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• A massive **McDonald's franchisee**, but for Coca-Cola drinks.
• A regional **Sysco or US Foods**, exclusively for Coca-Cola beverages.

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• Carbonated Soft Drinks (CSDs): A wide variety of sparkling beverages including Coca-Cola, Diet Coke, Sprite, Fanta, and other popular brands.
• Still Beverages: Non-carbonated drinks such as bottled water (Dasani), juices (Minute Maid), sports drinks (Powerade, BODYARMOR), energy drinks (Monster), and ready-to-drink teas (Gold Peak).

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Coca-Cola Consolidated (symbol: COKE) is a bottler and distributor of nonalcoholic beverages, primarily products of The Coca-Cola Company. It sells its products primarily to other companies that then sell to end consumers or use the products in their establishments.

Due to the widespread nature of its distribution network across the Southeastern United States, COKE serves a vast number of customers. While no single company typically accounts for a "major customer" percentage of COKE's total revenue, its customer base includes a diverse range of businesses. Below are examples of the types of customer companies that Coca-Cola Consolidated serves, categorized by their business model:

• Supermarket and Grocery Chains: These include large national and regional grocery retailers where consumers purchase products for at-home consumption.
  • Walmart Inc. (WMT)
  • The Kroger Co. (KR)
  • Publix Super Markets, Inc. (private company)
  • Food Lion (part of Ahold Delhaize N.V. - ADR: ADUS.F, AEX: AD.AS)
• Mass Merchandisers and Club Stores: Large retail formats that sell a wide variety of goods, often in bulk.
  • Walmart Inc. (WMT)
  • Target Corporation (TGT)
  • Costco Wholesale Corporation (COST)
• Convenience Stores and Drug Stores: Smaller retail outlets often focused on quick purchases or pharmaceutical needs, which also sell beverages.
  • 7-Eleven (private company, owned by Seven & i Holdings Co., Ltd. - OTC: SVNDF)
  • CVS Health Corporation (CVS)
  • Walgreens Boots Alliance, Inc. (WBA)
• Food Service and On-Premise Accounts: This category includes restaurants (quick-service and full-service), hotels, educational institutions, hospitals, and other venues where beverages are consumed on-site or purchased through food service distributors.
  • McDonald's Corporation (MCD) (often supplied via distributors)
  • Darden Restaurants, Inc. (DRI)
  • Various local and regional restaurant chains (typically private)

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The Coca-Cola Company (KO)

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J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer

J. Frank Harrison, III began his career with Coca-Cola Consolidated in 1977, though his family's roots in the Coca-Cola system date back to 1902 when his great-grandfather, J.B. Harrison, introduced Coca-Cola to the Carolinas. He served in various operational and leadership roles within the company before becoming Chairman and CEO in 1996. In 2008, he co-founded Open Eyes, a public, non-profit ministry.

Matthew J. Blickley, Executive Vice President, Chief Financial Officer and Chief Accounting Officer

Matthew J. Blickley will assume the role of Executive Vice President, Chief Financial Officer and Chief Accounting Officer effective April 1, 2025. He joined Coca-Cola Consolidated in 2014 and has held various financial roles, including Senior Vice President, Financial Planning and Chief Accounting Officer since August 2020. Prior to joining Coca-Cola Consolidated, he worked at PricewaterhouseCoopers LLP and served a three-year tenure at Family Dollar in roles including DVP, FP&A.

David M. Katz, President and Chief Operating Officer

David M. Katz was appointed President and Chief Operating Officer in December 2018. He previously served as Executive Vice President and Chief Financial Officer from January 2018 to December 2018. Katz joined Coca-Cola Consolidated in 2013 as Senior Vice President and Assistant to the Chairman and CEO. Before joining the company, he worked with Coca-Cola Enterprises, Inc. from 1993 to 2010 in various positions, and from 2011 to 2013, he was the Senior Vice-President, Midwest Region within Coca-Cola Refreshments.

Kimberly Kuo, Senior Vice President of Public Affairs, Communications and Communities

Kimberly Kuo was named Senior Vice President of Public Affairs, Communications and Communities in January 2016. She brings over 20 years of communications and marketing experience, having served as a Press Aide for Senate Majority Leader Bob Dole, the primary spokesperson for AOL, and Chief Marketing Officer of Baker & Taylor. She was also a principal consultant at Sterling Strategies.

Robert G. Chambless, Executive Vice President, Franchise Beverage Operations

Robert G. Chambless serves as the Executive Vice President, Franchise Beverage Operations. He has been in senior management since 2018.

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The key risks to Coca-Cola Consolidated (COKE) primarily stem from its foundational business model and the dynamic nature of the beverage industry.

1. Dependence on The Coca-Cola Company: Coca-Cola Consolidated operates as a franchise bottler, making it highly dependent on its long-term agreements and relationship with The Coca-Cola Company (KO). While this provides brand recognition and an extensive distribution network, The Coca-Cola Company exerts significant control over COKE. Any changes in this partnership, including the prices KO charges for concentrate, or a potential shift in KO's business model towards vertical integration, could significantly impact Coca-Cola Consolidated.
2. Cost Pressures and Supply Chain Disruptions: Coca-Cola Consolidated faces substantial risks from rising raw material costs, including plastic bottles, aluminum cans, and high-fructose corn syrup, as well as fluctuating fuel expenses. The company's supply chain is also vulnerable to disruptions, as evidenced by past issues such as aluminum can shortages and CO₂ supply hitches. Additionally, labor pressures and the significant reinvestments required in its operating model carry the risk that the company may not achieve a satisfactory return on these investments.
3. Evolving Consumer Preferences and Competitive Landscape: The non-alcoholic beverage industry is intensely competitive, with major players like PepsiCo, Dr Pepper Snapple Group, and Monster Beverage Corporation. A significant long-term headwind is the global shift in consumer preferences towards healthier beverages and increased governmental regulation concerning sugar content. Sugar taxes, advertising restrictions, and changing dietary habits could negatively impact demand for Coca-Cola Consolidated's traditional sugary drink offerings, limiting its growth, particularly in developed markets.

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The accelerating global and regional push towards reusable and refillable packaging models, driven by increasing regulatory mandates (e.g., Extended Producer Responsibility laws, single-use plastic bans) and growing consumer demand for sustainable alternatives to single-use plastic bottles. A significant societal and infrastructural shift towards widespread reuse/refill systems could fundamentally alter the demand for Coca-Cola Consolidated's core business of bottling and distributing beverages primarily in new single-use containers.

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• Carbonated Soft Drinks: The U.S. soft drinks market, which includes carbonated beverages, was valued at approximately USD 285.93 billion in 2023. Carbonated drinks constitute over 50% of the U.S. soft drinks market.
• Bottled Water (Still and Sparkling): The U.S. bottled water market size was estimated at USD 47.42 billion in 2024 and is projected to reach USD 66.41 billion by 2030. The sparkling water market in the U.S. is projected to reach USD 24.87 billion by 2032.
• Ready-to-Drink (RTD) Tea: The U.S. Ready to Drink Tea Market size is estimated at USD 13.14 billion in 2025 and is expected to reach USD 16.28 billion by 2030.
• Ready-to-Drink (RTD) Coffee: The U.S. Ready to Drink Coffee Market size is estimated at USD 5.7 billion in 2025 and is expected to reach USD 7.23 billion by 2030.
• Energy Drinks: The U.S. energy drinks market size was estimated at USD 25.01 billion in 2024.
• Sports Drinks: The U.S. sports drinks market size is estimated at USD 12.61 billion in 2025 and is expected to reach USD 15.37 billion by 2030.
• Juices and Fruit Beverages: These fall under the broader U.S. non-alcoholic beverages market, which was valued at USD 169.55 billion in 2024 and is projected to reach USD 246.90 billion by 2032.

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Here are 3-5 expected drivers of future revenue growth for Coca-Cola Consolidated (COKE) over the next 2-3 years:

1. Strategic Pricing and Revenue Growth Management: Coca-Cola Consolidated has demonstrated strong pricing power, effectively implementing price increases that have contributed to revenue and gross margin expansion. The company benefits from the broader Coca-Cola system's revenue growth management strategy, which optimizes product, package, price point, channel, and messaging to meet consumer needs and drive transactions.
2. Volume Growth in Still Beverages and Key Brands: The company has shown a recovery in overall volume growth, with particularly strong performance in still beverages. Growth in specific brands, such as Monster Energy drinks and Powerade sports drinks, is expected to be a significant driver of future revenue.
3. Product Portfolio Diversification and Innovation: Coca-Cola Consolidated, as a major bottler, benefits from the continuous innovation and diversification within the Coca-Cola system's product portfolio. This includes expanding offerings with new flavors, zero-sugar options, and growth in categories like juices, coffee, and tea, catering to evolving consumer preferences.
4. Operational Efficiencies and Supply Chain Optimization: COKE's focus on effective cost management and operational efficiencies has led to improved profitability and margin expansion. Strategic investments in capital expenditures are being made to optimize the supply chain, which is expected to support future growth and enhance the company's financial performance.
5. Enhanced Market Execution and Channel Strategy: The company's strong marketplace execution and ability to adapt its channel strategy contribute to top-line growth. While facing challenges in some channels, strong sales in supermarkets, club stores, and value channels demonstrate an effective response to consumer preferences for value in take-home packages, underpinning sustained revenue.

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Share Repurchases

• In November 2025, Coca-Cola Consolidated repurchased 18.8 million shares of its common stock from a subsidiary of The Coca-Cola Company for approximately $2.4 billion.
• In August 2024, the Board of Directors approved a $1.0 billion share repurchase program. This program was subsequently reduced to $400 million in November 2025, with approximately $136.3 million remaining authorized.
• During fiscal year 2024, the company repurchased approximately $626 million of its Common Stock.

Capital Expenditures

• For fiscal year 2024, Coca-Cola Consolidated invested $371 million in capital expenditures to enhance its supply chain and support future growth. These investments included the purchase of a leased production facility in Nashville, Tennessee, for $56 million, a $25 million investment in state-of-the-art production equipment at its West Memphis, Arkansas manufacturing facility, and a $50 million expansion project at its Sandston, Virginia campus.
• Expected capital expenditures for fiscal year 2025 are approximately $300 million.
• Capital expenditures were $282.3 million in fiscal year 2023 and $298.6 million in fiscal year 2022.