---
title: "KO 4Q25 First Take: Results were mixed, with revenue missing consensus. Profit fell sharply due to a"
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 "
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/38633579.md"
published_at: "2026-02-10T13:48:53.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# KO 4Q25 First Take: Results were mixed, with revenue missing consensus. Profit fell sharply due to a

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)

### Related Stocks

- [KO.US - Coca Cola](https://longbridge.com/en/quote/KO.US.md)

---

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