The Coca-Cola Company

Worth knowing

• Profit growing, cash flow isn't. Profit +37% since 2022, operating cash flow −33%.

  Coca-Cola's reported profit rose 37% since 2022, but the cash its operations generate changed −33%. When profit and cash diverge like this, it's worth understanding why (for example, customers paying more slowly or gains that aren't cash).Coca-Cola's reported profit rose 37% since 2022, but the cash its operations generate changed −33%. When profit and cash diverge like this, it's worth understanding why.

• Returning more cash than it generates. Paid out $29.9B vs $19.8B of free cash flow over the 3 fiscal years to 2025.

  Coca-Cola returned $29.9B to shareholders over three years, 151% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

• Operating margin at a 6-year high. 29% in 2025, the best of the last 6 years.

  Coca-Cola kept 29% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

• Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $33.0B in 2020 to $47.9B in 2025.

  Coca-Cola's fiscal-year revenue rose in each of the five years to 2025, from $33.0B to $47.9B.