The Coca-Cola Company
- What it sells
- Concentrate operations is 59% of revenue (fiscal year to Dec 2025), up from 58% two years earlier.
- Growing?
- Yes: revenue up 7% on a year earlier (quarter ended Sep 2026); earnings per share up 13% over the last four quarters.
- Expensive?
- Pricier than usual: 28.7× trailing earnings; its five-year median is 26.4×. In line with the peer median of 32.5x.
- Analysts?
- 80% of 25 say buy; average 12-month target $97.75, about the same as today's price.
- Risky?
- Calmer than most large companies: its price swung 19% over the past year (the S&P 500's 14%), and it fell as much as 21% since Nov 2021.
The Coca-Cola Company (KO) is a global nonalcoholic beverage company that primarily manufactures and sells beverage concentrates and syrups to a network of bottling partners, and in some cases sells finished beverages via consolidated bottling operations.
More about The Coca-Cola Company
Revenue is driven mainly by concentrate/syrup sales (and some finished-product sales), supported by brand marketing and customer execution across retail and away-from-home channels.
Market Position
Coca-Cola is one of the world’s leading beverage brand owners, anchored by Trademark Coca-Cola and a broad portfolio across sparkling flavors, water/sports/coffee/tea, and juice/value-added dairy/plant-based categories, with global scale and a long-established bottler system that extends distribution reach. Its differentiators center on brand equity, route-to-market partnerships, and portfolio breadth that supports pricing/mix and occasion-based demand.
Key Segments
Coca-Cola reports five operating segments: Europe, Middle East & Africa (EMEA), Latin America, North America, Asia Pacific, and Bottling Investments (company-owned/consolidated bottling and distribution operations).
How has the stock done?
Over the past month KO rose 8.5%; the consumer staples ETF (XLP) rose 7.9% and the S&P 500 fell 2.7%.
Over the past six months KO rose 21.8%; the consumer staples ETF (XLP) rose 7.8% and the S&P 500 rose 2.6%.
Over the past year KO rose 36.3%; the consumer staples ETF (XLP) rose 17.8% and the S&P 500 rose 10.8%.
Over five years KO rose 72.1%; the consumer staples ETF (XLP) rose 25.0% and the S&P 500 rose 62.0%.
From Apr 21, 2022 to Oct 5, 2023, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.2% the other way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 27, 2026 | ended Sep 2026 | $13.4B (+7% vs a year earlier) | $0.91 vs $0.88 (beat) | −1.0% | +2.3% |
| Jul 28, 2026 | ended Jun 2026 | $13.4B (+7% vs a year earlier) | $0.97 vs $0.93 (beat) | +6.0% | +3.0% |
| Apr 28, 2026 | ended Mar 2026 | $12.5B (+12% vs a year earlier) | $0.86 vs $0.81 (beat) | +4.5% | +4.0% |
| Feb 10, 2026 | ended Dec 2025 | $11.8B (+2% vs a year earlier) | $0.58 vs $0.56 (beat) | +0.8% | +1.9% |
| Oct 21, 2025 | ended Sep 2025 | $12.5B (+5% vs a year earlier) | — | +3.5% | +2.5% |
| Jul 22, 2025 | ended Jun 2025 | $12.5B (+1% vs a year earlier) | — | −1.3% | −1.0% |
| Apr 29, 2025 | ended Mar 2025 | $11.1B (−2% vs a year earlier) | — | +1.1% | −0.1% |
| Feb 11, 2025 | ended Dec 2024 | $11.5B (+6% vs a year earlier) | — | +6.4% | +8.6% |
| Oct 23, 2024 | ended Sep 2024 | $11.9B (−1% vs a year earlier) | — | −3.1% | −5.1% |
| Jul 23, 2024 | ended Jun 2024 | $12.4B (+3% vs a year earlier) | — | +1.6% | +4.5% |
| Apr 30, 2024 | ended Mar 2024 | $11.3B (+3% vs a year earlier) | — | −0.2% | +0.9% |
| Feb 13, 2024 | ended Dec 2023 | $10.8B (+7% vs a year earlier) | — | −0.7% | +2.6% |
| Oct 24, 2023 | ended Sep 2023 | $12.0B (+8% vs a year earlier) | — | +3.8% | +4.5% |
| Jul 26, 2023 | ended Jun 2023 | $12.0B (+6% vs a year earlier) | — | +0.3% | −0.5% |
| Apr 24, 2023 | ended Mar 2023 | $11.0B (+5% vs a year earlier) | — | −0.3% | +0.4% |
| Feb 14, 2023 | ended Dec 2022 | $10.1B (+7% vs a year earlier) | — | −1.7% | −1.0% |
| Oct 25, 2022 | ended Sep 2022 | $11.1B (+10% vs a year earlier) | — | +3.2% | +3.6% |
| Jul 26, 2022 | ended Jun 2022 | $11.3B (+12% vs a year earlier) | — | +1.3% | +2.3% |
| Apr 25, 2022 | ended Mar 2022 | $10.5B (+16% vs a year earlier) | — | −0.3% | −2.8% |
| Feb 10, 2022 | ended Dec 2021 | $9.5B (+10% vs a year earlier) | — | −1.2% | +1.8% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $13.4B in the quarter ended Sep 2026, up 7% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $10.1B | +7% |
| Mar 2023 | $11.0B | +5% |
| Jun 2023 | $12.0B | +6% |
| Sep 2023 | $12.0B | +8% |
| Dec 2023 | $10.8B | +7% |
| Mar 2024 | $11.3B | +3% |
| Jun 2024 | $12.4B | +3% |
| Sep 2024 | $11.9B | −1% |
| Dec 2024 | $11.5B | +6% |
| Mar 2025 | $11.1B | −2% |
| Jun 2025 | $12.5B | +1% |
| Sep 2025 | $12.5B | +5% |
| Dec 2025 | $11.8B | +2% |
| Mar 2026 | $12.5B | +12% |
| Jun 2026 | $13.4B | +7% |
| Sep 2026 | $13.4B | +7% |
Revenue went from $43.0B in FY22 to $47.9B in FY25; net income from $9.5B to $13.1B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $43.0B | $9.5B |
| FY23 | $45.8B | $10.7B |
| FY24 | $47.1B | $10.6B |
| FY25 | $47.9B | $13.1B |
In the fiscal year to Dec 2025, Concentrate operations was 59% and Finished product operations was 41% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Concentrate operations | $26.5B | 58% |
| FY2023 | Finished product operations | $19.2B | 42% |
| FY2024 | Concentrate operations | $27.7B | 59% |
| FY2024 | Finished product operations | $19.3B | 41% |
| FY2025 | Concentrate operations | $28.5B | 59% |
| FY2025 | Finished product operations | $19.5B | 41% |
In the fiscal year to Dec 2025, Outside the United States was 60% and United States was 40% of revenue; United States rose from 36% in the fiscal year to Dec 2023.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Outside the United States | $29.2B | 64% |
| FY2023 | United States | $16.6B | 36% |
| FY2024 | Outside the United States | $28.7B | 61% |
| FY2024 | United States | $18.4B | 39% |
| FY2025 | Outside the United States | $28.8B | 60% |
| FY2025 | United States | $19.1B | 40% |
A year earlier $0.86
Diluted, from SEC filings
The P/E of 28.7× over the 13% EPS growth of the last four quarters; near 1 or below is cheap for the growth
Quarters: The Coca-Cola Company's SEC filings, named by the month they end. Fiscal years: The Coca-Cola Company's annual reports to the SEC.
How it makes money
Of every $100 in revenue, $27.3 ends up as net income. Net margin rose from 22.2% to 27.3% over the past 3 years.
Show the data
| Quarter ended | Gross | Operating | Net |
|---|---|---|---|
| Dec 2022 | 55.4% | 20.5% | 20.1% |
| Mar 2023 | 60.7% | 30.7% | 28.3% |
| Jun 2023 | 59.0% | 20.1% | 21.3% |
| Sep 2023 | 61.0% | 27.4% | 25.8% |
| Dec 2023 | 57.3% | 21.0% | 18.2% |
| Mar 2024 | 62.5% | 18.9% | 28.1% |
| Jun 2024 | 61.1% | 21.3% | 19.5% |
| Sep 2024 | 60.7% | 21.2% | 24.0% |
| Dec 2024 | 60.0% | 23.5% | 19.0% |
| Mar 2025 | 62.6% | 32.9% | 29.9% |
| Jun 2025 | 62.4% | 34.1% | 30.4% |
| Sep 2025 | 61.5% | 32.0% | 29.7% |
| Dec 2025 | 60.0% | 15.6% | 19.2% |
| Mar 2026 | 63.0% | 35.0% | 31.5% |
| Jun 2026 | 62.9% | 34.9% | 33.1% |
| Sep 2026 | 63.2% | 33.4% | 30.0% |
Circled: Mar 2024 (net 28.1%, operating 18.9%). Net margin is usually about 2 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.
+3.5 pts over 3 years
+3.3 pts over 3 years
+5.2 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: The Coca-Cola Company's annual reports to the SEC; quarters: SEC filings.
Customers and suppliers
In its latest annual report The Coca-Cola Company buys from CCBSS, Cutrale Citrus Juices U.S.A.; sells to Coca-Cola FEMSA, CCEP, CCHBC and 2 more; one customer it does not name accounts for 10% of its revenue.
Suppliers
KOThe Coca-Cola CompanyCustomers
The Coca-Cola Company's 10-K for the year to Dec 2025 gives one customer's share of its revenue: One Bottler (10%).
Show the filings' numbers
| Period | Customer | Share of revenue | Filing |
|---|---|---|---|
| Year ended Dec 2025 | One Bottler | 10% | 10-K filed Feb 20, 2026 |
From The Coca-Cola Company's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.
Partners
Monster MNSTThe Coca-Cola Company invested in it · Equity investment and beverage distribution coordination21% equity interest as of December 31, 2025CCEP CCEPThe Coca-Cola Company invested in it · Equity investment in bottling partner18% equity interest as of December 31, 2025Coca-Cola FEMSA KOFThe Coca-Cola Company invested in it · Equity investment in bottling partner28% equity interest as of December 31, 2025CCHBC CCH.LThe Coca-Cola Company invested in it · Equity investment in bottling partner22% equity interest as of December 31, 2025Changes since the previous annual report (10-K filed Feb 20, 2025)
CCEP CCEPPartner, share of ownership19% → 18%Named in other companies’ filings
BBerkshire Hathaway BRK-Binvested in The Coca-Cola Company · Equity securities investmentShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| One bottler (unnamed) | customer | “For the year ended December 31, 2025, one bottler accounted for 10% of our net operating revenues, which are reflected in our EMEA and Asia Pacific operating segments.” |
| Monster | partner · The Coca-Cola Company invested in it | “The Company’s equity method investments include, but are not limited to, our ownership interests in CCEP; Monster; AC Bebidas, S. de R.L. de C.V.; Coca-Cola FEMSA; CCHBC; and Coca-Cola Bottlers Japan Holdings Inc. As of December 31, 2025, we owned 18%, 21%, 20%, 28%, 22% and 24%, respectively, of these companies’ outstanding shares.” |
| CCEP | partner · The Coca-Cola Company invested in it | “The Company’s equity method investments include, but are not limited to, our ownership interests in CCEP; Monster; AC Bebidas, S. de R.L. de C.V.; Coca-Cola FEMSA; CCHBC; and Coca-Cola Bottlers Japan Holdings Inc. As of December 31, 2025, we owned 18%, 21%, 20%, 28%, 22% and 24%, respectively, of these companies’ outstanding shares.” |
| AC Bebidas, S. de R.L. de C.V. | partner · The Coca-Cola Company invested in it | “The Company’s equity method investments include, but are not limited to, our ownership interests in CCEP; Monster; AC Bebidas, S. de R.L. de C.V.; Coca-Cola FEMSA; CCHBC; and Coca-Cola Bottlers Japan Holdings Inc. As of December 31, 2025, we owned 18%, 21%, 20%, 28%, 22% and 24%, respectively, of these companies’ outstanding shares.” |
| Coca-Cola FEMSA | partner · The Coca-Cola Company invested in it | “The Company’s equity method investments include, but are not limited to, our ownership interests in CCEP; Monster; AC Bebidas, S. de R.L. de C.V.; Coca-Cola FEMSA; CCHBC; and Coca-Cola Bottlers Japan Holdings Inc. As of December 31, 2025, we owned 18%, 21%, 20%, 28%, 22% and 24%, respectively, of these companies’ outstanding shares.” |
| CCHBC | partner · The Coca-Cola Company invested in it | “The Company’s equity method investments include, but are not limited to, our ownership interests in CCEP; Monster; AC Bebidas, S. de R.L. de C.V.; Coca-Cola FEMSA; CCHBC; and Coca-Cola Bottlers Japan Holdings Inc. As of December 31, 2025, we owned 18%, 21%, 20%, 28%, 22% and 24%, respectively, of these companies’ outstanding shares.” |
| Coca-Cola Bottlers Japan Holdings | partner · The Coca-Cola Company invested in it | “The Company’s equity method investments include, but are not limited to, our ownership interests in CCEP; Monster; AC Bebidas, S. de R.L. de C.V.; Coca-Cola FEMSA; CCHBC; and Coca-Cola Bottlers Japan Holdings Inc. As of December 31, 2025, we owned 18%, 21%, 20%, 28%, 22% and 24%, respectively, of these companies’ outstanding shares.” |
| Coca-Cola FEMSA | customer | “•Coca-Cola FEMSA, S.A.B. de C.V. (“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northeast Mexico), Guatemala, Colombia (most of the country), Nicaragua, Costa Rica, Panama, Venezuela, Uruguay, Brazil (a major part of the states of São Paulo and Minas Gerais; the states of Mato Grosso do Sul, Paraná, Rio Grande do Sul, and Santa Catarina; and part of the states of Goiás and Rio de Janeiro), and Argentina (federal capital of Buenos Aires and surrounding areas);” |
| CCEP | customer | “•Coca-Cola Europacific Partners plc (“CCEP”), which has bottling and distribution operations in Andorra, Australia, Belgium, continental France, Germany, Great Britain, Iceland, Indonesia, Luxembourg, Monaco, the Netherlands, New Zealand and the Pacific Islands, Norway, Papua New Guinea, the Philippines, Portugal, Spain and Sweden;” |
| CCHBC | customer | “•Coca-Cola HBC AG (“CCHBC”), which has bottling and distribution operations in Armenia, Austria, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, the Czech Republic, Egypt, Estonia, Greece, Hungary, Italy, Latvia, Lithuania, Moldova, Montenegro, Nigeria, North Macedonia, Northern Ireland, Poland, the Republic of Ireland, Romania, Russia, Serbia, Slovakia, Slovenia, Switzerland and Ukraine;” |
| Arca Continental, S.A.B. de C.V. | customer | “•Arca Continental, S.A.B. de C.V., which has bottling and distribution operations in northern and western Mexico, northern Argentina, Ecuador, Peru, and the state of Texas and part of the states of New Mexico, Oklahoma and Arkansas in the United States; and •Swire Coca-Cola Limited, which has bottling and distribution operations in 11 provinces and the Shanghai municipality in mainland China, Hong Kong, Taiwan, Cambodia, Laos, Thailand, Vietnam and territories in 13 states in the western United States.” |
| Swire Coca-Cola | customer | “•Arca Continental, S.A.B. de C.V., which has bottling and distribution operations in northern and western Mexico, northern Argentina, Ecuador, Peru, and the state of Texas and part of the states of New Mexico, Oklahoma and Arkansas in the United States; and •Swire Coca-Cola Limited, which has bottling and distribution operations in 11 provinces and the Shanghai municipality in mainland China, Hong Kong, Taiwan, Cambodia, Laos, Thailand, Vietnam and territories in 13 states in the western United States.” |
| CCBSS | supplier | “In the United States, our bottlers, with the assistance of Coca-Cola Bottlers’ Sales & Services Company LLC (“CCBSS”) and based on terms that the Company negotiates, purchase HFCS to meet our and our bottlers’ requirements....Among other things, CCBSS provides procurement services to our North American operations and to our U.S. and Canadian bottling partners for the purchase of various goods and services, including HFCS.” |
| Cutrale Citrus Juices U.S.A. | supplier | “We work closely with Cutrale Citrus Juices U.S.A., Inc., our primary supplier of orange juice from Florida and Brazil, to ensure an adequate supply of orange juice and orange juice concentrate that meets our Company’s standards.” |
| Coca-Cola İçecek A.Ş. | partner · The Coca-Cola Company invested in it | “Additionally, the Company refranchised our bottling operations in Bangladesh to Coca-Cola İçecek A.Ş., an equity method investee, for which we received cash proceeds of $27 million and a note receivable of $29 million and recognized a loss of $18 million, primarily due to the related reclassification of net foreign currency translation adjustments to income.” |
| Embotelladora Andina | partner · The Coca-Cola Company invested in it | “Embotelladora Andina S.A. 278 106 172” |
| Berkshire Hathaway (10-K filed Mar 2, 2026) | invested in The Coca-Cola Company | “The five largest holdings at each date were American Express Company, Apple Inc., Bank of America Corporation, The Coca-Cola Company and Chevron Corporation.” |
Only the companies The Coca-Cola Company names in its 10-K filed Feb 20, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names The Coca-Cola Company. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.
Is it expensive?
P/E of 28.7x, in line with the peer median of 32.5x, with earnings still growing.
In line with the peer median of 32.5x.
Show the data
| Company | P/E (trailing) |
|---|---|
| PRMB · Primo Brands Corporation | 44.9× |
| MNST · Monster Beverage Corporation | 41.4× |
| KDP · Keurig Dr Pepper Inc. | 32.5× |
| KO · The Coca-Cola Company | 28.7× |
| COKE · Coca-Cola Consolidated, Inc. | 24.3× |
| PEP · PepsiCo, Inc. | 17.9× |
At 28.7× trailing earnings KO is above most of its five-year range; the five-year median is 26.4×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 27.7× |
| Feb 8, 2022 | 27.6× |
| May 10, 2022 | 27.0× |
| Aug 10, 2022 | 28.9× |
| Nov 8, 2022 | 26.1× |
| Feb 9, 2023 | 27.2× |
| May 11, 2023 | 28.1× |
| Aug 11, 2023 | 25.3× |
| Nov 9, 2023 | 22.8× |
| Feb 12, 2024 | 24.1× |
| May 13, 2024 | 25.4× |
| Aug 13, 2024 | 27.7× |
| Nov 11, 2024 | 26.2× |
| Feb 13, 2025 | 28.1× |
| May 15, 2025 | 28.6× |
| Aug 15, 2025 | 24.8× |
| Nov 13, 2025 | 23.5× |
| Feb 17, 2026 | 26.2× |
| May 18, 2026 | 25.5× |
| Aug 18, 2026 | 26.7× |
| Nov 12, 2026 | 28.7× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $97.75, about the same as the current price; 80% of 25 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.
Buy or Strong Buy: 20 analysts (80%). Sell or Strong Sell: 1.
Over the past year the average of the analysts' latest price targets went from $79.80 to $98.57 (+24%), while KO went from $71.07 to $97.44 (+37%). In the past three months targets were raised 11 times and cut twice. No firm upgraded or downgraded it over the year.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Oct 28, 2026 | Freedom Broker | Target raised | Hold | $89.00, was $85.00 |
| Oct 28, 2026 | UBS | Target raised | Buy | $106.00, was $104.00 |
| Oct 28, 2026 | Citigroup | Target raised | Buy | $103.00, was $102.00 |
| Oct 28, 2026 | JP Morgan | Target raised | Overweight | $98.00, was $95.00 |
| Oct 28, 2026 | TD Cowen | Target raised | Buy | $104.00, was $100.00 |
| Oct 28, 2026 | Piper Sandler | Target raised | Overweight | $103.00, was $102.00 |
| Oct 28, 2026 | Wells Fargo | Target raised | Overweight | $100.00, was $90.00 |
| Oct 28, 2026 | RBC Capital | Target kept | Outperform | $96.00 |
| Oct 28, 2026 | Morgan Stanley | Target raised | Overweight | $103.00, was $100.00 |
| Oct 26, 2026 | Piper Sandler | Target raised | Overweight | $102.00, was $95.00 |
| Oct 16, 2026 | Barclays | Target raised | Overweight | $98.00, was $93.00 |
| Oct 14, 2026 | Citigroup | Target raised | Buy | $102.00, was $100.00 |
| Oct 5, 2026 | Wells Fargo | Target cut | Overweight | $90.00, was $95.00 |
| Sep 28, 2026 | JP Morgan | Target cut | Overweight | $95.00, was $96.00 |
| Jul 30, 2026 | Argus Research | Target raised | Buy | $97.00, was $91.00 |
| Jul 30, 2026 | Barclays | Target raised | Overweight | $93.00, was $91.00 |
| Jul 29, 2026 | JP Morgan | Target raised | Overweight | $96.00, was $90.00 |
| Jul 29, 2026 | TD Cowen | Target raised | Buy | $100.00, was $90.00 |
| Jul 29, 2026 | Piper Sandler | Target raised | Overweight | $95.00, was $88.00 |
| Jul 29, 2026 | Wells Fargo | Target raised | Overweight | $95.00, was $90.00 |
| Jul 29, 2026 | RBC Capital | Target raised | Outperform | $96.00, was $87.00 |
| Jul 29, 2026 | Jefferies | Target raised | Buy | $104.00, was $95.00 |
| Jul 21, 2026 | Barclays | Target raised | Overweight | $91.00, was $89.00 |
| Jul 16, 2026 | UBS | Target raised | Buy | $98.00, was $92.00 |
| Jul 14, 2026 | Citigroup | Target raised | Buy | $97.00, was $91.00 |
| Jul 10, 2026 | B of A Securities | Target raised | Buy | $95.00, was $90.00 |
| Jun 12, 2026 | Bernstein | Began coverage | Market Perform | $84.00 |
| Jun 11, 2026 | Bernstein | Began coverage | Market Perform | $84.00 |
| May 21, 2026 | Barclays | Target raised | Overweight | $89.00, was $85.00 |
| May 18, 2026 | Citigroup | Target raised | Buy | $91.00, was $90.00 |
| May 18, 2026 | Wells Fargo | Target raised | Overweight | $90.00, was $87.00 |
| Apr 30, 2026 | Barclays | Target raised | Overweight | $85.00, was $83.00 |
| Apr 29, 2026 | JP Morgan | Target raised | Overweight | $85.00, was $83.00 |
| Apr 29, 2026 | TD Cowen | Target raised | Buy | $90.00, was $85.00 |
| Apr 29, 2026 | Citigroup | Target raised | Buy | $90.00, was $87.00 |
| Apr 29, 2026 | Evercore ISI Group | Target raised | Outperform | $88.00, was $85.00 |
| Apr 7, 2026 | UBS | Target raised | Buy | $90.00, was $87.00 |
| Mar 30, 2026 | Deutsche Bank | Target raised | Buy | $86.00, was $83.00 |
| Mar 16, 2026 | Jefferies | Target raised | Buy | $90.00, was $87.00 |
| Feb 12, 2026 | Barclays | Target raised | Overweight | $83.00, was $77.00 |
| Feb 11, 2026 | JP Morgan | Target raised | Overweight | $83.00, was $79.00 |
| Feb 11, 2026 | RBC Capital | Target raised | Outperform | $87.00, was $78.00 |
| Feb 11, 2026 | Citigroup | Target raised | Buy | $87.00, was $85.00 |
| Feb 11, 2026 | UBS | Target raised | Buy | $87.00, was $82.00 |
| Feb 11, 2026 | Jefferies | Target cut | Buy | $87.00, was $88.00 |
| Feb 11, 2026 | Evercore ISI Group | Target raised | Outperform | $85.00, was $82.00 |
| Feb 9, 2026 | Wells Fargo | Target raised | Overweight | $87.00, was $79.00 |
| Feb 4, 2026 | Jefferies | Target raised | Buy | $88.00, was $84.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $0.56 | $0.58 | +3.6% |
| Mar ’26 | $0.81 | $0.86 | +6.2% |
| Jun ’26 | $0.93 | $0.97 | +4.3% |
| Sep ’26 | $0.88 | $0.91 | +3.4% |
The day after each of these reports the stock moved +0.8% (Dec 2025, beat); +4.5% (Mar 2026, beat); +6.0% (Jun 2026, beat); −1.0% (Sep 2026, beat).
For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.60 a share, 4% more than the $0.58 of a year earlier, and revenue of $11.3B, down 4% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $3.53 a share, 6% more than the year before's estimate of $3.34, and revenue of $48.9B, down 3% on the year before's estimate.
Adjusted. Dec 2025: $0.58; range $0.59 to $0.62; 18 analysts
Dec 2025: $11.8B; range $11.0B to $11.5B; 14 analysts
Adjusted. The year to Dec 2026: $3.34 expected; range $3.46 to $3.60; 25 analysts
The year to Dec 2026: $50.4B expected; range $47.9B to $50.0B; 19 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $0.60 | $0.59 to $0.62 | 18 | $0.58 (Dec 2025) | +4% |
| Quarter ending Dec 2026 | Revenue | $11.3B | $11.0B to $11.5B | 14 | $11.8B (Dec 2025) | −4% |
| Quarter ending Mar 2027 | EPS (adjusted) | $0.89 | $0.87 to $0.92 | 13 | $0.86 (Mar 2026) | +4% |
| Quarter ending Mar 2027 | Revenue | $11.8B | $11.5B to $12.1B | 9 | $12.5B (Mar 2026) | −5% |
| Year ending Dec 2026 | EPS (adjusted) | $3.34 | $3.28 to $3.36 | 24 | — | — |
| Year ending Dec 2026 | Revenue | $50.4B | $49.8B to $50.7B | 19 | $47.9B (year to Dec 2025) | +5% |
| Year ending Dec 2027 | EPS (adjusted) | $3.53 | $3.46 to $3.60 | 25 | $3.34 (expected, year to Dec 2026) | +6% |
| Year ending Dec 2027 | Revenue | $48.9B | $47.9B to $50.0B | 19 | $50.4B (expected, year to Dec 2026) | −3% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $14.3B in free cash flow over the year, of which $12.2B went back to shareholders (dividends plus buybacks), leaving $2.1B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $16.2B |
| Capex | −$1.9B |
| Free cash flow | $14.3B |
| Dividends | −$11.2B |
| Buybacks | −$1.0B |
| Cash retained | $2.1B |
For every $100 of market cap, the company generates about $3.4 in free cash flow a year.
For every $100 of market cap, you receive about $2.2 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $2.9 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $1.8B | $3.9B | $1.1B |
| Mar 2024 | $158M | $99M | $702M |
| Jun 2024 | $3.2B | $2.1B | $172M |
| Sep 2024 | −$1.7B | $2.1B | $354M |
| Dec 2024 | $3.1B | $4.1B | $567M |
| Mar 2025 | −$5.5B | $89M | $370M |
| Jun 2025 | $3.4B | $2.2B | $102M |
| Sep 2025 | $4.6B | $2.1B | $172M |
| Dec 2025 | $2.9B | $4.4B | $102M |
| Mar 2026 | $1.8B | $2.3B | $477M |
| Jun 2026 | $5.1B | $2.3B | $186M |
| Sep 2026 | $4.5B | $2.3B | $237M |
The Coca-Cola Company had 4.31B diluted shares in the quarter ended Sep 2026, 0.02% more than a year earlier, and 0.01% fewer each year on average since Jun 2020. It spent $1.0B on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 12.6% and its net income rose 12.3%: fewer shares added about 0 points.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2020 | 4.32B |
| Sep 2020 | 4.32B |
| Mar 2021 | 4.33B |
| Jun 2021 | 4.34B |
| Sep 2021 | 4.34B |
| Mar 2022 | 4.36B |
| Jun 2022 | 4.35B |
| Sep 2022 | 4.35B |
| Mar 2023 | 4.34B |
| Jun 2023 | 4.34B |
| Sep 2023 | 4.34B |
| Mar 2024 | 4.32B |
| Jun 2024 | 4.32B |
| Sep 2024 | 4.32B |
| Mar 2025 | 4.31B |
| Jun 2025 | 4.32B |
| Sep 2025 | 4.31B |
| Mar 2026 | 4.31B |
| Jun 2026 | 4.31B |
| Sep 2026 | 4.31B |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.5, short-term debt is manageable; debt-to-equity 1.4, debt is moderate.
Assets that can be turned into cash soon are 1.5x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $1.4 of debt. The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $15.8B against debt of $45.5B. It also holds $20.2B of long-term investments, which can be stakes in other companies rather than cash.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 1 member of Congress and 9 funds whose copy leaves KO out (not traded on the exchange): Berkshire Hathaway, Maverick Capital, Swiss National Bank, Mirae Asset Global Investments, Norges Bank, Canada Pension Plan Investment Board and 4 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 17 held KO at the end of their latest quarter (for most, Q2 2026). Over that quarter 7 added shares, 6 cut and 4 held the same. The largest of them is Berkshire Hathaway, 400.00M shares worth $32.5B at Jun 30, 2026.
Over their latest quarter
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Berkshire Hathaway | Q2 2026 | 400.00M | $32.5B | 0 | 0.0% | Aug 14, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 52.03M | $4.2B | −3.27M | −5.9% | Aug 12, 2026 |
| Swiss National Bank | Q3 2026 | 10.59M | $912M | −334,600 | −3.1% | Nov 12, 2026 |
| National Pension Service | Q3 2026 | 9.42M | $811M | +68,526 | +0.7% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 8.40M | $682M | −682,329 | −7.5% | Aug 14, 2026 |
| Fisher Asset Management | Q3 2026 | 6.90M | $594M | +384,780 | +5.9% | Nov 6, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 3.03M | $261M | +345,804 | +13% | Nov 3, 2026 |
| Korea Investment | Q2 2026 | 2.46M | $200M | −485,187 | −16% | Aug 12, 2026 |
| Maverick Capital | Q2 2026 | 2.01M | $163M | +722,362 | +56% | Aug 14, 2026 |
| Yacktman Asset Management | Q3 2026 | 1.17M | $100M | −962,352 | −45% | Nov 2, 2026 |
| Baillie Gifford & | Q3 2026 | 619,790 | $53.4M | −37,511 | −5.7% | Nov 9, 2026 |
| Nomura Holdings | Q2 2026 | 268,095 | $21.8M | +217,125 | +426% | Aug 14, 2026 |
| Bridgewater Associates | Q2 2026 | 225,480 | $18.3M | +529 | +0.2% | Aug 14, 2026 |
| Soros Fund Management | Q2 2026 | 150,643 | $12.2M | 0 | 0.0% | Aug 14, 2026 |
| Renaissance Technologies | Q3 2026 | 81,941 | $7.1M | +77,703 | +1833% | Nov 12, 2026 |
| Dodge & Cox | Q2 2026 | 24,000 | $2.0M | 0 | 0.0% | Aug 13, 2026 |
| Gardner Russo & Quinn | Q3 2026 | 12,350 | $1.1M | 0 | 0.0% | Nov 12, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of KO at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.