Coca-Cola Consolidated
COKE · NasdaqBottled & Canned Soft Drinks & Carbonated Waters · Fiscal year ends Dec 31
Coca-Cola Consolidated reported revenue of $7.2B in the fiscal year ended Dec 2025, up 4.8% from the year before. Operating income was $951M, an operating margin of 13.2%, and net income was $571M. Operating cash flow of $932M less capital expenditure of $312M left free cash flow of $620M. Net debt was $2.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.6B | $6.2B | $6.7B | $6.9B | $7.2B |
| Cost of revenue | $3.6B | $3.9B | $4.1B | $4.1B | $4.4B |
| Gross profit | $2B | $2.3B | $2.6B | $2.8B | $2.9B |
| Selling, general & admin | $1.5B | $1.6B | $1.8B | $1.8B | $1.9B |
| Operating income | $439M | $641M | $834M | $920M | $951M |
| Interest expense | $33M | $25M | −$918,000 | – | – |
| Pre-tax income | $255M | $575M | $557M | $857M | $773M |
| Income tax | $66M | $145M | $149M | $224M | $202M |
| Net income | $190M | $430M | $408M | $633M | $571M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $142M | $198M | $635M | $1.1B | $282M |
| Inventory | $303M | $348M | $322M | $330M | $336M |
| Current assets | $1.1B | $1.2B | $1.7B | $2.5B | $1.4B |
| Net PP&E | $1B | $1.2B | $1.3B | $1.5B | $1.6B |
| Goodwill | $166M | $166M | $166M | $166M | $166M |
| Total assets | $3.4B | $3.7B | $4.3B | $5.3B | $4.3B |
| Current liabilities | $835M | $905M | $1.1B | $1.3B | $1.1B |
| Short-term debt | $0 | – | $0 | $350M | $100M |
| Long-term debt | $723M | $599M | $599M | $1.4B | $2.7B |
| Total liabilities | $2.7B | $2.6B | $2.9B | $3.9B | $5B |
| Shareholders' equity | $712M | $1.1B | $1.4B | $1.4B | −$740M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $522M | $555M | $811M | $876M | $932M |
| Capital expenditure | $156M | $299M | $282M | $371M | $312M |
| Free cash flow | $366M | $256M | $528M | $505M | $620M |
| Depreciation & amortisation | $181M | $172M | $153M | $170M | $195M |
| Stock-based compensation | $0 | – | – | – | – |
| Share buybacks | – | $0 | $0 | $626M | $2.6B |
| Dividends paid | $9M | $9M | $47M | $186M | $87M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.5% | 7.3% | 3.7% | 4.8% |
| Operating income growth (YoY) | – | 46.0% | 30.2% | 10.3% | 3.3% |
| Gross margin | 35.1% | 36.7% | 39.1% | 39.9% | 39.7% |
| Operating margin | 7.9% | 10.3% | 12.5% | 13.3% | 13.2% |
| Net margin | 3.4% | 6.9% | 6.1% | 9.2% | 7.9% |
| Return on equityBlank when equity is negative | 26.6% | 38.6% | 28.4% | 44.7% | – |
| ROCEEBIT ÷ (assets − current liabilities) | 16.8% | 22.9% | 26.1% | 23.0% | 29.9% |
| Free cash flow margin | 6.6% | 4.1% | 7.9% | 7.3% | 8.6% |
| Cash conversion (CFO ÷ net income) | 2.75x | 1.29x | 1.99x | 1.38x | 1.63x |
| Inventory days | 31 | 32 | 29 | 29 | 28 |
| Interest cover | 13.1x | 25.9x | −909x | – | – |
| Debt ÷ equity | 1.02x | 0.54x | 0.42x | 1.26x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $581M | $401M | −$36M | $651M | $2.5B |
| Current ratio | 1.29x | 1.38x | 1.56x | 1.94x | 1.26x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.