Analysis of Debt
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Total Debt (Carrying Amount)
Coca-Cola Co., balance sheet: debt
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Loans and notes payable | ||||||
| Current maturities of long-term debt | ||||||
| Long-term debt, excluding current maturities | ||||||
| Total debt (carrying amount) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The carrying amount of total debt exhibited a fluctuating pattern over the five-year period. Initial observation reveals a decrease followed by increases, ultimately concluding with a continued upward trend.
- Overall Trend
- Total debt began at US$42,761 million in 2021, decreased to US$39,149 million in 2022, and then increased to US$42,064 million in 2023. This upward momentum continued into 2024, reaching US$44,522 million, and further increased to US$45,492 million in 2025. This indicates a net increase in total debt over the period, despite an interim decline.
- Loans and Notes Payable
- Loans and notes payable demonstrated significant volatility. A decrease from US$3,307 million in 2021 to US$2,373 million in 2022 was followed by a substantial increase to US$4,557 million in 2023. This was then followed by a considerable decrease to US$1,499 million in 2024, with a slight increase to US$1,551 million in 2025. This suggests active management of this specific debt component.
- Current Maturities of Long-Term Debt
- Current maturities of long-term debt also showed fluctuation. It decreased significantly from US$1,338 million in 2021 to US$399 million in 2022. An increase to US$1,960 million occurred in 2023, followed by a decrease to US$648 million in 2024, and a substantial increase to US$1,822 million in 2025. This component appears to be actively managed in relation to upcoming debt obligations.
- Long-Term Debt (Excluding Current Maturities)
- Long-term debt, excluding current maturities, generally decreased from US$38,116 million in 2021 to US$35,547 million in 2023. However, it then increased significantly to US$42,375 million in 2024 and remained relatively stable at US$42,119 million in 2025. This suggests a shift in financing strategy towards longer-term obligations in recent years.
The combined effect of these components resulted in the overall trend observed in total debt. The increases in long-term debt in 2024 and 2025 appear to be the primary driver of the overall increase in total debt during those periods, offsetting decreases observed in other debt categories at times.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Loans and notes payable | |
| Long-term debt, including current portion | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =