Has Coca Cola lost their Volume Mojo?

If they can't, can the others growth the volumes in these conditions?

The global beverage market in early 2026 is defined by a complex intersection of cooling inflationary pressures, shifting health consciousness, and a rapid digital evolution of the supply chain. On 10 February 2026, The Coca-Cola Company released its fourth-quarter and full-year 2025 financial results, offering a comprehensive look at how the world’s largest non-alcoholic beverage company is navigating these crosscurrents. The report reveals a corporation that has successfully used pricing power to sustain top-line growth amid extreme volatility, even as it prepares for a fundamental shift in leadership and strategy.

For the full year 2025, Coca-Cola reported net operating revenues of $47.9 billion, a 2% increase over the previous year, supported by a healthy 5% organic revenue growth. However, the fourth quarter presented a more nuanced picture, with revenue of $11.82 billion falling short of market expectations of $12.05 billion, primarily due to a rare volume and mix mismatch in key international markets. This executive summary serves as a point of entry into a deeper analysis of the company’s performance across regions, categories, and brands, while assessing the undercurrents of investor sentiment and the broader industry signals that will define the 2026 fiscal year. These results represent the final full year reporting cycle under the leadership of Chairman and CEO James Quincey, who is set to step down on 31 March 2026, handing the reins to the current Chief Operating Officer, Henrique Braun. The strategic narrative is currently focused on how this transition will enhance the company’s digital transformation and its resilience in an environment where consumer spending is increasingly segmented.