Ticker Sage

Company file · KO

Coca-Cola

Coca-Cola earns most of its revenue selling concentrate, not finished drinks

Concentrate operations brought in $28.5B in 2025, 59% of $47.9B in net revenue. Revenue rose 1.9%, and net income rose 23.3% to $13.1B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 20, 2026) · Latest quarter: 10-Q for the quarter ended Jul 3, 2026 (filed Jul 29, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Coca-Cola (NYSE: KO) took in $47.9B of net operating revenues (up 1.9% on fiscal 2024); net income to Coca-Cola was $13.1B (up 23.3%). The most recent quarter, ended Jul 3, 2026, brought net revenues of $13.4B, up 6.7% year over year, with net income of $4.4B. Concentrate operations was the biggest single line by type of operation: 59% of fiscal 2025 net operating revenues. Sources: 10-K for fiscal 2025 (filed Feb 20, 2026) and 10-Q for the quarter ended Jul 3, 2026 (filed Jul 29, 2026).

Net revenues$47.9BFY2025 · +1.9% vs FY2024
Net income to Coca-Cola$13.1BFY2025 · +23.3% vs FY2024
Operating cash flow$7.4BFY2025 · +8.9% vs FY2024
Cash & equivalents$12.9Bat Jul 3, 2026 · +25.7% vs FY2025 end
Total debt$43.5Bat Jul 3, 2026 · −4.4% vs FY2025 end
Diluted shares4.31BFY2025 avg · −0.2% vs FY2024
Net operating revenues and net income to coca-cola, three fiscal yearsBy fiscal year, $bn
Net operating revenuesNet income to Coca-Cola
Net operating revenues and net income to coca-cola by fiscal yearNet operating revenues FY2023: $45.8B45.8Net income to Coca-Cola FY2023: $10.7B10.7FY2023Net operating revenues FY2024: $47.1B47.1Net income to Coca-Cola FY2024: $10.6B10.6FY2024Net operating revenues FY2025: $47.9B47.9Net income to Coca-Cola FY2025: $13.1B13.1FY2025

Source: 10-K FY2025, filed Feb 20, 2026

Quarterly net operating revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly net operating revenues, fiscal 2026 vs 2025FY2025 Q1: $11.1B11.1FY2026 Q1: $12.5B12.5Q1FY2025 Q2: $12.5B12.5FY2026 Q2: $13.4B13.4Q2

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 29, 2026

How it makes money

FY2025 total by categoryConcentrate operations: $28.5B (59%)Finished product operations: $19.5B (41%)$47.9BFY2025 total

By type of operation, FY2025

  • LineAmountSharevs FY2024
  • Concentrate operations$28.5B59%+2.7%
  • Finished product operations$19.5B41%+0.7%

Source: 10-K FY2025, XBRL breakdown

Concentrate was 59% of 2025 revenue and finished products 41%. Before intersegment eliminations, North America brought in $19.6B, Europe, Middle East and Africa $11.5B and Latin America $6.3B. About 60% of revenue came from outside the US.

By type of operation: three-year mixShare of the total each fiscal year
Concentrate operationsFinished product operations

Source: 10-K FY2025

Segment revenue, before intersegment sales are eliminated, FY2025

North America$19.6B40%+3.8%
Europe, Middle East and Africa$11.5B24%+5.1%
Latin America$6.3B13%−2.1%
Asia Pacific$5.6B12%+0.8%
Bottling Investments$5.7B12%−7.8%

Share is of the FY2025 total; the last column is the change from FY2024.

What changed last quarter

Change from the same quarter a year earlierFiscal Q2 2026, quarter ended Jul 3, 2026 vs Jun 27, 2025
Company
Net revenues+6.7%$13.4B vs $12.5B
Net income+16.1%$4.4B vs $3.8B
By type
Concentrate operations+6.9%$8.1B vs $7.6B
Finished product operations+6.4%$5.2B vs $4.9B
By segment
North America+7.5%$5.4B vs $5.0B
Europe, Middle East and Africa+2.0%$3.2B vs $3.2B
Latin America+15.9%$1.8B vs $1.6B
Asia Pacific+0.6%$1.6B vs $1.6B
Bottling Investments+8.2%$1.5B vs $1.4B
  • Cash & equivalents $12.9B at Jul 3, 2026, vs $10.3B at FY2025 end.
  • Total debt $43.5B at Jul 3, 2026, vs $45.5B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $7.5B vs −$1.4B a year earlier.

Source: 10-Q, quarter ended Jul 3, 2026, filed Jul 29, 2026

The bull case and the bear case

The bull case

The bear case

  • Revenue grew only 1.9% in 2025; revenue outside the US was about flat, up 0.4%. 10-K, FY2025
  • Operating cash flow was $7.4B in 2025, below $11.6B in 2023. 10-K, FY2025
  • Total debt was $43.5B at Jul 3, 2026, against cash of $12.9B. 10-Q, quarter ended Jul 3, 2026
  • The 10-K lists health concerns about sugar, changing consumer tastes and the financial health of bottling partners among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

The Coca-Cola Company owns and markets drink brands such as Coca-Cola, Sprite, Fanta, Minute Maid, smartwater and Powerade. It mostly sells concentrate to independent bottlers, which make, bottle and distribute the drinks.

In concentrate operations, Coca-Cola sells concentrates and syrups to bottling partners, which add water and sweeteners, package the drinks and sell them to stores and restaurants. In finished product operations, it sells ready-to-drink beverages itself, mostly through company-owned bottlers and businesses such as fairlife.

It reports regional operating segments plus Bottling Investments, its company-owned bottlers. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Coca-Cola's latest 10-K. Read the original for the full list.

  1. Consumers and healthConcerns about obesity and ingredients, and shifting tastes, could cut demand for sugary drinks.
  2. Competition and retailRival brands and changes in how retailers sell drinks pressure sales and pricing.
  3. Bottling partnersIt relies on independent bottlers; weak relationships or bottler finances would hurt results.
  4. Costs and supplyPrices of sweeteners, juices, packaging and energy, and supply disruptions, affect costs.
  5. International marketsMost revenue is earned abroad, so currency swings, emerging-market conditions and geopolitics matter.
  6. Taxes and regulationTax disputes, sugar taxes, packaging and labeling laws and litigation could raise costs.
  7. Brand and digitalBad publicity, failed launches or falling behind digitally could damage its brands.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Net operating revenues$45.8B$47.1B$47.9B
Net income to Coca-Cola$10.7B$10.6B$13.1B
Operating cash flow$11.6B$6.8B$7.4B
Cash & equivalents (year end)$9.4B$10.8B$10.3B
Total debt (year end)$42.1B$44.5B$45.5B
Diluted shares4.34B4.32B4.31B
  • Net operating revenues: Sales of concentrates, syrups and finished beverages, net of incentives and other deductions.
  • Net income to Coca-Cola: Net income attributable to shareowners of The Coca-Cola Company, after the share belonging to minority owners of some subsidiaries.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Loans and notes payable (mostly commercial paper) plus current maturities and long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment revenue includes sales between segments, so the segment chart adds up to more than reported revenue.
  • Total debt includes commercial paper and other short-term borrowings as well as current and long-term debt.
  • Coca-Cola's 10-Q for the quarter ended Jul 3, 2026 isn't yet in the SEC's companyfacts data feed, so quarterly figures are read from that filing's own XBRL file.

Recent filings

FormFiledPeriod
10-QJul 29, 2026Jul 3, 2026
10-QApr 30, 2026Apr 3, 2026
DEF 14AMar 16, 2026Apr 29, 2026
10-KFeb 20, 2026Dec 31, 2025

Latest filings

  1. No new 8-K, Form 4 or 13D/13G filings from Coca-Cola in the last 30 days.

All Coca-Cola filings notes →

Common questions about Coca-Cola

How does Coca-Cola make money?

In fiscal 2025, net operating revenues totaled $47.9B. Concentrate was 59% of 2025 revenue and finished products 41%. Before intersegment eliminations, North America brought in $19.6B, Europe, Middle East and Africa $11.5B and Latin America $6.3B. About 60% of revenue came from outside the US. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

What was Coca-Cola's revenue in fiscal 2025?

Net operating revenues came to $47.9B in the year ended Dec 31, 2025. Going back two years, it was $45.8B in fiscal 2023 and $47.1B in fiscal 2024, so the latest year was up 1.9%. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

Is Coca-Cola profitable?

Yes, by US accounting rules (GAAP): net income to Coca-Cola was $13.1B in fiscal 2025, up 23.3% from $10.6B a year earlier. For the quarter ended Jul 3, 2026, net income was $4.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

What did Coca-Cola report in its latest quarterly filing?

The 10-Q for the quarter ended Jul 3, 2026 shows net revenues of $13.4B, against $12.5B in the same quarter a year before (up 6.7%), and net income of $4.4B, against $3.8B (up 16.1%). Source: 10-Q for the quarter ended Jul 3, 2026, filed Jul 29, 2026.

How much cash and debt does Coca-Cola have?

On Jul 3, 2026, cash and cash equivalents stood at $12.9B and total debt at $43.5B. Total debt here is loans and notes payable (mostly commercial paper) plus current maturities and long-term debt, at carrying value. Source: 10-Q filed Jul 29, 2026.

What are the main risks Coca-Cola lists?

Item 1A of the fiscal 2025 10-K (filed Feb 20, 2026) sets out the risks. Grouped, they fall into 7 areas: Consumers and health; competition and retail; bottling partners; costs and supply; international markets; taxes and regulation; brand and digital. To start with the first: Concerns about obesity and ingredients, and shifting tastes, could cut demand for sugary drinks. Source: 10-K, Item 1A Risk Factors.

Where do these Coca-Cola numbers come from?

Two filings Coca-Cola made with the SEC: its fiscal 2025 10-K, filed Feb 20, 2026, and its 10-Q for the quarter ended Jul 3, 2026, filed Jul 29, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in KO
The editor holds no position in Coca-Cola (KO). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell KO from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold KO, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Coca-ColaKOFY2025$47.9B+1.9%$13.1B
WalmartWMTFY2026$713.2B+4.7%$21.9B
CostcoCOSTFY2026$303.2B+10.1%$9.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.