Coca-Cola Consolidated
COKE Nasdaq Soft Drinks & Non-alcoholic Beverages Financials FY2016–FY2025
Coca-Cola Consolidated's revenue rose 4.8% to $7.2 billion in fiscal 2025. Its operating margin was 13.2%, down from 13.3% a year earlier. Free cash flow was $620 million, up 22.6%. It paid out $2.7 billion in dividends and buybacks, 435% of free cash flow.
Revenue
Total sales reported in the income statement.
$7.2B
4.8%
vs prior year
Operating margin
Operating income as a share of revenue.
13.2%
0.2 pts
Net income
Profit after all expenses, interest and tax.
$571M
9.9%
Free cash flow
Cash from operations minus capital spending.
$620M
22.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
39.7%
3.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
About these figures. From 2020 Coca-Cola Consolidated tags earnings per share and share counts only for each of its two classes of shares, which the SEC's company-level data leaves out, so per-share figures are blank from 2020.
What Coca-Cola Consolidated does
No business description yet.
- Legal name
- COCA-COLA CONSOLIDATED, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-009057
0000317540
Revenue and margins
Coca-Cola Consolidated had $7.2B of revenue in fiscal 2025, up 4.8% on the year before.
FY16
Revenue $3.1B
FY17
Revenue $4.3B
FY18
Revenue $4.6B
FY19
Revenue $4.8B
FY20
Revenue $5.0B
FY21
Revenue $5.6B
FY22
Revenue $6.2B
FY23
Revenue $6.7B
FY24
Revenue $6.9B
FY25
Revenue $7.2B
Q3 '23
Revenue $1.7B
Q4 '23
Revenue $1.6B
Q1 '24
Revenue $1.6B
Q2 '24
Revenue $1.8B
Q3 '24
Revenue $1.8B
Q4 '24
Revenue $1.7B
Q1 '25
Revenue $1.6B
Q2 '25
Revenue $1.9B
Q3 '25
Revenue $1.9B
Q4 '25
Revenue $1.9B
Q1 '26
Revenue $1.8B
Q2 '26
Revenue $2.1B
FY16
Gross 38.0%
Operating 4.2%
Net 1.6%
FCF −0.3%
FY17
Gross 35.1%
Operating 2.4%
Net 2.3%
FCF 3.1%
FY18
Gross 33.6%
Operating 1.3%
Net −0.4%
FCF 0.7%
FY19
Gross 34.6%
Operating 3.7%
Net 0.2%
FCF 2.5%
FY20
Gross 35.3%
Operating 6.3%
Net 3.4%
FCF 5.8%
FY21
Gross 35.1%
Operating 7.9%
Net 3.4%
FCF 6.6%
FY22
Gross 36.7%
Operating 10.3%
Net 6.9%
FCF 4.1%
FY23
Gross 39.1%
Operating 12.5%
Net 6.1%
FCF 7.9%
FY24
Gross 39.9%
Operating 13.3%
Net 9.2%
FCF 7.3%
FY25
Gross 39.7%
Operating 13.2%
Net 7.9%
FCF 8.6%
Gross
Operating
Net
FCF
Q3 '23
Gross 38.6%
Operating 12.6%
Net 5.4%
FCF 11.8%
Q4 '23
Gross 39.3%
Operating 10.9%
Net 4.7%
FCF 2.2%
Q1 '24
Gross 40.3%
Operating 13.5%
Net 10.4%
FCF 7.4%
Q2 '24
Gross 39.9%
Operating 14.4%
Net 9.6%
FCF 8.9%
Q3 '24
Gross 39.5%
Operating 12.9%
Net 6.6%
FCF 8.1%
Q4 '24
Gross 40.0%
Operating 12.5%
Net 10.3%
FCF 4.9%
Q1 '25
Gross 39.7%
Operating 12.0%
Net 6.6%
FCF 6.4%
Q2 '25
Gross 40.0%
Operating 14.7%
Net 10.1%
FCF 8.0%
Q3 '25
Gross 39.6%
Operating 13.1%
Net 7.5%
FCF 14.0%
Q4 '25
Gross 39.6%
Operating 12.7%
Net 7.2%
FCF 5.6%
Q1 '26
Gross 39.4%
Operating 12.9%
Net 6.0%
FCF 7.7%
Q2 '26
Gross 37.9%
Operating 13.2%
Net 7.7%
FCF 6.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $50.1M
FY17
Net income $96.5M
FY18
Net income −$19.9M
FY19
Net income $11.4M
FY20
Net income $173M
FY21
Net income $190M
FY22
Net income $430M
FY23
Net income $408M
FY24
Net income $633M
FY25
Net income $571M
Q3 '23
Net income $92.1M
Q4 '23
Net income $75.8M
Q1 '24
Net income $166M
Q2 '24
Net income $173M
Q3 '24
Net income $116M
Q4 '24
Net income $179M
Q1 '25
Net income $104M
Q2 '25
Net income $187M
Q3 '25
Net income $142M
Q4 '25
Net income $137M
Q1 '26
Net income $112M
Q2 '26
Net income $159M
FY16
Diluted EPS $5.36
FY17
Diluted EPS $10.30
FY18
Diluted EPS −$2.13
FY19
Diluted EPS $1.21
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 7.5%
Return on equity 19.3%
Return on assets 2.3%
FY17
Return on capital 7.3%
Return on equity 30.0%
Return on assets 3.5%
FY18
Return on capital 2.9%
Return on equity −5.5%
Return on assets −0.7%
FY19
Return on capital 6.4%
Return on equity 3.2%
Return on assets 0.4%
FY20
Return on capital 15.9%
Return on equity 40.1%
Return on assets 5.4%
FY21
Return on capital 23.0%
Return on equity 31.0%
Return on assets 5.7%
FY22
Return on capital 33.2%
Return on equity 47.1%
Return on assets 12.0%
FY23
Return on capital 41.7%
Return on equity 32.0%
Return on assets 10.2%
FY24
Return on capital 42.8%
Return on equity 44.4%
Return on assets 13.2%
FY25
Return on capital 39.7%
Return on equity 168.3%
Return on assets 11.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $620M in fiscal 2025, 8.6% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$10.6M
FY17
Free cash flow $131M
FY18
Free cash flow $30.6M
FY19
Free cash flow $119M
FY20
Free cash flow $292M
FY21
Free cash flow $366M
FY22
Free cash flow $256M
FY23
Free cash flow $528M
FY24
Free cash flow $505M
FY25
Free cash flow $620M
Q3 '23
Free cash flow $202M
Q4 '23
Free cash flow $36.1M
Q1 '24
Free cash flow $117M
Q2 '24
Free cash flow $161M
Q3 '24
Free cash flow $143M
Q4 '24
Free cash flow $84.8M
Q1 '25
Free cash flow $100M
Q2 '25
Free cash flow $149M
Q3 '25
Free cash flow $264M
Q4 '25
Free cash flow $107M
Q1 '26
Free cash flow $142M
Q2 '26
Free cash flow $131M
FY16
Cash from operations $162M
Capital spending $173M
FY17
Cash from operations $308M
Capital spending $177M
FY18
Cash from operations $169M
Capital spending $138M
FY19
Cash from operations $290M
Capital spending $171M
FY20
Cash from operations $495M
Capital spending $202M
FY21
Cash from operations $522M
Capital spending $156M
FY22
Cash from operations $555M
Capital spending $299M
FY23
Cash from operations $811M
Capital spending $282M
FY24
Cash from operations $876M
Capital spending $371M
FY25
Cash from operations $932M
Capital spending $312M
Cash from operations
Capital spending
Q3 '23
Cash from operations $261M
Capital spending $59.4M
Q4 '23
Cash from operations $166M
Capital spending $130M
Q1 '24
Cash from operations $194M
Capital spending $77.0M
Q2 '24
Cash from operations $243M
Capital spending $82.4M
Q3 '24
Cash from operations $271M
Capital spending $128M
Q4 '24
Cash from operations $169M
Capital spending $83.7M
Q1 '25
Cash from operations $198M
Capital spending $97.9M
Q2 '25
Cash from operations $208M
Capital spending $59.5M
Q3 '25
Cash from operations $317M
Capital spending $52.6M
Q4 '25
Cash from operations $209M
Capital spending $102M
Q1 '26
Cash from operations $205M
Capital spending $63.1M
Q2 '26
Cash from operations $215M
Capital spending $84.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Coca-Cola Consolidated returned $2.7B to shareholders in fiscal 2025, 435% of free cash flow. The diluted share count rose 0.0%.
FY16
Dividends $9.3M
Buybacks $0.0M
FY17
Dividends $9.3M
Buybacks $0.0M
FY18
Dividends $9.4M
Buybacks $0.0M
FY19
Dividends $9.4M
Buybacks $0.0M
FY20
Dividends $9.4M
Buybacks $0.0M
FY21
Dividends $9.4M
Buybacks $0.0M
FY22
Dividends $9.4M
Buybacks $0.0M
FY23
Dividends $46.9M
Buybacks $0.0M
FY24
Dividends $186M
Buybacks $626M
FY25
Dividends $86.7M
Buybacks $2.6B
Dividends
Buybacks
Q3 '23
Dividends $4.7M
Buybacks $0.0M
Q4 '23
Dividends $4.7M
Buybacks $0.0M
Q1 '24
Dividends $155M
Buybacks $0.0M
Q2 '24
Dividends $4.7M
Buybacks $0.0M
Q3 '24
Dividends $4.4M
Buybacks $560M
Q4 '24
Dividends $21.9M
Buybacks $51.6M
Q1 '25
Dividends $21.8M
Buybacks $0.0M
Q2 '25
Dividends $21.8M
Buybacks $0.0M
Q3 '25
Dividends $21.7M
Buybacks $111M
Q4 '25
Dividends $21.4M
Buybacks $2.5B
Q1 '26
Dividends $16.6M
Buybacks $0.0M
Q2 '26
Dividends $16.6M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.01B
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Value Coca-Cola Consolidated yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$2.5B and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Coca-Cola Consolidated can carry it.
FY16
Cash $21.8M
Debt $907M
FY17
Cash $16.9M
Debt $1.1B
FY18
Cash $13.5M
Debt $1.1B
FY19
Cash $9.6M
Debt $1.1B
FY20
Cash $54.8M
Debt $1.0B
FY21
Cash $142M
Debt $796M
FY22
Cash $198M
Debt $610M
FY23
Cash $635M
Debt $607M
FY24
Cash $1.4B
Debt $1.8B
FY25
Cash $282M
Debt $2.8B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $142M | $198M | $635M | $1.4B | $282M |
| Debt incl. finance leases | $796M | $610M | $607M | $1.8B | $2.8B |
| Net debt / EBITDA | 1.1x | 0.5x | −0.0x | 0.3x | 2.2x |
| Debt / equity | 1.1x | 0.6x | 0.4x | 1.3x | — |
| Interest coverage | 13.1x | 25.9x | 909.0x | 16.4x | 10.2x |
| Current ratio | 1.3x | 1.4x | 1.6x | 1.9x | 1.3x |
| Quick ratio | 0.9x | 1.0x | 1.3x | 1.7x | 1.0x |
| Total assets | $3.4B | $3.7B | $4.3B | $5.3B | $4.3B |
| Total liabilities | $2.7B | $2.6B | $2.9B | $3.9B | $5.0B |
| Shareholders' equity | $712M | $1.1B | $1.4B | $1.4B | −$740M |
| Net debt (− = net cash) | $654M | $412M | −$28.6M | $354M | $2.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.4B
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Nov 7, 2025 | Coca Cola Co10% owner | Sold | 18,835,460 | $127.00 | $2.4B | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | — | — | — |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −10.1% | −5.1% | −7.5% |
| Altman Z'' | 3.80 | 3.93 | 1.16 |
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|---|---|---|---|---|---|---|---|---|
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $3.1B | $4.3B | $4.6B | $4.8B | $5.0B | $5.6B | $6.2B | $6.7B | $6.9B | $7.2B |
| Gross profit | $1.2B | $1.5B | $1.6B | $1.7B | $1.8B | $2.0B | $2.3B | $2.6B | $2.8B | $2.9B |
| Operating income | $131M | $102M | $57.9M | $181M | $313M | $439M | $641M | $835M | $920M | $951M |
| Interest expense | $36.3M | $41.9M | $50.5M | $46.0M | $36.7M | $33.4M | $24.8M | −$0.9M | $56.1M | $92.8M |
| Pretax income | $92.7M | $63.0M | −$13.3M | $34.2M | $241M | $255M | $575M | $558M | $857M | $773M |
| Income tax | $36.0M | −$39.8M | $1.9M | $15.7M | $58.9M | $65.6M | $145M | $149M | $224M | $202M |
| Net income | $50.1M | $96.5M | −$19.9M | $11.4M | $173M | $190M | $430M | $408M | $633M | $571M |
| Diluted EPS | $5.36 | $10.30 | −$2.13 | $1.21 | — | — | — | — | — | — |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.01B | — | — | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | $162M | $308M | $169M | $290M | $495M | $522M | $555M | $811M | $876M | $932M |
| Capital expenditure | $173M | $177M | $138M | $171M | $202M | $156M | $299M | $282M | $371M | $312M |
| Free cash flow | −$10.6M | $131M | $30.6M | $119M | $292M | $366M | $256M | $528M | $505M | $620M |
| Depreciation and amortization | $112M | $150M | $187M | $180M | $179M | $181M | $172M | $154M | $170M | $195M |
| Stock-based compensation | $7.2M | $7.9M | $5.6M | $2.0M | $0.0M | $0.0M | — | — | — | — |
| Acquisitions | $273M | $265M | $0.5M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $626M | $2.6B |
| Dividends paid | $9.3M | $9.3M | $9.4M | $9.4M | $9.4M | $9.4M | $9.4M | $46.9M | $186M | $86.7M |
| Dividends and buybacks | $9.3M | $9.3M | $9.4M | $9.4M | $9.4M | $9.4M | $9.4M | $46.9M | $811M | $2.7B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $21.8M | $16.9M | $13.5M | $9.6M | $54.8M | $142M | $198M | $635M | $1.4B | $282M |
| Total debt | $907M | $1.1B | $1.1B | $1.0B | $943M | $725M | $600M | $599M | $1.8B | $2.8B |
| Finance lease liabilities | $0.0M | $0.0M | $35.2M | $26.8M | $75.8M | $71.1M | $9.8M | $7.5M | $5.0M | $1.7M |
| Current assets | $594M | $795M | $797M | $830M | $851M | $1.1B | $1.2B | $1.7B | $2.5B | $1.4B |
| Current liabilities | $458M | $640M | $602M | $622M | $647M | $835M | $905M | $1.1B | $1.3B | $1.1B |
| Inventory | $144M | $184M | $210M | $226M | $226M | $303M | $348M | $322M | $330M | $336M |
| Property and equipment, net | $813M | $1.0B | $991M | $997M | $1.0B | $1.0B | $1.2B | $1.3B | $1.5B | $1.6B |
| Total assets | $2.4B | $3.1B | $3.0B | $3.1B | $3.2B | $3.4B | $3.7B | $4.3B | $5.3B | $4.3B |
| Total liabilities | $2.1B | $2.6B | $2.6B | $2.7B | $2.7B | $2.7B | $2.6B | $2.9B | $3.9B | $5.0B |
| Shareholders' equity | $277M | $367M | $358M | $347M | $513M | $712M | $1.1B | $1.4B | $1.4B | −$740M |
| Margins | ||||||||||
| Gross margin | 38.0% | 35.1% | 33.6% | 34.6% | 35.3% | 35.1% | 36.7% | 39.1% | 39.9% | 39.7% |
| Operating margin | 4.2% | 2.4% | 1.3% | 3.7% | 6.3% | 7.9% | 10.3% | 12.5% | 13.3% | 13.2% |
| EBITDA margin | 7.8% | 5.9% | 5.3% | 7.5% | 9.8% | 11.1% | 13.1% | 14.9% | 15.8% | 15.9% |
| Net margin | 1.6% | 2.3% | −0.4% | 0.2% | 3.4% | 3.4% | 6.9% | 6.1% | 9.2% | 7.9% |
| FCF margin | −0.3% | 3.1% | 0.7% | 2.5% | 5.8% | 6.6% | 4.1% | 7.9% | 7.3% | 8.6% |
| Returns | ||||||||||
| Return on capital | 7.5% | 7.3% | 2.9% | 6.4% | 15.9% | 23.0% | 33.2% | 41.7% | 42.8% | 39.7% |
| Return on capital employed | 7.5% | 4.6% | 2.4% | 7.4% | 12.3% | 16.9% | 23.7% | 27.8% | 25.6% | 26.5% |
| Return on equity | 19.3% | 30.0% | −5.5% | 3.2% | 40.1% | 31.0% | 47.1% | 32.0% | 44.4% | 168.3% |
| Return on assets | 2.3% | 3.5% | −0.7% | 0.4% | 5.4% | 5.7% | 12.0% | 10.2% | 13.2% | 11.9% |
| Growth | ||||||||||
| Revenue growth | 35.7% | 37.0% | 7.9% | 4.4% | 3.8% | 11.1% | 11.5% | 7.3% | 3.7% | 4.8% |
| Net income growth | −15.0% | 92.5% | −120.7% | — | 1,416.4% | 9.9% | 126.9% | −5.1% | 55.0% | −9.9% |
| EPS growth | −15.3% | 92.2% | −120.7% | — | — | — | — | — | — | — |
| FCF growth | — | — | −76.7% | 288.3% | 145.8% | 25.2% | −30.1% | 106.5% | −4.4% | 22.6% |
| Share count change | 0.2% | 0.2% | −0.2% | 0.7% | — | — | — | — | — | — |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.7x | 4.3x | 4.6x | 2.9x | 2.0x | 1.1x | 0.5x | −0.0x | 0.3x | 2.2x |
| Debt / equity | 3.3x | 3.0x | 3.2x | 3.1x | 2.0x | 1.1x | 0.6x | 0.4x | 1.3x | — |
| Interest coverage | 3.6x | 2.4x | 1.2x | 3.9x | 8.5x | 13.1x | 25.9x | 909.0x | 16.4x | 10.2x |
| Current ratio | 1.3x | 1.2x | 1.3x | 1.3x | 1.3x | 1.3x | 1.4x | 1.6x | 1.9x | 1.3x |
| Quick ratio | 1.0x | 1.0x | 1.0x | 1.0x | 1.0x | 0.9x | 1.0x | 1.3x | 1.7x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.5% | 4.1% | 3.0% | 3.6% | 4.0% | 2.8% | 4.8% | 4.2% | 5.4% | 4.3% |
| Stock comp / revenue | 0.2% | 0.2% | 0.1% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Payouts / FCF | — | 7.1% | 30.5% | 7.9% | 3.2% | 2.6% | 3.7% | 8.9% | 160.5% | 434.6% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 6.0 | 5.0 | 8.0 | — | — | — | — | — | — |
| Altman Z'' | 1.3 | 1.2 | 1.1 | 1.4 | 1.8 | 2.3 | 3.2 | 3.8 | 3.9 | 1.2 |
| Accruals ratio | −5.2% | −7.7% | −6.2% | −9.1% | −10.1% | −10.0% | −3.5% | −10.1% | −5.1% | −7.5% |
Source: SEC EDGAR XBRL filings (CIK 0000317540). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.