“As inflation moderates, we anticipate pricing to normalize and we lean into both affordability and premiumization, depending on what the market demands.”

In context

“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. 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. 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. 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. 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. In summ”