Coca-Cola
KO NYSE Soft Drinks & Non-alcoholic Beverages Financials FY2016–FY2025
Coca-Cola's revenue rose 1.9% to $47.9 billion in fiscal 2025. Its operating margin was 28.7%, up from 21.2% a year earlier. Free cash flow was $5.3 billion, up 11.7%. It paid out $9.5 billion in dividends and buybacks, 180% of free cash flow. The diluted share count fell 0.2%.
What Coca-Cola does
Coca-Cola owns and markets soft drinks and other nonalcoholic drinks sold in more than 200 countries and territories. Its brands include Coca-Cola, Diet Coke, Coca-Cola Zero Sugar, Sprite and Fanta, as well as Dasani and smartwater, Powerade and BODYARMOR, Minute Maid and Simply juices, fairlife milk and Costa coffee. Drinks under its brands account for about 2.2 billion servings a day.
Coca-Cola mostly does not bottle its own drinks. Its main business sells concentrate and syrups to independent bottling companies, which mix, package and deliver the finished drinks in their own territories; this brought in 59% of revenue in 2025. The rest comes from selling finished drinks, mainly through bottling businesses it owns, which bring in more revenue but lower profit margins. It reports four regional segments, covering Europe, the Middle East and Africa, Latin America, North America and Asia Pacific, plus a Bottling Investments segment for its own bottlers. Its five largest independent bottlers handled 44% of the drinks it sold worldwide. Coca-Cola says PepsiCo is a main competitor in many countries, along with Nestlé, Keurig Dr Pepper, Danone, Suntory and Red Bull.
About 84% of the volume it sold in 2025 was outside the United States, with Mexico, China, Brazil and India its largest foreign markets. It had about 65,900 employees at the end of 2025, about 8,900 of them in the United States.
- Legal name
- COCA COLA CO
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Accession · CIK
- 0001628280-26-010047
0000021344
Revenue and margins
Coca-Cola had $47.9B of revenue in fiscal 2025, up 1.9% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 8.2% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $5.3B in fiscal 2025, 11.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Coca-Cola returned $9.5B to shareholders in fiscal 2025, 180% of free cash flow. The diluted share count fell 0.2%.
Value Coca-Cola 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 −$31.6B and divides by 4,313.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 29.2x · peers — · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Coca-Cola can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $10.9B | $10.6B | $12.4B | $12.8B | $13.9B |
| Debt incl. finance leases | $42.8B | $39.1B | $41.7B | $44.2B | $45.4B |
| Net debt / EBITDA | 2.7x | 2.4x | 2.4x | 2.8x | 2.1x |
| Debt / equity | 1.9x | 1.6x | 1.6x | 1.8x | 1.4x |
| Interest coverage | 6.5x | 12.4x | 7.4x | 6.0x | 8.3x |
| Current ratio | 1.1x | 1.2x | 1.1x | 1.0x | 1.5x |
| Quick ratio | 1.0x | 0.9x | 1.0x | 0.8x | 1.3x |
| Total assets | $94.4B | $92.8B | $97.7B | $100.5B | $104.8B |
| Total liabilities | $69.5B | $66.9B | $70.2B | $74.2B | $70.5B |
| Shareholders' equity | $23.0B | $24.1B | $25.9B | $24.9B | $32.2B |
| Net debt (− = net cash) | $31.8B | $28.6B | $29.4B | $31.3B | $31.6B |
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
$141M
7 insiders
Of sales under plans
76%
$107M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | Bruno PietracciPresident, Latin America OU | Sold | 111,365 | $90.93 | $10.1M | Form 4 |
| Aug 19, 2026 | Nancy QuanExecutive Vice President | Sold | 50,000 | $90.39 | $4.5M | Form 4 |
| Aug 10, 2026 | Sanket RayPresident INSWA | Sold | 9,958 | $86.50 | $0.9M | Form 4 |
| Aug 6, 2026 | Luisa OrtegaEurope OU President | Sold | 55,755 | $86.59 | $4.8M | Form 4 |
| Jul 31, 2026 | John MurphyPresident and CFO | Sold | 152,483 | $87.31 | $13.3M | Form 4 |
| Jul 29, 2026 | James QuinceyChairman, Director | Sold plan | 145,947 | $90.09 | $13.1M | Form 4 |
| Jul 28, 2026 | Bruno PietracciPresident, Latin America OU | Sold plan | 75,727 | $89.65 | $6.8M | Form 4 |
| Jul 28, 2026 | James QuinceyChairman, Director | Sold plan | 381,140 | $90.04 | $34.3M | Form 4 |
| Jun 10, 2026 | Jennifer K MannExecutive Vice President | Sold plan | 23,984 | $83.41 | $2.0M | Form 4 |
| Jun 9, 2026 | Jennifer K MannExecutive Vice President | Sold plan | 100,000 | $80.75 | $8.1M | Form 4 |
| Jun 8, 2026 | Jennifer K MannExecutive Vice President | Sold plan | 100,000 | $79.46 | $7.9M | Form 4 |
| Jun 5, 2026 | James QuinceyChairman, Director | Sold plan | 436,296 | $80.13 | $35.0M | 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 | 7 / 9 | 4 / 9 | 7 / 9 |
| Accruals ratio | −0.9% | 3.9% | 5.6% |
| Altman Z'' | 3.86 | 3.56 | 4.50 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Coca-Cola KO | $400.0B | 1.9% | 28.7% | 11.1% | 18.3% | 29.2x | 7 | |
| PepsiCo PEP | $185.6B | 2.3% | 12.2% | 8.2% | 16.4% | 17.1x | 6 | Compare → |
10 years of figures
US$ 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 | $41.9B | $36.2B | $34.3B | $37.3B | $33.0B | $38.7B | $43.0B | $45.8B | $47.1B | $47.9B |
| Gross profit | $25.4B | $22.5B | $21.2B | $22.6B | $19.6B | $23.3B | $25.0B | $27.2B | $28.7B | $29.5B |
| Operating income | $8.7B | $7.8B | $9.2B | $10.1B | $9.0B | $10.3B | $10.9B | $11.3B | $10.0B | $13.8B |
| Interest expense | $733M | $853M | $950M | $946M | $1.4B | $1.6B | $882M | $1.5B | $1.7B | $1.7B |
| Pretax income | $8.1B | $6.9B | $8.2B | $10.8B | $9.7B | $12.4B | $11.7B | $13.0B | $13.1B | $16.0B |
| Income tax | $1.6B | $5.6B | $1.7B | $1.8B | $2.0B | $2.6B | $2.1B | $2.2B | $2.4B | $2.9B |
| Net income | $6.5B | $1.2B | $6.4B | $8.9B | $7.7B | $9.8B | $9.5B | $10.7B | $10.6B | $13.1B |
| Diluted EPS | $1.49 | $0.29 | $1.50 | $2.07 | $1.79 | $2.25 | $2.19 | $2.47 | $2.46 | $3.04 |
| Diluted shares | 4.37B | 4.32B | 4.30B | 4.31B | 4.32B | 4.34B | 4.35B | 4.34B | 4.32B | 4.31B |
| Cash flow | ||||||||||
| Cash from operations | $8.8B | $7.0B | $7.6B | $10.5B | $9.8B | $12.6B | $11.0B | $11.6B | $6.8B | $7.4B |
| Capital expenditure | $2.3B | $1.8B | $1.5B | $2.1B | $1.2B | $1.4B | $1.5B | $1.9B | $2.1B | $2.1B |
| Free cash flow | $6.5B | $5.3B | $6.1B | $8.4B | $8.7B | $11.3B | $9.5B | $9.7B | $4.7B | $5.3B |
| Depreciation and amortization | $1.8B | $1.3B | $1.1B | $1.4B | $1.5B | $1.5B | $1.3B | $1.1B | $1.1B | $1.1B |
| Stock-based compensation | $258M | $219M | $225M | $201M | $126M | $337M | $356M | $254M | $286M | $279M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $3.7B | $3.7B | $1.9B | $1.1B | $118M | $111M | $1.4B | $2.3B | $1.8B | $746M |
| Dividends paid | $6.0B | $6.3B | $6.6B | $6.8B | $7.0B | $7.3B | $7.6B | $8.0B | $8.4B | $8.8B |
| Dividends and buybacks | $9.7B | $10.0B | $8.6B | $7.9B | $7.2B | $7.4B | $9.0B | $10.2B | $10.2B | $9.5B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $18.2B | $15.4B | $11.1B | $7.9B | $8.6B | $10.9B | $10.6B | $12.4B | $12.8B | $13.9B |
| Total debt | $45.5B | $47.4B | $43.4B | $42.8B | $42.8B | $42.8B | $39.1B | $41.7B | $44.2B | $45.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $34.0B | $36.5B | $24.9B | $20.4B | $19.2B | $22.5B | $22.6B | $26.7B | $26.0B | $31.0B |
| Current liabilities | $26.5B | $27.2B | $28.8B | $27.0B | $14.6B | $20.0B | $19.7B | $23.6B | $25.2B | $21.3B |
| Inventory | $2.7B | $2.7B | $3.1B | $3.4B | $3.3B | $3.4B | $4.2B | $4.4B | $4.7B | $4.4B |
| Property and equipment, net | $10.6B | $9.6B | $9.6B | $10.8B | $10.8B | $9.9B | $9.8B | $9.2B | $10.3B | $9.6B |
| Total assets | $87.3B | $87.9B | $83.2B | $86.4B | $87.3B | $94.4B | $92.8B | $97.7B | $100.5B | $104.8B |
| Total liabilities | $64.1B | $68.9B | $64.2B | $65.3B | $66.0B | $69.5B | $66.9B | $70.2B | $74.2B | $70.5B |
| Shareholders' equity | $23.1B | $17.1B | $17.0B | $19.0B | $19.3B | $23.0B | $24.1B | $25.9B | $24.9B | $32.2B |
| Margins | ||||||||||
| Gross margin | 60.7% | 62.1% | 61.9% | 60.8% | 59.3% | 60.3% | 58.1% | 59.5% | 61.1% | 61.6% |
| Operating margin | 20.7% | 21.4% | 26.7% | 27.1% | 27.3% | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% |
| EBITDA margin | 25.0% | 24.9% | 29.9% | 30.7% | 31.9% | 30.4% | 28.3% | 27.2% | 23.5% | 30.9% |
| Net margin | 15.6% | 3.5% | 18.8% | 23.9% | 23.5% | 25.3% | 22.2% | 23.4% | 22.6% | 27.3% |
| FCF margin | 15.6% | 14.6% | 17.7% | 22.6% | 26.3% | 29.1% | 22.2% | 21.3% | 10.1% | 11.1% |
| Returns | ||||||||||
| Return on capital | 13.3% | 7.6% | 14.1% | 15.7% | 12.9% | 14.5% | 16.1% | 16.8% | 14.2% | 18.3% |
| Return on capital employed | 14.0% | 12.8% | 15.9% | 17.7% | 13.6% | 14.0% | 14.8% | 15.4% | 13.4% | 17.3% |
| Return on equity | 26.9% | 6.2% | 37.8% | 49.6% | 40.5% | 46.2% | 40.5% | 42.8% | 41.9% | 46.0% |
| Return on assets | 7.4% | 1.4% | 7.5% | 10.5% | 8.9% | 10.8% | 10.2% | 11.3% | 10.7% | 12.8% |
| Growth | ||||||||||
| Revenue growth | −5.5% | −13.5% | −5.3% | 8.7% | −11.4% | 17.1% | 11.3% | 6.4% | 2.9% | 1.9% |
| Net income growth | −11.2% | −80.9% | 415.5% | 38.6% | −13.2% | 26.1% | −2.3% | 12.3% | −0.8% | 23.3% |
| EPS growth | −10.8% | −80.5% | 417.2% | 38.0% | −13.5% | 25.7% | −2.7% | 12.8% | −0.4% | 23.6% |
| FCF growth | −18.1% | −19.0% | 14.9% | 38.5% | 3.0% | 29.9% | −15.3% | 2.2% | −51.4% | 11.7% |
| Share count change | −0.9% | −1.0% | −0.6% | 0.4% | 0.2% | 0.4% | 0.2% | −0.3% | −0.4% | −0.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.6x | 3.6x | 3.2x | 3.0x | 3.3x | 2.7x | 2.4x | 2.4x | 2.8x | 2.1x |
| Debt / equity | 2.0x | 2.8x | 2.6x | 2.3x | 2.2x | 1.9x | 1.6x | 1.6x | 1.8x | 1.4x |
| Interest coverage | 11.8x | 9.1x | 9.6x | 10.7x | 6.3x | 6.5x | 12.4x | 7.4x | 6.0x | 8.3x |
| Current ratio | 1.3x | 1.3x | 0.9x | 0.8x | 1.3x | 1.1x | 1.2x | 1.1x | 1.0x | 1.5x |
| Quick ratio | 1.2x | 1.3x | 0.8x | 0.6x | 1.1x | 1.0x | 0.9x | 1.0x | 0.8x | 1.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.4% | 4.8% | 4.5% | 5.5% | 3.6% | 3.5% | 3.5% | 4.1% | 4.4% | 4.4% |
| Stock comp / revenue | 0.6% | 0.6% | 0.7% | 0.5% | 0.4% | 0.9% | 0.8% | 0.6% | 0.6% | 0.6% |
| Payouts / FCF | 148.9% | 189.0% | 140.8% | 94.4% | 82.7% | 65.4% | 94.8% | 105.1% | 214.2% | 179.9% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 6.0 | 6.0 | 6.0 | 5.0 | 7.0 | 6.0 | 7.0 | 4.0 | 7.0 |
| Altman Z'' | 4.1 | 3.8 | 3.2 | 3.1 | 3.9 | 3.7 | 3.9 | 3.9 | 3.6 | 4.5 |
| Accruals ratio | −2.6% | −6.6% | −1.4% | −1.8% | −2.4% | −3.1% | −1.6% | −0.9% | 3.9% | 5.6% |
Source: SEC EDGAR XBRL filings (CIK 0000021344). 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.