Revenue growth has stalled into a 0.6% contraction as of 2025Q4, while gross margins remain structurally anchored near the 35% level due to rigid bottling agreement pricing.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 20.08B | 20.44B | 18.3B | 17.32B | 13.76B | 10.61B | 11.98B | 11.89B | 10.39B | 9.58B | 7.02B | 6.22B | 5.96B | 6.11B | 6.39B | 5.05B | 15.11B | 15.66B | 14.36B | 15.01B | 15.79B | 13.39B | 13.76B | 16.09B | 17.65B | 15.7B | 14.32B | 11.44B | 10.25B | 6.36B |
| Revenue Growth % | -1.77% | 11.67% | 5.67% | 25.84% | 29.77% | -11.49% | 0.8% | 14.4% | 8.48% | 36.48% | 12.89% | 4.26% | -2.48% | -4.33% | 26.61% | -66.58% | -3.56% | 9.09% | -4.3% | -4.99% | 17.91% | -2.66% | -14.5% | -8.79% | 12.36% | 9.7% | 25.17% | 11.56% | 61.1% | 20.48% |
| Cost of Goods Sold | 13.08B | 13.15B | 11.58B | 11.1B | 8.6B | 6.87B | 7.47B | 7.34B | 6.42B | 5.91B | 4.45B | 3.99B | 3.88B | 3.92B | 4.05B | 3.18B | 9.31B | 9.89B | 8.89B | 9.08B | 9.44B | 7.95B | 8.07B | 9.93B | 10.95B | 9.67B | 8.96B | 6.2B | 5.59B | 3.43B |
| COGS % of Revenue | 65.13% | 64.37% | 63.25% | 64.06% | 62.51% | 64.78% | 62.35% | 61.78% | 61.81% | 61.71% | 63.37% | 64.13% | 65.15% | 64.03% | 63.42% | 63.06% | 61.6% | 63.11% | 61.88% | 60.52% | 59.79% | 59.32% | 58.66% | 61.68% | 62.04% | 61.58% | 62.58% | 54.2% | 54.53% | 53.89% |
| Gross Profit | 7B | 7.28B | 6.73B | 6.22B | 5.09B | 3.73B | 4.51B | 4.54B | 3.97B | 3.67B | 2.57B | 2.23B | 2.08B | 2.2B | 2.34B | 1.86B | 5.8B | 5.78B | 5.47B | 5.92B | 6.35B | 5.45B | 5.69B | 6.17B | 6.7B | 6.03B | 5.36B | 5.24B | 4.66B | 2.93B |
| Gross Margin % | 34.87% | 35.63% | 36.75% | 35.94% | 36.95% | 35.22% | 37.65% | 38.22% | 38.19% | 38.29% | 36.63% | 35.87% | 34.85% | 35.97% | 36.58% | 36.94% | 38.4% | 36.89% | 38.12% | 39.48% | 40.21% | 40.68% | 41.34% | 38.32% | 37.96% | 38.42% | 37.42% | 45.8% | 45.47% | 46.11% |
| Gross Profit Growth % | -3.88% | 8.28% | 8.07% | 22.38% | 36.17% | -17.2% | -0.71% | 14.47% | 8.21% | 42.68% | 15.27% | 7.3% | -5.51% | -5.92% | 25.37% | -67.86% | 0.4% | 5.56% | -7.59% | -6.72% | 16.53% | -4.22% | -7.76% | -7.93% | 11.01% | 12.62% | 2.28% | 12.36% | 58.87% | 23.96% |
| Operating Expenses | 4.42B | 5.15B | 4.39B | 4.14B | 3.57B | 2.98B | 2.86B | 2.92B | 2.58B | 2.37B | 1.64B | 1.49B | 1.42B | 1.49B | 1.54B | 1.26B | 4.74B | 10.3B | 4.47B | 7.06B | 5.14B | 4.39B | 4.44B | 4.87B | 6.02B | 4.83B | 4.52B | 4.5B | 4.01B | 2.5B |
| OpEx % of Revenue | 22% | 25.2% | 23.97% | 23.89% | 25.94% | 28.13% | 23.87% | 24.6% | 24.87% | 24.7% | 23.38% | 23.93% | 23.79% | 24.42% | 24.11% | 24.87% | 31.35% | 65.77% | 31.1% | 47.03% | 32.56% | 32.77% | 32.24% | 30.24% | 34.13% | 30.79% | 31.6% | 39.32% | 39.08% | 39.22% |
| Selling, General & Admin | 4.42B | 4.7B | 4.39B | 1.99B | 3.38B | 1.15B | 3.04B | 3.16B | 3.03B | 2.7B | 1.55B | 1.48B | 1.19B | 1.27B | 1.54B | 1.26B | 4.74B | 4.83B | 4.47B | 4.84B | 5.14B | 4.39B | 4.44B | 4.87B | 6.02B | 4.83B | 4.52B | 3.54B | 3.15B | 1.99B |
| SG&A % of Revenue | 22% | 23.02% | 23.99% | 11.47% | 24.59% | 10.81% | 25.41% | 26.57% | 29.16% | 28.17% | 22.13% | 23.84% | 19.96% | 20.78% | 24.11% | 24.87% | 31.35% | 30.81% | 31.1% | 32.27% | 32.56% | 32.77% | 32.24% | 30.24% | 34.13% | 30.79% | 31.6% | 30.97% | 30.7% | 31.31% |
| Research & Development | 0 | 0 | 0 | 83M | 75M | 54M | 44M | 43M | 38M | 33M | 25M | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.48% | 0.54% | 0.51% | 0.37% | 0.36% | 0.37% | 0.34% | 0.36% | 0.31% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 447M | -4M | 2.07B | 110M | 1.78B | -229.31M | 0 | 0 | 0 | 0 | 0 | 0 | 2.27M | 0 | 0 | 0 | 10.3B | 0 | 7.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.5B | 4.01B | 2.5B |
| Operating Income | 2.58B | 2.13B | 2.34B | 2.09B | 1.52B | 813M | 1.65B | 1.62B | 1.38B | 1.3B | 929.28M | 748M | 750.84M | 768.31M | 797.01M | 609.04M | 1.07B | -4.52B | 1.01B | -1.13B | 1.21B | 1.06B | 1.25B | 1.3B | 675.47M | 1.2B | 833.79M | 740.96M | 654.54M | 437.89M |
| Operating Margin % | 12.87% | 10.43% | 12.78% | 12.04% | 11.02% | 7.67% | 13.78% | 13.62% | 13.32% | 13.59% | 13.24% | 12.03% | 12.59% | 12.57% | 12.47% | 12.06% | 7.05% | -28.89% | 7.02% | -7.55% | 7.65% | 7.91% | 9.1% | 8.08% | 3.83% | 7.63% | 5.82% | 6.48% | 6.38% | 6.88% |
| Operating Income Growth % | 21.15% | -8.85% | 12.13% | 37.6% | 86.47% | -50.76% | 1.97% | 16.95% | 6.38% | 40.06% | 24.23% | -0.38% | -2.27% | -3.6% | 30.86% | -42.86% | 123.55% | -548.79% | 189.01% | -193.75% | 14.06% | -15.4% | -3.67% | 92.44% | -43.66% | 43.79% | 12.53% | 13.2% | 49.48% | 19.97% |
| EBITDA | 3.47B | 3.06B | 2.87B | 2.9B | 2.24B | 1.42B | 2.29B | 2.15B | 1.84B | 1.69B | 1.2B | 957M | 970.86M | 1.02B | 1.04B | 807.54M | 1.79B | -3.77B | 1.74B | -365.96M | 2.09B | 1.85B | 2.12B | 2.3B | 2.2B | 2.54B | 2.17B | 1.7B | 1.51B | 941.67M |
| EBITDA Margin % | 17.28% | 15% | 15.67% | 16.76% | 16.26% | 13.38% | 19.1% | 18.07% | 17.75% | 17.66% | 17.14% | 15.39% | 16.28% | 16.7% | 16.34% | 16% | 11.87% | -24.07% | 12.12% | -2.44% | 13.23% | 13.79% | 15.43% | 14.26% | 12.45% | 16.18% | 15.18% | 14.83% | 14.77% | 14.8% |
| EBITDA Growth % | 13.2% | 6.91% | -1.21% | 29.67% | 57.72% | -37.99% | 6.55% | 16.41% | 9.05% | 40.6% | 25.72% | -1.43% | -4.9% | -2.28% | 29.37% | -54.98% | 147.57% | -316.69% | 575.47% | -117.51% | 13.13% | -13% | -7.51% | 4.53% | -13.59% | 16.94% | 28.15% | 11.98% | 60.84% | 21.1% |
| D&A (Non-Cash Add-back) | 886.57M | 933M | 528M | 816M | 722M | 606M | 637.15M | 528.39M | 460.27M | 390.14M | 273.9M | 209M | 220.02M | 252.56M | 247.67M | 198.5M | 727.97M | 754.26M | 731.82M | 766.78M | 881.46M | 787.84M | 871.05M | 995.85M | 1.52B | 1.34B | 1.34B | 954.98M | 860M | 503.78M |
| EBIT | 2.58B | 2.34B | 2.35B | 2.15B | 1.72B | 1.19B | 1.59B | 1.34B | 1.3B | 864M | 759M | 748M | 750.84M | 703.97M | 794.7M | 608.29M | 565.35M | -4.54B | 1.01B | -1.13B | 1.21B | 1.06B | 1.25B | 1.3B | 675.47M | 1.2B | 833.79M | 740.96M | 654.54M | 437.89M |
| Net Interest Income | -194.99M | -187M | -48M | -114M | -120M | -126.54M | -96M | -93M | -100M | -123M | -110M | -89M | -74.59M | -71.08M | -65.58M | -47.37M | -57.93M | -421.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 98.93M | 55M | 114M | 17M | 43M | 37.62M | 88M | 87M | 93M | 114M | 103M | 84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 293.92M | 242M | 162M | 131M | 153M | 164.16M | 137M | 134M | 141M | 145M | 127M | 118M | 74.59M | 71.08M | 65.58M | 47.37M | 400.63M | 421.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -115.26M | -196M | -136M | -129M | -134M | -118M | -197.2M | -95M | -225.56M | -132M | -115M | -89M | -78.94M | -68.81M | -67.9M | -48.12M | 110.28M | -432.44M | -431.41M | -472.04M | -541.2M | -455.89M | -480.39M | -628.01M | -844.06M | -844.34M | -746.34M | -596.86M | -492.73M | -282.02M |
| Pretax Income | 2.47B | 1.94B | 2.2B | 1.96B | 1.38B | 695M | 1.45B | 1.24B | 1.09B | 754.07M | 714.14M | 658M | 584.55M | 634.82M | 729.11M | 560.92M | 672.14M | -4.96B | 576.82M | -1.6B | 667M | 603.42M | 771.8M | 671.84M | -168.59M | 354.56M | 87.45M | 144.1M | 161.82M | 155.87M |
| Pretax Margin % | 12.29% | 9.47% | 12.04% | 11.3% | 10.04% | 6.55% | 12.1% | 10.46% | 10.48% | 7.87% | 10.18% | 10.58% | 9.8% | 10.38% | 11.41% | 11.11% | 4.45% | -31.65% | 4.02% | -10.69% | 4.22% | 4.5% | 5.61% | 4.17% | -0.96% | 2.26% | 0.61% | 1.26% | 1.58% | 2.45% |
| Income Tax | 566.71M | 492M | 534M | 436M | 394M | 197M | 362.95M | 305.48M | 442.42M | 178.29M | 145.27M | 174M | 100.21M | 121.35M | 151.22M | 91.73M | 161.93M | -1.8B | 89.16M | -738.75M | 233.03M | 163.76M | 235.03M | 201.08M | -147.23M | 103.28M | 28.82M | 23.02M | 6.36M | 64.28M |
| Effective Tax Rate % | 22.97% | 25.41% | 24.24% | 22.28% | 28.51% | 28.35% | 25.03% | 24.56% | 40.64% | 23.64% | 20.34% | 26.44% | 17.14% | 19.12% | 20.74% | 16.35% | 24.09% | 36.33% | 15.46% | 46.03% | 34.94% | 27.14% | 30.45% | 29.93% | 87.33% | 29.13% | 32.95% | 15.98% | 3.93% | 41.24% |
| Net Income | 1.87B | 1.42B | 1.67B | 1.51B | 982M | 498M | 1.09B | 938.1M | 646.25M | 575.78M | 568.88M | 484M | 484.34M | 511.91M | 577.89M | 469.19M | 402.02M | -3.16B | 487.65M | -866.04M | 433.98M | 439.66M | 536.76M | 470.77M | -360.78M | 251.28M | 58.63M | 121.08M | 155.45M | 91.6M |
| Net Margin % | 9.29% | 6.94% | 9.12% | 8.71% | 7.14% | 4.7% | 9.07% | 7.89% | 6.22% | 6.01% | 8.11% | 7.79% | 8.12% | 8.37% | 9.04% | 9.29% | 2.66% | -20.15% | 3.4% | -5.77% | 2.75% | 3.28% | 3.9% | 2.93% | -2.04% | 1.6% | 0.41% | 1.06% | 1.52% | 1.44% |
| Net Income Growth % | 31.55% | -15.04% | 10.68% | 53.56% | 97.19% | -54.18% | 15.86% | 45.16% | 12.24% | 1.21% | 17.54% | -0.07% | -5.38% | -11.42% | 23.17% | 16.71% | 112.74% | -747.26% | 156.31% | -299.56% | -1.29% | -18.09% | 14.02% | 230.49% | -243.58% | 328.56% | -51.57% | -22.11% | 69.72% | 43.22% |
| Net Income (Continuing) | 1.9B | 1.44B | 1.67B | 1.52B | 988M | 498M | 1.09B | 909M | 688M | 549M | 513M | 484M | 484.34M | 511.91M | 577.89M | 469.19M | 402.02M | -3.16B | 487.65M | -866.04M | 433.98M | 439.66M | 536.76M | 470.77M | -21.35M | 251.28M | 58.63M | 121.08M | 155.45M | 91.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 467.8M | 496M | 0 | 0 | 177M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.05M | 15.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.09 | 3.08 | 3.64 | 3.29 | 2.15 | 1.09 | 2.32 | 1.92 | 1.32 | 1.50 | 2.42 | 1.92 | 1.77 | 1.70 | 1.77 | 1.38 | 0.82 | -6.51 | 1.00 | -1.82 | 0.91 | 0.93 | 1.16 | 1.03 | -0.84 | 0.58 | 0.13 | 0.30 | 0.39 | 0.24 |
| EPS Growth % | 32.79% | -15.38% | 10.64% | 53.02% | 97.25% | -53.02% | 20.83% | 45.45% | -12% | -38.02% | 26.04% | 8.47% | 4.12% | -3.95% | 28.26% | 68.29% | 112.6% | -751% | 154.95% | -300% | -2.15% | -19.83% | 12.62% | 222.62% | -244.83% | 346.15% | -56.67% | -23.08% | 62.5% | 41.18% |
| EPS (Basic) | 4.09 | 3.08 | 3.63 | 3.30 | 2.15 | 1.09 | 2.33 | 1.94 | 1.34 | 1.52 | 2.46 | 1.92 | 1.77 | 1.74 | 1.81 | 1.38 | 0.82 | -6.51 | 1.01 | -1.82 | 0.92 | 0.95 | 1.18 | 1.05 | -0.84 | 0.60 | 0.14 | 0.31 | 0.41 | 0.24 |
| Diluted Shares Outstanding | 456M | 461M | 459M | 458M | 457M | 456M | 469M | 488M | 489M | 385M | 235M | 252M | 273M | 301M | 327M | 340M | 493M | 485M | 488M | 475M | 476M | 473M | 461M | 458M | 432M | 431.48M | 436M | 402.86M | 396M | 375M |
| Basic Shares Outstanding | 456M | 460.39M | 459M | 457M | 456M | 455M | 466M | 484M | 484M | 380M | 231M | 252M | 273M | 294M | 319M | 339M | 488M | 485M | 481M | 475M | 471M | 465M | 454M | 449M | 432M | 416.07M | 425M | 391.67M | 383M | 375M |
| Dividend Payout Ratio | 47.73% | 64.17% | 50.39% | 50.6% | 64.97% | 77.51% | 52.81% | 54.68% | 75.67% | 35.43% | 40.78% | 38.22% | 31.93% | 27.62% | 21.63% | 6.41% | 25.52% | - | 16.31% | - | 14.79% | 12.75% | 10.95% | 15.18% | - | 29.66% | 118.64% | 40.85% | 19.3% | 16.67% |
Input cost and volume volatility
According to recent financial filings, CCEP's revenue growth has decelerated to a contraction of 0.6% in 2025Q4, marking a significant departure from the double-digit expansion observed in prior periods and suggesting that the company's ability to drive top-line gains through pricing alone is reaching a structural limit.
The shift from positive growth to a slight contraction indicates that volume pressures in core European markets may be outweighing the benefits of revenue growth management strategies. Investors should monitor whether this trend reflects a broader consumer pullback in the away-from-home channel or if it signals a saturation point in the company's current geographic footprint.
As reported in the latest income statement data, CCEP's gross margin has remained tightly clustered around 35%, a figure that appears structurally capped by the incidence pricing model inherent in its bottling agreements with The Coca-Cola Company, limiting the firm's ability to expand margins during inflationary cycles.
The consistency of these margins suggests that the company lacks the pricing power to fully decouple its profitability from the rising cost of concentrate and packaging inputs. This reliance on a pass-through cost structure implies that margin expansion will likely remain elusive unless the company achieves significant operational efficiencies or shifts its product mix toward higher-margin categories.
Based on the provided figures, operating income has shown volatility, with the 2025Q4 operating margin of 12.8% failing to scale proportionally with gross profit, which may indicate that SG&A expenses are becoming increasingly difficult to contain as the company integrates its expanded Asia-Pacific operations.
The lack of clear operating leverage suggests that the costs associated with managing a multi-continental distribution network are currently offsetting potential economies of scale. Analysts should investigate whether the recent SG&A levels represent a permanent step-up in overhead or if they are temporary costs related to the Amatil integration.
While the company maintains a stable market position, the recent decline in revenue growth and the persistent 35% gross margin ceiling warrant caution, as short-sellers may focus on the potential for permanent margin compression driven by mandatory investments in circular economy packaging and rising concentrate costs.
The risk remains that the company's reliance on the Coca-Cola brand portfolio masks underlying weaknesses in its own operational efficiency. If volume continues to soften, the company may find it increasingly difficult to maintain its current profitability levels without further aggressive pricing, which could ultimately alienate price-sensitive consumers.
Quick answers to the most common questions about buying CCEP stock.
For fiscal year 2025, Coca-Cola Europacific Partners PLC (CCEP) reported total revenue of $20.08B. This represents a 215.4% increase compared to $6.36B in 1996.
Coca-Cola Europacific Partners PLC (CCEP) is profitable, generating $1.87B in net income for the fiscal year ending 2025 with a net profit margin of 9.3%.
Coca-Cola Europacific Partners PLC (CCEP) reported an operating income of $2.58B, resulting in an operating profit margin of 12.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Coca-Cola Europacific Partners PLC (CCEP) generated $7.00B in gross profit for the year, representing a gross profit margin of 34.9%. This demonstrates the company's core pricing power and production efficiency.