Coca-Cola Posts First Quarterly Volume Increase in Three Years

The Coca-Cola Co. reported third quarter earnings showing a 6% rise in organic revenue, spurred by an increase in global unit volume — something that hasn’t happened for the company in three years, and that some of its rivals, such as PepsiCo, could not claim over the same period.

The company posted organic revenue of $12.41 billion, along with a global unit volume boost of 1% in the quarter, bolstered by the successes of its protein beverage business and its move to offer smaller, more affordable mini cans of certain soft drinks.

Chairman and CEO James Quincey said, “While the overall environment has continued to be challenging, we've stayed flexible,” and then added that “certain segments of the population are under pressure due to varying factors.”

The volume growth was the first such quarterly increase since the third quarter of 2022, when the company posted a 4% volume increase, according to reports. This quarter, unit case volume in Europe, the Middle East and Africa saw a 4% bump, with volume flat in North America and Latin America, and actually down 1% in the company’s Asia Pacific business.

Coca-Cola’s juice, value-added dairy, and plant-based beverage businesses saw a 3% decline in volume, but its Coca-Cola Zero Sugar product grew 14% across all regions this quarter. Meanwhile, Yahoo Finance reported that CFO John Murphy said the protein beverage category (which includes Fairlife and Core Power), is “on fire.”

The company’s move to offer product in smaller-portioned, more affordable mini cans (7.5 ounces each) seems to have paid off, as the packaging format has already grown to account for $1 billion in company revenue. Coca-Cola will continue to tap into that success through different pack sizes moving forward.

The company confirmed that the cane sugar-based product that was promised by President Donald Trump earlier this year was rolling out in select U.S. markets and more through the fall.

Finally, on the international front, The Coca-Cola Co. and Gutsche Family Investments agreed to sell a 75% controlling interest in its largest bottler on the African continent: Coca-Cola Beverages Africa Pty. Ltd. (CCBA) for $2.55 billion. Coca-Cola HBC AG will acquire controlling interest of CCBA, with the deal expected to close by the end of 2026.

Quincey noted that this move — along with one made in India this summer — were the last large pieces of a bottler refranchising plan the company has been undergoing for a decade, according to the AP report.