Coca-Cola Consolidated, Inc.
COKE Consumer Defensive Beverages Non Alcoholic
Coca-Cola Consolidated, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, up 4.76% from fiscal 2024. In the quarter to June 2026, revenue grew 10.6%, EPS grew 11.2%, free cash flow fell 15.1% and total debt rose 40.5%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for five.
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Coca-Cola Consolidated, Inc. (COKE) Beneish M-score
Coca-Cola Consolidated, Inc.'s Beneish M-score for fiscal 2025 is −2.99; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.99 | (0.14) |
| FY2024 | −2.85 | 0.07 |
| FY2023 | −2.91 | (0.38) |
| FY2022 | −2.54 | 0.28 |
| FY2021 | −2.82 | 0.16 |
| FY2020 | −2.98 | (0.16) |
| FY2019 | −2.82 | (0.08) |
| FY2018 | −2.74 | (0.28) |
| FY2017 | −2.45 | (0.18) |
| FY2016 | −2.28 | (0.02) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.98 | — | 0.90 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.25 | — | 0.50 | |
| Sales growth index | 1.05 | — | 0.93 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.08) | — | −0.39 | |
| Leverage index | 1.71 | — | −0.56 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.99 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| COKE Coca-Cola Consolidated, Inc. | −3.0× |
| AKO.B Embotelladora Andina S.A. compare | −2.6× |
| CCEP Coca-Cola Europacific Partners compare | −2.6× |
| FIZZ National Beverage Corp. compare | −2.5× |
| KDP Keurig Dr Pepper, Inc compare | −2.3× |
| MNST Monster Beverage Corporation compare | −2.3× |
| KOF Coca Cola Femsa S.A.B. de C.V. compare | −2.3× |
| COCO Vita Coco Company, Inc. compare | −1.7× |
| CELH Celsius Holdings Inc. compare | −0.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI