# The Coca-Cola Company (KO) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/KO/thesis · /stocks/KO/memo

## Financial Snapshot

---
ticker: KO
step: 04
generated: 2026-05-12
source: quick-research
---

### The Coca-Cola Company (KO) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25v24) |
|--------|--------|--------|--------|--------|-------------|
| Revenue | $43.0B | $45.8B | $47.1B | $47.9B | +1.9% |
| Organic Revenue Growth | +16% | +12% | +12% | +6% (mid-pt) | — |
| Non-GAAP Operating Margin | ~28% | ~28% | 24.0% | 24.4% | +40 bps |
| Net Income | $9.5B | $10.7B | $10.6B | ~$13.1B | +24% |
| EPS (diluted, GAAP) | $2.19 | $2.47 | $2.46 | $3.05 | +24% |
| Comparable EPS (non-GAAP) | $2.48 | $2.69 | $2.88 | ~$3.05 | +6% |

Note: Reported revenue growth (~2%) materially lags organic growth (~6%) due to FX headwinds (~3–4%) and divestitures of refranchising businesses.

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$13.5B |
| Capex | ~$2.1B |
| Free Cash Flow (reported) | $5.3B |
| Adjusted Free Cash Flow (ex. fairlife one-time contingent payment) | ~$11.4B |
| Dividends Paid | $8.8B |
| Cash & Investments | ~$15B |
| Total Debt | ~$45B |

#### Capital Return
- 63 consecutive years of dividend increases (one of the longest streaks in US equities — "Dividend King")
- FY2025 dividend payout: $8.8B
- Buybacks: ~$3B annually, modest relative to FCF — capital priority is dividend + bolt-on M&A
- Dividend yield: ~2.8–2.9% (May 2026)

#### Key Ratios (approximate, May 2026)
- P/E: ~24x | EV/EBITDA: ~21x | FCF Yield (adj): ~3.5%
- Revenue Growth (organic): ~6% | Non-GAAP Operating Margin: ~24% | EBITDA Margin: ~32%
- Capex / Revenue: ~4.5% (asset-light franchise model)

#### Volume / Mix Metrics
- 18 consecutive quarters of value share gains in non-alcoholic ready-to-drink
- Double-digit volume + value growth on Coca-Cola Zero Sugar
- fairlife crossed $1B retail sales; $650M Monroe County NY plant coming mid-decade
- Costa RTD coffee expanding retail footprint

#### Growth Profile
KO is a textbook through-cycle compounder. Organic revenue growth has compounded at 6%+ for several years (mid-single digits volume + low-single-digits price/mix), but reported growth is suppressed by chronic FX translation headwinds and a years-long refranchising of bottling operations (which converts high-revenue, low-margin bottling sales into lower-revenue, higher-margin concentrate sales). Operating margin compressed in 2024 due to refranchising mix and emerging-market price normalization, but has now stabilized and started expanding again (+40 bps in FY2025). The fairlife and Costa platforms are the principal growth engines beyond legacy sparkling.

#### Forward Estimates
**2026 guidance:** Organic revenue growth 4–5% with a ~1% FX tailwind and ~4% headwind from acquisitions/divestitures (net reported revenue roughly flat). Adjusted EPS growth 7–8%. FCF projected to rise to $12.2B (+7% from adjusted 2025), with operating cash flow ~$14.4B less ~$2.2B capex. Bull-side scenarios pencil in continued portfolio premiumization (smartwater, BodyArmor, fairlife) and emerging-market RTD coffee expansion. Bear-side scenarios bake in GLP-1 / health-mandate-driven sparkling decline, plastic-packaging regulation costs, and persistent FX volatility.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/KO/fundamental

## Navigation

- Overview: /stocks/KO
- Financials (this page): /stocks/KO/financials
- Thesis: /stocks/KO/thesis
- Investment Memo: /stocks/KO/memo
- Coverage universe: /stocks