Coca-Cola reported net operating revenues of $47,941 million, operating income of $13,762 million and net income attributable to shareowners of $13,107 million for fiscal 2025 (year ended 31 December 2025), according to its Form 10-K. Most of that comes from selling concentrate to independent bottlers: concentrate operations produced 59% of 2025 revenue, while bottlers carry the trucks, plants and people. In the quarter ended 2 October 2026, revenue grew 7% to $13.4 billion at a 33.4% operating margin.
How Coca-Cola makes money
What changed in 2025-26
Operating income rose to $13,762 million in 2025 from $9,992 million in 2024 on revenue of $47,941 million (2024: $47,061 million). Operating cash flow was only $7,408 million because it included $6.1 billion of the $6.2 billion final milestone payment for fairlife; 2024’s $6,805 million included a $6.0 billion IRS tax litigation deposit.
In July 2025 Coca-Cola sold a 40% noncontrolling interest in its India bottling operations to a local partner for about $1.3 billion. Its bottling operations in Africa were classified as held for sale, with a $1,274 million charge. Headcount fell to about 65,900 at the end of 2025 from 69,700, mainly because of divestitures.
In the quarter ended 2 October 2026 net revenues grew 7% to $13.4 billion, unit case volume grew 5% and operating margin was 33.4% versus 32.0% a year earlier. Year-to-date operating cash flow was $12.5 billion and free cash flow (non-GAAP) $11.4 billion, and the company raised its full-year guidance under CEO Henrique Braun.
The 2025 10-K says the growing use of data analytics, automation and artificial intelligence across digital platforms is reshaping how consumers discover, evaluate and engage with brands. It also lists AI and digital marketing skills among the talent it must compete for.
Coca-Cola by operating segment
What it means for you
- Read operating income and operating cash flow side by side: in 2024 and 2025 one-off payments, not the business, explain most of the gap.
- Separate concentrate from bottling revenue before comparing Coca-Cola with a vertically integrated rival; the mix drives the margin.
- Track refranchising deals: selling bottlers lowers revenue and headcount but usually raises the margin on what is left.
- Check the dividend against free cash flow, not net income, when you judge how safe the 64-year streak is.
- If you build consumer brands, note where Coca-Cola puts its capital: in brands and recipes, while partners own the plants and trucks.
Coca-Cola is a brand and system orchestrator: it keeps the scarce assets (trademarks, formulas, the bottler network) and lets partners carry the capital-heavy work. The Business Engineer’s question for the AI era is whether that brand authority holds when AI assistants, not shelves, shape what consumers discover.
Read: Brand Authority in the Age of AI Agents →Explore everything we publish →Related: Coca-Cola revenue · Coca-Cola business strategy · What does Coca-Cola own? · Who owns Coca-Cola? · PepsiCo financials
Frequently asked questions
What was Coca-Cola's revenue and profit in 2025?
Net operating revenues were $47,941 million and net income attributable to shareowners was $13,107 million for the year ended 31 December 2025, per the Form 10-K.
Why was Coca-Cola's operating cash flow so low in 2025?
It included $6.1 billion of the $6.2 billion final milestone payment for fairlife, so operating cash flow was $7,408 million despite higher profit.
How much of Coca-Cola's revenue comes from concentrate?
Concentrate operations produced 59% of net operating revenues in 2025; finished product operations, mainly company-owned bottlers, produced 41%.
What is Coca-Cola's dividend in 2026?
In February 2026 the board raised the quarterly dividend to $0.53 per share, equal to $2.12 a year, the company's 64th consecutive annual increase.
Sources
- The Coca-Cola Company (2026), Form 10-K for fiscal year 2025, SEC EDGAR
- The Coca-Cola Company (2026), Third quarter 2026 results, earnings release (Form 8-K, Exhibit 99.1), SEC EDGAR
The full guide
The complete explainer, cleaned up and reformatted for mobile.
Coca-Cola financial analysis refers to the examination of The Coca-Cola Company's financial performance and metrics. The company generates net operating revenues of $47,941 million in 2025, with net income attributable to shareowners of $13,107 million in 2025, making it one of the world's largest beverage corporations by financial measures.
Correction (10 Oct 2026): an earlier section on this page showed unsourced figures; it has been removed.
What Is Coca-Cola Financials?
Coca-Cola Financials refers to The Coca-Cola Company’s comprehensive financial performance metrics, including revenue, net income, operating cash flow, return on equity, and balance sheet composition. These metrics reveal how the world’s largest beverage manufacturer generates shareholder value and allocates capital across global operations, bottling partnerships, and brand portfolios.
Latest figures · checked 6 October 2026
- The Coca-Cola Company reported net operating revenues of $47,941 million for fiscal 2025 (year ended 31 December 2025). SEC EDGAR filings
- Coca-Cola’s net income attributable to shareowners was $13,107 million for the year ended 31 December 2025. SEC EDGAR filings
- Coca-Cola’s operating income was $13,762 million for the year ended 31 December 2025. SEC EDGAR filings
- Coca-Cola paid dividends of $8,779 million during 2025. SEC EDGAR filings
- In February 2026 Coca-Cola raised its quarterly dividend to $0.53 per share, its 64th consecutive annual increase. SEC EDGAR filings
- The Coca-Cola Company had approximately 65,900 employees as of 31 December 2025. SEC EDGAR filings
- Coca-Cola’s net operating revenues were $13,380 million in the second quarter of 2026 (three months ended 3 July 2026). SEC EDGAR filings
- Coca-Cola’s equity stake in Monster Beverage had a fair value of $15,659 million as of 31 December 2025. SEC EDGAR filings
The Coca-Cola Company trades on the New York Stock Exchange under the ticker symbol KO and maintains its headquarters in Atlanta, Georgia. As of 2024, Coca-Cola serves consumers in 200+ countries through a hybrid business model combining direct manufacturing with franchised bottling partnerships. Understanding Coca-Cola Financials enables investors, competitors, and business strategists to evaluate the company’s profitability trajectory, capital efficiency, dividend sustainability, and competitive positioning against rivals like PepsiCo and Monster Beverage Corporation.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q and earnings releases, or its annual report), with the period stated next to each number. Last refreshed October 2026. Our methodology.
| Figure | Value |
|---|---|
| Revenue, 2025 filing | $47.9B |
| Growth vs 2024 calculated | +2% |
| Operating income, 2025 filing | $13.8B (29% margin) |
| Net income, 2025 filing | $13.1B |
Source: Coca-Cola Form 10-K (2025). Calculated figures are labelled.
Company explainer · Coca-Cola, explained
A 3-minute explainer of Coca-Cola's business model and latest numbers, built from its SEC filings. Analysis by The Business Engineer.
In one lineCoca-Cola financial analysis refers to the examination of The Coca-Cola Company's financial performance and metrics.
The Coca-Cola Company reported net operating revenues of $47,941 million for fiscal 2025 (year ended 31 December 2025).
The company paid dividends of $8,779 million during 2025, leaving adequate capital for growth investments and share buybacks.
Layout and figures refreshed 6 October 2026. Sources are listed at the end of the article.
Buffett's thesis centered on Coca-Cola's durable competitive advantages including global brand recognition, pricing power with consumers, and cash generation stability through economic cycles, validating the investment through two decades of outperformance versus market indices.
- Revenue growth driven by price increases, volume expansion, and emerging market penetration across Africa, Asia-Pacific, and Latin America
- Hybrid business model combining company-operated bottling (Coca-Cola Bottling Investments) with franchised distribution networks generating recurring fee income
- Portfolio diversification beyond carbonated soft drinks to sports drinks (Powerade, Minute Maid), energy beverages, and premium water brands
- Operating margin expansion through manufacturing efficiency, supply chain optimization, and strategic cost management
How Coca-Cola Financials Works
Coca-Cola operates a dual-revenue system combining concentrate manufacturing royalties with bottling operation profits. The company manufactures syrup concentrates and proprietary formulas at regional production facilities, then sells these concentrates to franchise bottlers who add carbonation, water, sweeteners, and packaging. Revenue streams flow from concentrate sales, bottling equity stakes, franchise fees, and owned production operations.
The financial structure creates multiple profit centers working simultaneously across manufacturing, distribution, and retail segments. Coca-Cola’s integrated financial system captures margins at concentrate production, bottling partnership investments, and marketing execution. This layered approach generates revenue resilience when individual segments face headwinds.
- Bottling Partnership Equity Investments — The company invests equity capital in bottling operations through its Bottling Investment Group, capturing bottling profits while eventually divesting stakes as partnerships mature, creating capital recycling cycles
In February 2026 Coca-Cola raised its quarterly dividend to $0.53 per share, its 64th consecutive annual increase.
Coca-Cola's net operating revenues were $13,380 million in the second quarter of 2026 (three months ended 3 July 2026).
In February 2026, Coca-Cola's board raised the regular quarterly dividend to $0.53 per share, the company's 64th consecutive annual increase.
Coca-Cola Financials in Practice: Real-World Examples
2025 Financial Performance and Revenue Growth Trajectory
The Coca-Cola Company reported net revenues of $47,941 million in 2025. Net income attributable to shareowners was $13,107 million in 2025. Net cash provided by operating activities was $7,408 million in 2025.
Berkshire Hathaway’s Investment Thesis
Buffett’s thesis centered on Coca-Cola’s durable competitive advantages including global brand recognition, pricing power with consumers, and cash generation stability through economic cycles, validating the investment through two decades of outperformance versus market indices.
Monster Beverage Corporation Acquisition and Portfolio Expansion
PepsiCo Competitive Comparison and Margin Analysis
Why Coca-Cola Financials Matters in Business
Dividend Investment Framework and Income Stability
Coca-Cola Financials demonstrates how consistent free cash flow generation supports dividend sustainability and shareholder income during market volatility. The company paid dividends of $8,779 million during 2025, leaving adequate capital for growth investments and share buybacks. Portfolio managers modeling income-producing stocks analyze Coca-Cola’s operating cash flow stability, debt ratios, and dividend growth rates to project 15-year total return potential, particularly relevant for retirement portfolios requiring predictable income streams.
Emerging Market Valuation and Growth Projections
Business strategists analyze Coca-Cola Financials to identify geographic growth opportunities and capital deployment decisions in developing economies.
Capital Efficiency Benchmarking and Business Model Optimization
Corporate finance teams across consumer goods industries analyze Coca-Cola Financials to optimize their own capital allocation frameworks and working capital management.
Management consulting firms like McKinsey and Bain Capital use Coca-Cola’s financial statements to construct case studies on franchise model profitability, franchisee relationship dynamics, and royalty optimization.
Advantages and Disadvantages of Coca-Cola Financials
Advantages
Disadvantages
- Health and Wellness Headwinds — Regulatory scrutiny on sugar content, obesity concerns, and consumer preference migration toward zero-sugar, plant-based, and functional beverages require continuous portfolio innovation and capital reallocation away from legacy carbonated soft drink production
Key Takeaways
- Coca-Cola generated $47,941 million in net operating revenues in 2025 and $13,107 million in net income attributable to shareowners in 2025
Frequently Asked Questions
What was Coca-Cola’s total revenue and net income in 2025?
The Coca-Cola Company reported net operating revenues of $47,941 million in 2025. Net income attributable to shareowners was $13,107 million in 2025.
How does Coca-Cola generate revenue through its franchise model?
Franchisees add water, sweeteners, and carbonation while handling distribution to retail channels. Additional revenue flows from equity investments in bottling partners, marketing support fees, and pricing premiums on finished products sold through wholesale channels.
What is Coca-Cola’s operating margin and how does it compare to competitors?
Who are Coca-Cola’s largest shareholders and what are their investment reasons?
How much cash does Coca-Cola generate annually and what does management do with it?
Coca-Cola's net cash provided by operating activities was $7,408 million in 2025.
What geographic regions generate the most revenue and where is growth concentrated?
How does currency exchange impact Coca-Cola’s reported earnings?
What is Coca-Cola’s dividend policy and sustainability outlook?
In February 2026, Coca-Cola's board raised the regular quarterly dividend to $0.53 per share, the company's 64th consecutive annual increase. The company paid dividends of $8,779 million during 2025. Net cash provided by operating activities was $7,408 million in 2025.
Sources for the figures updated on 6 October 2026
- SEC EDGAR filings (FY2025 (year ended 31 December 2025), primary)
- SEC EDGAR filings (FY2025, primary)
- SEC EDGAR filings (Q2 2026 (three months ended 3 July 2026), primary)
Coca-Cola in charts
