Analysis of Inventory
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Coca-Cola Co. pages available for free this week:
- 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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Inventory Disclosure
Coca-Cola Co., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials and packaging | |||||||||||
| Finished goods | |||||||||||
| Other | |||||||||||
| Inventories |
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 composition of inventories exhibits a consistent upward trend from 2021 to 2024, followed by a slight decrease in 2025. This overall movement is driven by increases in all three inventory categories: raw materials and packaging, finished goods, and other inventories.
- Raw Materials and Packaging
- Raw materials and packaging consistently represent the largest portion of total inventories. Values increased from US$2,133 million in 2021 to US$2,794 million in 2024, representing a growth of approximately 31%. A modest decline to US$2,708 million is observed in 2025. This suggests potential fluctuations in input costs or anticipated production levels.
- Finished Goods
- Finished goods inventory demonstrated substantial growth between 2021 and 2023, increasing from US$982 million to US$1,449 million, a rise of nearly 48%. Growth continued, albeit at a slower pace, reaching US$1,524 million in 2024. A decrease to US$1,375 million is noted in 2025. This pattern could indicate changes in sales velocity or production planning adjustments.
- Other Inventories
- The ‘Other’ inventory category, while smaller in magnitude than the other two, also shows an increasing trend. It rose from US$299 million in 2021 to US$410 million in 2024, before decreasing to US$342 million in 2025. The nature of this category warrants further investigation to understand its composition and the drivers of its fluctuations.
- Total Inventories
- Total inventories increased from US$3,414 million in 2021 to a peak of US$4,728 million in 2024, representing an overall increase of approximately 39%. The 2025 value of US$4,425 million indicates a slight reduction from the 2024 peak. This overall increase suggests either growing demand, increased production, or a combination of both, while the 2025 decrease may signal a recalibration of inventory levels.
The consistent growth across all inventory categories from 2021 to 2024, followed by a slight pullback in 2025, suggests a dynamic inventory management strategy responding to market conditions and internal operational changes. Further analysis, incorporating cost of goods sold and sales figures, would provide a more comprehensive understanding of inventory efficiency and potential obsolescence risks.