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.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 47,941 | 47,061 | 45,754 | 5 |
| · Concentrate operations | 28,462 | 27,725 | 26,539 | |
| · Finished product operations | 19,479 | 19,336 | 19,215 | |
| Cost of revenue | 18,397 | 18,324 | 18,520 | |
| Gross profit | 29,544 | 28,737 | 27,234 | 1 |
| Selling, general and administrative | 14,521 | 14,582 | 13,972 | 2 |
| Depreciation, depletion and amortization | 1,050 | 1,075 | 1,128 | |
| Impairments | 12 | 63 | 46 | |
| Operating income | 13,762 | 9,992 | 11,311 | 1 |
| Interest expense | 1,654 | 1,656 | 1,527 | 1 |
| Other income (expense), net | 1,073 | 1,992 | 570 | |
| Income before income taxes | 15,998 | 13,086 | 12,952 | |
| Income tax provision | 2,861 | 2,437 | 2,249 | 1 |
| — of which current | 2,344 | 2,448 | 2,251 | 1 |
| Net income incl. noncontrolling interests | 13,137 | 10,649 | 10,703 | |
| Less: noncontrolling interests | 30 | 18 | (11) | |
| Net income attributable to common | 13,107 | 10,631 | 10,714 | 1 |
| Diluted earnings per share | $3.04 | $2.46 | $2.47 | |
| Weighted-average diluted shares | 4,313 | 4,320 | 4,339 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 13,137 | 10,649 | 10,703 | |
| Depreciation, depletion and amortization | 1,050 | 1,075 | 1,128 | |
| Share-based compensation | 279 | 286 | 254 | |
| Deferred income taxes | 517 | (11) | (2) | |
| Change in receivables | (334) | 295 | 2 | |
| Change in inventories | 154 | 520 | 597 | |
| Change in payables | (6,612) | 1,134 | 841 | |
| Net cash provided by operating activities | 7,408 | 6,805 | 11,599 | 3 |
| Capital expenditure | 2,112 | 2,064 | 1,852 | 1 |
| Net cash used in investing activities | (67) | 2,524 | (3,349) | |
| Dividends paid | 8,779 | 8,359 | 7,952 | 1 |
| Repurchases of common stock | 746 | 1,795 | 2,289 | 1 |
| Debt issued | 4,980 | 12,061 | 6,891 | |
| Debt repaid | — | — | 5,034 | |
| Net cash used in financing activities | (8,140) | (6,910) | (8,310) | |
| Cash and equivalents at end of period | 11,010 | 11,488 | 9,692 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 10,270 | 10,828 | |
| Receivables, net | 3,038 | 3,569 | 1 |
| Inventories | 4,425 | 4,728 | 1 |
| Total current assets | 31,044 | 25,997 | |
| Property, plant and equipment, net | 9,613 | 10,303 | |
| Goodwill | 15,491 | 18,139 | 1 |
| Total assets | 104,816 | 100,549 | 1 |
| Current debt | 1,822 | 648 | |
| Total current liabilities | 21,281 | 25,249 | |
| Long-term debt | 42,119 | 42,375 | |
| Stockholders' equity | 32,169 | 24,856 | |
| Noncontrolling interests | 2,106 | 1,516 | |
| Total equity | 34,275 | 26,372 |
| Segments · as filed in the segment note · $ millions | North america segment | Europe middle east africa | Latin america segment | Bottling investments | A.pacific | Corporate / unallocated | Consolidated |
|---|---|---|---|---|---|---|---|
| Net sales | 19,586 | 11,513 | 6,334 | 5,735 | 5,638 | (865) | 47,941 |
| Cost of sales | 9,438 | 3,294 | 1,109 | 3,948 | 1,788 | (1,180) | 18,397 |
| Selling, general & administrative | 4,118 | 3,921 | 1,439 | 1,361 | 1,767 | 1,915 | 14,521 |
| Operating income | 5,070 | 4,298 | 3,742 | 426 | 2,042 | (1,816) | 13,762 |
| · operating margin | 25.9% | 37.3% | 59.1% | 7.4% | 36.2% | — | 28.7% |
| Depreciation & amortization | 326 | 173 | 32 | 313 | 47 | 159 | 1,050 |
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| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total equity · BS | 34,275 | 26,372 | +7,903 | +30.0% | — |
| Change in payables · CF | (6,612) | 1,134 | −7,746 | -683.1% | ◐ outsized |
| Stockholders' equity · BS | 32,169 | 24,856 | +7,313 | +29.4% | — |
| Debt issued · CF | 4,980 | 12,061 | −7,081 | -58.7% | ◐ outsized |
| Total current assets · BS | 31,044 | 25,997 | +5,047 | +19.4% | — |
| Total assets · BS | 104,816 | 100,549 | +4,267 | +4.2% | — |
| Total current liabilities · BS | 21,281 | 25,249 | −3,968 | -15.7% | — |
| Operating income · IS | 13,762 | 9,992 | +3,770 | +37.7% | — |
| Income before income taxes · IS | 15,998 | 13,086 | +2,912 | +22.3% | — |
| Goodwill · BS | 15,491 | 18,139 | −2,648 | -14.6% | — |
| Net cash used in investing activities · CF | (67) | 2,524 | −2,591 | -102.7% | ◐ outsized |
| Net income incl. noncontrolling interests · IS | 13,137 | 10,649 | +2,488 | +23.4% | — |
| Net income incl. noncontrolling interests · CF | 13,137 | 10,649 | +2,488 | +23.4% | — |
| Net income attributable to common · IS | 13,107 | 10,631 | +2,476 | +23.3% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| 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 5 | consistent |
| 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 · $ millions | SEP 24 | MAR 25 | JUN 25 | SEP 25 | APR 26 |
|---|---|---|---|---|---|
| Total revenues | 11,854 | 11,129 | 12,535 | 12,455 | 12,472 |
| Cost of revenue | 4,664 | 4,163 | 4,714 | 4,797 | 4,620 |
| Gross profit | 7,190 | 6,966 | 7,821 | 7,658 | 7,852 |
| Selling, general and administrative | 3,636 | 3,234 | 3,470 | 3,618 | 3,472 |
| Depreciation, depletion and amortization | 268 | 267 | 279 | 268 | 264 |
| Operating income | 2,510 | 3,659 | 4,280 | 3,982 | 4,359 |
| Interest expense | 425 | 387 | 445 | 391 | 375 |
| Other income (expense), net | 491 | 254 | 212 | (237) | 21 |
| Income before income taxes | 3,380 | 4,057 | 4,796 | 4,183 | 4,611 |
| Income tax provision | 530 | 722 | 993 | 500 | 645 |
| Net income incl. noncontrolling interests | 2,850 | 3,335 | 3,803 | 3,683 | 3,966 |
| Less: noncontrolling interests | 2 | 5 | (7) | (13) | 42 |
| Net income attributable to common | 2,848 | 3,330 | 3,810 | 3,696 | 3,924 |
| Diluted earnings per share | $0.66 | $0.77 | $0.88 | $0.86 | $0.91 |
| Weighted-average diluted shares | 4,323 | 4,313 | 4,315 | 4,313 | 4,314 |
| Net cash provided by operating activities | — | (5,202) | — | — | 2,021 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net cash provided by operating activities | (5,202) | 2,021 | +7,223 | +138.9% |
| Income before income taxes | 4,183 | 4,611 | +428 | +10.2% |
| Operating income | 3,982 | 4,359 | +377 | +9.5% |
| Net income incl. noncontrolling interests | 3,683 | 3,966 | +283 | +7.7% |
| Other income (expense), net | (237) | 21 | +258 | +108.9% |
| Net income attributable to common | 3,696 | 3,924 | +228 | +6.2% |
| Gross profit | 7,658 | 7,852 | +194 | +2.5% |
| Cost of revenue | 4,797 | 4,620 | −177 | -3.7% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $300,553M | 10-K cover · as of 2025-06-27 |
| Insider Form 4s, 90d | 11 filings · 0 buys / 17 sells | net selling · −$147,477,480 |
| · Quincey James | SELL $34,959,133 | Form 4 filed 2026-06-08 · open market |
| · Quincey James | SELL $34,319,637 | Form 4 filed 2026-07-30 · open market |
| · Quincey James | SELL $15,780,900 | Form 4 filed 2026-05-11 · open market |
| · Murphy John | SELL $13,313,580 | Form 4 filed 2026-08-03 · open market |
| · Quincey James | SELL $13,148,978 | Form 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 |
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.