Coca Cola
KO · NYSEBeverages · Fiscal year ends Dec 31
Coca Cola reported revenue of $47.9B in the fiscal year ended Dec 2025, up 1.9% from the year before. Operating income was $13.8B, an operating margin of 28.7%, and net income was $13.1B. Operating cash flow of $7.4B less capital expenditure of $2.1B left free cash flow of $5.3B. Net debt was $31.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $38.7B | $43B | $45.8B | $47.1B | $47.9B |
| Cost of revenue | $15.4B | $18B | $18.5B | $18.3B | $18.4B |
| Gross profit | $23.3B | $25B | $27.2B | $28.7B | $29.5B |
| Selling, general & admin | $12.1B | $12.9B | $14B | $14.6B | $14.5B |
| Operating income | $10.3B | $10.9B | $11.3B | $10B | $13.8B |
| Interest expense | $1.6B | $882M | $1.5B | $1.7B | $1.7B |
| Pre-tax income | $12.4B | $11.7B | $13B | $13.1B | $16B |
| Income tax | $2.6B | $2.1B | $2.2B | $2.4B | $2.9B |
| Net income | $9.8B | $9.5B | $10.7B | $10.6B | $13.1B |
| Diluted EPS | 2.25 | 2.19 | 2.47 | 2.46 | 3.04 |
| Diluted shares | 4,340M | 4,350M | 4,339M | 4,320M | 4,313M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $9.7B | $9.5B | $9.4B | $10.8B | $10.3B |
| Receivables | $3.5B | $3.5B | $3.4B | $3.6B | $3B |
| Inventory | $3.4B | $4.2B | $4.4B | $4.7B | $4.4B |
| Current assets | $22.5B | $22.6B | $26.7B | $26B | $31B |
| Net PP&E | $9.9B | $9.8B | $9.2B | $10.3B | $9.6B |
| Goodwill | $19.4B | $18.8B | $18.4B | $18.1B | $15.5B |
| Total assets | $94.4B | $92.8B | $97.7B | $101B | $105B |
| Current liabilities | $20B | $19.7B | $23.6B | $25.2B | $21.3B |
| Short-term debt | $1.3B | $399M | $2B | – | – |
| Long-term debt | $38.1B | $36.4B | $35.5B | $42.4B | $42.1B |
| Shareholders' equity | $23B | $24.1B | $25.9B | $24.9B | $32.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $12.6B | $11B | $11.6B | $6.8B | $7.4B |
| Capital expenditure | $1.4B | $1.5B | $1.9B | $2.1B | $2.1B |
| Free cash flow | $11.3B | $9.5B | $9.7B | $4.7B | $5.3B |
| Depreciation & amortisation | $1.5B | $1.3B | $1.1B | $1.1B | $1.1B |
| Stock-based compensation | $337M | $356M | $254M | $286M | $279M |
| Share buybacks | $111M | $1.4B | $2.3B | $1.8B | $746M |
| Dividends paid | $7.3B | $7.6B | $8B | $8.4B | $8.8B |
| Dividend per share | 1.68 | 1.76 | 1.84 | 1.94 | 2.04 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.3% | 6.4% | 2.9% | 1.9% |
| Operating income growth (YoY) | – | 5.8% | 3.7% | −11.7% | 37.7% |
| EPS growth (YoY) | – | −2.7% | 12.8% | −0.4% | 23.6% |
| Gross margin | 60.3% | 58.1% | 59.5% | 61.1% | 61.6% |
| Operating margin | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% |
| Net margin | 25.3% | 22.2% | 23.4% | 22.6% | 27.3% |
| Return on equityBlank when equity is negative | 42.5% | 39.6% | 41.3% | 42.8% | 40.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.9% | 14.9% | 15.3% | 13.3% | 16.5% |
| Free cash flow margin | 29.1% | 22.2% | 21.3% | 10.1% | 11.0% |
| Cash conversion (CFO ÷ net income) | 1.29x | 1.15x | 1.08x | 0.64x | 0.57x |
| Receivable days | 33 | 30 | 27 | 28 | 23 |
| Inventory days | 81 | 86 | 87 | 94 | 88 |
| Interest cover | 6.45x | 12.4x | 7.41x | 6.03x | 8.32x |
| Debt ÷ equity | 1.72x | 1.53x | 1.45x | 1.70x | 1.31x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $29.8B | $27.3B | $28.1B | $31.5B | $31.8B |
| Current ratio | 1.13x | 1.15x | 1.13x | 1.03x | 1.46x |
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.