Correction (10 Oct 2026): this box previously showed 2023-era figures ($45.8B revenue, $10.7B net income) and a segment split (beverages, concentrate sales, international markets) that does not match how Coca-Cola reports. It now shows fiscal 2025 figures from the 10-K.
How Coca-Cola makes money, 2025: the full income statement as a flow, to scale. Latin America earns a 59% operating margin; bottling 7%. Source: Coca-Cola Form 10-K for 2025 (filed 20 Feb 2026), SEC EDGAR. Segment revenue = third-party sales.
Video: Coca-Cola 2025: where the money went, from revenue to net income, animated to scale from the company's SEC filing. Analysis by The Business Engineer. Captions on screen; tap for sound.
Coca-Cola delivered solid financial performance in 2023 with revenue growth driven by strong demand across its diversified beverage portfolio and effective pricing strategies. The company benefited from robust concentrate sales growth and continued international expansion, while maintaining strong profitability despite inflationary pressures.
Updated 6 October 2026: we refreshed 6 figures on this page, now taken from SEC EDGAR filings and investors.coca-colacompany.com. Anything we could not check against a current source keeps its original year, so you can see how old it is.
Latest figures · checked 6 October 2026
The Coca-Cola Company’s net operating revenues were $47,941 million for the year ended December 31, 2025. SEC EDGAR filings
Coca-Cola’s full-year 2025 EPS grew 23% to $3.04, and comparable EPS (non-GAAP) grew 4% to $3.00. SEC EDGAR filings
Coca-Cola’s cash flow from operations was $7.4 billion for full year 2025, and free cash flow (non-GAAP) was $5.3 billion. SEC EDGAR filings
In the second quarter of 2026, Coca-Cola’s net revenues grew 7% to $13.4 billion and organic revenues (non-GAAP) grew 6%. investors.coca-colacompany.com
Coca-Cola’s second-quarter 2026 EPS grew 16% to $1.03, and comparable EPS (non-GAAP) grew 11% to $0.97. investors.coca-colacompany.com
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How AI Is Impacting Coca Cola’s Revenue
Coca-Cola is leveraging AI for demand forecasting, supply chain optimization, and personalized marketing campaigns, which is helping improve operational efficiency and reduce costs. The company is also using AI-powered analytics to optimize product placement and inventorymanagement across its global distributionnetwork, contributing to margin improvements and revenue growth.
$47,941 millionThe Coca-Cola Company's net operating revenues were $47,941 million for the year ended December 31, 2025.SEC EDGAR filings
$7.4 billionCoca-Cola's cash flow from operations was $7.4 billion for full year 2025, and free cash flow (non-GAAP)โฆSEC EDGAR filings
23%Coca-Cola's full-year 2025 EPS grew 23% to $3.04, and comparable EPS (non-GAAP) grew 4% to $3.00.SEC EDGAR filings
7%In the second quarter of 2026, Coca-Cola's net revenues grew 7% to $13.4 billion and organic revenuesโฆinvestors.coca-colacompany.com
In one lineCoca-Cola delivered solid financial performance in 2023 with revenue growth driven by strong demand across its diversified beverage portfolio and effective pricing strategies.
FourWeekMBABusiness EngineerAt a glance
The Coca-Cola Company's net operating revenues were $47,941 million for the year ended December 31, 2025.
Coca-Cola's full-year 2025 EPS grew 23% to $3.04, and comparable EPS (non-GAAP) grew 4% to $3.00.
In the second quarter of 2026, Coca-Cola's net revenues grew 7% to $13.4 billion and organic revenues (non-GAAP) grew 6%. investors.coca-colacompany.com
โIn 2024, The Coca-Cola Company reported net revenues of $47.1 billion, a 3% increase from $45.75 billion in 2023.
Layout refreshed 6 October 2026. The article text below is unchanged.
Why it mattersFrom the article
Coca-Cola is leveraging AI for demand forecasting, supply chain optimization, and personalized marketing campaigns, which is helping improve operational efficiency and reduce costs.
โIn 2024, The Coca-Cola Company reported net revenues of $47.1 billion, a 3% increase from $45.75 billion in 2023. This growth was driven by an 11% rise in price/mix and a 2% increase in concentrate sales. โ
Coca-Cola follows a business strategy (implemented since 2006) where through its operating arm – the Bottling Investment Group – it invests initially in bottling partners operations. As they take off, Coca-Cola divests its equity stakes, and it establishes a franchising model, as long-term growth and distributionstrategy.
The largest Coca-Cola competitor is PepsiCo. For the full year 2025, Coca-Cola generated net revenues of $47.9billion in revenue, and PepsiCo generated nearly $39 billion.
Coca-Cola generated $45.75 in revenue, compared to PepsiCo’s $91.47 billion in 2023.
Coca-Cola follows a business strategy (implemented since 2006) where through its operating arm – the Bottling Investment Group – it invests initially in bottling partners operations. As they take off, Coca-Cola divests its equity stakes, and it establishes a franchising model, as long-term growth and distributionstrategy.
Coca-Cola’s top investors include Warren Buffet’s company, Berkshire Hathaway, with 9.25% of shares, and other mutual funds like The Vanguard Group, holding 8.51% of shares, and BlackRock owning over 7.19% of shares of the company. Other individual investors like Herbert A. Allen, director of The Coca-Cola Company since 1982, and Barry Diller, Chairman of the Coca-Cola board since 2002. And former CEO Muhtar Kent.
Coca-Cola generated $45.75 billion in revenue in 2023, compared to over $43 billion in revenue in 2022, and $10.7 billion in profits in 2023, compared to over $9.5 billion in net profits in 2022.
Coca-Cola’s Purpose is to “refresh the world. make a difference.” Its vision and mission are to “craft the brands and choice of drinks that people love, to refresh them in body & spirit. And done in ways that create a more sustainable business and better-shared future that makes a difference in peopleโs lives, communities, and our planet.”
Coca-Cola is the market leader of the soft drink industry. It is also the most widely recognized brand, with a Business Insider study revealing that a staggering 94% of the world population recognizes the red and white logo. However, Coca-Cola faces significant challenges with increasingly health-conscious consumers and less access to water resources.
The Coca-Cola Company is an American multinational beverage corporation founded in 1892 by pharmacist Asa Griggs Candler. Many consumers associate the company with its signature soda in a red can or bottle. In truth, however, The Coca-Cola Company owns a plethora of soft drink, juice, tea, coffee, and other beverage brands.
The Coca-Cola Company has 21 different billion-dollar brands or brands that generate more than $1 billion or more in revenue each year. The company also sells its products in nearly every country in the world, with Cuba and North Korea the only two countries where it is not sold officially. Whatโs more, the Coca-Cola brand is worth $87.6 billion, making it one of the most valuable among all companies. Though these figures allow Coca-Cola to enjoy market dominance in many countries, the company is nevertheless subject to intense competition.
Pepsi is owned by PepsiCo, the holding company which owns many brands spanning from drinks to food & snacks and more. PepsiCo generated $91.47 billion in revenue in 2023, and $9.07 billion in profits for the same period. PepsiCo is primarily owned by institutional investors like The Vanguard Group (8.9%) and BlackRock (7.6%). Top individual investors comprise Robert Pohlad, the company’s board member; and the company’s CEO, Ramon Laguarta.
PepsiCo was founded in 1902 by American pharmacist and businessman Caleb Bradham as the Pepsi-Cola Company. Bradham, who hoped to emulate the success of Coca-Cola, marketed the beverage from his pharmacy and registered a patent for its recipe the following year. Today, Pepsi is a global company with a portfolio of 23 billion-dollar brands, or brands earning more than $1 billion in annual revenue. Sixteen of these brands are beverage-related, while the remaining seven are associated with snacks and other food products.
In 1965, PepsiCo acquired Frito-Lay in what the chairmen of both companies called a โmarriage made in heavenโ. The resultant company transformed PepsiCo from a soft drink organization and set it on a path to becoming one of the worldโs leading food and beverage companies. Today, PepsiCo claims to operate in more than 200 countries and territories around the world with seven distinct divisions and many successful brands.
PepsiCo generated $91.47 billion in revenue in 2023, over $86 billion in revenue in 2022, over $79 billion in revenue in 2021, and over $70 billion in 2020.
PepsiCo generated $9.07 billion in profits in 2023, compared to nearly $9 billion in profits in 2022, over $7.6 billion in profits in 2021 and over $7 billion in 2020.
Sources for the figures updated on 6 October 2026
SEC EDGAR filings (FY2025 (year ended December 31, 2025); release dated 2026-02-10, primary)
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur, HackerNoon and Search Engine People. Find him on LinkedIn and Substack. See how we source.
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