Revenue growth accelerated to 10.6% in Q2 2026, driven by promotional events, while gross margin remained stable at 37.9% and operating margin expanded to 13.2%, indicating effective pricing power and scalable overhead.
Coca-Cola Consolidated, Inc. (COKE) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 7.79B | 7.23B | 6.9B | 6.65B | 6.2B | 5.56B | 5.01B | 4.83B | 4.63B | 4.32B | 3.16B | 2.31B | 1.75B | 1.64B | 1.61B | 1.56B | 1.51B | 1.44B | 1.46B | 1.44B | 1.43B | 1.38B | 1.26B | 1.21B | 1.25B | 1.02B | 995.13M | 972.55M | 928.5M | 802.1M | 773.8M |
| Revenue Growth % | 10.22% | 4.76% | 3.69% | 7.3% | 11.47% | 11.09% | 3.75% | 4.35% | 6.98% | 36.98% | 36.85% | 32.07% | 6.4% | 1.67% | 3.41% | 3.08% | 4.96% | -1.41% | 1.92% | 0.35% | 3.68% | 9.84% | 3.78% | -2.87% | 21.89% | 2.77% | 2.32% | 4.74% | 15.76% | 3.66% | 1.56% |
| Cost of Goods Sold | 4.79B | 4.36B | 4.15B | 4.06B | 3.92B | 3.61B | 3.24B | 3.16B | 3.07B | 2.78B | 1.94B | 1.41B | 1.04B | 982.69M | 960.12M | 932M | 873.78M | 822.99M | 848.41M | 814.87M | 808.43M | 761.26M | 666.53M | 629.08M | 619.14M | 514.36M | 530.12M | 542.84M | 534.9M | 452.3M | 436M |
| COGS % of Revenue | - | 60.26% | 60.1% | 60.94% | 63.26% | 64.87% | 64.67% | 65.39% | 66.37% | 64.36% | 61.48% | 60.93% | 59.62% | 59.87% | 59.47% | 59.7% | 57.69% | 57.03% | 57.97% | 56.75% | 56.49% | 55.16% | 53.05% | 51.96% | 49.67% | 50.29% | 53.27% | 55.82% | 57.61% | 56.39% | 56.35% |
| Gross Profit | 3B | 2.87B | 2.75B | 2.6B | 2.28B | 1.95B | 1.77B | 1.67B | 1.56B | 1.5B | 1.19B | 901.03M | 705.24M | 658.64M | 654.31M | 629.24M | 640.82M | 619.99M | 615.21M | 621.13M | 622.58M | 618.91M | 600.69M | 591.32M | 579.2M | 444.5M | 465.01M | 429.71M | 393.6M | 349.8M | 337.8M |
| Gross Margin % | 38.56% | 39.74% | 39.9% | 39.06% | 36.74% | 35.13% | 35.33% | 34.61% | 33.63% | 34.81% | 37.68% | 39.07% | 40.38% | 40.13% | 40.53% | 40.3% | 42.31% | 42.97% | 42.03% | 43.25% | 43.51% | 44.84% | 47.81% | 48.84% | 46.46% | 43.46% | 46.73% | 44.18% | 42.39% | 43.61% | 43.65% |
| Gross Profit Growth % | - | 4.33% | 5.94% | 14.08% | 16.57% | 10.47% | 5.89% | 7.38% | 3.38% | 26.52% | 32.01% | 27.76% | 7.07% | 0.66% | 3.98% | -1.81% | 3.36% | 0.78% | -0.95% | -0.23% | 0.59% | 3.03% | 1.58% | 2.09% | 30.3% | -4.41% | 8.22% | 9.17% | 12.52% | 3.55% | 7.48% |
| Operating Expenses | 1.98B | 1.92B | 1.83B | 1.76B | 1.64B | 1.52B | 1.46B | 1.49B | 1.5B | 1.4B | 1.06B | 802.89M | 619.27M | 584.99M | 565.62M | 541.71M | 544.5M | 525.49M | 555.73M | 539.25M | 537.91M | 526.78M | 516.34M | 508.05M | 486.02M | 388.48M | 402.81M | 366.48M | 326.3M | 286.5M | 277.2M |
| OpEx % of Revenue | - | 26.59% | 26.56% | 26.51% | 26.4% | 27.24% | 29.07% | 30.87% | 32.38% | 32.46% | 33.53% | 34.81% | 35.46% | 35.64% | 35.04% | 34.7% | 35.95% | 36.42% | 37.97% | 37.55% | 37.59% | 38.17% | 41.09% | 41.96% | 38.99% | 37.99% | 40.48% | 37.68% | 35.14% | 35.72% | 35.82% |
| Selling, General & Admin | 1.98B | 1.92B | 1.83B | 1.76B | 1.64B | 1.52B | 1.46B | 1.49B | 1.5B | 1.4B | 1.06B | 802.89M | 619.27M | 584.99M | 565.62M | 541.71M | 544.5M | 525.49M | 555.73M | 538.81M | 537.37M | 525.9M | 513.23M | 428.46M | 407.14M | 306.11M | 323.22M | 291.91M | 276.2M | 239.9M | 236.5M |
| SG&A % of Revenue | - | 26.59% | 26.56% | 26.51% | 26.4% | 27.24% | 29.07% | 30.87% | 32.38% | 32.46% | 33.53% | 34.81% | 35.46% | 35.64% | 35.04% | 34.7% | 35.95% | 36.42% | 37.97% | 37.52% | 37.55% | 38.1% | 40.85% | 35.39% | 32.66% | 29.93% | 32.48% | 30.01% | 29.75% | 29.91% | 30.56% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 445K | 550K | 880K | 3.12M | 79.59M | 78.87M | 82.38M | 79.58M | 74.57M | 50.1M | 46.6M | 40.7M |
| Operating Income | 1.03B | 950.66M | 920.35M | 834.45M | 641.05M | 439.17M | 313.38M | 180.75M | 57.9M | 101.55M | 131.2M | 98.14M | 85.97M | 73.65M | 88.69M | 87.53M | 96.32M | 94.5M | 59.48M | 81.88M | 84.66M | 92.13M | 84.35M | 83.27M | 93.18M | 56.02M | 62.21M | 63.23M | 67.3M | 63.3M | 60.6M |
| Operating Margin % | 13.17% | 13.15% | 13.34% | 12.54% | 10.34% | 7.89% | 6.26% | 3.74% | 1.25% | 2.35% | 4.16% | 4.26% | 4.92% | 4.49% | 5.49% | 5.61% | 6.36% | 6.55% | 4.06% | 5.7% | 5.92% | 6.68% | 6.71% | 6.88% | 7.47% | 5.48% | 6.25% | 6.5% | 7.25% | 7.89% | 7.83% |
| Operating Income Growth % | - | 3.29% | 10.29% | 30.17% | 45.97% | 40.14% | 73.37% | 212.17% | -42.98% | -22.6% | 33.68% | 14.16% | 16.73% | -16.96% | 1.32% | -9.12% | 1.92% | 58.89% | -27.36% | -3.28% | -8.1% | 9.22% | 1.29% | -10.64% | 66.34% | -9.95% | -1.62% | -6.05% | 6.32% | 4.46% | -1.78% |
| EBITDA | 1.25B | 1.17B | 1.11B | 1.01B | 812.64M | 619.74M | 492.39M | 360.67M | 245.16M | 270.39M | 247.82M | 179.04M | 147.1M | 132.32M | 150.27M | 149.65M | 159.14M | 155.87M | 127.75M | 150.21M | 152.55M | 161.23M | 158.26M | 161.86M | 170.94M | 137.09M | 141.79M | 137.8M | 117.4M | 109.9M | 101.3M |
| EBITDA Margin % | 16.1% | 16.18% | 16.15% | 15.2% | 13.11% | 11.14% | 9.83% | 7.47% | 5.3% | 6.25% | 7.85% | 7.76% | 8.42% | 8.06% | 9.31% | 9.59% | 10.51% | 10.8% | 8.73% | 10.46% | 10.66% | 11.68% | 12.6% | 13.37% | 13.71% | 13.41% | 14.25% | 14.17% | 12.64% | 13.7% | 13.09% |
| EBITDA Growth % | 9.98% | 4.94% | 10.16% | 24.46% | 31.13% | 25.86% | 36.52% | 47.12% | -9.33% | 9.11% | 38.42% | 21.72% | 11.17% | -11.95% | 0.42% | -5.97% | 2.1% | 22.01% | -14.95% | -1.53% | -5.38% | 1.87% | -2.22% | -5.31% | 24.68% | -3.31% | 2.89% | 17.38% | 6.82% | 8.49% | 0.6% |
| D&A (Non-Cash Add-back) | 228.99M | 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 | 61.58M | 62.12M | 62.83M | 61.37M | 68.27M | 68.33M | 67.88M | 69.1M | 73.92M | 78.59M | 77.75M | 81.08M | 79.58M | 74.57M | 50.1M | 46.6M | 40.7M |
| EBIT | 961.23M | 815.6M | 858.5M | 557.48M | 599.88M | 288.6M | 277.77M | 80.22M | 37.22M | 104.88M | 129.04M | 128.04M | 84.89M | 73.65M | 88.69M | 87.53M | 96.32M | 94.5M | 59.48M | 79.88M | 81.45M | 88.03M | 80.53M | 83.27M | 93.18M | 56.97M | 62.21M | 63.23M | 67.3M | 63.3M | 60.6M |
| Net Interest Income | -116.56M | -42.68M | -1.85M | 918K | -24.79M | -33.45M | -36.73M | -45.99M | -50.51M | -41.87M | -36.33M | -28.91M | -29.27M | -29.4M | -35.34M | -35.98M | -35.13M | -37.38M | -39.6M | -47.64M | -50.29M | -49.28M | -43.98M | -41.91M | -49.12M | -44.32M | -52.37M | 0 | -39.9M | 0 | -30.4M |
| Interest Income | 0 | 0 | 0 | 918K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 974K | 0 | 0 | 0 | 0 |
| Interest Expense | 116.56M | 42.68M | 1.85M | 0 | 24.79M | 33.45M | 36.73M | 45.99M | 50.51M | 41.87M | 36.33M | 28.91M | 29.27M | 29.4M | 35.34M | 35.98M | 35.13M | 37.38M | 39.6M | 47.64M | 50.29M | 49.28M | 43.98M | 41.91M | 49.12M | 44.32M | 53.35M | 65.91M | 39.9M | 40.6M | 30.4M |
| Other Income/Expense | -232.77M | -177.74M | -63.7M | -276.97M | -65.96M | -184.02M | -72.34M | -146.53M | -71.19M | -38.54M | -38.49M | 978K | -30.35M | -29.4M | -35.34M | -35.98M | -35.13M | -37.38M | -39.6M | -49.64M | -53.5M | -53.38M | -47.8M | -45.21M | -55.11M | -44.32M | -52.37M | -58.24M | -44M | -39M | -34.8M |
| Pretax Income | 793.2M | 772.92M | 856.65M | 557.48M | 575.09M | 255.15M | 241.04M | 34.23M | -13.29M | 63.01M | 92.71M | 99.12M | 55.62M | 44.24M | 53.35M | 51.55M | 61.19M | 57.12M | 17.48M | 32.24M | 31.16M | 38.75M | 36.55M | 38.06M | 38.07M | 11.7M | 9.84M | 4.99M | 23.3M | 24.3M | 25.8M |
| Pretax Margin % | 10.18% | 10.69% | 12.42% | 8.38% | 9.27% | 4.59% | 4.81% | 0.71% | -0.29% | 1.46% | 2.94% | 4.3% | 3.18% | 2.7% | 3.3% | 3.3% | 4.04% | 3.96% | 1.19% | 2.25% | 2.18% | 2.81% | 2.91% | 3.14% | 3.05% | 1.14% | 0.99% | 0.51% | 2.51% | 3.03% | 3.33% |
| Income Tax | 209.72M | 202.34M | 223.53M | 149.11M | 144.93M | 65.57M | 58.94M | 15.66M | 1.87M | -39.84M | 36.05M | 34.08M | 19.54M | 12.14M | 21.89M | 19.53M | 21.65M | 16.58M | 8.39M | 12.38M | 7.92M | 15.8M | 14.7M | 7.36M | 15.25M | 2.23M | 3.54M | 1.75M | 8.4M | 9M | 9.6M |
| Effective Tax Rate % | 26.44% | 26.18% | 26.09% | 26.75% | 25.2% | 25.7% | 24.45% | 45.77% | -14.07% | -63.23% | 38.88% | 34.38% | 35.13% | 27.44% | 41.03% | 37.88% | 35.38% | 29.03% | 48.01% | 38.41% | 25.41% | 40.77% | 40.22% | 19.33% | 40.05% | 19.03% | 36% | 35% | 36.05% | 37.04% | 37.21% |
| Net Income | 583.49M | 570.58M | 633.13M | 408.38M | 430.16M | 189.58M | 172.49M | 18.56M | -19.93M | 96.53M | 50.15M | 59M | 31.35M | 27.68M | 27.22M | 28.61M | 36.06M | 38.14M | 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 |
| Net Margin % | 7.49% | 7.89% | 9.18% | 6.14% | 6.94% | 3.41% | 3.44% | 0.38% | -0.43% | 2.23% | 1.59% | 2.56% | 1.8% | 1.69% | 1.69% | 1.83% | 2.38% | 2.64% | 0.62% | 1.38% | 1.62% | 1.66% | 1.74% | 2.54% | 1.83% | 0.93% | 0.63% | 0.33% | 1.6% | 1.91% | 2.09% |
| Net Income Growth % | -4.7% | -9.88% | 55.04% | -5.06% | 126.9% | 9.91% | 829.38% | 193.13% | -120.65% | 92.51% | -15.01% | 88.18% | 13.29% | 1.68% | -4.86% | -20.66% | -5.45% | 319.49% | -54.22% | -14.57% | 1.27% | 5.05% | -28.84% | 34.53% | 141% | 50.46% | 94.2% | -78.25% | -2.61% | -5.56% | 54.29% |
| Net Income (Continuing) | 583.49M | 570.58M | 633.13M | 408.38M | 430.16M | 189.58M | 182.1M | 18.56M | -15.16M | 102.85M | 56.66M | 65.04M | 36.08M | 32.1M | 31.46M | 32.02M | 39.54M | 40.54M | 11.48M | 21.86M | 26.46M | 22.95M | 25.66M | 30.7M | 22.82M | 9.47M | 6.29M | 3.24M | 14.9M | 15.3M | 16.2M |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 104.16M | 96.98M | 92.2M | 85.89M | 79.38M | 73.33M | 68.61M | 64.18M | 59.94M | 56.52M | 52.8M | 50.4M | 48.01M | 46M | 42.78M | 38.69M | 34.87M | 63.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.76 | 6.81 | 6.99 | 4.35 | 4.57 | 2.02 | 1.83 | 0.20 | -0.21 | 1.03 | 0.54 | 0.63 | 0.34 | 0.30 | 0.29 | 0.31 | 0.32 | 0.34 | 0.10 | 0.22 | 0.26 | 0.25 | 0.24 | 0.34 | 0.26 | 0.11 | 0.07 | 0.04 | 0.18 | 0.18 | 0.17 |
| EPS Growth % | 21.34% | -2.58% | 60.69% | -4.81% | 126.24% | 10.38% | 815% | 193.9% | -120.68% | 92.16% | -15.32% | 87.83% | 13.09% | 1.36% | -4.85% | -3.13% | -5.34% | 240.4% | -55% | -13.73% | 0.79% | 4.98% | -29.12% | 30.77% | 142.99% | 50.7% | 91.89% | -78.86% | -2.23% | 2.87% | 53.98% |
| EPS (Basic) | - | 7.75 | 7.01 | 4.36 | 4.59 | 2.02 | 1.84 | 0.20 | -0.21 | 1.04 | 0.54 | 0.64 | 0.34 | 0.30 | 0.30 | 0.31 | 0.39 | 0.42 | 0.10 | 0.22 | 0.26 | 0.25 | 0.24 | 0.34 | 0.25 | 0.11 | 0.07 | 0.04 | 0.18 | 0.18 | 0.17 |
| Diluted Shares Outstanding | 66.64M | 83.81M | 90.53M | 93.92M | 94.05M | 94M | 94.27M | 94.17M | 93.5M | 115.97M | 93.49M | 93.28M | 93.07M | 92.86M | 92.66M | 92.44M | 113.01M | 113.22M | 91.6M | 91.41M | 91.2M | 90.83M | 90.63M | 90.43M | 89.21M | 88.21M | 88.22M | 87.08M | 84.95M | 85.09M | 93.92M |
| Basic Shares Outstanding | 66.56M | 73.66M | 90.4M | 93.74M | 93.74M | 93.73M | 93.73M | 93.7M | 93.5M | 93.29M | 93.09M | 92.88M | 92.67M | 92.46M | 92.26M | 71.41M | 91.81M | 91.64M | 91.44M | 66.44M | 91.03M | 90.83M | 66.45M | 66.43M | 89.21M | 87.53M | 87.33M | 85.88M | 83.65M | 84.07M | 92.8M |
| Dividend Payout Ratio | - | 15.19% | 29.32% | 11.48% | 2.18% | 4.94% | 5.43% | 50.48% | - | 9.66% | 18.56% | 15.74% | 29.55% | 33.41% | 33.89% | 32.17% | 25.46% | 24.02% | 100.58% | 45.95% | 39.16% | 39.58% | 41.48% | 29.45% | 38.82% | 92.43% | 138.75% | 263.78% | 56.38% | 54.9% | 57.41% |
Quick answers to the most common questions about buying COKE stock.
For fiscal year 2025, Coca-Cola Consolidated, Inc. (COKE) reported total revenue of $7.23B. This represents a 834.1% increase compared to $773.8M in 1996.
Coca-Cola Consolidated, Inc. (COKE) is profitable, generating $570.6M in net income for the fiscal year ending 2025 with a net profit margin of 7.9%.
Coca-Cola Consolidated, Inc. (COKE) reported an operating income of $950.7M, resulting in an operating profit margin of 13.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Coca-Cola Consolidated, Inc. (COKE) generated $2.87B in gross profit for the year, representing a gross profit margin of 39.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression from commodity costs
Metrics are mathematically derived from official filings.
Promotional Catalysts Drive Growth Acceleration
COKE's revenue growth accelerated sharply to 10.6% in Q2 2026, significantly outpacing the trailing twelve-month trend of 4.8%, suggesting that promotional events like America250™ and the FIFA World Cup are providing a meaningful near-term demand tailwind.
The acceleration from a near-flat growth rate in early 2025 to double-digit growth in the most recent quarter indicates a successful execution of volume-driving initiatives. This suggests the company's distribution network is effectively capturing incremental demand from major events, though investors should monitor whether this growth is sustainable beyond the promotional period or represents a pull-forward of consumption.
Gross Margin Stability Amidst Pricing Power
Despite a high variable cost structure, COKE's gross margin has remained remarkably stable in the 38-40% range over the past ten quarters, indicating effective incidence pricing mechanisms and pricing power that appear to offset commodity volatility.
The consistency of gross margins, even as revenue grew 10.6% in Q2 2026, suggests the company is successfully passing through cost increases or benefiting from a favorable product mix shift toward higher-margin packages. This structural stability is a key differentiator from more volatile consumer staples peers and warrants monitoring for any breakdown in the pricing model.
Operating Leverage Evident in Scalability
Operating income grew 15.3% in Q2 2026, outpacing the 10.6% revenue growth, which implies that the company's fixed-cost base is being leveraged effectively as volume scales across its distribution network.
The expansion of operating margin to 13.2% in the latest quarter, up from 12.0% in Q1 2025, indicates that SG&A expenses are growing at a slower rate than gross profit. This suggests the 'System Transformation' and route density improvements are yielding operational efficiencies, though the sustainability of this leverage depends on maintaining volume growth.
SG&A Discipline Supports Margin Expansion
SG&A expenses as a percentage of revenue have trended downward from 27.3% in Q1 2025 to 24.1% in Q2 2026, demonstrating management's expense discipline and the scalability of its overhead structure as the business grows.
The reduction in SG&A intensity, even as the company invests in promotional events, suggests that corporate overhead is being spread over a larger revenue base. This cost discipline is a critical driver of the recent operating margin expansion and indicates that further improvements may be possible if volume growth continues.
Sustainability of Promotional-Driven Growth
The sharp Q2 2026 growth acceleration to 10.6% appears heavily influenced by one-time promotional events, raising questions about the durability of this trajectory and the potential for a growth deceleration once these catalysts fade.
While the operational execution is commendable, the reliance on major events like America250™ and the FIFA World Cup for volume growth introduces lumpiness and potential for a mean reversion. Investors should scrutinize the underlying organic growth rate excluding these events, as a return to the pre-Q2 2026 trend of 3-7% growth could pressure the stock's valuation if the market has priced in a sustained acceleration.