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CocaCola Company (The)

KO Consumer Defensive Beverages Non Alcoholic

CocaCola Company (The)’s revenue for fiscal 2025 (year ended December 2025) was $47.9 billion, up 1.87% from fiscal 2024.

Revenue
+7.43%
EPS
+9.60%
Free cash flow
+0.28%
Total debt
−7.87%

Quarter to September 2026, against a year earlier

95.67 0.06 −0.06%
Market cap
$411.8B
P/E
28.1×
Fwd P/E
27.8×
Dividend yield
2.19%
F-score
7/9
Altman Z
4.63
Beneish M
−2.35
Dividend safety
51/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • North America
  • EMEA
  • Latin America
  • Bottling investments
  • Asia Pacific

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 246.21
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 5 5 — 2 5 3 4 — — 1
Insider Ownership 0.77%

Capital & Financial Ratios $m

Size
Market Cap 411,820.00
Revenue ttm 51,054.00
Net income ttm 14,776.00
Free cash flow ttm 14,317.00
Net debt Q 24,951.00
Valuation
P/E 28.06
Forward P/E 27.80
Price / sales 8.07
Forward P/S Powerpack
Price / FCF 28.78
Price / book 10.42 (above 6: high)
Financial health
Current ratio Q 1.38
Debt / equity Q 1.05
Interest coverage Q 12.61
Growth
Revenue growth Q +7.43% (above 0%: growing)
Operating income growth Q +12.13% (above 0%: growing)
EPS, this year +11.31%
EPS, next year A +5.64%
Revenue, next year A +5.30%
EPS, past 5 yrs +11.17%
EPS, next 5 yrs A +7.99%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.6×, against a ten-year median of 6.6×; over the ten years it ranged from 4.3× in 2016 to 8.6× in 2026.
P/E against its own 10 years 60.41%
10-year low 10-year high
P/S against its own 10 years 99.93%
10-year low 10-year high
P/B against its own 10 years 71.55%
10-year low 10-year high
EV/Sales against its own 10 years 99.93%
10-year low 10-year high
EV/FCF against its own 10 years 61.61%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.19%
Annual rate
2.10
Payout ratio
61.6%
Growth, 2017–25
+4.09%/yr
  1. 1.48 ’17
  2. 1.56 ’18 +5
  3. 1.60 ’19 +3
  4. 1.64 ’20 +2
  5. 1.68 ’21 +2
  6. 1.76 ’22 +5
  7. 1.84 ’23 +5
  8. 1.94 ’24 +5
  9. 2.04 ’25 +5
  10. 2.13 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 13,663 14,571 15,806 16,595
Receivables 3,410 3,569 3,038 3,571
Inventory 4,424 4,728 4,425 4,410
Other — 131 5,342 6,275
26,732 25,997 31,044 33,326
2023 2024 2025 Q'26
Payables 15,485 21,712 14,813 15,633
ST’ Debt 1,960 648 1,822 4,923
Other — 3 2,570 3,003
23,571 25,249 21,281 24,209

Compound Annual Growth %

10y 5y 3y
Sales 0.79% 7.75% 3.69%
Cash Flow (3.45%) (5.53%) (12.39%)
Earnings 5.95% 11.09% 11.16%
Book Value 2.90% 10.00% 9.89%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.87 Actual 0.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.57 0.58 Beat by 0.01
Q1 FY26 0.81 0.86 Beat by 0.05
Q2 FY26 0.92 0.97 Beat by 0.05
Q3 FY26 0.87 0.91 Beat by 0.04
Q4 FY26 0.60 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.91 1.03 0.94 — —
’25 0.77 0.88 0.86 0.53 3.04
’24 0.74 0.56 0.66 0.51 2.46
’23 0.72 0.59 0.71 0.46 2.47
’22 0.64 0.44 0.65 0.47 2.19
’21 0.52 0.61 0.57 0.56 2.25
’20 0.64 0.41 0.40 0.34 1.79
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 12,472 13,380 13,380 — —
’25 11,129 12,535 12,455 11,822 47,941
’24 11,300 12,363 11,854 11,544 47,061
’23 10,980 11,972 11,953 10,849 45,754
’22 10,491 11,325 11,063 10,125 43,004
’21 9,020 10,129 10,042 9,464 38,655
’20 8,601 7,150 8,652 8,611 33,014
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,021 5,522 4,928 — —
’25 (5,202) 3,811 5,043 3,756 7,408
’24 528 3,585 (1,259) 3,951 6,805
’23 160 4,469 4,300 2,670 11,599
’22 623 3,923 3,522 2,950 11,018
’21 1,636 3,889 3,706 3,394 12,625
’20 556 2,230 3,434 3,624 9,844
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,757 5,109 4,585 — —
’25 (5,503) 3,374 4,572 2,866 5,309
’24 172 3,170 (1,716) 3,155 4,781
’23 (95) 4,147 3,922 1,847 9,821
’22 422 3,670 3,246 2,271 9,609
’21 1,431 3,672 3,465 2,798 11,366
’20 320 2,042 3,255 3,239 8,856
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.5% a year for ten years. It grew −4.4% a year over the last ten.

Implied
11.5%
10 years, reported
−4.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 41,863 36,212 34,300 37,266 33,014 38,655 43,004 45,754 47,061 47,941 51,054 +1.5% 50,483 48,893 51,379 +2.3%
Gross margin, % 60.67 62.11 61.90 60.77 59.31 60.27 58.14 59.52 61.06 61.63 62.32 +1.0 pt
EBT 8,136 6,890 8,225 10,786 9,749 12,425 11,686 12,952 13,086 15,998 17,881 +7.8%
EBT margin, % 19.43 19.03 23.98 28.94 29.53 32.14 27.17 28.31 27.81 33.37 35.02 +13.9 pt
Net income 6,550 1,283 6,476 8,985 7,768 9,804 9,571 10,703 10,649 13,137 14,776 +8.0%
Per share, $
Per share, $ Revenue 9.70 8.48 8.05 8.72 7.69 8.96 9.94 10.58 10.92 11.14 11.86 +1.6%
Earnings 1.49 0.29 1.51 2.09 1.80 2.26 2.20 2.48 2.47 3.05 3.41 +8.3%
Cash flow 2.04 1.65 1.79 2.45 2.29 2.93 2.55 2.68 1.58 1.72 3.77 (1.8%)
Capex (0.49) (0.38) (0.31) (0.25) (0.23) (0.29) (0.33) (0.41) (0.47) (0.49) (0.44) 0.0%
Free cash flow 1.55 1.26 1.49 2.20 2.06 2.63 2.22 2.27 1.11 1.23 3.33 (2.5%)
Book value 5.38 4.44 4.47 4.93 4.96 5.76 5.97 6.36 6.12 7.97 9.19 +4.5%
Shares, m 4,317 4,272 4,259 4,276 4,295 4,315 4,328 4,323 4,309 4,303 4,303 0.0%
Valuation, ×
Valuation, × P/E 27.87 162.64 31.57 26.48 30.47 26.20 28.61 24.12 25.21 22.92 28.06 40.6
P/S 4.31 5.37 5.88 6.35 7.13 6.61 6.34 5.65 5.70 6.27 8.07 6.0
P/B 7.77 10.25 10.58 11.22 11.07 10.28 10.55 9.41 10.17 8.78 10.42 10.0
EV/Sales 4.57 5.75 6.30 6.90 8.03 7.30 6.92 6.17 6.31 6.86 8.56 6.5
EV/FCF 28.66 38.59 34.13 27.38 29.95 24.84 30.97 28.76 62.06 61.96 30.52 36.7
Cash, $m
Cash, $m Operating cash flow 8,792 7,041 7,627 10,471 9,844 12,625 11,018 11,599 6,805 7,408 16,227 (1.9%)
Capex (2,112) (1,642) (1,300) (1,076) (988) (1,259) (1,409) (1,778) (2,024) (2,099) (1,910) (0.1%)
Free cash flow 6,680 5,399 6,327 9,395 8,856 11,366 9,609 9,821 4,781 5,309 14,317 (2.5%)
Balance, $m
Balance, $m Working capital 7,478 9,351 (3,852) (6,562) 4,639 2,595 2,867 3,161 748 9,763 9,117 +3.0%
Net debt 11,010 13,805 14,264 20,594 29,696 26,829 25,145 23,844 28,452 28,135 24,951 +11.0%
Shareholders’ equity 23,220 18,977 19,058 21,098 21,284 24,860 25,826 27,480 26,372 34,275 39,533 +4.4%
Returns, %
Returns, % ROA 7.36 1.42 7.52 10.52 8.92 10.76 10.20 11.25 10.72 12.76 13.67 +5.4 pt
ROIC 15.81 14.79 17.17 15.12 11.03 12.46 13.38 13.77 11.39 13.78 14.87 (2.0) pt
ROE 26.65 5.92 33.83 44.43 36.56 42.35 37.65 40.20 39.48 43.22 40.19 +16.6 pt
People
People Employees 100,300 61,800 62,600 86,200 80,300 79,000 82,500 79,100 69,700 65,900 — (4.6%)
Revenue/emp, $m 0.42 0.59 0.55 0.43 0.41 0.49 0.52 0.58 0.68 0.73 — +6.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

The Coca-Cola Company is a beverage company founded in 1892, headquartered in Atlanta and led by Chief Executive Officer James Quincey. It owns or licenses and markets beverage brands in five broad groups: Trademark Coca-Cola; sparkling flavors; water, sports, coffee and tea; juice, value-added dairy and plant-based beverages; and emerging beverages.

Its portfolio includes Coca-Cola, Sprite, Coca-Cola Zero Sugar, Fanta and Diet Coke/Coca-Cola Light, alongside brands such as BODYARMOR, Costa, Dasani, Powerade, Topo Chico, fairlife, Minute Maid and Simply. The company also participates in sales of certain Monster brands through distribution coordination arrangements.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
North America 19,586 40.85%
EMEA 11,513 24.01%
Latin America 6,334 13.21%
Bottling investments 5,735 11.96%
Asia Pacific 5,638 11.76%
Gross margin 61.63%
Operating margin 28.71%
Pre-tax margin 33.37%

Revenue by segment since 2016

CocaCola Company (The) vs peers in Beverages Non Alcoholic (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KO CocaCola Company (The) $411.8B 28.1× 27.8× +7.43% (above 0%: growing) +9.60% (above 0%: growing) +0.28% (above 0%: growing) 63.15% 33.37%
PEP PepsiCo, Inc. $194.5B 17.7× 17.0× +5.59% (above 0%: growing) +17.37% (above 0%: growing) +1,051.60% (above 0%: growing) 54.42% 16.86% Compare
MNST Monster Beverage Corporation $93.7B 42.0× 39.6× +16.65% (above 0%: growing) +20.00% (above 0%: growing) −24.62% (below 0%: shrinking) 54.65% 28.04% Compare
CCEP Coca-Cola Europacific Partners $51.5B 15.9× 23.3× +36.01% (above 0%: growing) +209.23% (above 0%: growing) −33.36% (below 0%: shrinking) 35.80% 0.00% Compare
KDP Keurig Dr Pepper, Inc $50.2B 30.6× 23.5× +70.55% (above 0%: growing) +42.78% (above 0%: growing) +91.29% (above 0%: growing) 48.00% 18.15% Compare
COKE Coca-Cola Consolidated, Inc. $14.1B 24.4× — (loss-making) +5.36% (above 0%: growing) +61.10% (above 0%: growing) −34.73% (below 0%: shrinking) 38.78% 13.65% Compare
CELH Celsius Holdings Inc. $7.6B 31.8× 26.9× +16.84% (above 0%: growing) n/m −60.28% (below 0%: shrinking) 46.77% 20.31% Compare
KOF Coca Cola Femsa S.A.B. de C.V. $6.0B 16.3× 16.9× +19.57% (above 0%: growing) +20.01% (above 0%: growing) −24.76% (below 0%: shrinking) 46.52% 14.89% Compare
COCO Vita Coco Company, Inc. $3.6B 29.7× 30.4× +33.74% (above 0%: growing) +45.24% (above 0%: growing) +54.92% (above 0%: growing) 38.01% 18.64% Compare
Median of peers $32.2B 27.0× 23.5× +18.21% +42.78% −24.69% 46.65% 17.50%

All 19 Beverages Non Alcoholic stocks →

From the latest earnings call

Updated

  • CEO Henrique Braun said affordability and locally relevant execution were helping Coca-Cola reach consumers, while North American volume was flat and China’s consumer environment remained subdued.
  • CFO John Murphy said pricing lifted third-quarter price mix, but geographic, investment-timing and category mix offset much of that benefit.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wells Fargo Oct 28, 2026 Reiterated Outperform —
Jefferies Oct 16, 2026 Reiterated Buy —
Citi Oct 16, 2026 Target raised — 100.00 → 102.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 74.38%
Held by the ten largest 41.49%
Holder Shares Stake Change
Berkshire Hathaway 400.00m 9.30% 0.00
Vanguard 379.59m 8.82% +1.48m
BlackRock 322.74m 7.50% −10.86m
State Street 167.40m 3.89% +176.98k
Fidelity (FMR) 109.16m 2.54% +1.58m
Geode Capital Management 105.98m 2.46% +13.02m
Morgan Stanley 89.82m 2.09% −2.07m
Charles Schwab 80.82m 1.88% +4.48m
Capital Group 65.97m 1.53% +1.21m
UBS 63.50m 1.48% −1.69m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 31.21m 61.65m 148.00
2024 28.00m 40.59m 128.00
2023 24.74m 19.28m 118.00
2022 22.82m 54.50m 123.00
2021 24.88m 60.51m 111.00

Ownership

Directors and executive officers, together less than 1% of the votes
Berkshire Hathaway Inc. 9.29%
The Vanguard Group 8.61%
BlackRock, Inc. 7.28%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

CocaCola Company (The) (KO) Latest News

4 Nov

Impact 3 · · Simply Wall St.

31 Oct

Impact 3 · · StockStory

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · Trefis
Impact 3 · · TheStreet
Impact 3 · · 24/7 Wall St.
Impact 3 · · The Motley Fool
Impact 3 · · Insider Monkey
Impact 3 · · The Motley Fool
Impact 3 · · PR Newswire

28 Oct

Impact 4 · · MT Newswires
Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks earnings
Impact 4 · · TIKR
Impact 3 · · Associated Press earnings
Impact 3 · · The Motley Fool
Impact 3 · · 24/7 Wall St.
Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool

27 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · Moby
Impact 4 · · Zacks
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 3 ·
Impact 3 ·

KO metrics, ten years each

stockrow.com/KO · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com