Coca-Cola vs General Motors: Revenue, Profit and Business Model
Coca-Cola reported $47.9B of revenue in FY2025 and $13.1B of net income. General Motors reported $185B of revenue in FY2025 and $2.7B of net income.
Latest financial snapshot
Coca-Cola
- Latest revenue
- $47.9B (FY2025)
- Net income
- $13.1B
- Net margin
- 27.3%
- Revenue growth
- +4.3% a year, FY2019–FY2025
General Motors
- Latest revenue
- $185B (FY2025)
- Net income
- $2.7B
- Net margin
- 1.5%
- Revenue growth
- +2.4% a year, FY2016–FY2025
Financial summary
Coca-Cola
Coca-Cola's financial profile comes from its asset-light franchise model. It sells concentrates and syrups to independent bottlers, which own the capital-intensive plants, trucks and coolers, so the parent company keeps high margins on a relatively small asset base. FY2025 revenue was $47.941 billion with $13.107 billion in net income, up from $47.061 billion in revenue in 2024. In Q2 2026, net revenue grew 7% to $13.4 billion and comparable EPS rose 11% to $0.97. That cash supports the dividend: in February 2026 the board approved a 64th consecutive annual increase, to $0.53 per quarter. Berkshire Hathaway has held 400 million shares since the early 1990s, making it the largest single shareholder.
General Motors
GM's finances are funded by internal-combustion trucks and SUVs. In 2025 it generated $185.0 billion of revenue, $12.7 billion of EBIT-adjusted, and $10.6 billion of adjusted automotive free cash flow, but EV write-downs cut net income attributable to stockholders 55% to $2.7 billion. Q1 2026 revenue was $43.6 billion with $2.6 billion of net income; Q2 2026 revenue was $48.0 billion with $1.3 billion of net income, $3.9 billion of EBIT-adjusted, and North America margins back inside GM's 8-10% target. GM returns large amounts of cash to shareholders and approved a new $6.0 billion buyback alongside a 20% higher quarterly dividend in January 2026.
Revenue and profit by year
Coca-Cola
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $47.9B | $13.1B | 27.3% | +1.9% | Source |
| FY2024 | $47.1B | — | 0.0% | +2.9% | Source |
| FY2023 | $45.8B | $10.7B | 23.4% | +6.4% | Source |
| FY2022 | $43B | $9.5B | 22.2% | +11.3% | Source |
| FY2021 | $38.7B | — | 0.0% | +17.1% | Source |
| FY2020 | $33B | — | 0.0% | -11.4% | Source |
| FY2019 | $37.3B | $8.9B | 23.9% | — | Source |
General Motors
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $185B | $2.7B | 1.5% | -1.3% | Source |
| FY2024 | $187.4B | $6B | 3.2% | +9.1% | Source |
| FY2023 | $171.8B | $10.1B | 5.9% | +9.6% | Source |
| FY2022 | $156.7B | $9.9B | 6.3% | +23.4% | Source |
| FY2021 | $127B | $10B | 7.9% | +3.7% | Source |
| FY2020 | $122.5B | $6.4B | 5.2% | -10.7% | Source |
| FY2019 | $137.2B | $6.7B | 4.9% | -6.7% | Source |
| FY2018 | $147B | $8B | 5.4% | +1.0% | Source |
| FY2017 | $145.6B | -$3.9B | -2.7% | -2.4% | Source |
| FY2016 | $149.2B | $9.4B | 6.3% | — | Source |
Where the revenue comes from
Coca-Cola
- Concentrate operations
Roughly 55-60% of net operating revenue
Sales of concentrates, syrups and beverage bases to authorized bottlers and fountain customers; the high-margin core of the model.
- Finished product operations
Roughly 40-45% of net operating revenue
Company-owned bottling operations, Costa Coffee, fairlife and other businesses that sell finished beverages directly to retailers and distributors.
General Motors
- North America Vehicle Sales
Largest profit pool
Revenue comes from wholesale sales of Chevrolet, GMC, Cadillac, and Buick vehicles, with trucks and large SUVs driving a disproportionate share of profit.
- GM Financial
Captive finance
Revenue comes from retail loans, leases, dealer floorplan financing, commercial lending, and related finance products that support GM vehicle sales.
- International Vehicle Sales
International operations
Revenue comes from vehicle sales and operations outside North America, including South America and select global markets.
- China Joint Ventures
Equity-method exposure
GM participates in China through joint ventures, making performance visible through equity income rather than fully consolidated vehicle revenue.
- Software, Services, and Parts
Recurring and aftermarket
Revenue comes from OnStar, Super Cruise, connected services, parts, accessories, fleet services, and other software-enabled vehicle products.
Business model and strategy
Coca-Cola
How it makes money
Coca-Cola runs a franchise model. The company develops or acquires beverage recipes and runs global marketing, including sponsorships such as the Olympics. It earns revenue by selling concentrate to independent bottling companies around the world, such as Coca-Cola Europacific Partners. The bottlers add water, package the drinks and handle distribution, and pay Coca-Cola for the right to sell its brands.
Growth strategy
Coca-Cola calls itself a 'total beverage company': it keeps trademark Coca-Cola and Coca-Cola Zero Sugar at the center while building scale in coffee (Costa), sports hydration (BodyArmor, Powerade), premium water (Smartwater, Topo Chico) and value-added dairy (fairlife).
Competitive advantage
Coca-Cola's advantage is its brand and its distribution network. Its products reach even very remote places through a system of bottlers, trucks and independent shopkeepers that took more than a century to build. A new drinks company can develop a product people like, but it cannot quickly match Coca-Cola's reach into shops and refrigerators worldwide.
General Motors
How it makes money
GM makes money mainly by building and wholesaling vehicles to its dealer network, then earning a second layer of profit through GM Financial, its captive lender. GM North America (GMNA) is the profit engine: full-size pickups such as the Chevrolet Silverado and GMC Sierra and large SUVs such as the Tahoe, Suburban, Yukon, and Cadillac Escalade carry far higher margins than small cars or current EVs.
Growth strategy
GM's growth strategy has shifted from an all-EV push to flexibility. It still sells EVs on its Ultium-based platforms, such as the Chevrolet Equinox EV and Cadillac Lyriq, but after 2025 it cut EV capacity, kept investing in gas trucks and SUVs, and plans lower-cost lithium manganese-rich (LMR) cells with LG Energy Solution.
Competitive advantage
GM's clearest advantage is scale in U.S. full-size pickups and SUVs: it has led the full-size pickup segment for six straight years, selling about 940,000 in 2025. That franchise, a national Chevrolet, GMC, Buick, and Cadillac dealer network, and GM Financial's captive lending give it cash flow and pricing power that newer EV-only rivals do not have.
Questions about Coca-Cola vs General Motors
Which company has higher revenue — The Coca-Cola Company or General Motors Company?
The Coca-Cola Company reported $47.9B (FY2025), while General Motors Company reported $185.0B (FY2025). By last reported revenue, General Motors Company is the larger business, with The Coca-Cola Company reporting a smaller revenue base.
What is the market cap of The Coca-Cola Company vs General Motors Company?
The Coca-Cola Company's market capitalisation stands at $379.0B, while General Motors Company's is $74.9B. The Coca-Cola Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to General Motors Company.
Which is more financially efficient — The Coca-Cola Company or General Motors Company?
The Coca-Cola Company generates $727k / employee in revenue per employee, while General Motors Company generates $1.19M / employee. General Motors Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do The Coca-Cola Company and General Motors Company make money?
The Coca-Cola Company and General Motors Company generate revenue in fundamentally different ways. The Coca-Cola Company: Coca-Cola runs a franchise model. General Motors Company: GM makes money mainly by building and wholesaling vehicles to its dealer network, then earning a second layer of profit through GM Financial, its captive lender.
Which company is valued higher relative to revenue — The Coca-Cola Company or General Motors Company?
On a price-to-sales (P/S) basis, The Coca-Cola Company trades at 7.9x P/S and General Motors Company at 0.4x P/S. The Coca-Cola Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to General Motors Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Coca-Cola Company bigger than General Motors Company?
By last reported revenue, General Motors Company ($185.0B (FY2025)) is the larger company compared to The Coca-Cola Company ($47.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Coca-Cola vs General Motors overview