Detailed financial statements for The Coca-Cola Company (KO): 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.
The Coca-Cola Company, a beverage company, manufactures and sells various nonalcoholic beverages in the United States and internationally. The company provides Trademark Coca-Cola, sparkling soft drinks and flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and emerging beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers comprising restaurants and convenience stores.
Analysis Summary
The Coca-Cola Company reported revenue of $47.94B in the most recent fiscal year, growing at a 5-year CAGR of 7.7%. Net income reached $13.11B, with a 11.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 61.9%, operating margin 29.6%, net margin 28.6%. Free cash flow grew at -9.4% CAGR over 5 years.
At the current price of $85.65, KO trades at a P/E of 25.72 and an ROE of 42.99%. Market capitalisation stands at $368.5B, placing it among large-cap names.
Balance sheet quality for KO: current ratio of 1.5, net debt of $33.34B. 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 below average: free cash flow of $5.30B represents 40% 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 | $41.86B | $36.21B | $34.30B | $37.27B | $33.01B | $38.66B | $43.00B | $45.75B | $47.06B | $47.94B |
| Cost of Revenue | $16.46B | $13.72B | $13.07B | $14.62B | $13.43B | $15.36B | $18.00B | $18.52B | $18.32B | $18.40B |
| Gross Profit | $25.40B | $22.49B | $21.23B | $22.65B | $19.58B | $23.30B | $25.00B | $27.23B | $28.74B | $29.54B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $15.40B | $12.90B | $11.01B | $12.01B | $9.56B | $11.87B | $12.66B | $13.99B | $14.44B | $14.52B |
| Operating Expenses | $16.74B | $14.74B | $12.08B | $12.56B | $10.58B | $12.99B | $14.10B | $15.92B | $18.75B | $15.78B |
| Operating Income | $8.66B | $7.75B | $9.15B | $10.09B | $9.00B | $10.31B | $10.91B | $11.31B | $9.99B | $13.76B |
| EBITDA | $10.66B | $9.00B | $10.26B | $13.10B | $12.72B | $15.47B | $13.83B | $15.61B | $15.82B | $18.70B |
| Interest Expense | $733.0M | $853.0M | $950.0M | $946.0M | $1.44B | $1.60B | $882.0M | $1.53B | $1.66B | $1.65B |
| Pre-tax Income | $8.14B | $6.89B | $8.22B | $10.79B | $9.75B | $12.43B | $11.69B | $12.95B | $13.09B | $16.00B |
| Income Tax | $1.59B | $5.61B | $1.75B | $1.80B | $1.98B | $2.62B | $2.12B | $2.25B | $2.44B | $2.86B |
| Net Income | $6.53B | $1.25B | $6.43B | $8.92B | $7.75B | $9.77B | $9.54B | $10.71B | $10.63B | $13.11B |
| EPS | $1.51 | $0.29 | $1.51 | $2.09 | $1.80 | $2.26 | $2.20 | $2.48 | $2.47 | $3.05 |
| EPS (Diluted) | $1.49 | $0.29 | $1.50 | $2.07 | $1.79 | $2.25 | $2.19 | $2.47 | $2.46 | $3.04 |
| Shares Outstanding (Diluted) | $4.37B | $4.32B | $4.30B | $4.31B | $4.32B | $4.34B | $4.35B | $4.34B | $4.32B | $4.31B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $12.46B | $11.82B | $12.47B | $13.38B |
| Gross Profit | $7.66B | $7.10B | $7.85B | $8.41B |
| Operating Income | $3.98B | $1.84B | $4.36B | $4.67B |
| EBITDA | $4.84B | $3.63B | $5.25B | $6.11B |
| Net Income | $3.70B | $2.27B | $3.92B | $4.42B |
| EPS | $0.86 | $0.53 | $0.91 | $1.03 |
| EPS (Diluted) | $0.86 | $0.53 | $0.91 | $1.03 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.55B | $6.01B | $9.08B | $6.48B | $6.79B | $9.68B | $9.52B | $9.37B | $10.83B | $10.27B |
| Short-term Investments | $13.65B | $14.67B | $7.04B | $4.70B | $4.12B | $2.94B | $2.11B | $4.30B | $3.74B | $3.60B |
| Receivables | $3.86B | $3.67B | $3.69B | $3.97B | $3.14B | $3.51B | $3.49B | $3.41B | $3.57B | $3.04B |
| Inventory | $2.67B | $2.65B | $3.07B | $3.38B | $3.27B | $3.41B | $4.23B | $4.42B | $4.73B | $4.42B |
| Total Current Assets | $34.01B | $36.55B | $24.93B | $20.41B | $19.24B | $22.55B | $22.59B | $26.73B | $26.00B | $31.04B |
| Property, Plant & Equipment | $10.63B | $8.20B | $9.60B | $10.84B | $10.78B | $9.92B | $9.84B | $9.24B | $11.48B | $9.61B |
| Goodwill | $10.63B | $9.40B | $14.11B | $16.76B | $17.51B | $19.36B | $18.78B | $18.36B | $18.14B | $15.49B |
| Intangible Assets | $10.50B | $7.24B | $7.48B | $10.00B | $11.04B | $15.25B | $14.85B | $14.87B | $13.30B | $12.53B |
| Total Assets | $87.27B | $87.90B | $83.22B | $86.38B | $87.30B | $94.35B | $92.76B | $97.70B | $100.55B | $104.82B |
| Accounts Payable | $2.68B | $2.29B | $2.72B | $3.80B | $3.52B | $4.60B | $5.31B | $5.59B | $5.47B | $5.65B |
| Short-term Debt | $16.02B | $16.50B | $18.84B | $15.53B | $2.99B | $4.96B | $2.77B | $6.52B | $2.15B | $3.37B |
| Total Current Liabilities | $26.53B | $27.19B | $28.78B | $26.97B | $14.60B | $19.95B | $19.72B | $23.57B | $25.25B | $21.28B |
| Long-term Debt | $29.68B | $31.18B | $25.38B | $27.52B | $40.12B | $38.12B | $36.38B | $35.55B | $42.38B | $42.12B |
| Total Liabilities | $64.05B | $68.92B | $64.16B | $65.28B | $66.01B | $69.49B | $66.94B | $70.22B | $74.18B | $70.54B |
| Retained Earnings | $65.50B | $60.43B | $63.23B | $65.81B | $66.56B | $69.09B | $71.02B | $73.78B | $76.05B | $80.38B |
| Total Equity | $23.06B | $17.07B | $16.98B | $18.98B | $19.30B | $23.00B | $24.11B | $25.94B | $24.86B | $32.17B |
| Total Debt | $45.71B | $47.69B | $44.21B | $44.16B | $44.74B | $44.54B | $40.60B | $43.43B | $45.73B | $47.21B |
| Net Debt | $23.51B | $27.01B | $28.10B | $32.98B | $33.82B | $31.92B | $28.97B | $29.76B | $31.16B | $33.34B |
| Working Capital | $7.48B | $9.35B | -$3.85B | -$6.56B | $4.64B | $2.60B | $2.87B | $3.16B | $748.0M | $9.76B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $12.73B | $10.27B | $10.57B | $12.91B |
| Total Assets | $106.05B | $104.82B | $104.22B | $107.92B |
| Total Liabilities | $72.78B | $70.54B | $68.48B | $69.61B |
| Total Equity | $31.25B | $32.17B | $33.63B | $36.15B |
| Total Debt | $47.42B | $47.21B | $43.89B | $43.54B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $6.55B | $1.18B | $6.48B | $8.98B | $7.77B | $9.80B | $9.57B | $10.71B | $10.63B | $13.11B |
| Depreciation & Amortization | $1.79B | $1.26B | $1.09B | $1.36B | $1.54B | $1.45B | $1.26B | $1.13B | $1.07B | $1.05B |
| Stock-based Compensation | $258.0M | $219.0M | $225.0M | $201.0M | $126.0M | $337.0M | $356.0M | $254.0M | $286.0M | $279.0M |
| Change in Working Capital | -$221.0M | $3.53B | -$1.24B | $366.0M | $690.0M | $1.32B | -$605.0M | -$846.0M | -$6.23B | -$7.21B |
| Operating Cash Flow | $8.80B | $7.11B | $7.63B | $10.47B | $9.84B | $12.62B | $11.02B | $11.60B | $6.80B | $7.41B |
| Capital Expenditure | -$2.26B | -$1.68B | -$1.55B | -$2.05B | -$1.18B | -$1.37B | -$1.48B | -$1.85B | -$2.06B | -$2.11B |
| Acquisitions | $197.0M | -$79.0M | $99.0M | -$5.11B | -$863.0M | -$2.59B | $385.0M | $442.0M | $3.17B | -$461.0M |
| Stock Repurchased | -$3.68B | -$3.68B | -$1.91B | -$1.10B | -$118.0M | -$111.0M | -$1.42B | -$2.29B | -$1.79B | -$746.0M |
| Dividends Paid | -$6.04B | -$6.32B | -$6.64B | -$6.84B | -$7.05B | -$7.25B | -$7.62B | -$7.95B | -$8.36B | -$8.78B |
| Free Cash Flow | $6.53B | $5.43B | $6.08B | $8.42B | $8.67B | $11.26B | $9.53B | $9.75B | $4.74B | $5.30B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $5.04B | $3.76B | $2.02B | $5.52B |
| Capital Expenditure | -$479.0M | -$882.0M | -$266.0M | -$418.0M |
| Free Cash Flow | $4.56B | $2.87B | $1.75B | $5.10B |
| Dividends Paid | -$2.11B | -$4.39B | -$2.28B | -$2.28B |
| Stock-based Compensation | $74.0M | $75.0M | $56.0M | $61.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -13.5% | -5.3% | +8.6% | -11.4% | +17.1% | +11.3% | +6.4% | +2.9% | +1.9% | |
| Net Income Growth (YoY) | -80.9% | +415.5% | +38.6% | -13.2% | +26.1% | -2.3% | +12.3% | -0.8% | +23.3% | |
| EPS Growth (YoY) | -80.8% | +420.7% | +38.4% | -13.9% | +25.6% | -2.7% | +12.7% | -0.4% | +23.5% | |
| Shares Change (YoY) | -1.0% | -0.6% | +0.3% | +0.2% | +0.4% | +0.2% | -0.3% | -0.4% | -0.2% | |
| FCF Growth (YoY) | -16.9% | +11.9% | +38.5% | +3.0% | +29.9% | -15.3% | +2.2% | -51.4% | +11.7% | |
| Gross Margin | 60.7% | 62.1% | 61.9% | 60.8% | 59.3% | 60.3% | 58.1% | 59.5% | 61.1% | 61.6% |
| Operating Margin | 20.7% | 21.4% | 26.7% | 27.1% | 27.3% | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% |
| EBITDA Margin | 25.5% | 24.9% | 29.9% | 35.1% | 38.5% | 40.0% | 32.2% | 34.1% | 33.6% | 39.0% |
| Net Margin | 15.6% | 3.4% | 18.8% | 23.9% | 23.5% | 25.3% | 22.2% | 23.4% | 22.6% | 27.3% |
| FCF Margin | 15.6% | 15.0% | 17.7% | 22.6% | 26.3% | 29.1% | 22.2% | 21.3% | 10.1% | 11.0% |
| Effective Tax Rate | 19.5% | 81.4% | 21.3% | 16.7% | 20.3% | 21.1% | 18.1% | 17.4% | 18.6% | 17.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.50 | $1.26 | $1.41 | $1.95 | $2.00 | $2.59 | $2.19 | $2.25 | $1.10 | $1.23 |
| Dividends Per Share | $1.38 | $1.46 | $1.55 | $1.59 | $1.63 | $1.67 | $1.75 | $1.83 | $1.93 | $2.04 |
| Shares Outstanding (Basic) | $4.32B | $4.27B | $4.26B | $4.28B | $4.29B | $4.32B | $4.33B | $4.32B | $4.31B | $4.30B |
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 | 42.99% |
| Return on Invested Capital | 13.91% |
| Return on Assets | 13.27% |
| Gross Margin | 61.89% |
| Operating Margin | 29.63% |
| Net Margin | 28.56% |
Financial Health
| Debt / Equity | 1.20 |
| Current Ratio | 1.30 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 4.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 27.46 | 158.21 | 31.36 | 26.48 | 30.47 | 26.20 | 28.91 | 23.76 | 25.21 | 22.92 |
| P/B | 7.76 | 11.48 | 11.88 | 12.47 | 12.20 | 11.11 | 11.42 | 9.82 | 10.79 | 9.35 |
| P/S | 4.28 | 5.41 | 5.88 | 6.35 | 7.13 | 6.61 | 6.40 | 5.57 | 5.70 | 6.27 |
| Gross Margin | 60.7% | 62.1% | 61.9% | 60.8% | 59.3% | 60.3% | 58.1% | 59.5% | 61.1% | 61.6% |
| Operating Margin | 20.7% | 21.4% | 26.7% | 27.1% | 27.3% | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% |
| Net Margin | 15.6% | 3.4% | 18.8% | 23.9% | 23.5% | 25.3% | 22.2% | 23.4% | 22.6% | 27.3% |
Related companies: BUD · CCEP · COKE · KDP · KOF · MNST · PEP
Explore sector: Consumer Defensive · Beverages - Non-Alcoholic
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