COCA COLA CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COCA COLA CO 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	41,863	36,212	34,300	37,266	33,014	38,655	43,004	45,754	47,061	47,941
Cost of revenue	16,465	13,721	13,067	14,619	13,433	15,357	18,000	18,520	18,324	18,397
Gross profit	25,398	22,491	21,233	22,647	19,581	23,298	25,004	27,234	28,737	29,544
Selling, general and administrative	15,370	12,834	11,002	12,103	9,731	12,144	12,880	13,972	14,582	14,521
Operating income	8,657	7,755	9,152	10,086	8,997	10,308	10,909	11,311	9,992	13,762
Interest expense	733	853	950	946	1,437	1,597	882	1,527	1,656	1,654
Interest income	642	679	689	563	370	276	449	907	988	786
Other non-operating income	-1,265	-1,763	-1,674	34	841	2,000	-262	570	1,992	1,073
Pre-tax income	8,136	6,890	8,225	10,786	9,749	12,425	11,686	12,952	13,086	15,998
Income tax	1,586	5,607	1,749	1,801	1,981	2,621	2,115	2,249	2,437	2,861
Income from continuing operations	6,527	1,181	6,734
Net income to minority interests	23	35	42	65	21	33	29	-11	18	30
Net income	6,527	1,248	6,434	8,920	7,747	9,771	9,542	10,714	10,631	13,107
EBITDA	10,444	9,015	10,238	11,451	10,533	11,760	12,169	12,439	11,067	14,812
EPS, basic	1.51	0.29	1.51	2.09	1.80	2.26	2.20	2.48	2.47	3.05
EPS, diluted	1.49	0.29	1.50	2.07	1.79	2.25	2.19	2.47	2.46	3.04
Shares, basic (weighted)	4,317	4,272	4,259	4,276	4,295	4,315	4,328	4,323	4,309	4,303
Shares, diluted (weighted)	4,367	4,324	4,299	4,314	4,323	4,340	4,350	4,339	4,320	4,313
Dividend per share	1.40	1.48	1.56	1.60	1.64	1.68	1.76	1.84	1.94	2.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8,555	6,102	9,077	6,480	6,795	9,684	9,519	9,366	10,828	10,270
Short-term investments	4,051	5,317	5,013	3,228	2,348
Receivables	3,856	3,667	3,685	3,971	3,144	3,512	3,487	3,410	3,569	3,038
Inventory	2,675	2,655	3,071	3,379	3,266	3,414	4,233	4,424	4,728	4,425
Other current assets	2,481	2,000	2,059	1,886	1,916	2,994	3,240	5,235	2,998	2,433
Total current assets	34,010	36,545	24,930	20,411	19,240	22,545	22,591	26,732	25,997	31,044
Property, plant and equipment	10,635	9,638	9,598	10,838	10,777	9,920	9,841	9,236	10,303	9,613
Lease right-of-use assets				1,372	1,548	1,418	1,406	1,328	1,182	1,697
Goodwill	10,629	13,649	14,109	16,764	17,506	19,363	18,782	18,358	18,139	15,491
Intangible assets	598	262	639	517	424	574	460	355
Other non-current assets	4,248	4,230	4,148	6,075	6,184	6,731	6,189	7,796	13,403	14,696
Total assets	87,270	87,896	83,216	86,381	87,296	94,354	92,763	97,703	100,549	104,816
Accounts payable	2,682	2,288	2,719	3,804	3,517	4,602	5,307	5,590	5,468	5,649
Short-term debt	3,527	3,298	5,003	4,253	485	1,338	399	1,960	648	1,822
Total current liabilities	26,532	27,194	28,782	26,973	14,601	19,950	19,724	23,571	25,249	21,281
Long-term debt	29,684	31,182	25,376	27,516	40,125	38,116	36,377	35,547	42,375	42,119
Lease liabilities				1,111	1,300	1,161	1,113	1,001	923	1,401
Other non-current liabilities	4,081	8,021	7,646	8,510	9,453	8,607	7,922	8,466	4,084	4,735
Total liabilities	64,050	68,919	64,158	65,283	66,012	69,494	66,937	70,223	74,177	70,541
Total debt	33,211	34,480	30,379	31,769	40,610	39,454	36,776	37,507	43,023	43,941
Paid-in capital	14,993	15,864	16,520	17,154	17,601	18,116	18,822	19,209	19,801	20,581
Retained earnings	65,502	60,430	63,234	65,855	66,555	69,094	71,019	73,782	76,054	80,382
Treasury stock	-47,988	-50,677	-51,719	-52,244	-52,016	-51,641	-52,601	-54,535	-55,916	-56,423
Other comprehensive income	-11,205	-10,305	-12,814	-13,544	-14,601	-14,330	-14,895	-14,275	-16,843	-14,131
Shareholders' equity	23,062	17,072	16,981	18,981	19,299	22,999	24,105	25,941	24,856	32,169
Minority interests	158	1,905	2,077	2,117	1,985	1,861	1,721	1,539	1,516	2,106
Total equity	23,220	18,977	19,058	21,098	21,284	24,860	25,826	27,480	26,372	34,275
Total liabilities and equity	87,270	87,896	83,216	86,381	87,296	94,354	92,763	97,703	100,549	104,816

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6,550	1,283	6,476	8,985	7,768	9,804	9,571	10,703	10,649	13,137
Depreciation and amortization	1,787	1,260	1,086	1,365	1,536	1,452	1,260	1,128	1,075	1,050
Stock-based compensation	258	219	225	201	126	337	356	254	286	279
Deferred income tax	-856	-1,252	-413	-280	-18	894	-122	-2	-11	517
Change in receivables	-28	-108	27	-158	882	-225	-69	-2	-295	334
Change in inventory	-142	-276	-203	-183	99	-135	-960	-597	-520	-154
Change in payables	-540	-573	-251	1,318	-860	2,843	759	841	1,134	-6,612
Cash from operations	8,792	7,041	7,627	10,471	9,844	12,625	11,018	11,599	6,805	7,408
Capital expenditures	-2,262	-1,750	-1,548	-2,054	-1,177	-1,367	-1,484	-1,852	-2,064	-2,112
Purchases of investments	-16,626	-17,296	-7,789	-4,704	-13,583
Cash from investing	-1,004	-2,312	5,927	-3,976	-1,477	-2,765	-763	-3,349	2,524	-67
Debt issued	27,281	29,926	27,605	23,009	26,934	13,094	3,972	6,891	12,061	4,980
Debt repaid	-25,615	-28,871	-30,600	-24,850	-28,796	-12,866	-4,930	-5,034
Stock issued	1,434	1,595	1,476	1,012	647	702	837	539	747	313
Share buybacks	-3,681	-3,682	-1,912	-1,103	-118	-111	-1,418	-2,289	-1,795	-746
Dividends paid	-6,043	-6,320	-6,644	-6,845	-7,047	-7,252	-7,616	-7,952	-8,359	-8,779
Cash from financing	-6,545	-7,447	-10,347	-9,004	-8,070	-6,786	-10,250	-8,310	-6,910	-8,140
Exchange rate effect	-5	241	-262	-72	76	-159	-205	-73	-623	321
Net change in cash	1,238	-2,477	2,945	-2,581	373	2,915	-200	-133	1,796	-478
Free cash flow	6,530	5,291	6,079	8,417	8,667	11,258	9,534	9,747	4,741	5,296
Interest paid	663	803	903	921	935	738	848	1,415	1,669	1,724
Income taxes paid	1,554	1,950	2,120	2,126	1,268	2,168	2,403	2,580	3,262	2,873

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to April 3, 2026; growth uses fiscal years. Valuation uses the share price of $87.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	61.7%	Gross profit / revenue.
Operating margin	29.3%	Operating income / revenue.
EBITDA margin	31.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.6%	Pre-tax income / revenue.
Net margin	27.8%	Net income / revenue.
FCF margin	25.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.7%	Cash from operations / revenue.
Effective tax rate	16.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	40.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.1%	Net income / average total assets.
Return on invested capital (ROIC)	18.1%	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	29.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.2%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.7%	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	8.6%	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	37.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.1%	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	8.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	33.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	23.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.2%	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	11.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	23.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-12.4%	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	-5.5%	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	11.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-17.8%	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	-9.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	29.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.2%	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	3.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.36x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.30x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	41.8%	Total debt / total assets.
Liabilities / assets	65.7%	Total liabilities / total assets.
Net debt	$32.98B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.13x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.81x	Operating income / interest expense.
Working capital	$8.01B	Current assets - current liabilities.
Goodwill and intangibles / assets	14.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$18.22B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	5.18x	Revenue / average property, plant and equipment.
Inventory turnover	3.99x	Cost of revenue / average inventory.
Days inventory	92 days	365 x average inventory / cost of revenue.
Receivables turnover	13.4x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
Days payables	279 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-160 days	Days inventory + days sales outstanding - days payables.
FCF conversion	91.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.18	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.42	Revenue / diluted weighted shares.
FCF per share	$2.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.39	Cash from operations / diluted weighted shares.
Book value per share	$7.80	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.22	Tangible book value / shares outstanding.
Cash per share	$2.45	(Cash + short-term investments) / shares outstanding.
Payout ratio	80.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	87.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	6.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$377.81B	Share price x shares outstanding.
Enterprise value	$410.79B	Market cap + total debt - cash - short-term investments.
P/E	27.6x	Market cap / net income. Only when net income is positive.
P/S	7.67x	Market cap / revenue.
P/B	11.2x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	20.7x	Market cap / tangible book value, when positive.
P/FCF	30.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	25.8x	Market cap / cash from operations, when positive.
EV/Sales	8.34x	Enterprise value / revenue.
EV/EBIT	28.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	26.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.9%	Dividends paid over the period / market cap.
Shareholder yield	3.1%	(Dividends paid + share buybacks) / market cap.
PEG	2.39x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was COCA COLA CO's revenue in fiscal 2025?

COCA COLA CO reported revenue of $47.94B for fiscal 2025, 1.9% higher than the year before.

Was COCA COLA CO profitable in fiscal 2025?

Yes. Net income was $13.11B, a net margin of 27.3%.

How much free cash flow did COCA COLA CO generate in fiscal 2025?

Cash from operations of $7.41B minus capital expenditures of $2.11B left free cash flow of $5.30B.

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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