Coca‑Cola Consolidated completed a $2.4 billion repurchase of 18.8 million shares of Coca‑Cola Company, buying the shares at $127 each. The transaction closed on November 7 2025 and was funded with a mix of cash on hand and a $1.2 billion, 364‑day term loan facility.
The deal also saw Coca‑Cola Company relinquish its seat on Coca‑Cola Consolidated’s board. In addition, the parent’s share‑repurchase program was trimmed from an original $1 billion authorization to $400 million, leaving $136.3 million of repurchase authority still available. The move signals a strategic realignment that gives Consolidated greater independence while preserving a long‑standing partnership with its former parent.
Financially, the transaction comes on the heels of a strong Q3 2025 performance: revenue of $1.89 billion, net income of $142.33 million, and earnings per share of $6.35—an increase of 19.8% year‑over‑year. Net profit margin rose to 8.7% from 7.8% in the prior year, and volume grew 3.3% YoY, driven by both sparkling and still beverages. The buyback will lift EPS by reducing the share count, reinforcing management’s confidence in the company’s valuation.
Management highlighted the strategic intent behind the deal. Chairman and CEO J. Frank Harrison, III said the transaction “advances our commitment to build long‑term value for all stockholders” and signals confidence in the U.S. Coca‑Cola system. Executive Vice President and COO Henrique Braun of Coca‑Cola Company described the stake sale as a “natural evolution” of the partnership, underscoring the continued alignment of the two companies’ goals.
The announcement was well received by the market. On the day of the announcement, Coca‑Cola Consolidated’s shares rose 5.7%, while Coca‑Cola Company’s shares fell 0.17% after hours. Analysts noted the buyback as a positive sign of capital allocation and confidence in future growth, though some cautioned that the reduced repurchase program might temper enthusiasm.
Segment analysis shows that Coca‑Cola Consolidated’s revenue is dominated by its Nonalcoholic Beverages segment, with All Other and Eliminations contributing smaller shares. The recent volume growth in both sparkling and still beverages supports the company’s decision to return capital to shareholders while maintaining a robust operational base.
In sum, the $2.4 billion share repurchase reflects Coca‑Cola Consolidated’s strong financial position, its strategic shift toward greater independence, and its commitment to delivering value to shareholders.
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