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COCA COLA COKO

Sector
Consumer
Industry
Beverages
Exchange
NYSE

Stock Price $KO

Latest filings

You are here#3 of 17 in Consumer Staples by market cap

Filing record · 2016–202610-K1110-Q338-K143

KO filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 143 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Dec ’21Dec ’21
  3. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $47.94B
YoY changeLargest recent move+17.1%in FY21Latest +1.9%

1 older move runs past ±20% (largest +32.5%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All KO Financial Metrics58 metrics

Income Statement14

Balance Sheet25

Cash Flow14

Per Share5

02—Overview

COCA COLA CO Financial Overview 2021–2025

Updated Jul 10, 2026

Coca-Cola expanded its operating income by 38%a in FY2025, even as global unit case volume shrank by 0.2%. This stark disconnect between profit and physical volume defines the core investment thesis: the company utilizes aggressive pricing power and strategic portfolio shifts to drive profitability, effectively decoupling margin expansion from underlying consumer demand. By leaning into a favorable geographic mix and targeted price hikes, the beverage giant consistently absorbed severe currency headwinds and maintained its top-line momentum.

The revenue trajectory demonstrates steady execution, as net operating revenues grew from $38.7 billion in FY2021 to $47.94 billionb in FY2025. Recent performance underscores this ongoing operational efficiency, with Q1 2026 operating income climbing 19% to $4.36 billion while gross margins expanded to 63.0%. These recurring operational wins provided a critical buffer against major capital outflows, most notably a $6.0 billion deposit tied to a sprawling $14 billion IRS tax dispute and a $960 million impairment on the BodyArmor brand. The market largely looked past these non-recurring hits to reward the company's structural margin resilience, with shares closing at $69.91 at the end of FY2025.

Recent Developments (Q4 2025 and Q2 2026)

Coca-Cola enters a new era under CEO Henrique Braun, who officially took the helm in late Q1 2026. This leadership transition aligns with a powerful top-line acceleration, as Q1 2026 net operating revenues jumped 12% year-over-year to $12.47 billionc. Unlike the prior year, physical volume fueled this expansion, with concentrate sales volume surging 8% globally. This momentum drove consolidated net income to $3.92 billion, up from $3.33 billion in the prior-year period. In another major C-suite shift, North America President Jennifer Mann will exit her role in Q3 2026, leaving CFO John Murphy to assume interim duties.

Bulls argue the sudden 8% spike in concentrate sales volume proves underlying consumer demand remains remarkably resilient. Conversely, bears warn the stock appears richly valued at 32.0x earnings as of the Q1 2026 report date, leaving minimal margin of safety if commodity costs escalate or management transitions create operational friction.

What to watch: John Murphy's dual execution as CFO and interim North America President; strategic impacts from the newly created Chief Digital Officer role.

03—Filings

Recent SEC Filings

  1. 8-KCOCA COLA CO 8-K Report, Financial Results (Jul 28, 2026)The Coca-Cola Company reported second quarter 2026 results (quarter ended July 3, 2026) that beat on the top line and profitability and prompted a raise to full-year guidance. Net operating revenues grew 7% to $13.4 billion, with organic revenues (non-GAAP) up 6% on 5% unit case volume growth and 2 points of price/mix. Reported operating income rose 9% to $4.7 billion, and reported operating margin expanded 77 basis points to 34.9%. Comparable operating margin (non-GAAP) expanded 86 basis points to 35.6%. Reported diluted EPS grew 16% to $1.03, while comparable EPS (non-GAAP) grew 11% to $0.97, with currency contributing a 4-point tailwind to reported EPS and 2 points to comparable EPS. Management noted that volume benefited from the FIFA World Cup campaign and that concentrate shipment timing weighed on sales by about 1 point. Full-year 2026 guidance was raised. Organic revenue growth is now expected to be approximately 5% (up from 4% to 5%), comparable EPS growth is now 9% to 10% (up from 8% to 9%), and comparable currency neutral EPS excluding acquisitions and divestitures growth is 7% to 8% (up from 6% to 7%). Projected free cash flow was raised to approximately $12.4 billion from $12.2 billion, driven by cash from operations of about $14.6 billion. Year-to-date operating cash flow was $7.5 billion and free cash flow was $6.9 billion, though year-to-date dividends of $4.6 billion and a large increase in current maturities of long-term debt (to $6.5 billion from $1.8 billion) are notable balance sheet items for investors to monitor. Key watch items include the mixed regional picture: Europe, Middle East & Africa comparable currency neutral operating income declined 5%, and Asia Pacific was flat due to a 9% price/mix decline tied to affordability initiatives and a loss of value share in India. Bottling Investments and Latin America drove strong profit growth. The pending sale of African bottling operations, which is subject to regulatory approval, is expected to close in late Q3 or Q4 2026 and is embedded in the guidance. Reported EPS also benefited from several items affecting comparability, so investors should focus on the comparable and currency neutral measures.
  2. 8-KCOCA COLA CO 8-K Report, Corporate Update (Jul 16, 2026)The Coca-Cola Company (KO) has disclosed a cybersecurity incident affecting its subsidiary, fairlife, LLC, a significant player in the dairy market. fairlife experienced unauthorized access by a third party, identified as a ransomware event, impacting a portion of its systems, including those crucial for production. While the company has initiated its incident response and is working with cybersecurity experts and law enforcement, the investigation into the full scope and impact is ongoing. Importantly for investors, Coca-Cola has stated that product quality and safety have not been compromised. However, the immediate consequence is the temporary suspension of fairlife's production operations in the United States, while Canadian operations remain unaffected. The company has not yet determined if this incident will materially impact its financial results.
  3. 8-KCOCA COLA CO 8-K Report, Executive Changes (Jun 25, 2026)The Coca-Cola Company (KO) disclosed in an 8-K filed June 25, 2026 that Jennifer Mann, Executive Vice President and President of the North America Operating Unit, will step down from her roles effective July 31, 2026. She will remain with the company as a senior advisor from August 1, 2026 through April 30, 2027 to support a smooth transition. Effective August 1, 2026, John Murphy, President and Chief Financial Officer, will take on responsibility for North America on an interim basis, and the company has not yet named a permanent successor. The departure terms under the Separation Agreement are relatively routine. Mann receives severance under the Coca-Cola Severance Pay Plan and is eligible for a 2026 annual incentive if she remains employed through December 31, 2026, but she forgoes a 2027 annual incentive. She will receive no additional equity grants, and her outstanding performance share units and stock options will be handled under existing plan terms. Her retirement benefits will be limited to amounts already accrued and vested. The filing does not disclose specific severance dollar amounts. For investors, the key points are leadership continuity risk in the company's largest operating unit and the added workload on the CFO while he covers North America alongside his finance role. Mann's tenure since January 2023 is described as producing strong revenue and profit growth in the region. The main items to monitor are the timing and profile of a permanent North America president, and whether the dual role affects financial reporting or strategic execution.
  4. 8-KCOCA COLA CO 8-K Report, Shareholder Vote Results (May 1, 2026)This 8-K filing from The Coca-Cola Company details the outcomes of its 2026 Annual Shareowner Meeting held on April 29, 2026. The meeting focused on voting matters including the election of directors, advisory approval of executive compensation, ratification of auditors, and several shareowner proposals concerning environmental and social governance (ESG) initiatives. Key takeaways for investors include the overwhelmingly positive re-election of all director nominees and strong support for the company's auditor ratification. However, the filing also highlights significant opposition to various shareowner proposals related to sustainability, plastics packaging, DEI, and ingredient risks, with most proposals failing to gain majority support. This indicates a divergence between management's recommendations and certain shareowner priorities on specific ESG matters.
  5. 8-KCOCA COLA CO 8-K Report, Financial Results (Apr 28, 2026)The Coca-Cola Company (KO) reported first quarter 2026 results on April 28, 2026, showing strong top- and bottom-line growth. Reported net revenues rose 12% to $12.5 billion and organic revenues (non-GAAP) grew 10%, driven by an 8% increase in concentrate sales and 2% price/mix, with unit case volume up 3%. Note that concentrate sales ran 5 points ahead of volume largely due to six extra days in the quarter, so the headline growth is flattered by calendar timing and partly offset by the timing of concentrate shipments. Reported operating income rose 19% to $4.36 billion, with operating margin expanding to 35.0% from 32.9%; comparable operating margin (non-GAAP) improved to 34.5% from 33.8%. Reported EPS grew 18% to $0.91 and comparable EPS grew 18% to $0.86, though comparable currency-neutral EPS growth of 15% and the 6-point reported currency tailwind mean much of the reported EPS gain came from favorable FX. Management updated several full-year 2026 items. Comparable EPS growth guidance of 8% to 9% (versus $3.00 in 2025) and the underlying effective tax rate of 19.9% were updated, and the company now assumes a roughly 4% revenue headwind and roughly 1% EPS headwind from the pending sale of Coca-Cola Beverages Africa (CCBA), expected to close in the second half of 2026 subject to regulatory approvals. Organic revenue growth guidance of 4% to 5% and free cash flow guidance of about $12.2 billion were unchanged. Management's commentary focused on balanced growth, with price/mix and unit volume both emphasized and lower operating expenses supporting margins despite higher input costs and increased marketing investment. Asia Pacific was the notable weak spot, with comparable currency-neutral operating income down 17% on unfavorable mix and affordability pricing. From a cash flow perspective, free cash flow was $1.8 billion in the quarter, while the balance sheet showed total debt declining (current maturities of long-term debt rose to $4.5 billion, and long-term debt fell to $39.1 billion), and dividends paid of $2.3 billion were significantly higher than the prior year's $89 million, reflecting the timing of the annual dividend payment. Investors should weigh the strong headline results against calendar-day benefits, FX tailwinds, and the pending CCBA divestiture when assessing the underlying trajectory.
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04—See also

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