Coca-Cola (KO)
Market Price (7/29/2026): $88.2 | Market Cap: $379.4 BilInvestor Relations Sector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages
Coca-Cola (KO)
Market Price (7/29/2026): $88.2Market Cap: $379.4 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 6.5%, 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 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 15 Bil, FCF LTM is 13 Bil Stock buyback supportStock Buyback 3Y Total is 4.5 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 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns3Y Excs Rtn is -9.3% | Expensive valuation multiplesP/SPrice/Sales ratio is 7.7x 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 6.5%, 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 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 15 Bil, FCF LTM is 13 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.5 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 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -9.3% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 7.7x |
| Key risksKO key risks include [1] structural pressure on its core sugary beverage sales from global health trends and government regulation, Show more. |
Qualitative Assessment
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Coca-Cola (KO) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Strong First Quarter Fiscal 2026 Earnings Beat: The Coca-Cola Company reported robust financial results for fiscal Q1 2026 (ended April 3, 2026) on April 28, 2026. The company saw net revenues grow 12% to $12.5 billion, and organic revenues (non-GAAP) increased 10%. Earnings per share (EPS) surged 18% to $0.91, significantly exceeding analyst expectations. This strong performance was complemented by a gain in value share across the total non-alcoholic ready-to-drink (NARTD) beverages segment.
2. Exceptional Second Quarter Fiscal 2026 Performance and Elevated Full-Year Guidance: On July 28, 2026, Coca-Cola announced its fiscal Q2 2026 results (ended July 3, 2026), surpassing analyst estimates with reported EPS of $0.97, beating the consensus of $0.92, and net revenues of $13.37 billion, exceeding the $13.17 billion consensus. Following these strong results, the company raised its full-year 2026 guidance, now projecting organic revenue growth of approximately 5% (up from 4% to 5%) and comparable EPS growth of 9% to 10% (up from 8% to 9%).
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Coca-Cola (KO) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Strong First Quarter Fiscal 2026 Earnings Beat: The Coca-Cola Company reported robust financial results for fiscal Q1 2026 (ended April 3, 2026) on April 28, 2026. The company saw net revenues grow 12% to $12.5 billion, and organic revenues (non-GAAP) increased 10%. Earnings per share (EPS) surged 18% to $0.91, significantly exceeding analyst expectations. This strong performance was complemented by a gain in value share across the total non-alcoholic ready-to-drink (NARTD) beverages segment.
2. Exceptional Second Quarter Fiscal 2026 Performance and Elevated Full-Year Guidance: On July 28, 2026, Coca-Cola announced its fiscal Q2 2026 results (ended July 3, 2026), surpassing analyst estimates with reported EPS of $0.97, beating the consensus of $0.92, and net revenues of $13.37 billion, exceeding the $13.17 billion consensus. Following these strong results, the company raised its full-year 2026 guidance, now projecting organic revenue growth of approximately 5% (up from 4% to 5%) and comparable EPS growth of 9% to 10% (up from 8% to 9%).
3. Effective Marketing Strategies and FIFA World Cup Boost: Strategic marketing initiatives, particularly the FIFA World Cup 2026™ campaign, significantly bolstered sales volumes. Trademark Coca-Cola experienced 5% volume growth in fiscal Q2 2026, marking its strongest quarterly increase in 17 years (excluding COVID recovery), while Powerade volume grew 8%, contributing to an overall global unit case volume increase of 5% in the quarter.
4. Positive Pricing Actions and Margin Expansion: The company successfully implemented effective pricing actions and optimized its product mix, leading to a 2% price/mix growth in both fiscal Q1 and Q2 2026. This, combined with disciplined expense management, resulted in an expansion of the comparable operating margin (non-GAAP) to 35.6% in fiscal Q2 2026, an increase from 34.7% in the prior year.
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Stock Movement Drivers
Fundamental Drivers
The 16.8% change in KO stock from 3/31/2026 to 7/28/2026 was primarily driven by a 11.7% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.56 | 88.27 | 16.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 47,941 | 49,284 | 2.8% |
| Net Income Margin (%) | 27.3% | 27.8% | 1.7% |
| P/E Multiple | 24.8 | 27.7 | 11.7% |
| Shares Outstanding (Mil) | 4,303 | 4,302 | 0.0% |
| Cumulative Contribution | 16.8% |
Market Drivers
3/31/2026 to 7/28/2026| Return | Correlation | |
|---|---|---|
| KO | 16.8% | |
| Market (SPY) | 13.9% | -26.5% |
| Sector (XLP) | 6.2% | 77.0% |
Fundamental Drivers
The 28.0% change in KO stock from 12/31/2025 to 7/28/2026 was primarily driven by a 21.7% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.99 | 88.27 | 28.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 47,663 | 49,284 | 3.4% |
| Net Income Margin (%) | 27.3% | 27.8% | 1.7% |
| P/E Multiple | 22.8 | 27.7 | 21.7% |
| Shares Outstanding (Mil) | 4,303 | 4,302 | 0.0% |
| Cumulative Contribution | 28.0% |
Market Drivers
12/31/2025 to 7/28/2026| Return | Correlation | |
|---|---|---|
| KO | 28.0% | |
| Market (SPY) | 8.9% | -17.4% |
| Sector (XLP) | 12.7% | 75.5% |
Fundamental Drivers
The 28.3% change in KO stock from 6/30/2025 to 7/28/2026 was primarily driven by a 20.9% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.80 | 88.27 | 28.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 46,890 | 49,284 | 5.1% |
| Net Income Margin (%) | 23.0% | 27.8% | 20.9% |
| P/E Multiple | 27.4 | 27.7 | 1.0% |
| Shares Outstanding (Mil) | 4,302 | 4,302 | 0.0% |
| Cumulative Contribution | 28.3% |
Market Drivers
6/30/2025 to 7/28/2026| Return | Correlation | |
|---|---|---|
| KO | 28.3% | |
| Market (SPY) | 20.9% | -17.6% |
| Sector (XLP) | 9.7% | 70.6% |
Fundamental Drivers
The 60.1% change in KO stock from 6/30/2023 to 7/28/2026 was primarily driven by a 22.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.13 | 88.27 | 60.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43,493 | 49,284 | 13.3% |
| Net Income Margin (%) | 22.7% | 27.8% | 22.5% |
| P/E Multiple | 24.2 | 27.7 | 14.7% |
| Shares Outstanding (Mil) | 4,326 | 4,302 | 0.6% |
| Cumulative Contribution | 60.1% |
Market Drivers
6/30/2023 to 7/28/2026| Return | Correlation | |
|---|---|---|
| KO | 60.1% | |
| Market (SPY) | 73.0% | 3.6% |
| Sector (XLP) | 26.5% | 72.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KO Return | 11% | 11% | -4% | 9% | 16% | 22% | 81% |
| Peers Return | 13% | 0% | 2% | -6% | 1% | 13% | 25% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| KO Win Rate | 58% | 58% | 58% | 67% | 58% | 86% | |
| Peers Win Rate | 52% | 47% | 52% | 45% | 50% | 66% | |
| 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 7/28/2026 (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
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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 | ||
| 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 | |
| Pay Less, Gain More: COKE Tops Coca-Cola Stock | 05/08/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 93.00 |
| Mkt Cap | 106.5 |
| Rev LTM | 27,708 |
| Op Inc LTM | 3,588 |
| FCF LTM | 2,387 |
| FCF 3Y Avg | 2,448 |
| CFO LTM | 3,271 |
| CFO 3Y Avg | 3,730 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.7% |
| Rev Chg 3Y Avg | 4.3% |
| Rev Chg Q | 9.1% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 9.2% |
| Op Inc Chg 3Y Avg | 9.0% |
| 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 | 15.7% |
| FCF/Rev LTM | 11.7% |
| FCF/Rev 3Y Avg | 11.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 106.5 |
| P/S | 2.8 |
| P/Op Inc | 18.9 |
| P/EBIT | 17.3 |
| P/E | 25.4 |
| P/CFO | 23.2 |
| Total Yield | 6.3% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | 3.1% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.2% |
| 3M Rtn | 7.7% |
| 6M Rtn | 11.7% |
| 12M Rtn | 8.9% |
| 3Y Rtn | 4.9% |
| 1M Excs Rtn | 0.2% |
| 3M Excs Rtn | 5.0% |
| 6M Excs Rtn | 4.3% |
| 12M Excs Rtn | -8.5% |
| 3Y Excs Rtn | -57.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| North America | 19,586 | 18,869 | 16,774 | 15,667 | 13,184 |
| Europe, Middle East & Africa (EMEA) | 11,513 | 10,958 | 8,078 | 6,896 | 6,564 |
| Latin America | 6,334 | 6,471 | 5,830 | 4,910 | 4,143 |
| Bottling Investments | 5,735 | 6,223 | 7,860 | 7,883 | 7,194 |
| Asia Pacific | 5,638 | 5,594 | 5,455 | 4,711 | 4,682 |
| Corporate | 144 | 110 | 126 | 94 | 83 |
| Eliminations | -1,009 | -1,164 | -1,433 | 0 | 0 |
| Global Ventures | 3,064 | 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 | 4,435 | 3,742 | 3,331 |
| Europe, Middle East & Africa (EMEA) | 4,298 | 4,255 | 4,202 | 3,958 | 3,735 |
| Latin America | 3,742 | 3,792 | 3,432 | 2,870 | 2,534 |
| Asia Pacific | 2,042 | 2,156 | 2,040 | 2,303 | 2,325 |
| Bottling Investments | 426 | 496 | 578 | 487 | 473 |
| Eliminations | 0 | 0 | 0 | 0 | 0 |
| Corporate | -1,816 | -5,263 | -3,705 | -2,636 | -2,383 |
| Global Ventures | 329 | 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 | $88.27 | |
| Market Cap ($ Bil) | 379.7 | |
| First Trading Date | 01/02/1962 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $81.38 | $75.00 |
| DMA Trend | up | up |
| Distance from DMA | 8.5% | 17.7% |
| 3M | 1YR | |
| Volatility | 24.2% | 18.7% |
| Downside Capture | -113.28 | -70.04 |
| Upside Capture | -32.23 | -22.19 |
| Correlation (SPY) | -38.5% | -19.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.97 | -0.79 | -0.51 | -0.29 | -0.28 | 0.04 |
| Up Beta | -0.29 | -0.05 | 0.27 | 0.27 | 0.26 | 0.15 |
| Down Beta | -1.01 | -0.86 | -0.85 | -0.31 | -0.33 | 0.02 |
| Up Capture | -92% | -62% | -33% | -19% | -16% | 1% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 22 | 32 | 64 | 123 | 388 |
| Down Capture | -137% | -142% | -164% | -102% | -106% | -28% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 19 | 31 | 61 | 128 | 356 |
[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 | 31.4% | 18.8% | 1.32 | - |
| Sector ETF (XLP) | 9.1% | 14.1% | 0.38 | 71.2% |
| Equity (SPY) | 17.3% | 12.7% | 0.99 | -18.3% |
| Gold (GLD) | 20.2% | 28.1% | 0.64 | -13.1% |
| Commodities (DBC) | 29.1% | 19.5% | 1.19 | -18.5% |
| Real Estate (VNQ) | 14.4% | 14.1% | 0.72 | 33.7% |
| Bitcoin (BTCUSD) | -46.4% | 42.9% | -1.33 | -18.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KO | |
|---|---|---|---|---|
| KO | 12.9% | 16.6% | 0.59 | - |
| Sector ETF (XLP) | 6.9% | 13.6% | 0.29 | 78.6% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 27.4% |
| Gold (GLD) | 16.9% | 18.4% | 0.74 | 3.5% |
| Commodities (DBC) | 9.1% | 19.5% | 0.36 | 1.7% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 44.0% |
| Bitcoin (BTCUSD) | 16.2% | 53.4% | 0.48 | 4.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KO | |
|---|---|---|---|---|
| KO | 10.2% | 18.4% | 0.47 | - |
| Sector ETF (XLP) | 7.4% | 14.8% | 0.36 | 78.7% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 49.0% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 5.6% |
| Commodities (DBC) | 6.8% | 18.0% | 0.30 | 13.7% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 57.8% |
| Bitcoin (BTCUSD) | 57.5% | 66.2% | 0.98 | 5.2% |
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Returns Analyses
Earnings Returns History
Updated 7/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 14 |
| # Negative | 8 | 8 | 9 |
| Median Positive | 1.6% | 3.0% | 4.5% |
| Median Negative | -0.6% | -1.2% | -3.2% |
| Max Positive | 4.7% | 7.0% | 8.4% |
| Max Negative | -2.1% | -5.6% | -9.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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 | 15 | 15 | 14 |
| # Negative | 8 | 8 | 9 |
| Median Positive | 1.6% | 3.0% | 4.5% |
| Median Negative | -0.6% | -1.2% | -3.2% |
| Max Positive | 4.7% | 7.0% | 8.4% |
| Max Negative | -2.1% | -5.6% | -9.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 06/30/2019 | 07/25/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: 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 | |||
Prior: 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 6/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6112026 | 83.41 | 23,984 | 2,000,594 | 13,129,316 | Form |
| 2 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6102026 | 80.75 | 100,000 | 8,074,790 | 14,646,377 | Form |
| 3 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6102026 | 79.46 | 100,000 | 7,945,632 | 16,479,241 | Form |
| 4 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6082026 | 79.46 | 100,000 | 7,946,073 | 16,480,156 | Form |
| 5 | Quincey, James | Chairman | Direct | Sell | 6062026 | 80.13 | 436,296 | 34,959,133 | 9,842,252 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6112026 | 83.41 | 23,984 | 2,000,594 | 13,129,316 | Form |
| 2 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6102026 | 80.75 | 100,000 | 8,074,790 | 14,646,377 | Form |
| 3 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6102026 | 79.46 | 100,000 | 7,945,632 | 16,479,241 | Form |
| 4 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6082026 | 79.46 | 100,000 | 7,946,073 | 16,480,156 | Form |
| 5 | Quincey, James | Chairman | Direct | Sell | 6062026 | 80.13 | 436,296 | 34,959,133 | 9,842,252 | Form |
| 6 | Quincey, James | Chairman | Direct | Sell | 6062026 | 80.00 | 8,000 | 640,019 | 9,826,935 | Form |
| 7 | Quan, Nancy | Executive Vice President | Direct | Sell | 5192026 | 80.93 | 31,625 | 2,559,519 | 18,074,856 | Form |
| 8 | Quincey, James | Chairman | Direct | Sell | 5112026 | 78.90 | 200,000 | 15,780,900 | 6,166,781 | Form |
| 9 | Douglas, Monica Howard | Executive Vice President | Direct | Sell | 3092026 | 77.37 | 23,880 | 1,847,686 | 1,371,451 | Form |
| 10 | Quan, Nancy | Executive Vice President | Direct | Sell | 3052026 | 79.50 | 23,556 | 1,872,747 | 17,755,159 | Form |
| 11 | Quincey, James | Chairman and CEO | Direct | Sell | 3042026 | 79.14 | 250,688 | 19,839,138 | 22,012,842 | Form |
| 12 | Pietracci, Bruno | Direct | Sell | 3042026 | 79.41 | 28,765 | Form | |||
| 13 | Murphy, John | President and CFO | Direct | Sell | 2272026 | 80.42 | 99,437 | 7,996,535 | 33,015,651 | Form |
| 14 | Perez, Beatriz R | Executive Vice President | Direct | Sell | 2262026 | 80.75 | 21,326 | 1,722,074 | 14,028,536 | Form |
| 15 | Perez, Beatriz R | Executive Vice President | Direct | Sell | 2262026 | 80.60 | 15,000 | 1,209,000 | 14,002,477 | Form |
| 16 | Douglas, Monica Howard | Executive Vice President | Direct | Sell | 2262026 | 80.16 | 20,000 | 1,603,210 | 4,611,794 | Form |
| 17 | Quincey, James | Chairman and CEO | Direct | Sell | 2042026 | 77.10 | 337,824 | 26,046,095 | 26,410,160 | Form |
| 18 | Quan, Nancy | Executive Vice President | Direct | Sell | 11192025 | 71.17 | 31,625 | 2,250,805 | 15,894,776 | Form |
| 19 | Arroyo, Manuel | Executive Vice President | Direct | Sell | 11142025 | 70.80 | 139,689 | 9,890,610 | 4,111,405 | Form |
| 20 | Braun, Henrique | EVP & Chief Operating Officer | Direct | Sell | 11122025 | 70.93 | 40,390 | 2,864,915 | 4,441,789 | Form |
| 21 | Douglas, Monica Howard | Executive Vice President | Direct | Sell | 10272025 | 69.93 | 13,548 | 947,464 | 2,638,256 | Form |
| 22 | Levchin, Max R | Direct | Buy | 10272025 | 69.87 | 7,206 | 503,488 | 996,844 | Form | |
| 23 | Levchin, Max R | Direct | Buy | 10272025 | 70.13 | 7,061 | 495,189 | 495,189 | Form | |
| 24 | Koumettis, Nikolaos | Direct | Sell | 8072025 | 69.10 | 37,396 | 2,584,105 | 14,477,579 | Form | |
| 25 | Quincey, James | Chairman and CEO | Direct | Sell | 6022025 | 72.06 | 266,403 | 19,197,640 | 19,885,331 | Form |
Investor Activity (13F)
Updated Jul 29, 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, based on an inflection to higher-quality growth. Unit case volume accelerated to 3% in the most recent quarter, demonstrating strengthening consumer demand. This top-line momentum, combined with operating margins reaching a five-year peak of 31.6%, prompted management to raise its full-year comparable earnings per share growth forecast to 8% to 9%.
STOCK ARCHETYPE
Branded Franchise / Royalty(Unit Case Volume Growth) x (Price & Mix per Case) Margin expansion driven by the strategic shift from low-margin, capital-intensive bottling to a high-margin, asset-light concentrate sales model.
INVESTMENT THESIS
Evidence suggests a successful pivot to a healthier growth model is underway, driving both revenue and margin expansion.
- Unit case volume growth accelerated to 3% in Q1 2026.
- Latest-quarter revenue grew 12.1% year-over-year.
- Operating margin reached a five-year peak of 31.6%.
- Management raised 2026 comparable EPS growth guidance to 8% to 9%.
- The company has gained value share for 20 consecutive quarters.
PRIMARY RISK
A long-running dispute with the IRS carries a potential liability of approximately $14 billion, which could materially impact the company's financial position and cash flows if the final ruling is unfavorable.
- Potential tax and interest liability is estimated at approximately $14 billion.
- The company's five largest bottlers represent 44% of worldwide unit case volume.
- Peer PepsiCo noted consumer pressure impacting impulse channels.
- Health concerns over sweetened beverages are a key disclosed risk.
| KPI | Status | Rationale |
|---|---|---|
| Unit Case Volume Growth | 3% for the first quarter of 2026 - Accelerating | The year-over-year growth in unit case volume has accelerated, moving from a stable 1% in the back half of 2025 to 3% in the most recent quarter. This indicates strengthening consumer demand and a successful start to the year. |
| Price/Mix Growth | 2% for the first quarter of 2026 - Turning around | Price/mix growth has moderated significantly from the 6% seen in Q3 2025 but showed a slight sequential improvement from 1% in Q4 2025 to 2% in Q1 2026. This suggests stabilization at a more normalized level as part of a deliberate strategy. |
| Concentrate Sales Volume Growth | 8% (Q1 2026 vs Q1 2025) | Measures the volume of concentrates and syrups sold by the company to its bottling partners, which is the direct driver of revenue for its core business. It can differ from unit case volume due to timing and inventory practices. |
| Latest-Quarter Revenue Growth (YoY) | 12.1% (Q2 2026 (ended 6/30/2026)) | Indicates the most recent top-line growth momentum of the company, reflecting the combined impact of volume, price, and mix. |
Volume Acceleration vs. Consumer Headwinds
BULL VIEW
Bulls believe the Q1 acceleration in unit case volume to 3% is the start of a durable trend, proving the company's brand power can overcome macroeconomic pressures and drive higher-quality earnings growth.
CORE TENSION
Can the company's 3% volume growth and 20 consecutive quarters of value share gains overcome the consumer pressures that are beginning to impact impulse channels for its peers?
PREVAILING SENTIMENT
The latest evidence, including 3% Q1 volume growth across all segments and a raised full-year earnings forecast, currently favors the bull case that momentum is sustainable.
BEAR VIEW
Bears argue the volume acceleration is temporary and that consumer spending pressures, as noted by competitor PepsiCo, will inevitably slow demand and force a return to less attractive, price-led growth.
| Timeline | Event & Metric To Watch |
|---|---|
9/9/2026 | Peer FIZZ Earnings Report Watch: Peer National Beverage (FIZZ) is scheduled to report earnings. |
10/7/2026 | Negative Peer Read-Through Watch: Weakness in North American beverage volumes or negative commentary on consumer spending from PepsiCo's earnings report. |
10/19/2026 | Commodity Cost Margin Squeeze Watch: Company guidance on gross or operating margins, and specific commentary on input cost inflation pressures. |
10/19/2026 | Third Quarter Earnings Report Watch: Coca-Cola is scheduled to report its next earnings. |
10/26/2026 | Peer KDP Earnings Report Watch: Peer Keurig Dr Pepper (KDP) is scheduled to report earnings. |
No set date | IRS Litigation Appeal Ruling Watch: A ruling from the U.S. Court of Appeals for the Eleventh Circuit regarding the company's tax case. |
No set date | Geopolitical Volume Disruption Watch: Escalation of existing conflicts or new conflicts in key operating regions, particularly EMEA, impacting consumer behavior. |
July 28 | Second Quarter Earnings Release Watch: The company will release its second quarter 2026 financial results before the New York Stock Exchange opens. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-16 | fairlife Operations Disrupted by Ransomware Details: fairlife, LLC identified unauthorized third-party access to its systems, including production-related systems, in connection with a ransomware event. | -1.1% $82.45 -> $81.56 |
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 Holdings Pvt. Ltd., in 2027. | -0.8% $78.50 -> $77.91 |
2026-04-28 | First Quarter Results and Guidance Update Details: The company reported strong Q1 2026 results and raised its guidance for Comparable Currency Neutral EPS Growth and Comparable EPS Growth. | +4.5% $74.96 -> $78.36 |
2026-03-18 | Large Institutional Share Purchase Details: Danica Pension Livsforsikringsaktieselskab purchased a new position of 2,429,588 shares, valued at approximately $161,130,000, during the third quarter. | -2.6% $77.08 -> $75.07 |
2026-02-10 | Fourth Quarter Sales Miss Details: The company's fourth-quarter sales came in below estimates, causing the stock to lose ground on the day of the report. | +0.8% $76.94 -> $77.56 |
2026-01-25 | Institutional Investors Reduce Stakes Details: Cullen Frost Bankers Inc. reduced its holdings by 3.3% and Alpha Cubed Investments LLC decreased its stake by 41.3% in the prior quarter. | +1.0% $70.92 -> $71.60 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: KO trades at roughly 19% annualized options-implied volatility versus about 15% for the S&P 500 (1.3x the market), around the 79th percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
PEP - PepsiCo, Inc.
Diversified Consumer ExposurePepsiCo offers a broader portfolio that includes a significant global snacks business, providing diversification away from the pure-play beverage market and different drivers for growth.
MNST - Monster Beverage
High-Growth Category FocusMonster Beverage provides concentrated exposure to the high-growth energy drink category, a segment where it is a market leader, offering a different growth profile than Coca-Cola's diversified portfolio.
Coca-Cola is a high-margin brand licensor with a captive, global distribution network, not simply a beverage manufacturer.
The company's primary business is the capital-light, high-margin sale of proprietary concentrates to a franchised network of bottlers. This model leverages iconic global brands to drive consumer demand, which in turn pulls concentrate sales through the system. The company is actively divesting its lower-margin, capital-intensive bottling operations to focus on this core profit engine, driving margin expansion. The key drivers to watch are consumer demand (unit case volume) and the company's ability to manage price and mix.
Sustained unit case volume growth, continued margin expansion driven by favorable mix and pricing, and successful divestitures of bottling operations.
A structural decline in consumer demand for core beverage categories, loss of brand relevance, or a breakdown in relationships with key bottling partners.
Short-term commodity price fluctuations (which are often hedged) and quarterly timing differences between concentrate sales and unit case volume.
Repricing Catalyst
Continued acceleration in revenue growth and margin expansion, driven by successful pricing actions and the strategic shift away from bottling investments.
North America
$19.6B TTM (41% of Total) · 26% MarginWhat It Is
Sells beverage concentrates, syrups (including fountain syrups for restaurants and convenience stores), and some finished beverages to authorized bottling partners, fountain retailers, and wholesalers.
Who Pays & How
Bottling partners and fountain wholesalers/retailers pay for the essential ingredients (concentrates/syrups) required to produce and sell beverages under the company's highly recognized and in-demand brands.
Competition
Europe, Middle East & Africa (EMEA)
$11.5B TTM (24% of Total) · 37% MarginWhat It Is
Sells beverage concentrates and syrups to authorized bottling partners. This segment also includes the results of the Costa coffee retail stores, and the innocent and doğadan businesses.
Who Pays & How
Bottling partners pay for concentrates and syrups to service their territories. Consumers pay directly at company-operated Costa retail stores.
Competition
Latin America
$6.3B TTM (13% of Total) · 59% MarginWhat It Is
Sells beverage concentrates and syrups to authorized bottling partners.
Who Pays & How
Bottling partners, such as Coca-Cola FEMSA and Arca Continental, pay for the concentrates and syrups needed to supply their extensive bottling and distribution operations across the region.
Competition
Asia Pacific
$5.6B TTM (12% of Total) · 36% MarginWhat It Is
Sells beverage concentrates and syrups to authorized bottling partners.
Who Pays & How
Bottling partners pay for the concentrates and syrups to produce and sell beverages in their authorized territories, which include major markets like China, India, and Japan.
Competition
Bottling Investments
$5.7B TTM (12% of Total) · 7% MarginWhat It Is
This segment consists of company-owned bottling and distribution operations that sell finished sparkling soft drinks and other beverages to retailers, or to distributors and wholesalers.
Who Pays & How
Retailers, distributors, and wholesalers pay for finished, packaged beverage products ready for sale to consumers. This segment exists where the company takes direct control of bottling, often in underperforming markets, to improve performance.
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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