net income.
−Removed: Taking into account the effects of our hedging activities, the impact of fluctuations in foreign currency exchange rates decreased our operating income for the three and six months ended June 27, 2025 by 14% and 16%, respectively.
+Added: Taking into account the effects of our hedging activities, the impact of fluctuations in foreign currency exchange rates decreased our operating income for the three and nine months ended September 26, 2025 by 4% and 12%, respectively.
Based on current spot rates and our hedging coverage in place, we expect foreign currency exchange rate fluctuations will have an unfavorable impact on operating income and cash flows from operating activities through the end of the year.
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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.