Coca-Cola (KO) Q4 2023 earnings


Bottles of Coca-Cola are displayed in San Anselmo, California, on April 24, 2023.

Justin Sullivan | Getty Images

Coca-Cola is expected to report its fourth-quarter earnings before the bell Tuesday.

Here’s what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, are expecting:

  • Earnings per share: 49 cents expected
  • Revenue: $10.68 billion expected

Investors are expecting another strong quarter from Coke. Like many other food and beverage companies, Coke has seen demand for its products drop after it raised prices.

But the beverage giant has seen volume snap back more quickly, thanks to its away-from-home business. Executives said last quarter that consumers are less likely to trade down to a cheaper product when they’re at a restaurant or movie theater than shopping at the grocery store.

Rival PepsiCo reported a similar dynamic on Friday when it released its fourth-quarter results. PepsiCo CEO Ramon Laguarta told analysts that U.S. food and snack sales have slowed down. He said consumers are eating and drinking away from home more often, and have less disposable income.

Coke shares are flat over the past year. The company has a market cap of $258 billion.

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