The Coca-Cola Company (KO) financials

NYSE · Consumer Defensive · Beverages - Non-Alcoholic · 65,900 employees · CEO Henrique Gnani Braun

Price: $94.08 +1.36%
Market cap: $405B
Enterprise value: $433B
Last report: Q3 '26 filed 2026-10-28

Revenue (TTM)$51.1B+7.1% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)30.0%-0.7 pp vs a year agoOperating income $15.3B

Net income (TTM)$14.6B+12.3% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$14.3B+156.4% vs a year agoCapex $1.95B

Diluted EPS (TTM)$3.40+12.6% vs a year agoSum of the last 4 quarters

Net cash-$25B+20.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $405B
Revenue: $51.1B
Revenue growth: +5%
Profit margin: 28.7%
P/E: 27.7×
P/S: 7.9×
EV / EBITDA: 21.2×
Free cash flow: $14.3B
Net income: $14.6B
Revenue estimate: $50.4B
Earnings: –
Dividend: $2.10

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-27): revenue beat by 3.7%, EPS beat by 3.3%Revenue $13.4B vs $12.9B expected (+3.7%); EPS $0.91 vs $0.88 (+3.3%).
Revenue growth steady: 7.4% year on yearQ3 '26 revenue $13.4B, against an average of 6.6% over the four quarters before.
Operating margin 30.0% (TTM), -0.7 pp on a year agoOperating income grew 4.8% while revenue grew 7.1%.
14.2% of pre-tax profit is non-operatingPre-tax income $17.9B vs operating income $15.3B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 3.8% of revenue (a year ago 4.3%)$1.95B invested in the last 4 quarters (-4.3% on a year earlier). Free cash flow $14.3B = 97.6% of net income.
Returned $12.2B to shareholders = 85.6% of free cash flowBuybacks $1B (a year earlier $1.21B), dividends $11.2B, stock-based pay $269M (TTM).
Diluted share count up 0.0% in a year4.31B diluted shares in Q3 '26, 4.31B a year earlier.
Net debt $25BCash + short-term investments $16.6B, debt incl. leases $41.6B; a year ago net debt $31.6B.

Last quarter: Q3 '26

Quarter ended 2026-10-02. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$13.4B	$12.5B	+7.4%
Gross margin	63.2%	61.5%	+1.7 pp
Operating income	$4.47B	$3.98B	+12.1%
Operating margin	33.4%	32.0%	+1.4 pp
Net income	$4.01B	$3.7B	+8.5%
Diluted EPS	$0.93	$0.86	+8.1%
Operating cash flow	$4.93B	$5.04B	-2.3%
Capex	$379M	$479M	-20.9%
Free cash flow	$4.55B	$4.56B	-0.3%
R&D	$0	$0	–
Stock-based compensation	$77M	$74M	+4.1%

Reported vs consensus

2026-10-27

	Actual	Consensus	vs consensus
Revenue	$13.4B	$12.9B	+3.7%
EPS (as estimated)	$0.91	$0.88	+3.3%

From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Pacific	$12B	+6.0%	88.7%	$35.2B	-16.1%
Bottling investments	$1.52B	+13.2%	11.3%	$6.21B	+7.5%

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
North America	$5.39B	+2.5%	44.8%	$20.6B	+6.8%
Europe	$3.1B	+3.6%	25.8%	–	–
Latin America	$1.96B	+24.5%	16.3%	$7.17B	+14.2%
Pacific	$1.56B	+3.8%	13.0%	$5.79B	+1.3%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Pacific	–	–	–	–	–	34.6%	–
Global Ventures	–	–	–	–	–	–	–
Corporate	–	–	–	–	–	-797.1%	–
Eliminations	–	–	–	–	–	-0.0%	–
Europe Middle East Africa	–	–	$1.17B	+6.7%	–	36.6%	$4.55B
Latin America Segment	–	–	$1.15B	+28.4%	–	57.0%	$4.35B
North America Segment	–	–	$1.77B	+5.1%	–	32.0%	$5.49B
Bottling Investments	–	–	$205M	+259.6%	–	4.2%	$678M
A.Pacific	–	–	$563M	+8.1%	–	–	$2.01B
Material Reconciling Items	–	–	$4.86B	+14.2%	–	–	$17.1B
Corporate (unallocated)	–	–	-$392M	-44.6%	–	–	-$1.74B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $16.2B
Capex: -$1.95B
Buybacks: -$1B
Dividends: -$11.2B
Acquisitions: $3.57B
Net debt issued: -$3.82B
Stock-based compensation: $269M
Free cash flow: $14.3B
Returned to shareholders / FCF: 85.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	27.7×	25.4×	22.9× – 28.9×
EV / EBITDA	21.2×	19.3×	18.1× – 22.2×
EV / Sales	8.5×	6.9×	6.3× – 7.5×
Price / FCF	28.3×	38.2×	22.7× – 56.8×
Price / Book	10.8×	10.5×	9.4× – 11.4×
FCF yield	3.5%	3.0%	1.8% – 4.4%
Return on invested capital	14.3%	11.4%	10.2% – 13.0%
Return on equity	42.0%	41.4%	39.6% – 42.8%

Analysts

Consensus target $97.58 (+3.7%)
range $86.00 – $106.00 · rating Buy

Strong buy0

Buy29

Hold16

Sell3

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$50.4B	+5.2%	$3.34	+9.8%	28.2×	13
FY2027	$49.1B	-2.7%	$3.53	+5.6%	26.7×	14
FY2028	$51.6B	+5.1%	$3.78	+7.1%	24.9×	8
FY2029	$53.7B	+4.1%	$4.01	+6.2%	23.4×	5
FY2030	$56.1B	+4.5%	$4.26	+6.1%	22.1×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 379 figures The Coca-Cola Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities, Current	$15.6B	$17.7B	-11.6%	$14.8B	$21.7B	-31.8%
Accounts Payable, Trade, Current	$5.65B2025-12-31	$5.47B	+3.3%	$5.65B	$5.47B	+3.3%
Accounts Receivable, after Allowance for Credit Loss, Current	$3.57B	$3.95B	-9.5%	$3.04B	$3.57B	-14.9%
Accounts Receivable, Allowance for Credit Loss, Current	$514M	$520M	-1.2%	$495M	$506M	-2.2%
Accounts Receivable, Sale	–	–	–	$14.7B	$21.9B	-32.7%
Accrued Income Taxes, Current	$577M	$568M	+1.6%	$525M	$1.39B	-62.1%
Accrued Marketing Costs, Current	$2.93B2025-12-31	$3.09B	-5.4%	$2.93B	$3.09B	-5.4%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$9.02B	–	–	$8.08B2019-12-31	$8.01B	+0.9%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$14.1B	-$15B	+5.8%	-$14.1B	-$16.8B	+16.1%
Additional Paid in Capital, Common Stock	$20.9B	$20.5B	+2.0%	$20.6B	$19.8B	+3.9%
Adjustment for Long-term Intercompany Transactions, Gross of Tax	-$387M	-$39M	-892.3%	$2.97B	-$1.46B	+303.8%
Adjustment for Long-term Intercompany Transactions, Net of Tax	-$387M	-$39M	-892.3%	$2.97B	-$1.46B	+303.8%
Adjustment for Long-term Intercompany Transactions, Tax Expense (Benefit)	$0	$0	–	$0	$0	–
Advertising Expense	–	–	–	$5.4B	$5.1B	+5.9%
Amortization Method Qualified Affordable Housing Project Investments	$70M	$37M	+89.2%	$32M	$41M	-22.0%
Amortization Method Qualified Affordable Housing Project Investments, Amortization	$176M	$11M	+1,500.0%	$224M	$308M	-27.3%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	–	–	–	3M	3M	0.0%
Asset Impairment Charges	–	–	–	$12M	$63M	-81.0%
Assets	$108B	$106B	+1.8%	$105B	$101B	+4.2%
Assets, Current	$33.3B	$27.2B	+22.3%	$31B	$26B	+19.4%
Assets, Fair Value Disclosure	$6.12B	$4.26B	+43.8%	$4.45B	$3.93B	+13.3%
Business Combination, Contingent Consideration, Liability	–	–	–	$6.13B2024-12-31	$3.02B	+103.0%
Business Exit Costs	–	–	–	$32M2023-12-31	$0	–
Cash and Cash Equivalents, at Carrying Value	$13.5B	$12.7B	+5.7%	$10.3B	$10.8B	-5.2%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$105M	$88M	+19.3%	-$184M	$241M	-176.3%
Cash, Cash Equivalents, and Short-term Investments	$13.7B	$13.9B	-1.4%	$13.9B	$12.8B	+8.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$14.1B	$13.4B	+5.7%	$11B	$11.5B	-4.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$924M	$3.16B	-70.8%	-$478M	$1.8B	-126.6%
Commercial Paper	$250M2026-04-03	$5.05B	-95.0%	$1.5B	$1.14B	+31.3%
Common Stock, Dividends, Per Share, Cash Paid	$0.53	$0.51	+3.9%	$2.04	$1.94	+5.2%
Common Stock, Par or Stated Value Per Share	$0.25	$0.25	0.0%	$0.25	$0.25	0.0%
Common Stock, Shares Authorized	11.2B	11.2B	0.0%	11.2B	11.2B	0.0%
Common Stock, Shares, Issued	7.04B	7.04B	0.0%	7.04B	7.04B	0.0%
Common Stock, Value, Issued	$1.76B	$1.76B	0.0%	$1.76B	$1.76B	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$0	-$214M	+100.0%	-$42M	$9M	-566.7%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$3.55B	$4.5B	-21.3%	$15.8B	$8.06B	+96.2%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$3.55B	$4.29B	-17.3%	$15.8B	$8.07B	+95.5%
Cost of Goods and Services Sold	$4.93B	$4.8B	+2.8%	$18.4B	$18.3B	+0.4%
Current Federal Tax Expense (Benefit)	–	–	–	$86M	$324M	-73.5%
Current Foreign Tax Expense (Benefit)	–	–	–	$2.08B	$1.98B	+5.0%
Current Income Tax Expense (Benefit)	–	–	–	$2.34B	$2.45B	-4.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$178M	$143M	+24.5%
Debt and Equity Securities, Gain (Loss)	$37M	$151M	-75.5%	$409M	$290M	+41.0%
Debt Securities	$2.72B	$1.81B	+50.6%	$1.82B	$1.68B	+8.8%
Debt Securities, Available-for-sale	$2.67B	$1.76B	+52.2%	$1.77B	$1.63B	+8.8%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$18M	$23M	-21.7%	$23M	$21M	+9.5%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$77M	$74M	+4.1%	$65M	$118M	-44.9%
Debt Securities, Available-for-sale, Amortized Cost	$2.73B	$1.81B	+51.1%	$1.82B	$1.73B	+5.1%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10	$183M	$175M	+4.6%	$179M	$177M	+1.1%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	$33M	$41M	-19.5%	$38M	$35M	+8.6%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$1.64B	$1.19B	+37.9%	$1.18B	$1.22B	-2.9%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	$880M	$405M	+117.3%	$417M	$299M	+39.5%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	$168M	$163M	+3.1%	$166M	$161M	+3.1%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	$34M	$47M	-27.7%	$46M	$42M	+9.5%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$1.61B	$1.15B	+40.1%	$1.15B	$1.13B	+1.3%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	$863M	$399M	+116.3%	$415M	$296M	+40.2%
Debt Securities, Available-for-sale, Realized Gain	$1M	$0	–	$4M	$14M	-71.4%
Debt Securities, Available-for-sale, Realized Loss	$2M	$1M	+100.0%	$6M	$12M	-50.0%
Debt Securities, Trading	$46M	$49M	-6.1%	$50M	$45M	+11.1%
Debt Securities, Trading, Amortized Cost	$47M	$48M	-2.1%	$49M	$45M	+8.9%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-10-02, 10-Q 2026-07-03, 10-Q 2026-04-03, 10-K 2025-12-31, 10-Q 2025-09-26, 10-Q 2025-06-27, 10-Q 2025-03-28, 10-K 2024-12-31, 10-Q 2024-09-27

Data as of 2026-11-01