Despite capital-intensive operations, the firm demonstrates strong cash conversion efficiency with an OCF/NI ratio of 1.89, supporting a $1.0 billion share buyback in 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 2.67B | 3.06B | 2.81B | 2.93B | 2.12B | 1.49B | 1.81B | 1.78B | 1.44B | 1.19B | 921.51M | 815M | 604.88M | 718.25M | 665.08M | 620.32M | 1.24B | 1.16B | 1.14B | 1.2B | 1.38B | 1.19B | 1.43B | 1.37B | 1.25B | 1.56B | 1.39B | 806.62M | 856.36M | 808.29M |
| Operating CF Margin % | 13.29% | 14.98% | 15.33% | 16.93% | 15.38% | 14.05% | 15.13% | 14.98% | 13.82% | 12.42% | 13.13% | 13.11% | 10.14% | 11.75% | 10.41% | 12.29% | 8.22% | 7.42% | 7.9% | 8.03% | 8.72% | 8.89% | 10.42% | 8.51% | 7.1% | 9.96% | 9.73% | 7.05% | 8.35% | 12.7% |
| Operating CF Growth % | -12.83% | 9.09% | -4.3% | 38.5% | 42.08% | -17.8% | 1.83% | 23.95% | 20.76% | 29.06% | 13.07% | 34.74% | -15.78% | 8% | 7.22% | -50.07% | 6.89% | 2.39% | -5.78% | -12.52% | 15.59% | -16.88% | 4.66% | 9.38% | -19.95% | 12.26% | 72.73% | -5.81% | 5.95% | 60.93% |
| Net Income | 1.87B | 1.42B | 1.67B | 1.96B | 982M | 695M | 1.09B | 938.1M | 646.25M | 575.78M | 568.88M | 484M | 484.34M | 513.47M | 577.89M | 469.19M | 510.21M | -3.16B | 487.65M | -866.04M | 433.98M | 439.66M | 536.76M | 470.77M | -360.78M | 251.28M | 58.63M | 121.08M | 155.45M | 91.6M |
| Depreciation & Amortization | 886.57M | 933M | 792M | 816M | 722M | 727M | 637.15M | 528.39M | 460.27M | 390.14M | 273.9M | 209M | 220.02M | 252.56M | 247.67M | 198.5M | 727.97M | 754.26M | 731.82M | 766.78M | 881.46M | 787.84M | 871.05M | 995.85M | 1.52B | 1.34B | 1.34B | 954.98M | 860M | 503.78M |
| Stock-Based Compensation | 0 | 45M | 57M | 33M | 16M | 14M | 15M | 17M | 14M | 42M | 39M | 22M | 23.96M | 26.46M | 33.18M | 7.52M | 56.53M | 31.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 493M | 0 | -256M | 5M | -44M | -138M | -190M | -116M | 91M | 50.1M | -49.3M | -93.36M | -4.51M | 48.86M | -1.87B | 12.35M | -813M | 65.86M | 91.47M | 188.19M | 131.51M | -271.99M | -3.19M | -73.54M | -28.14M | -72.73M | -1.61M |
| Other Non-Cash Items | 81.65M | 491M | 56M | -794M | 283M | 94M | 98.66M | 786.4M | 899.87M | 502.36M | 635.41M | 226M | 6.54M | -97.08M | 577.89M | -66.17M | -225.44M | 5.44B | -8.92M | 2.21B | -66.7M | -105.49M | -142.13M | 0 | 339.42M | 0 | 0 | -41.78M | 39.09M | 39.37M |
| Working Capital Changes | -165.21M | 174M | 232M | 427M | 114M | 216M | -29.91M | 249.75M | 100.51M | 183.54M | 6.65M | -126M | -129.98M | 22.75M | -48.61M | 15.79M | 124.24M | -40.95M | -63.79M | -84.1M | 62.48M | -22.13M | -20.64M | -228.71M | 24.73M | -26.62M | 68.57M | -199.52M | -125.45M | 175.16M |
| Change in Receivables | -218.04M | 37M | -5M | -282M | -242M | 208M | 4.99M | 74.31M | 101.45M | 91.24M | 75.41M | -117M | -32.68M | 0 | -65.58M | -10.53M | -147.97M | -84.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -15.37M | -37M | 6M | -244M | -1M | 34M | -24.93M | -46.44M | 15.03M | 63.98M | 9.98M | 4M | -41.39M | 22.75M | -33.95M | -34.59M | 35.6M | -17.24M | -72.02M | 34.85M | -40.53M | -1.48M | -4.76M | -27.64M | -47.2M | 71.34M | -79.5M | -42.63M | -15.45M | 19.28M |
| Change in Payables | 536.94M | 0 | 121.46M | 869.06M | 527.22M | 49.38M | -62.82M | 306.51M | 133.38M | 162.56M | -100.91M | 0 | 0 | 0 | 47.84M | 72.18M | 233.12M | 84.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -665.65M | -1.96B | -937M | -645M | -5.61B | -370M | -597.27M | -615.08M | -458.39M | -401.68M | -301.63M | -207M | -239.63M | -282.9M | -276.99M | -555.65M | -693.77M | -700.38M | -599.45M | -721.32M | -731.17M | -680.14M | -807.53M | -1.04B | -2.26B | -1.33B | -1.72B | -1.57B | -2.67B | -1.03B |
| Capital Expenditures | -912.51M | -791M | -672M | -603M | -349M | -408M | -600.26M | -619.21M | -488.45M | -521.24M | -347.09M | -222M | -227.28M | -286.69M | -290.1M | -218.8M | -55.84M | -704.69M | -643.35M | -668.28M | -771.7M | -697.85M | -872.64M | -980.61M | -1.09B | -1.26B | -1.47B | -1.32B | -879.09M | -499.76M |
| CapEx % of Revenue | 4.55% | 3.87% | 3.67% | 3.48% | 2.54% | 3.85% | 5.01% | 5.21% | 4.7% | 5.44% | 4.95% | 3.57% | 3.81% | 4.69% | 4.54% | 4.33% | 0.37% | 4.5% | 4.48% | 4.45% | 4.89% | 5.21% | 6.34% | 6.09% | 6.19% | 8.01% | 10.27% | 11.56% | 8.57% | 7.85% |
| Acquisitions | 161.37M | -1.52B | -5M | 11M | -5.4B | -11M | 10.97M | 4.13M | 30.06M | 127.95M | 13.31M | 0 | 0 | 0 | -771.55K | -600.77M | 0 | 0 | 0 | -80.32M | 0 | 0 | -10.32M | -28.59M | 0 | -57.5M | -110.31M | -188.44M | -1.81B | -543.15M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.88M | 358M | -260M | 139.47M | -82.74M | 49M | -93M | -71M | -4M | -8.39M | 32.16M | 15M | -12.34M | 3.79M | -6.17M | 263.92M | -637.94M | 4.31M | 43.9M | 27.28M | 40.53M | 17.7M | 75.43M | -29.54M | -1.17B | -17.04M | -136.15M | -58.83M | 18.18M | 9.64M |
| Cash from Financing | -2.55B | -973M | -1.82B | -2.28B | 3.29B | 100M | -1.21B | -1.22B | -993.8M | -541.17M | -658.7M | -677M | -650.63M | -421.7M | -99.53M | -108.27M | -336.42M | -90.51M | -548.01M | -432.64M | -678.83M | -466.21M | -616.17M | -536.52M | 995.78M | -69.21M | 396.52M | 782.74M | 1.81B | 256.31M |
| Debt Issued (Net) | -477.38M | -356M | -465M | -1.22B | 4.2B | 808M | 463M | -159M | -560M | 2.68B | 64M | 164M | 223.65M | 313.04M | 575.58M | 1.06B | -20.24M | -6.47M | -560.36M | -404.61M | -687.27M | -543.67M | -604.26M | -495.54M | 1.06B | 14.91M | 431.3M | 1.22B | 1.83B | 414.59M |
| Equity Issued (Net) | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K |
| Dividends Paid | -890.41M | -910M | -841M | -763M | -638M | -386M | -572.34M | -529.42M | -459.33M | -213.95M | -257.27M | -185M | -154.67M | -141.4M | -124.99M | -30.08M | -102.6M | -99.13M | -79.56M | -86.38M | -64.17M | -56.06M | -58.76M | -71.47M | -80.92M | -74.53M | -69.57M | -49.45M | -30M | -15.27M |
| Share Repurchases | -1B | 0 | 0 | 0 | 0 | -129M | -1B | -502M | 0 | -2.99B | -534M | -673M | -730.51M | -591.59M | -617.24M | -150.38M | -162.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.99M | -132.03M | -80.5M | -387.96M | 0 | -147.04M |
| Other Financing | -177.7M | 262M | -559M | -303M | -304M | -193M | -124.14M | -25.29M | -145.67M | -42.17M | -2M | 17M | 10.89M | -2.27M | 67.12M | -992.51M | -111.67M | 2.16M | 7.54M | 3.03M | 38.84M | 0 | 23.03M | 0 | 0 | 112.86M | 99.38M | -23.02M | -909.09K | -4.02M |
| Net Change in Cash | -459.88M | 144M | 32M | -20M | -116M | 1.21B | 37M | -25M | 25M | 123M | -99.27M | -65.07M | -274.48M | 29.64M | 280.07M | -62.41M | 219.16M | 358.45M | -9.6M | 58.34M | -40.53M | 55.33M | 9.53M | -205.84M | -11.24M | 162.91M | 72.55M | 19.61M | -1.82M | 31.34M |
| Free Cash Flow | 1.95B | 2.27B | 2.13B | 2.33B | 1.77B | 1.08B | 1.21B | 1.16B | 947.77M | 668.07M | 574.42M | 593M | 377.6M | 431.56M | 374.97M | 401.51M | 1.19B | 457.58M | 491.77M | 536.44M | 605.37M | 493.51M | 560.59M | 388.81M | 159.6M | 306.65M | -77.52M | -515.86M | -22.73M | 308.53M |
| FCF Margin % | 9.7% | 11.11% | 11.66% | 13.45% | 12.85% | 10.2% | 10.12% | 9.77% | 9.12% | 6.97% | 8.18% | 9.54% | 6.33% | 7.06% | 5.87% | 7.95% | 7.85% | 2.92% | 3.42% | 3.57% | 3.83% | 3.68% | 4.07% | 2.42% | 0.9% | 1.95% | -0.54% | -4.51% | -0.22% | 4.85% |
| FCF Growth % | -14.19% | 6.37% | -8.37% | 31.73% | 63.4% | -10.76% | 4.43% | 22.5% | 41.87% | 16.3% | -3.13% | 57.05% | -12.5% | 15.09% | -6.61% | -66.16% | 159.3% | -6.95% | -8.33% | -11.39% | 22.67% | -11.97% | 44.18% | 143.62% | -47.95% | 495.59% | 84.97% | -2169.78% | -107.37% | 176.64% |
| FCF per Share | 4.27 | 4.92 | 4.65 | 5.09 | 3.87 | 2.37 | 2.59 | 2.38 | 1.94 | 1.74 | 2.44 | 2.35 | 1.38 | 1.43 | 1.15 | 1.18 | 2.41 | 0.94 | 1.01 | 1.13 | 1.27 | 1.04 | 1.22 | 0.85 | 0.37 | 0.71 | -0.18 | -1.28 | -0.06 | 0.82 |
| FCF Conversion (FCF/Net Income) | 1.43x | 2.16x | 1.68x | 1.94x | 2.16x | 2.99x | 1.67x | 1.90x | 2.22x | 2.07x | 1.62x | 1.68x | 1.25x | 1.40x | 1.15x | 1.32x | 3.09x | -0.37x | 2.33x | -1.39x | 3.17x | 2.71x | 2.67x | 2.91x | -3.47x | 6.22x | 23.76x | 6.66x | 5.51x | 8.82x |
| Interest Paid | 0 | 249M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.61M | 62.41M | 375.5M | 421.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 179M | 139.1M | 86.55M | 71.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Input cost and volume volatility
As reported in financial statements, CCEP consistently generates operating cash flow significantly exceeding net income, with an OCF/NI ratio reaching 1.89 in 2025Q4, which suggests that non-cash charges and working capital adjustments play a substantial role in the company's reported cash generation profile.
The persistent gap between net income and operating cash flow indicates that accounting earnings may be conservative relative to actual cash inflows. Investors should monitor whether this conversion quality is driven by sustainable operational efficiency or merely by the timing of payables and concentrate cost accruals.
Based on recent SEC filings, CCEP's free cash flow margin has demonstrated resilience, peaking at 14.5% in 2024Q4, though the volatility in quarterly margins suggests that seasonal working capital requirements and capital expenditure cycles remain primary drivers of the firm's liquidity position throughout the fiscal year.
While the absolute FCF remains robust, the fluctuation in margins warrants caution regarding the company's ability to maintain consistent cash generation during periods of volume contraction. The reliance on seasonal peaks for cash accumulation may leave the company vulnerable to unexpected disruptions in the away-from-home channel.
According to the provided data, CCEP's capital expenditure as a percentage of revenue has fluctuated between 1.9% and 5.2%, reflecting a capital-intensive business model that requires ongoing investment in cold-drink equipment and distribution infrastructure to maintain its competitive moat in the non-alcoholic beverage market.
The variability in CapEx/Revenue suggests that management may be modulating investment levels to offset inflationary pressures or to align with strategic growth initiatives in the Asia-Pacific region. Analysts should investigate whether current spending levels are sufficient to replace aging assets or if deferred maintenance may create future cash flow headwinds.
As indicated by the quarterly cash flow data, CCEP experiences significant working capital swings, with a notable $1.3 billion outflow in 2025Q2 followed by a $388.9 million inflow in 2025Q4, highlighting the impact of seasonal inventory build-ups and the timing of payments to concentrate suppliers.
These swings suggest that the company's cash flow is highly sensitive to the timing of inventory procurement and retail collection cycles. The recurring nature of these fluctuations implies that liquidity management is a critical operational function, particularly when navigating the integration of diverse regional supply chains.
Based on reported figures, CCEP has prioritized shareholder returns through a combination of dividends and significant share repurchases, including a $1.0 billion buyback in 2025Q4, which appears to be funded by the company's consistent ability to generate free cash flow despite its capital-intensive operational requirements.
The aggressive use of cash for buybacks suggests management's confidence in the long-term stability of the business, yet it also limits the cash available for debt reduction or strategic acquisitions. Investors should monitor whether this capital allocation strategy remains sustainable if revenue growth continues to face stagnation headwinds.
Quick answers to the most common questions about buying CCEP stock.
Coca-Cola Europacific Partners PLC (CCEP) generated $2.67B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Coca-Cola Europacific Partners PLC (CCEP) generated $1.95B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Coca-Cola Europacific Partners PLC (CCEP) spent $912.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Coca-Cola Europacific Partners PLC (CCEP) returned $890.4M to shareholders via cash dividends and spent $1.00B on share repurchases. This shows the company's commitment to returning capital to its equity investors.