Coca-Cola (KO)
Market Price (8/2/2026): $87.66 | Market Cap: $377.2 BilInvestor Relations Sector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages
Coca-Cola (KO)
Market Price (8/2/2026): $87.66Market Cap: $377.2 BilSector: Consumer StaplesIndustry: Soft Drinks & Non-alcoholic Beverages
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, Dividend Yield is 2.9% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 32% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%, CFO LTM is 16 Bil, FCF LTM is 14 Bil Stock buyback supportStock Buyback 3Y Total is 4.4 Bil Low stock price volatilityVol 12M is 19% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Health & Wellness Trends, Experience Economy & Premiumization, Sustainable Consumption, Show more. | Trading close to highsDist 52W High is -1.7%, Dist 3Y High is -1.7% Weak multi-year price returns3Y Excs Rtn is -12% | Expensive valuation multiplesP/SPrice/Sales ratio is 7.5x Key risksKO key risks include [1] structural pressure on its core sugary beverage sales from global health trends and government regulation, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, Dividend Yield is 2.9% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 32% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%, CFO LTM is 16 Bil, FCF LTM is 14 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.4 Bil |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Health & Wellness Trends, Experience Economy & Premiumization, Sustainable Consumption, Show more. |
| Trading close to highsDist 52W High is -1.7%, Dist 3Y High is -1.7% |
| Weak multi-year price returns3Y Excs Rtn is -12% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 7.5x |
| Key risksKO key risks include [1] structural pressure on its core sugary beverage sales from global health trends and government regulation, Show more. |
Stock Movement Drivers
Fundamental Drivers
The 11.9% change in KO stock from 4/30/2026 to 8/1/2026 was primarily driven by a 7.1% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8012026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.25 | 87.59 | 11.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 49,284 | 50,129 | 1.7% |
| Net Income Margin (%) | 27.8% | 28.6% | 2.7% |
| P/E Multiple | 24.6 | 26.3 | 7.1% |
| Shares Outstanding (Mil) | 4,302 | 4,303 | 0.0% |
| Cumulative Contribution | 11.9% |
Market Drivers
4/30/2026 to 8/1/2026| Return | Correlation | |
|---|---|---|
| KO | 11.9% | |
| Market (SPY) | 3.9% | -35.6% |
| Sector (XLP) | 0.9% | 77.1% |
Fundamental Drivers
The 18.6% change in KO stock from 1/31/2026 to 8/1/2026 was primarily driven by a 8.0% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8012026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.82 | 87.59 | 18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 47,663 | 50,129 | 5.2% |
| Net Income Margin (%) | 27.3% | 28.6% | 4.5% |
| P/E Multiple | 24.4 | 26.3 | 8.0% |
| Shares Outstanding (Mil) | 4,303 | 4,303 | 0.0% |
| Cumulative Contribution | 18.6% |
Market Drivers
1/31/2026 to 8/1/2026| Return | Correlation | |
|---|---|---|
| KO | 18.6% | |
| Market (SPY) | 8.3% | -17.5% |
| Sector (XLP) | 2.4% | 75.7% |
Fundamental Drivers
The 32.7% change in KO stock from 7/31/2025 to 8/1/2026 was primarily driven by a 12.9% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8012026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.02 | 87.59 | 32.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 47,062 | 50,129 | 6.5% |
| Net Income Margin (%) | 25.9% | 28.6% | 10.3% |
| P/E Multiple | 23.3 | 26.3 | 12.9% |
| Shares Outstanding (Mil) | 4,304 | 4,303 | 0.0% |
| Cumulative Contribution | 32.7% |
Market Drivers
7/31/2025 to 8/1/2026| Return | Correlation | |
|---|---|---|
| KO | 32.7% | |
| Market (SPY) | 19.2% | -19.7% |
| Sector (XLP) | 8.8% | 70.5% |
Fundamental Drivers
The 54.5% change in KO stock from 7/31/2023 to 8/1/2026 was primarily driven by a 19.9% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8012026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.70 | 87.59 | 54.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44,140 | 50,129 | 13.6% |
| Net Income Margin (%) | 23.8% | 28.6% | 19.9% |
| P/E Multiple | 23.3 | 26.3 | 12.8% |
| Shares Outstanding (Mil) | 4,325 | 4,303 | 0.5% |
| Cumulative Contribution | 54.5% |
Market Drivers
7/31/2023 to 8/1/2026| Return | Correlation | |
|---|---|---|
| KO | 54.5% | |
| Market (SPY) | 68.9% | 3.0% |
| Sector (XLP) | 21.0% | 72.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KO Return | 11% | 11% | -4% | 9% | 16% | 28% | 90% |
| Peers Return | 13% | 0% | 2% | -6% | 1% | 16% | 28% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| KO Win Rate | 58% | 58% | 58% | 67% | 58% | 86% | |
| Peers Win Rate | 52% | 47% | 52% | 45% | 50% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| KO Max Drawdown | -12% | -17% | -17% | -15% | -10% | -8% | |
| Peers Max Drawdown | -22% | -25% | -20% | -21% | -25% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PEP, KDP, MNST, SBUX, FIZZ. See KO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/31/2026 (YTD)
How Low Can It Go
| Event | KO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.2% | -9.5% |
| % Gain to Breakeven | 17.9% | 10.5% |
| Time to Breakeven | 174 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.6% | -33.7% |
| % Gain to Breakeven | 57.7% | 50.9% |
| Time to Breakeven | 487 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -11.0% | -0.2% |
| % Gain to Breakeven | 12.3% | 0.2% |
| Time to Breakeven | 200 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.2% | -53.4% |
| % Gain to Breakeven | 61.8% | 114.4% |
| Time to Breakeven | 553 days | 1085 days |
In The Past
Coca-Cola's stock fell -1.7% during the 2025 US Tariff Shock. Such a loss loss requires a 1.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | KO | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -36.6% | -33.7% |
| % Gain to Breakeven | 57.7% | 50.9% |
| Time to Breakeven | 487 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.2% | -53.4% |
| % Gain to Breakeven | 61.8% | 114.4% |
| Time to Breakeven | 553 days | 1085 days |
In The Past
Coca-Cola's stock fell -1.7% during the 2025 US Tariff Shock. Such a loss loss requires a 1.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Coca-Cola (KO)
The Coca-Cola Company (KO) is a global beverage giant that manufactures, markets, and sells a wide variety of nonalcoholic drinks worldwide. Established in 1886, the company is headquartered in Atlanta, Georgia, and operates as a leading player in the international beverage industry.
Coca-Cola's extensive product portfolio covers numerous categories. This includes sparkling soft drinks like Coca-Cola, Sprite, and Fanta; a diverse range of flavored and enhanced waters and sports drinks such as Dasani, Smartwater, and Powerade; and juices, dairy, and plant-based beverages under brands like Minute Maid, Simply, and fairlife. The company also offers teas, coffees (e.g., Gold Peak, Costa), and energy drinks. In addition to finished beverages, Coca-Cola supplies beverage concentrates, syrups, and fountain syrups to its bottling partners and various retailers.
The primary customers for Coca-Cola's products are global consumers, reached through an expansive network of independent bottling partners, distributors, wholesalers, and retailers. Furthermore, the company directly serves fountain retailers, including restaurants and convenience stores, providing syrups for beverages dispensed on-site. This comprehensive distribution model ensures its broad portfolio of brands is widely accessible across markets.
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Here are 1-3 brief analogies to describe Coca-Cola (KO):
- The Procter & Gamble of drinks.
- The McDonald's of beverages.
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- Sparkling Soft Drinks: A diverse portfolio of carbonated beverages, including colas, lemon-lime, and fruit-flavored sodas.
- Waters & Sports Drinks: A variety of still, sparkling, enhanced waters, and hydration beverages for athletes.
- Juice, Dairy & Plant-Based Beverages: Offerings encompass fruit juices, milk-based products, and plant-derived drinks.
- Teas & Coffees: Includes ready-to-drink teas and coffees, alongside coffee shop chains.
- Energy Drinks: Beverages specifically formulated to provide an energy boost.
- Beverage Concentrates & Syrups: Ingredients supplied to independent bottling partners and fountain retailers for their final beverage products.
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Major Customers of The Coca-Cola Company (KO)
The Coca-Cola Company primarily sells its products, concentrates, and syrups to other companies, which then bottle, distribute, or sell them to end consumers. Its major customers, which include independent bottling partners, large restaurant chains, and major retailers, are:
- Coca-Cola Europacific Partners (NASDAQ: CCEP)
- Coca-Cola FEMSA, S.A.B. de C.V. (NYSE: KOF)
- Coca-Cola HBC AG (NYSE: CCH)
- McDonald's Corporation (NYSE: MCD)
- Walmart Inc. (NYSE: WMT)
- Starbucks Corporation (NASDAQ: SBUX) - (Note: Coca-Cola also has a distribution partnership with Starbucks for its ready-to-drink coffee products)
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- Coca-Cola European Partners plc (CCEP)
- Coca-Cola Femsa, S.A.B. de C.V. (KOF)
- Coca-Cola Consolidated, Inc. (COKE)
- Ball Corporation (BLL)
- Amcor plc (AMCR)
- International Flavors & Fragrances Inc. (IFF)
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James Quincey, Chairman and Chief Executive Officer
James Quincey joined The Coca-Cola Company in 1996, holding numerous leadership roles worldwide before becoming CEO in 2017 and Chairman in 2019. Before his time at Coca-Cola, he was a partner in strategy consulting at The Kalchas Group, a spin-off of Bain & Company and McKinsey. He played a key role in the acquisition of Jugos del Valle while serving as President of Coca-Cola's Mexico division from 2005 to 2008. Quincey was also instrumental in the creation of Coca-Cola European Partners and led the acquisition of innocent juice in 2009.
John Murphy, President and Chief Financial Officer
John Murphy began his career with Coca-Cola in 1988 and has held various general management, finance, and strategic planning roles globally. He was appointed CFO in 2019 and President in 2022. Prior to joining Coca-Cola, Murphy worked for four years as an auditor for Price Waterhouse in Dublin, Ireland. His past leadership roles within Coca-Cola include serving as president of the Asia Pacific group, the South Latin business unit, and the Latin Center business unit.
Manuel Arroyo, EVP, Chief Marketing and Customer Commercial Officer
Manuel Arroyo started his career with The Coca-Cola Company in 1995, progressing through various marketing and general management positions across Europe, the USA, Asia, and Mexico. From 2015 to 2016, he held the position of CEO of Deoleo, a publicly traded global leader in branded olive oil, which includes the Bertolli brand. He also spearheaded structural refranchising efforts in several Asian markets as President of the ASEAN business unit. Before joining Coca-Cola, Arroyo worked in marketing at S.C. Johnson & Son and in the corporate office staff of the Chairman & CEO at Banco Santander.
Lisa Chang, EVP and Global Chief People Officer
Lisa Chang oversees Coca-Cola's global talent and people strategies, culture, and diversity, equity, and inclusion initiatives, a role she has held since 2019. Before joining Coca-Cola, Chang served as Senior Vice President and Chief Human Resources Officer for AMB Group, LLC, a privately held sports and entertainment conglomerate in Atlanta. Her prior experience includes senior HR leadership positions at Equifax, Turner Broadcasting System Inc., and The Weather Channel Companies.
Monica Howard Douglas, EVP and Global General Counsel
Monica Howard Douglas is responsible for The Coca-Cola Company's global legal function, reporting to the Chairman & CEO, a position she assumed in April 2021. She joined Coca-Cola in 2004 as senior managing counsel and has held roles of increasing responsibility, including legal director for Coca-Cola Southern and East Africa. Prior to her tenure at Coca-Cola, Douglas was an attorney with Equifax and an associate at Troutman Sanders LLP, now known as Troutman Pepper LLP.
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Sparkling Soft Drinks (Carbonated Soft Drinks - CSDs)
- Global: The global carbonated beverages market was valued at approximately USD 496.46 billion in 2024.
- U.S.: The U.S. carbonated soft drink market size was estimated at USD 55.2 billion in 2024.
Sports Drinks
- Global: The global sports drink market size was valued at USD 26.42 billion in 2024.
- U.S.: The U.S. sports drink market size was estimated at USD 12.12 billion in 2024.
Juice Beverages
- Global (Overall Juices Market): The global juices market was approximately USD 212.4 billion in 2024.
- Global (100% Juice): The global 100% juice market generated a revenue of USD 32.32 billion in 2024.
- U.S. (Fruit Juice): The United States fruit juice market size was valued at USD 57.6 billion in 2025.
- U.S. (100% Juice): The U.S. 100% juice market generated a revenue of USD 9.90 billion in 2024.
Dairy Beverages
- Global: The global dairy drinks market size was valued at USD 82.89 billion in 2024.
- U.S.: The U.S. dairy beverages market reached approximately USD 58.9 billion in 2024.
Plant-Based Beverages
- Global: The global plant-based beverages market size was estimated at USD 33.83 billion in 2024.
- North America: The North America plant-based beverages market size was valued at USD 8.02 billion in 2024, with the U.S. expected to be a major contributor to regional revenue.
Tea
- Global: The global tea market size was estimated at USD 28.32 billion in 2024.
- U.S. (Overall Tea Market): The U.S. tea market generated a revenue of USD 3.39 billion in 2025.
- U.S. (Ready-to-Drink Tea): The U.S. ready-to-drink tea market size is estimated at USD 13.14 billion in 2025.
Coffee
- Global: The global coffee market size was valued at approximately USD 235.75 billion in 2024.
- U.S.: The United States coffee market size was valued at approximately USD 101.67 billion in 2024.
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The Coca-Cola Company (KO) is anticipated to drive future revenue growth over the next 2-3 years through a combination of strategic pricing, portfolio innovation, geographic expansion, digital transformation, and optimization of its bottling system.
Here are 5 expected drivers of future revenue growth for Coca-Cola:
- Strategic Pricing and Revenue Growth Management (RGM) Initiatives: Coca-Cola consistently emphasizes its ability to implement pricing actions and optimize its product and package mix to drive organic revenue growth. This includes offering a total beverage portfolio in various packages and price points to capture value and adapt to market conditions. The company's revenue growth management capabilities are considered a distinct advantage for delivering volume and transaction growth, even amid inflationary pressures.
- Innovation and Expansion of the Total Beverage Portfolio: The company is focused on shaping a portfolio of "loved brands" and driving innovation beyond new flavors to include new products, packages, and equipment. This strategy includes the continued growth of recently acquired brands like fairlife (dairy), BODYARMOR (sports drinks), and Costa (coffee), as well as diversification into new categories such as alcohol ready-to-drink beverages in various markets. Innovation contributed significantly to gross profit growth in 2023, with success rates nearly tripling compared to 2019 levels.
- Geographic Expansion and Increased Market Penetration: Coca-Cola identifies significant opportunities in developing and emerging markets, which comprise approximately 80% of the global population and where a large portion of people do not yet consume commercial beverages. Strategic initiatives in these regions, such as India, Africa, and Southeast Asia, involve expanding cold-drink placements and offering affordable single-serve packs to increase penetration and recruit new consumers.
- Digital Transformation and Modernized Marketing: Coca-Cola is actively transforming its marketing and innovation agenda by adopting a digital-first approach, with digital representing approximately 65% of its total media spend in 2024, up from less than 30% in 2019. This involves leveraging emerging technologies like AI for consumer engagement, optimizing commercial execution through analytics and IoT, and using digital platforms to reach more customers.
- Optimization of the Bottling System and Supply Chain: The company continues to focus on optimizing its vast global ecosystem, which includes working closely with its network of independent bottling partners. Investments are being made in route-to-market scale, capacity increases, and digital capabilities to enhance operational efficiency and accelerate market execution. The ongoing process of refranchising company-owned bottling operations is also expected to have a positive impact on margins and the overall return profile of the business.
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Share Repurchases
- The Coca-Cola Company's share repurchases for fiscal years ending December 2021 to 2025 averaged approximately $1.272 billion annually.
- Share repurchases peaked in December 2023 at $2.289 billion.
- In 2025, the company purchased $0.7 billion of its shares.
- As of February 10, 2026, the company had approximately $5.2 billion remaining under its share repurchase authorization.
Share Issuance
- In 2025, Coca-Cola issued $0.3 billion of shares in connection with the exercise of stock options by employees.
- The number of shares outstanding has seen slight declines, indicating that share repurchases generally outpaced issuances.
Outbound Investments
- Coca-Cola's net acquisitions/divestitures for the twelve months ending December 31, 2025, were $5.334 billion.
- Annual net acquisitions/divestitures for 2024 were $3.17 billion.
- The company's most recent acquisition was Billson, a brand of beers & ciders, in December 2024.
Capital Expenditures
- Capital expenditures for fiscal years ending December 2021 to 2025 averaged $1.776 billion.
- Capital expenditures peaked in December 2025 at $2.112 billion and increased consistently from $1.367 billion in 2021.
- The company expects approximately $2.2 billion in capital expenditures for 2026, focused on supporting business operations, innovation, and its bottling system.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Does Coca-Cola Stock Still Have Room to Run? | 07/29/2026 | |
| Coca-Cola Stock's Loudest Signal Is The One It Stopped Saying | 06/27/2026 | |
| Coca-Cola Stock Capital Return Hits $47 Bil | 05/27/2026 | |
| Is KO Stock Setup For A Rerating? | 05/16/2026 | |
| Pay Less, Grow More: CELH, COKE Beat Coca-Cola Stock | 05/08/2026 | |
| Now Is Not The Time To Buy Coca-Cola Stock | 04/28/2026 | |
| Coca-Cola Earnings Notes | 04/25/2026 | |
| How Does Coca-Cola Stock Stack Up Against Its Peers? | 01/24/2026 | |
| What Can Trigger Coca-Cola Stock's Slide? | 12/27/2025 | |
| ARTICLES | ||
| How Much Track Is Left For KO Stock? | 07/29/2026 | |
| 21 Large Cap Stocks Just Made New 52-Week Highs | 07/14/2026 | |
| Large Cap Stocks Trading At 52-Week High | 07/03/2026 | |
| Coca-Cola Stock’s Loudest Signal Is The One It Stopped Saying | 06/29/2026 | |
| KO Stock: The Math Behind The Upside | 05/16/2026 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 91.98 |
| Mkt Cap | 107.1 |
| Rev LTM | 27,641 |
| Op Inc LTM | 3,741 |
| FCF LTM | 2,845 |
| FCF 3Y Avg | 2,495 |
| CFO LTM | 3,591 |
| CFO 3Y Avg | 3,720 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.1% |
| Rev Chg 3Y Avg | 3.7% |
| Rev Chg Q | 6.6% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 9.1% |
| Op Inc Chg 3Y Avg | 8.8% |
| Op Mgn LTM | 20.6% |
| Op Mgn 3Y Avg | 20.5% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 15.1% |
| CFO/Rev 3Y Avg | 15.6% |
| FCF/Rev LTM | 11.7% |
| FCF/Rev 3Y Avg | 11.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 107.1 |
| P/S | 2.8 |
| P/Op Inc | 18.4 |
| P/EBIT | 16.7 |
| P/E | 24.7 |
| P/CFO | 21.8 |
| Total Yield | 6.5% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | 3.1% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.2% |
| 3M Rtn | 5.2% |
| 6M Rtn | 15.6% |
| 12M Rtn | 14.3% |
| 3Y Rtn | 4.8% |
| 1M Excs Rtn | 0.3% |
| 3M Excs Rtn | 0.6% |
| 6M Excs Rtn | 8.2% |
| 12M Excs Rtn | -8.7% |
| 3Y Excs Rtn | -56.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| North America | 19,586 | 18,869 | 16,973 | 15,674 | 13,190 |
| Europe, Middle East & Africa (EMEA) | 11,513 | 10,958 | 10,838 | 7,523 | 7,193 |
| Latin America | 6,334 | 6,471 | 5,834 | 4,910 | 4,143 |
| Bottling Investments | 5,735 | 6,223 | 7,860 | 7,891 | 7,203 |
| Asia Pacific | 5,638 | 5,594 | 5,542 | 5,445 | 5,291 |
| Corporate | 144 | 110 | 140 | 94 | 85 |
| Eliminations | -1,009 | -1,164 | -1,433 | -1,376 | -1,255 |
| Global Ventures | 2,843 | 2,805 | |||
| Total | 47,941 | 47,061 | 45,754 | 43,004 | 38,655 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| North America | 5,070 | 4,556 | 4,634 | 3,742 | 3,331 |
| Europe, Middle East & Africa (EMEA) | 4,298 | 4,255 | 4,323 | 3,958 | 3,735 |
| Latin America | 3,742 | 3,792 | 3,436 | 2,870 | 2,534 |
| Asia Pacific | 2,042 | 2,156 | 2,057 | 2,303 | 2,325 |
| Bottling Investments | 426 | 496 | 578 | 487 | 473 |
| Eliminations | 0 | 0 | 0 | 0 | 0 |
| Corporate | -1,816 | -5,263 | -3,717 | -2,636 | -2,383 |
| Global Ventures | 185 | 293 | |||
| Total | 13,762 | 9,992 | 11,311 | 10,909 | 10,308 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Corporate | 26,897 | 23,758 | 24,430 | 22,096 | 22,307 |
| North America | 25,823 | 25,775 | 25,751 | 19,789 | 18,045 |
| Bottling Investments | 23,510 | 23,124 | 22,981 | 24,704 | 25,263 |
| Global Ventures | 7,607 | 7,325 | 7,949 | 7,579 | 7,279 |
| Europe, Middle East & Africa (EMEA) | 7,506 | 7,498 | 8,344 | 8,615 | 8,686 |
| Latin America | 3,861 | 2,696 | 2,314 | 2,200 | 2,517 |
| Asia Pacific | 2,499 | 2,587 | 2,585 | 2,313 | 2,284 |
| Eliminations | 0 | 0 | 0 | 0 | 0 |
| Total | 97,703 | 92,763 | 94,354 | 87,296 | 86,381 |
Price Behavior
| Market Price | $87.59 | |
| Market Cap ($ Bil) | 376.9 | |
| First Trading Date | 01/02/1962 | |
| Distance from 52W High | -1.7% | |
| 50 Days | 200 Days | |
| DMA Price | $81.84 | $75.35 |
| DMA Trend | up | up |
| Distance from DMA | 7.0% | 16.2% |
| 3M | 1YR | |
| Volatility | 24.6% | 18.6% |
| Downside Capture | -105.43 | -70.63 |
| Upside Capture | -36.47 | -23.52 |
| Correlation (SPY) | -34.5% | -19.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.19 | -0.71 | -0.63 | -0.26 | -0.28 | 0.03 |
| Up Beta | -2.21 | -1.09 | -0.71 | 0.02 | 0.11 | 0.13 |
| Down Beta | 1.42 | -0.40 | -0.35 | -0.05 | -0.17 | 0.04 |
| Up Capture | 46% | -32% | -32% | -13% | -13% | 1% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 23 | 34 | 67 | 126 | 388 |
| Down Capture | -73% | -119% | -127% | -96% | -121% | -35% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 20 | 29 | 59 | 125 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KO | |
|---|---|---|---|---|
| KO | 31.2% | 18.7% | 1.31 | - |
| Sector ETF (XLP) | 7.9% | 14.2% | 0.31 | 70.6% |
| Equity (SPY) | 18.8% | 12.9% | 1.07 | -19.4% |
| Gold (GLD) | 23.6% | 28.1% | 0.74 | -13.6% |
| Commodities (DBC) | 30.2% | 19.7% | 1.22 | -18.1% |
| Real Estate (VNQ) | 13.7% | 13.9% | 0.69 | 32.2% |
| Bitcoin (BTCUSD) | -44.8% | 42.9% | -1.26 | -18.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KO | |
|---|---|---|---|---|
| KO | 12.3% | 16.6% | 0.56 | - |
| Sector ETF (XLP) | 6.2% | 13.6% | 0.24 | 78.6% |
| Equity (SPY) | 12.6% | 17.1% | 0.56 | 27.0% |
| Gold (GLD) | 17.1% | 18.5% | 0.75 | 3.6% |
| Commodities (DBC) | 9.0% | 19.5% | 0.35 | 1.6% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 44.0% |
| Bitcoin (BTCUSD) | 14.2% | 53.3% | 0.45 | 4.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KO | |
|---|---|---|---|---|
| KO | 10.2% | 18.4% | 0.46 | - |
| Sector ETF (XLP) | 7.2% | 14.9% | 0.35 | 78.7% |
| Equity (SPY) | 15.0% | 17.9% | 0.71 | 48.8% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 5.6% |
| Commodities (DBC) | 7.3% | 18.0% | 0.32 | 13.8% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 57.8% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 5.2% |
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Returns Analyses
Earnings Returns History
Updated 7/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 5.0% | ||
| 4/28/2026 | 3.9% | 3.6% | 8.2% |
| 2/10/2026 | -1.5% | 2.0% | -0.4% |
| 10/21/2025 | 4.1% | 2.4% | 4.1% |
| 7/22/2025 | -0.6% | -2.8% | 0.1% |
| 4/29/2025 | 0.8% | -0.1% | -0.9% |
| 2/11/2025 | 4.7% | 7.0% | 8.4% |
| 10/23/2024 | -2.1% | -5.6% | -9.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 14 |
| # Negative | 8 | 8 | 9 |
| Median Positive | 1.8% | 3.0% | 4.5% |
| Median Negative | -0.6% | -1.2% | -3.2% |
| Max Positive | 5.0% | 7.0% | 8.4% |
| Max Negative | -2.1% | -5.6% | -9.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 5.0% | ||
| 4/28/2026 | 3.9% | 3.6% | 8.2% |
| 2/10/2026 | -1.5% | 2.0% | -0.4% |
| 10/21/2025 | 4.1% | 2.4% | 4.1% |
| 7/22/2025 | -0.6% | -2.8% | 0.1% |
| 4/29/2025 | 0.8% | -0.1% | -0.9% |
| 2/11/2025 | 4.7% | 7.0% | 8.4% |
| 10/23/2024 | -2.1% | -5.6% | -9.3% |
| 7/23/2024 | 0.3% | 3.2% | 7.1% |
| 4/30/2024 | -0.4% | 0.5% | -0.5% |
| 2/13/2024 | -0.6% | 1.7% | 2.4% |
| 10/24/2023 | 2.9% | 3.8% | 7.3% |
| 7/26/2023 | 1.3% | -0.8% | -3.2% |
| 4/24/2023 | -0.2% | 0.2% | -4.0% |
| 2/14/2023 | -1.7% | -1.3% | -0.3% |
| 10/25/2022 | 2.4% | 4.0% | 8.3% |
| 7/26/2022 | 1.6% | 3.7% | 3.3% |
| 4/25/2022 | 1.1% | -1.0% | -3.7% |
| 2/10/2022 | 0.6% | -0.2% | -5.1% |
| 10/27/2021 | 1.9% | 3.0% | 1.8% |
| 7/21/2021 | 1.3% | 2.6% | 1.2% |
| 2/10/2021 | -0.2% | 0.9% | 2.4% |
| 10/22/2020 | 1.4% | -4.1% | 6.3% |
| 7/21/2020 | 2.3% | 5.1% | 5.0% |
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 14 |
| # Negative | 8 | 8 | 9 |
| Median Positive | 1.8% | 3.0% | 4.5% |
| Median Negative | -0.6% | -1.2% | -3.2% |
| Max Positive | 5.0% | 7.0% | 8.4% |
| Max Negative | -2.1% | -5.6% | -9.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/26/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/22/2020 | 10-Q |
| 06/30/2020 | 07/22/2020 | 10-Q |
| 03/31/2020 | 04/24/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 10/24/2019 | 10-Q |
Recent Forward Guidance
Updated 7/29/2026Latest: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Revenue Growth | 5.0% | 0.5% | Raised | Guidance: 4.5% for 2026 | |||
| 2026 Comparable EPS Growth | 9.0% | 9.5% | 10.0% | 1.0% | Raised | Guidance: 8.5% for 2026 | |
| 2026 Comparable Currency Neutral EPS excluding acquisitions and divestitures Growth | 7.0% | 7.5% | 8.0% | 1.0% | Raised | Guidance: 6.5% for 2026 | |
| 2026 Free Cash Flow | 12.40 Bil | 1.6% | Raised | Guidance: 12.20 Bil for 2026 | |||
Prior: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Revenue Growth | 4.0% | 4.5% | 5.0% | 0.0% | Affirmed | Guidance: 4.5% for 2026 | |
| 2026 Comparable Currency Neutral EPS Growth (excl. A&D) | 6.0% | 6.5% | 7.0% | 1.0% | Raised | Guidance: 5.5% for 2026 | |
| 2026 Comparable EPS Growth | 8.0% | 8.5% | 9.0% | 1.0% | Raised | Guidance: 7.5% for 2026 | |
| 2026 Free Cash Flow | 12.20 Bil | 0.0% | Affirmed | Guidance: 12.20 Bil for 2026 | |||
| 2026 Cash Flow from Operations | 14.40 Bil | 0.0% | Affirmed | Guidance: 14.40 Bil for 2026 | |||
| 2026 Capital Expenditures | 2.20 Bil | 0.0% | Affirmed | Guidance: 2.20 Bil for 2026 | |||
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Revenue Growth | 4.0% | 4.5% | 5.0% | -1.0% | Lowered | Guidance: 5.5% for 2025 | |
| 2026 Comparable Currency Neutral EPS excluding acquisitions and divestitures growth | 5.0% | 5.5% | 6.0% | -2.5% | Lowered | Guidance: 8.0% for 2025 | |
| 2026 Comparable EPS growth | 7.0% | 7.5% | 8.0% | 4.5% | Raised | Guidance: 3.0% for 2025 | |
| 2026 Free Cash Flow | 12.20 Bil | 24.5% | Raised | Guidance: 9.80 Bil for 2025 | |||
| 2026 Operating Cash Flow | 14.40 Bil | 20.0% | Raised | Guidance: 12.00 Bil for 2025 | |||
| 2026 Capital Expenditures | 2.20 Bil | 0 | Affirmed | Guidance: 2.20 Bil for 2025 | |||
| 2026 Underlying effective tax rate | 20.9% | 0.2% | Raised | Guidance: 20.7% for 2025 | |||
Q3 2025 Earnings Reported 10/21/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Organic Revenue Growth | 5.0% | 5.5% | 0.0% | Affirmed | Guidance: 5.5% for 2025 | ||
| 2025 Comparable Currency Neutral EPS Growth | 8.0% | 0.0% | Affirmed | Guidance: 8.0% for 2025 | |||
| 2025 Comparable EPS Growth | 3.0% | 0.0% | Affirmed | Guidance: 3.0% for 2025 | |||
| 2025 Free Cash Flow | 9.80 Bil | 3.2% | Raised | Guidance: 9.50 Bil for 2025 | |||
| 2025 Cash Flow from Operations | 12.00 Bil | 2.6% | Raised | Guidance: 11.70 Bil for 2025 | |||
| 2025 Capital Expenditures | 2.20 Bil | 0.0% | Affirmed | Guidance: 2.20 Bil for 2025 | |||
| 2025 Underlying Effective Tax Rate | 20.7% | ||||||
Insider Activity
Updated 7/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Quincey, James | Chairman | Direct | Sell | 7292026 | 90.09 | 145,947 | 13,148,978 | 11,066,541 | Form |
| 2 | Quincey, James | Chairman | Direct | Sell | 7292026 | 90.04 | 381,140 | 34,319,637 | 11,060,461 | Form |
| 3 | Pietracci, Bruno | Direct | Sell | 7282026 | 89.65 | 75,727 | Form | |||
| 4 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6112026 | 83.41 | 23,984 | 2,000,594 | 13,129,316 | Form |
| 5 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6102026 | 80.75 | 100,000 | 8,074,790 | 14,646,377 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Quincey, James | Chairman | Direct | Sell | 7292026 | 90.09 | 145,947 | 13,148,978 | 11,066,541 | Form |
| 2 | Quincey, James | Chairman | Direct | Sell | 7292026 | 90.04 | 381,140 | 34,319,637 | 11,060,461 | Form |
| 3 | Pietracci, Bruno | Direct | Sell | 7282026 | 89.65 | 75,727 | Form | |||
| 4 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6112026 | 83.41 | 23,984 | 2,000,594 | 13,129,316 | Form |
| 5 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6102026 | 80.75 | 100,000 | 8,074,790 | 14,646,377 | Form |
| 6 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6102026 | 79.46 | 100,000 | 7,945,632 | 16,479,241 | Form |
| 7 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6082026 | 79.46 | 100,000 | 7,946,073 | 16,480,156 | Form |
| 8 | Quincey, James | Chairman | Direct | Sell | 6062026 | 80.13 | 436,296 | 34,959,133 | 9,842,252 | Form |
| 9 | Quincey, James | Chairman | Direct | Sell | 6062026 | 80.00 | 8,000 | 640,019 | 9,826,935 | Form |
| 10 | Quan, Nancy | Executive Vice President | Direct | Sell | 5192026 | 80.93 | 31,625 | 2,559,519 | 18,074,856 | Form |
| 11 | Quincey, James | Chairman | Direct | Sell | 5112026 | 78.90 | 200,000 | 15,780,900 | 6,166,781 | Form |
| 12 | Douglas, Monica Howard | Executive Vice President | Direct | Sell | 3092026 | 77.37 | 23,880 | 1,847,686 | 1,371,451 | Form |
| 13 | Quan, Nancy | Executive Vice President | Direct | Sell | 3052026 | 79.50 | 23,556 | 1,872,747 | 17,755,159 | Form |
| 14 | Quincey, James | Chairman and CEO | Direct | Sell | 3042026 | 79.14 | 250,688 | 19,839,138 | 22,012,842 | Form |
| 15 | Pietracci, Bruno | Direct | Sell | 3042026 | 79.41 | 28,765 | Form | |||
| 16 | Murphy, John | President and CFO | Direct | Sell | 2272026 | 80.42 | 99,437 | 7,996,535 | 33,015,651 | Form |
| 17 | Perez, Beatriz R | Executive Vice President | Direct | Sell | 2262026 | 80.75 | 21,326 | 1,722,074 | 14,028,536 | Form |
| 18 | Perez, Beatriz R | Executive Vice President | Direct | Sell | 2262026 | 80.60 | 15,000 | 1,209,000 | 14,002,477 | Form |
| 19 | Douglas, Monica Howard | Executive Vice President | Direct | Sell | 2262026 | 80.16 | 20,000 | 1,603,210 | 4,611,794 | Form |
| 20 | Quincey, James | Chairman and CEO | Direct | Sell | 2042026 | 77.10 | 337,824 | 26,046,095 | 26,410,160 | Form |
| 21 | Quan, Nancy | Executive Vice President | Direct | Sell | 11192025 | 71.17 | 31,625 | 2,250,805 | 15,894,776 | Form |
| 22 | Arroyo, Manuel | Executive Vice President | Direct | Sell | 11142025 | 70.80 | 139,689 | 9,890,610 | 4,111,405 | Form |
| 23 | Braun, Henrique | EVP & Chief Operating Officer | Direct | Sell | 11122025 | 70.93 | 40,390 | 2,864,915 | 4,441,789 | Form |
| 24 | Douglas, Monica Howard | Executive Vice President | Direct | Sell | 10272025 | 69.93 | 13,548 | 947,464 | 2,638,256 | Form |
| 25 | Levchin, Max R | Direct | Buy | 10272025 | 69.87 | 7,206 | 503,488 | 996,844 | Form | |
| 26 | Levchin, Max R | Direct | Buy | 10272025 | 70.13 | 7,061 | 495,189 | 495,189 | Form | |
| 27 | Koumettis, Nikolaos | Direct | Sell | 8072025 | 69.10 | 37,396 | 2,584,105 | 14,477,579 | Form |
Investor Activity (13F)
Updated Aug 2, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Allen Holding Inc /Ny | $456.3 Mil | 45.3% | 9 | Hold | 13F |
| Arcus Capital Partners, LLC | $47.1 Mil | 16.9% | 121 | New | 13F |
| Berkshire Hathaway Inc | $30.4 Bil | 11.6% | 90 | Hold | 13F |
| PFW Advisors LLC | $34.5 Mil | 10.8% | 118 | Hold | 13F |
| HS Management Partners, LLC | $11.4 Mil | 4.0% | 24 | TRIM -50.9% | 13F |
| Iyo Bank, Ltd. | $6.6 Mil | 2.3% | 35 | Hold | 13F |
| Haverford Financial Services, Inc. | $6.8 Mil | 2.0% | 46 | Hold | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $13.2 Mil | 2.0% | 28 | ADD +69.1% | 13F |
| Schwerin Boyle Capital Management Inc | $14.8 Mil | 1.9% | 47 | TRIM -11.6% | 13F |
| Allen Operations LLC | $7.5 Mil | 1.1% | 36 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| National Mutual Insurance Federation of Agricultural Cooperatives | $21.6 Mil | 0.2% | 42 | Exited | Dec 31, 2025 | 13F |
| HS Management Partners, LLC | $11.4 Mil | 4.0% | 24 | TRIM -50.9% | Mar 31, 2026 | 13F |
| Schwerin Boyle Capital Management Inc | $14.8 Mil | 1.9% | 47 | TRIM -11.6% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Berkshire Hathaway Inc | $30.4 Bil | 11.6% | 90 | Hold | 13F |
| Allen Holding Inc /Ny | $456.3 Mil | 45.3% | 9 | Hold | 13F |
| Arcus Capital Partners, LLC | $47.1 Mil | 16.9% | 121 | New | 13F |
| PFW Advisors LLC | $34.5 Mil | 10.8% | 118 | Hold | 13F |
| Schwerin Boyle Capital Management Inc | $14.8 Mil | 1.9% | 47 | TRIM -11.6% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $13.2 Mil | 2.0% | 28 | ADD +69.1% | 13F |
| HS Management Partners, LLC | $11.4 Mil | 4.0% | 24 | TRIM -50.9% | 13F |
| Allen Operations LLC | $7.5 Mil | 1.1% | 36 | Hold | 13F |
| Haverford Financial Services, Inc. | $6.8 Mil | 2.0% | 46 | Hold | 13F |
| Iyo Bank, Ltd. | $6.6 Mil | 2.3% | 35 | Hold | 13F |
KO Trade Sentinel
High Conviction
CONVICTION RATIONALE
Conviction is high due to accelerating fundamental momentum. Unit case volume growth quickened to 5% in the latest quarter, outpacing peers and driving a full-year guidance increase for revenue, earnings, and cash flow. With operating margins at five-year highs, the company is converting top-line strength into profit with high efficiency.
STOCK ARCHETYPE
Branded Franchise / Consumer StapleUnit Case Volume x Price/Mix per Case Margin expansion driven by operating leverage, productivity initiatives, and a favorable mix shift towards higher-margin concentrate sales as the company divests capital-intensive bottling assets.
INVESTMENT THESIS
Evidence suggests yes. The company is demonstrating a powerful re-acceleration in consumer demand, converting it into high-margin growth and raising its financial outlook.
- Unit case volume growth accelerated to 5% in Q2 2026.
- Trademark Coca-Cola volume grew 5%, its strongest in 17 years.
- Full-year 2026 guidance was raised for revenue, EPS, and free cash flow.
- Inventory declined 8.6% year-over-year, indicating strong consumer pull-through.
PRIMARY RISK
A long-running dispute with the IRS carries a potential liability of approximately $14 billion. An adverse ruling could materially impact the company's financial position and cash flows, overriding recent operational strength.
- Potential tax and interest liability is estimated at ~$14 billion.
- Sparkling soft drinks, facing health trends, are 69% of global volume.
- Management notes an 'uneven consumer environment' with inflationary pressures.
| KPI | Status | Rationale |
|---|---|---|
| Unit Case Volume Growth | 5% year-over-year growth in Q2 2026 - Accelerating | Unit case volume growth has accelerated for three consecutive quarters. Management noted the latest quarter was "aided by cycling an easier prior year comparison" but also stated the two-year average growth was 2%, providing a more normalized view of the trend. |
| Organic Revenue Growth | 6% in Q2 2026 - Stable | The year-over-year trend appears choppy, but management noted the 10% growth in Q1 2026 was inflated by six extra days in the quarter. The latest 6% growth was described as being at the "high end of our long-term growth algorithm," suggesting a stable underlying performance. |
| Concentrate Sales Volume | 8% growth (Q1 2026) | Measures the volume of concentrates and syrups sold by the company to its bottling partners, which directly drives revenue for its core, high-margin business. Differences between this and unit case volume can arise from timing and inventory practices. |
Operational Momentum vs. External Overhangs
BULL VIEW
Bulls focus on the accelerating 5% volume growth, peer outperformance, and raised full-year guidance as proof that the company's 'all-weather strategy' is succeeding regardless of the macro environment.
CORE TENSION
Can accelerating 5% volume growth and raised guidance overcome an uneven consumer environment and a potential $14 billion tax liability?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The company delivered strong Q2 results and raised its full-year outlook, demonstrating confidence in its operational momentum despite external pressures.
BEAR VIEW
Bears argue that an 'uneven consumer environment' and a potential $14 billion tax liability create significant risks that the market is currently ignoring in favor of a temporary, event-driven performance boost.
| Timeline | Event & Metric To Watch |
|---|---|
end of 2026 or early 2027 | Adverse Tax Litigation Development Watch: Any court filings, rulings, or company disclosures related to the U.S. Court of Appeals for the Eleventh Circuit case. |
10/7/2026 | Peer-Driven Sector Headwinds Watch: PEP's reported volumes and commentary on consumer behavior, particularly in North America and international beverage segments. |
10/19/2026 | Slowing Growth Momentum Watch: Quarterly revenue growth rate and management commentary on sustainability of performance in the Q3 earnings report. |
through the remainder of the year | Fairlife Webster Facility Ramp Watch: The fairlife Webster facility is expected to continue ramping up production capacity. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-28 | Q2 2026 Results and Guidance Raise Details: The company reported strong Q2 2026 results, with a 6.0% two-day stock reaction. It also raised full-year guidance for Organic Revenue Growth, Comparable EPS Growth, and Free Cash Flow. | +6.0% $84.07 -> $89.08 |
2026-07-27 | Fairlife Ransomware Incident Details: The company disclosed that its fairlife dairy subsidiary experienced a ransomware event, leading to a temporary suspension of production. The majority of production was restored by July 27. | +7.3% $82.25 -> $88.27 |
2026-06-01 | India Bottler IPO Explored Details: The company announced it is exploring a potential public listing in India for its largest bottler, Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB), in 2027. | -0.8% $78.50 -> $77.91 |
2026-04-28 | Q1 2026 Earnings Beat Details: The company reported strong first quarter 2026 results and updated its full-year guidance. The market reacted positively, with a two-day stock reaction of 5.0%. | +4.5% $74.96 -> $78.36 |
2026-02-10 | Q4 2025 Sales Miss Details: The company's fourth-quarter sales came in below estimates, leading to a negative stock reaction. The two-day stock reaction around the earnings call was 1.0%. | +0.8% $76.94 -> $77.56 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: KO trades at roughly 20% annualized options-implied volatility versus about 14% for the S&P 500 (1.4x the market), around the 94th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
PEP - PepsiCo, Inc.
Diversified Consumer StaplePepsiCo offers exposure to the global snack food market in addition to beverages, providing a more diversified revenue base that can offset softness in any single category.
MNST - Monster Beverage
High-Growth Category SpecialistMonster Beverage provides concentrated exposure to the high-growth energy drink category, with trailing-twelve-month revenue growth of 18.1% that significantly outpaces the broader beverage market.
A high-margin brand and marketing engine that licenses its powerful intellectual property to a global, captive network of bottlers, driving growth through scale, innovation, and an asset-light model.
Coca-Cola's core business is not making drinks, but selling high-margin concentrate to a vast network of bottling partners. This asset-light model is powered by iconic brands and world-class marketing, such as the recent FIFA World Cup campaign. The company's 'all-weather strategy' allows it to adapt to diverse consumer environments by adjusting pricing, packaging, and product mix. The ongoing strategy to refranchise its bottling operations further enhances this high-margin, capital-efficient profile.
Quarterly divergence between concentrate sales and unit case volume, short-term foreign exchange fluctuations.
Repricing Catalyst
The strong Q2 2026 earnings report on July 28, which featured broad-based momentum and led the company to raise its full-year guidance for revenue, EPS, and free cash flow.
North America
$15.1B TTM (41% of Total) · 25% MarginWhat It Is
Sells beverage concentrates and syrups to authorized bottling partners. Also manufactures and sells fountain syrups to fountain retailers, wholesalers, and bottlers.
Who Pays & How
Authorized bottling partners and fountain retailers/wholesalers pay for the concentrates and syrups needed to produce and sell beverages under the company's highly demanded brands, such as Coca-Cola, Sprite, and fairlife.
Competition
Europe, Middle East & Africa (EMEA)
$8.7B TTM (24% of Total) · 36% MarginWhat It Is
Primarily sells beverage concentrates and syrups to authorized bottling partners across the region. Also includes sales from Costa retail stores.
Who Pays & How
Authorized bottling partners pay for concentrates and syrups to service their territories, leveraging the company's powerful global brands and marketing campaigns to drive consumer demand.
Competition
Latin America
$4.9B TTM (13% of Total) · 59% MarginWhat It Is
Sells beverage concentrates and syrups to authorized bottling partners across Latin America.
Who Pays & How
A network of strong, independent bottling partners, such as Coca-Cola FEMSA and Arca Continental, pay for concentrates to supply markets where the company's brands have deep penetration and consumer loyalty.
Competition
Asia Pacific
$4.2B TTM (11% of Total) · 31% MarginWhat It Is
Sells beverage concentrates and syrups to authorized bottling partners in the region.
Who Pays & How
Bottling partners pay for concentrates to serve a diverse region with significant long-term growth potential, leveraging the company's portfolio and revenue growth management capabilities.
Competition
Bottling Investments
$4.5B TTM (12% of Total) · 10% MarginWhat It Is
Consists of company-owned or consolidated bottling and distribution operations that sell finished beverage products to retailers, or to distributors and wholesalers.
Who Pays & How
Retailers, distributors, and wholesalers pay for finished beverage products. This segment allows the company to directly control manufacturing and distribution, often in underperforming markets, to improve performance before refranchising.
Competition
Industry Resources
| Consumer Staples Resources |
| FoodNavigator |
| Consumer Goods Technology (CGT) |
| Beverage Digest |
| Soft Drinks & Non-alcoholic Beverages Resources |
| Beverage Daily |
| BevNET |
| Beverage Industry |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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