Coca-Cola Consolidated, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Coca-Cola Consolidated, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,156	4,324	4,625	4,827	5,007	5,563	6,201	6,654	6,900	7,228
Cost of revenue	1,941	2,783	3,070	3,156	3,238	3,609	3,923	4,055	4,147	4,356
Gross profit	1,189	1,505	1,556	1,671	1,769	1,954	2,278	2,599	2,753	2,872
Selling, general and administrative	1,058	1,403	1,498	1,490	1,456	1,515	1,637	1,764	1,833	1,922
Operating income	131	102	57.9	181	313	439	641	834	920	951
Interest expense	36.3	41.9	50.5	46	36.7	33.4	24.8	-0.92
Other non-operating income	-1.47	-9.57	-30.9	-101	-35.6	-4.27	-8.87	-5.74	-2.68	-3.16
Pre-tax income	92.7	63	-13.3	34.2	241	255	575	557	857	773
Income tax	36	-39.8	1.87	15.7	58.9	65.6	145	149	224	202
Net income to minority interests	6.52	6.31	4.77	7.19	9.6	0	0
Net income	50.1	96.5	-19.9	11.4	172	190	430	408	633	571
EBITDA	243	252	245	361	492	620	813	988	1,091	1,146
EPS, basic	5.39	10.35	-2.13	1.21
EPS, diluted	5.36	10.30	-2.13	1.21
Shares, basic (weighted)	7.14	7.14	7.14	7.14
Shares, diluted (weighted)	9.35	9.37	9.35	9.42
Dividend per share	1.00	1.00	1.00	1.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	21.9	16.9	13.5	9.61	54.8	142	198	635	1,136	282
Short-term investments								0	301	0
Inventory	144	184	210	226	226	303	348	322	330	336
Other current assets	63.8	101	70.7	69.5	74.1	78.1	94.3	88.6	96.3	109
Total current assets	594	795	797	830	851	1,077	1,246	1,705	2,547	1,427
Property, plant and equipment	813	1,031	991	997	1,023	1,031	1,184	1,321	1,505	1,605
Lease right-of-use assets				111	134	140	141	123	112	117
Goodwill	145	169	166	166	166	166	166	166	166	166
Intangible assets	245
Other non-current assets	86.1	116	115	113	112	120	116	145	181	216
Total assets	2,449	3,073	3,010	3,127	3,222	3,446	3,710	4,289	5,313	4,303
Accounts payable	117	197	152	187	218	319	352
Accrued liabilities	134	186	250	209	205	227	201	238	247	307
Short-term debt						0		0	350	100
Total current liabilities	458	639	602	622	647	835	905	1,091	1,313	1,129
Long-term debt	907	1,088	1,104	1,030	940	723	599	599	1,437	2,686
Lease liabilities				97.8	120	122	119	102	92.4	95.1
Other non-current liabilities	379	621	609	669	679	759	753	866	860	919
Total liabilities	2,086	2,614	2,555	2,676	2,709	2,734	2,594	2,853	3,896	5,043
Total debt	907	1,088	1,104	1,030	943	723	599	599	1,786	2,786
Paid-in capital	117	120	124	129	136	136	136	136	23.8	23.8
Retained earnings	302	389	359	381	544	724	1,112	1,352	1,395	-824
Other comprehensive income	-92.9	-94.2	-77.3	-115	-119	-100	-84.8	-4.28	1.89	-6.01
Shareholders' equity	277	367	358	347	513	712	1,115	1,436	1,418	-740
Minority interests	85.9	92.2	97	104	0
Total equity	363	459	455	451	513	712	1,115	1,436	1,418	-740
Total liabilities and equity	2,449	3,073	3,010	3,127	3,222	3,446	3,710	4,289	5,313	4,303

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	56.7	103	-15.2	18.6	182	190	430	408	633	571
Depreciation and amortization	112	150	187	180	179	181	172	153	170	195
Stock-based compensation	7.15	7.92	5.61	2.05	0	0
Deferred income tax	42.9	-58.1	9.37	3.99	8.74	-9.18	8.98	-49	2.53	13.7
Change in receivables	-83.2	-121	-40.9	3.34	8.11	-46.8	-59.8	-23.9	-11.7	-18.1
Change in inventory	-8.3	2.53	-26.4	-15.9	0.17	-77.1	-44.7	25.6	-8.46	-6.01
Cash from operations	162	308	169	290	494	522	555	811	876	932
Capital expenditures	-173	-177	-138	-171	-202	-156	-299	-282	-371	-312
Acquisitions	-273	-265	0.46	0	0
Purchases of investments							0	0	-446	-390
Sales and maturities of investments								0	150	696
Cash from investing	-452	-459	-144	-174	-200	-162	-325	-295	-682	-19
Debt issued	300	125	150	100	0	0
Debt repaid	-165							0	0	-350
Share buybacks							0	0	-626	-2,606
Dividends paid	-9.31	-9.33	-9.35	-9.37	-9.37	-9.37	-9.37	-46.9	-186	-86.7
Cash from financing	256	146	-28.3	-121	-249	-272	-174	-77.7	306	-1,767
Net change in cash	-33.6	-4.95	-3.35	-3.93	45.2	87.5	55.3	438	501	-854
Free cash flow	-10.6	131	30.6	119	292	366	256	528	505	620
Interest paid	34.8	39.6	45.1	43.4	34.3	29.1	28.1	24	56.1	92.8
Income taxes paid	-7.11	31	-37	6.31	55.8	71	141	201	224	197

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $190.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.1%	Gross profit / revenue.
Operating margin	13.0%	Operating income / revenue.
EBITDA margin	15.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.7%	Pre-tax income / revenue.
Net margin	7.2%	Net income / revenue.
FCF margin	8.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.3%	Cash from operations / revenue.
Effective tax rate	26.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	12.4%	Net income / average total assets.
Return on invested capital (ROIC)	39.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	26.1%	Selling, general and administrative expense / revenue.
Capex / revenue	3.9%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	3.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	24.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	18.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-9.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	27.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	22.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	34.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-152.2%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-19.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.21x	Current assets / current liabilities.
Quick ratio	0.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / assets	56.7%	Total debt / total assets.
Liabilities / assets	111.3%	Total liabilities / total assets.
Net debt	$2.34B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.95x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$266.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$666.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.74x	Revenue / average total assets.
Fixed asset turnover	4.69x	Revenue / average property, plant and equipment.
Inventory turnover	12.6x	Cost of revenue / average inventory.
Days inventory	29 days	365 x average inventory / cost of revenue.
FCF conversion	117.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	13.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	11.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.67B	Share price x shares outstanding.
Enterprise value	$15.01B	Market cap + total debt - cash - short-term investments.
P/E	23.0x	Market cap / net income. Only when net income is positive.
P/S	1.65x	Market cap / revenue.
P/FCF	19.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.4x	Market cap / cash from operations, when positive.
EV/Sales	1.95x	Enterprise value / revenue.
EV/EBIT	15.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.1%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	0.6%	(Dividends paid + share buybacks) / market cap.

What was Coca-Cola Consolidated, Inc.'s revenue in fiscal 2025?

Coca-Cola Consolidated, Inc. reported revenue of $7.23B for fiscal 2025, 4.8% higher than the year before.

Was Coca-Cola Consolidated, Inc. profitable in fiscal 2025?

Yes. Net income was $570.6M, a net margin of 7.9%.

How much free cash flow did Coca-Cola Consolidated, Inc. generate in fiscal 2025?

Cash from operations of $931.9M minus capital expenditures of $312.3M left free cash flow of $619.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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