The Coca-Cola Company

KO · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$300,725	$268,203	$254,779	$275,082	$255,753	$236,877	$239,080	$204,525	$198,175	$179,083	$185,562	$185,219	$183,169	$163,270	$158,365	$151,820	$131,898	$104,868	$141,972	$113,314	$96,445	$101,019	$124,819	$108,636	$117,237	$150,948	$143,844	$165,289	$165,166	$131,234	$93,728	$66,461	$57,819	$55,321	$53,192	$31,071	$20,952	$16,094	$14,067	$14,225	$10,594
Enterprise value	$334,239	$300,883	$286,081	$305,775	$289,531	$274,456	$275,644	$236,726	$236,346	$212,344	$218,310	$214,582	$206,954	$184,724	$174,272	$166,896	$137,221	$109,591	$146,993	$115,306	$97,378	$101,429	$126,760	$111,647	$120,421	$154,707	$148,259	$168,631	$167,304	$134,314	$96,625	$68,584	$59,921	$57,573	$54,421	$32,178	$21,837	$16,987	$15,301	$15,074	$11,044
P/E (TTM) at period end	22.94×	25.23×	23.78×	28.83×	26.17×	30.58×	26.80×	31.79×	158.79×	27.44×	25.24×	26.09×	21.34×	18.10×	18.45×	12.88×	19.33×	18.06×	23.74×	22.31×	19.80×	20.84×	28.71×	35.62×	29.54×	69.34×	59.17×	46.78×	40.00×	37.58×	31.39×	26.02×	26.57×	33.24×	32.88×	22.48×	17.25×	15.41×	15.35×	15.23×	14.67×
P/S (TTM) at period end	6.27×	5.70×	5.57×	6.40×	6.62×	7.18×	6.42×	5.96×	5.47×	4.28×	4.19×	4.03×	3.91×	3.40×	3.40×	4.32×	4.26×	3.28×	4.92×	4.70×	4.17×	4.65×	5.93×	5.55×	6.68×	7.59×	7.46×	8.79×	8.75×	7.03×	5.17×	4.11×	4.14×	4.23×	4.60×	3.04×	2.34×	1.93×	1.84×	1.64×	1.34×
P/B at period end	9.35×	10.79×	9.82×	11.41×	11.12×	12.27×	12.60×	12.04×	11.61×	7.77×	7.26×	6.11×	5.52×	4.98×	5.01×	4.90×	5.32×	5.12×	6.53×	6.70×	5.90×	6.34×	8.86×	9.21×	10.31×	16.20×	15.12×	19.67×	22.59×	21.32×	17.38×	12.70×	12.61×	14.23×	12.02×	8.07×	6.01×	5.28×	4.36×	4.05×	3.56×
EV / EBITDA (TTM)	22.57×	27.19×	23.00×	25.13×	24.62×	26.06×	24.07×	23.12×	26.22×	20.33×	20.41×	18.37×	16.96×	14.48×	14.37×	16.93×	14.49×	11.33×	17.47×	15.91×	13.88×	15.39×	20.88×	17.82×	19.56×	34.66×	31.06×	30.05×	29.73×	30.57×	21.57×	16.65×	17.31×	18.62×	21.09×	14.66×	11.44×	–	–	–	–
EV / Sales (TTM)	6.97×	6.39×	6.25×	7.11×	7.49×	8.31×	7.40×	6.90×	6.53×	5.07×	4.93×	4.67×	4.42×	3.85×	3.74×	4.75×	4.43×	3.43×	5.09×	4.79×	4.21×	4.67×	6.02×	5.71×	6.86×	7.78×	7.69×	8.96×	8.87×	7.19×	5.33×	4.24×	4.29×	4.40×	4.70×	3.14×	2.44×	2.04×	2.00×	1.74×	1.40×
Returns
Return on equity	40.7%	42.8%	41.3%	39.6%	42.5%	40.1%	47.0%	37.9%	7.3%	28.3%	28.8%	23.4%	25.9%	27.5%	27.1%	38.0%	27.5%	28.4%	27.5%	30.0%	29.8%	30.4%	30.9%	25.8%	34.9%	23.4%	25.6%	42.0%	56.5%	56.7%	55.4%	48.8%	47.5%	42.8%	36.6%	35.9%	34.8%	34.3%	28.4%	26.6%	24.2%
Return on invested capital	15.9%	13.3%	15.2%	15.7%	13.6%	12.1%	14.3%	13.3%	2.4%	11.5%	10.7%	11.7%	12.8%	14.5%	16.1%	15.2%	21.1%	25.9%	105.2%	227.4%	25.5%	27.1%	25.6%	26.3%	25.7%	18.0%	17.9%	28.4%	36.1%	32.2%	33.5%	34.5%	31.9%	30.9%	27.8%	27.0%	26.7%	26.8%	19.8%	16.2%	18.9%
Dividend yield	2.9%	3.1%	3.1%	2.8%	2.8%	3.0%	2.9%	3.2%	3.2%	3.4%	3.1%	2.9%	2.7%	2.8%	2.7%	2.7%	2.9%	3.4%	2.2%	2.6%	2.8%	2.4%	1.7%	1.8%	1.5%	1.1%	1.1%	0.9%	0.8%	1.0%	1.2%	1.5%	1.5%	1.3%	1.2%	1.8%	2.3%	–	–	–	–
Financial health
Current ratio	1.46×	1.03×	1.13×	1.15×	1.13×	1.32×	0.76×	0.87×	1.12×	1.28×	1.24×	1.02×	1.13×	1.09×	1.05×	1.17×	1.28×	0.94×	0.92×	0.95×	1.04×	1.10×	1.06×	1.00×	0.85×	0.71×	0.66×	0.74×	0.81×	0.80×	0.74×	0.84×	0.86×	0.80×	1.01×	0.96×	0.99×	1.13×	1.00×	1.36×	1.48×
Debt / equity	1.37×	1.73×	1.45×	1.53×	1.72×	2.10×	1.67×	1.79×	2.02×	1.44×	1.21×	0.74×	0.61×	0.50×	0.50×	0.49×	0.21×	0.16×	0.43×	0.27×	0.35×	0.45×	0.38×	0.45×	0.45×	0.61×	0.65×	0.61×	0.53×	0.73×	0.75×	0.67×	0.68×	0.82×	0.52×	0.66×	0.57×	0.70×	0.84×	0.49×	0.44×
Effective tax rate	17.9%	18.6%	17.4%	18.1%	21.1%	20.3%	16.7%	21.3%	81.4%	19.5%	23.3%	23.6%	24.8%	23.1%	24.5%	16.7%	22.8%	21.7%	24.0%	22.8%	27.2%	22.1%	20.9%	27.7%	29.8%	36.0%	36.3%	32.0%	31.8%	24.0%	31.0%	31.5%	31.3%	31.4%	32.1%	31.4%	32.4%	34.0%	35.0%	38.2%	38.0%
Share count
Diluted shares outstanding	4,313	4,320	4,339	4,350	4,340	4,323	4,314	4,299	4,324	4,367	4,405	4,450	4,509	4,584	4,646	4,667	4,658	4,672	4,662	4,700	4,786	4,858	4,924	4,966	4,974	4,974	4,974	4,992	5,030	5,046	5,098	5,172	5,243	5,369	5,392	5,455	4,418	5,933	5,910	6,028	6,019

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$50,129	$47,941	$47,061	$45,754	$43,004	$38,655	$33,014	$37,266	$34,300	$36,212	$41,863	$44,294	$45,998	$46,854	$48,017	$46,542	$35,119	$30,990	$31,944	$28,857	$24,088	$23,104	$21,742	$21,044	$19,564	$17,545	$19,889	$19,284	$18,813	$18,868	$18,673	$18,127	$16,172	$13,957	$13,074	$11,572	$10,236	$8,966	$8,338	$7,658	$8,669	$7,904
Cost of revenue	($19,105)	($18,397)	($18,324)	($18,520)	($18,000)	($15,357)	($13,433)	($14,619)	($13,067)	($13,256)	($16,465)	($17,482)	($17,889)	($18,421)	($19,053)	($18,215)	($12,693)	($11,088)	($11,374)	($10,406)	($8,164)	($8,195)	($7,674)	($7,762)	($7,105)	($6,044)	($6,204)	($6,009)	($4,990)	($5,389)	($6,105)	($6,378)	($5,756)	($4,800)	($4,732)	($4,387)	($3,965)	($3,708)	($3,532)	($3,481)	($4,232)	($3,876)
Gross profit	$31,024	$29,544	$28,737	$27,234	$25,004	$23,298	$19,581	$22,647	$21,233	$22,491	$25,398	$26,812	$28,109	$28,433	$28,964	$28,327	$22,426	$19,902	$20,570	$18,451	$15,924	$14,909	$14,068	$13,282	$12,459	$11,501	$13,685	$13,275	$13,823	$13,479	$12,568	$11,749	$10,416	$9,157	$8,341	$7,185	$6,271	$5,258	$4,806	$4,177	$4,436	$4,027
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($15,009)	($14,521)	($14,582)	($13,972)	($12,880)	($12,144)	($9,731)	($12,103)	($11,002)	($12,834)	($15,370)	($16,427)	($17,218)	($17,310)	($17,738)	($17,422)	($13,194)	($11,358)	($11,774)	($10,945)	($9,616)	($8,739)	($8,370)	($8,061)	($7,001)	($6,149)	($9,994)	($9,293)	($8,211)	($7,852)	($8,020)	($7,161)	($6,297)	($5,695)	($5,249)	($4,604)	($4,076)	($3,348)	($3,038)	($2,665)	($2,879)	($2,665)
Total operating expenses	($16,170)	($15,782)	($18,745)	($15,923)	($14,095)	($12,990)	($10,584)	($12,561)	($12,081)	($14,736)	($16,741)	($18,084)	($18,401)	($18,205)	($18,185)	($18,154)	($14,013)	($11,671)	($12,124)	($11,199)	($9,616)	($8,824)	($8,370)	($8,061)	($7,001)	($6,149)	($9,994)	($9,293)	($8,856)	($8,478)	($8,653)	($7,723)	($6,708)	($6,055)	($5,571)	($4,866)	($4,320)	($3,532)	($3,208)	($2,817)	($3,291)	($2,982)
Total costs and expenses	($35,275)	($34,179)	($37,069)	($34,443)	($32,095)	($28,347)	($24,017)	($27,180)	($25,148)	($28,457)	($33,206)	($35,566)	($36,290)	($36,626)	($37,238)	($36,369)	($26,706)	($22,759)	($23,498)	($21,605)	($17,780)	($17,019)	($16,044)	($15,823)	($14,106)	($12,193)	($16,198)	($15,302)	($13,846)	($13,867)	($14,758)	($14,101)	($12,464)	($10,855)	($10,304)	($9,253)	($8,285)	($7,240)	($6,740)	($6,298)	($7,524)	($6,858)
Operating income	$14,854	$13,762	$9,992	$11,311	$10,909	$10,308	$8,997	$10,086	$9,152	$7,755	$8,657	$8,728	$9,708	$10,228	$10,779	$10,173	$8,413	$8,231	$8,446	$7,252	$6,308	$6,085	$5,698	$5,221	$5,458	$5,352	$3,691	$3,982	$4,967	$5,001	$3,915	$4,026	$3,708	$3,102	$2,770	$2,319	$1,952	$1,726	$1,598	$1,360	$1,145	$1,045
Earnings
EBITDA	$15,888	$14,812	$11,067	$12,439	$12,169	$11,760	$10,533	$11,451	$10,238	$9,015	$10,444	$10,698	$11,684	$12,205	$12,761	$12,127	$9,856	$9,467	$9,674	$8,415	$7,246	$7,017	$6,591	$6,071	$6,264	$6,155	$4,464	$4,774	$5,612	$5,627	$4,394	$4,480	$4,119	$3,462	$3,092	$2,580	$2,196	$1,910	–	–	–	–
Interest income	$838	$786	$988	$907	$449	$276	$370	$563	$689	$679	$642	$613	$594	$534	$471	$483	$317	$249	$333	$236	–	$235	$157	$176	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,566)	($1,654)	($1,656)	($1,527)	($882)	($1,597)	($1,437)	($946)	($950)	($853)	($733)	($856)	($483)	($463)	($397)	($417)	($733)	($355)	($438)	($456)	–	($240)	($196)	($178)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$17,231	$15,998	$13,086	$12,952	$11,686	$12,425	$9,749	$10,786	$8,225	$6,890	$8,136	$9,605	$9,325	$11,477	$11,809	$11,458	$14,207	$8,946	$7,506	$7,873	$6,578	$6,690	$6,222	$5,495	$5,499	$5,670	$3,399	$3,819	$5,198	$6,055	$4,596	$4,328	$3,728	$3,185	$2,746	$2,383	$2,014	$1,764	$1,582	$1,410	$1,511	$1,093
Income tax expense	($2,828)	($2,861)	($2,437)	($2,249)	($2,115)	($2,621)	($1,981)	($1,801)	($1,749)	($5,607)	($1,586)	($2,239)	($2,201)	($2,851)	($2,723)	($2,812)	($2,370)	($2,040)	($1,632)	($1,892)	($1,498)	($1,818)	($1,375)	($1,148)	($1,523)	($1,691)	($1,222)	($1,388)	($1,665)	($1,926)	($1,104)	($1,342)	($1,174)	($997)	($862)	($765)	($632)	($572)	($537)	($494)	($577)	($415)
Net income	$14,316	$13,107	$10,631	$10,714	$9,542	$9,771	$7,747	$8,920	$6,434	$1,248	$6,527	$7,351	$7,098	$8,584	$9,019	$8,584	$11,787	$6,824	$5,807	$5,981	$5,080	$4,872	$4,847	$4,347	$3,050	$3,969	$2,177	$2,431	$3,533	$4,129	$3,492	$2,986	$2,554	$2,176	$1,664	$1,618	$1,382	$1,214	$1,045	$916	$934	$722
Per share
Diluted EPS (GAAP)	$3.33	$3.04	$2.46	$2.47	$2.19	$2.25	$1.79	$2.07	$1.50	$0.29	$1.49	$1.67	$1.60	$1.90	$1.97	$1.85	$2.53	$1.47	$1.25	$1.28	$1.08	$1.02	$1.00	$0.89	$0.62	$0.80	$0.44	$0.49	$0.71	$0.82	$0.69	$0.59	$0.50	$0.42	$0.31	$0.30	$0.25	$0.27	$0.18	$0.16	$0.16	$0.12
Basic EPS (GAAP)	$3.33	$3.05	$2.47	$2.48	$2.20	$2.26	$1.80	$2.09	$1.51	$0.29	$1.51	$1.69	$1.62	$1.94	$2.00	$1.88	$2.55	$1.48	$1.25	$1.29	$1.08	$1.02	$1.00	$0.89	$0.62	$0.80	$0.44	$0.49	$0.72	$0.84	$0.70	$0.59	$0.50	$0.42	$0.32	$0.31	$0.26	$0.28	$0.18	$0.16	$0.16	$0.12
Basic shares outstanding	4,302	4,303	4,309	4,323	4,328	4,315	4,295	4,276	4,259	4,272	4,317	4,352	4,387	4,434	4,504	4,568	4,616	4,628	4,630	4,626	4,696	4,784	4,852	4,918	4,956	4,974	4,954	4,938	4,934	4,954	4,988	5,050	5,160	5,181	5,284	5,303	5,348	4,338	5,768	5,910	6,028	6,019
Margins
Gross margin	61.9%	61.6%	61.1%	59.5%	58.1%	60.3%	59.3%	60.8%	61.9%	62.1%	60.7%	60.5%	61.1%	60.7%	60.3%	60.9%	63.9%	64.2%	64.4%	63.9%	66.1%	64.5%	64.7%	63.1%	63.7%	65.6%	68.8%	68.8%	73.5%	71.4%	67.3%	64.8%	64.4%	65.6%	63.8%	62.1%	61.3%	58.6%	57.6%	54.5%	51.2%	51.0%
Operating margin	29.6%	28.7%	21.2%	24.7%	25.4%	26.7%	27.3%	27.1%	26.7%	21.4%	20.7%	19.7%	21.1%	21.8%	22.4%	21.9%	24.0%	26.6%	26.4%	25.1%	26.2%	26.3%	26.2%	24.8%	27.9%	30.5%	18.6%	20.6%	26.4%	26.5%	21.0%	22.2%	22.9%	22.2%	21.2%	20.0%	19.1%	19.2%	19.2%	17.8%	13.2%	13.2%
Net margin	28.6%	27.3%	22.6%	23.4%	22.2%	25.3%	23.5%	23.9%	18.8%	3.4%	15.6%	16.6%	15.4%	18.3%	18.8%	18.4%	33.6%	22.0%	18.2%	20.7%	21.1%	21.1%	22.3%	20.7%	15.6%	22.6%	10.9%	12.6%	18.8%	21.9%	18.7%	16.5%	15.8%	15.6%	12.7%	14.0%	13.5%	13.5%	12.5%	12.0%	10.8%	9.1%

Analyst consensus

Buy48 analysts

Bearish · 3 · Hold · 16 · Bullish · 29

Earnings history

	EPS	Estimate
Q3 2024	$0.77	$0.74	Beat
Q4 2024	$0.55	$0.52	Beat
Q1 2025	$0.73	$0.71	Beat
Q2 2025	$0.87	$0.83	Beat
Q3 2025	$0.82	$0.78	Beat
Q4 2025	$0.58	$0.56	Beat
Q1 2026	$0.86	$0.81	Beat
Q2 2026	$0.97	$0.93	Beat

Peers

Company overview

IPO dateJan 2, 1962

CEOHenrique Gnani Braun

Employees65,900

SectorConsumer Defensive

IndustryBeverages - Non-Alcoholic

CountryUS

ExchangeNew York Stock Exchange

Websitewww.coca-colacompany.com

The Coca-Cola Company, a beverage company, manufactures and sells various nonalcoholic beverages in the United States and internationally. The company provides Trademark Coca-Cola, sparkling soft drinks and flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and emerging beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers comprising restaurants and convenience stores. The company sells its products under the Coca-Cola, Diet Coke/Coca-Cola Light, Coca-Cola Zero Sugar, caffeine free Diet Coke, Cherry Coke, Fanta, Sprite, Simply, Fanta Orange, Fanta Zero Orange, Fanta Zero Sugar, Fanta Apple, Sprite Zero Sugar, Simply Orange, Simply Apple, Simply Grapefruit, Fresca, Schweppes, Thums Up, Aquarius, Ayataka, BODYARMOR, Ciel, Costa, Crystal, Dasani, Fuze Tea, Georgia, glacéau smartwater, glacéau vitaminwater, Gold Peak, I LOHAS, Powerade, Topo Chico, Core Power, Del Valle, fairlife, innocent, Maaza, Minute Maid, Minute Maid Pulpy, Santa Clara, and dogadan brands. It operates through a network of independent bottling partners, distributors, wholesalers, and retailers, as well as through bottling and distribution operators. The Coca-Cola Company was founded in 1886 and is headquartered in Atlanta, Georgia.

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