Cash flow conversion remains inconsistent, as evidenced by the OCF/NI ratio fluctuating from a negative 1.56 in 2025Q1 to a positive 1.80 in 2024Q4.
| 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 | 14.63B | 7.41B | 6.8B | 11.6B | 11.02B | 12.63B | 9.84B | 10.47B | 7.63B | 7.11B | 8.8B | 10.53B | 10.62B | 10.54B | 10.64B | 9.47B | 9.53B | 8.19B | 7.57B | 7.15B | 5.96B | 6.42B | 5.97B | 5.46B | 4.74B | 4.11B | 3.58B | 3.88B | 3.43B | 4.03B | 3.46B |
| Operating CF Margin % | - | 15.45% | 14.46% | 25.35% | 25.62% | 32.66% | 29.82% | 28.1% | 22.24% | 19.62% | 21.01% | 23.77% | 23.08% | 22.5% | 22.17% | 20.36% | 27.14% | 26.41% | 23.7% | 24.78% | 24.73% | 27.8% | 27.45% | 25.93% | 24.24% | 23.43% | 18.02% | 20.14% | 18.25% | 21.37% | 18.55% |
| Operating CF Growth % | 640.77% | 8.86% | -41.33% | 5.27% | -12.73% | 28.25% | -5.99% | 37.29% | 7.33% | -19.21% | -16.45% | -0.82% | 0.69% | -0.97% | 12.36% | -0.61% | 16.44% | 8.12% | 5.89% | 20.03% | -7.26% | 7.62% | 9.38% | 15.06% | 15.38% | 14.64% | -7.67% | 13.11% | -14.88% | 16.46% | 11.17% |
| Net Income | 13.7B | 13.11B | 10.63B | 10.71B | 9.57B | 9.8B | 7.77B | 8.98B | 6.48B | 1.18B | 6.55B | 7.37B | 7.12B | 8.63B | 9.09B | 8.63B | 11.86B | 6.91B | 5.81B | 5.98B | 5.08B | 4.87B | 4.85B | 4.35B | 3.05B | 3.97B | 2.18B | 2.43B | 3.53B | 4.13B | 3.49B |
| Depreciation & Amortization | 1.05B | 1.05B | 1.07B | 1.13B | 1.26B | 1.45B | 1.54B | 1.36B | 1.09B | 1.26B | 1.79B | 1.97B | 1.98B | 1.98B | 1.98B | 1.95B | 1.44B | 1.24B | 1.23B | 1.16B | 938M | 932M | 893M | 850M | 806M | 803M | 773M | 792M | 645M | 626M | 479M |
| Stock-Based Compensation | 272M | 279M | 286M | 254M | 356M | 337M | 126M | 201M | 225M | 219M | 258M | 236M | 209M | 227M | 259M | 354M | 380M | 241M | 266M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 627M | 517M | -11M | -2M | -122M | 894M | -18M | -280M | -413M | -1.26B | -856M | 73M | -40M | 648M | 632M | 1.03B | 617M | 353M | -360M | 109M | -35M | -88M | 162M | -188M | 40M | 56M | 3M | 97M | -38M | 380M | -145M |
| Other Non-Cash Items | -51M | -367M | 1.06B | 351M | 558M | -1.19B | -258M | -166M | 1.49B | 2.17B | 1.28B | 1.04B | 1.78B | -4M | -234M | -603M | -5.14B | 14M | 1.32B | 313M | 376M | 277M | 683M | 615M | 1.25B | -256M | 1.48B | 1.12B | -157M | -1.05B | 181M |
| Working Capital Changes | -950M | -7.21B | -6.23B | -846M | -605M | 1.32B | 690M | 366M | -1.24B | 3.53B | -221M | -157M | -439M | -932M | -1.08B | -1.89B | 370M | -564M | -688M | 6M | -615M | 430M | -617M | -168M | -407M | -462M | -852M | -557M | -550M | -47M | 36M |
| Change in Receivables | 0 | 0 | -295M | -2M | -69M | -225M | 882M | -158M | 27M | -141M | -28M | -212M | -253M | 28M | -33M | -562M | -41M | -404M | 148M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | -520M | -597M | -960M | -135M | 99M | -183M | -203M | -355M | -142M | -250M | 35M | -105M | -286M | -447M | 182M | -50M | -165M | -258M | -150M | -79M | -57M | 111M | -49M | -17M | -2M | -163M | -12M | -43M | -33M |
| Change in Payables | 0 | 0 | 1.13B | 841M | 759M | 2.84B | -860M | 1.32B | -251M | -445M | -540M | 1B | -250M | -158M | -556M | -419M | -2.84B | 68M | 141M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 4.08B | -67M | 2.52B | -3.35B | -763M | -2.77B | -1.48B | -3.98B | 5.93B | -2.45B | -999M | -6.19B | -7.51B | -4.21B | -11.4B | -2.52B | -4.41B | -2.02B | -2.36B | -6.72B | -1.7B | -1.5B | -503M | -936M | -1.19B | -1.19B | -1.17B | -3.42B | -2.16B | -500M | -1.05B |
| Capital Expenditures | -2.07B | -2.11B | -2.06B | -1.85B | -1.48B | -1.37B | -1.18B | -2.05B | -1.55B | -1.68B | -2.26B | -2.55B | -2.41B | -2.55B | -2.78B | -2.92B | -2.21B | -1.99B | -1.97B | -1.65B | -1.41B | -899M | -755M | -812M | -851M | -769M | -733M | -1.07B | -863M | -1.09B | -990M |
| CapEx % of Revenue | 4.2% | 4.41% | 4.39% | 4.05% | 3.45% | 3.54% | 3.57% | 5.51% | 4.51% | 4.63% | 5.4% | 5.76% | 5.23% | 5.44% | 5.79% | 6.27% | 6.31% | 6.43% | 6.16% | 5.71% | 5.84% | 3.89% | 3.47% | 3.86% | 4.35% | 4.38% | 3.69% | 5.54% | 4.59% | 5.79% | 5.3% |
| Acquisitions | 2.67B | -461M | 3.17B | 442M | 385M | -2.59B | -863M | -5.11B | 99M | -79M | 197M | -1.93B | -241M | 519M | 654M | 562M | -1.54B | -60M | -759M | -5.65B | -901M | -637M | -267M | -359M | -544M | -651M | -397M | -1.88B | -1.43B | -1.1B | -645M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 409M | 434M | 469M | 405M | -684M | 159M | 311M | 922M | 188M | -87M | -59M | 45M | -45M | -192M | -44M | -969M | 134M | -48M | 125M | 233M | 50M | 60M | 404M | 265M | 121M | 233M | 183M | -134M | -296M | 153M | -94M |
| Cash from Financing | -16.78B | -8.14B | -6.91B | -8.31B | -10.25B | -6.79B | -8.07B | -9B | -10.35B | -7.45B | -6.54B | -5.11B | -3.63B | -3.75B | -3.35B | -2.23B | -3.46B | -2.29B | -3.98B | 973M | -6.58B | -6.79B | -2.26B | -3.6B | -3.33B | -2.83B | -2.07B | -471M | -1.33B | -3.1B | -2.1B |
| Debt Issued (Net) | -1.13B | 13M | 2.53B | 1.86B | -958M | 228M | -1.86B | -1.84B | -3B | 1.05B | 1.67B | 2.7B | 4.71B | 4.71B | 4.22B | 4.96B | 1.85B | 2.36B | 29M | 4.34B | -1.4B | -2.28B | 1.71B | -93M | -756M | -926M | -585M | 956M | 1.41B | -596M | 542M |
| Equity Issued (Net) | -544M | -433M | -1.05B | -1.75B | -581M | 591M | 529M | -91M | -436M | -2.09B | -2.25B | -2.32B | -2.63B | -3.5B | -3.07B | -2.94B | -1.29B | -854M | -493M | -219M | -2.27B | -1.82B | -1.55B | -1.34B | -584M | -113M | 198M | 153M | -1.26B | -1.11B | -1.4B |
| Dividends Paid | -10.97B | -8.78B | -8.36B | -7.95B | -7.62B | -7.25B | -7.05B | -6.84B | -6.64B | -6.32B | -6.04B | -5.74B | -5.35B | -4.97B | -4.59B | -4.3B | -4.07B | -3.8B | -3.52B | -3.15B | -2.91B | -2.68B | -2.43B | -2.17B | -1.99B | -1.79B | -1.69B | -1.58B | -1.48B | -1.39B | -1.25B |
| Share Repurchases | -853M | -746M | -1.79B | -2.29B | -1.42B | -111M | -118M | -1.1B | -1.91B | -3.68B | -3.68B | -3.56B | -4.16B | -4.83B | -4.56B | -4.51B | -2.96B | -1.52B | -1.08B | -1.84B | -2.42B | -2.06B | -1.74B | -1.44B | -691M | -277M | -133M | -15M | -1.56B | -1.26B | -1.52B |
| Other Financing | -4.13B | 1.06B | -31M | -465M | -1.09B | -353M | 310M | -227M | -272M | -95M | 79M | 251M | -363M | 17M | 100M | 45M | 50M | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 2.07B | -478M | 1.8B | -133M | -200M | 2.92B | 373M | -2.58B | 2.94B | -2.55B | 1.25B | -1.65B | -1.46B | 1.97B | -4.36B | 4.29B | 1.5B | 4.45B | 608M | 1.65B | -2.26B | -2.01B | 3.35B | 1.1B | 260M | 47M | 208M | -37M | -89M | 304M | 266M |
| Free Cash Flow | 12.56B | 5.3B | 4.74B | 9.75B | 9.53B | 11.26B | 8.67B | 8.42B | 6.08B | 5.43B | 6.53B | 7.97B | 8.21B | 7.99B | 7.87B | 6.55B | 7.32B | 6.19B | 5.6B | 5.5B | 4.55B | 5.52B | 5.21B | 4.64B | 3.89B | 3.34B | 2.85B | 2.81B | 2.57B | 2.94B | 2.47B |
| FCF Margin % | 25.49% | 11.05% | 10.07% | 21.3% | 22.17% | 29.12% | 26.25% | 22.59% | 17.72% | 15% | 15.61% | 18% | 17.85% | 17.06% | 16.38% | 14.08% | 20.83% | 19.98% | 17.54% | 19.07% | 18.89% | 23.91% | 23.98% | 22.07% | 19.89% | 19.04% | 14.34% | 14.59% | 13.66% | 15.58% | 13.24% |
| FCF Growth % | 1453.66% | 11.71% | -51.36% | 2.23% | -15.31% | 29.89% | 2.97% | 38.46% | 11.93% | -16.88% | -18.07% | -2.85% | 2.72% | 1.61% | 20% | -10.43% | 18.15% | 10.53% | 1.84% | 20.92% | -17.63% | 5.97% | 12.25% | 19.35% | 16.46% | 17.15% | 1.35% | 9.49% | -12.58% | 18.88% | 13.54% |
| FCF per Share | 2.91 | 1.23 | 1.10 | 2.25 | 2.19 | 2.59 | 2.00 | 1.95 | 1.41 | 1.26 | 1.50 | 1.81 | 1.84 | 1.77 | 1.72 | 1.41 | 1.57 | 1.33 | 1.20 | 1.18 | 0.97 | 1.15 | 1.07 | 0.94 | 0.78 | 0.67 | 0.57 | 0.57 | 0.51 | 0.58 | 0.49 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.57x | 0.64x | 1.08x | 1.15x | 1.29x | 1.27x | 1.17x | 1.19x | 5.69x | 1.35x | 1.43x | 1.50x | 1.23x | 1.18x | 1.10x | 0.81x | 1.20x | 1.30x | 1.20x | 1.17x | 1.32x | 1.23x | 1.26x | 1.55x | 1.04x | 1.65x | 1.60x | 0.97x | 0.98x | 0.99x |
| 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 | 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 |
Working Capital Volatility
As reported in recent financial filings, the relationship between net income and operating cash flow has been highly inconsistent, with the OCF/NI ratio fluctuating from a negative 1.56 in 2025Q1 to a robust 1.80 in 2024Q4, indicating significant periodic disconnects between accounting profits and actual cash generation.
The wide variance in the OCF/NI ratio suggests that reported net income is frequently decoupled from cash inflows due to timing differences in the bottling network and working capital swings. Investors should monitor whether these fluctuations represent structural shifts in cash conversion or merely temporary timing mismatches inherent in the concentrate-bottler model.
Based on the provided cash flow data, free cash flow trajectory remains erratic, evidenced by a sharp swing from a negative $5.5 billion in 2025Q1 to a positive $4.6 billion in 2025Q3, reflecting the company's susceptibility to large, non-recurring working capital and investment outflows.
While the company demonstrates the capacity to generate substantial free cash flow during peak periods, the lack of a smooth upward trend warrants caution. The volatility in FCF margins suggests that the business model, while asset-light, remains sensitive to the timing of large-scale operational and investment cycles.
According to the quarterly cash flow statements, working capital changes have been a primary driver of cash flow instability, with a massive $8.5 billion outflow in 2025Q1 followed by a $1.2 billion inflow in 2025Q3, highlighting the significant impact of inventory and receivable management on liquidity.
These dramatic shifts in working capital suggest that the company's cash position is heavily influenced by the inventory management practices of its bottling partners. Analysts should investigate whether these swings are indicative of underlying demand fluctuations or strategic inventory builds that may impact future cash flow predictability.
As evidenced by the company's financial statements, capital deployment remains heavily weighted toward dividends, which reached $4.4 billion in 2025Q4, consistently outpacing share repurchases and suggesting a management focus on maintaining a long-term dividend growth streak despite the inherent volatility in quarterly cash flow generation.
The commitment to dividend payments appears to be a cornerstone of the company's capital allocation strategy, even during periods of negative free cash flow. This prioritization may limit the flexibility to pursue aggressive acquisitions or debt reduction during periods of operational stress, warranting close observation of the dividend coverage ratio.
Quick answers to the most common questions about buying KO stock.
The Coca-Cola Company (KO) generated $7.41B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Coca-Cola Company (KO) generated $5.30B 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.
The Coca-Cola Company (KO) spent $2.11B 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, The Coca-Cola Company (KO) returned $8.78B to shareholders via cash dividends and spent $746.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.