Stock Analysis on Net
Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

Common-Size Balance Sheet: Assets 

Coca-Cola Co., common-size consolidated balance sheet: assets

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 9.80 10.77 9.59 10.26 10.26
Short-term investments 3.44 2.01 3.07 1.12 1.32
Cash, cash equivalents and short-term investments 13.23% 12.78% 12.65% 11.39% 11.58%
Marketable securities 1.85 1.71 1.33 1.15 1.80
Trade accounts receivable, less allowances 2.90 3.55 3.49 3.76 3.72
Inventories 4.22 4.70 4.53 4.56 3.62
Prepaid expenses and other current assets 2.32 2.98 5.36 3.49 3.17
Assets held for sale 5.10 0.13 0.00 0.00 0.00
Current assets 29.62% 25.86% 27.36% 24.35% 23.89%
Equity method investments 19.31 17.99 20.13 19.69 18.65
Deferred income tax assets 1.15 1.31 1.60 1.88 2.26
Property, plant and equipment, net 9.17 10.25 9.45 10.61 10.51
Trademarks with indefinite lives 11.96 13.23 14.69 15.32 15.33
Goodwill 14.78 18.04 18.79 20.25 20.52
Other noncurrent assets 14.02 13.33 7.98 7.90 8.83
Noncurrent assets 70.38% 74.14% 72.64% 75.65% 76.11%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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 asset composition of the entity demonstrates notable shifts between 2021 and 2025. Current assets as a percentage of total assets generally increased over the period, while noncurrent assets decreased. Within current assets, significant fluctuations are observed in several components, and the balance between current and noncurrent assets is evolving.

Liquidity and Short-Term Investments
The proportion of assets held in cash, cash equivalents, and short-term investments exhibited an increasing trend, rising from 11.58% in 2021 to 13.23% in 2025. This suggests a growing emphasis on liquid assets. Short-term investments alone increased from 1.12% to 3.44% of total assets, indicating a potential shift in investment strategy. Marketable securities remained relatively stable, with a slight increase from 1.15% to 1.85%.
Current Asset Components
Trade accounts receivable decreased as a percentage of total assets, moving from 3.72% to 2.90% over the five-year period. Inventories showed an initial increase from 3.62% to 4.56% between 2021 and 2022, followed by a gradual decline to 4.22% in 2025. Prepaid expenses and other current assets experienced a substantial increase from 3.17% to 5.36% in 2023, but then decreased significantly to 2.32% in 2025. A notable increase in assets held for sale is observed, rising from 0% to 5.10% of total assets by 2025.
Long-Term Investments and Intangibles
Equity method investments decreased from 19.69% to 19.31% over the period, showing relative stability. Deferred income tax assets consistently declined, from 1.88% to 1.15%. A decrease is observed in the proportion of assets allocated to property, plant, and equipment, net, falling from 10.61% to 9.17%. Significant declines are evident in trademarks with indefinite lives (from 15.32% to 11.96%) and goodwill (from 20.25% to 14.78%).
Other Noncurrent Assets
Other noncurrent assets experienced a considerable increase, rising from 7.90% to 14.02% of total assets. This increase partially offsets the declines observed in other noncurrent asset categories. The overall effect is a decrease in the proportion of total assets represented by noncurrent assets, from 76.11% in 2021 to 70.38% in 2025.

In summary, the entity appears to be increasing its liquidity and reducing its reliance on long-term intangible assets and property, plant, and equipment. The increase in assets held for sale and other noncurrent assets warrants further investigation to understand the underlying strategic decisions driving these changes.

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