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Consumer Staples · NYSE: KO

Coca-Cola: how the business works

Coca-Cola sells drink concentrates, syrups and finished drinks in more than 200 countries and territories, with revenue of $47.9 billion in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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The Coca-Cola Company · Atlanta, Georgia · Founded 1892

Updated for Q3 FY2026 · checked

Revenue, FY2025
$47.9B
Operating income, FY2025
$13.8B
Net income, FY2025
$13.1B
Unit cases sold by the system, FY2025
33.8B
Employees, Dec 31, 2025
65,900

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Coca-Cola in 5 points

  1. 1 · What it sells

    Coca-Cola sells drink concentrates, syrups and finished drinks under brands such as Coca-Cola, Sprite and Fanta in more than 200 countries and territories, with $47.9 billion of revenue in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, bottling partners buying concentrates and syrups paid 59% of revenue, and retailers, distributors and wholesalers buying finished drinks, mostly from bottlers Coca-Cola owns, paid 41%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Coca-Cola kept $25.3 as net income, including $3.89 billion of interest, equity and other income with a $1.95 billion one-off gain, while operating income was $28.71 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    North America earned 32.5% of FY2025 segment operating income, EMEA 27.6% and Latin America 24.0%, while the Bottling Investments segment earned 2.7% on 11.9% of revenue.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Coca-Cola paid a $6.0 billion deposit in its IRS tax case in September 2024 and estimated in its FY2025 10-K (as of Dec 31, 2025) about $14 billion of added tax and interest for 2010 to 2025 if that method were applied, with the appeal heard on Jun 25, 2026.

    More: the one thing to watch

Sources: From Coca-Cola's FY2025 10-K and its Q3 FY2026 10-Q · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Coca-Cola's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Coca-Cola · FY2025

Receipt for every $100

Where $100 of Coca-Cola's money went in FY2025
Cost of goods sold$35.5
Selling, general and administrative$28.0
Other operating charges$2.4
Interest expense$3.2
Income tax$5.5
Partners' share in subsidiaries$0.1
Kept as net income$25.3
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus interest income, equity income and other income, $51.8 billion): each line = line ÷ $51.8 billion × 100. Operating income was $28.71 per $100 of revenue alone.

Sources (1)
Next: The business in one line

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02The business in one line

What does Coca-Cola do?

Bottlers pay Coca-Cola for concentrate and syrups, and shops pay the bottlers it owns for finished drinks; most of the money goes on making the goods and on selling and running costs, and $27.34 of every $100 of FY2025 revenue was left as net income.

  • In FY2025, concentrate operations made 59% of revenue and finished product operations 41%. Concentrate was 85% of unit case volume.
  • Of $47.9 billion of FY2025 revenue, cost of goods sold took $18.4 billion and selling, general and administrative costs $14.5 billion. Operating income was $13.8 billion.
Next: Who pays it

03Who pays it

Who pays Coca-Cola?

  • Bottling partners buying concentrates and syrups

    59%

    of revenue

    Independent and partly owned bottlers that make, package and sell the finished drinks. Concentrate operations made 59% of FY2025 revenue.

  • Retailers, distributors and wholesalers buying finished drinks

    41%

    of revenue

    Mostly served by bottlers Coca-Cola owns. Finished product operations made 41% of FY2025 revenue, with lower gross margins than concentrate, the 10-K says.

  • Bottling partners buying concentrates and syrups59%
  • Retailers, distributors and wholesalers buying finished drinks41%

How spread out the customers are

One bottler, not named, made up 10% of Coca-Cola's FY2025 revenue, through the EMEA and Asia Pacific segments; none reached 10% in FY2024 or FY2023. Sales to bottlers and other companies Coca-Cola partly owns were $19.0 billion in FY2025. The five largest independent bottlers handled 44% of worldwide unit case volume.

Largest customer
10%
Sources (1)
Next: Why it makes money

04Why it makes money

Why does Coca-Cola make money?

Coca-Cola earns most of its profit selling concentrate to bottlers, and less from bottling drinks itself.

The 10-K says finished product operations bring more revenue but lower gross margins than concentrate. In FY2025 the Bottling Investments segment made 11.9% of revenue but 2.7% of segment operating income. Coca-Cola has been selling owned bottlers to partners.

Operating income per $100 of revenue

$26.7$28.7

FY2021 to FY2025

  1. Coca-Cola owns the brands and sells concentrate and syrups to bottlers
  2. Bottlers add water and sweeteners, package the drinks and sell them to shops
  3. The system sold 33.8 billion unit cases in FY2025
  4. Coca-Cola also earns equity income from stakes in bottlers: $2.03 billion in FY2025
  5. It sells owned bottling operations to partners, as in India, Bangladesh and the Philippines in 2024
  6. Fewer owned bottlers means less revenue from finished drinks, which carry lower gross margins than concentrate

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up Coca-Cola?

  • North America

    41%

    Drinks and concentrate sold in North America, including US fountain syrups. It earned 32.5% of FY2025 segment operating income, after the $960 million BodyArmor impairment.

    Revenue $19.6B · Operating profit $5.1B

  • Europe, Middle East and Africa (EMEA)

    23%

    Concentrate sales in the region, plus Costa coffee shops. It earned 27.6% of FY2025 segment operating income.

    Revenue $10.8B · Operating profit $4.3B

  • Latin America

    13%

    Drinks and concentrate sold in Latin America. It earned 24.0% of FY2025 segment operating income.

    Revenue $6.3B · Operating profit $3.7B

  • Bottling Investments

    12%

    Bottlers Coca-Cola owns and consolidates. It earned 2.7% of FY2025 segment operating income.

    Revenue $5.7B · Operating profit $426M

  • Asia Pacific

    11%

    Concentrate sales across Asia and the Pacific. It earned 13.1% of FY2025 segment operating income.

    Revenue $5.3B · Operating profit $2.0B

How the mix changed

  • North America
  • Europe, Middle East and Africa (EMEA)
  • Latin America
  • Bottling Investments
  • Asia Pacific

Revenue by segment, FY2023 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearNorth AmericaEurope, Middle East and Africa (EMEA)Latin AmericaBottling InvestmentsAsia Pacific
FY2023$17.0B$10.2B$5.8B$7.9B$4.8B
FY2024$18.9B$10.3B$6.5B$6.2B$5.1B
FY2025$19.6B$10.8B$6.3B$5.7B$5.3B
Sources (1)
Next: How has it done

06The numbers · Consolidated · US$

How has Coca-Cola done?

Revenue

$47.9BFY2025

Revenue rose every year, from $38.7 billion in FY2021 to $47.9 billion in FY2025, but by 1.9% in FY2025; Q2 and Q3 FY2026 were both $13.38 billion.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$38.7B
FY2022$43.0B
FY2023$45.8B
FY2024$47.1B
FY2025$47.9B
Q4 FY2024$11.5B
Q1 FY2025$11.1B
Q2 FY2025$12.5B
Q3 FY2025$12.5B
Q4 FY2025$11.8B
Q1 FY2026$12.5B
Q2 FY2026$13.4B
Q3 FY2026$13.4B

Net profit

$13.1BFY2025

Net income fell in FY2022 and FY2024 and reached $13.1 billion in FY2025; FY2024 carried a $3.1 billion fairlife charge, and FY2025 a $1.95 billion gain on the Coke Consolidated stake.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$9.8B$2.25
FY2022$9.5B$2.19
FY2023$10.7B$2.47
FY2024$10.6B$2.46
FY2025$13.1B$3.04
Q4 FY2024$2.2B$0.51
Q1 FY2025$3.3B$0.77
Q2 FY2025$3.8B$0.88
Q3 FY2025$3.7B$0.86
Q4 FY2025$2.3B$0.53
Q1 FY2026$3.9B$0.91
Q2 FY2026$4.4B$1.03
Q3 FY2026$4.0B$0.93

Profit kept per $100 of revenue

$27.3FY2025

Operating income per $100 of revenue was $28.71 in FY2025, against $21.23 in FY2024, when other operating charges were $4.2 billion.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202125.3%30.4%
FY202222.2%28.3%
FY202323.4%27.2%
FY202422.6%23.5%
FY202527.3%30.9%

Free cash flow

$5.3BFY2025

Free cash flow fell from $11.3 billion in FY2021 to $4.7 billion in FY2024 and $5.3 billion in FY2025, after a $6.0 billion IRS tax deposit in 2024 and a $6.1 billion fairlife payment in 2025.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$12.6B$1.4B$11.3B
FY2022$11.0B$1.5B$9.5B
FY2023$11.6B$1.9B$9.7B
FY2024$6.8B$2.1B$4.7B
FY2025$7.4B$2.1B$5.3B
See all yearly numbers
Coca-Cola annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$38.7B$11.8B$9.8B$2.25$12.6B$1.4B$11.3B
FY2022$43.0B$12.2B$9.5B$2.19$11.0B$1.5B$9.5B
FY2023$45.8B$12.4B$10.7B$2.47$11.6B$1.9B$9.7B
FY2024$47.1B$11.1B$10.6B$2.46$6.8B$2.1B$4.7B
FY2025$47.9B$14.8B$13.1B$3.04$7.4B$2.1B$5.3B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31. Q1 to Q3 end on the Friday closest to the calendar quarter end, so quarter lengths differ: Q1 FY2026 had six more days than Q1 FY2025.). Net profit is the share belonging to the company's owners.

Download Coca-Cola's yearly and quarterly numbers (CSV, with source ids)

Learn: Stock-based compensation and dilution: pay that becomes shares

Sources (12)
Next: What they said, and what happened

07Who runs it

Who runs Coca-Cola, and did they deliver?

  • Henrique Braun

    Chief Executive Officer · since 2026

    CEO since Mar 31, 2026; Chief Operating Officer from January 2025. Joined Coca-Cola in 1996. Base salary of $1.45 million.

  • James Quincey

    Executive Chairman · since 2026

    CEO from 2017 to Mar 31, 2026. His 2025 total pay was $31.2 million, 1,739 times the median employee's $17,947.

  • John Murphy

    President and Chief Financial Officer

    Also runs the North America operating unit on an interim basis from Aug 1, 2026, after Jennifer Mann's departure.

What they said, and what happened

3 delivered · 2 too early to tell

  1. Said on Feb 11, 2025

    Coca-Cola said it expected FY2025 organic revenue growth (its own measure) of 5% to 6%.

    What happened

    Organic revenue grew 5%, at the bottom of the range.

    Delivered

  2. Said on Feb 11, 2025

    Coca-Cola said it expected FY2025 comparable EPS growth (its own measure) of 2% to 3%.

    What happened

    Comparable EPS grew 4% to $3.00, above the range. Diluted EPS was $3.04.

    Delivered

  3. Said on Feb 11, 2025

    Coca-Cola said it expected FY2025 free cash flowCash from operations minus spending on buildings and equipment. Learn more excluding the fairlife payment (its own measure) of about $9.5 billion.

    What happened

    It reported $11.4 billion on that basis. Free cash flow as reported was $5.3 billion.

    Delivered

  4. Said on Oct 27, 2026

    Coca-Cola said it expects FY2026 organic revenue growth of at least 5% and comparable EPS growth of at least 11% (its own measures).

    What happened

    FY2026 results are not out yet. In February 2026 the ranges were 4% to 5% and 7% to 8%.

    Too early to tell

  5. Said on Oct 27, 2026

    Coca-Cola's FY2026 guidance assumed the sale of its Africa bottling business to Coca-Cola HBC closes in Q4 2026.

    What happened

    The February 2026 guidance assumed a close in H2 2026. The sale awaited regulatory approvals in the Q3 FY2026 10-Q.

    Too early to tell
Sources (8)
Next: What could go wrong

08What could go wrong

What could go wrong for Coca-Cola?

  • Legal

    IRS tax case

    Coca-Cola paid a $6.0 billion deposit in September 2024 after the Tax Court ruling on 2007 to 2009. In its FY2025 10-K (as of Dec 31, 2025), it estimates about $14 billion of added tax and interest for 2010 to 2025 if that method were applied, plus about 3.5 points on its 2026 tax rate.

    Watch The Eleventh Circuit's decision on the appeal heard Jun 25, 2026.

  • Concentration

    Reliance on bottlers

    Independent bottlers make and sell most of Coca-Cola's drinks. One unnamed bottler made up 10% of FY2025 revenue, and the five largest independent bottlers 44% of unit case volume.

    Watch Customer concentration and bottler notes in each 10-K.

  • Demand

    Health concerns about sugary drinks

    The 10-K says concerns about obesity may reduce demand. It also warns of added labeling, warnings or limits on marketing. Sparkling soft drinks were 69% of FY2025 volume.

    Watch Unit case volume for sparkling drinks in each release.

  • Currency

    Currency moves

    60.1% of FY2025 revenue came from outside the US. Currency moves cut reported revenue growth by 5 points in Q1 FY2025 and added 3 points in Q1 FY2026.

    Watch The currency line in each earnings release.

  • Execution

    Brand write-downs

    Coca-Cola bought the remaining 85% of BodyArmor in November 2021. It wrote down the BodyArmor trademark by $760 million in FY2024 and $960 million in FY2025.

    Watch Impairment charges in other operating charges.

  • Execution

    Selling bottling operations

    The 10-K says refranchising and divestitures may disrupt the business. FY2025 included a $1.27 billion charge on the Africa bottling business held for sale. Coca-Cola said in its Oct 27, 2026 earnings release that it expects about an 8% headwind from acquisitions and divestitures to FY2027 comparable net revenues, a non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more measure.

    Watch Closing of the Africa bottling sale and FY2027 guidance with Q4 FY2026 results.

  • Technology

    Cyberattacks

    A ransomware event at fairlife paused its US production in July 2026. Coca-Cola believes it is not material, and gave no cost.

    Watch Cybersecurity notes in each 10-Q and 10-K.

  • Raw-material prices

    Input costs and packaging rules

    The 10-K names commodity, packaging and energy costs, water scarcity, and rules on plastic packaging as risks. Cost of goods sold was $18.4 billion in FY2025.

    Watch Gross margin in each 10-Q and 10-K: 61.6% in FY2025.

Sources (7)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose every year, from $38.7 billion in FY2021 to $47.9 billion in FY2025.
  • Operating income was $28.71 per $100 of FY2025 revenue.
  • In February 2026 Coca-Cola raised its dividend to $2.12 a year, which it calls its 64th consecutive annual increase.
  • Unit case volume grew 5% in Q3 FY2026, and revenue for the first nine months of FY2026 was $39.2 billion, up from $36.1 billion.
  • The FY2025 10-K states long-term debt ratings of A+ from S&P and A1 from Moody's at Dec 31, 2025.

What critics point to

  • Revenue grew 1.9% in FY2025, and unit case volume was even for the year.
  • Dividends and buybacks of $9.5 billion exceeded FY2025 free cash flow of $5.3 billion.
  • Coca-Cola estimated in its FY2025 10-K (as of Dec 31, 2025) about $14 billion of added tax and interest for 2010 to 2025 if the Tax Court's method were applied to those years.
  • BodyArmor, bought in full in 2021, took trademark write-downs of $760 million in FY2024 and $960 million in FY2025.
  • One unnamed bottler made up 10% of FY2025 revenue.
Next: What to watch next

10What to watch next

What should you watch next at Coca-Cola?

Next event

Q4 FY2026 results

Date not announced yet.

  • The IRS appeal

    The Eleventh Circuit heard the appeal on Jun 25, 2026. The Q3 FY2026 10-Q, filed Oct 28, 2026, reported no decision.

  • The Africa bottling sale

    Coca-Cola's Oct 27, 2026 guidance assumed the sale closes in Q4 2026. It expects about an 8% headwind from acquisitions and divestitures to FY2027 comparable net revenues, a non-GAAP measure.

  • A shorter fourth quarter

    The Q3 FY2026 release says Q4 FY2026 has six fewer days than Q4 FY2025, which affects reported revenue but not unit case volume.

Next: Key facts

11Key facts

Key facts about Coca-Cola

What is Coca-Cola's business model, and who are its customers?
Coca-Cola mostly sells concentrates and syrups to bottling partners, which add water and sweeteners, package the drinks and sell them to retailers. In FY2025 these concentrate operations made 59% of Coca-Cola's revenue; finished drinks sold to retailers, distributors and wholesalers made 41%.
How does Coca-Cola make money?
Coca-Cola had revenue of $47.9 billion in FY2025 (year ended Dec 31, 2025) from selling concentrates, syrups and finished drinks. After cost of goods sold of $18.4 billion and selling, general and administrative costs of $14.5 billion, operating income was $13.8 billion.
Is Coca-Cola profitable?
Yes. Coca-Cola's net income was $13.1 billion in FY2025, up from $10.6 billion in FY2024. FY2025 net income included a $1.95 billion gain on selling its Coke Consolidated stake; operating income was $13.8 billion, or $28.71 per $100 of revenue.
What is Coca-Cola's revenue by segment?
Counting sales to outside customers, Coca-Cola's FY2025 revenue of $47.9 billion came from North America ($19.6 billion, 40.8%), Europe, Middle East and Africa ($10.8 billion, 22.6%), Latin America ($6.3 billion, 13.2%), Bottling Investments ($5.7 billion, 11.9%) and Asia Pacific ($5.3 billion, 11.1%).
Who owns Coca-Cola?
Coca-Cola's 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more lists Berkshire Hathaway with 400,000,000 shares, or 9.29%, as Berkshire told Coca-Cola for Dec 31, 2025. Directors and executive officers as a group held less than 1% at the Mar 2, 2026 record date.
How much of Coca-Cola's revenue comes from selling concentrate?
Coca-Cola's concentrate operations, which sell concentrates and syrups to bottling partners, made 59% of its $47.9 billion of revenue in FY2025 and 85% of its unit case volume.
How much of Coca-Cola's revenue comes from finished drinks and its own bottlers?
Coca-Cola's finished product operations made 41% of its FY2025 revenue and 15% of unit case volume. They are mainly bottlers Coca-Cola owns, reported as the Bottling Investments segment, which had $5.7 billion of outside revenue in FY2025.
How many drinks does the Coca-Cola system sell?
Coca-Cola and its bottling partners sold 33.8 billion unit cases in FY2025, up from 31.3 billion in FY2021. A unit case is 24 eight-ounce servings. Sparkling soft drinks were 69% of FY2025 volume.
How much does Coca-Cola earn from its stakes in bottlers?
Coca-Cola's equity income, its share of the profit of companies it partly owns such as bottlers and Monster Beverage, was $2.03 billion in FY2025, up from $1.77 billion in FY2024.
How much does Coca-Cola pay in dividends?
Coca-Cola paid $8.78 billion of dividends in FY2025 and declared $2.04 per share. In February 2026 it raised the quarterly dividend to $0.53, or $2.12 a year.
Sources (3)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Coca-Cola sell?

Coca-Cola owns drink brands such as Coca-Cola, Sprite, Fanta and Diet Coke. It mostly sells the concentrate; bottlers turn it into finished drinks.

  • Concentrates and syrups (59% of FY2025 revenue)

    Sold to bottling partners, which add still or sparkling water and sweeteners, then package and sell the drinks. In the US, Coca-Cola also sells fountain syrups to restaurants and other fountain retailers.

  • Finished drinks (41% of FY2025 revenue)

    Drinks sold to retailers, distributors and wholesalers, mainly by bottlers Coca-Cola owns. This also includes Costa coffee shops, which sell directly to consumers.

  • Brand categories

    Trademark Coca-Cola; sparkling flavors; water, sports, coffee and tea; juice, value-added dairy and plant-based drinks; and emerging beverages. Trademark Coca-Cola was 47% of FY2025 unit case volume.

  • Stakes in bottlers and Monster

    Coca-Cola owns minority stakes in large bottlers and 21% of Monster Beverage. Its share of their profit, equity income, was $2.03 billion in FY2025.

What it does

  • Does: Owns the brands and sells concentrate to bottlers in more than 200 countries and territories
  • Does: Owns some bottlers, reported as the Bottling Investments segment: 11.9% of FY2025 revenue
  • Does: Holds stakes in listed bottlers, for example 28% of Coca-Cola FEMSA and 18% of Coca-Cola Europacific Partners
  • Does: Runs Costa coffee shops, which sell directly to consumers

What it does not do

  • Does not: Does not make most finished drinks itself: concentrate operations were 85% of FY2025 unit case volume
  • Does not: Does not report revenue by brand
  • Does not: Does not name the bottler that made up 10% of FY2025 revenue
Sources (1)
13How the money flows

13How the money flows · FY2025

How does money flow through Coca-Cola?

Money in

  • Net operating revenues$47.9B
  • Interest income, equity income and other income, net$3.9B

The company

Coca-Cola

$51.8B came in

Money out

  • Cost of goods sold$18.4B
  • Selling, general and administrative costs$14.5B
  • Other operating charges (mostly a BodyArmor trademark impairment)$1.3B
  • Interest expense$1.7B
  • Income tax$2.9B
  • Share of partners in subsidiaries (noncontrolling interests)$30M
  • Net income attributable to Coca-Cola$13.1B
  1. Bottlers, retailers and distributors paid Coca-Cola $47.9 billion in FY2025.
  2. Cost of goods sold took $18.4 billion, and selling, general and administrative costs took $14.5 billion.
  3. Other operating charges of $1.26 billion, mostly a $960 million BodyArmor trademark impairment, left $13.8 billion of operating income.
  4. Interest income, equity income and other income added $3.89 billion, including a $1.95 billion gain on selling the Coke Consolidated stake.
  5. After $1.65 billion of interest expense and $2.86 billion of tax, $13.1 billion was left as net income.
Sources (1)
14What it needs to run

14What it needs to run

What does Coca-Cola need to run?

  • Bottling partners

    The five largest independent bottlers, Coca-Cola FEMSA, Coca-Cola Europacific Partners, Coca-Cola HBC, Arca Continental and Swire Coca-Cola, handled 44% of FY2025 unit case volume.

  • Brands

    Trademarks with indefinite lives were on the balance sheet at $12.5 billion at Dec 31, 2025. The BodyArmor trademark was written down by $760 million in FY2024 and $960 million in FY2025.

  • Stakes in other companies

    Equity method investmentsProfits or losses from companies it partly owns, counted in proportion to its stake. were $20.2 billion at Dec 31, 2025. The listed stakes were carried at $14.0 billion; the 10-K states their market valueShare price × number of shares: what all the shares were worth at one dated price. Learn more at Dec 31, 2025 as $34.3 billion.

  • People

    65,900 employees at the end of FY2025, 8,900 of them in the US, down from 69,700 a year earlier, mainly because of 2025 divestitures, Coca-Cola says.

  • Plants and capital spending

    Purchases of property, plant and equipment were $2.1 billion in FY2025, up from $1.4 billion in FY2021. India held 17% of the company's property, plant and equipment at Dec 31, 2025.

Sources (2)
15Where it sells

15Where it sells · FY2025

Where does Coca-Cola sell?

  • United States40%
  • Outside the United States60%
Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does Coca-Cola compete with?

Coca-Cola's FY2025 10-K calls PepsiCo a primary competitor in many countries. It also names Nestlé, Keurig Dr Pepper, Danone, Suntory Beverage & Food, AB InBev, Kirin, Heineken, Diageo and Red Bull. Peer revenue is not like-for-like: PepsiCo also sells snack foods.

  • PepsiCo

    NASDAQ: PEP

    Named in Coca-Cola's 10-K as a primary competitor. PepsiCo's FY2025 10-K (year ended Dec 27, 2025) reports revenue of $93.9 billion and operating income of $11.5 billion, including snack foods.

  • Keurig Dr Pepper

    Named in Coca-Cola's 10-K as a competitor. Its FY2025 10-K reports revenue of $16.6 billion and operating income of $3.6 billion, including coffee systems.

  • Nestlé

    Named in Coca-Cola's FY2025 10-K as a competitor in nonalcoholic beverages.

  • Red Bull

    Named in Coca-Cola's FY2025 10-K as a competitor.

  • Danone

    Named in Coca-Cola's FY2025 10-K as a competitor.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Brand reach4 of 5

    Coca-Cola's drinks are sold in more than 200 countries and territories. Its brands make up 2.2 billion of an estimated 65 billion servings of all beverages consumed each day, the 10-K says.

  • Bottling system4 of 5

    Coca-Cola and its bottling partners sold 33.8 billion unit cases in FY2025, up from 31.3 billion in FY2021.

  • Concentrate margins4 of 5

    Operating income was $28.71 per $100 of FY2025 revenue. The 10-K says concentrate operations carry higher gross margins than finished products.

Weak spot

Reliance on bottlers

Coca-Cola relies on bottlers it does not control to make and sell most of its drinks. One unnamed bottler made up 10% of FY2025 revenue, and the 10-K lists bottler relations as a risk.

Sources (4)
17Where growth could come from

17Where growth could come from

Where could Coca-Cola's growth come from?

Coca-Cola said in its Q3 FY2026 earnings release (Oct 27, 2026) that it expects FY2026 organic revenue growth of at least 5% and comparable EPS growth of at least 11% and free cash flow of at least $13.0 billion, all three its own non-GAAP measures. It said acquisitions and divestitures would be a headwind of about 8% to FY2027 comparable net revenues, also a non-GAAP measure.
Management statement, Oct 27, 2026. Reported as a statement, not our forecast.

  • Drink volume

    Working

    Unit cases +5% in Q3 FY2026

    Unit case volume grew 5% in Q2 and Q3 FY2026, after quarters of −1% to +2% in FY2025. Full-year FY2025 volume was even.

    Status: Working, on track against what the company said.

  • Coca-Cola Zero Sugar

    Working

    +16% unit cases in Q3 FY2026

    Coca-Cola said in its Q3 FY2026 release that Coca-Cola Zero Sugar unit case volume grew 16%.

    Status: Working, on track against what the company said.

  • Pricing

    Mixed

    Price/mix +1% in Q3 FY2026

    Price/mix added 6% in Q2 and Q3 FY2025 but 1% to 2% in each quarter of FY2026. About 4 points of the Q4 FY2024 figure of 9% came from markets with intense inflation.

    Status: Mixed, partly on track.

  • Latin America

    Working

    Organic revenue +16% in Q3 FY2026

    Latin America earned 24.0% of FY2025 segment operating income. In Q3 FY2026 its unit case volume grew 6%.

    Status: Working, on track against what the company said.

  • Selling owned bottlers

    Mixed

    Employees 65,900, from 79,100 at end of FY2023

    The Africa bottling sale to Coca-Cola HBC awaits regulatory approval. Coca-Cola's guidance assumed it closes in H2 2026 in February and in Q4 2026 in October.

    Status: Mixed, partly on track.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (11)
18The company's own measures (non-GAAP)

18The company's own measures · FY2024, FY2025 and Q3 FY2026

What do Coca-Cola's own measures show?

Organic revenue, comparable EPS, comparable margins and free cash flow excluding one-off payments are Coca-Cola's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Free cash flow (cash from operations − purchases of property, plant and equipment), FY2025

    $5.3B

    Company's own measure: Free cash flow excluding the fairlife payment, FY2025

    $11.4B

    Coca-Cola's own figure. It adds back the $6.07 billion fairlife contingent consideration payment made in March 2025.

  • Official (GAAP): Free cash flow (cash from operations − purchases of property, plant and equipment), FY2024

    $4.7B

    Company's own measure: Free cash flow excluding the IRS tax litigation deposit, FY2024

    $10.8B

    Coca-Cola's own figure. It adds back the $6.04 billion deposit paid to the IRS in September 2024.

  • Official (GAAP): Reported revenue growth, FY2025 (Cityfort calculation from the FY2025 10-K)

    1.9%

    Company's own measure: Organic revenue growth, FY2025

    5%

    Coca-Cola's measure: revenue growth leaving out currency moves and acquisitions, divestitures and structural changes.

  • Official (GAAP): Diluted EPS, FY2025

    $3.04

    Company's own measure: Comparable EPS, FY2025

    $3.00

    Coca-Cola's measure: diluted earnings per share leaving out items it says affect comparability between periods; the release reconciles it to GAAP.

  • Official (GAAP): Operating margin, FY2025

    28.7%

    Company's own measure: Comparable operating margin, FY2025

    31.2%

    Coca-Cola's measure, leaving out the same items that affect comparability.

  • Official (GAAP): Reported revenue growth, Q3 FY2026

    7.0%

    Company's own measure: Organic revenue growth, Q3 FY2026

    7%

    Same measure for the quarter. Price/mix added 1 point.

  • Official (GAAP): Diluted EPS, Q3 FY2026

    $0.93

    Company's own measure: Comparable EPS, Q3 FY2026

    $0.91

    Same measure for the quarter.

  • Official (GAAP)

    No official figure measures this; it is the company's own operating measure.

    Company's own measure: Unit case volume growth, Q3 FY2026

    5 %

    Unit cases of Coca-Cola drinks sold by the company and its bottling partners; a unit case is 24 eight-ounce servings. Volume uses average daily sales, so different quarter lengths do not affect it. The nearest GAAP line is revenue, which grew 7%.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (4)
19Financial strength and debt

19Financial strength · Oct 2, 2026

How much debt does Coca-Cola have?

At Oct 2, 2026 Coca-Cola's debt exceeded its cash and investments by $25.0 billion, down from $29.7 billion at Dec 31, 2025.
  • Total debt$41.6B
  • Cash and investments$16.6B
  • Net debt (debt minus cash)$25.0B
  • Net worth (shareholders' money)$37.4B
Debt to equity
1.11×
$ of debt for every $1 of shareholders' money
  • Debt is loans and notes payable, current maturities of long-term debt and long-term debt; it leaves out leases and the Africa bottling debt moved to liabilities held for sale. Net debt is a Cityfort calculation from the Q3 FY2026 10-Q; the Dec 31, 2025 figure is a Cityfort calculation from the FY2025 10-K.
  • Cash and investments are cash, short-term investments and marketable securities.
  • $4.9 billion of long-term debt was due within a year at Oct 2, 2026.
  • The FY2025 10-K states that S&P rated the long-term debt A+ and Moody's A1 at Dec 31, 2025, the same ratings stated in each 10-K since FY2021. Unused backup credit lines were $6.2 billion.
Sources (6)
20Who owns it

20Who owns it · ownership as of Mar 2, 2026

Who owns Coca-Cola?

Coca-Cola has one class of common stock, one vote per share. Directors and executive officers as a group held 38,886,151 shares at the Mar 2, 2026 record date: less than 1% in the proxy, 0.90% by a Cityfort calculation from the 2026 proxy statement.
Officers and directors (as a group), shares
0.9%
Share classes
Coca-Cola share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (4,301,902,335 shares on Oct 26, 2026 (Q3 FY2026 10-Q cover). Coca-Cola has one class of common stock.)4,301.91–––Yes
Holders of 5% or more
Coca-Cola holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Berkshire Hathaway9.3%–Dec 31, 2025S18400,000,000 shares, as Berkshire told Coca-Cola for Dec 31, 2025; listed in the 2026 proxy statement.
The Vanguard Group8.6%–Mar 16, 2026S18, S20Proxy figure (370.7 million shares), based on a Schedule 13G/A from February 2024. In March 2026 The Vanguard Group reported 0 shares on Schedule 13G/A after an internal realignment.
BlackRock7.3%–Mar 16, 2026S18Proxy figure (313.2 million shares), based on a Schedule 13G/A from January 2024.
Vanguard Capital Management6.4%–Apr 29, 2026S19Schedule 13G, holding of 276,838,699 shares as of Mar 31, 2026. Not in the proxy table.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (4)
21What it does with profit

21What it does with profit

What does Coca-Cola do with its profit?

Dividends per share are as declared. In February 2026 the quarterly dividend rose to $0.53 ($2.12 a year), which Coca-Cola calls its 64th consecutive annual increase. Dividends and buybacks were $9.5 billion in FY2025, more than free cash flow of $5.3 billion. Coca-Cola said in its Q3 FY2026 10-Q (Oct 28, 2026) that it expects 2026 buybacks to offset dilution from stock-based pay.

Dividend per share

$2.04FY2025

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2021$1.68–
FY2022$1.76–
FY2023$1.84–
FY2024$1.94–
FY2025$2.04–

  • Buyback · Dec 31, 2022

    FY2022: purchases of stock for treasury.

    $1.4B

  • Buyback · Dec 31, 2023

    FY2023: purchases of stock for treasury.

    $2.3B

  • Buyback · Dec 31, 2024

    FY2024: purchases of stock for treasury.

    $1.8B

  • Buyback · Dec 31, 2025

    FY2025: purchases of stock for treasury.

    $746M

  • Buyback · Oct 2, 2026

    First nine months of FY2026: bought back 10.0 million shares at an average of $78.77.

    $787M

Sources (3)
22Governance signals

22Governance signals

What do Coca-Cola's governance filings show?

Auditor
Ernst & Young LLP
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Coca-Cola's largest dealings with related companies are with bottlers it partly owns. Net sales to these equity method investees were $19.0 billion in FY2025, $18.3 billion in FY2024 and $17.7 billion in FY2023.
Credit rating
S&P and Moody's (as stated in the FY2025 10-K) Long-term debt A+ (S&P) and A1 (Moody's); commercial paper A-1 and P-1 (Not stated in the 10-K), Dec 31, 2025

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • regulatory · Sep 10, 2024

    IRS tax dispute, tax years 2007 to 2009

    The US Tax Court largely sided with the IRS on Coca-Cola's transfer pricing. Coca-Cola paid $6.0 billion of tax and interest as a deposit on Sep 10, 2024, and appealed. It says it firmly believes the IRS claims are without merit.

  • other · Jul 16, 2026

    fairlife ransomware event

    Coca-Cola reported a ransomware event at fairlife on Jul 16, 2026 that paused its US production. The Q2 FY2026 10-Q says most production resumed and the company believes the effect is not material.

  • disclosure

    What Coca-Cola does not report

    The filings do not name the bottler that made up 10% of FY2025 revenue, and give no revenue by brand or by country other than the US. Coca-Cola files no earnings-call transcripts with the SEC; its Q3 FY2026 release points to a webcast and says a transcript of the call is posted on its website within 24 hours.

  • other

    Audit fees

    Ernst & Young's fees were $42.3 million for FY2025, including $30.6 million for the audit, against $45.6 million for FY2024.

Sources (6)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Coca-Cola on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Coca-Cola closed at $95.73, from Nasdaq's historical price table (the stock is listed on the NYSE). Times 4,301.9 million shares (Oct 26, 2026) that is a market value of about $411.8 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). P/E is price ÷ earnings per share: 31.5 on FY2025 diluted EPS of $3.04, or 28.2 on the $3.40 earned in the four quarters to Q3 FY2026. Dividend yield as of the same date: 2.2%, on the $2.12 annual rate set in February 2026.

Share price
$95.73
Market value (market cap)
$411.8B
P/E
31.5×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 4,301.9 million ($95.73 × 4,301.9 million shares ≈ $411.8B). Source: Form 10-Q, Q3 FY2026 (quarter ended Oct 2, 2026); Proxy statement (DEF 14A) for the 2026 Annual Meeting

Source: KO historical closing prices, Oct 20 to Nov 5, 2026; Form 10-Q, Q3 FY2026 (quarter ended Oct 2, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025) and 4 more

Sources (8)
24How it got here

24How it got here

How did Coca-Cola get here?

  1. 1886

    Milestone

    First sold in the US

    Drinks bearing Coca-Cola's trademarks have been sold in the US since 1886. A Georgia company was organized in 1892, and the Delaware company took over in 1919.

  2. 2015

    Crisis

    IRS tax notice

    The IRS sent a notice on Sep 17, 2015 seeking about $3.3 billion of tax for 2007 to 2009, over transfer pricing.

  3. 2020

    Milestone

    Bought fairlife

    Coca-Cola acquired fairlife in 2020. A contingent payment agreed in the deal led to a $3.1 billion charge in FY2024 and a $6.17 billion payment in March 2025.

  4. 2021

    Milestone

    Bought the rest of BodyArmor

    Coca-Cola bought the remaining 85% of BodyArmor in November 2021. The trademark was later written down twice.

  5. 2024

    Crisis

    $6.0 billion IRS deposit

    After the Tax Court decision of Aug 2, 2024, Coca-Cola paid $6.0 billion on Sep 10, 2024 as a deposit and appealed on Oct 22, 2024.

  6. 2024

    Business-model change

    Selling owned bottlers

    Coca-Cola refranchised bottling in parts of India, Bangladesh and the Philippines in 2024. In 2025 it sold 40% of its India bottler for about $1.3 billion.

  7. 2025

    Business-model change

    Global Ventures segment ended

    From Jan 1, 2025 Costa, innocent and the Monster fees moved into the geographic segments.

  8. 2025

    Milestone

    Stake sales and Africa deal

    Coca-Cola sold its Coke Consolidated stake for $2.39 billion in November 2025. In October 2025 it agreed to sell part of its Africa bottler to Coca-Cola HBC, which has an option on the remaining 25%.

  9. 2026

    Milestone

    New CEO

    Henrique Braun became CEO on Mar 31, 2026. James Quincey became Executive Chairman.

Sources (3)

25Sources and changes

Where every number on this page comes from

Sources (27 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2024
  4. S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2023
  5. S5Form 10-K, fiscal year 2021 (ended Dec 31, 2021) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 22, 2022
  6. S6Earnings release, Q3 FY2026 (Form 8-K Ex. 99.1, Oct 27, 2026) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
  7. S7Earnings release, Q2 FY2026 (Form 8-K Ex. 99.1, Jul 28, 2026) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 28, 2026
  8. S8Earnings release, Q1 FY2026 (Form 8-K Ex. 99.1, Apr 28, 2026) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
  9. S9Earnings release, Q4 and full year FY2025 (Form 8-K Ex. 99.1, Feb 10, 2026) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2026
  10. S10Earnings release, Q3 FY2025 (Form 8-K Ex. 99.1, Oct 21, 2025) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2025
  11. S11Earnings release, Q2 FY2025 (Form 8-K Ex. 99.1, Jul 22, 2025) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 22, 2025
  12. S12Earnings release, Q1 FY2025 (Form 8-K Ex. 99.1, Apr 29, 2025) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
  13. S13Earnings release, Q4 and full year FY2024 (Form 8-K Ex. 99.1, Feb 11, 2025) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2025
  14. S14Form 10-Q, Q3 FY2026 (quarter ended Oct 2, 2026) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2026
  15. S15Form 10-Q, Q2 FY2026 (quarter ended Jul 3, 2026) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
  16. S18Proxy statement (DEF 14A) for the 2026 Annual Meeting · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 16, 2026
  17. S19Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  18. S20Schedule 13G/A, The Vanguard Group (event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  19. S21Form 8-K, Item 5.02: CEO succession, with Ex. 99.1 press release (Dec 10, 2025) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Dec 10, 2025
  20. S22Form 8-K, Item 5.02: CEO and Executive Chairman pay letters (Feb 20, 2026) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2026
  21. S24Form 8-K, Item 5.02: President, North America Operating Unit departs (Jun 25, 2026) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Jun 25, 2026
  22. S25Form 8-K, Item 8.01: fairlife ransomware event (Jul 16, 2026) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 16, 2026
  23. S26Form 8-K, Item 8.01: operating segments recast, Global Ventures sunset (Jun 26, 2025) · The Coca-Cola Company (SEC EDGAR) · Tier 1: company or exchange filing · Jun 26, 2025
  24. S27KO historical closing prices, Oct 20 to Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
  25. S28PepsiCo Form 10-K, fiscal year 2025 (ended Dec 27, 2025) · PepsiCo, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
  26. S29Keurig Dr Pepper Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Keurig Dr Pepper Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
  27. S30EDGAR filing list, The Coca-Cola Company (CIK 0000021344) · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Oct 2, 2026). (first version)

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