Coca-Cola vs Procter & Gamble: Revenue, Profit and Business Model
Coca-Cola reported $47.9B of revenue in FY2025 and $13.1B of net income. Procter & Gamble reported $87B of revenue in FY2026 and $16B 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
Procter & Gamble
- Latest revenue
- $87B (FY2026)
- Net income
- $16B
- Net margin
- 18.4%
- Revenue growth
- +3.3% a year, FY2017–FY2026
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.
Procter & Gamble
P&G's finances are defined by steady sales, high margins and large cash returns rather than fast growth. Net sales rose from $65.1 billion in fiscal 2017 to $87.0 billion in fiscal 2026. In fiscal 2026 diluted EPS was $6.62 (up 2%) and core EPS was $6.89 (up 1%), with core gross and operating margins slipping 40 and 70 basis points as costs rose. The company returned more than $15 billion to shareholders, about $10.2 billion in dividends and $5 billion in buybacks, and has raised its dividend for 70 consecutive years. For fiscal 2027 it guided to 1%-3% organic sales growth and core EPS of $6.89-$7.11.
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 |
Procter & Gamble
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $87B | $16B | 18.4% | +3.3% | Source |
| FY2025 | $84.3B | $16B | 19.0% | +0.3% | Source |
| FY2024 | $84B | $14.9B | 17.7% | +2.5% | Source |
| FY2023 | $82B | $14.7B | 17.9% | +2.3% | Source |
| FY2022 | $80.2B | $14.7B | 18.4% | +5.3% | Source |
| FY2021 | $76.1B | $14.3B | 18.8% | +7.3% | Source |
| FY2020 | $71B | $13B | 18.4% | +4.8% | Source |
| FY2019 | $67.7B | $3.9B | 5.8% | +1.3% | Source |
| FY2018 | $66.8B | $9.8B | 14.6% | +2.7% | Source |
| FY2017 | $65.1B | $15.3B | 23.6% | — | 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.
Procter & Gamble
- Fabric and Home Care
Largest segment
Laundry, dish care, air care, and household cleaning brands including Tide, Ariel, Dawn, Febreze, and Swiffer.
- Baby, Feminine and Family Care
Major segment
Pampers, Always, Bounty, Charmin, and related baby, feminine, and family-care products.
- Beauty
Major segment
Hair care, skin care, and prestige beauty brands including Head & Shoulders, Pantene, Olay, and SK-II.
- Health Care
Major segment
Oral care and personal health products such as Oral-B, Crest, Vicks, and Metamucil.
- Grooming
Focused segment
Gillette, Venus, Braun, and shaving-related 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.
Procter & Gamble
How it makes money
P&G makes money by designing, manufacturing and marketing branded household and personal-care products that consumers buy every week, then selling them through retailers, club stores, pharmacies, distributors and e-commerce platforms. Revenue comes from five reportable segments: Fabric & Home Care (Tide, Ariel, Dawn, Downy, Febreze), the largest; Baby, Feminine & Family Care (Pampers, Always, Bounty, Charmin);
Growth strategy
P&G's integrated growth strategy has five parts: a portfolio focused on about ten daily-use categories, superiority across product, packaging, communication, retail execution and value, productivity savings to fund reinvestment, 'constructive disruption' of its own practices, and an agile, accountable organization.
Competitive advantage
P&G's edge is the combination of category leadership and scale. It concentrates on about ten daily-use categories where performance differences are visible to consumers (cleaning, absorbency, shaving, oral care), funds roughly $2 billion a year of R&D to keep those gaps, and uses its size to buy materials, media and logistics more cheaply than smaller rivals.
Questions about Coca-Cola vs Procter & Gamble
Which company has higher revenue — The Coca-Cola Company or The Procter & Gamble Company?
The Coca-Cola Company reported $47.9B (FY2025), while The Procter & Gamble Company reported $87.0B (FY2026). By last reported revenue, The Procter & Gamble Company is the larger business, with The Coca-Cola Company reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of The Coca-Cola Company vs The Procter & Gamble Company?
The Coca-Cola Company's market capitalisation stands at $379.0B, while The Procter & Gamble Company's is $340.0B. The Coca-Cola Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Procter & Gamble Company.
Which is more financially efficient — The Coca-Cola Company or The Procter & Gamble Company?
The Coca-Cola Company generates $727k / employee in revenue per employee, while The Procter & Gamble Company generates $798k / employee. The Procter & Gamble 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 The Procter & Gamble Company make money?
The Coca-Cola Company and The Procter & Gamble Company generate revenue in fundamentally different ways. The Coca-Cola Company: Coca-Cola runs a franchise model. The Procter & Gamble Company: P&G makes money by designing, manufacturing and marketing branded household and personal-care products that consumers buy every week, then selling them through retailers, club stores, pharmacies, distributors and e-commerce platforms.
Which company is valued higher relative to revenue — The Coca-Cola Company or The Procter & Gamble Company?
On a price-to-sales (P/S) basis, The Coca-Cola Company trades at 7.9x P/S and The Procter & Gamble Company at 3.9x P/S. The Coca-Cola Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Procter & Gamble 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 The Procter & Gamble Company?
By last reported revenue, The Procter & Gamble Company ($87.0B (FY2026)) 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 Procter & Gamble overview