The Coca-Cola Company (NYSE:KO) shares edged about 2.8% lower on Tuesday after the company reported quarterly revenue that missed Wall Street expectations, marking its first revenue shortfall versus consensus estimates in five years.
The beverage giant reported adjusted earnings of $0.58 per share for the fourth quarter, topping analysts’ expectations of $0.56.
Revenue came in at $11.82 billion, below the $12.03 billion analysts had projected. Coca-Cola said net revenues rose 2% year over year, while organic revenue increased 5%, driven by higher concentrate sales and price/mix gains.
Global unit case volume grew 1% in the quarter and was flat for the full year.
For the full year 2025, net revenue increased 2% to $47.9 billion, while EPS rose 4% to $3.
Looking ahead, Coca-Cola forecast organic revenue growth of 4% to 5% and comparable earnings per share growth of 7% to 8% for full-year 2026.
“I’m encouraged by our performance in 2025 which showed both the resilience and momentum that define our business,” Coca-Cola CEO James Quincey said in a statement. “Looking ahead, we will focus on executing our strategy even better and positioning our system for long-term success.”
Jefferies analysts said fourth-quarter results were broadly in line, noting a larger-than-expected foreign exchange headwind versus consensus assumptions.
They noted that 2026 guidance brackets Street expectations and “reads conservative but is appropriate for the start of the year,” adding that investors may have been looking for a stronger outlook.
The analysts also highlighted positive volume growth in all regions except Asia-Pacific and noted that companies with volume growth are likely to outperform in 2026, while also pointing to currency dynamics that could increase investment flexibility. The firm reiterated its ‘Buy’ rating.