Coca-Cola Q1 Report 2023

Quarterly Performance

• Revenues: Net revenues grew 5% to $11.0 billion, and organic revenues (non-GAAP) grew 12%. Revenue performance included 11% growth in price/mix and 1% growth in concentrate sales. Concentrate sales were 2 points behind unit case volume, largely due to the timing of concentrate shipments and the impact of one less day in the quarter.

• Operating margin: Operating margin was 30.7% versus 32.5% in the prior year, while comparable operating margin (non-GAAP) was 31.8% versus 31.4% in the prior year. Operating margin decline was primarily driven by items impacting comparability and currency headwinds. Comparable operating margin (non-GAAP) expansion was primarily driven by strong topline growth and the impact of refranchising bottling operations, partially offset by an increase in marketing investments and higher operating costs versus the prior year as well as currency headwinds

• Price/mix grew 11%, driven by pricing actions in the marketplace and favorable channel and package mix. Concentrate sales were 2 points behind unit case volume, largely due to the timing of concentrate shipments as well as the impact of one less day in the quarter.