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KO

The Coca-Cola Company

KO

The Coca-Cola Company • NYSE
$73.12 ▲ 0.33% (+0.24)
Market Cap $314.68 B
52w High $74.38
52w Low $60.62
Dividend Yield 1.53%
P/E 24.21
Volume 6.74M
Outstanding Shares 4.30B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $12.455B ▼ $3.679B ▲ $3.696B ▼ 29.675% ▼ $0.86 ▼ $4.842B ▼
Q2-2025 $12.535B ▲ $3.541B ▲ $3.81B ▲ 30.395% ▲ $0.89 ▲ $5.52B ▲
Q1-2025 $11.129B ▼ $3.307B ▼ $3.33B ▲ 29.922% ▲ $0.77 ▲ $4.711B ▲
Q4-2024 $11.544B ▼ $4.222B ▼ $2.195B ▼ 19.014% ▼ $0.51 ▼ $3.513B ▼
Q3-2024 $11.854B $4.68B $2.848B 24.026% $0.66 $4.073B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.874B ▼ $106.045B ▲ $72.778B ▼ $31.247B ▲
Q2-2025 $14.297B ▲ $104.333B ▲ $74.151B ▲ $28.585B ▲
Q1-2025 $13.787B ▼ $101.716B ▲ $73.962B ▼ $26.202B ▲
Q4-2024 $14.571B ▼ $100.549B ▼ $74.177B ▼ $24.856B ▼
Q3-2024 $18.164B $106.266B $78.112B $26.518B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.681B ▼ $5.043B ▲ $1.255B ▲ $-3.14B ▲ $3.161B ▲ $4.564B ▲
Q2-2025 $3.81B ▲ $3.811B ▲ $789M ▲ $-3.38B ▼ $1.389B ▲ $3.369B ▲
Q1-2025 $3.33B ▲ $-5.202B ▼ $-1.067B ▼ $3.432B ▲ $-2.674B ▼ $-5.511B ▼
Q4-2024 $2.195B ▼ $3.951B ▲ $-783M ▼ $-5.484B ▼ $-2.673B ▼ $3.148B ▲
Q3-2024 $2.848B $-1.259B $2.31B $-894M $248M $-1.728B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Bottling investments
Bottling investments
 $1.55Bn ▲$1.46Bn ▼$1.41Bn ▼$1.35Bn ▼
Corporate Segment
Corporate Segment
 $20.00M ▲$30.00M ▲$40.00M ▲$30.00M ▼
Intersegment Eliminations
Intersegment Eliminations
 $-210.00M ▲$-280.00M ▼$-280.00M ▲$-250.00M ▲
Pacific
Pacific
 $9.33Bn ▲$9.92Bn ▲$11.36Bn ▲$11.33Bn ▼
Global Ventures
Global Ventures
 $850.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Coca-Cola’s income statement shows a mature, steady business with gradual growth rather than dramatic swings. Revenue has climbed consistently over the past five years, rebounding well from the pandemic period. Profitability remains strong overall: the company still converts a large share of its sales into gross profit, which speaks to pricing power and brand strength. That said, operating profit dipped a bit in the most recent year even as sales rose, suggesting higher costs (for ingredients, marketing, or logistics) or heavier investment in the business. Net income and earnings per share have been broadly stable over the last couple of years after a strong recovery from 2020. This pattern fits a large, established consumer brand: solid, relatively predictable profits with modest upside, but less room for rapid growth.

Balance Sheet

Balance Sheet The balance sheet reflects a large, asset-rich global company that leans meaningfully on debt but is not obviously strained. Total assets have grown over time, and the cash position has improved compared with several years ago, providing a reasonable liquidity cushion. Shareholders’ equity has also trended higher, which signals that retained profits are slowly building the company’s net worth. On the other hand, debt is substantial and has crept up, meaning leverage is a key feature of Coca-Cola’s financial structure. This is typical for a stable consumer business, but it does make the company more sensitive to interest costs and refinancing conditions. Overall, the balance sheet looks solid but clearly optimized for efficiency rather than ultra-low leverage.

Cash Flow

Cash Flow Historically, Coca-Cola has been a strong cash generator, with operating cash flow comfortably exceeding what it spends to maintain and grow the business. Capital spending has been steady and relatively modest for a company of this size, which supports healthy free cash flow. However, the most recent year stands out: cash from operations fell noticeably even though reported profits remained high. Free cash flow also declined. This gap between earnings and cash may be due to working capital swings, such as changes in receivables, inventories, or payables, rather than a fundamental problem, but it is an area worth watching. The overall picture is still one of a cash-generative business, with a recent soft patch in cash conversion that merits attention if it persists.

Competitive Edge

Competitive Edge Coca-Cola’s competitive position is one of its biggest strengths. The brand is among the most recognizable in the world and carries deep emotional associations, which gives the company strong pricing power and customer loyalty. Its distribution network is vast, reaching into virtually every type of retail outlet in hundreds of countries, and is extremely difficult for rivals to match. Scale gives Coca-Cola cost advantages in production, procurement, and marketing that smaller competitors simply cannot replicate. At the same time, the portfolio is broad, spanning classic sodas, low- and no-sugar variants, juices, sports drinks, and more. Key challenges to this strong position come from shifting consumer preferences toward healthier options, regulatory pressure on sugar, environmental concerns about packaging, and competition from local brands and private-label offerings. Even so, the company’s entrenched brand and system are major barriers for would-be challengers.

Innovation and R&D

Innovation and R&D Coca-Cola’s innovation is less about heavy laboratory research and more about smart use of data, technology, packaging, and brand extensions. The company is leaning into digital tools and artificial intelligence to refine marketing, understand consumer behavior, and guide new product launches. Its Freestyle machines and AI-driven campaigns generate valuable data on flavor preferences and engagement, feeding back into product design. The partnership with OpenAI and Bain highlights a deliberate push to stay at the cutting edge of digital marketing and personalization. On the product side, Coca-Cola has been expanding its lineup of low- and no-sugar drinks, experimenting with limited-edition flavors and “Creations” to keep the brand fresh, and cautiously exploring adjacent areas such as ready-to-drink alcoholic beverages. It is also investing in packaging and sustainability innovations, including plant-based materials and water conservation. Overall, innovation is focused on defending and extending the brand, aligning with health and wellness trends, and using data and technology to fine-tune the offer rather than radically transforming the business model.

Summary

Taken together, Coca-Cola looks like a classic, mature consumer defensive company: steady revenue growth, resilient profitability, and historically strong cash generation built on a powerful global brand and distribution network. The financials show a business that has recovered well from the pandemic and continues to grow modestly, with robust margins but some recent pressure on operating profit. The balance sheet is solid but clearly uses debt as a core tool, which is common in this sector but introduces interest-rate and refinancing considerations. Cash flow remains a core strength, although the recent dip in operating cash relative to earnings is a notable point to monitor. Strategically, the company’s moat rests on brand equity, scale, and reach, while its innovation efforts focus on healthier beverages, data-driven marketing, limited-edition experiences, and selective moves into new categories. The main uncertainties revolve around health and regulatory trends, consumer shifts away from sugary drinks, environmental expectations, and the company’s ability to keep its portfolio and marketing aligned with a new generation of consumers. Overall, the story is one of durable strength and incremental evolution rather than dramatic transformation, with a need to watch how well cash flows and innovation keep pace with changing consumer and regulatory landscapes.

NEWS

November 13, 2025 · 10:00 AM UTC

The Coca-Cola Company Announces Participation in Morgan Stanley Global Consumer & Retail Conference

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November 7, 2025 · 4:15 PM UTC

Coca-Cola Consolidated Repurchases All Outstanding Shares Held by The Coca-Cola Company

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November 3, 2025 · 9:00 AM UTC

SONIC is Giving Fans a FREE Coca-Cola Every Day and Letting Them Sip Like benny blanco, Jessie Murph and mgk

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October 21, 2025 · 6:55 AM UTC

Coca-Cola Reports Third Quarter 2025 Results

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October 21, 2025 · 2:00 AM UTC

The Coca-Cola Company and Gutsche Family Investments Agree to Sell Controlling Interest in Coca-Cola Beverages Africa to Coca-Cola HBC AG

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