Capital allocation has become increasingly aggressive, highlighted by a $2.5 billion share repurchase in 2025Q4, while capital intensity remains elevated with a 5% average CapEx-to-revenue ratio.
| Metric | TTM | 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 | 939.67M | 937.03M | 876.36M | 810.69M | 554.51M | 521.75M | 494.46M | 290.37M | 168.88M | 307.82M | 162M | 108.29M | 91.9M | 96.37M | 83.17M | 109.65M | 98.13M | 79.5M | 96.63M | 95.5M | 102.9M | 102.09M | 117.86M | 121.33M | 131.96M | 121.94M | 84.29M | 88.59M | 69.7M | 68.7M | 43.2M |
| Operating CF Margin % | - | 12.96% | 12.7% | 12.18% | 8.94% | 9.38% | 9.87% | 6.02% | 3.65% | 7.12% | 5.13% | 4.7% | 5.26% | 5.87% | 5.15% | 7.02% | 6.48% | 5.51% | 6.6% | 6.65% | 7.19% | 7.4% | 9.38% | 10.02% | 10.59% | 11.92% | 8.47% | 9.11% | 7.51% | 8.57% | 5.58% |
| Operating CF Growth % | 30.66% | 6.92% | 8.1% | 46.2% | 6.28% | 5.52% | 70.29% | 71.94% | -45.14% | 90.02% | 49.59% | 17.83% | -4.64% | 15.87% | -24.15% | 11.74% | 23.43% | -17.72% | 1.18% | -7.19% | 0.79% | -13.38% | -2.86% | -8.05% | 8.21% | 44.67% | -4.86% | 27.1% | 1.46% | 59.03% | -34.15% |
| Net Income | 578.53M | 570.58M | 633.13M | 408.38M | 430.16M | 189.58M | 172.49M | 18.56M | -15.16M | 102.85M | 56.66M | 65.04M | 36.08M | 32.1M | 31.46M | 32.02M | 39.54M | 40.54M | 9.09M | 19.86M | 23.24M | 22.95M | 21.85M | 30.7M | 22.82M | 9.47M | 6.29M | 3.24M | 14.9M | 15.3M | 16.2M |
| Depreciation & Amortization | 222.06M | 218.53M | 193.79M | 176.97M | 171.59M | 180.56M | 179.02M | 179.92M | 187.26M | 168.84M | 116.62M | 80.9M | 61.13M | 58.67M | 61.86M | 62.12M | 62.83M | 61.37M | 68.56M | 68.33M | 67.88M | 69.39M | 73.07M | 78.59M | 77.75M | 81.08M | 79.58M | 74.57M | 50.1M | 46.6M | 40.7M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 10.1M | 9.8M | 9.2M | 2.04M | 5.61M | 7.92M | 7.15M | 7.3M | 3.54M | 2.92M | 2.62M | 2.34M | 2.22M | 2.16M | 1.13M | 1.17M | 929K | 0 | -845K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 17.35M | 13.7M | 2.53M | -49.02M | -9.76M | -27.92M | 46.15M | 3.99M | 9.37M | -58.11M | 42.94M | 10.41M | 4.22M | -10.02M | 7.14M | 7.89M | -4.91M | 7.63M | 559K | -4.17M | -7.03M | 3.1M | 14.24M | 7.36M | 14.95M | 2.23M | 3.54M | 1.75M | 8.4M | 2.6M | 8.8M |
| Other Non-Cash Items | 145.82M | 135.89M | 59.5M | 280.32M | 28.86M | 146.86M | 8.47M | 109.55M | 28.97M | 105.07M | 3.94M | -26.59M | 3.12M | 13.46M | 1.73M | 1.66M | 7.09M | 1.5M | 16.56M | 3.45M | 5.69M | -180K | 5.51M | 41.72M | 3.38M | 82K | 58K | 334K | -6.7M | 3M | 3.5M |
| Working Capital Changes | -24.08M | -1.68M | -12.59M | -5.95M | -76.44M | 22.87M | 79.13M | -23.68M | -47.16M | -18.76M | -65.32M | -28.77M | -16.19M | -758K | -21.64M | 3.62M | -8.65M | -33.7M | 724K | 6.86M | 12.18M | 1.96M | 4.03M | -41.52M | 13.05M | 27.26M | 808K | 3.31M | -100K | -1.4M | -26M |
| Change in Receivables | -69.45M | -16.14M | -24.15M | -53M | -58.58M | -43.62M | 35.16M | -4.62M | -30.87M | -130.39M | -88.93M | -72.08M | -19.51M | -4.35M | -4.23M | 0 | -11.99M | 2.45M | 0 | -85K | 1.08M | 0 | 186K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -48.53M | -6.01M | -8.46M | 25.61M | -44.69M | -77.09M | 169K | -15.89M | -26.41M | 2.53M | -8.3M | -13.85M | -5.29M | 3.94M | 234K | -1.29M | -7.89M | 6.38M | -1.96M | 3.52M | -8.82M | 0 | -1.6M | 0 | 0 | 0 | 0 | 0 | -2.1M | 0 | 0 |
| Change in Payables | 54.94M | 30.73M | 11.28M | -6.19M | 40.53M | 84.96M | 29.86M | 28.81M | -36.35M | 73.6M | 32.19M | 21.73M | 13.05M | -814K | -5.06M | 0 | -8.2M | -24.65M | 0 | -2.88M | 14.95M | 0 | -8.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 52.34M | -19.02M | -682.2M | -295.35M | -324.99M | -161.94M | -200.42M | -173.68M | -143.94M | -458.89M | -452.03M | -217.34M | -124.25M | -55.3M | -49.57M | -50.88M | -41.99M | -39.56M | -46.91M | -43.04M | -63.31M | -35.55M | -21.59M | -107.51M | -58.49M | -93.02M | -10.53M | -300.26M | -80.6M | -102.8M | -28.6M |
| Capital Expenditures | -277.56M | -312.31M | -371.01M | -282.3M | -329.26M | -155.69M | -202.03M | -171.37M | -138.24M | -176.6M | -172.59M | -163.89M | -84.36M | -61.43M | -53.27M | -53.16M | -44.75M | -43.34M | -47.87M | -48.23M | -63.18M | -39.99M | -52.86M | -57.8M | -57.32M | -96.68M | -49.17M | -256.56M | -81.8M | -104M | -30M |
| CapEx % of Revenue | 3.7% | 4.32% | 5.38% | 4.24% | 5.31% | 2.8% | 4.03% | 3.55% | 2.99% | 4.08% | 5.47% | 7.11% | 4.83% | 3.74% | 3.3% | 3.4% | 2.95% | 3% | 3.27% | 3.36% | 4.42% | 2.9% | 4.21% | 4.77% | 4.6% | 9.45% | 4.94% | 26.38% | 8.81% | 12.97% | 3.88% |
| Acquisitions | -5.58M | 6.59M | -15.72M | -13.74M | -3.09M | -2.53M | -1.77M | 4.06M | -1.64M | -272.26M | -272.64M | -55.35M | -41.59M | 0 | 0 | 0 | -32K | 0 | 0 | 0 | 0 | 0 | 0 | -52.56M | -8.68M | 0 | -723K | -44.45M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 6.12M | 0 | 569K | 695K | 7.37M | -3.72M | 3.38M | -2.3M | -1.97M | -10.04M | -6.8M | 1.89M | 1.7M | 6.14M | 3.7M | 2.27M | 2.79M | 3.78M | 954K | 5.19M | -127K | 4.44M | 31.27M | 2.85M | 7.51M | 3.66M | 39.37M | 753K | 1.2M | 1.2M | 1.4M |
| Cash from Financing | -1.91B | -1.77B | 306.4M | -77.72M | -174.19M | -272.29M | -248.86M | -120.63M | -28.29M | 146.13M | 256.38M | 155.46M | 29.68M | -39.72M | -113.96M | -13.88M | -28.04M | -67.58M | -14.18M | -104.41M | -17.38M | -35.82M | -105.43M | -13.97M | -72.19M | -20.43M | -74.39M | 214.03M | 13.2M | 35.6M | -14.1M |
| Debt Issued (Net) | 845.31M | 994.79M | 1.2B | -2.3M | -127.99M | -222.28M | -95.86M | -83.66M | 7.28M | 172.51M | 280.18M | 172.36M | 40.06M | -30.31M | -104.68M | -3.84M | -18.85M | -56.8M | -10M | -95.03M | -8.23M | -11.88M | -96.52M | -7.42M | -65.86M | -18.15M | -64.98M | 223.05M | 15.5M | 66.3M | 19.6M |
| Equity Issued (Net) | -2.61B | -2.61B | -625.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.16M | 0 | 0 | 0 | 0 | -20M | -23.6M |
| Dividends Paid | -81.52M | -86.67M | -185.63M | -46.87M | -9.37M | -9.37M | -9.37M | -9.37M | -9.35M | -9.33M | -9.31M | -9.29M | -9.27M | -9.24M | -9.22M | -9.2M | -9.18M | -9.16M | -9.14M | -9.12M | -9.1M | -9.08M | -9.06M | -9.04M | -8.86M | -8.75M | -8.73M | -8.55M | -8.4M | -8.4M | -9.3M |
| Share Repurchases | -2.61B | -2.61B | -625.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 706.27M | 0 | 0 | 0 | 18.58M | 0 | -1.32M | 122.03M | 0 | 6.47M | -860K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20M | -23.6M |
| Other Financing | -67.96M | -68.88M | -79.82M | -28.55M | -36.83M | -40.64M | -143.63M | -27.6M | -26.21M | -17.06M | -14.49M | -7.62M | -1.11M | -164K | -55K | -838K | -11K | -1.63M | 4.96M | -254K | -38K | -14.86M | 150K | 2.49M | -4.63M | 6.47M | -679K | -468K | 6.1M | -2.3M | -800K |
| Net Change in Cash | -918.86M | -853.91M | 500.56M | 437.62M | 55.33M | 87.52M | 45.18M | -3.93M | -3.35M | -4.95M | -33.65M | 46.4M | -2.67M | 1.36M | -80.36M | 44.89M | 28.1M | -27.64M | 35.54M | -51.95M | 22.21M | 30.72M | -9.16M | -149K | 1.28M | 8.49M | -625K | 2.36M | 2.3M | 1.5M | 500K |
| Free Cash Flow | 662.11M | 624.72M | 505.34M | 528.39M | 225.25M | 366.06M | 292.43M | 119M | 30.64M | 131.22M | -10.59M | -55.6M | 7.54M | 34.94M | 29.9M | 56.49M | 53.38M | 36.16M | 48.76M | 47.27M | 39.72M | 62.1M | 65M | 63.54M | 74.64M | 25.26M | 35.12M | -167.97M | -12.1M | -35.3M | 13.2M |
| FCF Margin % | 8.83% | 8.64% | 7.32% | 7.94% | 3.63% | 6.58% | 5.84% | 2.47% | 0.66% | 3.03% | -0.34% | -2.41% | 0.43% | 2.13% | 1.85% | 3.62% | 3.52% | 2.51% | 3.33% | 3.29% | 2.78% | 4.5% | 5.17% | 5.25% | 5.99% | 2.47% | 3.53% | -17.27% | -1.3% | -4.4% | 1.71% |
| FCF Growth % | 35.56% | 23.62% | -4.36% | 134.58% | -38.47% | 25.18% | 145.75% | 288.32% | -76.65% | 1338.93% | 80.95% | -837.46% | -78.42% | 16.86% | -47.07% | 5.84% | 47.59% | -25.84% | 3.15% | 19.02% | -36.04% | -4.46% | 2.3% | -14.87% | 195.5% | -28.08% | 120.91% | -1288.17% | 65.72% | -367.42% | -53.36% |
| FCF per Share | 9.94 | 7.45 | 5.58 | 5.63 | 2.39 | 3.89 | 3.10 | 1.26 | 0.33 | 1.13 | -0.11 | -0.60 | 0.08 | 0.38 | 0.32 | 0.61 | 0.47 | 0.32 | 0.53 | 0.52 | 0.44 | 0.68 | 0.72 | 0.70 | 0.84 | 0.29 | 0.40 | -1.93 | -0.14 | -0.41 | 0.14 |
| FCF Conversion (FCF/Net Income) | 1.14x | 1.64x | 1.38x | 1.99x | 1.29x | 2.75x | 2.87x | 15.64x | -8.47x | 3.19x | 3.23x | 1.84x | 2.93x | 3.48x | 3.06x | 3.83x | 2.72x | 2.08x | 10.63x | 4.81x | 4.43x | 4.45x | 5.39x | 3.95x | 5.78x | 12.88x | 13.39x | 27.33x | 4.68x | 4.49x | 2.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 200.81M | 140.99M | 70.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Input cost volatility exposure
Based on reported financial statements, COKE consistently demonstrates superior cash conversion, with the OCF/NI ratio frequently exceeding 1.5x, as evidenced by the 1.84x multiple recorded in 2026Q1, suggesting that reported net income significantly understates the actual cash-generating capacity of the company's core bottling operations.
The persistent gap between net income and operating cash flow suggests that non-cash charges, primarily depreciation and amortization, provide a substantial cushion to reported earnings. Investors should interpret this as a sign of high-quality earnings, as the cash flow is not reliant on aggressive accrual accounting or significant stock-based compensation.
As reported in recent quarterly filings, free cash flow margins have fluctuated between 2.2% and 14.0% over the last ten quarters, indicating that while the business is fundamentally cash-generative, its FCF trajectory remains highly sensitive to the timing of large-scale capital expenditures and seasonal working capital requirements.
The variability in FCF margins suggests that the company's cash flow profile is not yet stabilized, likely due to ongoing investments in distribution infrastructure. This volatility warrants further investigation into whether these capital outlays are truly discretionary or necessary to maintain the company's competitive moat.
According to the provided data, COKE's capital intensity, measured by the CapEx-to-revenue ratio, has averaged roughly 5% over the last ten quarters, with a peak of 8.0% in 2023Q4, highlighting the heavy asset requirements inherent in maintaining a proprietary last-mile distribution network across its US territories.
The consistent level of capital spending suggests that the company must continuously reinvest in its fleet and warehouse automation to defend its market position. This high capital intensity may limit the company's ability to significantly expand free cash flow margins in the near term.
Analysis of the cash flow statements reveals that working capital changes are a primary driver of quarterly cash flow volatility, with swings ranging from a $69.0 million outflow in 2024Q1 to a $52.4 million inflow in 2025Q3, reflecting the seasonal nature of beverage inventory management.
These fluctuations suggest that the company's cash position is highly susceptible to inventory build-ups ahead of peak demand periods. Analysts should monitor these cycles closely, as they may mask underlying operational inefficiencies or temporary supply chain disruptions that could impact short-term liquidity.
Based on recent financial disclosures, COKE has utilized its cash reserves for significant capital deployment, including a $2.5 billion share repurchase in 2025Q4, which suggests a shift toward returning capital to shareholders following the completion of major phases of the company's system transformation and territorial consolidation.
The scale of these repurchases relative to historical cash flow generation may indicate management's confidence in the long-term durability of the business. However, investors should monitor whether such aggressive capital returns could constrain the company's ability to fund future infrastructure upgrades or respond to potential competitive threats.
Quick answers to the most common questions about buying COKE stock.
Coca-Cola Consolidated, Inc. (COKE) generated $937.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Coca-Cola Consolidated, Inc. (COKE) generated $624.7M 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 Consolidated, Inc. (COKE) spent $312.3M 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 Consolidated, Inc. (COKE) returned $86.7M to shareholders via cash dividends and spent $2.61B on share repurchases. This shows the company's commitment to returning capital to its equity investors.