KO Coca-Cola Company (The) FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-20 · 4,313M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The company produces and markets nonalcoholic beverage concentrates, syrups, and finished beverage products under trademarks it owns or licenses, spanning sparkling soft drinks, water, sports, coffee and tea, and juice, dairy and plant-based beverage categories. It operates through geographic segments covering Europe, the Middle East and Africa, Latin America, North America and Asia Pacific, along with a Bottling Investments segment for consolidated bottling and distribution operations. Its customers include independent bottling partners, distributors, wholesalers and retailers that manufacture, distribute and sell finished beverages to consumers, and the company also sells directly to consumers through certain retail operations.

S&P 500 · CONSUMER STAPLES · CIK 21344
REVENUE$47.9B+1.9% YoY
NET INCOME$13.1B+23.3% YoY
OPERATING CASH FLOW$7.4B+8.9% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$5.3B+11.7% YoY
72
FILING SCORE / 100
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How the score is computed: 5 management claims are checked against the filed statements and 8 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 7/10 on claims and 12/16 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG13 CHECKS · 1 red · 2 watchNEXT 10-Q ~AUG 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues47,94147,06145,7545
· Concentrate operations28,46227,72526,539
· Finished product operations19,47919,33619,215
Cost of revenue18,39718,32418,520
Gross profit29,54428,73727,2341
Selling, general and administrative14,52114,58213,9722
Depreciation, depletion and amortization1,0501,0751,128
Impairments126346
Operating income13,7629,99211,3111
Interest expense1,6541,6561,5271
Other income (expense), net1,0731,992570
Income before income taxes15,99813,08612,952
Income tax provision2,8612,4372,2491
— of which current2,3442,4482,2511
Net income incl. noncontrolling interests13,13710,64910,703
Less: noncontrolling interests3018(11)
Net income attributable to common13,10710,63110,7141
Diluted earnings per share$3.04$2.46$2.47
Weighted-average diluted shares4,3134,3204,339
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests13,13710,64910,703
Depreciation, depletion and amortization1,0501,0751,128
Share-based compensation279286254
Deferred income taxes517(11)(2)
Change in receivables(334)2952
Change in inventories154520597
Change in payables(6,612)1,134841
Net cash provided by operating activities7,4086,80511,5993
Capital expenditure2,1122,0641,8521
Net cash used in investing activities(67)2,524(3,349)
Dividends paid8,7798,3597,9521
Repurchases of common stock7461,7952,2891
Debt issued4,98012,0616,891
Debt repaid5,034
Net cash used in financing activities(8,140)(6,910)(8,310)
Cash and equivalents at end of period11,01011,4889,692
Balance sheet · $ millions20252024
Cash and cash equivalents10,27010,828
Receivables, net3,0383,5691
Inventories4,4254,7281
Total current assets31,04425,997
Property, plant and equipment, net9,61310,303
Goodwill15,49118,1391
Total assets104,816100,5491
Current debt1,822648
Total current liabilities21,28125,249
Long-term debt42,11942,375
Stockholders' equity32,16924,856
Noncontrolling interests2,1061,516
Total equity34,27526,372
Segments · as filed in the segment note · $ millionsNorth america segmentEurope middle east africaLatin america segmentBottling investmentsA.pacificCorporate / unallocatedConsolidated
Net sales19,58611,5136,3345,7355,638(865)47,941
Cost of sales9,4383,2941,1093,9481,788(1,180)18,397
Selling, general & administrative4,1183,9211,4391,3611,7671,91514,521
Operating income5,0704,2983,7424262,042(1,816)13,762
· operating margin25.9%37.3%59.1%7.4%36.2%28.7%
Depreciation & amortization32617332313471591,050

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total equity · BS34,27526,372+7,903+30.0%
Change in payables · CF(6,612)1,134−7,746-683.1%◐ outsized
Stockholders' equity · BS32,16924,856+7,313+29.4%
Debt issued · CF4,98012,061−7,081-58.7%◐ outsized
Total current assets · BS31,04425,997+5,047+19.4%
Total assets · BS104,816100,549+4,267+4.2%
Total current liabilities · BS21,28125,249−3,968-15.7%
Operating income · IS13,7629,992+3,770+37.7%
Income before income taxes · IS15,99813,086+2,912+22.3%
Goodwill · BS15,49118,139−2,648-14.6%
Net cash used in investing activities · CF(67)2,524−2,591-102.7%◐ outsized
Net income incl. noncontrolling interests · IS13,13710,649+2,488+23.4%
Net income incl. noncontrolling interests · CF13,13710,649+2,488+23.4%
Net income attributable to common · IS13,10710,631+2,476+23.3%
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
46.0%
sector median 17.7%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+0.0%
sector median +0.0%
flat
Debt to equity
(current debt + long-term debt) ÷ year-end equity
1.37
sector median 0.64
leveraged
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 33.4%
sector median 8.4%
cyclical
Quarterly · as filed in 10-Q/10-K · $ millionsSEP 24MAR 25JUN 25SEP 25APR 26
Total revenues11,85411,12912,53512,45512,472
Cost of revenue4,6644,1634,7144,7974,620
Gross profit7,1906,9667,8217,6587,852
Selling, general and administrative3,6363,2343,4703,6183,472
Depreciation, depletion and amortization268267279268264
Operating income2,5103,6594,2803,9824,359
Interest expense425387445391375
Other income (expense), net491254212(237)21
Income before income taxes3,3804,0574,7964,1834,611
Income tax provision530722993500645
Net income incl. noncontrolling interests2,8503,3353,8033,6833,966
Less: noncontrolling interests25(7)(13)42
Net income attributable to common2,8483,3303,8103,6963,924
Diluted earnings per share$0.66$0.77$0.88$0.86$0.91
Weighted-average diluted shares4,3234,3134,3154,3134,314
Net cash provided by operating activities(5,202)2,021
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Net cash provided by operating activities(5,202)2,021+7,223+138.9%
Income before income taxes4,1834,611+428+10.2%
Operating income3,9824,359+377+9.5%
Net income incl. noncontrolling interests3,6833,966+283+7.7%
Other income (expense), net(237)21+258+108.9%
Net income attributable to common3,6963,924+228+6.2%
Gross profit7,6587,852+194+2.5%
Cost of revenue4,7974,620−177-3.7%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$300,553M10-K cover · as of 2025-06-27
Insider Form 4s, 90d11 filings · 0 buys / 17 sellsnet selling · −$147,477,480
· Quincey JamesSELL $34,959,133Form 4 filed 2026-06-08 · open market
· Quincey JamesSELL $34,319,637Form 4 filed 2026-07-30 · open market
· Quincey JamesSELL $15,780,900Form 4 filed 2026-05-11 · open market
· Murphy JohnSELL $13,313,580Form 4 filed 2026-08-03 · open market
· Quincey JamesSELL $13,148,978Form 4 filed 2026-07-30 · open market
Insider ownership %*directors & officers as a group · DEF 14A filed 2026-03-16
Institutional %needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Coca-Cola Company (The)'s Form 10-K for FY2025 (accession 0001628280-26-010047), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. KO is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.