Analysis of Revenues
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Revenues as Reported
Coca-Cola Co., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Concentrate operations | |||||||||||
| Finished product operations | |||||||||||
| Net operating revenues |
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).
Net operating revenues demonstrate a consistent upward trend over the five-year period. Growth in both concentrate operations and finished product operations contributes to this overall positive trajectory, though at differing rates. Concentrate operations exhibit a more substantial growth pattern than finished product operations.
- Concentrate Operations
- Concentrate operations revenues increased from US$21,799 million in 2021 to US$28,462 million in 2025. This represents a cumulative growth of approximately 30.7% over the period. The rate of increase appears to be moderating, with smaller year-over-year gains observed in 2024 and 2025 compared to the earlier years of the period.
- Finished Product Operations
- Finished product operations revenues rose from US$16,856 million in 2021 to US$19,479 million in 2025, representing a cumulative growth of approximately 15.6%. Growth in this segment is considerably slower and more stable than that of concentrate operations. The annual increases are relatively consistent, suggesting a mature market or established growth rate.
- Net Operating Revenues – Overall Trend
- Net operating revenues increased from US$38,655 million in 2021 to US$47,941 million in 2025, a cumulative increase of approximately 24.2%. The largest year-over-year increase occurred between 2021 and 2022, with subsequent years showing progressively smaller gains. While still positive, the rate of revenue expansion decelerates over time.
- Relative Contribution
- Concentrate operations consistently represent a larger portion of net operating revenues than finished product operations. This proportion remains relatively stable throughout the period, indicating that the core business model continues to rely more heavily on concentrate sales. The difference in revenue contribution between the two operations widens slightly as concentrate operations grow at a faster rate.
The observed trends suggest a business that is successfully growing its revenue base. The stronger performance of concentrate operations indicates potential efficiencies or increased demand within that segment. The slower, but steady, growth of finished product operations suggests a stable consumer base and consistent sales performance. The decelerating growth rate in net operating revenues warrants further investigation to determine the underlying factors and potential implications for future performance.