Coca-Cola Q3 Report 2023

Quarterly Performance

• Revenues: Net revenues grew 8% to $12.0 billion, and organic revenues (non-GAAP) grew 11%. Revenue performance included 9% growth in price/mix and 2% growth in concentrate sales. Concentrate sales were in line with unit case volume.

• Operating margin: Operating margin was 27.4% versus 27.9% in the prior year, while comparable operating margin (non-GAAP) was 29.7% versus 29.5% 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 versus the prior year, as well as currency headwinds.

• Price/mix grew 9%, primarily driven by pricing actions in the marketplace, including the continued impact of hyperinflationary markets, and favorable segment mix. Concentrate sales were in line with unit case volume.