---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/38633579.md"
description: "KO 4Q25 First Take: Results were mixed, with revenue missing consensus. Profit fell sharply due to a $960 mn impairment on BODYARMOR, the premium sports drink acquired in 2021. 1) Organic growth rose 5% in Q4, with concentrate sales up 4% YoY and ahead of expectations. However, with unit case volume up only 1%, Dolphin Research believes this largely reflects bottlers pulling forward inventory. Pricing increased just 1% YoY, below estimates and dragged by APAC and EMEA. With consumers more price sensitive, KO’s premiumization-led mix actions struggled to pass through price in Q4. 2) GPM: While key inputs and packaging (HFCS, PET) trended lower, a higher mix of lower-margin SKUs likely offset the commodity tailwind. As a result, GPM was essentially flat. On opex, excluding the one-off BODYARMOR impairment, the opex ratio edged down. This suggests better operating and marketing efficiency, aided by AI. For 2026, the company guided to 4%-5% growth, a touch below the 5% Street consensus, reflecting a cautious stance amid policy pressure and macro headwinds. For more detail, follow Dolphin Research's takeaways and the earnings call.$Coca Cola(KO.US)"
datetime: "2026-02-10T13:48:53.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/38633579.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/38633579.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/38633579.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# KO 4Q25 First Take: Results were mixed, with reven…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**