Coca-Cola
KO NYSE Soft Drinks & Non-alcoholic Beverages 金融 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%.
Coca-Cola 的业务
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.
- 法定名称
- COCA COLA CO
- 财年结束日
- 2025年12月31日
- 最新年报
- 10-K · 2026年2月20日
- 登记号 · CIK
- 0001628280-26-010047
0000021344
营收与利润率
Coca-Cola 在 2025 财年 营收为 $47.9B，同比增长 1.9%。
净利润与每股收益
从 2016 财年到 2025 财年，稀释每股收益年均增长 8.2%。 亏损期间以红色显示。
资本回报率
税后营业利润占投入业务资金(债务加股东权益减现金)的比例。
现金流
2025 财年 的自由现金流为 $5.3B，占营收的 11.1%。 经营现金流减资本支出。
股息、回购与股数
Coca-Cola 在 2025 财年 向股东返还 $9.5B，占自由现金流的 180%。 稀释股数减少 0.2%。
自己评估 Coca-Cola
调整假设，查看对应的每股价值。这些是模型，不是预测或目标价，结果完全取决于你的输入。
现金流折现
每股价值
—
加上净现金 −$31.6B，再除以 4,313.0M 稀释股数。十年现金流加终值，折现至今天。
盈利倍数
每股价值
—
参考倍数：当前 29.2x · 同业 — · 板块 24.2x。
资产负债表
现金、债务以及显示 Coca-Cola 承担债务能力的指标。
| 财年末 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 现金及短期投资 | $10.9B | $10.6B | $12.4B | $12.8B | $13.9B |
| 债务(含融资租赁) | $42.8B | $39.1B | $41.7B | $44.2B | $45.4B |
| 净债务 / EBITDA | 2.7x | 2.4x | 2.4x | 2.8x | 2.1x |
| 债务 / 股东权益 | 1.9x | 1.6x | 1.6x | 1.8x | 1.4x |
| 利息保障倍数 | 6.5x | 12.4x | 7.4x | 6.0x | 8.3x |
| 流动比率 | 1.1x | 1.2x | 1.1x | 1.0x | 1.5x |
| 速动比率 | 1.0x | 0.9x | 1.0x | 0.8x | 1.3x |
| 总资产 | $94.4B | $92.8B | $97.7B | $100.5B | $104.8B |
| 总负债 | $69.5B | $66.9B | $70.2B | $74.2B | $70.5B |
| 股东权益 | $23.0B | $24.1B | $25.9B | $24.9B | $32.2B |
| 净债务 (− = 净现金) | $31.8B | $28.6B | $29.4B | $31.3B | $31.6B |
内部人交易
高管、董事和持股超过 10% 的股东在公开市场的买卖，数据来自 Form 4 申报。“计划”表示依据事先制定的 Rule 10b5-1 计划进行的交易。
买入(12 个月)
$0.0M
0 名内部人士
卖出(12 个月)
$141M
7 名内部人士
卖出中按计划执行的比例
76%
$107M
| 日期 | 内部人士 | 交易 | 股数 | 股价 | 金额 | 文件 |
|---|---|---|---|---|---|---|
| 2026年8月20日 | Bruno PietracciPresident, Latin America OU | 卖出 | 111,365 | $90.93 | $10.1M | Form 4 |
| 2026年8月19日 | Nancy QuanExecutive Vice President | 卖出 | 50,000 | $90.39 | $4.5M | Form 4 |
| 2026年8月10日 | Sanket RayPresident INSWA | 卖出 | 9,958 | $86.50 | $0.9M | Form 4 |
| 2026年8月6日 | Luisa OrtegaEurope OU President | 卖出 | 55,755 | $86.59 | $4.8M | Form 4 |
| 2026年7月31日 | John MurphyPresident and CFO | 卖出 | 152,483 | $87.31 | $13.3M | Form 4 |
| 2026年7月29日 | James QuinceyChairman, Director | 卖出 计划 | 145,947 | $90.09 | $13.1M | Form 4 |
| 2026年7月28日 | Bruno PietracciPresident, Latin America OU | 卖出 计划 | 75,727 | $89.65 | $6.8M | Form 4 |
| 2026年7月28日 | James QuinceyChairman, Director | 卖出 计划 | 381,140 | $90.04 | $34.3M | Form 4 |
| 2026年6月10日 | Jennifer K MannExecutive Vice President | 卖出 计划 | 23,984 | $83.41 | $2.0M | Form 4 |
| 2026年6月9日 | Jennifer K MannExecutive Vice President | 卖出 计划 | 100,000 | $80.75 | $8.1M | Form 4 |
| 2026年6月8日 | Jennifer K MannExecutive Vice President | 卖出 计划 | 100,000 | $79.46 | $7.9M | Form 4 |
| 2026年6月5日 | James QuinceyChairman, Director | 卖出 计划 | 436,296 | $80.13 | $35.0M | Form 4 |
Piotroski F 分数
关于盈利能力、融资和效率的九项通过/未通过测试。8–9 为强，0–2 为弱。
| 测试项 | FY23 | FY24 | FY25 |
|---|---|---|---|
| 净利润为正 | ✓ | ✓ | ✓ |
| 经营现金流为正 | ✓ | ✓ | ✓ |
| 资产回报率上升 | ✓ | ✕ | ✓ |
| 经营现金流高于净利润 | ✓ | ✕ | ✕ |
| 债务相对资产下降 | ✕ | ✕ | ✓ |
| 流动比率上升 | ✕ | ✕ | ✓ |
| 股数未增加 | ✓ | ✓ | ✓ |
| 毛利率上升 | ✓ | ✓ | ✓ |
| 营收相对资产上升 | ✓ | ✕ | ✕ |
| F 分数 | 7 / 9 | 4 / 9 | 7 / 9 |
| 应计比率 | −0.9% | 3.9% | 5.6% |
| Altman Z'' | 3.86 | 3.56 | 4.50 |
相似公司
各公司最近一个财年的数据。各公司财年结束月份不同，因此期间并不完全一致。
| 公司 | 市值 | 增长 | 营业利润率 | 自由现金流利润率 | ROIC | 市盈率 | F 分数 | |
|---|---|---|---|---|---|---|---|---|
| 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 | 比较 → |
10 年数据
金额单位为 USD。将鼠标悬停在指标名称上可查看定义。
| 财年 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营收 | $41.9B | $36.2B | $34.3B | $37.3B | $33.0B | $38.7B | $43.0B | $45.8B | $47.1B | $47.9B |
| 毛利 | $25.4B | $22.5B | $21.2B | $22.6B | $19.6B | $23.3B | $25.0B | $27.2B | $28.7B | $29.5B |
| 营业利润 | $8.7B | $7.8B | $9.2B | $10.1B | $9.0B | $10.3B | $10.9B | $11.3B | $10.0B | $13.8B |
| 利息支出 | $733M | $853M | $950M | $946M | $1.4B | $1.6B | $882M | $1.5B | $1.7B | $1.7B |
| 税前利润 | $8.1B | $6.9B | $8.2B | $10.8B | $9.7B | $12.4B | $11.7B | $13.0B | $13.1B | $16.0B |
| 所得税 | $1.6B | $5.6B | $1.7B | $1.8B | $2.0B | $2.6B | $2.1B | $2.2B | $2.4B | $2.9B |
| 净利润 | $6.5B | $1.2B | $6.4B | $8.9B | $7.7B | $9.8B | $9.5B | $10.7B | $10.6B | $13.1B |
| 稀释每股收益 | $1.49 | $0.29 | $1.50 | $2.07 | $1.79 | $2.25 | $2.19 | $2.47 | $2.46 | $3.04 |
| 稀释股数 | 4.37B | 4.32B | 4.30B | 4.31B | 4.32B | 4.34B | 4.35B | 4.34B | 4.32B | 4.31B |
| 现金流 | ||||||||||
| 经营现金流 | $8.8B | $7.0B | $7.6B | $10.5B | $9.8B | $12.6B | $11.0B | $11.6B | $6.8B | $7.4B |
| 资本支出 | $2.3B | $1.8B | $1.5B | $2.1B | $1.2B | $1.4B | $1.5B | $1.9B | $2.1B | $2.1B |
| 自由现金流 | $6.5B | $5.3B | $6.1B | $8.4B | $8.7B | $11.3B | $9.5B | $9.7B | $4.7B | $5.3B |
| 折旧与摊销 | $1.8B | $1.3B | $1.1B | $1.4B | $1.5B | $1.5B | $1.3B | $1.1B | $1.1B | $1.1B |
| 股权激励 | $258M | $219M | $225M | $201M | $126M | $337M | $356M | $254M | $286M | $279M |
| 收购 | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| 股票回购 | $3.7B | $3.7B | $1.9B | $1.1B | $118M | $111M | $1.4B | $2.3B | $1.8B | $746M |
| 已付股息 | $6.0B | $6.3B | $6.6B | $6.8B | $7.0B | $7.3B | $7.6B | $8.0B | $8.4B | $8.8B |
| 股息与回购 | $9.7B | $10.0B | $8.6B | $7.9B | $7.2B | $7.4B | $9.0B | $10.2B | $10.2B | $9.5B |
| 资产负债表 | ||||||||||
| 现金及短期投资 | $18.2B | $15.4B | $11.1B | $7.9B | $8.6B | $10.9B | $10.6B | $12.4B | $12.8B | $13.9B |
| 总债务 | $45.5B | $47.4B | $43.4B | $42.8B | $42.8B | $42.8B | $39.1B | $41.7B | $44.2B | $45.4B |
| 融资租赁负债 | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| 流动资产 | $34.0B | $36.5B | $24.9B | $20.4B | $19.2B | $22.5B | $22.6B | $26.7B | $26.0B | $31.0B |
| 流动负债 | $26.5B | $27.2B | $28.8B | $27.0B | $14.6B | $20.0B | $19.7B | $23.6B | $25.2B | $21.3B |
| 存货 | $2.7B | $2.7B | $3.1B | $3.4B | $3.3B | $3.4B | $4.2B | $4.4B | $4.7B | $4.4B |
| 固定资产净额 | $10.6B | $9.6B | $9.6B | $10.8B | $10.8B | $9.9B | $9.8B | $9.2B | $10.3B | $9.6B |
| 总资产 | $87.3B | $87.9B | $83.2B | $86.4B | $87.3B | $94.4B | $92.8B | $97.7B | $100.5B | $104.8B |
| 总负债 | $64.1B | $68.9B | $64.2B | $65.3B | $66.0B | $69.5B | $66.9B | $70.2B | $74.2B | $70.5B |
| 股东权益 | $23.1B | $17.1B | $17.0B | $19.0B | $19.3B | $23.0B | $24.1B | $25.9B | $24.9B | $32.2B |
| 利润率 | ||||||||||
| 毛利率 | 60.7% | 62.1% | 61.9% | 60.8% | 59.3% | 60.3% | 58.1% | 59.5% | 61.1% | 61.6% |
| 营业利润率 | 20.7% | 21.4% | 26.7% | 27.1% | 27.3% | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% |
| EBITDA 利润率 | 25.0% | 24.9% | 29.9% | 30.7% | 31.9% | 30.4% | 28.3% | 27.2% | 23.5% | 30.9% |
| 净利率 | 15.6% | 3.5% | 18.8% | 23.9% | 23.5% | 25.3% | 22.2% | 23.4% | 22.6% | 27.3% |
| 自由现金流利润率 | 15.6% | 14.6% | 17.7% | 22.6% | 26.3% | 29.1% | 22.2% | 21.3% | 10.1% | 11.1% |
| 回报率 | ||||||||||
| 资本回报率 | 13.3% | 7.6% | 14.1% | 15.7% | 12.9% | 14.5% | 16.1% | 16.8% | 14.2% | 18.3% |
| 已动用资本回报率 | 14.0% | 12.8% | 15.9% | 17.7% | 13.6% | 14.0% | 14.8% | 15.4% | 13.4% | 17.3% |
| 股本回报率 | 26.9% | 6.2% | 37.8% | 49.6% | 40.5% | 46.2% | 40.5% | 42.8% | 41.9% | 46.0% |
| 资产回报率 | 7.4% | 1.4% | 7.5% | 10.5% | 8.9% | 10.8% | 10.2% | 11.3% | 10.7% | 12.8% |
| 增长 | ||||||||||
| 营收增长 | −5.5% | −13.5% | −5.3% | 8.7% | −11.4% | 17.1% | 11.3% | 6.4% | 2.9% | 1.9% |
| 净利润增长 | −11.2% | −80.9% | 415.5% | 38.6% | −13.2% | 26.1% | −2.3% | 12.3% | −0.8% | 23.3% |
| 每股收益增长 | −10.8% | −80.5% | 417.2% | 38.0% | −13.5% | 25.7% | −2.7% | 12.8% | −0.4% | 23.6% |
| 自由现金流增长 | −18.1% | −19.0% | 14.9% | 38.5% | 3.0% | 29.9% | −15.3% | 2.2% | −51.4% | 11.7% |
| 股数变化 | −0.9% | −1.0% | −0.6% | 0.4% | 0.2% | 0.4% | 0.2% | −0.3% | −0.4% | −0.2% |
| 财务健康 | ||||||||||
| 净债务 / EBITDA | 2.6x | 3.6x | 3.2x | 3.0x | 3.3x | 2.7x | 2.4x | 2.4x | 2.8x | 2.1x |
| 债务 / 股东权益 | 2.0x | 2.8x | 2.6x | 2.3x | 2.2x | 1.9x | 1.6x | 1.6x | 1.8x | 1.4x |
| 利息保障倍数 | 11.8x | 9.1x | 9.6x | 10.7x | 6.3x | 6.5x | 12.4x | 7.4x | 6.0x | 8.3x |
| 流动比率 | 1.3x | 1.3x | 0.9x | 0.8x | 1.3x | 1.1x | 1.2x | 1.1x | 1.0x | 1.5x |
| 速动比率 | 1.2x | 1.3x | 0.8x | 0.6x | 1.1x | 1.0x | 0.9x | 1.0x | 0.8x | 1.3x |
| 资本配置 | ||||||||||
| 资本支出 / 营收 | 5.4% | 4.8% | 4.5% | 5.5% | 3.6% | 3.5% | 3.5% | 4.1% | 4.4% | 4.4% |
| 股权激励 / 营收 | 0.6% | 0.6% | 0.7% | 0.5% | 0.4% | 0.9% | 0.8% | 0.6% | 0.6% | 0.6% |
| 股东回报 / 自由现金流 | 148.9% | 189.0% | 140.8% | 94.4% | 82.7% | 65.4% | 94.8% | 105.1% | 214.2% | 179.9% |
| 质量评分 | ||||||||||
| Piotroski F 分数 | 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 |
| 应计比率 | −2.6% | −6.6% | −1.4% | −1.8% | −2.4% | −3.1% | −1.6% | −0.9% | 3.9% | 5.6% |
来源：SEC EDGAR XBRL 文件 (CIK 0000021344). 数据更新于 2026年10月9日。 第四季度数据为全年减去前九个月。 仅供参考，不构成投资建议。依赖任何数字前，请核对原始文件。