Revenue growth reached 12.1% in 2026Q1, supported by a robust 63.0% gross margin that highlights the company's structural pricing power.
| 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 | 49.28B | 47.94B | 47.06B | 45.75B | 43B | 38.66B | 33.01B | 37.27B | 34.3B | 36.21B | 41.86B | 44.29B | 46B | 46.85B | 48.02B | 46.54B | 35.12B | 30.99B | 31.94B | 28.86B | 24.09B | 23.1B | 21.74B | 21.04B | 19.56B | 17.55B | 19.89B | 19.28B | 18.81B | 18.87B | 18.67B |
| Revenue Growth % | 5.11% | 1.87% | 2.86% | 6.39% | 11.25% | 17.09% | -11.41% | 8.65% | -5.28% | -13.5% | -5.49% | -3.7% | -1.83% | -2.42% | 3.17% | 32.53% | 13.32% | -2.99% | 10.7% | 19.8% | 4.26% | 6.26% | 3.32% | 7.56% | 11.51% | -11.79% | 3.14% | 2.5% | -0.29% | 1.04% | 3.01% |
| Cost of Goods Sold | 18.85B | 18.4B | 18.32B | 18.52B | 18B | 15.36B | 13.43B | 14.62B | 13.07B | 13.72B | 16.46B | 17.48B | 17.89B | 18.42B | 19.05B | 18.21B | 12.69B | 11.09B | 11.37B | 10.41B | 8.16B | 8.2B | 7.67B | 7.76B | 7.11B | 6.04B | 6.2B | 6.01B | 4.99B | 5.39B | 6.11B |
| COGS % of Revenue | - | 38.37% | 38.94% | 40.48% | 41.86% | 39.73% | 40.69% | 39.23% | 38.1% | 37.89% | 39.33% | 39.47% | 38.89% | 39.32% | 39.68% | 39.14% | 36.14% | 35.78% | 35.61% | 36.06% | 33.89% | 35.47% | 35.3% | 36.88% | 36.32% | 34.45% | 31.19% | 31.16% | 26.52% | 28.56% | 32.69% |
| Gross Profit | 30.43B | 29.54B | 28.74B | 27.23B | 25B | 23.3B | 19.58B | 22.65B | 21.23B | 22.49B | 25.4B | 26.81B | 28.11B | 28.43B | 28.96B | 28.33B | 22.43B | 19.9B | 20.57B | 18.45B | 15.92B | 14.91B | 14.07B | 13.28B | 12.46B | 11.5B | 13.69B | 13.28B | 13.82B | 13.48B | 12.57B |
| Gross Margin % | 61.74% | 61.63% | 61.06% | 59.52% | 58.14% | 60.27% | 59.31% | 60.77% | 61.9% | 62.11% | 60.67% | 60.53% | 61.11% | 60.68% | 60.32% | 60.86% | 63.86% | 64.22% | 64.39% | 63.94% | 66.11% | 64.53% | 64.7% | 63.12% | 63.68% | 65.55% | 68.81% | 68.84% | 73.48% | 71.44% | 67.31% |
| Gross Profit Growth % | - | 2.81% | 5.52% | 8.92% | 7.32% | 18.98% | -13.54% | 6.66% | -5.59% | -11.45% | -5.27% | -4.61% | -1.14% | -1.83% | 2.25% | 26.31% | 12.68% | -3.25% | 11.48% | 15.87% | 6.81% | 5.98% | 5.92% | 6.61% | 8.33% | -15.96% | 3.09% | -3.96% | 2.55% | 7.25% | 6.97% |
| Operating Expenses | 15.95B | 15.78B | 18.75B | 15.92B | 14.1B | 12.99B | 10.58B | 12.56B | 12.08B | 14.74B | 16.74B | 18.08B | 18.4B | 18.2B | 18.18B | 18.15B | 14.01B | 11.67B | 12.12B | 11.2B | 9.62B | 8.82B | 8.37B | 8.06B | 7B | 6.15B | 9.99B | 9.29B | 8.86B | 8.48B | 8.65B |
| OpEx % of Revenue | - | 32.92% | 39.83% | 34.8% | 32.78% | 33.61% | 32.06% | 33.71% | 35.22% | 40.69% | 39.99% | 40.83% | 40% | 38.85% | 37.87% | 39.01% | 39.9% | 37.66% | 37.95% | 38.81% | 39.92% | 38.19% | 38.5% | 38.31% | 35.79% | 35.05% | 50.25% | 48.19% | 47.07% | 44.93% | 46.34% |
| Selling, General & Admin | 14.76B | 14.52B | 14.44B | 13.99B | 12.66B | 11.87B | 9.56B | 12.01B | 11.01B | 12.9B | 15.4B | 16.43B | 17.22B | 9.91B | 12.51B | 12.11B | 7.2B | 11.36B | 11.77B | 10.95B | 9.62B | 8.82B | 8.37B | 8.06B | 7B | 6.15B | 9.99B | 9.29B | 8.21B | 7.85B | 8.02B |
| SG&A % of Revenue | - | 30.29% | 30.69% | 30.57% | 29.45% | 30.69% | 28.97% | 32.21% | 32.11% | 35.63% | 36.79% | 37.09% | 37.43% | 21.16% | 26.04% | 26.02% | 20.5% | 36.65% | 36.86% | 37.93% | 39.92% | 38.19% | 38.5% | 38.31% | 35.79% | 35.05% | 50.25% | 48.19% | 43.65% | 41.62% | 42.95% |
| 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 | 3M | 1.26B | 4.3B | 1.94B | 1.43B | 1.13B | 1.02B | 556M | 1.07B | 1.83B | 1.34B | 1.66B | 1.18B | 8.29B | 5.68B | 6.04B | 6.81B | 313M | 350M | 254M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 645M | 626M | 633M |
| Operating Income | 14.46B | 13.76B | 9.99B | 11.31B | 10.91B | 10.31B | 9B | 10.09B | 9.15B | 7.75B | 8.66B | 8.73B | 9.71B | 10.23B | 10.78B | 10.17B | 8.41B | 8.23B | 8.45B | 7.25B | 6.31B | 6.08B | 5.7B | 5.22B | 5.46B | 5.35B | 3.69B | 3.98B | 4.97B | 5B | 3.92B |
| Operating Margin % | 29.34% | 28.71% | 21.23% | 24.72% | 25.37% | 26.67% | 27.25% | 27.06% | 26.68% | 21.42% | 20.68% | 19.7% | 21.11% | 21.83% | 22.45% | 21.86% | 23.96% | 26.56% | 26.44% | 25.13% | 26.19% | 26.34% | 26.21% | 24.81% | 27.9% | 30.5% | 18.56% | 20.65% | 26.4% | 26.51% | 20.97% |
| Operating Income Growth % | - | 37.73% | -11.66% | 3.69% | 5.83% | 14.57% | -10.8% | 10.21% | 18.01% | -10.42% | -0.81% | -10.09% | -5.08% | -5.11% | 5.96% | 20.92% | 2.21% | -2.55% | 16.46% | 14.97% | 3.66% | 6.79% | 9.14% | -4.34% | 1.98% | 45% | -7.31% | -19.83% | -0.68% | 27.74% | -2.76% |
| EBITDA | 15.51B | 14.81B | 11.07B | 12.44B | 12.17B | 11.76B | 10.53B | 11.45B | 10.24B | 9.02B | 10.44B | 10.7B | 11.68B | 12.21B | 12.76B | 12.13B | 9.86B | 9.47B | 9.67B | 8.41B | 7.25B | 7.02B | 6.59B | 6.07B | 6.26B | 6.16B | 4.46B | 4.77B | 5.61B | 5.63B | 4.39B |
| EBITDA Margin % | 31.47% | 30.9% | 23.52% | 27.19% | 28.3% | 30.42% | 31.9% | 30.73% | 29.85% | 24.9% | 24.95% | 24.15% | 25.4% | 26.05% | 26.58% | 26.06% | 28.06% | 30.55% | 30.28% | 29.16% | 30.08% | 30.37% | 30.31% | 28.85% | 32.02% | 35.08% | 22.44% | 24.76% | 29.83% | 29.82% | 23.53% |
| EBITDA Growth % | 23.19% | 33.84% | -11.03% | 2.22% | 3.48% | 11.65% | -8.02% | 11.85% | 13.57% | -13.68% | -2.37% | -8.44% | -4.27% | -4.36% | 5.23% | 23.04% | 4.11% | -2.14% | 14.96% | 16.13% | 3.26% | 6.46% | 8.57% | -3.08% | 1.77% | 37.88% | -6.49% | -14.93% | -0.27% | 28.06% | -1.92% |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 17.57B | 17.65B | 14.74B | 14.48B | 12.57B | 14.02B | 11.19B | 11.73B | 9.18B | 7.74B | 8.87B | 10.46B | 9.81B | 11.94B | 12.21B | 11.88B | 14.94B | 9.3B | 7.94B | 8.33B | 6.31B | 6.08B | 5.7B | 5.22B | 5.46B | 5.35B | 3.69B | 3.98B | 4.97B | 5B | 3.92B |
| Net Interest Income | -814M | -868M | -668M | -620M | -433M | -1.32B | -1.07B | -383M | -261M | -174M | -91M | -243M | 111M | 71M | 74M | 66M | -416M | -106M | -105M | -220M | 0 | 0 | -39M | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 828M | 786M | 988M | 907M | 449M | 276M | 370M | 563M | 689M | 679M | 642M | 613M | 594M | 534M | 471M | 483M | 317M | 249M | 333M | 236M | 0 | 0 | 157M | 176M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.64B | 1.65B | 1.66B | 1.53B | 882M | 1.6B | 1.44B | 946M | 950M | 853M | 733M | 856M | 483M | 463M | 397M | 417M | 733M | 355M | 438M | 456M | 0 | 0 | 196M | 178M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.09B | 2.24B | 3.09B | 1.64B | 777M | 2.12B | 752M | 700M | -927M | -865M | -521M | 877M | -383M | 1.25B | 1.03B | 1.28B | 5.79B | 715M | -940M | 621M | 270M | 605M | 524M | 274M | 41M | 318M | -292M | -163M | 231M | 1.05B | 681M |
| Pretax Income | 16.55B | 16B | 13.09B | 12.95B | 11.69B | 12.43B | 9.75B | 10.79B | 8.22B | 6.89B | 8.14B | 9.61B | 9.32B | 11.48B | 11.81B | 11.46B | 14.21B | 8.95B | 7.51B | 7.87B | 6.58B | 6.69B | 6.22B | 5.5B | 5.5B | 5.67B | 3.4B | 3.82B | 5.2B | 6.05B | 4.6B |
| Pretax Margin % | 33.58% | 33.37% | 27.81% | 28.31% | 27.17% | 32.14% | 29.53% | 28.94% | 23.98% | 19.03% | 19.43% | 21.68% | 20.27% | 24.5% | 24.59% | 24.62% | 40.45% | 28.87% | 23.5% | 27.28% | 27.31% | 28.96% | 28.62% | 26.11% | 28.11% | 32.32% | 17.09% | 19.8% | 27.63% | 32.09% | 24.61% |
| Income Tax | 2.83B | 2.86B | 2.44B | 2.25B | 2.12B | 2.62B | 1.98B | 1.8B | 1.75B | 5.61B | 1.59B | 2.24B | 2.2B | 2.85B | 2.72B | 2.81B | 2.37B | 2.04B | 1.63B | 1.89B | 1.5B | 1.82B | 1.38B | 1.15B | 1.52B | 1.69B | 1.22B | 1.39B | 1.67B | 1.93B | 1.1B |
| Effective Tax Rate % | 17.07% | 17.88% | 18.62% | 17.36% | 18.1% | 21.09% | 20.32% | 16.7% | 21.26% | 81.38% | 19.49% | 23.31% | 23.6% | 24.84% | 23.06% | 24.54% | 16.68% | 22.8% | 21.74% | 24.03% | 22.77% | 27.17% | 22.1% | 20.89% | 27.7% | 29.82% | 35.95% | 36.34% | 32.03% | 31.81% | 24.02% |
| Net Income | 13.7B | 13.11B | 10.63B | 10.71B | 9.54B | 9.77B | 7.75B | 8.92B | 6.43B | 1.25B | 6.53B | 7.35B | 7.1B | 8.58B | 9.02B | 8.58B | 11.79B | 6.82B | 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 |
| Net Margin % | 27.8% | 27.34% | 22.59% | 23.42% | 22.19% | 25.28% | 23.47% | 23.94% | 18.76% | 3.45% | 15.59% | 16.6% | 15.43% | 18.32% | 18.78% | 18.44% | 33.56% | 22.02% | 18.18% | 20.73% | 21.09% | 21.09% | 22.29% | 20.66% | 15.59% | 22.62% | 10.95% | 12.61% | 18.78% | 21.88% | 18.7% |
| Net Income Growth % | 27.05% | 23.29% | -0.77% | 12.28% | -2.34% | 26.13% | -13.15% | 38.64% | 415.54% | -80.88% | -11.21% | 3.56% | -17.31% | -4.82% | 5.07% | -27.17% | 72.73% | 17.51% | -2.91% | 17.74% | 4.27% | 0.52% | 11.5% | 42.52% | -23.15% | 82.32% | -10.45% | -31.19% | -14.43% | 18.24% | 16.95% |
| Net Income (Continuing) | 13.73B | 13.14B | 10.65B | 10.7B | 9.57B | 9.8B | 7.77B | 8.98B | 6.48B | 1.28B | 6.55B | 7.37B | 7.12B | 8.63B | 9.09B | 8.65B | 11.84B | 6.91B | 5.87B | 5.98B | 5.08B | 4.87B | 4.85B | 4.35B | 3.98B | 3.98B | 2.18B | 2.43B | 3.53B | 4.13B | 3.49B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 101M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.1B | 2.11B | 1.52B | 1.54B | 1.72B | 1.86B | 1.99B | 2.12B | 2.08B | 1.91B | 158M | 210M | 241M | 267M | 378M | 286M | 314M | 547M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.18 | 3.04 | 2.46 | 2.47 | 2.19 | 2.25 | 1.79 | 2.07 | 1.50 | 0.29 | 1.49 | 1.67 | 1.60 | 1.90 | 1.97 | 1.85 | 2.53 | 1.47 | 1.25 | 1.29 | 1.08 | 1.02 | 1.00 | 0.89 | 0.62 | 0.80 | 0.44 | 0.49 | 0.71 | 0.82 | 0.69 |
| EPS Growth % | 27.2% | 23.58% | -0.4% | 12.79% | -2.67% | 25.7% | -13.53% | 38% | 417.24% | -80.54% | -10.78% | 4.38% | -15.79% | -3.55% | 6.49% | -26.88% | 72.11% | 17.6% | -3.1% | 19.44% | 5.88% | 2% | 12.36% | 43.55% | -22.5% | 81.82% | -10.2% | -30.99% | -13.41% | 18.84% | 16.95% |
| EPS (Basic) | - | 3.05 | 2.47 | 2.48 | 2.20 | 2.26 | 1.80 | 2.09 | 1.51 | 0.29 | 1.51 | 1.69 | 1.62 | 1.94 | 2.00 | 1.89 | 2.56 | 1.48 | 1.25 | 1.30 | 1.08 | 1.02 | 1.00 | 0.89 | 0.62 | 0.80 | 0.44 | 0.49 | 0.72 | 0.84 | 0.70 |
| Diluted Shares Outstanding | 4.31B | 4.31B | 4.32B | 4.34B | 4.35B | 4.34B | 4.32B | 4.31B | 4.3B | 4.32B | 4.37B | 4.41B | 4.45B | 4.51B | 4.58B | 4.65B | 4.67B | 4.66B | 4.67B | 4.66B | 4.7B | 4.79B | 4.86B | 4.92B | 4.97B | 4.97B | 4.97B | 4.97B | 4.99B | 5.03B | 5.05B |
| Basic Shares Outstanding | 4.3B | 4.3B | 4.31B | 4.32B | 4.33B | 4.32B | 4.29B | 4.28B | 4.26B | 4.27B | 4.32B | 4.35B | 4.39B | 4.43B | 4.5B | 4.53B | 4.62B | 4.63B | 4.63B | 4.63B | 4.7B | 4.78B | 4.85B | 4.92B | 4.96B | 4.97B | 4.95B | 4.94B | 4.93B | 4.95B | 4.99B |
| Dividend Payout Ratio | - | 66.98% | 78.63% | 74.22% | 79.82% | 74.22% | 90.96% | 76.74% | 103.26% | 506.41% | 92.58% | 78.1% | 75.37% | 57.89% | 50.95% | 50.09% | 34.51% | 55.69% | 60.63% | 52.65% | 57.3% | 54.97% | 50.11% | 49.83% | 65.15% | 45.12% | 77.4% | 64.99% | 41.89% | 33.59% | 35.71% |
Consumer Elasticity and FX
According to recent quarterly filings, The Coca-Cola Company experienced a notable revenue expansion to $12.5 billion in 2026Q1, representing a 12.1% year-over-year increase, though this follows a period of inconsistent growth patterns that suggest the company is navigating a complex global demand environment for its beverage portfolio.
The recent acceleration in top-line performance appears to be driven by successful price-mix strategies rather than pure volume expansion. Investors should monitor whether this growth trajectory remains sustainable as the company faces potential consumer pushback against sustained price increases in key international markets.
As reported in financial statements, the company achieved a gross margin of 63.0% in 2026Q1, reflecting the inherent pricing power of the concentrate-based business model and a successful mitigation of inflationary pressures that have historically constrained the margins of less asset-light beverage industry competitors.
The ability to maintain gross margins above 60% consistently suggests that the company retains significant leverage over its distribution network. This structural advantage appears to insulate the bottom line from raw material volatility, provided that the brand equity remains sufficient to support premium pricing.
Based on the provided income statement data, operating margins reached 35.0% in 2026Q1, indicating that the company is effectively managing its SG&A expenses relative to gross profit growth, thereby demonstrating strong operating leverage as the business scales its global operations across diverse geographic and product segments.
The sharp improvement in operating margins compared to the 2024-2025 period suggests that recent cost-rationalization efforts are yielding tangible results. This trend warrants further investigation to determine if the current SG&A efficiency is a permanent structural shift or a temporary reduction in marketing spend.
As indicated by the 2026Q1 net income of $3.9 billion, the company's earnings quality appears robust, with stock-based compensation remaining a relatively small fraction of total expenses, which suggests that shareholder dilution is being managed effectively while maintaining strong bottom-line profitability for the current fiscal period.
The alignment between operating income and net income suggests that non-operating items are not currently masking underlying operational performance. However, investors should remain cautious regarding the impact of foreign exchange fluctuations on reported earnings, as the company's global footprint remains a significant source of potential volatility.
While current margins appear strong, historical data from 2024Q4 shows operating margins dipped to 15.6%, highlighting the potential for significant volatility in profitability when the company faces sudden shifts in channel mix or increased investment requirements that may temporarily overwhelm the benefits of its asset-light model.
Short-term fluctuations in operating income suggest that the company is not entirely immune to operational headwinds, particularly in the 'away-from-home' channel. The reliance on price-led growth may eventually reach a ceiling, potentially forcing a trade-off between volume retention and the maintenance of current high-margin levels.
Quick answers to the most common questions about buying KO stock.
For fiscal year 2025, The Coca-Cola Company (KO) reported total revenue of $47.94B. This represents a 156.7% increase compared to $18.67B in 1996.
The Coca-Cola Company (KO) is profitable, generating $13.11B in net income for the fiscal year ending 2025 with a net profit margin of 27.3%.
The Coca-Cola Company (KO) reported an operating income of $13.76B, resulting in an operating profit margin of 28.7%. This margin reflects the operational efficiency of the business before interest and taxes.
The Coca-Cola Company (KO) generated $29.54B in gross profit for the year, representing a gross profit margin of 61.6%. This demonstrates the company's core pricing power and production efficiency.