A Coca-Cola truck in New York City.

Alexi Rosenfeld | Getty Images

Coca-Cola reported its third-quarter earnings before the bell Tuesday.

Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, were expecting:

  • Earnings per share: 71 cents, vs. expected 69 cents
  • Revenue: $11.91 billion, vs. expected $11.44 billion

The beverage giant’s stock has fallen 15% this year, dragging its market value down to about $234 billion. Shares are under pressure as investors worry about both short-term and long-term challenges for Coke.

Like many companies, Coke has been raising prices on its products, driving some consumers to shop for cheaper private-label options instead. The strong U.S. dollar makes its drinks even more expensive abroad. And while many commodities have become less expensive, sugar prices have stayed high.

But sugar isn’t just hurting Coke’s profit margins. Walmart said users of diabetes drug Ozempic are spending less on groceries, sending shares of Coke and rivals like PepsiCo lower.

While Coke has pivoted its portfolio in recent years to include fewer sugary drinks, its namesake brand and other sodas are still important to the company’s net sales. Coke has also recently introduced alcoholic drinks, which have also seen their consumption fall among users of the so-called GLP-1 drugs.

For 2023, Coke expects comparable adjusted earnings per share growth of 5% to 6% and organic revenue growth of 8% to 9%.


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