It's like the regional PepsiCo, but exclusively for bottling and distributing Coca-Cola and other non-alcoholic beverages across a large portion of the US.

Think of it as the dedicated UPS or FedEx for Coca-Cola products, but one that also manufactures the drinks before delivering them to stores and restaurants throughout much of the U.S.

• Sparkling Beverages: This category includes carbonated beverages, featuring products from The Coca-Cola Company and other distributed brands like Dr Pepper.
• Still Beverages: Comprises a variety of non-carbonated drinks such as bottled water, ready-to-drink coffee and tea, enhanced water, juices, sports drinks, and energy products including Monster Energy.
• Post-Mix Fountain Syrups: These are concentrated syrups designed to be dispensed through equipment, mixing with water to create finished beverages for fountain retailers.

Coca-Cola Consolidated (COKE) primarily sells its products to other companies rather than directly to individuals. Based on the provided description, its major customers fall into the following categories:

1. Retail Channels: This category encompasses a wide range of businesses that resell Coca-Cola Consolidated's products directly to consumers. These include grocery stores, mass merchandise stores, club stores, convenience stores, and drug stores.
2. Foodservice and On-Premise Channels: This category covers establishments where beverages are typically consumed on-site or purchased for immediate consumption. These customers include restaurants, schools, amusement parks, recreational facilities, and vending machine outlets. It also includes "fountain retailers" who dispense post-mix products.
3. Other Coca-Cola Bottlers: Coca-Cola Consolidated also sells its products to other Coca-Cola bottlers within the broader Coca-Cola system.

• The Coca-Cola Company (KO)
• Keurig Dr Pepper (KDP)
• Monster Beverage Corporation (MNST)

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

J. Frank Harrison, III officially began his career with Coca-Cola Consolidated in 1977, though his family's roots in the Coca-Cola system date back to 1902. He served in various operational and leadership roles before becoming Chairman & CEO in 1996, making him the fourth-generation family leader of the company. Mr. Harrison co-founded With Open Eyes, a non-profit ministry, in 2008. He holds a Bachelor of Science Degree in Business Administration from the University of North Carolina and an MBA from Duke University. He is the controlling stockholder of Coca-Cola Consolidated via Class B Common Stock structures.

Matthew J. Blickley, Chief Financial Officer and Chief Accounting Officer

Matthew J. Blickley will assume the role of Executive Vice President and Chief Financial Officer, effective April 1, 2025, and will continue to serve as Chief Accounting Officer. He joined Coca-Cola Consolidated in 2014 and has held various financial roles of increasing responsibility, including Corporate Controller and Senior Vice President, Financial Planning. Before joining the company, Mr. Blickley worked at Family Dollar Stores, Inc. from January 2011 to November 2014, in senior financial positions such as Divisional Vice President, Financial Planning & Analysis and Director, Financial Reporting. He began his career as an Audit Associate at PricewaterhouseCoopers LLP in 2004, advancing to Audit Manager. Mr. Blickley is a certified public accountant and holds a Bachelor's degree from Virginia Tech and an MBA from UNC Kenan-Flagler Business School.

David M. Katz, President and Chief Operating Officer

David M. Katz currently serves as President and Chief Operating Officer of Coca-Cola Consolidated, Inc. He joined the company in 2013 as Assistant to the Chairman and CEO, and has since held positions in manufacturing, engineering, quality assurance, operations planning, human resources, culture, and stewardship. Mr. Katz previously served as Chief Financial Officer from January 2018 until transitioning to his current role on December 31, 2018. Prior to joining Coca-Cola Consolidated, he worked with Coca-Cola Enterprises, Inc. from 1993 to 2010 in various roles and was Senior Vice-President, Midwest Region at Coca-Cola Refreshments from 2011 to 2013. He holds Bachelor's and Master's degrees in Industrial Engineering from the Georgia Institute of Technology.

E. Beauregarde Fisher III, Chief Legal and Administrative Officer and Corporate Secretary

E. Beauregarde Fisher III is the Chief Legal and Administrative Officer and Corporate Secretary for Coca-Cola Consolidated. He joined the company in February 2017, having previously served as outside corporate counsel for the company from 2011 to 2017. Before joining Coca-Cola Consolidated, he was a Partner with the law firm of Moore & Van Allen, PLLC from 1998 to 2017, where he was involved in the firm's management committee and chaired its business law practice group. His legal practice focused on mergers and acquisitions, corporate governance, private equity, venture capital, and general corporate matters. Mr. Fisher holds an MBA from UNC Kenan-Flagler Business School, a B.S. in Political Science from the University of North Carolina at Chapel Hill, and a Doctor of Law (JD) from the University of North Carolina School of Law.

Joshua L. Dorminy, Executive Vice President, Assistant to the Chairman and CEO

Joshua L. Dorminy is the Executive Vice President, Assistant to the Chairman and CEO at Coca-Cola Consolidated, a position he assumed after previously serving as Senior Vice President. He joined the company in 2016. Prior to his time at Coca-Cola Consolidated, Mr. Dorminy was the Broker and Managing Member of a commercial real estate brokerage firm. He also served as the Executive Director of Timothy Barnabas, a non-profit organization dedicated to training and encouraging pastors and their spouses globally. Mr. Dorminy is actively involved in the strategic direction and planning of Coca-Cola Consolidated's Culture & Stewardship, t-factor, Rapid Response, and charitable giving programs.

• Dependence on The Coca-Cola Company: Coca-Cola Consolidated's business model is fundamentally reliant on its partnership with The Coca-Cola Company (TCCC). Approximately 85% of COKE's bottle and can volume comes from TCCC brands. The Coca-Cola Company controls concentrate pricing, key manufacturing, and distribution rights, and major system governance. Any material changes in marketing funding programs, performance requirements, or COKE's inability to meet these requirements could adversely affect its business, financial condition, and results of operations or profitability.

• Health Trends and Sugar Regulation: The company faces significant long-term headwinds due to evolving health trends and increasing sugar regulation. Global consumption is shifting towards healthier beverages, and governments are becoming more aggressive about sugar regulation, with sugar taxes already introduced in dozens of countries. Further regulations, such as front-of-pack warning labels and restrictions on advertising and portion sizes, could raise prices, reduce affordability, and ultimately weigh on sales volumes for sugary sodas, which are core to COKE's product offerings.

• High Financial Leverage: Coca-Cola Consolidated's financial health is subject to risks associated with its financial leverage. A recent $2.4 billion share repurchase significantly increased the company's pro forma leverage to 2.6x, exceeding S&P Global's preferred 2x threshold, which led to a negative outlook revision in November 2025. This increased debt load is identified as a critical near-term risk for investors to monitor.

Here are the addressable market sizes for Coca-Cola Consolidated's main products and services in the United States:

• Overall Non-Alcoholic Beverages Market: The U.S. non-alcoholic beverages market size was estimated at approximately USD 298.4 billion in 2024.
• Carbonated Soft Drinks: The market size for carbonated soft drinks in the U.S. is estimated to be between USD 100.46 billion and USD 108.6 billion in 2024.
• Bottled Water: The U.S. bottled water market size was valued at USD 51.2 billion in 2024.
• Ready-to-Drink (RTD) Coffee: The U.S. ready-to-drink coffee market size was estimated at USD 7.93 billion in 2025.
• Ready-to-Drink (RTD) Tea: The U.S. ready-to-drink tea market size is estimated at USD 13.14 billion in 2025.
• Energy Drinks: The U.S. energy drinks market size was estimated at USD 25.01 billion in 2024.
• Juice: The U.S. juice market size was estimated at USD 24.97 billion in 2025.
• Sports Drinks: The U.S. sports drinks market was valued at USD 12.61 billion in 2025.

Expected Drivers of Future Revenue Growth for Coca-Cola Consolidated (COKE)

Over the next 2-3 years, Coca-Cola Consolidated (COKE) is expected to drive future revenue growth through the following key areas:

1. Strategic Pricing Actions: The company has demonstrated its ability to implement annual pricing actions that contribute significantly to net sales growth. This approach is a primary factor in increasing revenue.
2. Strong Volume Performance: Consistent growth in sales volume, as evidenced by a 4.6% rise in volume during the fourth quarter of 2025, is a crucial driver. Sustained consumer demand and effective distribution will continue to fuel this volume expansion.
3. Growth in Sparkling and Still Beverage Categories: Focused growth within its core product categories, particularly sparkling and still beverages, is expected to continue. The fourth quarter of 2025 saw net sales increases of 6.4% for sparkling beverages and 10.0% for still beverages, indicating ongoing strength and opportunity in these segments.
4. Investment in Front-Line Employees: Management's plans to further invest in front-line employees are anticipated to support operational strength. While an indirect driver, improved operational efficiency and enhanced market execution resulting from these investments can positively impact revenue generation.

Share Repurchases

• In November 2025, Coca-Cola Consolidated repurchased all 18.8 million outstanding shares held by The Coca-Cola Company for approximately $2.4 billion, funded by cash on hand and a $1.2 billion term loan.
• The company's Board of Directors approved a $1.0 billion share repurchase program in August 2024.
• Following the November 2025 transaction, the initial $1.0 billion repurchase program was reduced to $400 million, with approximately $136.3 million remaining authorized for future repurchases.

Share Issuance

• In May 2025, Coca-Cola Consolidated stockholders approved a 10-for-1 stock split for its Common Stock and Class B Common Stock, which took effect around May 27, 2025.
• Shares outstanding for Coca-Cola Consolidated have declined, with 0.094 billion shares in 2025, down 6.71% from 2024, and 0.101 billion shares in 2024, a 3.3% decline from 2023.

Capital Expenditures

• Coca-Cola Consolidated's capital expenditures for fiscal year 2024 peaked at $371 million.
• Capital expenditures averaged $261.9 million annually for the fiscal years ending December 2020 to 2024.
• The company's capital expenditures were $282.3 million in 2023, $298.6 million in 2022, and $155.7 million in 2021.