Coca-Cola (KO) financial statements
Coca-Cola reported revenue of $47.9B in fiscal 2025, up 1.5% a year over 9 years.
Net income was $13.1B and the operating margin 28.7%, against 20.7% in 2016.
Free cash flow was $5.3B, and the company returned $8.8B in dividends and $746M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Coca-Cola's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $41.9B | $36.2B | $34.3B | $37.3B | $33.0B | $38.7B | $43.0B | $45.8B | $47.1B | $47.9B |
| Cost of revenue | $16.5B | $13.7B | $13.1B | $14.6B | $13.4B | $15.4B | $18.0B | $18.5B | $18.3B | $18.4B |
| Gross profit | $25.4B | $22.5B | $21.2B | $22.6B | $19.6B | $23.3B | $25.0B | $27.2B | $28.7B | $29.5B |
| Selling, general and admin | $15.4B | $12.8B | $11.0B | $12.1B | $9.7B | $12.1B | $12.9B | $14.0B | $14.6B | $14.5B |
| Operating income | $8.7B | $7.8B | $9.2B | $10.1B | $9.0B | $10.3B | $10.9B | $11.3B | $10.0B | $13.8B |
| Interest expense | $733M | $853M | $950M | $946M | $1.4B | $1.6B | $882M | $1.5B | $1.7B | $1.7B |
| Pre-tax income | $8.1B | $6.9B | $8.2B | $10.8B | $9.7B | $12.4B | $11.7B | $13.0B | $13.1B | $16.0B |
| Income tax | $1.6B | $5.6B | $1.7B | $1.8B | $2.0B | $2.6B | $2.1B | $2.2B | $2.4B | $2.9B |
| Net income | $6.5B | $1.2B | $6.4B | $8.9B | $7.7B | $9.8B | $9.5B | $10.7B | $10.6B | $13.1B |
| EPS (diluted) | $1.49 | $0.29 | $1.50 | $2.07 | $1.79 | $2.25 | $2.19 | $2.47 | $2.46 | $3.04 |
| Diluted shares | 4.37B | 4.32B | 4.30B | 4.31B | 4.32B | 4.34B | 4.35B | 4.34B | 4.32B | 4.31B |
| Gross margin | 60.7% | 62.1% | 61.9% | 60.8% | 59.3% | 60.3% | 58.1% | 59.5% | 61.1% | 61.6% |
| Operating margin | 20.7% | 21.4% | 26.7% | 27.1% | 27.3% | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% |
| Net margin | 15.6% | 3.4% | 18.8% | 23.9% | 23.5% | 25.3% | 22.2% | 23.4% | 22.6% | 27.3% |
Balance sheet
Fiscal years, from Coca-Cola's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $18.1B | $15.4B | $11.1B | $7.9B | $8.6B | $10.9B | $10.6B | $12.4B | $12.8B | $13.9B |
| Receivables | $3.9B | $3.7B | $3.7B | $4.0B | $3.1B | $3.5B | $3.5B | $3.4B | $3.6B | $3.0B |
| Inventory | $2.7B | $2.7B | $3.1B | $3.4B | $3.3B | $3.4B | $4.2B | $4.4B | $4.7B | $4.4B |
| Total current assets | $34.0B | $36.5B | $24.9B | $20.4B | $19.2B | $22.5B | $22.6B | $26.7B | $26.0B | $31.0B |
| Property, plant and equipment | $10.6B | $9.6B | $9.6B | $10.8B | $10.8B | $9.9B | $9.8B | $9.2B | $10.3B | $9.6B |
| Goodwill | $10.6B | $13.6B | $14.1B | $16.8B | $17.5B | $19.4B | $18.8B | $18.4B | $18.1B | $15.5B |
| Total assets | $87.3B | $87.9B | $83.2B | $86.4B | $87.3B | $94.4B | $92.8B | $97.7B | $100.5B | $104.8B |
| Total current liabilities | $26.5B | $27.2B | $28.8B | $27.0B | $14.6B | $19.9B | $19.7B | $23.6B | $25.2B | $21.3B |
| Long-term debt | $29.7B | $31.2B | $25.4B | $27.5B | $40.1B | $38.1B | $36.4B | $35.5B | $42.4B | $42.1B |
| Total liabilities | $64.0B | $68.9B | $64.2B | $65.3B | $66.0B | $69.5B | $66.9B | $70.2B | $74.2B | $70.5B |
| Shareholders' equity | $23.1B | $17.1B | $17.0B | $19.0B | $19.3B | $23.0B | $24.1B | $25.9B | $24.9B | $32.2B |
| Net debt | $24.7B | $28.4B | $21.3B | $25.3B | $33.8B | $29.8B | $27.3B | $28.1B | $31.5B | $31.8B |
Cash flow
Fiscal years, from Coca-Cola's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.8B | $7.0B | $7.6B | $10.5B | $9.8B | $12.6B | $11.0B | $11.6B | $6.8B | $7.4B |
| Capital spending | $2.3B | $1.8B | $1.5B | $2.1B | $1.2B | $1.4B | $1.5B | $1.9B | $2.1B | $2.1B |
| Free cash flow | $6.5B | $5.3B | $6.1B | $8.4B | $8.7B | $11.3B | $9.5B | $9.7B | $4.7B | $5.3B |
| Stock-based compensation | $258M | $219M | $225M | $201M | $126M | $337M | $356M | $254M | $286M | $279M |
| Dividends paid | $6.0B | $6.3B | $6.6B | $6.8B | $7.0B | $7.3B | $7.6B | $8.0B | $8.4B | $8.8B |
| Share buybacks (net) | -$3.7B | -$3.7B | -$1.9B | -$1.1B | -$118M | -$111M | -$1.4B | -$2.3B | -$1.8B | -$746M |
| Net borrowing | $1.7B | $1.1B | -$3.0B | -$1.8B | -$1.9B | $228M | -$958M | $1.9B | $12.1B | $5.0B |
| Free cash flow margin | 15.6% | 14.6% | 17.7% | 22.6% | 26.3% | 29.1% | 22.2% | 21.3% | 10.1% | 11.0% |
| Dividends per share | $1.38 | $1.46 | $1.55 | $1.59 | $1.63 | $1.67 | $1.75 | $1.83 | $1.93 | $2.04 |
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Open KO in InvestinglyQuestions
What was Coca-Cola's revenue in 2025?
$47.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Coca-Cola generate?
$5.3B in fiscal 2025 (operating cash flow minus capital spending).
From Coca-Cola's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.