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CocaCola Company (The) KO

Consumer Defensive  —  Beverages Non Alcoholic
87.81 (0.29) (0.33%) as of 25 Sep
Market cap
$379.2B
P/E
26.4×
S&P 500 Member Dividend Aristocrat Revenue Champion (5y) Insider Buys (last 12m)
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Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

CocaCola Company (The) (KO) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

CocaCola Company (The) had a market capitalisation of $379.1 billion as of September 24, 2026. Revenue was $47.9 billion in FY2025, while net income was $13.1 billion in FY2025 and diluted EPS was $3.04 in FY2025.

In the latest reported quarter, revenue was $13.4 billion in Q2 FY2026, gross profit was $8.4 billion in Q2 FY2026, operating income was $4.7 billion in Q2 FY2026, and net income was $4.4 billion in Q2 FY2026. Diluted EPS was $1.03 in Q2 FY2026, and free cash flow was $5.1 billion in Q2 FY2026. Trailing-twelve-month revenue was $50.1 billion through Q2 FY2026, with trailing-twelve-month net income of $14.4 billion through Q2 FY2026.

Growth

Revenue was $47.9 billion in FY2025, compared with $47.1 billion in FY2024, and revenue growth was 1.87% in FY2025 against FY2024. Revenue compound annual growth was 3.69% in FY2022–FY2025 and 7.75% in FY2020–FY2025.

Diluted EPS was $3.04 in FY2025, compared with $2.46 in FY2024, and diluted EPS growth was 23.6% in FY2025 against FY2024. Diluted EPS compound annual growth was 11.6% in FY2022–FY2025 and 11.2% in FY2020–FY2025. Free cash flow was $5.3 billion in FY2025, compared with $4.8 billion in FY2024; free cash flow growth was 11.0% in FY2025 against FY2024, while its compound annual growth was −17.9% in FY2022–FY2025 and −9.73% in FY2020–FY2025.

Revenue was $13.4 billion in Q2 FY2026, up 6.74% in Q2 FY2026 against Q2 FY2025, while diluted EPS was $1.03 in Q2 FY2026, up 17.0% in Q2 FY2026 against Q2 FY2025. Free cash flow was $5.1 billion in Q2 FY2026, up 51.4% in Q2 FY2026 against Q2 FY2025.

Profitability

Gross margin was 61.6% in FY2025, an increase of 0.6 percentage points in FY2024–FY2025 and 2.3 percentage points in FY2020–FY2025. Operating margin was 28.7% in FY2025, increasing by 7.5 percentage points in FY2024–FY2025 and 1.5 percentage points in FY2020–FY2025.

Pre-tax margin was 33.4% in FY2025, up 5.6 percentage points in FY2024–FY2025 and 3.8 percentage points in FY2020–FY2025. Net margin was 27.4% in FY2025, up 4.8 percentage points in FY2024–FY2025 and 3.9 percentage points in FY2020–FY2025.

Return on equity was 43.2% in FY2025, compared with 39.5% in FY2024. Return on assets was 12.8% in FY2025, compared with 10.7% in FY2024. Return on invested capital was 13.8% in FY2025, compared with 11.4% in FY2024.

Balance sheet

Total debt was $43.9 billion in FY2025, compared with $43.0 billion in FY2024, while cash and short-term investments were $15.8 billion in FY2025, compared with $14.6 billion in FY2024. Net debt was $28.1 billion in FY2025, compared with $28.5 billion in FY2024.

Shareholders’ equity was $34.3 billion in FY2025, compared with $26.4 billion in FY2024, and book value per share was $7.97 in FY2025, compared with $6.12 in FY2024. Working capital was $9.8 billion in FY2025, compared with $748.0 million in FY2024. The current ratio was 1.3× in Q2 FY2026, and debt to equity was 1.1× in Q2 FY2026. Net debt was $27.1 billion in Q2 FY2026.

Cash flow & capital return

Operating cash flow was $7.4 billion in FY2025, compared with $6.8 billion in FY2024, and operating cash flow growth was 8.86% in FY2025 against FY2024. Capital expenditure was $2.1 billion in FY2025, compared with $2.0 billion in FY2024. Free cash flow was $5.3 billion in FY2025, compared with $4.8 billion in FY2024, and represented 40.4% of net income in FY2025.

Dividends paid were $8.8 billion in FY2025, compared with $8.4 billion in FY2024. Net share repurchases were $433.0 million in FY2025, compared with $1.0 billion in FY2024. Capital returned to shareholders was $9.2 billion in FY2025, and capital returned was $43.2 billion in FY2021–FY2025. Weighted average shares were 4.3 billion shares in FY2025, while the change in share count was 0.19% in FY2020–FY2025.

Operating cash flow was $16.3 billion through Q2 FY2026, and free cash flow was $14.3 billion through Q2 FY2026.

Valuation

The P/E was 26.5× as of September 24, 2026, above the five-year median of 25.2× over the five fiscal years to FY2025 and below the ten-year median of 27.2× over the ten fiscal years to FY2025. The P/S was 7.6× as of September 24, 2026, above the five-year median of 6.3× over the five fiscal years to FY2025 and the ten-year median of 6.1× over the ten fiscal years to FY2025.

The P/B was 9.9× as of September 24, 2026, below the five-year median of 10.2× over the five fiscal years to FY2025 and the ten-year median of 10.3× over the ten fiscal years to FY2025. EV/Sales was 8.1× as of September 24, 2026, above the five-year median of 6.9× over the five fiscal years to FY2025 and the ten-year median of 6.6× over the ten fiscal years to FY2025. EV/Cash flow was 28.4× as of September 24, 2026, below the five-year median of 31.0× over the five fiscal years to FY2025 and the ten-year median of 30.5× over the ten fiscal years to FY2025.

What changed since last quarter

Revenue was $13.4 billion in Q2 FY2026, increasing 7.28% against Q1 FY2026 and 6.74% against Q2 FY2025. Diluted EPS was $1.03 in Q2 FY2026, increasing 13.2% against Q1 FY2026 and 17.0% against Q2 FY2025. Free cash flow was $5.1 billion in Q2 FY2026, increasing 190.8% against Q1 FY2026 and 51.4% against Q2 FY2025.

Gross margin was 62.9% in Q2 FY2026, changing by −0.1 percentage points against Q1 FY2026 and increasing by 0.5 percentage points against Q2 FY2025. Operating margin was 34.9% in Q2 FY2026, changing by 0.0 percentage points against Q1 FY2026 and increasing by 0.8 percentage points against Q2 FY2025. Net debt was $27.1 billion in Q2 FY2026, changing by −$2.6 billion against Q1 FY2026 and −$3.6 billion against Q2 FY2025. No management explanation for these movements is reported.

Open questions

  • What factors drove the increase in revenue in the latest quarter?
  • What accounts for the difference between annual free cash flow and trailing-twelve-month free cash flow?
  • What drove the change in working capital from the prior fiscal year?
  • What were the uses of debt and cash during the latest quarter?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.