The Coca-Cola Company Revenue & Financials

The Coca-Cola Company delivered fiscal year 2024 net revenues of approximately $47.1 billion, representing growth of approximately 3 percent on a reported basis from the $45.8 billion recorded in fiscal year 2023. Stripping out the effects of currency headwinds — which reduced reported revenues by approximately $1.8 billion — and structural changes including refranchised bottling operations, organic revenue growth came in at approximately 12 percent for the full year. This organic performance was driven primarily by approximately 9 percentage points of favorable price and mix actions, with volume contributing the remaining 3 percentage points. Operating income for fiscal year 2024 reached approximately $11.3 billion, representing an operating margin of approximately 24 percent — a figure that reflects both the inherent efficiency of the concentrate model and the pricing discipline the company has exercised. Net income attributable to shareowners was approximately $10.7 billion, translating to earnings per share of approximately $2.47 on a reported basis. Comparable earnings per share, which the company uses to communicate underlying performance excluding items management views as non-recurring, came in at approximately $2.85, representing approximately 7 percent growth year-over-year. Free cash flow generation remains a defining financial characteristic. The company generated approximately $11.6 billion in cash from operations in fiscal year 2024, with capital expenditures of approximately $2.1 billion, yielding free cash flow of approximately $9.5 billion. This robust cash generation funded approximately $8.0 billion in dividend payments — reflecting the 62-year streak of annual increases — as well as share repurchases and selective reinvestment in brand and infrastructure. The balance sheet carries approximately $35.5 billion in long-term debt as of year-end 2024, a legacy of historical acquisitions and capital returns. Net debt-to-EBITDA remains manageable at approximately 2.6 times, well within the investment-grade territory that supports Coca-Cola's AA- credit rating from S&P Global and Aa3 from Moody's. These ratings are not incidental — they enable the company to issue debt at rates far below most consumer goods peers, reducing the cost of capital and supporting the economics of acquisitions and share buybacks.