The Coca-Cola Company is a US-listed company in the beverages industry. Its financial year ends in December.
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~$50
Cash-flow model
Base case. Range ~$36–$69 across our lower- and higher-growth cases (0.7%–10.7% a year).
Overvalued
The price is above our entire value range; our base value is 47% below it.
Price used: $95.83, November 2, 2026
The Coca-Cola Company valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Model value +3.3%
Revenue for the twelve months to October 2026 was $51.1bn, up 7.1% on a year earlier, faster than the 6.5% growth a quarter earlier. Free-cash-flow margin rose to 28.0% from 11.7% a year earlier. Our model value rises from $48.80 to $50.41 a share, against a share price of $94.64. The rating stays Sell.
Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation
Trailing twelve-month revenue to July 2026 reached $51.1bn, a 7.1% rise on the year before and an acceleration from the prior quarter's 6.5% growth. Free-cash-flow margin climbed sharply too, to 28.0% from just 11.7% a year earlier. Despite this improvement in cash conversion, our model value has edged lower, moving from $49.54 to $48.80 a share. That figure sits well below the current share price of $91.18, a gap that remains difficult to justify on fundamentals alone. Given this disconnect between valuation and market price, the rating stays at Sell.
Revenue for the twelve months to July 2026 was $50.1bn, up 6.5% on a year earlier, faster than 5.1% a quarter earlier. Free-cash-flow margin rose to 28.5% from -1.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $30.50 a share, against a share price of $92.85.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
The Coca-Cola Company's trailing-twelve-month revenue grew 7.1% year on year, with a free-cash-flow margin of 28.0%. Where it stands out: operating margin of 30.0% ranks 1 of 26 beverages companies we cover. Where it lags: long-term debt as % of assets of 33.9% ranks 15 of 18 beverages companies we cover.
Our discounted-cash-flow model values the business at ~$50 per share in the base case (~$36–$69 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 156.4% while net income grew 12.3%: a 144pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
Coca-Cola's third-quarter operating margin reached 33.4%, up from 32.0% a year earlier, and adjusted earnings per share beat the analysts' average estimate by 3.3%. The shares still fell 1.0% in the session after the results, a reaction at odds with the numbers themselves.
The Coca-Cola Company said third-quarter net revenues grew 7% to $13.4 billion, while EPS rose 8% to $0.93. Operating margin reached 33.4%, up from 32.0% in the prior year. The firm raised its full-year guidance following the results.
The company also guided to comparable net revenues (non-gaap) currency tailwind of 1.00 for the Full Year 2026; comparable net revenues (non-gaap) acquisitions and divestitures headwind of 2.00 for the Full Year 2026.
The Coca-Cola Company reports on Tuesday 27 October, before the market opens. Analysts expect full-year EPS of $3.31; these are the numbers and trends the report will test.
The Coca-Cola Company said it completed a review of its marketing operating system. WPP Open X will act as the global media partner, while Omnicom takes on that role in North America. Dentsu continues to manage media in Japan and South Korea. The new structure will be implemented in phases starting on Dec. 1.
The Coca-Cola Company said its board approved a 53 cent per share dividend on 15 October 2026. The payment is due on 15 December to holders registered by the close of business on 1 December.
The share price implies about 13.9% a year of cash-flow growth for five years.That is faster than the 5.7% a year revenue growth The Coca-Cola has delivered.
Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($94.38, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
Our value per share comes from a discounted-cash-flow model of The Coca-Cola Company's free cash flow after stock-based pay ( $13.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
We value The Coca-Cola Company as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.44 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$50 ~$36–$69 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$54 ~$50–$72 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$63 ~$51–$84 | Included |
| Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$55 ~$50–$63 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare The Coca-Cola Company with Beverages in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| Discount rate ↓ / growth → | −5% growth | 0% growth | 5% growth | 10% growth | 15% growth | 20% growth |
|---|---|---|---|---|---|---|
| 7% | $38 | $54 | $76 | $104 | $141 | $188 |
| 8.5% | $28 | $39 | $55 | $75 | $101 | $135 |
| 10% | $21 | $30 | $42 | $57 | $77 | $103 |
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $30.78 | $30.67 | $35.08 | $37.45 | $45.17 | $46.28 | $51.55 | $57.01 | $54.49 | $59.32 | $68.58 | $95.83 |
| Market value | $135.6bn | $133.9bn | $151.7bn | $161.0bn | $194.9bn | $200.1bn | $223.7bn | $248.0bn | $236.4bn | $256.3bn | $295.8bn | $413.3bn |
| + Net debt (− = net cash) | $36.7bn | $37.0bn | $41.3bn | $34.4bn | $36.3bn | $36.0bn | $33.1bn | $29.6bn | $32.4bn | $33.3bn | $35.2bn | $28.1bn |
| Enterprise value | $172.3bn | $170.9bn | $193.0bn | $195.4bn | $231.1bn | $236.1bn | $256.8bn | $277.6bn | $268.8bn | $289.6bn | $330.9bn | $441.4bn |
| Multiples | ||||||||||||
| Price / sales | 3.1x | 3.2x | 4.2x | 4.7x | 5.2x | 6.1x | 5.8x | 5.8x | 5.2x | 5.4x | 6.2x | 8.1x |
| Price / earnings | 18.4x | 20.5x | 121.5x | 25.0x | 21.8x | 25.8x | 22.9x | 26.0x | 22.1x | 24.1x | 22.6x | 28.3x |
| Price / free cash flow | 17.0x | 20.5x | 28.7x | 26.5x | 23.1x | 23.1x | 19.9x | 26.0x | 24.3x | 54.1x | 55.8x | 28.9x |
| EV / EBITDA | 16.1x | 16.4x | 21.4x | 19.1x | 20.2x | 22.4x | 21.8x | 22.8x | 21.6x | 26.2x | 22.3x | 27.0x |
Strong moat
How hard The Coca-Cola's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median 12.6% of total assets over 10 years.
Gross margin has been a median 60.7%, moving by 1.2 percentage points (standard deviation) across 10 years.
Operating margin has been a median 25.9%; its worst year was 20.5%.
Free cash flow was positive in 10 of 10 years, at a median 22.0% of revenue.
The diluted share count fell 0.5% over five years; stock-based pay has been a median 0.6% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $3.33 | +11% | $50.5bn | +5% |
| Next | $3.52 | +6% | $49.4bn | −2% |
Next year's EPS estimate has moved 0.0% in 90 days, across 25 analysts.
The consensus EPS forecast for the current fiscal year is +1.0% on 90 days ago. In the last 30 days, 3 analysts raised The Coca-Cola Company's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $3.30 | $3.52 |
| 60 days ago | $3.30 | $3.53 |
| 30 days ago | $3.30 | $3.53 |
| 7 days ago | $3.30 | $3.52 |
| Now | $3.33 | $3.52 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.88 | $0.91 | +3.3% |
| Jun 2026 | $0.93 | $0.97 | +4.0% |
| Mar 2026 | $0.81 | $0.86 | +5.9% |
| Dec 2025 | $0.56 | $0.58 | +2.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
Our cash-flow model grows The Coca-Cola Company's revenue by -0.4% next year and +2.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-3.1%, weight 69%) and the company's own record (+5.7%, weight 31%) . How the weights are set.
Last 12 months +42.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $47.1bn | $50.1bn | +6.5% |
| Net margin | 25.9% | 28.6% | +10.3% |
| P/E multiple | 23.8x | 28.9x | +21.4% |
| Share count | 4317m | 4313m | +0.1% |
Biggest factor: p/e multiple.
Last 3 years +84.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $44.1bn | $50.1bn | +13.6% |
| Net margin | 23.8% | 28.6% | +19.9% |
| P/E multiple | 21.5x | 28.9x | +34.2% |
| Share count | 4344m | 4313m | +0.7% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| KO | +11% | +11% | −4% | +9% | +16% | +40% |
| Industry peers (median) | +13% | −6% | −4% | −13% | −37% | −15% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| KO | 58% | 58% | 58% | 67% | 58% | 82% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| KO | −12% | −17% | −17% | −15% | −10% | −8% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 37% from February 21, 2020 to March 23, 2020. Getting back needed a 59% gain, reached on July 27, 2021, 491 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 27, 2026 | −1.0% | +0.9% | — | — |
| July 28, 2026 | +6.0% | −1.3% | +3.0% | +7.1% |
| April 28, 2026 | +4.5% | −0.5% | +4.0% | +6.6% |
| February 10, 2026 | +0.8% | −0.3% | +1.9% | −0.5% |
| October 21, 2025 | +3.5% | −0.5% | +2.5% | +3.9% |
| July 22, 2025 | −1.3% | +0.9% | −1.0% | +0.9% |
| April 29, 2025 | +1.1% | +0.7% | −0.1% | −0.4% |
| February 11, 2025 | +6.4% | −0.2% | +8.6% | +7.9% |
| October 23, 2024 | −3.1% | −0.7% | −5.1% | −8.2% |
| July 23, 2024 | +1.6% | −2.4% | +4.5% | +7.4% |
| April 30, 2024 | −0.2% | −1.9% | +0.9% | −0.1% |
| February 13, 2024 | −0.7% | −0.5% | +2.6% | +2.2% |
How The Coca-Cola Company’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Own 100 shares, sell the $98.00 call expiring December 4, 2026 (32 days) for $1.32 a share — $132 per contract.
Previous session · Bid $1.32, ask $1.57, quoted Mon 2 Nov, 17:28 New York time with KO at $96.08. Option prices move with the shares: check the live chain at your broker before trading.
Own the shares, buy the $91.00 put and sell the $98.00 call, both expiring December 4, 2026 (32 days).
Offered because the shares trade at or above our fair value of $50.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $45.8B |
| FY24 Q1 | $46.1B |
| FY24 Q2 | $46.5B |
| FY24 Q3 | $46.4B |
| FY24 Q4 | $47.1B |
| FY25 Q1 | $46.9B |
| FY25 Q2 | $47.1B |
| FY25 Q3 | $47.7B |
| FY25 Q4 | $47.9B |
| FY26 Q1 | $49.3B |
| FY26 Q2 | $50.1B |
| FY26 Q3 | $51.1B |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | 6.4% |
| FY24 Q1 | 5.9% |
| FY24 Q2 | 5.3% |
| FY24 Q3 | 3.0% |
| FY24 Q4 | 2.9% |
| FY25 Q1 | 1.8% |
| FY25 Q2 | 1.3% |
| FY25 Q3 | 2.8% |
| FY25 Q4 | 1.9% |
| FY26 Q1 | 5.1% |
| FY26 Q2 | 6.5% |
| FY26 Q3 | 7.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | 24.7% |
| FY24 Q1 | 21.9% |
| FY24 Q2 | 22.2% |
| FY24 Q3 | 20.6% |
| FY24 Q4 | 21.2% |
| FY25 Q1 | 24.5% |
| FY25 Q2 | 28.0% |
| FY25 Q3 | 30.7% |
| FY25 Q4 | 28.7% |
| FY26 Q1 | 29.3% |
| FY26 Q2 | 29.6% |
| FY26 Q3 | 30.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 21.3% |
| FY24 Q1 | 21.7% |
| FY24 Q2 | 19.5% |
| FY24 Q3 | 7.4% |
| FY24 Q4 | 10.1% |
| FY25 Q1 | -2.0% |
| FY25 Q2 | -1.5% |
| FY25 Q3 | 11.7% |
| FY25 Q4 | 11.0% |
| FY26 Q1 | 25.5% |
| FY26 Q2 | 28.5% |
| FY26 Q3 | 28.0% |
Each dollar The Coca-Cola took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $47.9B | |
|---|---|---|
| Other income | $2.2B | 4.6% of revenue |
| Cost of revenue | $18.4B | 38.4% of revenue |
| Gross profit | $29.5B | 61.6% of revenue |
| Selling, general and admin | $14.5B | 30.3% of revenue |
| Other operating costs | $1.3B | 2.6% of revenue |
| Operating income | $13.8B | 28.7% of revenue |
| Income tax | $2.9B | 6.0% of revenue |
| Net income | $13.1B | 27.3% of revenue |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Oct 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 31.0 | 35.1 | 46.5 | 48.0 | 46.9 | 46.0 | 44.3 | 41.9 | 36.2 | 34.3 | 37.3 | 33.0 | 38.7 | 43.0 | 45.8 | 47.1 | 47.9 | 51.1 |
| Gross profit | 19.9 | 22.4 | 28.3 | 29.0 | 28.4 | 28.1 | 26.8 | 25.4 | 22.5 | 21.2 | 22.6 | 19.6 | 23.3 | 25.0 | 27.2 | 28.7 | 29.5 | 31.8 |
| EBITDA | 9.5 | 9.9 | 12.1 | 12.8 | 12.2 | 11.7 | 10.7 | 10.4 | 9.0 | 10.2 | 11.5 | 10.5 | 11.8 | 12.2 | 12.4 | 11.1 | 14.8 | 16.4 |
| Operating income | 8.2 | 8.4 | 10.2 | 10.8 | 10.2 | 9.7 | 8.7 | 8.7 | 7.8 | 9.2 | 10.1 | 9.0 | 10.3 | 10.9 | 11.3 | 10.0 | 13.8 | 15.3 |
| Net income | 6.8 | 11.8 | 8.6 | 9.0 | 8.6 | 7.1 | 7.4 | 6.5 | 1.2 | 6.4 | 8.9 | 7.7 | 9.8 | 9.5 | 10.7 | 10.6 | 13.1 | 14.6 |
| Diluted EPS | $1.47 | $2.53 | $1.85 | $1.97 | $1.90 | $1.60 | $1.67 | $1.49 | $0.29 | $1.50 | $2.07 | $1.79 | $2.25 | $2.19 | $2.47 | $2.46 | $3.04 | $3.39 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | −3.0% | +13.3% | +32.5% | +3.2% | −2.4% | −1.8% | −3.7% | −5.5% | −13.5% | −5.3% | +8.6% | −11.4% | +17.1% | +11.3% | +6.4% | +2.9% | +1.9% | +7.1% |
| EBITDA | −2.1% | +4.1% | +23.0% | +5.2% | −4.4% | −4.3% | −8.4% | −2.4% | −13.7% | +13.6% | +11.8% | −8.0% | +11.6% | +3.5% | +2.2% | −11.0% | +33.8% | +4.0% |
| Operating income | −2.5% | +2.2% | +20.9% | +6.0% | −5.1% | −5.1% | −10.1% | −0.8% | −10.4% | +18.0% | +10.2% | −10.8% | +14.6% | +5.8% | +3.7% | −11.7% | +37.7% | +4.8% |
| Net income | +17.5% | +72.7% | −27.2% | +5.1% | −4.8% | −17.3% | +3.6% | −11.2% | −80.9% | +415.5% | +38.6% | −13.2% | +26.1% | −2.3% | +12.3% | −0.8% | +23.3% | +12.3% |
| Diluted EPS | +17.7% | +72.7% | −26.9% | +6.5% | −3.6% | −15.8% | +4.4% | −10.8% | −80.5% | +417.2% | +38.0% | −13.5% | +25.7% | −2.7% | +12.8% | −0.4% | +23.6% | +12.3% |
| Margins | ||||||||||||||||||
| Gross margin | 64.2% | 63.9% | 60.9% | 60.3% | 60.7% | 61.1% | 60.5% | 60.7% | 62.1% | 61.9% | 60.8% | 59.3% | 60.3% | 58.1% | 59.5% | 61.1% | 61.6% | 62.3% |
| EBITDA margin | 30.5% | 28.1% | 26.1% | 26.6% | 26.0% | 25.4% | 24.2% | 24.9% | 24.9% | 29.8% | 30.7% | 31.9% | 30.4% | 28.3% | 27.2% | 23.5% | 30.9% | 32.0% |
| Operating margin | 26.6% | 24.0% | 21.9% | 22.4% | 21.8% | 21.1% | 19.7% | 20.7% | 21.4% | 26.7% | 27.1% | 27.3% | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% | 30.0% |
| Net margin | 22.0% | 33.6% | 18.4% | 18.8% | 18.3% | 15.4% | 16.6% | 15.6% | 3.4% | 18.8% | 23.9% | 23.5% | 25.3% | 22.2% | 23.4% | 22.6% | 27.3% | 28.7% |
| Free-cash-flow margin | 20.0% | 20.8% | 14.1% | 16.4% | 17.1% | 17.8% | 18.0% | 15.6% | 14.6% | 17.7% | 22.6% | 26.3% | 29.1% | 22.2% | 21.3% | 10.1% | 11.0% | 28.0% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 8.2 | 9.5 | 9.5 | 10.6 | 10.5 | 10.6 | 10.5 | 8.8 | 7.0 | 7.6 | 10.5 | 9.8 | 12.6 | 11.0 | 11.6 | 6.8 | 7.4 | 16.2 |
| Capital spending | 2.0 | 2.2 | 2.9 | 2.8 | 2.6 | 2.4 | 2.6 | 2.3 | 1.8 | 1.5 | 2.1 | 1.2 | 1.4 | 1.5 | 1.9 | 2.1 | 2.1 | 1.9 |
| Free cash flow | 6.2 | 7.3 | 6.6 | 7.9 | 8.0 | 8.2 | 8.0 | 6.5 | 5.3 | 6.1 | 8.4 | 8.7 | 11.3 | 9.5 | 9.7 | 4.7 | 5.3 | 14.3 |
| Stock-based pay | 0.2 | 0.4 | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 |
| Free cash flow after stock pay | 6.0 | 6.9 | 6.2 | 7.6 | 7.8 | 8.0 | 7.7 | 6.3 | 5.1 | 5.9 | 8.2 | 8.5 | 10.9 | 9.2 | 9.5 | 4.5 | 5.0 | 14.0 |
| Balance sheet | ||||||||||||||||||
| Cash | 7.0 | 8.5 | 12.8 | 8.4 | 10.4 | 9.0 | 7.3 | 8.6 | 6.1 | 9.1 | 6.5 | 6.8 | 9.7 | 9.5 | 9.4 | 10.8 | 10.3 | 13.5 |
| Total debt | 11.4 | 22.9 | 27.8 | 32.5 | 37.0 | 41.6 | 44.0 | 45.5 | 47.4 | 43.4 | 42.8 | 42.8 | 42.8 | 39.1 | 41.7 | 44.2 | 45.4 | 41.5 |
| Net debt (negative = net cash) | 4.4 | 14.3 | 15.0 | 24.1 | 26.6 | 32.7 | 36.7 | 37.0 | 41.3 | 34.4 | 36.3 | 36.0 | 33.1 | 29.6 | 32.4 | 33.3 | 35.2 | 28.1 |
| Diluted shares | 4,658m | 4,667m | 4,646m | 4,584m | 4,509m | 4,450m | 4,405m | 4,367m | 4,324m | 4,299m | 4,314m | 4,323m | 4,340m | 4,350m | 4,339m | 4,320m | 4,313m | 4,313m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 3.8 | 4.1 | 4.3 | 4.6 | 5.0 | 5.4 | 5.7 | 6.0 | 6.3 | 6.6 | 6.8 | 7.0 | 7.3 | 7.6 | 8.0 | 8.4 | 8.8 | 11.2 |
| Buybacks | 1.5 | 3.0 | 4.5 | 4.6 | 4.8 | 4.2 | 3.6 | 3.7 | 3.7 | 1.9 | 1.1 | 0.1 | 0.1 | 1.4 | 2.3 | 1.8 | 0.7 | 1.0 |
| Total returned | 5.3 | 7.0 | 8.8 | 9.2 | 9.8 | 9.5 | 9.3 | 9.7 | 10.0 | 8.6 | 7.9 | 7.2 | 7.4 | 9.0 | 10.2 | 10.2 | 9.5 | 12.2 |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Apr 2026 | 2026 Q2 Jul 2026 | 2026 Q3 Oct 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 11.5 | 11.1 | 12.5 | 12.5 | 11.8 | 12.5 | 13.4 | 13.4 |
| Gross profit | 6.9 | 7.0 | 7.8 | 7.7 | 7.1 | 7.9 | 8.4 | 8.5 |
| EBITDA | 3.0 | 3.9 | 4.6 | 4.3 | 2.1 | 4.6 | 4.9 | 4.7 |
| Operating income | 2.7 | 3.7 | 4.3 | 4.0 | 1.8 | 4.4 | 4.7 | 4.5 |
| Net income | 2.2 | 3.3 | 3.8 | 3.7 | 2.3 | 3.9 | 4.4 | 4.0 |
| Diluted EPS | $0.51 | $0.77 | $0.88 | $0.86 | $0.53 | $0.91 | $1.03 | $0.93 |
| Growth (year on year) | ||||||||
| Revenue | +6.4% | −1.5% | +1.4% | +5.1% | +2.4% | +12.1% | +6.7% | +7.4% |
| EBITDA | +17.3% | +63.4% | +57.2% | +53.0% | −30.4% | +17.8% | +8.3% | +11.0% |
| Operating income | +19.2% | +70.9% | +62.6% | +58.6% | −32.0% | +19.1% | +9.2% | +12.1% |
| Net income | +11.3% | +4.8% | +58.0% | +29.8% | +3.5% | +17.8% | +16.1% | +8.5% |
| Diluted EPS | +10.9% | +4.1% | +57.1% | +30.3% | +3.9% | +18.2% | +17.0% | +8.1% |
| Margins | ||||||||
| Gross margin | 60.0% | 62.6% | 62.4% | 61.5% | 60.0% | 63.0% | 62.9% | 63.2% |
| EBITDA margin | 25.9% | 35.3% | 36.4% | 34.1% | 17.6% | 37.1% | 36.9% | 35.3% |
| Operating margin | 23.5% | 32.9% | 34.1% | 32.0% | 15.6% | 35.0% | 34.9% | 33.4% |
| Net margin | 19.0% | 29.9% | 30.4% | 29.7% | 19.2% | 31.5% | 33.1% | 30.0% |
| Free-cash-flow margin | 27.3% | −49.5% | 26.9% | 36.6% | 24.3% | 14.1% | 38.1% | 34.0% |
| Cash flow | ||||||||
| Cash from operations | 4.0 | −5.2 | 3.8 | 5.0 | 3.8 | 2.0 | 5.5 | 4.9 |
| Capital spending | 0.8 | 0.3 | 0.4 | 0.5 | 0.9 | 0.3 | 0.4 | 0.4 |
| Free cash flow | 3.1 | −5.5 | 3.4 | 4.6 | 2.9 | 1.8 | 5.1 | 4.5 |
| Stock-based pay | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Free cash flow after stock pay | 3.1 | −5.6 | 3.3 | 4.5 | 2.8 | 1.7 | 5.0 | 4.5 |
| Last 12 months unless stated | KO | BUD | PEP | CCEP | KDP | ABEV | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $51.1bn | $59.3bn | $98.2bn | $23.6bn | $20.1bn | $15.8bn | $723m |
| Revenue growth, last 12 months | 7.1% | −0.7% | 6.4% | 6.9% | 27.5% | −5.2% | 6.6% |
| Revenue growth, 3-year average | 4.3% | — | 2.4% | — | 11.3% | — | 4.3% |
| Revenue growth, latest quarter | 7.4% | — | 5.6% | — | 75.6% | — | 6.4% |
| Gross margin | 62.3% | 55.9% | 54.2% | 35.6% | 49.4% | 51.4% | 42.6% |
| Operating margin | 30.0% | 26.0% | 15.3% | 13.4% | 16.2% | 26.4% | −0.9% |
| Operating margin, 3-year average | 27.1% | 27.1% | 13.3% | 11.9% | 18.7% | 28.1% | 11.9% |
| Net margin | 28.7% | 11.5% | 11.1% | 9.3% | 7.1% | 17.6% | −1.6% |
| Cash from operations / revenue | 31.8% | 25.1% | 14.8% | 14.1% | 12.6% | 27.7% | 9.9% |
| Free-cash-flow margin | 28.0% | 18.9% | 10.7% | 9.6% | 9.8% | 22.5% | 9.0% |
| Free-cash-flow margin, 3-year average | 15.7% | 18.2% | 8.3% | 10.6% | 8.8% | 24.9% | 8.8% |
| Stock pay / revenue | 0.5% | 1.1% | 0.3% | 0.2% | 1.3% | 0.5% | 1.2% |
| Change in share count | −0.0% | — | −0.3% | −1.1% | 0.1% | −0.8% | 0.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 7.1% | 6.9% | 12 of 26 |
| Change in growth rate Growth | +0.6pp | +0.6pp | 13 of 26 |
| Gross margin Profitability | 62.3% | 44.2% | 3 of 26 |
| Operating margin Profitability | 30.0% | -0.7% | 1 of 26 |
| Net margin Profitability | 28.7% | -1.5% | 1 of 26 |
| Free-cash-flow margin Cash generation | 28.0% | 9.6% | 2 of 24 |
| Stock pay as % of revenue Cash generation | 0.5% | 1.2% | 7 of 23 |
| Long-term debt as % of assets Balance sheet | 33.9% | 12.9% | 15 of 18 |
| Change in share count Balance sheet | -0.0% | 0.0% | 9 of 19 |
| Days sales outstanding Balance sheet | 26 days | 33 days | 7 of 21 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Concentrate Operations | $28.5B | 59.4% | ▲ 2.7% |
| Finished Product Operations | $19.5B | 40.6% | ▲ 0.7% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| Outside the US | $28.8B | 60.1% | ▲ 0.4% |
| United States | $19.1B | 39.9% | ▲ 4.2% |
From The Coca-Cola Company's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Berkshire Hathaway Inc | $32.5B | 400.0M | 12.3% | 0.0% |
| Blackrock, Inc. | $26.2B | 322.7M | 10.0% | ▼ 3.3% |
| Vanguard Capital Management LLC | $19.4B | 238.8M | 7.4% | ▲ 0.6% |
| State Street Corp | $13.7B | 167.4M | 5.2% | ▲ 0.1% |
| FMR LLC | $8.9B | 109.2M | 3.4% | ▲ 1.5% |
| Geode Capital Management, LLC | $8.6B | 106.0M | 3.3% | ▲ 14.0% |
| Vanguard Portfolio Management LLC | $8.1B | 99.6M | 3.1% | ▼ 0.3% |
| Morgan Stanley | $7.3B | 89.8M | 2.8% | ▼ 2.3% |
| Charles Schwab Investment Management Inc | $6.6B | 80.8M | 2.5% | ▲ 5.9% |
| Jpmorgan Chase & Co | $4.6B | 55.5M | 1.7% | ▼ 21.4% |
| Norges Bank | $4.2B | 52.0M | 1.6% | — |
| Bank Of America Corp | $3.7B | 46.0M | 1.4% | ▲ 4.4% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not The Coca-Cola Company's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Pietracci Bruno 10% owner | August 20, 2026 | Sell | 29,246 | $90.93 | $2.7M |
| Pietracci Bruno 10% owner | August 20, 2026 | Sell | 40,754 | $90.93 | $3.7M |
| Pietracci Bruno 10% owner | August 20, 2026 | Sell | 41,365 | $90.93 | $3.8M |
| Quan Nancy Executive Vice President | August 19, 2026 | Sell | 50,000 | $90.39 | $4.5M |
| Ray Sanket 10% owner | August 10, 2026 | Sell | 9,958 | $86.50 | $861,367 |
| Ortega Luisa 10% owner | August 6, 2026 | Sell | 35,983 | $86.55 | $3.1M |
| Ortega Luisa 10% owner | August 6, 2026 | Sell | 19,772 | $86.67 | $1.7M |
| Murphy John President and CFO | July 31, 2026 | Sell | 152,483 | $87.31 | $13.3M |
| Quincey James Chairman | July 29, 2026 | Sell pre-set plan | 145,947 | $90.09 | $13.1M |
| Pietracci Bruno 10% owner | July 28, 2026 | Sell pre-set plan | 40,334 | $89.69 | $3.6M |
| Pietracci Bruno 10% owner | July 28, 2026 | Sell pre-set plan | 35,393 | $89.60 | $3.2M |
| Quincey James Chairman | July 28, 2026 | Sell pre-set plan | 381,140 | $90.04 | $34.3M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 4 members of Congress disclosed 6 purchases and 0 sales of The Coca-Cola Company shares.
Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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