01—Abstract
Summary
Summary of the 10-K filed February 20, 2026. Cited figures are marked; the original filing is the authoritative source.
The Coca-Cola Company's (KO) 10-K filing for the fiscal year ending December 31, 2025, reveals a company navigating a dynamic global market with a focus on brand strength, operational efficiency, and strategic growth initiatives.
Despite facing headwinds such as inflationary pressures and geopolitical instability throughout 2025, the company reported an increase in net operating revenues to $47.94 billiona, up 2% from the prior year. This growth was primarily driven by favorable pricing initiatives across its operating segments, particularly in EMEA and North America, which contributed to a 4% favorable price/mix impact on consolidated net operating revenues. Operationally, KO experienced a slight decrease in unit case volume globally, down 0.2% to 33.8 billion, with North America showing a 1% decline.
However, concentrate sales volume saw a 1%b increase, indicating a continued demand for its core products. The company's strategic investments in innovation, digital transformation, and talent acquisition remain key priorities to address evolving consumer preferences and competitive pressures.
Significant events during the year included a substantial impairment charge for the BodyArmor trademark ($960 millionc), offset by gains from the sale of investments, including its stake in Coca-Cola Consolidated. The company also highlighted its ongoing commitment to sustainability and its robust liquidity position, though it continues to manage a significant U.S. federal income tax dispute with potential substantial liabilities.
02—Key points
Key Highlights
- Net operating revenues increased by 2% to $47.94 billion, driven by favorable pricing and mix.
- Global unit case volume saw a slight decline of 0.2%, while concentrate sales volume grew by 1%.
- The company recorded a significant impairment charge of $960 million related to the BodyArmor trademark.
- Significant gains were realized from the sale of investments, including a stake in Coca-Cola Consolidated, contributing to a 38% increase in operating income.
- Foreign currency exchange rates had an unfavorable impact of 2% on net operating revenues and 12% on operating income due to a stronger U.S. dollar.
- The company continues to manage a substantial U.S. federal income tax dispute, estimating potential remaining liabilities of approximately $14 billion for tax years 2010-2025.
- Capital expenditures for property, plant, and equipment were $2.11 billion, with a continued focus on investing in business operations and enhancing the beverage portfolio.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Coca Cola Co kept $0.27.
- Revenue$47.94B100.0%
- Cost of revenue−$18.40B38.4%
- Gross profit$29.54B61.6%
- Operating costs−$15.78B32.9%
- Operating income$13.76B28.7%
- Interest, other & tax−$655.0M1.4%
- Net income$13.11B27.3%
Where FY2025 revenue went
$47.94B- Cost of revenue: $18.40B, 38% of revenue
- SG&A: $14.52B, 30% of revenue
- Net income: $13.11B, 27% of revenue
- Other operating costs: $1.26B, 2.6% of revenue
- Interest, other & tax: $655.0M, 1.4% of revenue
Kept 27% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 20, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $47.94B$47.06B | +1.9% |
| Cost of Revenue | $18.40B$18.32B | +0.4% |
| Gross Profit | $29.54B$28.74B | +2.8% |
| SG&A Expenses | $14.52B$14.58B | −0.4% |
| Operating Income | $13.76B$9.99B | +37.7% |
| Interest Expense | $1.65B$1.66B | −0.1% |
| Net Income | $13.11B$10.63B | +23.3% |
| EPS (Basic) | $3.05$2.47 | +23.5% |
| EPS (Diluted) | $3.04$2.46 | +23.6% |
| Shares Outstanding (Basic) | 4.30B4.31B | −0.1% |
| Shares Outstanding (Diluted) | 4.31B4.32B | −0.2% |
05—Questions
Frequently Asked Questions
What was Coca-Cola's revenue performance for the fiscal year ending December 31, 2025?
Coca-Cola reported an increase in net operating revenues to $47.94 billion for the fiscal year ending December 31, 2025, a 2% increase from the prior year. This growth was primarily attributed to favorable pricing initiatives and product mix across its global operations.
How did Coca-Cola's volume performance fare in fiscal year 2025?
Globally, Coca-Cola's unit case volume saw a slight decrease of 0.2% to 33.8 billion cases in fiscal year 2025. However, concentrate sales volume increased by 1%, indicating ongoing demand for the company's core products.
What are the key risks or challenges highlighted in the filing?
Key risks and challenges mentioned include unfavorable general economic and geopolitical conditions, increased competition, evolving consumer preferences, potential product safety and quality concerns, and the impact of sustainability initiatives. Additionally, the company is managing a significant U.S. federal income tax dispute, and the strengthening U.S. dollar negatively impacted foreign currency exchange rates.
What significant financial events or charges occurred in fiscal year 2025?
A significant event was an impairment charge of $960 million related to the BodyArmor trademark. The company also benefited from gains on investment sales, including its stake in Coca-Cola Consolidated, which contributed to a substantial increase in operating income. Notable operating charges also included costs related to productivity initiatives and an impairment of a trademark in Latin America.
06—Continue