Coca-Cola (KO)
Market Price (10/30/2026): $94.09 | Market Cap: $404.8 BilInvestor Relations Sector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages
Coca-Cola (KO)
Market Price (10/30/2026): $94.09Market Cap: $404.8 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 2.8% 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 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 16 Bil, FCF LTM is 14 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 -2.6%, Dist 3Y High is -2.6% Weak multi-year price returns3Y Excs Rtn is -0.4% | Expensive valuation multiplesP/SPrice/Sales ratio is 7.8x 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 2.8% |
| 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 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 16 Bil, FCF LTM is 14 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 -2.6%, Dist 3Y High is -2.6% |
| Weak multi-year price returns3Y Excs Rtn is -0.4% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 7.8x |
| 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 6/30/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance: The Coca-Cola Company reported robust financial results for fiscal Q3 2026 (ended September 30, 2026), exceeding Wall Street expectations. Comparable earnings per share (EPS) grew 11% to $0.91, surpassing the consensus estimate of $0.88. Net revenues increased 7% to $13.4 billion, beating the $12.93 billion consensus, with organic revenues (non-GAAP) also growing 7%.
2. Upward Revision of Full-Year 2026 Guidance: Management raised its full-year 2026 guidance for the third consecutive quarter, indicating sustained positive momentum. The company now expects organic revenue growth of at least 5% (up from approximately 5%) and comparable EPS growth of at least 11% (up from 9%-10%) for the full fiscal year.
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Coca-Cola (KO) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance: The Coca-Cola Company reported robust financial results for fiscal Q3 2026 (ended September 30, 2026), exceeding Wall Street expectations. Comparable earnings per share (EPS) grew 11% to $0.91, surpassing the consensus estimate of $0.88. Net revenues increased 7% to $13.4 billion, beating the $12.93 billion consensus, with organic revenues (non-GAAP) also growing 7%.
2. Upward Revision of Full-Year 2026 Guidance: Management raised its full-year 2026 guidance for the third consecutive quarter, indicating sustained positive momentum. The company now expects organic revenue growth of at least 5% (up from approximately 5%) and comparable EPS growth of at least 11% (up from 9%-10%) for the full fiscal year.
3. Significant Global Unit Case Volume Growth and Market Share Gains: Coca-Cola demonstrated strong global consumer demand in fiscal Q3 2026, with unit case volume increasing 5% worldwide. This growth was notably driven by key markets such as India, China, Mexico, and Brazil, and included a significant 16% increase in Coca-Cola Zero Sugar volume across all geographic segments. The company also gained value share in the total non-alcoholic ready-to-drink (NARTD) beverage market.
4. Positive Analyst Sentiment and Increased Price Targets: Following the strong performance and updated guidance, numerous Wall Street analysts reiterated positive ratings and raised their price targets for Coca-Cola's stock. For example, TD Cowen increased its price target to $104 from $100, Wells Fargo raised its target to $100 from $90, and Citigroup adjusted its target to $102 from $100, reflecting strong analyst confidence. The average analyst price target ranged from $97.18 to $97.45.
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Stock Movement Drivers
Fundamental Drivers
The 14.9% change in KO stock from 6/30/2026 to 10/29/2026 was primarily driven by a 7.6% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.79 | 92.82 | 14.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 49,284 | 51,054 | 3.6% |
| Net Income Margin (%) | 27.8% | 28.7% | 3.1% |
| P/E Multiple | 25.4 | 27.3 | 7.6% |
| Shares Outstanding (Mil) | 4,302 | 4,303 | 0.0% |
| Cumulative Contribution | 14.9% |
Market Drivers
6/30/2026 to 10/29/2026| Return | Correlation | |
|---|---|---|
| KO | 14.9% | |
| Market (SPY) | 3.0% | -16.9% |
| Sector (XLP) | 6.2% | 80.0% |
Fundamental Drivers
The 23.6% change in KO stock from 3/31/2026 to 10/29/2026 was primarily driven by a 10.7% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.11 | 92.82 | 23.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 47,941 | 51,054 | 6.5% |
| Net Income Margin (%) | 27.3% | 28.7% | 4.8% |
| P/E Multiple | 24.7 | 27.3 | 10.7% |
| Shares Outstanding (Mil) | 4,303 | 4,303 | 0.0% |
| Cumulative Contribution | 23.6% |
Market Drivers
3/31/2026 to 10/29/2026| Return | Correlation | |
|---|---|---|
| KO | 23.6% | |
| Market (SPY) | 18.6% | -26.8% |
| Sector (XLP) | 8.3% | 77.3% |
Fundamental Drivers
The 43.7% change in KO stock from 9/30/2025 to 10/29/2026 was primarily driven by a 19.6% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.60 | 92.82 | 43.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 47,062 | 51,054 | 8.5% |
| Net Income Margin (%) | 25.9% | 28.7% | 10.7% |
| P/E Multiple | 22.8 | 27.3 | 19.6% |
| Shares Outstanding (Mil) | 4,304 | 4,303 | 0.0% |
| Cumulative Contribution | 43.7% |
Market Drivers
9/30/2025 to 10/29/2026| Return | Correlation | |
|---|---|---|
| KO | 43.7% | |
| Market (SPY) | 16.4% | -19.3% |
| Sector (XLP) | 14.9% | 72.6% |
Fundamental Drivers
The 80.8% change in KO stock from 9/30/2023 to 10/29/2026 was primarily driven by a 29.2% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 51.35 | 92.82 | 80.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44,140 | 51,054 | 15.7% |
| Net Income Margin (%) | 23.8% | 28.7% | 20.3% |
| P/E Multiple | 21.1 | 27.3 | 29.2% |
| Shares Outstanding (Mil) | 4,325 | 4,303 | 0.5% |
| Cumulative Contribution | 80.8% |
Market Drivers
9/30/2023 to 10/29/2026| Return | Correlation | |
|---|---|---|
| KO | 80.8% | |
| Market (SPY) | 86.2% | 0.2% |
| Sector (XLP) | 38.1% | 73.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KO Return | 11% | 11% | -4% | 9% | 16% | 34% | 98% |
| Peers Return | 13% | 0% | 2% | -6% | 1% | 17% | 30% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| KO Win Rate | 58% | 58% | 58% | 67% | 58% | 80% | |
| Peers Win Rate | 52% | 47% | 52% | 45% | 50% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| KO Max Drawdown | -12% | -17% | -17% | -15% | -10% | -8% | |
| Peers Max Drawdown | -22% | -25% | -20% | -21% | -25% | -19% | |
| 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 10/29/2026 (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.
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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.
Peer Outperformance in Soft Drinks & Non-alcoholic Beverages
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| KO | Coca-Cola | 4.3% | 27.3x | 39.4% | 80.2% | 90.6% | — |
| COKE | Coca-Cola Consolidated | 5.8% | 25.3x | 64.5% | 238.5% | 446.6% | +356pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Consumer Staples Merchandise Retail | 12 | 19.3% | 53.3% | 63.2% | WMT 159% · PSMT 147% · COST 113% |
| Food Distributors | 8 | 8.7% | 34.3% | 61.0% | USFD 197% · CHEF 191% · PFGC 116% |
| Tobacco | 6 | -30.5% | 10.2% | 53.0% | PM 178% · MO 155% |
| Food Retail | 6 | 2.1% | 56.8% | 44.9% | CASY 263% · SFM 117% · KR 84% |
| Soft Drinks & Non-alcoholic Beverages ← | 13 | 7.3% | -8.1% | 11.7% | COKE 447% · COCO 317% · CCHGY 121% |
| Brewers | 3 | -5.8% | -23.4% | 4.9% | BUD 40% · TAP 5% · SAM -60% |
| Household Products | 19 | 21.4% | 3.7% | -10.2% | IPAR 41% · CL 38% · CHD 29% |
| Personal Care Products | 4 | 11.1% | 9.5% | -16.4% | ELF 250% · PG 28% · COTY -60% |
| Agricultural Products & Services | 11 | -10.0% | -8.0% | -34.7% | ADM 37% · BG 19% · INGR 16% |
| Packaged Foods & Meats | 48 | -25.5% | -30.9% | -35.9% | CALM 123% · TR 41% · SJM 23% |
| Distillers & Vintners | 5 | -34.2% | -55.7% | -71.7% | STZ -35% · BF-B -54% |
| Drug Retail | 3 | -34.3% | -41.0% | -94.6% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| The Real Risk Inside Coca-Cola Stock | 08/19/2026 | |
| The Debates That Matter For KO Stock | 08/12/2026 | |
| Coca-Cola Stock's Counter-Current Pull | 08/01/2026 | |
| 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 | |
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| Which Stocks Are Paying For $4.33 Gas? | 10/20/2026 | |
| What Are Coca-Cola Stock Bulls Not Worried About? | 10/19/2026 | |
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| Is Coca-Cola Stock A Good Fit For Your Portfolio? | 10/14/2026 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 70.89 |
| Mkt Cap | 105.8 |
| Rev LTM | 29,214 |
| Op Inc LTM | 3,606 |
| FCF LTM | 2,862 |
| FCF 3Y Avg | 2,522 |
| CFO LTM | 3,756 |
| CFO 3Y Avg | 3,776 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.4% |
| Rev Chg 3Y Avg | 3.7% |
| Rev Chg Q | 6.2% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 5.6% |
| Op Inc Chg 3Y Avg | 6.0% |
| Op Mgn LTM | 17.5% |
| Op Mgn 3Y Avg | 19.7% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 15.3% |
| CFO/Rev 3Y Avg | 15.5% |
| FCF/Rev LTM | 12.2% |
| FCF/Rev 3Y Avg | 11.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 105.8 |
| P/S | 2.9 |
| P/Op Inc | 20.2 |
| P/EBIT | 18.9 |
| P/E | 31.4 |
| P/CFO | 21.6 |
| Total Yield | 6.1% |
| Dividend Yield | 2.8% |
| FCF Yield 3Y Avg | 3.3% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 11.4% |
| 3M Rtn | 3.2% |
| 6M Rtn | 17.8% |
| 12M Rtn | 26.9% |
| 3Y Rtn | 26.8% |
| 1M Excs Rtn | 10.5% |
| 3M Excs Rtn | -1.4% |
| 6M Excs Rtn | 9.1% |
| 12M Excs Rtn | 11.9% |
| 3Y Excs Rtn | -56.3% |
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 | $92.82 | |
| Market Cap ($ Bil) | 399.4 | |
| First Trading Date | 01/02/1962 | |
| Distance from 52W High | -2.6% | |
| 50 Days | 200 Days | |
| DMA Price | $89.21 | $81.26 |
| DMA Trend | up | up |
| Distance from DMA | 4.0% | 14.2% |
| 3M | 1YR | |
| Volatility | 16.7% | 19.1% |
| Downside Capture | -38.88 | -44.48 |
| Upside Capture | -2.65 | -2.65 |
| Correlation (S&P 500) | -23.6% | -17.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.16 | -0.07 | -0.12 | -0.38 | -0.25 | 0.02 |
| Up Beta | -0.87 | -0.37 | -1.06 | -0.16 | 0.05 | 0.11 |
| Down Beta | 1.17 | 0.42 | 0.81 | -0.45 | -0.13 | 0.03 |
| Up Capture | 1% | -6% | 12% | -16% | -10% | 1% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 22 | 34 | 66 | 131 | 393 |
| Down Capture | 56% | 5% | -27% | -101% | -110% | -49% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 20 | 30 | 60 | 120 | 353 |
[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 | 36.0% | 19.1% | 1.47 | - |
| Sector ETF (XLP) | 14.8% | 15.3% | 0.69 | 75.4% |
| Equity (SPY) | 13.0% | 12.7% | 0.67 | -18.7% |
| Gold (GLD) | 1.2% | 28.4% | 0.03 | -7.0% |
| Commodities (DBC) | 49.5% | 20.6% | 1.83 | -13.1% |
| Real Estate (VNQ) | 7.2% | 14.0% | 0.25 | 37.6% |
| Bitcoin (BTCUSD) | -29.5% | 43.4% | -0.69 | -16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KO | |
|---|---|---|---|---|
| KO | 14.6% | 16.8% | 0.67 | - |
| Sector ETF (XLP) | 7.2% | 13.9% | 0.29 | 78.6% |
| Equity (SPY) | 12.6% | 17.1% | 0.55 | 24.8% |
| Gold (GLD) | 17.2% | 18.9% | 0.73 | 3.2% |
| Commodities (DBC) | 9.4% | 19.5% | 0.36 | 0.8% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 43.3% |
| Bitcoin (BTCUSD) | 5.1% | 51.6% | 0.28 | 2.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KO | |
|---|---|---|---|---|
| KO | 11.7% | 18.5% | 0.53 | - |
| Sector ETF (XLP) | 8.2% | 15.0% | 0.41 | 78.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 47.7% |
| Gold (GLD) | 11.8% | 16.4% | 0.58 | 5.5% |
| Commodities (DBC) | 8.1% | 18.1% | 0.36 | 13.4% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 57.5% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 5.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2026 | -1.6% | ||
| 7/28/2026 | 5.0% | 3.3% | 9.0% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 15 |
| # Negative | 9 | 8 | 9 |
| Median Positive | 1.5% | 2.8% | 4.1% |
| Median Negative | -0.6% | -1.2% | -3.2% |
| Max Positive | 5.0% | 7.0% | 9.0% |
| Max Negative | -2.1% | -5.6% | -9.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2026 | -1.6% | ||
| 7/28/2026 | 5.0% | 3.3% | 9.0% |
| 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% |
| 4/19/2021 | 0.6% | 1.5% | 1.8% |
| 2/10/2021 | -0.2% | 0.9% | 2.4% |
| 10/22/2020 | 1.4% | -4.1% | 6.3% |
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 15 |
| # Negative | 9 | 8 | 9 |
| Median Positive | 1.5% | 2.8% | 4.1% |
| Median Negative | -0.6% | -1.2% | -3.2% |
| Max Positive | 5.0% | 7.0% | 9.0% |
| Max Negative | -2.1% | -5.6% | -9.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 10/28/2026Latest: Q3 2026 Earnings Reported 10/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Comparable Currency Neutral EPS Growth Excluding Acquisitions and Divestitures | Reported | 9.0% | 9.0% | 1.5% | Raised | Guidance: 7.5% for 2026 | ||
| 2026 Comparable EPS Growth | Reported | 11.0% | 11.0% | 1.5% | Raised | Guidance: 9.5% for 2026 | ||
| 2026 Cash from Operations | Reported | 15.20 Bil | 15.20 Bil | |||||
| 2026 Organic Revenues Growth | Reported | 5.0% | 5.0% | 0.0% | Affirmed | Guidance: 5.0% for 2026 | ||
| 2026 Underlying Effective Tax Rate | Reported | 19.7% | ||||||
| 2026 Capital Expenditures | Reported | 2.20 Bil | ||||||
| 2026 Free Cash Flow | Reported | 13.00 Bil | 13.00 Bil | 4.8% | Raised | Guidance: 12.40 Bil for 2026 | ||
Prior: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Comparable EPS Growth | Reported | 9.0% | 9.5% | 10.0% | 1.0% | Raised | Guidance: 8.5% for 2026 | |
| 2026 Comparable Currency Neutral EPS excluding acquisitions and divestitures Growth | Reported | 7.0% | 7.5% | 8.0% | 1.0% | Raised | Guidance: 6.5% for 2026 | |
| 2026 Organic Revenue Growth | Reported | 5.0% | 0.5% | Raised | Guidance: 4.5% for 2026 | |||
| 2026 Free Cash Flow | Reported | 12.40 Bil | 1.6% | Raised | Guidance: 12.20 Bil for 2026 | |||
Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Comparable Currency Neutral EPS Growth (excl. A&D) | Reported | 6.0% | 6.5% | 7.0% | 1.0% | Raised | Guidance: 5.5% for 2026 | |
| 2026 Comparable EPS Growth | Reported | 8.0% | 8.5% | 9.0% | 1.0% | Raised | Guidance: 7.5% for 2026 | |
| 2026 Cash Flow from Operations | Reported | 14.40 Bil | 0.0% | Affirmed | Guidance: 14.40 Bil for 2026 | |||
| 2026 Organic Revenue Growth | Reported | 4.0% | 4.5% | 5.0% | 0.0% | Affirmed | Guidance: 4.5% for 2026 | |
| 2026 Capital Expenditures | Reported | 2.20 Bil | 0.0% | Affirmed | Guidance: 2.20 Bil for 2026 | |||
| 2026 Free Cash Flow | Reported | 12.20 Bil | 0.0% | Affirmed | Guidance: 12.20 Bil for 2026 | |||
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Comparable Currency Neutral EPS excluding acquisitions and divestitures growth | Reported | 5.0% | 5.5% | 6.0% | -2.5% | Lowered | Guidance: 8.0% for 2025 | |
| 2026 Comparable EPS growth | Reported | 7.0% | 7.5% | 8.0% | 4.5% | Raised | Guidance: 3.0% for 2025 | |
| 2026 Operating Cash Flow | Reported | 14.40 Bil | 20.0% | Raised | Guidance: 12.00 Bil for 2025 | |||
| 2026 Organic Revenue Growth | Reported | 4.0% | 4.5% | 5.0% | -1.0% | Lowered | Guidance: 5.5% for 2025 | |
| 2026 Underlying effective tax rate | Reported | 20.9% | 0.2% | Raised | Guidance: 20.7% for 2025 | |||
| 2026 Capital Expenditures | Reported | 2.20 Bil | 0 | Affirmed | Guidance: 2.20 Bil for 2025 | |||
| 2026 Free Cash Flow | Reported | 12.20 Bil | 24.5% | Raised | Guidance: 9.80 Bil for 2025 | |||
Insider Activity
Updated 8/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pietracci, Bruno | Direct | Sell | 8212026 | 90.93 | 111,365 | Form | |||
| 2 | Quan, Nancy | Executive Vice President | Direct | Sell | 8212026 | 90.39 | 50,000 | 4,519,260 | 20,185,727 | Form |
| 3 | Ray, Sanket | Direct | Sell | 8112026 | 86.50 | 9,958 | 861,367 | 5,372,082 | Form | |
| 4 | Ortega, Luisa | Direct | Sell | 8072026 | 86.59 | 55,755 | 4,827,894 | 2,269,470 | Form | |
| 5 | Murphy, John | President and CFO | Direct | Sell | 8022026 | 87.31 | 152,483 | 13,313,580 | 24,440,085 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pietracci, Bruno | Direct | Sell | 8212026 | 90.93 | 111,365 | Form | |||
| 2 | Quan, Nancy | Executive Vice President | Direct | Sell | 8212026 | 90.39 | 50,000 | 4,519,260 | 20,185,727 | Form |
| 3 | Ray, Sanket | Direct | Sell | 8112026 | 86.50 | 9,958 | 861,367 | 5,372,082 | Form | |
| 4 | Ortega, Luisa | Direct | Sell | 8072026 | 86.59 | 55,755 | 4,827,894 | 2,269,470 | Form | |
| 5 | Murphy, John | President and CFO | Direct | Sell | 8022026 | 87.31 | 152,483 | 13,313,580 | 24,440,085 | Form |
| 6 | Quincey, James | Chairman | Direct | Sell | 7292026 | 90.09 | 145,947 | 13,148,978 | 11,066,541 | Form |
| 7 | Quincey, James | Chairman | Direct | Sell | 7292026 | 90.04 | 381,140 | 34,319,637 | 11,060,461 | Form |
| 8 | Pietracci, Bruno | Direct | Sell | 7282026 | 89.65 | 75,727 | Form | |||
| 9 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6112026 | 83.41 | 23,984 | 2,000,594 | 13,129,316 | Form |
| 10 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6102026 | 80.75 | 100,000 | 8,074,790 | 14,646,377 | Form |
| 11 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6102026 | 79.46 | 100,000 | 7,945,632 | 16,479,241 | Form |
| 12 | Mann, Jennifer K | Executive Vice President | Direct | Sell | 6082026 | 79.46 | 100,000 | 7,946,073 | 16,480,156 | Form |
| 13 | Quincey, James | Chairman | Direct | Sell | 6062026 | 80.13 | 436,296 | 34,959,133 | 9,842,252 | Form |
| 14 | Quincey, James | Chairman | Direct | Sell | 6062026 | 80.00 | 8,000 | 640,019 | 9,826,935 | Form |
| 15 | Quan, Nancy | Executive Vice President | Direct | Sell | 5192026 | 80.93 | 31,625 | 2,559,519 | 18,074,856 | Form |
| 16 | Quincey, James | Chairman | Direct | Sell | 5112026 | 78.90 | 200,000 | 15,780,900 | 6,166,781 | Form |
| 17 | Douglas, Monica Howard | Executive Vice President | Direct | Sell | 3092026 | 77.37 | 23,880 | 1,847,686 | 1,371,451 | Form |
| 18 | Quan, Nancy | Executive Vice President | Direct | Sell | 3052026 | 79.50 | 23,556 | 1,872,747 | 17,755,159 | Form |
| 19 | Quincey, James | Chairman and CEO | Direct | Sell | 3042026 | 79.14 | 250,688 | 19,839,138 | 22,012,842 | Form |
| 20 | Pietracci, Bruno | Direct | Sell | 3042026 | 79.41 | 28,765 | Form | |||
| 21 | Murphy, John | President and CFO | Direct | Sell | 2272026 | 80.42 | 99,437 | 7,996,535 | 33,015,651 | Form |
| 22 | Perez, Beatriz R | Executive Vice President | Direct | Sell | 2262026 | 80.75 | 21,326 | 1,722,074 | 14,028,536 | Form |
| 23 | Perez, Beatriz R | Executive Vice President | Direct | Sell | 2262026 | 80.60 | 15,000 | 1,209,000 | 14,002,477 | Form |
| 24 | Douglas, Monica Howard | Executive Vice President | Direct | Sell | 2262026 | 80.16 | 20,000 | 1,603,210 | 4,611,794 | Form |
| 25 | Quincey, James | Chairman and CEO | Direct | Sell | 2042026 | 77.10 | 337,824 | 26,046,095 | 26,410,160 | Form |
| 26 | Quan, Nancy | Executive Vice President | Direct | Sell | 11192025 | 71.17 | 31,625 | 2,250,805 | 15,894,776 | Form |
| 27 | Arroyo, Manuel | Executive Vice President | Direct | Sell | 11142025 | 70.80 | 139,689 | 9,890,610 | 4,111,405 | Form |
| 28 | Braun, Henrique | EVP & Chief Operating Officer | Direct | Sell | 11122025 | 70.93 | 40,390 | 2,864,915 | 4,441,789 | Form |
| 29 | Douglas, Monica Howard | Executive Vice President | Direct | Sell | 10272025 | 69.93 | 13,548 | 947,464 | 2,638,256 | Form |
| 30 | Levchin, Max R | Direct | Buy | 10272025 | 69.87 | 7,206 | 503,488 | 996,844 | Form | |
| 31 | Levchin, Max R | Direct | Buy | 10272025 | 70.13 | 7,061 | 495,189 | 495,189 | Form | |
| 32 | Koumettis, Nikolaos | Direct | Sell | 8072025 | 69.10 | 37,396 | 2,584,105 | 14,477,579 | Form |
Investor Activity (13F)
Updated Oct 30, 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
Coca-Cola is executing exceptionally well, delivering accelerating volume-led growth while its main competitor acknowledges underperformance. The company is achieving five-year high operating margins and has consistently raised its 2026 profit and cash flow forecasts. The primary risk is a large, pending tax court ruling, but operational momentum is currently strong.
STOCK ARCHETYPE
Franchise & DistributionUnit Case Volume Growth x Price/Mix Margin expansion driven by operating leverage and a favorable mix shift towards the high-margin, asset-light concentrate business as the company divests its bottling operations.
INVESTMENT THESIS
Evidence suggests yes. The company is delivering sustained mid-single-digit volume growth while its primary competitor is struggling.
- Worldwide unit case volume grew 5% in Q3 2026, sustaining the accelerated rate from Q2.
- Concentrate sales, a direct revenue driver, grew even faster at 6% in Q3 2026.
- Operating margin reached a five-year peak, more than double its main competitor.
- Management raised full-year comparable EPS growth guidance to at least 9% (currency-neutral).
- Full-year free cash flow guidance was raised to at least $13 billion.
PRIMARY RISK
An uneven global consumer environment, with noted softness in China and Japan, could cause demand to decelerate, while a large potential tax liability looms.
- Management describes the global operating environment as 'uneven' and consumer behavior as value-focused.
- Volume declined in Japan in Q3 amid a 'challenging macroeconomic environment'.
- The consumer environment in China is 'subdued, with cautious spending'.
- A decision in the long-running IRS tax case is expected by early 2027.
| KPI | Status | Rationale |
|---|---|---|
| Unit Case Volume Growth | 5% year-over-year for Q3 2026 - Stable | Unit case volume growth accelerated from 3% in Q1 to 5% in Q2, a quarter which management noted was aided by events like the FIFA World Cup. The business sustained this strong 5% growth rate in Q3, indicating healthy underlying momentum beyond one-time events. |
| Revenue Growth | 7.4% year-over-year for the latest quarter ended 9/30/2026 - Accelerating | After peaking at 12.1% two quarters ago, revenue growth slowed in the prior quarter before re-accelerating in the most recent period. This sequential acceleration suggests renewed top-line momentum. |
| Concentrate Sales Volume Growth | 6% (Q3 2026 vs Q3 2025) | Measures the volume of concentrates and syrups sold by the company to its bottling partners, which is a direct driver of revenue for its core, high-margin business. |
Can Operational Momentum Outweigh Macro Headwinds?
BULL VIEW
Bulls believe strong execution, share gains from a fumbling competitor, and effective affordability initiatives will allow the company to sustain its 5% volume growth even in a soft consumer environment.
CORE TENSION
Can strong Q3 volume growth of 5% and share gains offset management's own warnings of an 'uneven' consumer environment and volume declines in Japan?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Q3's strong 5% volume growth and 6% concentrate sales growth demonstrate that, for now, execution is successfully navigating the challenging macro backdrop.
BEAR VIEW
Bears argue that consumer weakness in key markets like China and Japan is a leading indicator that will inevitably drag down global volume growth, making current performance unsustainable.
| Timeline | Event & Metric To Watch |
|---|---|
The fourth quarter | Shorter Reporting Period Watch: The fourth quarter reporting period will have six fewer days versus the prior year. |
12/9/2026, 1/26/2027, 2/1/2027 | Negative Peer Read-Through Watch: Peer commentary on consumer demand, input costs, and margin trends, particularly in North America. |
1/26/2027 | Peer Earnings Report Watch: Peer Starbucks (SBUX) is scheduled to report earnings on 1/26/2027. |
2/1/2027 | Peer Earnings Report Watch: Peer PepsiCo (PEP) is scheduled to report earnings on 2/1/2027. |
2/8/2027 | Fourth Quarter Earnings Disappointment Watch: Reported organic revenue and the divergence between concentrate sales and unit case volume. |
towards the end of this year, early next year | Adverse IRS Tax Ruling Watch: The ruling from the U.S. Court of Appeals for the Eleventh Circuit on the transfer pricing case. |
No set date | Key Market Consumer Weakness Watch: Management commentary on volume trends and consumer sentiment in China and Japan in the next earnings report. |
Dec. 15 | Quarterly Dividend Payment Watch: A regular quarterly dividend of 53 cents per common share is payable on Dec. 15, 2026. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-27 | Reports Third Quarter Results Details: The company reported Q3 results with 7.4% revenue growth and raised full-year guidance, but the two-day stock reaction was negative at -1.0%. | -1.0% $92.70 -> $91.73 |
2026-10-22 | Data Breach Investigation Surfaces Details: A national class action law firm announced it is investigating data privacy claims arising from a reported data breach at the company. | +0.0% $92.68 -> $92.71 |
2026-10-15 | Declares Quarterly Dividend Details: The Board of Directors declared a regular quarterly dividend of 53 cents per common share, payable on December 15. | +2.3% $91.78 -> $93.90 |
2026-07-28 | Reports Strong Second Quarter Details: The company reported Q2 results with volume growth and raised full-year guidance. The two-day stock reaction was a positive 6.0%. | +6.0% $83.57 -> $88.55 |
2026-06-01 | Explores India Bottler IPO Details: The company announced it is exploring a potential public listing in India of its largest bottler in the country, Hindustan Coca-Cola Beverages, in 2027. | -0.8% $78.04 -> $77.44 |
2026-04-28 | Reports Strong First Quarter Details: The company reported Q1 adjusted EPS of $0.86 and raised its full-year profit outlook, helped by stronger sales growth across regions. | +4.5% $74.51 -> $77.90 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: KO trades at roughly 17% annualized realized (three-month) volatility versus about 11% for the S&P 500 (1.6x the market). 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 CPG ExposurePepsiCo offers broader exposure to the consumer through its large snack foods business, which provides a different and potentially more resilient demand driver than a pure-play beverage portfolio.
MNST - Monster Beverage (MNST)
High-Growth Category FocusMonster provides pure-play exposure to the high-growth energy drink category, with trailing-twelve-month revenue growth of 20.4% and strong operating margins.
A global franchise system that monetizes powerful beverage brands through high-margin concentrate sales to a captive network of bottlers, generating significant and predictable cash flow.
Coca-Cola's primary business is not bottling drinks, but rather selling its high-margin concentrates and syrups to a worldwide network of bottling partners. This asset-light model is a powerful cash-flow engine. The company is strategically divesting its own bottling operations to focus on this core business of brand building and innovation, while expanding its portfolio into new beverage categories to ensure long-term growth.
Sustained unit case volume growth, continued operating margin expansion, and successful product launches in non-soda categories like coffee, sports drinks, and water.
A persistent decline in global unit case volume, significant market share losses to primary competitors, or an inability to pass through input cost inflation, leading to margin compression.
Quarterly timing differences between concentrate shipments and unit case volume; short-term foreign exchange rate fluctuations.
Repricing Catalyst
Continued execution momentum leading to further upward revisions in full-year guidance, as demonstrated by the raised profit and free cash flow forecast following Q3 results, per press reports in October.
North America
$15.2B TTM (40% of Total) · 24% MarginWhat It Is
Sells beverage concentrates, syrups (including fountain syrups for restaurants and convenience stores), and finished beverages to authorized bottling partners, wholesalers, and retailers.
Who Pays & How
Bottling partners and fountain retailers/wholesalers pay for concentrates and syrups required to produce and sell beverages under the company's highly-demanded trademarks.
Competition
Europe, Middle East & Africa (EMEA)
$8.9B TTM (24% of Total) · 38% MarginWhat It Is
Sells beverage concentrates, syrups, and finished beverages to bottling partners. Also sells directly to consumers through retail stores operated by its Costa coffee brand.
Who Pays & How
Bottling partners pay for concentrates and syrups, while consumers pay directly at company-owned Costa coffee retail locations.
Competition
Latin America
$5.2B TTM (14% of Total) · 61% MarginWhat It Is
Sells beverage concentrates, syrups, and finished beverages to authorized bottling partners, wholesalers, and retailers.
Who Pays & How
Bottling partners pay for the concentrates and syrups needed to supply their territories with the company's portfolio of popular beverage brands.
Competition
Asia Pacific
$4.2B TTM (11% of Total) · 34% MarginWhat It Is
Sells beverage concentrates, syrups, and finished beverages to authorized bottling partners, wholesalers, and retailers.
Who Pays & How
Bottling partners pay for the concentrates and syrups to produce and sell the company's beverages in their authorized territories.
Competition
Bottling Investments
$4.7B TTM (12% of Total) · 10% MarginWhat It Is
Consists of company-owned or consolidated bottling and distribution operations that sell finished beverages to retailers, or to distributors and wholesalers.
Who Pays & How
Retailers and wholesalers pay for finished, packaged beverage products for direct resale to consumers.
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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