Detailed financial statements for Coca-Cola Consolidated, Inc. (COKE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Coca-Cola Consolidated, Inc. and its affiliates are dedicated to the production, marketing, and distribution of non-alcoholic beverages, predominantly products of The Coca-Cola Company, across the United States. Its extensive product range includes sparkling refreshments like carbonated soft drinks, as well as still beverages such as energy drinks, bottled water, ready-to-drink coffee and tea, enhanced waters, fruit juices, and sports drinks.
Analysis Summary
Coca-Cola Consolidated, Inc. reported revenue of $7.23B in the most recent fiscal year, growing at a 5-year CAGR of 7.6%. Net income reached $570.6M, with a 27.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 38.8%, operating margin 13.0%, net margin 7.2%. Free cash flow grew at 16.4% CAGR over 5 years.
At $189.27 (closing price, October 6, 2026), COKE trades at a P/E of 25.14 and an ROE of -8.89%. Market capitalisation stands at $14.9B, placing it among large-cap names.
Balance sheet quality for COKE: current ratio of 1.3, net debt of $2.72B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $624.7M represents 109% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.16B | $4.32B | $4.63B | $4.83B | $5.01B | $5.56B | $6.20B | $6.65B | $6.90B | $7.23B |
| Cost of Revenue | $1.94B | $2.78B | $3.07B | $3.16B | $3.24B | $3.61B | $3.92B | $4.06B | $4.15B | $4.36B |
| Gross Profit | $1.19B | $1.50B | $1.56B | $1.67B | $1.77B | $1.95B | $2.28B | $2.60B | $2.75B | $2.87B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.06B | $1.40B | $1.50B | $1.49B | $1.46B | $1.52B | $1.64B | $1.76B | $1.83B | $1.92B |
| Operating Expenses | $1.06B | $1.40B | $1.50B | $1.49B | $1.46B | $1.52B | $1.64B | $1.76B | $1.83B | $1.92B |
| Operating Income | $131.2M | $101.5M | $57.9M | $180.8M | $313.4M | $439.2M | $641.0M | $834.5M | $920.4M | $950.7M |
| EBITDA | $245.7M | $273.7M | $224.5M | $260.1M | $456.8M | $469.2M | $771.5M | $734.4M | $1.05B | $1.03B |
| Interest Expense | $36.3M | $41.9M | $50.5M | $46.0M | $36.7M | $33.4M | $24.8M | 0 | $1.8M | $42.7M |
| Pre-tax Income | $92.7M | $63.0M | -$13.3M | $34.2M | $241.0M | $255.1M | $575.1M | $557.5M | $856.7M | $772.9M |
| Income Tax | $36.0M | -$39.8M | $1.9M | $15.7M | $58.9M | $65.6M | $144.9M | $149.1M | $223.5M | $202.3M |
| Net Income | $50.1M | $96.5M | -$19.9M | $18.6M | $172.5M | $189.6M | $430.2M | $408.4M | $633.1M | $570.6M |
| EPS | $0.54 | $1.03 | $-0.21 | $0.20 | $1.84 | $2.02 | $4.59 | $4.36 | $7.01 | $7.75 |
| EPS (Diluted) | $0.54 | $1.03 | $-0.21 | $0.20 | $1.83 | $2.02 | $4.57 | $4.35 | $6.99 | $6.81 |
| Shares Outstanding (Diluted) | $93.5M | $116.0M | $93.5M | $94.2M | $94.3M | $94.0M | $94.0M | $93.9M | $90.5M | $83.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.89B | $1.90B | $1.85B | $2.05B |
| Gross Profit | $748.5M | $727.5M | $727.1M | $778.4M |
| Operating Income | $246.6M | $245.5M | $237.5M | $271.3M |
| EBITDA | $234.4M | $268.7M | $240.2M | $355.2M |
| Net Income | $142.3M | $137.2M | $111.6M | $158.8M |
| EPS | $1.86 | $1.84 | $1.97 | $2.39 |
| EPS (Diluted) | $1.64 | $1.84 | $1.67 | $2.38 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $21.9M | $16.9M | $13.5M | $9.6M | $54.8M | $142.3M | $197.6M | $635.3M | $1.14B | $281.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $301.2M | 0 |
| Receivables | $297.0M | $529.3M | $509.8M | $529.6M | $490.1M | $546.5M | $606.3M | $659.3M | $683.5M | $699.7M |
| Inventory | $143.6M | $183.6M | $210.0M | $225.9M | $225.8M | $302.9M | $347.5M | $321.9M | $330.4M | $336.4M |
| Total Current Assets | $593.8M | $794.5M | $797.4M | $830.3M | $851.2M | $1.08B | $1.25B | $1.71B | $2.55B | $1.43B |
| Property, Plant & Equipment | $846.5M | $1.06B | $1.01B | $1.13B | $1.23B | $1.23B | $1.33B | $1.45B | $1.62B | $1.72B |
| Goodwill | $144.6M | $169.3M | $165.9M | $165.9M | $165.9M | $165.9M | $165.9M | $165.9M | $165.9M | $165.9M |
| Intangible Assets | $778.5M | $931.7M | $916.9M | $890.7M | $866.6M | $847.7M | $851.2M | $824.6M | $798.1M | $771.6M |
| Total Assets | $2.45B | $3.07B | $3.01B | $3.13B | $3.22B | $3.45B | $3.71B | $4.29B | $5.31B | $4.62B |
| Accounts Payable | $116.8M | $197.0M | $152.0M | $187.5M | $217.6M | $319.3M | $351.7M | $383.6M | $334.9M | $541.6M |
| Short-term Debt | $19.3M | $37.3M | $72.7M | $20.2M | $2.8M | 0 | 0 | 0 | $349.7M | $125.0M |
| Total Current Liabilities | $457.9M | $639.5M | $601.7M | $622.2M | $647.1M | $834.9M | $905.2M | $1.09B | $1.31B | $1.13B |
| Long-term Debt | $907.3M | $1.09B | $1.10B | $1.03B | $940.5M | $723.4M | $598.8M | $599.2M | $1.44B | $2.78B |
| Total Liabilities | $2.09B | $2.61B | $2.55B | $2.68B | $2.71B | $2.73B | $2.59B | $2.85B | $3.90B | $5.36B |
| Retained Earnings | $301.5M | $388.7M | $359.4M | $381.2M | $544.3M | $724.5M | $1.11B | $1.35B | $1.40B | -$824.0M |
| Total Equity | $277.1M | $366.7M | $358.2M | $347.0M | $513.0M | $711.8M | $1.12B | $1.44B | $1.42B | -$739.7M |
| Total Debt | $975.3M | $1.17B | $1.21B | $1.19B | $1.16B | $938.6M | $755.0M | $735.1M | $1.91B | $3.00B |
| Net Debt | $953.5M | $1.15B | $1.20B | $1.18B | $1.10B | $796.3M | $557.4M | $99.9M | $470.0M | $2.72B |
| Working Capital | $135.9M | $155.1M | $195.7M | $208.1M | $204.2M | $241.8M | $340.6M | $613.8M | $1.23B | $298.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.53B | $281.9M | $232.9M | $171.7M |
| Total Assets | $5.67B | $4.62B | $4.39B | $4.43B |
| Total Liabilities | $4.03B | $5.36B | $5.04B | $4.93B |
| Total Equity | $1.64B | -$739.7M | -$643.5M | -$500.1M |
| Total Debt | $2.04B | $3.00B | $2.75B | $2.62B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $56.7M | $102.8M | -$15.2M | $18.6M | $172.5M | $189.6M | $430.2M | $408.4M | $633.1M | $570.6M |
| Depreciation & Amortization | $116.6M | $168.8M | $187.3M | $179.9M | $179.0M | $180.6M | $171.6M | $177.0M | $193.8M | $218.5M |
| Stock-based Compensation | $7.2M | $7.9M | $5.6M | $2.0M | $9.2M | $9.8M | $10.1M | 0 | 0 | 0 |
| Change in Working Capital | -$65.3M | -$18.8M | -$47.2M | -$23.7M | $79.1M | $22.9M | -$76.4M | -$6.0M | -$12.6M | -$1.7M |
| Operating Cash Flow | $162.0M | $307.8M | $168.9M | $290.4M | $494.5M | $521.8M | $554.5M | $810.7M | $876.4M | $937.0M |
| Capital Expenditure | -$172.6M | -$176.6M | -$138.2M | -$171.4M | -$202.0M | -$155.7M | -$329.3M | -$282.3M | -$371.0M | -$312.3M |
| Acquisitions | -$272.6M | -$272.3M | -$1.6M | $4.1M | -$1.8M | -$2.5M | -$3.1M | -$13.7M | -$15.7M | $6.6M |
| Stock Repurchased | $706.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$625.7M | -$2.61B |
| Dividends Paid | -$9.3M | -$9.3M | -$9.4M | -$9.4M | -$9.4M | -$9.4M | -$9.4M | -$46.9M | -$185.6M | -$86.7M |
| Free Cash Flow | -$10.6M | $131.2M | $30.6M | $119.0M | $292.4M | $366.1M | $225.2M | $528.4M | $505.3M | $624.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $316.7M | $209.7M | $205.3M | $215.4M |
| Capital Expenditure | -$52.6M | -$102.3M | -$63.1M | -$84.2M |
| Free Cash Flow | $264.1M | $107.3M | $142.2M | $131.1M |
| Dividends Paid | -$21.7M | -$21.4M | -$16.6M | -$16.6M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +37.0% | +7.0% | +4.3% | +3.7% | +11.1% | +11.5% | +7.3% | +3.7% | +4.8% | |
| Net Income Growth (YoY) | +92.5% | -120.6% | +193.1% | +829.4% | +9.9% | +126.9% | -5.1% | +55.0% | -9.9% | |
| EPS Growth (YoY) | +92.0% | -120.6% | +193.9% | +820.0% | +9.8% | +127.2% | -5.0% | +60.8% | +10.6% | |
| Shares Change (YoY) | +24.0% | -19.4% | +0.7% | +0.1% | -0.3% | +0.1% | -0.1% | -3.6% | -7.4% | |
| FCF Growth (YoY) | +1,338.9% | -76.6% | +288.3% | +145.7% | +25.2% | -38.5% | +134.6% | -4.4% | +23.6% | |
| Gross Margin | 37.7% | 34.8% | 33.6% | 34.6% | 35.3% | 35.1% | 36.7% | 39.1% | 39.9% | 39.7% |
| Operating Margin | 4.2% | 2.3% | 1.3% | 3.7% | 6.3% | 7.9% | 10.3% | 12.5% | 13.3% | 13.2% |
| EBITDA Margin | 7.8% | 6.3% | 4.9% | 5.4% | 9.1% | 8.4% | 12.4% | 11.0% | 15.3% | 14.3% |
| Net Margin | 1.6% | 2.2% | -0.4% | 0.4% | 3.4% | 3.4% | 6.9% | 6.1% | 9.2% | 7.9% |
| FCF Margin | -0.3% | 3.0% | 0.7% | 2.5% | 5.8% | 6.6% | 3.6% | 7.9% | 7.3% | 8.6% |
| Effective Tax Rate | 38.9% | -63.2% | -14.1% | 45.8% | 24.5% | 25.7% | 25.2% | 26.7% | 26.1% | 26.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.11 | $1.13 | $0.33 | $1.26 | $3.10 | $3.89 | $2.39 | $5.63 | $5.58 | $7.45 |
| Dividends Per Share | $0.10 | $0.08 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.50 | $2.05 | $1.03 |
| Shares Outstanding (Basic) | $93.1M | $93.3M | $93.5M | $93.7M | $93.7M | $93.7M | $93.7M | $93.7M | $90.4M | $73.7M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | -889.19% |
| Return on Invested Capital | 22.37% |
| Return on Assets | 12.41% |
| Gross Margin | 38.76% |
| Operating Margin | 13.01% |
| Net Margin | 7.15% |
Financial Health
| Debt / Equity | -5.24 |
| Current Ratio | 1.21 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.33 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 33.19 | 20.80 | -83.29 | 142.05 | 14.47 | 30.65 | 11.16 | 21.29 | 17.97 | 19.78 |
| P/B | 6.01 | 5.48 | 4.63 | 7.67 | 4.87 | 8.15 | 4.31 | 6.06 | 8.03 | -15.26 |
| P/S | 0.53 | 0.46 | 0.36 | 0.55 | 0.50 | 1.04 | 0.77 | 1.31 | 1.65 | 1.56 |
| Gross Margin | 37.7% | 34.8% | 33.6% | 34.6% | 35.3% | 35.1% | 36.7% | 39.1% | 39.9% | 39.7% |
| Operating Margin | 4.2% | 2.3% | 1.3% | 3.7% | 6.3% | 7.9% | 10.3% | 12.5% | 13.3% | 13.2% |
| Net Margin | 1.6% | 2.2% | -0.4% | 0.4% | 3.4% | 3.4% | 6.9% | 6.1% | 9.2% | 7.9% |
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Explore sector: Consumer Defensive · Beverages - Non-Alcoholic
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