The Coca-Cola Company
CorpDigest
The Coca-Cola Company
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$47.9B
Market Cap
$303.1B
Net Income
$13.1B
Employees
79,000
The most interesting number in Coca-Cola's financials isn't the $47.9 billion in FY2025 revenue. It's the gap between revenue and market cap. The company generates less top-line revenue than PepsiCo ($91B+), less than Nestlé, less than dozens of companies you'd never associate with premium valuations. The problem is, yet the market prices Coca-Cola at $303 billion — roughly 6.3x revenue — because of what sits beneath that top line. Net income of $13.1 billion on $47.9 billion in revenue means a 27.3% net margin. For a company selling a product that retails for $1-2 per serving, that's extraordinary. It's possible because Coca-Cola doesn't actually make the product consumers buy. It makes the concentrate, spends on marketing, and lets bottlers absorb the manufacturing and logistics costs. Operating cash flow exceeds $10 billion annually, funding both a dividend that's been raised for 62 consecutive years and steady share repurchases. The revenue trajectory tells a recovery story: $33 billion in pandemic-hit 2020, then $38.7B, $43B, $45.8B, $47.1B, and $47.9B in successive years. That's a 45% recovery in five years, driven almost entirely by pricing and mix rather than volume. Coca-Cola is selling roughly the same number of cases but charging more per case through package-size improvement and channel management. One financial quirk the 2025 10-K reported approximately 65,900 employees, down from 69,700 in 2024, due to divestiture activity. The company keeps getting smaller in headcount while revenue grows. That's the asset-light model working as designed.
Revenue Trend Analysis
YoY Change
+1.9%
8-Year CAGR
+3.6%
Peak Year
2025
Trend
Consistent Growth
The Coca-Cola Company has reported revenue across 9 fiscal years, compounding at +3.6% annually over 8 years. The most recent year saw a 1.9% increase versus the prior year. Revenue peaked in 2025 at $47.9B. Out of 8 reported periods, 6 showed growth and 2 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $47.9B | $13.1B | +1.9% |
| FY2024 | $47.1B | — | +2.9% |
| FY2023 | $45.8B | — | +6.4% |
| FY2022 | $43.0B | — | +11.3% |
| FY2021 | $38.7B | — | +17.1% |
| FY2020 | $33.0B | — | -11.4% |
| FY2019 | $37.3B | — | +8.6% |
| FY2018 | $34.3B | — | -5.3% |
| FY2017 | $36.2B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Coca-Cola Company's $13.1 billion 2024 net income on $47.9 billion revenue represents 27.4% net margin, exceptional consumer products performance reflecting concentrate-based business model with very high gross margins (60%+) supporting strong operating profitability. Operating margins of approximately 30% reflect Coca-Cola's distinctive concentrate-based business model versus bottling and distribution that operates at much lower margins. The profitability supports substantial capital returns through dividends ($1.98 annual representing 2.8% yield with 63 consecutive years of dividend increases — longest in S&P 500), share buybacks during favorable conditions, and continued operational investment. Free cash flow generation of $9-10 billion annually supports continued shareholder returns plus strategic investments including major acquisitions. Long-term profitability depends on continued portfolio adaptation to changing consumer preferences while maintaining strong brand positions across markets.
Coca-Cola Company maintains 63 consecutive years of dividend increases (longest in S&P 500) demonstrating extraordinary financial discipline through multiple economic cycles, industry transformations, and various challenges. The dividend track record supports premium valuation reflecting income reliability that few companies can match. Dividend coverage of approximately 70% of earnings provides reasonable cushion for cyclical pressures while supporting continued growth, with operating cash flow generation of $11+ billion annually supporting sustainable dividend payments. Strategic priority of dividend continuity reflects company's mature business model with limited reinvestment opportunities generating excess cash for shareholder returns. Berkshire Hathaway's substantial Coca-Cola holding (Warren Buffett's largest position for many years) demonstrates institutional confidence in dividend reliability. Future dividend growth likely continues current trajectory supported by continued operational performance through changing industry dynamics.
Coca-Cola Company allocates capital across dividends ($1.98 annual with 63 consecutive years of increases), share buybacks ($1-2 billion annually depending on conditions), modest acquisitions ($100-500 million typical sizes), and operational reinvestment supporting brand and product development. The capital framework reflects mature consumer products economics with strong cash generation supporting consistent shareholder returns while limited reinvestment opportunities exist for organic growth. Capital allocation discipline includes maintaining investment-grade credit ratings supporting financing flexibility while continuing aggressive shareholder returns. Recent capital allocation has emphasized dividend growth continuation while moderating buybacks during various market conditions. Future capital allocation likely continues balanced approach supporting both income-focused investors through dividends and various flexibility through buybacks plus strategic acquisitions when opportunities emerge.
Coca-Cola Company has executed multiple stock splits across history reflecting continued stock price appreciation requiring share count adjustments supporting retail investor accessibility. Recent major splits include 2-for-1 splits in 1986, 1990, 1992, 1996, and various other historical periods supporting share affordability. Current per-share price of $60-70 reflects continued stock appreciation since last major split, though no immediate split plans suggest continued share price growth supporting potential future split consideration. Stock split history demonstrates continued long-term value creation through generations of shareholders, with Berkshire Hathaway's $40+ billion Coca-Cola holding representing one of value investing history's most successful long-term positions. Future stock splits possible if continued stock appreciation creates retail accessibility considerations, though stock split decisions remain at board discretion based on various factors.
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CorpDigest. "The Coca-Cola Company Revenue & Financials." CorpDigest, https://corpdigest.com/company/coca-cola/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>The Coca-Cola Company reported $48B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/coca-cola/financials" target="_blank" rel="noopener">CorpDigest — The Coca-Cola Company financials</a></div>