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Coca-Cola Co. (NYSE:KO)

Common-Size Income Statement
Quarterly Data

Coca-Cola Co., common-size consolidated income statement (quarterly data)

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3 months ended: Jul 3, 2026 Apr 3, 2026 Dec 31, 2025 Sep 26, 2025 Jun 27, 2025 Mar 28, 2025 Dec 31, 2024 Sep 27, 2024 Jun 28, 2024 Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021
Net operating revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -37.11 -37.04 -39.95 -38.51 -37.61 -37.41 -39.96 -39.35 -38.92 -37.48 -42.71 -38.96 -41.03 -39.32 -44.57 -41.27 -42.65 -39.00 -43.20 -39.60 -37.39 -38.86
Gross profit 62.89% 62.96% 60.05% 61.49% 62.39% 62.59% 60.04% 60.65% 61.08% 62.52% 57.29% 61.04% 58.97% 60.68% 55.43% 58.73% 57.35% 61.00% 56.80% 60.40% 62.61% 61.14%
Selling, general and administrative expenses -27.80 -27.84 -35.52 -29.05 -27.68 -29.06 -35.05 -30.67 -28.71 -29.65 -35.02 -30.68 -27.74 -29.01 -33.89 -29.64 -28.28 -28.28 -35.25 -31.09 -29.79 -29.59
Other operating charges -0.17 -0.17 -8.96 -0.47 -0.57 -0.66 -1.52 -8.81 -11.08 -13.92 -1.32 -3.00 -11.18 -1.01 -1.05 -1.18 -8.40 -0.27 -3.89 -0.45 -3.05 -1.37
Operating income 34.92% 34.95% 15.57% 31.97% 34.14% 32.88% 23.47% 21.17% 21.29% 18.95% 20.95% 27.36% 20.06% 30.66% 20.49% 27.91% 20.67% 32.46% 17.67% 28.86% 29.78% 30.18%
Interest income 1.48 1.78 1.97 1.49 1.50 1.62 1.77 2.22 2.22 2.18 2.46 2.07 1.87 1.53 1.41 1.16 0.88 0.74 0.75 0.68 0.70 0.73
Interest expense -2.76 -3.01 -3.65 -3.14 -3.55 -3.48 -3.73 -3.59 -3.38 -3.38 -3.81 -3.08 -3.12 -3.39 -3.00 -1.79 -1.75 -1.73 -1.74 -2.09 -7.70 -4.90
Equity income, net 4.51 3.08 4.02 5.17 4.48 3.15 2.93 4.56 4.34 3.13 3.33 4.33 4.49 2.50 3.35 4.33 3.46 2.50 3.19 4.53 3.97 3.09
Other income (loss), net 2.77 0.17 7.14 -1.90 1.69 2.28 -0.12 4.14 0.02 13.39 -0.06 -1.09 0.76 5.60 2.44 -0.48 -3.10 -1.00 11.41 -1.26 8.97 1.53
Income before income taxes 40.92% 36.97% 25.05% 33.58% 38.26% 36.45% 24.31% 28.51% 24.49% 34.27% 22.88% 29.59% 24.06% 36.91% 24.69% 31.13% 20.17% 32.96% 31.28% 30.71% 35.72% 30.63%
Income taxes -7.75 -5.17 -5.46 -4.01 -7.92 -6.49 -5.14 -4.47 -5.07 -6.08 -4.57 -3.80 -3.00 -8.56 -4.39 -5.62 -3.39 -6.34 -5.39 -6.06 -9.81 -5.63
Consolidated net income 33.17% 31.80% 19.59% 29.57% 30.34% 29.97% 19.17% 24.04% 19.42% 28.19% 18.31% 25.79% 21.06% 28.35% 20.31% 25.51% 16.78% 26.62% 25.89% 24.65% 25.91% 25.00%
Net (income) loss attributable to noncontrolling interests -0.10 -0.34 -0.38 0.10 0.06 -0.04 -0.16 -0.02 0.08 -0.07 -0.12 0.03 0.22 -0.05 -0.25 0.03 0.04 -0.11 -0.38 -0.04 0.17 -0.11
Net income attributable to shareowners of The Coca-Cola Company 33.07% 31.46% 19.21% 29.67% 30.39% 29.92% 19.01% 24.03% 19.50% 28.12% 18.19% 25.83% 21.27% 28.30% 20.06% 25.54% 16.82% 26.51% 25.51% 24.61% 26.07% 24.89%

Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 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 analysis of the income statement reveals a company characterized by strong gross margins and consistent seasonal patterns in operating expenditures, balanced against periodic volatility from non-recurring charges.

Gross Profitability and Cost Management
Gross profit margins have remained robust, generally oscillating between 55% and 63%. While the cost of goods sold exhibited periodic increases, particularly in the final quarters of 2021 and 2022, a stabilizing trend is evident moving into 2025 and 2026. In the most recent periods, gross margins have consistently exceeded 62%, indicating effective management of direct production costs.
Operating Expense Patterns
Selling, general and administrative expenses display a distinct seasonal trend, with significant spikes consistently occurring in the fourth quarter of each year, frequently reaching or exceeding 35% of net operating revenues. Other operating charges are highly volatile and non-linear, with substantial spikes appearing in the first and second quarters of 2023 and 2024, as well as the final quarter of 2025, which suggests the occurrence of intermittent non-recurring impairments or restructuring costs.
Operating Income Stability
Operating income margins have experienced significant fluctuations primarily driven by the aforementioned other operating charges. Despite these volatility events, a strengthening trend in baseline operational efficiency is observable. Operating margins recovered from lows near 15.57% in late 2025 to reach approximately 34.9% by mid-2026, reflecting a strong recovery in core profitability.
Financial and Non-Operating Items
Interest income has demonstrated a gradual upward trajectory, increasing from approximately 0.7% of revenues in 2021 to peaks above 2% in 2023 and 2024. Interest expenses have remained relatively contained, generally fluctuating between 2.7% and 4%. Additionally, equity income has provided a steady positive contribution to the pre-tax income, typically ranging between 2.5% and 5.2%.
Net Income Performance
The net income attributable to shareowners mirrors the volatility of the operating income but shows a definitive expansion over the long term. After fluctuating between 16% and 28% for several years, the net profit margin entered a growth phase in 2025 and 2026, culminating in a peak of 33.07% by July 2026. This indicates a significant improvement in the overall conversion of revenue to shareholder profit.

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