2025-10-21 The Coca-Cola Company (KO) Q3 2025 Earnings Call Transcript
The Coca-Cola Company (NYSE:KO) Q3 2025 Earnings Call October 21, 2025 8:30 AM EDT
Company Participants
Robin Halpern - VP & Head of Investor Relations
James Quincey - Chairman & CEO
Henrique Braun - EVP & Chief Operating Officer
John Murphy - President & CFO
Conference Call Participants
Stephen Robert Powers - Deutsche Bank AG, Research Division
Lauren Lieberman - Barclays Bank PLC, Research Division
Dara Mohsenian - Morgan Stanley, Research Division
Filippo Falorni - Citigroup Inc., Research Division
Christopher Carey - Wells Fargo Securities, LLC, Research Division
Kaumil Gajrawala - Jefferies LLC, Research Division
Bonnie Herzog - Goldman Sachs Group, Inc., Research Division
Robert Ottenstein - Evercore ISI Institutional Equities, Research Division
Andrea Teixeira - JPMorgan Chase & Co, Research Division
Peter Galbo - BofA Securities, Research Division
Peter Grom - UBS Investment Bank, Research Division
Michael Lavery - Piper Sandler & Co., Research Division
Kevin Grundy - BNP Paribas Exane, Research Division
Robert Moskow - TD Cowen, Research Division
Carlos Alberto Laboy - HSBC Global Investment Research
Presentation
Operator
At this time, I'd like to welcome everyone to The Coca-Cola Company's Third Quarter 2025 Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. [Operator Instructions]
此时，我谨代表 The Coca-Cola Company 欢迎各位参加公司 2025 年第三季度业绩电话会议。今天的会议将被录音。如您对此有任何异议，请现在退出接入。[运营方指示]
I would like to remind everyone that the purpose of this conference is to talk with investors, and therefore, questions from the media will not be addressed. Media participants should contact Coca-Cola's Media Relations department if they have any questions.
我想提醒各位，本次会议旨在与投资者交流，因此不会回答媒体的提问。媒体参会者如有问题，请联系 Coca-Cola 的媒体关系部门。
I would now like to introduce Ms. Robin Halpern, Vice President and Head of Investor Relations. Ms. Halpern, you may now begin.
现在我将介绍 Robin Halpern 女士，副总裁兼投资者关系负责人。Halpern 女士，请开始。
Robin Halpern
VP & Head of Investor Relations
Good morning, and thank you for joining us. I'm here with James Quincey, our Chairman and Chief Executive Officer; Henrique Braun, our Chief Operating Officer; and John Murphy, our President and Chief Financial Officer.
各位早上好，感谢参加今天的会议。与我一同出席的有我们的董事长兼首席执行官 James Quincey；首席运营官 Henrique Braun；以及总裁兼首席财务官 John Murphy。
We've posted schedules under Financial Information in the Investors section of our company website. These reconcile certain non-GAAP financial measures that may be referred to this morning to results as reported under generally accepted accounting principles. You can also find schedules in the same section of our website that provide an analysis of our gross and operating margins.
我们已在公司网站投资者版块的 Financial Information 下发布了相关表格。这些表格将今天可能提到的若干非 GAAP 财务指标与按照公认会计准则披露的结果进行了对账。您还可以在同一版块找到关于我们毛利率和经营利润率分析的表格。
This call may contain forward-looking statements, including statements concerning long-term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC report. Following prepared remarks, we will take your questions. [Operator Instructions]
本次电话会可能包含前瞻性声明，包括关于长期收益目标的陈述，需结合我们收益公告及公司向 SEC 定期提交报告中的风险提示一并考虑。在预备发言结束后，我们将进入问答环节。[运营方指示]
Now I will turn the call over to James.
现在我把话筒交给 James。
James Quincey
Chairman & CEO
Thanks, Robin, and good morning, everyone. In the third quarter, the external environment remained dynamic. And in response, we adapted our plans as needed, focusing on sharper execution and investments to drive growth. With 1 quarter remaining in 2025, we're on track to deliver on our reiterated top line and bottom line guidance. We also believe we're well positioned to achieve our longer-term commitments.
谢谢你，Robin，大家早上好。第三季度，外部环境依然多变。对此，我们按需调整计划，更加聚焦精准执行与推动增长的投资。2025 年还剩最后一个季度，我们有望实现重申的营收与利润指引。同时，我们也认为自己已具备良好条件去兑现更长期的承诺。
This morning, I'll provide some context on how we're executing our all-weather strategy in the current operating environment. Then I'll pass the call to Henrique, who will discuss our segment performance and how we're working to unlock the full potential of our system. Finally, John will discuss financial details for the quarter, our guidance for the full year 2025 and some early considerations for 2026.
今天早上，我将先介绍我们如何在当前经营环境下执行“全天候战略”。随后，我会把话筒交给 Henrique，他将讨论各业务分部的表现以及我们如何释放整个体系的潜能。最后，John 将解读本季度的财务细节、2025 年全年指引以及对 2026 年的初步考量。
During the quarter, the operating landscape remained complex. While many consumers remain in overall good shape, certain segments of the population are under pressure due to varying factors. Some factors are transitory like unseasonal weather. Others may be long-lasting, like the cumulative impact of inflationary pressures, uncertain trade dynamics and an ever-changing geopolitical environment.
本季度的经营格局依旧复杂。尽管许多消费者整体状况良好，但某些人群因多种因素承受压力。有些因素是暂时性的，比如反常天气；也有一些可能更为持久，比如通胀压力的累积效应、不确定的贸易格局以及不断变化的地缘政治环境。
Despite this backdrop, we've delivered volume growth. July and August was slow to start, but September ended on a stronger note. Organic revenue growth continued to be at the high end of our long-term growth model and ongoing efficiency and effectiveness initiatives drove comparable operating margin expansion. This led to a 6% comparable earnings per share growth despite 6% currency headwinds.
尽管如此，我们仍实现了销量增长。7、8 月开局偏慢，但 9 月收官更为强劲。内生营收增速继续位于我们长期增长模型的高端，持续的效率与效能举措推动了可比经营利润率的扩张。即便面临 6% 的汇率逆风，可比每股收益仍实现 6% 增长。
We benefit from operating in a vibrant and resilient industry with ample headroom for growth. For the 18th consecutive quarter, we gained overall value share. We also held or gained value share across each of our geographic segments. By offering consumers choice across our total beverage portfolio by leveraging our systems capabilities, we continue to build momentum to develop our industry and expand our lead over the long term.
我们受益于所处行业的活力与韧性，且增长空间充足。我们已连续第 18 个季度提升整体价值份额。我们在各个区域分部也保持或提升了价值份额。通过提供覆盖全品类饮料组合的选择，并发挥体系能力，我们持续积累势能，推动行业发展，并在长期中扩大领先优势。
To deliver in today's environment, we're capitalizing on the strength of our portfolio and focusing on improving execution across all aspects of our strategic growth flywheel. We have unparalleled portfolio power as demonstrated by our 30 billion-dollar brands, which we estimate represents approximately 1/4 of the billion-dollar brands in the industry is approximately double our nearest competitor.
为在当下环境中持续交付，我们将充分利用产品组合优势，聚焦提升战略增长飞轮各环节的执行力。我们的产品组合实力无与伦比——体现在我们拥有 30 个“十亿美元品牌”。据我们估算，这约占行业“十亿美元品牌”的四分之一，约为我们最接近竞争对手的两倍。
As we continue to develop love brands, we expect our number of billion-dollar brands to grow. Our marketing transformation is centered on connecting deeply with consumers through digital engagement, personalized experiences, and cultural relevance. For example, we recently partnered with Universal Pictures and Blumhouse on a Halloween campaign for Fanta that was activated in approximately 50 markets. Building on last year's success, the campaign featured iconic power characters on our packaging, limited-time flavors and immersive retail and digital experiences. While we're building capabilities in marketing, we're also prioritizing bigger and bolder innovation like Sprite + Tea in North America, BACARDÍ Mixed with Coca-Cola in Mexico and Europe and Powerade Springboks addition in South Africa.
随着我们持续打造“爱牌”，我们预计“十亿美元品牌”的数量将继续增长。我们的营销转型以通过数字互动、个性化体验与文化相关性与消费者建立更深连接为核心。举例来说，我们最近与 Universal Pictures 和 Blumhouse 合作，为 Fanta 推出万圣节主题活动，覆盖约 50 个市场。延续去年的成功，该活动在包装上呈现标志性强势角色，推出限时口味，并打造沉浸式的零售与数字体验。在提升营销能力的同时，我们也优先推进更大更大胆的创新，例如北美的 Sprite + Tea、在墨西哥与欧洲的 BACARDÍ Mixed with Coca-Cola，以及南非的 Powerade Springboks 限定版。
During the first 3 quarters of this year, innovation contributed strongly to revenue growth, and we're continuing to have strong velocities on our innovation. Last, our marketing and innovation agenda is brought to life by execution in the market. Over the past decade, we've been on a journey to re-franchise company-owned bottlers to fortify our system and unlock further growth. Recently, we reached 2 significant steps in completing this journey.
今年前三个季度，创新为营收增长作出了强劲贡献，我们的创新产品保持了良好的动销速度。最后，我们通过市场端的执行将营销与创新议程落地。过去十年，我们一直推进将公司自营装瓶业务再特许经营化，以强化体系并释放更多增长。近期，我们在完成这一进程上取得两项重要进展。
In July, we sold a 40% ownership stake in our company-owned Indian bottler to the Jubilant Bhartia Group. Additionally, this morning, Coca-Cola Hellenic announced its intention to acquire a controlling interest in Coca-Cola Beverages Africa, which is expected to close next year, subject to regulatory approvals. We believe these moves will unlock growth opportunities in India and Africa. Jubilant Bhartia has built and grown consumer businesses in India and Coca-Cola Hellenic has demonstrated a strong track record in Nigeria and Egypt.
今年 7 月，我们将公司在印度的自营装瓶业务 40% 股权出售给 Jubilant Bhartia Group。此外，今天早晨，Coca-Cola Hellenic 宣布拟收购 Coca-Cola Beverages Africa 的控制性股权，交易预计于明年在监管批准后完成。我们认为，这些举措将释放印度与非洲的增长机会。Jubilant Bhartia 在印度构建并发展了消费类业务，而 Coca-Cola Hellenic 在 Nigeria 与 Egypt 具有强劲的运营业绩记录。
Our global franchise model is a strategic differentiator and is very difficult to replicate. With these milestones, we have a clear line of sight to complete our re-franchising strategy allowing us to further focus on brand building and innovation complemented by integrated execution with our bottling partners.
我们的全球特许经营模式是战略差异化所在，且极难复制。随着这些里程碑进展，我们有望顺利完成再特许经营战略，从而把更多精力投向品牌建设与创新，并与装瓶合作伙伴实现一体化执行的相互补充。
In summary, we're confident we can navigate what comes at us, deliver on our 2025 guidance and create long-term value for our stakeholders. With that, I'd like to hand off the call to Henrique. In his nearly 30 years of the company, Henrique has worked on multiple continents and has been a strong partner to me and to our system in driving sustainable growth.
总之，我们有信心应对未来的各种挑战，兑现 2025 年指引，并为各方利益相关者创造长期价值。接下来，我把话筒交给 Henrique。在他近 30 年的公司生涯中，Henrique 曾在多大洲工作，是推动可持续增长方面我与整个体系的强力合作伙伴。
Henrique Braun
EVP & Chief Operating Officer
Thank you, James. I'm glad to be joining the call today. I would like to begin by discussing how we responded to varying market dynamics during the quarter by adapting faster and then I will spend some time covering actions that we are taking to ensure we get better and sharper every day.
谢谢你，James。很高兴参加今天的电话会。我想先谈谈我们在本季度如何通过更快速的适应来应对不同的市场动态，随后我将花一些时间介绍我们正在推进的举措，以确保我们每天都在变得更好、更敏捷。
Starting with North America. We delivered strong results despite ongoing differences in spending between income groups and slower traffic across channels, volume was flat and improved sequentially for the second consecutive quarter. We also gained value share and had strong revenue and profit growth.
先从 North America 讲起。尽管不同收入群体的消费差异仍在、各渠道客流放缓，我们依然交出了强劲的成绩：销量持平，并连续第二个季度环比改善。我们同样提升了价值份额，营收与利润均实现强劲增长。
We're investing behind our brands which led to broad-based strength across our total beverage portfolio. In addition to ongoing strength with Coca-Cola Zero Sugar, Diet Coke had strong volume growth by reaching a new generation of consumers, with campaigns like no design, which invites drinkers to take a Diet Coke break. We also launched innovations for our loyal consumer base like retro Diet Coke with Cherry and this October, we are bringing back retro Diet Coke with Lime nationwide in the U.S. Across our portfolio, our system accelerated codeine equipment placement expanded availability for key packages and one share of visible inventory.
我们持续加大对品牌的投入，带动了整个饮料组合的全面走强。除了 Coca-Cola Zero Sugar 的持续强势外，Diet Coke 借助 “no design” 等活动触达新一代消费者，带动销量强劲增长；我们还面向忠实用户推出了复古款的 Diet Coke with Cherry，并将在今年 10 月于全美重新推出复古款的 Diet Coke with Lime。纵观全组合，我们的体系加快了设备投放，扩大了关键包型的可得性，并提升了可见库存的份额。
In Latin America, volume was flat but we gained value share in group organic revenue and comparable currency-neutral operating income. We are taking steps to address softening macroeconomic conditions in key markets like Mexico, we are seeing good reactions to some of our integrations, but we believe it will take time. We had continued growth in Brazil, where we gained value share with strong performance from Coca-Cola Zero Sugar driven by increasing trial with duo packs, further linking the brand to the meals occasion and expanded refillable packaging options.
在 Latin America，销量持平，但我们在集团内生营收与可比货币中性经营利润上取得价值份额的提升。针对 Mexico 等关键市场的宏观走弱，我们已采取措施；部分整合举措反馈良好，但我们认为仍需时间。Brazil 继续保持增长，Coca-Cola Zero Sugar 表现强劲，得益于 duo packs 提升试饮、进一步把品牌与餐食场景连接，以及扩大可回收包装选项，我们在当地获得了价值份额提升。
Also, in Mexico, Santa Clara recently became the value share leader within value-added dairy. In EMEA, we continued to grow volume and delivered strong revenue and profit growth. In Europe, volume declined driven by cycling a tougher comparison versus previous year and mixed performance across Western and Eastern markets. We partnered with the English Premier League with Coca-Cola, Smartwater and Powerade to tap into consumer passion for football. We featured this partnership on our packaging and offered exclusive fans activation and access to tickets, which helped recruit weekly plus drinkers.
此外，在 Mexico，Santa Clara 近期已成为增值乳制品品类的价值份额领导者。在 EMEA，我们继续实现销量增长，同时带来强劲的营收与利润增长。在 Europe，受去年高基数影响以及东西欧市场表现分化，销量有所下滑。我们与 English Premier League 合作，借助 Coca-Cola、Smartwater 和 Powerade 触达消费者对足球的热情；我们在包装上呈现该合作，并提供粉丝专属活动与购票权益，这帮助我们吸引了“每周+”高频饮用者。
In Eurasia and the Middle East and in Africa, we grew volume in both operating units despite volatile macroeconomic backdrops. We further emphasized our mix of local and global brands, launched the impactful marketing campaigns like our partnership with Springbok rugby in South Africa and innovations like Cappy Bubble in Turkey. Also, we sharpened our revenue growth management capability and highlighted the localness of our system.
在 Eurasia and the Middle East 以及 Africa，尽管宏观环境波动，我们在两个运营单元都实现了销量增长。我们进一步强化了本地与全球品牌的组合，推出了有影响力的营销活动，例如在 South Africa 与 Springbok 橄榄球队的合作，以及在 Turkey 推出的创新产品 Cappy Bubble。同时，我们提升了收入增长管理能力，并凸显了体系的本地化特质。
Lastly, in Asia Pacific, volume declined across each of the operating units driven by softer consumer spending, weaker industry performance and inclement weather in a few markets like India and the Philippines. However, we gained by the share and grew revenue and profit for the segment. We are focusing on granular channel execution plans, tailoring our brand price architecture with a focus on affordability and investing for growth.
最后，在 Asia Pacific，各运营单元的销量均出现下降，原因在于消费支出走弱、行业表现偏弱，以及 India 和 the Philippines 等少数市场的不利天气。不过，我们提高了价值份额，并实现了该分部的营收与利润增长。我们正专注于更精细的渠道执行计划，围绕可负担性优化品牌价格架构，并持续投资以驱动增长。
Putting it all together, we continue to execute in an uncertain external environment with strong plans in place and a focus on driving profitable growth. While our strategy continues to deliver, the world around us is changing. And as we have done throughout our history, we will continue to evolve to capture the full potential of our system. Together with our bottling partners, we are leveraging capabilities to deepen consumer connections, build on brand and execute of excellence. Digital platforms are helping us to connect the dots across our system, enabling better experiences for our consumers and customers. As we adapt, we will enhance the way we work to move faster and with greater precision.
总体而言，在充满不确定性的外部环境下，我们依然按计划推进执行，聚焦推动盈利性增长。尽管战略持续奏效，但外部世界在变化。正如公司一贯做法，我们将继续演进，以释放体系的全部潜能。我们与装瓶伙伴一道，发挥能力优势，深化与消费者的连接，夯实品牌，并实现卓越执行。数字化平台帮助我们贯通体系各个环节，为消费者与客户带来更优体验。随着持续适应，我们将改进工作方式，以更快速度与更高精度推进。
We will become even more consumer-centric to drive enduring growth for our system and industry. Overall, I'm encouraged by the energy across the network. We are learning fast, pushing boundaries and unlocking new opportunities to deliver for the long term.
我们将更加以消费者为中心，为公司体系与行业驱动持久增长。总体来看，网络各环节呈现出的活力令人鼓舞。我们在快速学习、不断突破边界，并解锁新的长期增长机会。
With that, I will hand the call over to John.
接下来，我把话筒交给 John。
John Murphy
President & CFO
Thank you, Henrique, and good morning, everyone. Today, I'll comment on our third quarter performance, discuss the outlook for the remainder of 2025 and provide some early commentary on 2026. During the third quarter, we grew organic revenues 6%. Unit cases grew 1%. After a slower start, we ended with improved performance. During the quarter, 2-year volume trends accelerated each month.
谢谢你，Henrique，各位早上好。今天，我将点评第三季度业绩，讨论 2025 年余下时间的展望，并对 2026 年做一些初步说明。第三季度，我们的内生营收增长 6%；销售箱量增长 1%。在开局较慢之后，季度末的表现有所改善。整个季度中，滚动两年的销量趋势逐月加速。
Concentrate sales were 1 point behind unit case sales driven primarily by the timing of concentrate shipments. Our price/mix growth of 6% was primarily driven by approximately 4 points of pricing actions and 2 points of favorable mix. Pricing from intense inflationary markets has largely abated. Comparable gross margin declined approximately 10 basis points, while comparable operating margin increased approximately 120 basis points. Our year-to-date comparable operating margin expansion has been driven by our continued productivity mindset.
受浓缩液发货时点影响，浓缩液销量较销售箱量低 1 个百分点。我们的 6% 价/量结构增长主要由约 4 个点的提价举措和约 2 个点的有利结构所驱动。来自高通胀市场的定价压力已大体缓解。可比毛利率约下降 10 个基点，而可比经营利润率约上升 120 个基点。年初至今的可比经营利润率扩张得益于我们持续的效率提升思维。
While we're continuing to invest for growth, we're also driving productivity, including prioritizing supply chain efficiencies, improving the efficiency of our advertising spend and being prudent with our expense base. Putting it all together, third quarter comparable EPS of $0.82 in increased 6% year-over-year despite 6% currency headwinds, higher net interest expense and an increase in our effective tax rate.
在持续为增长投资的同时，我们也在推动效率提升，包括优先改善供应链效率、提高广告支出效能以及审慎管理费用基数。综合来看，尽管面临 6% 的汇率逆风、更高的净利息支出以及有效税率上升，第三季度可比每股收益（EPS）仍达 0.82 美元，同比增长 6%。
Free cash flow, excluding the fairlife contingent consideration payment was $8.5 billion, which was an increase versus the prior year. Growth was driven by underlying business performance and lower tax payments, partially offset by cycling working capital benefits in the prior year. Our balance sheet remains strong with our net debt leverage of 1.8x EBITDA, which is below our targeted range of 2x to 2.5x. We're confident in our long-term free cash flow generation and have ample balance sheet capacity to pursue our capital allocation agenda, which prioritizes reinvesting in our business and returning capital to our share owners.
自由现金流（不含 fairlife 或有对价支付）为 85 亿美元，高于上年；增长主要由业务基本面改善与税款减少驱动，部分被上年营运资本收益的基数效应所抵消。我们的资产负债表依然稳健，净债务/EBITDA 为 1.8 倍，低于 2 至 2.5 倍的目标区间。我们对长期自由现金流创造力充满信心，并拥有充足的资产负债表容量以推进资本配置议程，优先用于再投资业务与向股东回馈资本。
I also want to give a quick update regarding our ongoing dispute with the U.S. Internal Revenue Service. A portion of our case relates to royalties from our Brazilian affiliates that were blocked under Brazilian law. The recent 3M appellate court decision addressed the same underlying regulation. We believe this case is highly supportive of our position. As we have said many times in the past, we're continuing to vigorously defend our overall position and are encouraged about our chances of prevailing on appeal.
我还想就我们与美国国税局（IRS）的持续争议做一个简要更新。案件的一部分涉及我们巴西关联方的特许权使用费，该等款项曾因巴西法律而受限。近期 3M 的上诉法院判决关注了同一项基础法规。我们认为该判决对我们的立场具有高度支撑。正如我们多次强调的，我们将继续积极捍卫整体立场，并对上诉胜诉的机会持乐观态度。
As previously mentioned, we're confident we will deliver on our 2025 guidance. We continue to expect organic revenue growth of 5% to 6% and expect comparable currency-neutral earnings per share growth of approximately 8%, both of which reflect delivery in line with our long-term growth algorithm. Based on current rates and our hedge positions, we continue to expect a 1- to 2-point currency headwind to comparable net revenues and an approximate 5-point currency headwind to comparable earnings per share for full year 2025. Our underlying effective tax rate for 2025 is now expected to be 20.7%.
如前所述，我们有信心兑现 2025 年指引。我们仍预计内生营收增长 5%–6%，预计可比货币中性每股收益增长约 8%，两者都符合我们的长期增长算法。基于当前汇率与对冲头寸，我们仍预计 2025 年全年可比净营收将面临 1–2 个点的汇率逆风，可比每股收益将面临约 5 个点的汇率逆风。我们对 2025 年的基础有效税率预计为 20.7%。
All in, based on what we know today, we continue to expect 2025 comparable earnings per share growth of approximately 3% versus $2.88 in 2024. Last, excluding the fairlife contingent consideration payment, we now expect to generate at least $9.8 billion of free cash flow in 2025.
总体而言，基于当前所知，我们仍预计 2025 年可比每股收益同比增长约 3%（2024 年为 2.88 美元）。最后，剔除 fairlife 或有对价支付，我们目前预计 2025 年将产生至少 98 亿美元自由现金流。
There are a couple of considerations to keep in mind for the fourth quarter of 2025. We're cycling a more difficult volume comparison in some of our key markets. And due to our reporting calendar there will be one additional day in the fourth quarter. While it is too early to provide specific guidance for 2026, we want to share some considerations based on what we know today.
关于 2025 年第四季度，需要注意几点：在部分关键市场，我们将面对更严峻的销量同比基数；并且由于报告日历原因，第四季度将多出 1 天。尽管现在给出 2026 年的具体指引为时尚早，但我们愿意基于当下信息分享一些考量。
First, a calendar shift will impact the quarterly cadence as we will have 6 additional days in the first quarter and 6 fewer days in the fourth quarter. We're focused on driving balanced top line growth with volume as a key priority. As inflation moderates, we anticipate pricing to normalize and we lean into both affordability and premiumization, depending on what the market demands.
首先，日历变动将影响季度节奏：第一季度将多出 6 天，第四季度将少 6 天。我们专注于推动均衡的营收增长，并将销量作为关键优先项。随着通胀回落，我们预计定价将回归常态，并将根据市场需求同时发力可负担性与高端化。
With respect to commodities, while we're experiencing cost inflation, we believe the overall impact is manageable. However, the company and our system saw several items exposed to volatility and trade dynamics, which could cause our outlook to vary across our markets. We continue to challenge all aspects of how we work, and we see opportunities to unlock cost efficiencies that can be reinvested to support portfolio growth and long-term value creation.
就大宗商品而言，尽管我们正经历成本通胀，但整体影响可控。然而，公司及其体系中仍有若干项目暴露于波动性与贸易格局之中，这可能导致各市场前景不尽相同。我们将持续检视工作方式的各个方面，并看到释放成本效率的机会，以便再投入来支持产品组合增长与长期价值创造。
Regarding currency, if we assume current rates and our hedge positions, there would be a slight tailwind to both comparable net revenues and comparable earnings per share for full year 2026. Many factors could impact both our currency outlook and broader business outlook between now and when we expect to provide guidance in February.
关于汇率，若假设当前汇率与我们的对冲头寸，2026 年全年可比净营收与可比每股收益都将受到轻微顺风推动。在现在到我们预计于 2 月提供指引之间，仍有许多因素可能影响我们的汇率展望与更广泛的业务展望。
In summary, while our external environment is dynamic, we see great potential for our industry and remain steadfastly focused on driving growth. We are confident in our ability to deliver on our 2025 guidance and create enduring value for our stakeholders.
总之，尽管外部环境多变，我们对行业前景仍充满信心，并始终专注于推动增长。我们有信心兑现 2025 年指引，并为利益相关方创造持久价值。
With that, operator, we are ready to take questions.
就此，运营方，我们已准备好进入问答环节。
Question-and-Answer Session
Operator
[Operator Instructions] Our first question comes from Steve Powers from Deutsche Bank.
[运营方指示] 我们的第一个提问来自 Deutsche Bank 的 Steve Powers。
Stephen Robert Powers
Deutsche Bank AG, Research Division
As I think each of you alluded to in your remarks, entering September, you'd called out momentum that was trending a bit slower than expected in the third quarter, and you highlighted a few specific markets at the time, Mexico and Latin America, India, Vietnam, Thailand and Asia. Obviously, it appears that you came out the quarter with seeing a bit more acceleration, which is obviously encouraging.
正如我理解到你们各位在发言中提到的那样，进入 9 月时，你们指出第三季度的动能略低于预期，并且当时强调了几个具体市场，包括 Mexico 与 Latin America、India、Vietnam、Thailand 以及 Asia。显然，你们在季度结束时出现了一些加速，这当然令人鼓舞。
But I'm curious as to whether you describe that to sequential improvement in underlying category trends or more your own interventions made in response to the shift in consumer sentiment? And then either way, maybe just a little bit more color on how those recent observations factor into both your 4Q, your fourth quarter views as well as your approach to fiscal '26 planning.
但我想了解，这种改善更多是源于品类基本面趋势的环比提升，还是源于你们针对消费者情绪变化所采取的自我干预措施？另外，不管是哪一种，请再多谈一点，这些最新观察如何影响你们对第四季度（4Q）的看法，以及对 2026 财年的规划思路。
James Quincey
Chairman & CEO
Yes, sure. Thanks, Steve. Yes, as you say, we -- when I think Henrique is at the conference, we pulled out a little bit of softness in the opening part of Q3. You talked about where it was, Mexico and a number of parts of Asia, India, China and some of the ASEAN countries. And clearly, we got a bit better in September, some sequential improvement. I think it would be fair to say, as much as anything, that was a doubling down by the system, increases in marketing and focus and innovation from us working with the bottlers on some affordability and revenue management options and some step-ups in execution. So I don't think the environment changed markedly in September from July and August. We just got more focused on drilling down into what needed to be done and to driving the quarter.
是的，当然可以。谢谢你，Steve。正如你所说——我记得 Henrique 在会上也提过——我们在第三季度初段看到了一些走弱。你提到的区域包括 Mexico、以及 Asia 的若干市场，像 India、China 和一些 ASEAN 国家。显然，到了 9 月我们有所改善，出现了环比提升。我认为更准确的表述是，体系层面的“加倍发力”：我们加大了营销投入、聚焦与创新，并与装瓶商一道在可负担性与收入管理选项上推进，同时在执行上有所提速。因此，我不认为 9 月相较 7 月和 8 月的外部环境发生了显著变化，而是我们更聚焦、把需要做的事落到了实处，从而推动了本季度表现。
And I think, therefore, as you look out to Q4, I don't think the environment is changing that quickly. So I think we're going to have to be on the top of our game. We certainly expect to lean into and invest for growth in the fourth quarter. We have a lot of good marketing and innovation programs coming from Halloween all the way through to Christmas. So we'll be driving that and obviously executing with our bottlers. But I think, again, as you kind of hinted in the question, the environment is going to stay more or less the same, and we've got to focus on driving our own results and trying to get volume growth going into the fourth quarter, especially as we're cycling a steeper comparison versus last year.
因此，展望第四季度（Q4），我不认为环境会快速改变。所以我们必须保持最佳状态。我们当然预计在第四季度继续加码、投资于增长。从 Halloween 一直到 Christmas，我们会有大量优质的营销与创新项目推出；我们会推动这些项目并与装瓶商一起执行。不过，我仍然认为，正如你问题所暗示的，环境大体上会保持不变，我们需要专注于推动自身结果，力争在进入第四季度时实现销量增长，尤其是在今年要面对去年更陡峭的同比基数情况下。
And then as we look out to '26, that's going to be a long way away from here and going through the year. Certainly, as John commented in his considerations, we certainly expect to see inflation and pricing moderate back to a more normal range. I think as we talked about on the previous call, if our long-term growth model calls for 4% to 6% on the top line and we look for balance, which kind of implies 2% to 3% on volume and 2% to 3% on price. Certainly, that hopefully will get easier as we go through the year, but that's what we're aiming for. Our long-term objective remains to grow volume as a way of expanding our consumer franchise and earning the right to pricing so that we can stay at the top end of our revenue growth algorithm.
至于展望 2026 年，这还很远，需要贯穿全年来观察。正如 John 在其考量中提到的，我们确实预计通胀与定价将回落至更正常的区间。正如我们在上一次电话会上讨论的，如果我们的长期增长模型是 4%–6% 的营收增速，并希望实现均衡，那么这大致意味着销量 2%–3%、价格 2%–3%。随着年度推进，希望这会变得更容易一些，而这正是我们的目标。我们长期目标仍然是通过提升销量来扩展消费者版图，并“赢得定价权”，从而持续处于营收增长算法的高端区间。
Operator
Our next question comes from Lauren Lieberman from Barclays.
我们的下一个提问来自 Barclays 的 Lauren Lieberman。
Lauren Lieberman
Barclays Bank PLC, Research Division
I wanted to ask you guys a little bit about local competition in various markets because I think historically, when consumers under pressure, affordability becomes a discussion point, you'll start to see some bubbling up of local competition, particularly in sparkling. So I was wondering if you could just go through with us any markets where that's been a factor and then kind of what you're doing in response.
我想请你们谈谈各个市场中的本地竞争。我认为从历史上看，当消费者承压时，“可负担性”会成为讨论焦点，你们会开始看到本地竞争冒头，尤其是在汽水（sparkling）品类。所以我想请你们逐一说明在哪些市场这是一个因素，以及你们相应采取了哪些应对措施。
James Quincey
Chairman & CEO
Yes. Thanks. I think actually, there's a big overall shift to a little more localness, not just from a competitive point of view. If you kind of look back the last 5 years, the whole world went on a kind of a similar journey with COVID, with lockdown, we're coming out of lockdown with inflation. There was a certain -- all on the same roller coaster effect of the last 5 years. And now that is starting to diverge in all sorts of ways, geopolitically, economically. And we are certainly seeing that there's more dynamism in regional competitors and some of the local competition. And I think regional would be more fair to call it that.
是的，谢谢。我认为整体上正在出现向“更本地化”转变的趋势，这不仅仅是竞争层面的。如果回看过去 5 年，全球都经历了相似的旅程：COVID、封锁、从封锁中走出又遇到通胀。这 5 年大家都像坐了一次同一辆过山车。现在这种状态开始在地缘政治、经济等各方面出现分化。我们确实看到区域性竞争对手以及部分本地竞争更具活力。我认为称之为“区域性”竞争可能更准确。
And I don't think it's just about affordability. I think this is part of a sort of kind of pendulum that swings out there with things becoming a little more global or a little more local and then a little more global. And what we're seeing at the moment is there's kind of a swing of the pendulum a little more to regionality. Affordability is a feature of that, but it's certainly not the only feature, the identity of the brands, the innovation that's coming, you see different things in different places.
而且我不认为这只与可负担性有关。我更把它看作“钟摆效应”的一部分：事物在更全球化与更本地化之间来回摆动。目前我们看到的，是钟摆朝“更区域化”方向摆动。可负担性是其中一个特征，但绝不是唯一特征；品牌的身份认同、涌现的创新——在不同地方都会呈现不同的样子。
So as we go forward, we're responding by driving more resources to the front line so that we can have different responses in different places. And that's one of the things that Henrique was calling out in his piece, which like we need to get even closer to the consumer, which is a way of saying we need to be able to have different responses in different places using the great strength of our global system and the scale that gives us, but being able to respond to the different dynamics and the intimacy needed in the different parts of the world.
因此，接下来我们的应对是把更多资源下沉到一线，以便在不同市场采取差异化举措。这也是 Henrique 在发言中强调的一点：我们需要更贴近消费者。换句话说，我们要在利用全球体系及其规模优势的同时，在不同地区实现差异化响应，以适应当地的动态与所需的“贴近度”。
Operator
Our next question comes from Dara Mohsenian from Morgan Stanley.
我们的下一个提问来自 Morgan Stanley 的 Dara Mohsenian。
Dara Mohsenian
Morgan Stanley, Research Division
So James and Henrique, you mentioned some of the consumer stresses that we're seeing in general around the world. I just want to dive a bit deeper into Latin America. It's obviously tied in with the U.S. economy, but also the policy changes that we're seeing in the U.S. So I think it'd just be helpful to get an update on what you're seeing in the ground in Mexico as well as Brazil in the last few months and just how that consumer environment might impact your forward performance, but also your strategy changes in that region, specifically, Henrique mentioned some of the Mexico changes more recently. It'd be helpful to get a deeper update there.
James 和 Henrique，你们提到了全球范围内普遍出现的一些消费者压力。我想更深入地谈谈 Latin America。该地区显然与美国经济相关，也受到我们在美国看到的政策变化影响。因此，如果你们能更新一下近几个月在 Mexico 和 Brazil 的一线观察，以及该消费环境将如何影响你们的未来表现和在该地区的战略调整，会很有帮助；特别是 Henrique 最近提到的在 Mexico 的一些变化，希望能更详细地介绍一下。
Henrique Braun
EVP & Chief Operating Officer
Dara, good for you. Look, Latin America continues to be a market that had very strong system, and we are coming off like years of strong growth. Most recently, you have seen that we have, over the last few quarters on a progressive improvement this quarter coming to flat, but also it's important to unpack that saying that Brazil continues to be pretty strong. Colombia and Chile also grew in the quarter. And then Mexico is also a big market, but it's on a progressive improvement, but not yet where we want it to be.
Dara，问得好。Latin America 依然是一个体系非常强劲的市场，我们过去多年都保持着强劲增长。最近几个季度你也看到了，我们呈现逐步改善的态势，到了本季度大体持平。但需要拆解来看：Brazil 依然相当强劲；Colombia 和 Chile 本季度也实现了增长。至于 Mexico，它同样是个大市场，正在逐步改善，但尚未达到我们期望的水平。
There are macroeconomic issues in the country. And also our plans to really pivot and address that has been put in place in the last few quarters. We have seen some of the bright spots coming out of that. But it's too early to say that we're out of the woods here on getting Mexico really on a growth trajectory. What we see is that's going to take a little bit more time in there. And in the rest of Latin America, we have more momentum. So to your question about whether it's something more related to the whole region, it's not specific to that. It's more related to the country itself.
该国存在宏观经济方面的问题。过去几个季度我们已启动调整计划以正面应对，并已看到一些亮点浮现。但现在说 Mexico 已经完全重回增长轨道仍为时过早；在我们看来，这还需要更多时间。与此同时，Latin America 其他市场的动能更足。就你问的，这是否是整个区域性的现象，我们认为并非如此，更主要是该国本身的情况所致。
Operator
Our next question comes from Filippo Falorni from Citi.
我们的下一个提问来自 Citi 的 Filippo Falorni。
Filippo Falorni
Citigroup Inc., Research Division
I wanted to ask about the refranchising efforts given this morning announcement on CCBA, which is clearly a very important steps in your goal of becoming the world's smallest bottler. I guess, can you walk us through what will be left after that transaction closes in terms of other territories to potentially refranchise? And then in terms of the margin implications from refranchising, a few years ago, you had a target of like a mid-30s operating margin target for the Coca-Cola Company. And it seems like you're getting pretty close to that after this transaction. So can you walk us through like the path on the margins post refranchising?
我想就再特许经营进展提问，鉴于今天早上关于 CCBA 的公告——这显然是你们实现“成为全球最小装瓶商”目标的一步关键举措。请你们介绍一下，在该交易完成后，还会有哪些地区有望继续再特许？另外，就再特许对利润率的影响而言，几年前你们为 The Coca-Cola Company 设定了大约“30%中段”的经营利润率目标；看起来在这笔交易后你们已相当接近该目标。能否再讲讲再特许之后利润率提升的路径？
James Quincey
Chairman & CEO
Sure, Filippo. I'll let John jump in on that margin target and the evolution towards it. Look, with the 2 deals that we have announced with the Bhartia Group, Jubilant Bhartia Group in India and with Hellenic relative to Coca-Cola Beverages Africa, actually, those 2 transactions are the last 2 large pieces setting us on the path to completing the refranchising strategy that we started in 2015. And just to remind, because that's taken us 10 years, the most important thing here was to find the right partners for each of those assets, the right owners who could drive the investment in capabilities into the future.
当然可以，Filippo。关于利润率目标及其实现路径，我一会儿让 John 来补充。先说整体情况：我们与印度的 Bhartia Group（Jubilant Bhartia Group）以及与 Hellenic 就 Coca-Cola Beverages Africa 达成的两笔交易，实际上是自 2015 年启动的再特许战略中的最后两块大拼图，使我们走上完成该战略的路径。提醒一下，这件事用了我们 10 年时间，关键在于为每一项资产找到合适的合作伙伴——能够在未来推动能力建设投资的合适所有者。
And we have seen through all the refranchisings we've done over time that if we find the right partner to put these bottlers into their hands, they invest more, they do better, the bottler performs better and it helps us drive overall growth of the total system. So the combination grows faster and is more profitable. So it's been a very successful strategy over the years. And with these 2 pieces, we will largely put ourselves on the path to completing refranchise. The things that will be left are just a handful of smaller countries like Malaysia and Singapore. And so think of it as this is the final piece of stone in putting refranchising strategy to bed, and we now have a system that is super capable and set up to drive growth well into the future.
我们的历次再特许经验表明，只要把装瓶业务交给合适的伙伴，他们会投入更多、运营更好，装瓶商表现更强，从而带动整个体系的总体增长。也就是说，组合增长更快、盈利能力更强。多年来这一直是非常成功的战略。随着这两块拼图落位，我们基本就站在完成再特许的门槛上了。剩下的只是少数几个较小国家/市场，比如 Malaysia 和 Singapore。可以把它看作为再特许战略画上句号的“最后一块基石”；现在我们的体系能力极强，已为未来长期增长做好布局。
90年代也这么搞过。
And I'll let you answer the margin question, John.
关于利润率的问题，我交给 John。
John Murphy
President & CFO
Sure, James. Thanks, Filippo. Maybe it's worth taking a step back and going back a few years. And in 2017, our operating margin was 26.5%. And since that period, there have been 2 primary positive impacts offset by ongoing FX headwinds. The first has been the refranchising to date. And the second has been our continued focus on expanding margins in line with the implied guidance in our long-term growth model.
当然可以，James。谢谢你，Filippo。也许值得先回顾一下：2017 年我们的经营利润率为 26.5%。自那以后，有两项主要的正向因素（同时受到持续的汇率逆风对冲）。第一，是迄今为止的再特许进展；第二，是我们持续按照长期增长模型的隐含指引来推动利润率扩张。
As you look at this year-to-date, the primary driver has been the latter. In other words, as I mentioned in my remarks, a lot of focus on managing our cost base, a lot of focus on managing our supply chain and getting some of the benefits to the bottom line of the marketing productivity work that we've had underway. And so as you look to the next couple of years, you can, I think, assume that the implied expansion that we expect from the core business will continue. And the math will play itself out in terms of the uplift in the overall margin profile of the company with the latest refranchising that James just talked about and our expectations for the next couple of years to finish the play.
如果看今年年初至今的数据，主要驱动力是后者。换句话说，正如我先前发言所述，我们高度聚焦成本基数管理、供应链管理，并把营销效率提升带来的收益更好地体现在净利润上。展望未来几年，可以合理假设核心业务所带来的隐含性利润率扩张将延续。叠加 James 刚才提到的最新再特许进展，以及我们对未来几年完成该进程的预期，从算术上看，公司整体利润率结构将随之抬升。
Operator
Our next question comes from Chris Carey from Wells Fargo Securities.
我们的下一个提问来自 Wells Fargo Securities 的 Chris Carey。
Christopher Carey
Wells Fargo Securities, LLC, Research Division
I wanted to ask 2 category questions. So just on coffee, it was the second quarter of unit case growth after about 1.5 years of declines. Can you just reorient us on your latest thinking on your coffee strategy? Why has it been a bit tougher, perhaps some of the drivers of the recent improvement and how you see the general attractiveness of this category going forward?
我想问两个品类问题。首先是关于咖啡：在经历约一年半的下滑后，你们已经连续第二个季度实现了销售箱量增长。能否重新介绍一下你们对咖啡战略的最新思考？为什么此前有些艰难？最近改善的驱动因素有哪些？以及你们如何看待这个品类未来的整体吸引力？
And if I could, just on Zero Sugar, it's had this really nice run of reacceleration over the past couple of years from some slowing in 2023. Can you just talk about the runway there? And I ask because you're starting to bring up Diet Coke a bit more over the past couple of quarters. And I just want to maybe test a bit whether there's some broadening of this, let's call it, a zero, a light strategy with a bit more breadth.
另外关于 Zero Sugar：从 2023 年的放缓中恢复后，过去两年实现了非常不错的再加速。你们能否谈谈该业务的“跑道”如何？我之所以这样问，是因为过去几个季度你们也开始更多提及 Diet Coke。我想进一步确认一下，是否存在一种更广义的策略扩展——姑且称之为“zero / light”更广覆盖的策略？
James Quincey
Chairman & CEO
Thanks, Chris. Let me start on coffee. I mean, firstly, the coffee category is a super attractive category. I mean it's very large, it's profitable and it's growing, and it's relatively unconsolidated. So let's start with coffee is an interesting category. If we can find -- one is interesting. Two, it's interesting to the Coke system, if we can find a way to play in it that works for us. And we've tried a number of things over the last decades to find a path that works for us in coffee, Costa being the most recent iteration of that.
谢谢你，Chris。先谈咖啡。首先，咖啡是一个极具吸引力的品类：规模很大、利润率不错、在增长，而且行业集中度相对不高。所以从一开始我们就认为咖啡是个有趣的品类。关键在于能否找到一种“适合 Coca-Cola 体系”的参与方式。过去几十年我们尝试了多种路径，Costa 是最近一次的尝试迭代。
And what -- the summary on what's happening there is actually, the Costa business is doing well. As you say, it's returned to volume growth. We've been reinvesting in the stores, principally in the U.K., continuing to increase the footprint of the total park of the Costa Express machines and doing kind of beans to machines in a number of other countries. So the business is doing well and is getting some good growth from the top to the bottom line.
至于近况——总体来说，Costa 经营得不错。正如你所说，它已经恢复到销量增长。我们一直在加大对门店的再投资，主要在 U.K.；同时持续扩大 Costa Express 机器的总装机规模，并在其他一些国家推进“从咖啡豆到设备”的方案。因此，该业务从收入到利润均取得了不错的增长。
The commentary we made last time is the investment hypothesis didn't work out as we expected in the sense that we were looking for much more growth in the non-retail store side of the business, which much more suits the Coke system. And that has not -- we have not found a path to that in the last number of years. And so we are kind of standing back and reflecting on what that means for us and where we should go next in coffee. But in the meantime, it's a great business, the coffee business, and we continue to run it to be successful. It just didn't create a multiplier so far that we're looking for into our broader business.
我们上次的评论是：投资假设并未如预期兑现——我们原本希望非零售门店端（更契合 Coca-Cola 体系的部分）能带来更大的增长，但过去几年我们尚未找到实现这一点的路径。因此，我们正在退一步评估这对我们意味着什么，以及咖啡业务的下一步方向。与此同时，咖啡仍然是很好的业务，我们会继续把它运营成功；只是到目前为止，它尚未对我们的更广泛业务产生我们所期望的“倍增效应”。
敢于承认失败。
And then on the lights and zeros and diets, look, the headline number is zeros and diets are our mid-teens percentage of total soft drink volume. So there's both an opportunity or a possibility that they could become a bigger piece of soft drinks and actually help to continue to grow the sparkling category around the world. And so I think you're seeing both some degree of self-cannibalization in sparkling, but also a way of the sparkling category continuing to grow globally and particularly in the developed markets.
接着谈 lights、zeros、diets。核心数据是：zeros 和 diets 在我们软饮总销量中的占比处于“十几个百分点”的中段。因此，它们既是机会、也有可能进一步扩大在软饮中的份额，进而推动全球范围内的汽水（sparkling）品类继续增长。所以你会看到，一方面在汽水内部存在一定程度的自我替代；另一方面，这也是推动汽水品类在全球、尤其是在发达市场持续增长的路径。
And I think the -- yes, we called out Diet Coke because I think there was a period of time decade long, maybe longer, maybe 2 decades where Diet Coke, particularly in the English-speaking countries was declining, and it has more recently stabilized over the last years and is actually growing this year as well as seeing Coke Zero Sugar grow. So the strategy has always been there to do justice to each brand on its own, but we have found more recently more responsiveness to investment in marketing and innovation for Diet Coke in particular, and that has gone alongside sustained growth in Coke Zero. So lots of growth in the future.
另外，关于 Diet Coke，我们之所以特别提及，是因为它曾经历了长达十年、甚至二十年的下滑，尤其是在英语国家。近几年它已趋于稳定，今年还实现了增长，同时 Coke Zero Sugar 也在增长。我们的策略一直是“各品牌各尽其责、各展其长”；最近我们发现，尤其是 Diet Coke 在营销与创新投入上的响应度更高，而这与 Coke Zero 的持续增长相辅相成。展望未来，仍有很大的增长空间。
Operator
Our next question comes from Kaumil Gajrawala from Jefferies.
我们的下一个提问来自 Jefferies 的 Kaumil Gajrawala。
Kaumil Gajrawala
Jefferies LLC, Research Division
Can we dig a little more maybe on the consumer and CPG, particularly in the U.S. and Europe. We're hearing mixed messages, I suppose, from whether it's banks and retailers versus what we're hearing from CPG. And many of your CPGs have restructured. So curious where you stand and where we are. Obviously, there's no restructuring. There's a bit of productivity. But can you just maybe talk about the differences in what we're hearing versus what maybe we're seeing from your business?
我们能否更深入谈谈消费者与 CPG，特别是在 U.S. 和 Europe？来自银行与零售商的信息与我们从 CPG 听到的有些矛盾。并且你们许多 CPG 同行已经进行了重组。我想了解你们目前的看法与所处位置。显然，你们并未进行重组，但在推动生产率提升。能否谈谈外界听到的信息与贵公司业务实际看到的情况之间的差异？
James Quincey
Chairman & CEO
Yes. Okay. I mean let me stand back and have a thought on the industry and where we sit in it. And certainly, I hear from the banks that there's bits of the CPG industry that are under pressure in recent years. But let me focus in on beverages more particularly. The beverage industry has been characterized for many, many decades as being a growth industry. You can do a histogram of the growth rates of the beverage industry for decades and the kind of all the growth rates cluster around the 4% to 5% growth each year. So it's -- and there are underlying structural reasons about economic growth, urbanization that drive the creation of the beverage industry.
好的。我先从更宏观的角度谈谈行业及我们在其中的位置。确实，从银行那里我们听到过去几年 CPG 的某些细分承受压力。但我想更聚焦在饮料行业。几十年来，饮料业一直被视为增长型行业；如果把行业多年增长率做成直方图，你会发现年增速大致聚集在 4%–5%。其背后有结构性驱动因素——经济增长与城市化——推动着饮料行业的发展。
And as we've talked about in previous investor conferences, actually the #1 feature of the beverage industry is it's yet to be created. There's actually tons of potential ahead. So it's an industry that grows. And we, for the last 5, 10 years, have been very focused on how do we not only be the leader in that industry, but the winner in terms of market share. So we can take the industry growth, which we support through our investments, but also win and lead in that industry.
正如我们在以往投资者会议上所说，饮料行业最大的特征在于“未来大部分增量尚未被创造”，前景空间巨大。因此这是一个增长性的行业。过去 5–10 年，我们高度关注的不仅是成为行业领导者，更要在份额上取胜——既要分享行业增长（我们通过投资来支持），也要在行业中持续赢得并引领。
And how have we done that? We talked about the flywheels of investing in marketing, innovation, RGM execution. And we've supported those by using marketing funds. But also, as John alluded to in his comments, we have had ongoing programs of productivity through the whole P&L, whether that be in COGS, marketing or in SG&A. Sometimes that is more of an event. We've reorganized ourselves a couple of times. You'll remember Lean Center a number of years ago, then we did a thing called emerging stronger coming out of COVID. So there are more episodic, more big events of moving the organization around. But each year, we're looking for continuous improvements and continuous productivity.
我们如何做到？靠的是“飞轮”——在营销、创新与 RGM 执行上的持续投入，并以营销资金加以支撑。同时，正如 John 提到的，我们在整张损益表上持续开展生产率提升，无论是 COGS、营销还是 SG&A。有时这是阶段性的“大动作”：几年前的 Lean Center，再到走出 COVID 时的“emerging stronger”。这些都是较为“事件化”的组织调整。但更重要的是，我们每年都在寻求持续改进与持续的生产率提升。
And as we think about what's coming next, and you mentioned that a number of people have talked about restructuring, what we see going forward is, look, the industry is going to keep growing. We're the leader, and we're winning share. And what we need to do is to continue to fuel the top line growth. There was -- if I diverge for a second, there's a famous at least famous at Coke, speech that was written by the CEO of Coke, Robert Woodruff on the 50th anniversary, which is almost 90 years ago. It was only 1.5 pages. speeches were shorter in those days. And he didn't have a title. And he wrote on the title, the future belongs to the discontented. And I think that is the key feature of what comes.
展望下一步，你提到很多公司在谈重组。我们的判断是：行业仍将持续增长，我们是领导者，且在赢得份额。我们需要做的是继续为营收增长“加油”。稍作旁逸——Coke 的前 CEO Robert Woodruff 在公司 50 周年时写过一篇演讲稿（距今近 90 年），只有一页半，也没有标题，他在顶部写下：“the future belongs to the discontented（未来属于不满足者）”。我认为这正是接下来最关键的特质。
Yes, we've been growing. We've been winning in the marketplace. And it's easy to be discontented if you're not doing well and you're under pressure from everyone else in the investor base. The hardest thing is to say, I've done well and be discontented enough with yourself that you know you need to change and you know you need to transform. So think of what's coming as we're going to continue to drive that top line revenue growth. We're going to find the extra investments to drive that growth.
是的，我们一直在增长、在市场中取胜。如果业绩不佳、承受投资者压力，“不满足”很容易；更难的是在“做得不错”时仍保持足够的不满足，意识到必须变革与转型。因而，请把我们的未来理解为：继续驱动营收增长，并找到额外的投入来推动这份增长。
And yes, we will be discontented with ourselves and think what do we need to continue, what do we need to evolve and what do we need to transform to generate those funds for growth. And that will include ongoing productivity as we bring in AI and Agentic tech over the coming years, and we'll do some restructuring of the organization in the coming -- in 2026. But this is all about replicating the game plan over the last 10 years of finding productivity through the whole P&L to invest and drive top line growth that falls to the bottom line.
同时，我们也会对自身保持“不满足”，思考哪些要坚持、哪些要演进、哪些要变革，以便为增长筹集资源。这其中将包括未来几年引入 AI 与 Agentic 技术所带来的持续生产率提升，并将在 2026 年进行一定的组织层面重组。但本质上，这仍是在复用过去 10 年的打法：在整张损益表上挖掘生产率，转化为投入，推动收入增长并最终沉淀为利润。
Operator
Our next question comes from Bonnie Herzog from Goldman Sachs.
我们的下一个提问来自 Goldman Sachs 的 Bonnie Herzog。
Bonnie Herzog
Goldman Sachs Group, Inc., Research Division
I actually just had a quick question on your business in Asia. Organic sales in the quarter were up 7% and accelerated sequentially. So I guess hoping for some more color on the strength you're seeing in the region and how sustainable the strong, I guess, high single-digit price/mix is?
我想就你们在 Asia 的业务问一个简短的问题。本季度内生销售增长 7%，且环比加速。能否进一步说明该地区动能的来源，以及高个位数的 price/mix 强势在多大程度上具有可持续性？
James Quincey
Chairman & CEO
Yes. Thanks, Bonnie. This falls into the bucket of one of the sporadic questions about how strange the Asia Pacific segment is. And what I would encourage is to look at multi-quarter trends in Asia Pacific because for management reasons, Asia, they're all on a different time and it's much easier to manage when you're out there and you put them all together, but they are quite disparately different businesses. You've got the emerging market businesses with, let's say, India at one end with huge, huge, huge potential for growth in volume over many, many years, but much lower prices, all the way through China, ASEAN and then at the other end of the spectrum, you get to Australia and Japan, which have been growing but have much higher realized prices given the developed economy.
好的，谢谢你，Bonnie。这个问题属于我们偶尔会被问到的——为何 Asia Pacific 分部看起来“有点怪”。我建议从多季度的趋势去观察 Asia Pacific。出于管理原因，Asia 的各个市场处在不同节奏，把它们合在一起有利于管理，但本质上是非常不同的业务：一端是新兴市场业务，以 India 为例，未来很多年都有极大的销量增长潜力，但价格水平更低；沿着 China、ASEAN 到另一端，是 Australia 和 Japan，这些发达经济体也在增长，但实现价格要高得多。
And so one of the predominant effects in Asia Pacific is how fast did each of those components grow. And in this particular quarter, as we talked about earlier, India because of the monsoon, China because of some of the economic pressures and ASEAN, those markets underperformed our expectations in volume terms. And so as the mechanical effect of putting all that together, that means that in a weighting sense, the lower-priced countries did poorer, which means that the mix looks like it shot up -- or not shot up, but increased slightly in Japan and Australia, which then produces a PMO effect that looks like pricing went up a lot in Asia Pacific, which is the inverse of what normally happens, which is when the emerging markets grow, it looks like prices are flat or declining in Asia Pacific because of the growth of the lower-priced markets.
因此，Asia Pacific 的一个主导效应在于各组成市场的增长差异。本季度，正如我们之前所说，India 受季风影响、China 受一些经济压力、以及 ASEAN，这些市场在销量上低于我们的预期。把这些“机械地”加总后，权重上低价国家表现偏弱，就会使得组合看起来在 Japan 和 Australia 的占比略有上升，从而产生一个 PMO 效应，表象是 Asia Pacific 的“定价”好像涨了很多；这其实与通常情况相反——当新兴市场增长更快时，由于低价市场权重上升，Asia Pacific 的价格看起来会持平或下行。
So this is a mix effect problem or a weighting problem of the way the segment is constructed. We manage each country to drive the business. And so I would not overemphasize this. We should look for Asia Pacific over time to drive volume growth in the emerging markets. The pricing will go up in each country. But as that mixes out in the segment, you don't see it come through in the Asia Pacific segment quite obviously.
所以，这更多是一个组合效应或分部构成的权重问题。我们对各个国家是分别管理以驱动业务的，因此不应过度解读分部层面的表象。长期来看，Asia Pacific 应主要通过新兴市场带动销量增长；各个国家的定价都会上行，但在分部层面被组合稀释后，未必会在 Asia Pacific 报表上直观体现出来。
Operator
Our next question comes from Robert Ottenstein from Evercore.
我们的下一个提问来自 Evercore 的 Robert Ottenstein。
Robert Ottenstein
Evercore ISI Institutional Equities, Research Division
James, I wonder if we can kind of circle back to a topic that was in much discussion a couple of years ago and has faded a little bit is GLP-1 drugs. And at this point, you ought to have some reasonably good data on their impact on beverage consumption. One consultant that we work with talks about an increase in consumption of protein, energy and hydration-driven products from GLP-1. So I was wondering what your data says, do you see those interest increases? Do you see areas where there's weakness?
James，我想回到几年前讨论很多、但近来稍微淡化的话题——GLP-1 药物。到现在为止，你们应该已经有相当可靠的数据来评估其对饮料消费的影响。我们合作的一位顾问提到，GLP-1 使用者在蛋白、能量与补水驱动类产品上的消费有所上升。所以我想了解，你们的数据怎么说？是否看到这些偏好上升？又是否看到一些走弱的领域？
And then just to double-click on protein, if you can give us an update on your platform, how capacity looks and when it comes on and how you see the competitive environment developing as competitors kind of sharpen their tools and new competition comes in?
另外，再深入谈谈蛋白赛道：能否更新一下你们的平台进展、产能情况与投产时间？在竞争者不断“磨刀霍霍”、新玩家进入的情况下，你们如何看待竞争格局的演变？
James Quincey
Chairman & CEO
Sure. Thanks, Rob. Yes, we certainly are out there generating data on what seems to be happening with households and people that are on GLP-1s. I think it's still ultimately early days to know the full cycle. But I think what you're seeing is very similar to what we're seeing. Obviously, we track not just what they do on nonalcoholic beverages, but across what they eat and the alcoholic beverages. And so one can see the full change in the diet makeup.
当然可以。谢谢你，Rob。是的，我们确实在持续生成有关使用 GLP-1 的家庭与个人的行为数据。我认为要看清完整周期仍为时尚早，但你们看到的基本与我们看到的类似。显然，我们不仅跟踪其在非酒精饮料上的行为，也观察其饮食与酒精饮料消费，从而可以看到饮食结构的全面变化。
As it relates to nonalcoholic, clearly, we can see some very emerging conclusions. They tend to drink less full sugar soft drinks, but they tend to drink more diet soft drinks, also hydration, more coffee and as you say, a big shift towards protein drinks. I think that's a pretty standard set of conclusions that everyone is seeing.
就非酒精饮料而言，已经能看到一些较为明确的早期结论：他们往往减少全糖软饮的饮用，但会更多选择无糖/代糖软饮、补水类饮品、更多咖啡，并且，正如你所说，明显转向蛋白饮。这个结论组合几乎是各方普遍观察到的。
And then as it relates to what we're doing on protein, obviously, we've got fairlife and Core Power, which have been standout successes for the last number of years and continue to grow in the third quarter. The capacity that we've talked about at the big factory in Upstate New York is on track. We expect to begin to produce on time and ramp up that capacity through the course of 2026. As much as I would love it to all be available on January 1, that will not be the case. And so we do see ourselves having a much more unconstrained ability to satisfy consumer demand over the course of 2026.
至于我们的蛋白业务布局，显然我们拥有 fairlife 与 Core Power，这两者在过去几年表现亮眼，并在第三季度继续增长。我们此前提到的纽约州北部大型工厂的产能建设按计划推进。我们预计将按时投产，并在 2026 年全年逐步爬坡扩产。尽管我很希望 1 月 1 日就能全部上线，但事实并非如此。因此，我们判断在 2026 年内满足消费者需求的供给约束将显著缓解。
Yes, competitors are coming into the space across all sorts of food and beverages into protein. We believe we have great brands. We have excellent products. There'll be a lot of new innovation. Our objective is to drive the fairlife and the Core Power brands. We have lots of new innovation, and we will have more capacity coming online, and it's going to be a growth area for sure in 2026.
没错，来自各类食品与饮料领域的竞争者都在进入蛋白赛道。我们相信自己拥有强势品牌与出色产品，并将带来大量创新。我们的目标是继续推动 fairlife 与 Core Power 的发展；伴随更多创新与新增产能上线，这无疑会成为 2026 年的增长重点领域。
Operator
Our next question comes from Andrea Teixeira from JPMorgan.
我们的下一个提问来自 JPMorgan 的 Andrea Teixeira。
Andrea Teixeira
JPMorgan Chase & Co, Research Division
And James, I guess your comment takes me to the question. I appreciate what you said, the culture of discontent and grit in the organization. And your comment right now on fairlife and Core Power, you obviously had a lot of success. Retailers are still on allocation and fully understand that you're not going to have the capacity right on January 1. But how should we be thinking like given the allocation and innovation you spoke to as we go into 2026, perhaps in the second half, we're going to see the acceleration there.
James，我的问题正是由你的评论引出。我认同你提到的组织内部“不满足文化”和坚韧精神。你刚才谈到 fairlife 和 Core Power，显然你们已非常成功。零售端仍在配给制之下，也完全理解你们不会在 1 月 1 日就具备全部产能。但在你提到的配给与创新背景下，进入 2026 年，我们应该如何看待增长路径？是否可能在下半年看到加速？
And then as you think about like potentially lifting into international? I understand that this is going to be more of a -- probably not a 2026, but long term, would you see a fit perhaps even like with Santa Clara in Mexico and other places where you can build that protein? Obviously, it is a very difficult supply chain or I should say difficult, but just a longer-term supply chain. Is that something that you're thinking longer term?
其次，关于潜在的国际扩张？我理解这更偏长期，可能不在 2026 年就落地；你们是否认为可以在像 Mexico 的 Santa Clara 等市场复制蛋白业务？显然这是条艰难的供应链——或者说并非“艰难”，而是“周期更长”的供应链。这是否是你们在更长周期上考虑的方向？
And then thinking of stay in Mexico since we spoke about Santa Clara, how should we think -- we be thinking about like the sugar drink taxes that you faced obviously, in 2014, you pivoted really well. You bounced back much higher than you were before. And that was one piece, I think, in pricing. So how can you think about like how to face potentially if that is implemented?
再次回到 Mexico（既然我们谈到了 Santa Clara），你们如何看待含糖饮料税？显然 2014 年你们调整得很好，反弹幅度也超过此前水平，其中定价是一个因素。如果新政实施，你们将如何应对？
James Quincey
Chairman & CEO
Yes. Okay. fairlife, look, the New York factory when at full capacity, will give us about 30% more capacity or volume potential for fairlife. So we certainly are going to have the opportunity to significantly grow into 2026 and to move out of having the product on allocation to our retail partners, and that will take some time through 2026. So this is not a small factory. It's, I think, one of the largest, if not the largest dairy processing facilities in the U.S., and it's going to add 30% capacity. So that will be good, and that will help us get out of the kind of bottlenecks that we're in at the moment and get into the marketplace.
好的。关于 fairlife，New York 工厂满产后将为 fairlife 带来约 30% 的额外产能或体量潜力。因此我们确实有机会在 2026 年实现显著增长，并逐步摆脱对零售合作伙伴的配给，这个过程会贯穿 2026 年。这绝不是一家小工厂——我认为它是美国规模最大（或至少之一）的乳制品加工设施，将新增 30% 的产能。这将有助于我们摆脱当前的瓶颈，更好地投放市场。
As it relates to international expansion, you alluded to, and I've said it before, the dairy industry is a complicated and protected industry around the world. It's certainly not a lift and shift in a simple sense of the word. But obviously, we are looking at the growth in the sorts of beverages and brands that we have achieved with fairlife. And we have taken some of our learnings from the U.S. and helped to shape the way we've executed Santa Clara in Mexico.
关于国际扩张，正如你提到的，也是我之前说过的：全球范围内乳品行业复杂且受保护，绝不是简单“复制-粘贴”。但显然，我们在关注以 fairlife 为代表的品类与品牌增长，并将美国的经验带到 Mexico，帮助塑造我们对 Santa Clara 的执行路径。
So Santa Clara in Mexico, for example, grew 13% in volume in the third quarter and became the #1 value-added dairy brand in Mexico. I think since we bought Santa Clara a decade or so ago, we've increased its size by 10x. So we clearly found something that if we have the right platform, we can make it work with the brand and the product ideas. But we have also had some failures in the dairy business. Luckily, the successes were way bigger than the failures, which were small. But we do know that it's a complicated business to get into around the world. But we will be looking to see how we can leverage the essential product ideas behind fairlife and Santa Clara into innovations around the rest of the world.
以 Mexico 的 Santa Clara 为例，其第三季度销量增长 13%，并成为 Mexico 增值乳制品的第一品牌。自我们约十年前收购以来，规模已提升约 10 倍。显然，只要平台合适，就能让品牌与产品理念跑通。当然，我们在乳品业务上也经历过一些失败，所幸成功远大于失败且后者体量较小。我们深知这是一个在全球层面进入门槛很复杂的行业，但我们会持续评估如何把 fairlife 与 Santa Clara 背后的核心产品理念，转化为其他市场的创新。
As it relates to the Mexico tax, which I believe was passed like a couple of days ago, yes, it's a significant increase. Obviously, we're working with the bottling system to look at how we accommodate and adapt to these increases that will be January 1, 2026. As you pointed out, 2014, there was a tax increase in Mexico, which we were able to adapt to by doubling down on the marketing and the innovation, using all our RGM technology and the execution of the bottling system to come through it stronger.
关于 Mexico 的税收，我的理解是几天前已经通过了，确实是一次显著上调。我们正与装瓶体系合作，研究如何适应将于 2026 年 1 月 1 日生效的上调。正如你所指出，2014 年 Mexico 曾提高税负，我们通过加倍投入营销与创新，充分运用 RGM 工具与装瓶体系的执行力，不仅应对了挑战，还实现了更强复苏。
Obviously, there's likely to be some impact in the early days and then as we use all the implementation to recover from that. But yes, we are expecting it to come in, in the beginning of next year, and we will be all hands on deck to come up with the latest adaptations of the strategy now that we know what the final policy actually is in Mexico to come up with a plan and execute it starting this year.
显然，初期可能会受到一定影响，但我们会通过各项落地举措逐步恢复。我们预计相关政策将在明年年初生效；既然已明确 Mexico 的最终政策，我们将全力以赴更新策略、制定方案，并从今年开始推进执行。
Operator
Our next question comes from Peter Galbo from Bank of America.
我们的下一个提问来自 Bank of America 的 Peter Galbo。
Peter Galbo
BofA Securities, Research Division
I had a question on North America. I think it was one of the markets actually where you did see that 2-year kind of stack growth rate accelerate a bit, both on volumes and maybe on organic sales. Henrique, in your comments, I think you spoke a bit about just differences between spending on income groups and then maybe some different activities on channels. So I just was hoping to get a bit more detail and color on, on one hand, you're seeing the business actually perform relatively well in North America. It seems like maybe there's a bit of cautious comments on some of the other factors, both on consumer and on channel that would love to get a bit more detail on.
我想问一个关于 North America 的问题。我认为这是你们在销量、以及可能在内生销售上，两年叠加增长率都有所加速的市场之一。Henrique，在你的评论中，你谈到了不同收入群体在支出上的差异，以及各渠道可能存在的一些不同动态。所以我想进一步了解：一方面你们在 North America 的业务表现相对良好；另一方面在消费者与渠道等因素上你们看起来又相对谨慎——希望能听到更具体的细节与解读。
Henrique Braun
EVP & Chief Operating Officer
Yes. Sure. Glad to do that. So look, we have -- we had a tough Q1, as you remember. And since then, we have been seeing sequential improvement in North America volume-wise. We're really pleased with that in the Q3, we not only grew that, but we won volume and value share. When we look from a consumer point of view, we continue to see divergency in spending between the income groups. The pressure on middle and low-end income consumers is still there. What we have done since Q1 that has been really paying off is really to go back to the drawing board and have a plan that would really tackle not only affordability but premiumization as well.
当然可以。正如你们记得的，我们经历了一个艰难的 Q1；自那之后，North America 的销量呈现连续环比改善。我们对 Q3 的表现感到满意：不仅实现增长，还赢得了销量与价值份额。从消费者角度看，不同收入群体的支出分化仍在，中低收入消费者仍承受压力。自 Q1 以来，我们“回到绘图板”，制定了一套同时应对“可负担性”和“高端化”的计划，这套组合拳已开始见效。
And you see that actually reflected on our price/mix composition. 2 points of that positive mix came from premium brands like Topo Chico, Smartwater and fairlife, but we're also pleased with the introduction of packaging architecture that are addressing that pressure that the consumers have on their daily disposable income with the introduction, for instance, of mini cans that today, it already represents USD 1 billion in revenue by itself. So we're pivoting accordingly. We know that the consumer landscape has not changed, but that's going to be continue our game working together with our bottlers throughout this to come out stronger.
这一点已体现在我们的 price/mix 构成上：正向结构中有 2 个百分点来自 Topo Chico、Smartwater、fairlife 等高端品牌；同时，我们也通过“包装架构”来应对消费者日常可支配收入受压，比如推出 mini cans，目前这一单一包型本身就已贡献约 10 亿美元收入。因此我们据此调整节奏。我们清楚消费者格局并未根本改变，但我们将继续与装瓶伙伴协同作战，在此过程中把业务锻造得更强。
Operator
Our next question comes from Peter Grom from UBS.
我们的下一个提问来自 UBS 的 Peter Grom。
Peter Grom
UBS Investment Bank, Research Division
I wanted to go back to Steve's question just on the volume progression where it sounds like a lot of the improvement is related to better execution rather than a better backdrop. So 2 questions. One, have you seen that improvement sustain as we move into October?
我想回到 Steve 的问题，关于销量的进展。听起来这次改善更多源于更好的执行，而非更好的外部环境。因此有两个问题：第一，进入 10 月后，这种改善是否延续？
And then second, John, you mentioned tougher volume comps in the fourth quarter in some key markets. So would you anticipate unit case volume stepping back versus what we just saw? Or could we see continued momentum despite the tougher comps?
其次，John，你提到第四季度在一些关键市场的销量同比基数更难。那么你是否预计销售箱量会较当前回落？还是说尽管基数更难，动能仍可延续？
James Quincey
Chairman & CEO
It's a little early in October to call October for anything. But I would say it's -- the market is still growing. This is not something that there's some sort of precipitous decline in anything going on. It's just I think the weight of what's going to drive success is more -- slightly more on our own actions, our own marketing, our own innovation and our own execution. And yes, the tougher comps will be there, but that's not a way of saying we want to decline in the fourth quarter. We are certainly looking to continue to rebuild momentum, and we'll see where we get to on that.
现在对 10 月下结论还为时尚早。但我会说，市场仍在增长，并不存在某种陡然下滑的情况。只是，我认为驱动成功的权重会更多——略多一些——落在我们的自我行动、营销、创新与执行上。是的，更难的同比基数会存在，但这并不意味着我们希望第四季度出现下滑。我们当然希望继续重建动能，看看能推进到什么程度。
Operator
Our next question comes from Michael Lavery from Piper Sandler.
我们的下一个提问来自 Piper Sandler 的 Michael Lavery。
Michael Lavery
Piper Sandler & Co., Research Division
I wanted to ask a margin question, maybe with 2 kind of quick components. One is just maybe understanding if you have any visibility on currency impact next year. You called out the 100 basis points, I assume transactional headwind in the gross margin build. Is that likely to fade? Or how do we think about maybe how that flows through in '26 if you've got the better currency on the top and EPS side?
我想问一个关于利润率的问题，分两点。第一，明年汇率影响方面你们是否有可见度？你们提到毛利率构成中的 100 个基点——我理解是交易性逆风——这是否会消退？如果 2026 年在收入与 EPS 端出现更有利的汇率，我们该如何看其在利润表中的传导？
And then just also in the quarter, you had EBIT margins up well ahead of the gross margin performance. Were there any timing considerations? Or how sticky should we consider that to be? Is there anything in there we need to think about that's maybe a one-off?
其次，本季度你们的 EBIT 利润率增幅显著领先于毛利率表现，这里面是否有时点因素？我们应如何看待其可持续性？是否存在一次性因素需要我们纳入考量？
John Murphy
President & CFO
Michael, let me -- on the first one, I think in my script, I mentioned we -- right now, based on everything that we know, there will be a slight tailwind for 2026. And assuming that, that actually materializes, yes, I think we would see a slight benefit to the -- on the margin front. So part one.
Michael，先说第一点。我在发言稿里提到，基于目前所知，2026 年会有轻微的顺风。若这一假设兑现，我们认为利润率端也会受益一些。这是第一部分。
Part 2, step out of -- we -- I know we spend most of the time on the quarter itself. I think when it comes to the margin trends, I really like to step back and look at the trends over multiple quarters. And in line with our -- with the long-term algorithm, we continue to be focused on delivering against that over time. We have had some timing benefits in Q3. And we also are in 2025, earning more productivity in the marketing area with some of the digitization work, et cetera, that we have underway that is more pronounced for this year. I don't see that being the same every year. But as we go into '26, we should have a little bit of a tailwind and the objective will be to continue to have that expansion of margins in line with the algorithm.
第二点——我们常把时间花在单季上，但谈到利润率趋势时，我更倾向于拉长观察多季走势。与我们的长期“算法”一致，我们持续致力于按节奏交付。Q3 确有一些时点收益。此外，2025 年我们在营销领域通过数字化等工作获取了更多生产率提升，这在今年更为显著；我不认为每年都会一样。但进入 2026 年，我们应当会有些顺风，目标仍是按照该“算法”持续实现利润率扩张。
Operator
Our next question comes from Kevin Grundy from BNP Paribas.
我们的下一个提问来自 BNP Paribas 的 Kevin Grundy。
Kevin Grundy
BNP Paribas Exane, Research Division
I want to come back to Lauren's question on competition, but focus here on North America. So your 2 key competitors are addressing bigger structural considerations with activist investors uniquely involved at both PepsiCo and Keurig Dr. Pepper. Can you please comment on what you think this will mean for The Coca-Cola Company, both near term and longer term? And to the extent you care to comment and you may not, what dynamics, whether this is potential refranchising, just a more deliberate strategic focus, scope of brand support, do you think is potentially most critical competitively for the Coca-Cola Company? So your thoughts there would be appreciated.
我想回到 Lauren 关于竞争的问题，但这里聚焦 North America。你们的两大主要竞争对手目前都在处理更大的结构性议题，并且在 PepsiCo 和 Keurig Dr. Pepper 都有激进投资者深度参与。请你谈谈这对 The Coca-Cola Company 的短期与长期分别意味着什么？另外，在你愿意评论的范围内（也可能不便评论），你认为哪些动态——无论是潜在的再特许经营、更审慎的战略聚焦，还是品牌支持的范围——在竞争层面对 The Coca-Cola Company 可能最为关键？期待你的看法。
James Quincey
Chairman & CEO
You almost got that, Kevin, to my favorite answer, which is I couldn't possibly comment because it's M&A. Look, clearly, there's a lot going on around us globally and in particular, in North America with the competition. But let me go back a little bit to what I said with Lauren. It's a great industry. That's why people want to be in it. We're the leader, and we've been winning share consistently over the last number of years. Clearly, we have to focus on what we need to do. And to the extent that competitors are doing other things other than trying to win immediately in the marketplace, and I'm sure they've got a sense of urgency anyway.
你这个问题差点把我引到我最喜欢的回答上：由于涉及并购（M&A），我无法置评。显然，全球范围内、尤其在 North America 的竞争格局中，周边发生了很多事。但让我回到之前对 Lauren 所说的话：这是一个很棒的行业，这也是为什么众多玩家想加入其中。我们是行业领导者，并且过去多年持续在提升份额。我们必须专注于自己该做的事；如果竞争对手把精力放在了除“立刻赢得市场”之外的其他事情上——我相信他们无论如何都有紧迫感——那就更需要我们聚焦自身。
We -- as I said on the call, we got to remain discontented. We've been doing well. And the #1 thing we've got to do is avoid being contented with our performance and what's happened around us. We've got to think about what's next, and we've got to transform from a position of solid performance. And that's what's going to drive the extra investment, drive the growth and extend our leadership in the marketplace. And that's all we can do. And we've got to take this opportunity to double down and pull further ahead in the U.S. and around the world.
正如我在电话会上所说，我们必须保持“不满足”。尽管我们表现不错，但首要的是不能因现有成绩与外部环境而自满。我们要思考下一步，从稳健的业绩基础上推动转型；这将驱动增量投资、推动增长，并延伸我们在市场中的领导地位。这就是我们能做的一切。我们需要抓住这个机会，在美国以及全球范围内继续加码、进一步拉开差距。
Operator
Our next question comes from Robert Moskow from TD Cowen.
我们的下一个提问来自 TD Cowen 的 Robert Moskow。
Robert Moskow
TD Cowen, Research Division
Just a quick question on Europe. It's not a huge part of your business, but volume was down. And I thought with the hot weather in the third quarter, that would have provided a tailwind to offset the tough comparisons to a year ago. Can you be more specific about your market share in Europe on a volume basis? Was it up or was it down?
关于 Europe 有个简短问题。该区域在你们业务中占比不算很大，但销量下滑。我原本认为第三季度的炎热天气会提供顺风，抵消去年的高基数。能否更具体地谈谈你们在 Europe 的销量份额，是上升还是下降？
James Quincey
Chairman & CEO
So Europe, there were hot parts of the world. There were some places in Europe, which had strong weather. I would say that Europe has been largely resilient in the third quarter and over time. But it's also true what we talked about in terms of the U.S. consumer. It's also relatively true for the European consumer. The top end of the pyramid has got money and has been investing. But the bottom end has been under pressure. And so we've been doing okay in Europe, but there's definitely pressure the same way there is in the U.S. on the bottom end of the consumer.
关于 Europe，全球有些地区气温较高，Europe 也有部分地区天气偏热。总体上，我认为 Europe 在第三季度以及更长时间维度上都表现出相当的韧性。但就像我们谈 U.S. 消费者时所说的情况，在 Europe 也大体适用：金字塔上端的消费者更有资金并在消费，但底部消费者承压。因此我们在 Europe 整体表现尚可，但与 U.S. 类似，底部消费者的压力确实存在。
技术革命带来的经济转型中，高端的整体表现更好，参考：《2019-06-16 Tim Cook.Stanford University》。
That’s what I’m interested in talking about today. Because if I’ve learned one thing, it’s that technology doesn’t change who we are, it magnifies who we are, the good and the bad.
我今天想谈的就是这个。因为如果我学到了一件事，那就是技术不会改变我们是谁，而会放大我们是谁，我们的善和恶都会被放大。
And you can see those same kind of value-seeking behavior trends that you see in the U.S. for the bottom end in terms of channel, in terms of package mix, in terms of channel performance. So I don't think there's anything much more to say there. But I think the European business has been doing okay, and we'll continue to focus on where we need to go.
你也会在 Europe 看到与 U.S. 相似的“价值导向”行为趋势，体现在渠道选择、包型结构以及渠道表现上。因此我认为没有太多补充；总体看，我们在 Europe 的业务表现尚可，并将继续聚焦推进下一步目标。
Operator
Our last question today will come from Carlos Laboy from HSBC.
我们今天的最后一个提问来自 HSBC 的 Carlos Laboy。
Carlos Alberto Laboy
HSBC Global Investment Research
James, you spoke about how you continue to evolve to drive revenues. It would be good to hear how your governance principles keep improving with the bottlers for that purpose. So in Latin America, for example, 5 years ago, you redesigned the governance principles with the bottlers, and we got that LTRM agreement and some common KPIs between bottling executives and your executives and it's produced more CapEx and faster revenue and higher ROIC from the bottlers.
James，你提到你们如何持续演进以驱动收入增长。能否谈谈为此你们与装瓶商在治理原则上的持续改进？举例来说，在 Latin America，五年前你们与装瓶商重新设计了治理原则，推出了 LTRM 协议，并在装瓶高管与贵公司高管之间设定了共同的 KPI，由此带来了装瓶端更多的 CapEx、更快的收入增长与更高的 ROIC。
So against that backdrop, can you speak to how you've revisited the locally relevant governance principles in these recently franchised territories of Africa, India, maybe Philippines, Indonesia or with other bottlers in order to continue to evolve this mutually agreed clarity of what each site is supposed to do and allow to keep for the purpose of faster revenues and higher ROIC?
在此背景下，能否谈谈你们如何在 Africa、India、以及可能的 Philippines、Indonesia 等近期再特许的地区，或与其他装瓶商，一起重审当地相关的治理原则？目的是在双方一致同意的前提下，继续明确各方应做与可保留的事项，从而实现更快的收入与更高的 ROIC。
James Quincey
Chairman & CEO
Yes. Thanks, Carlos. Yes, Look, as we've gone around the refranchising outside Latin America, I think 2 things are important to highlight. One, which I kind of alluded to earlier, which is the process of choosing the new ownership groups and very much thinking and evaluating that, if you like, through a kind of skill and will matrix, like who has the skill, who has the will and who has the capital to drive these franchises forward into the future. And that's why we've been very choiceful in finding the right partners and taking our time to set these up well.
好的，谢谢你，Carlos。关于 Latin America 之外的再特许进展，我认为有两点值得强调。第一点，我之前也略有提及，即选择新的所有者群体的过程——可以理解为通过“skill 与 will 矩阵”进行思考与评估：谁具备能力、谁有意愿、谁拥有资本把这些特许经营在未来持续推进。这也是为什么我们在寻找合适伙伴时非常审慎，并花时间把架构搭好。
这个提法不错。
And then as it relates to how we set the relationships up, of course, we've done so in a very similar way around the world to the way that we have evolved the relationships in Latin America, which were, of course, not refranchising, but evolutions of very enduring, long-lasting relationships with long-term owners of our bottling assets in Latin America. And with a very similar mindset, we have started these relationships around the rest of the world, whether it be the creation of CCP in Europe, the refranchising of the Philippines, the most recent deals in India or in Africa or even in other parts of Asia. The direction of travel is a very clear corridor similar to Latin America.
其次，就关系设定而言，我们在全球的做法与在 Latin America 的演进路径非常相似。Latin America 并非再特许，而是与装瓶资产的长期所有者在长期关系上的持续演进。秉持同样思路，我们在全球其他地区建立了这些合作关系——无论是 Europe 的 CCP 构建、Philippines 的再特许、India 与 Africa 的最新交易，还是 Asia 其他地区。总体方向与 Latin America 的“走廊”非常一致且清晰。
Operator
Ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the call back over to James Quincey for closing remarks.
女士们、先生们，问答环节到此结束。现在把电话交还给 James Quincey 作结语。
James Quincey
Chairman & CEO
Thank you, operator. So to summarize, we're confident we'll deliver on our near-term and longer-term objectives. We're continuing to invest behind our brands and enhance our capabilities and fortify our system to drive long-term growth. Thank you for your interest, your investment in the company and for joining us this morning.
谢谢你，运营方。总结一下：我们有信心实现短期与长期目标。我们将继续投入品牌、提升能力并强化体系，以推动长期增长。感谢各位的关注、对公司的投资，以及今天上午的参与。
Operator
Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.
女士们、先生们，今天的电话会议到此结束。感谢参与。现在您可以断线了。
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Refer To：《2005-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2004 was $8.3 billion, which increased the per-share book value of both our Class A and Class B ...2006-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2006-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2005 was $5.6 billion, which increased the per-share book value of both our Class A and Class B ...2007-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2007-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2006 was $16.9 billion, which increased the per-share book value of both our Class A and Class B ...