Common-Size Income Statement
Quarterly Data
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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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Coca-Cola Co., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02).
The common-size income statement reveals several noteworthy trends in the company’s financial performance over the analyzed period. Net operating revenues are consistently represented as 100%, allowing for a clear comparison of the proportional contribution of each income statement item. A significant fluctuation is observed in several key expense and income categories, impacting overall profitability.
- Gross Profit
- Gross profit as a percentage of net operating revenues generally remained in the 60-63% range between April 2021 and June 2023, demonstrating relative stability. However, a noticeable decline to the 55-60% range occurred in late 2021 and persisted through much of 2022, before recovering somewhat in 2023 and 2024. This suggests potential pressures on production costs or pricing strategies during those periods.
- Operating Expenses
- Selling, general, and administrative expenses consistently represented a substantial portion of net operating revenues, fluctuating between approximately 27% and 35%. A peak was observed in late 2021 and 2023, coinciding with periods of lower gross profit margins. Other operating charges exhibited more volatility, with a significant increase in the first half of 2022 and again in early 2024, potentially indicating one-time events or restructuring costs.
- Operating Income
- Operating income demonstrated considerable variability. It ranged from a high of approximately 34% in mid-2024 to a low of 17-18% in late 2021 and early 2023. This fluctuation directly correlates with the combined effects of gross profit and operating expense trends. The recovery in operating income in 2024 suggests improved cost management or increased pricing power.
- Non-Operating Items
- Interest income remained relatively stable, generally between 0.7% and 2.1% of net operating revenues. Interest expense showed more variation, peaking at nearly 8% in mid-2021 before decreasing, but then increasing again in late 2022 and 2023. Equity income, net, generally contributed between 2% and 5% to net operating revenues, with a notable increase in late 2025. Other income (loss), net, was highly volatile, swinging from positive contributions to losses, particularly in mid-2022 and late 2025.
- Net Income
- Consolidated net income as a percentage of net operating revenues followed a similar pattern to operating income, ranging from a high of approximately 30% to a low of 16-17%. The decline in net income in 2022 and early 2023 reflects the combined impact of lower gross profit margins, increased operating expenses, and fluctuations in non-operating items. A recovery is evident in late 2024 and early 2025. Net income attributable to shareowners of the company mirrored this trend closely.
Overall, the company’s profitability appears sensitive to changes in cost of goods sold, operating expenses, and certain non-operating items. The period from late 2021 through early 2023 presented challenges, but recent quarters indicate a potential stabilization and improvement in financial performance.