The Coca-Cola Co. said sales of premium beverages and mini cans helped boost its third-quarter results despite tepid demand in the U.S. and elsewhere.
The Atlanta beverage giant said Tuesday it continues to see a divergence among consumers in North America and Europe, with higher-income buyers opting for its more expensive brands like Smartwater, Topo Chico and Fairlife while middle- and lower-income consumers are under more pressure.
Henrique Braun, Coke's chief operating officer, said the company has focused on affordability by shrinking package sizes and leaning into sales of mini cans. Earlier this month, Coke announced it will sell individual, 7.5-ounce mini cans for the first time at North American convenience stores starting Jan. 1. The mini cans have a suggested retail price of $1.29.
“We're pivoting accordingly. We know that the consumer landscape has not changed,” Braun said during a conference call with investors.
Coca-Cola said its organic revenue rose 6% to $12.41 billion in the July-September period. That was in line with what Wall Street expected, according to analysts polled by FactSet.
Unit case volumes were up 1% worldwide, reversing a 1% slide in the second quarter. Case volumes were flat in North America and Latin America and down 1% in Asia. But they rose 4% in the company’s Europe, Middle East and Africa region. Coke said prices grew 6% in the quarter, partly due to the mix of beverages sold.
Coca-Cola Zero Sugar was a standout in the third quarter, with unit case volumes up 14% globally, while Diet Coke and Coca-Cola Light sales grew 2%. Case volumes for water, sports drinks, coffee and tea rose 3%, while dairy and juice volumes fell 3%.
The company’s net income jumped 30% to $3.69 billion. Adjusted for one-time items, Coke earned 82 cents per share. That was also higher than the 78 cents analysts forecast.
Coca-Cola reiterated its full-year financial guidance, including organic revenue growth of 5% to 6% and adjusted earnings-per-share growth of 3%. Coke also said it continues to expect the impact of tariffs to be “manageable.”
Coca-Cola shares rose 3.5% in morning trading Tuesday.
Coca-Cola also said Tuesday it is refranchising its bottling operations in Africa. Coke and Gutsche Family Investments, a private South African company, have agreed to sell a 75% controlling interested in Coca-Cola Beverages Africa to Coca-Cola HBC AG, a major bottler for the company based in Switzerland. The deal is worth $2.55 billion.
Coca-Cola will retain a 25% stake in Coca-Cola Beverages Africa. The transactions are expected to close by the end of 2026.
Coca-Cola Beverages Africa is the largest bottler on the continent, operating in 14 countries and accounting for 40% of Coke’s product volume in Africa. Coca-Cola HBC operates in 29 countries in Europe and Africa, including Nigeria and Egypt.
Coca-Cola Chairman and CEO James Quincey said Tuesday that the deal in Africa and a similar transaction in India in July were the last two big pieces of a bottler refranchising plan that Coke set in motion a decade ago.
Quincey said the strategy helps Coke focus more on brand building and innovation while bottlers can invest in the manufacturing system.
“The bottler performs better and it helps us drive overall growth for the total system, so that the combination grows faster and is more profitable,” Quincey said.
Rival PepsiCo is under some pressure from an activist investor, Elliott Investment Management, to refranchise its bottling operations in North America.
FILE - Bottles of Mexican Coca-Cola are displayed at a grocery store in Mount Prospect, Ill., Thursday, July 17, 2025. (AP Photo/Nam Y. Huh, File)
MINNEAPOLIS (AP) — A federal officer shot a person in the leg in Minneapolis after being attacked with a shovel and broom handle while trying to make an arrest Wednesday, federal officials said.
The shooting took place about 4.5 miles (7.2 kilometers) north of where an immigration agent fatally shot Renee Good on Jan. 7.
The Department of Homeland Security said in a statement on the social media platform X that federal law enforcement officers stopped a person from Venezuela who was in the U.S. illegally. The person drove away and crashed into a parked car before taking off on foot, DHS said.
After officers reached the person, two other people arrived from a nearby apartment and all three started attacking the officer, according to DHS.
“Fearing for his life and safety as he was being ambushed by three individuals, the officer fired a defensive shot to defend his life,” DHS said.
The two people who came out of the apartment are in custody, it said.
A large group of officers wearing gas masks fired tear gas into a crowd gathered at a north Minneapolis intersection near where Wednesday's shooting took place.
Earlier Wednesday, a judge gave the Trump administration time to respond to a request to suspend its immigration crackdown in Minnesota, while the Pentagon looked for military lawyers to join what has become a chaotic law enforcement effort in the state.
Plumes of tear gas, bursts of chemical irritants and the screech of protest whistles have become common on the streets of Minneapolis, especially since Good's shooting.
Agents have yanked people from cars and homes and been confronted by angry bystanders who are demanding that officers pack up and leave.
“What we need most of all right now is a pause. The temperature needs to be lowered," state Assistant Attorney General Brian Carter said during the first hearing in a lawsuit filed by Minnesota and the cities of Minneapolis and St. Paul.
Local leaders say the government is violating free speech and other constitutional rights with the surge of law enforcement. U.S. District Judge Katherine Menendez promised to keep the case “on the front burner” and gave the U.S. Justice Department until Monday to file a response to a request for a restraining order.
The judge said these are "grave and important matters,” and that there are few legal precedents to apply to some of the key points in the case.
Justice Department attorney Andrew Warden suggested the approach set by Menendez was appropriate.
The judge is also handling a separate lawsuit challenging the tactics used by Immigration and Customs Enforcement and other federal officers when they encounter protesters and observers. A decision could be released this week.
During a televised speech Wednesday evening, Gov. Tim Walz described Minnesota as being in chaos, saying what's happening in the state “defies belief.”
“Let’s be very, very clear, this long ago stopped being a matter of immigration enforcement," he said. "Instead, it’s a campaign of organized brutality against the people of Minnesota by our own federal government.”
Walz added that “accountability” will be coming through the courts.
The Department of Homeland Security says it has made more than 2,000 arrests in the state since early December and is vowing to not back down. The Pentagon is preparing to send military lawyers to Minneapolis to assist.
CNN, citing an email circulating in the military, says Defense Secretary Pete Hegseth is asking the branches to identify 40 lawyers known as judge advocate general officers or JAGs, and 25 of them will serve as special assistant U.S. attorneys in Minneapolis.
Pentagon spokesperson Kingsley Wilson appeared to confirm the CNN report by posting it on X with a comment that the military “is proud to support” the Justice Department.
The Pentagon did not immediately respond to emails from The Associated Press seeking more details.
It’s the latest step by the Trump administration to dispatch military and civilian attorneys to areas where federal immigration operations are taking place. The Pentagon last week sent 20 lawyers to Memphis, U.S. Attorney D. Michael Dunavant said.
Mark Nevitt, an associate professor at Emory University School of Law and a former Navy JAG, said there's concern that the assignments are taking lawyers away from the military justice system.
“There are not many JAGs but there are over one million members of the military, and they all need legal support,” he said.
Jonathan Ross, the Immigration and Customs Enforcement officer who killed Good, suffered internal bleeding to his torso during the encounter, a Homeland Security official told The Associated Press.
The official spoke to AP on condition of anonymity in order to discuss Ross’ medical condition. The official did not provide details about the severity of the injuries, and the agency did not respond to questions about the extent of the bleeding, exactly how he suffered the injury, when it was diagnosed or his medical treatment.
There are many causes of internal bleeding, and they vary in severity from bruising to significant blood loss. Video from the scene showed Ross and other officers walking without obvious difficulty after Good was shot and her Honda Pilot crashed into other vehicles.
She was killed after three ICE officers surrounded her SUV on a snowy street a few blocks from her home.
Bystander video shows one officer ordering Good to open the door and grabbing the handle. As the vehicle begins to move forward, Ross, standing in front, raises his weapon and fires at least three shots at close range. He steps back as the SUV advances and turns.
Homeland Security Secretary Kristi Noem has said Ross was struck by the vehicle and that Good was using her SUV as a weapon — a self-defense claim that has been deeply criticized by Minnesota officials.
Chris Madel, an attorney for Ross, declined to comment on any injuries.
Good’s family, meanwhile, has hired a law firm, Romanucci & Blandin, that represented George Floyd’s family in a $27 million settlement with Minneapolis. Floyd, who was Black, died after a white police officer pinned his neck to the ground in the street in May 2020.
The firm said Good was following orders to move her car when she was shot. It said it would conduct its own investigation and publicly share what it learns.
“They do not want her used as a political pawn,” the firm said, referring to Good and her family, “but rather as an agent of peace for all.”
Waving signs reading “Love Melts ICE” and “DE-ICE MN,” hundreds of teenagers left school in St. Paul and marched in freezing temperatures to the state Capitol for a protest and rally.
The University of Minnesota, meanwhile, informed its 50,000-plus students that there could be online options for some classes when the new term starts next week. President Rebecca Cunningham noted that “violence and protests have come to our doorstep.” The campus sits next to the main Somali neighborhood in Minneapolis.
Associated Press reporters Julie Watson in San Diego, California; Rebecca Santana in Washington, D.C.; Ed White in Detroit; Giovanna Dell’Orto in Minneapolis; Graham Lee Brewer in Oklahoma City, Oklahoma; and Hallie Golden in Seattle contributed.
Federal immigration officers at the scene of a reported shooting Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
A woman confronts a federal immigration officer at the scene of a reported shooting Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
People react after a firework was set off near the scene of a reported shooting Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Abbie Parr)
Federal immigration officers shoot pepper balls as tear gas is deployed at the scene of a reported shooting Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
Law enforcement officers stand amid tear gas at the scene of a reported shooting Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Adam Gray)
Federal immigration officers are seen Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Abbie Parr)
Hundreds of protesters gather in front of the Minnesota State Capitol in response to the death of Renee Good, who was fatally shot by an ICE officer last week, Wednesday, Jan. 14, 2026, in St. Paul, Minn. (AP Photo/John Locher)
Protesters gather in front of the Minnesota State Capitol in response to the death of Renee Good, who was fatally shot by an ICE officer last week, Wednesday, Jan. 14, 2026, in St. Paul, Minn. (AP Photo/John Locher)
Protesters gather in front of the Minnesota State Capitol in response to the death of Renee Good, who was fatally shot by an ICE officer last week, Wednesday, Jan. 14, 2026, in St. Paul, Minn. (AP Photo/John Locher)
Federal officers stand guard after detaining people outside of Bishop Henry Whipple Federal Building, Tuesday, Jan. 13, 2026, in Minneapolis. (AP Photo/Adam Gray)
People visits a makeshift memorial for Renee Good, who was fatally shot by an ICE officer last week, Tuesday, Jan. 13, 2026, in Minneapolis. (AP Photo/John Locher)
A person is detained by federal agents near the scene where Renee Good was fatally shot by an ICE officer last week, Tuesday, Jan. 13, 2026, in Minneapolis. (AP Photo/Adam Gray)
