The Coca-Cola Company (KO) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 6.7% in Q2 2026, with gross margin expanding to 62.9% and operating margin surging to 34.9%, reflecting strong pricing power and operating leverage despite volume stagnation.

Annual statement

KO Income Statement

The Coca-Cola Company (KO) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	50.13B	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 %	6.52%	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	19.11B	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	31.02B	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 %	61.89%	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	16.15B	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	15.03B	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	14.85B	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 %	29.63%	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	15.89B	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 %	31.69%	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 %	11.51%	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)	1.03B	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	18.8B	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	-728M	-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	838M	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	1.57B	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	2.38B	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	17.23B	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 %	34.37%	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 %	16.41%	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	14.32B	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 %	28.56%	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 %	17.51%	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)	14.4B	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	2.17B	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)	3.32	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 %	18.09%	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%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetAdequate

Cash FlowRobust

Top Statement Risk

Volume stagnation amid price-led growth

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Accelerating Revenue Momentum

Revenue growth accelerated to 6.7% in Q2 2026 from 1.4% a year earlier, according to recent SEC filings, driven by pricing and mix rather than volume expansion.

The sequential acceleration from 1.4% in Q2 2025 to 6.7% in Q2 2026 suggests improving pricing power and favorable mix shifts, likely from premiumization and away-from-home recovery. However, with unit case volume likely flat or negative, the durability of this growth depends on continued consumer acceptance of higher prices, which may face limits in a value-conscious environment.

Gross Margin Resilience Amid Inflation

Gross margin expanded to 62.9% in Q2 2026 from 62.4% a year earlier, as reported in financial statements, indicating sustained pricing power despite input cost pressures.

The 50 basis point year-over-year expansion in gross margin, despite commodity inflation, underscores KO's ability to pass through costs without volume collapse. This is consistent with the asset-light concentrate model, which structurally supports margins above peers like PepsiCo (54.1%). However, the sustainability of this margin depends on the trajectory of input costs and the mix shift toward lower-margin ready-to-drink products.

Operating Leverage Driving Margin Expansion

Operating margin surged to 34.9% in Q2 2026 from 34.1% a year earlier, based on reported figures, as SG&A grew slower than gross profit, indicating strong operating leverage.

SG&A increased only 5.7% year-over-year in Q2 2026, while gross profit grew 7.7%, allowing operating income to outpace revenue growth. This suggests disciplined overhead management and scale benefits. However, the unusually low operating margin in Q4 2025 (15.6%) highlights seasonality and potential one-time charges, warranting caution in extrapolating quarterly leverage trends.

High-Quality Earnings with Tax Tailwind

Net income jumped 17% year-over-year in Q2 2026 to $4.4B, per the income statement, with EPS growth of 17% and minimal stock-based compensation dilution.

The EPS growth of 17% in Q2 2026 aligns closely with net income growth, and SBC of $61M is negligible relative to net income, indicating high earnings quality. However, the effective tax rate appears to have declined, as net margin expanded to 33.1% from 30.4% a year earlier, which may not be sustainable if tax rates normalize. Investors should monitor the sustainability of the tax benefit.

SG&A Discipline Offsets COGS Pressures

COGS rose 6.4% year-over-year in Q2 2026, while SG&A rose only 5.7%, as per the income statement, reflecting cost discipline that supported margin expansion.

The slower growth in SG&A relative to COGS suggests management is effectively controlling overhead while absorbing input cost inflation. This is critical for maintaining operating leverage. However, the spike in SG&A in Q4 2025 (to $4.2B) indicates that quarterly expenses can be volatile, possibly due to marketing investments or one-time items, which could pressure margins in future quarters.

Volume Stagnation Threatens Growth Narrative

Despite revenue growth of 6.7% in Q2 2026, unit case volume likely remained flat or declined, as per industry data, suggesting growth is entirely price-led and potentially unsustainable.

If volume is not growing, the company is relying on pricing and mix to drive revenue, which may face consumer resistance over time, especially in a price-sensitive environment. Additionally, the elevated leverage (Debt/Equity of 1.33) and rising interest rates could increase interest expense, tempering net margin expansion. Short-sellers might argue that the current earnings beat is a peak, with volume declines and higher financing costs ahead.

KO — Frequently Asked Questions

Quick answers to the most common questions about buying KO stock.

What was The Coca-Cola Company's (KO) revenue in 2025?

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.

Is The Coca-Cola Company (KO) profitable?

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%.

What is The Coca-Cola Company's operating profit margin?

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.

What is The Coca-Cola Company's gross profit and gross margin?

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.