Common-Size Income Statement
Quarterly Data
Coca-Cola Co., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
- Cost of Goods Sold and Gross Profit
- The cost of goods sold as a percentage of net operating revenues fluctuates generally between approximately -37% and -44%, showing no consistent long-term trend but notable volatility especially in later periods. Correspondingly, gross profit margin varies inversely, ranging roughly from 55% to 63%, indicating periods of both margin compression and expansion. The gross profit margins tend to peak around 61-62% in some quarters, offset by dips to the mid-to-high 50s in others, reflecting variability in production or procurement costs.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses relative to revenues exhibit variability, mostly oscillating between -27% and -35%. There are episodic increases in certain quarters indicating spikes in operating expenses, notably reaching highs above -35%, which suggest periods of intensified selling or administrative effort or potentially higher overhead costs.
- Other Operating Charges
- Other operating charges show irregular patterns with notable spikes in some periods, such as reaching near -13.9% and around -11% at different points, contrasted with minimal charges in other quarters close to zero or slightly negative figures. This inconsistency points to occasional unusual or non-recurring operating costs impacting the results.
- Operating Income
- The operating income margin fluctuates widely from a low near 17% to highs exceeding 34%. These changes correspond with variations in cost of goods sold and operating charges, implying operating leverage effects and variable cost management effectiveness. Certain quarters demonstrate significantly lower operating income percentages, reflecting operational challenges or increased costs.
- Interest Income and Interest Expense
- Interest income remains relatively stable but shows a gentle upward trend in some later quarters, generally remaining between 0.7% and 2.5%. Interest expense, although somewhat volatile, typically remains negative within a band from roughly -1.7% to -7.7%, with occasional sharp spikes suggesting changes in borrowing cost or debt levels.
- Equity Income, Net
- Equity income contributes positively and varies significantly between approximately 1.9% and 5.2%. This suggests periodic gains from investments in affiliates or joint ventures, providing a fluctuating but meaningful component of overall earnings.
- Other Income (Loss), Net
- Other income/loss is highly volatile with swings from negative values (e.g., around -3.1% and -1.9%) to positive peaks exceeding 13%. This variation indicates a reliance on non-operating gains or losses that are irregular and can materially affect quarterly profitability.
- Income Before Income Taxes and Income Taxes
- Income before taxes fluctuates mainly between 20% and 38%, with a broad upward trend toward the later periods, reflective of overall net profitability improvements. Income taxes show a highly volatile pattern, with rates ranging from about -2.5% to -10.3%, indicating variability in effective tax burden or timing differences in tax recognition.
- Consolidated Net Income and Net Income Attributable to Shareowners
- Consolidated net income margins oscillate broadly between about 16.8% and 30%, with profitability experiencing both troughs and rebounds. Net income attributable to shareowners follows a similar pattern, confirming the fluctuations in company earnings available to equity holders. Notably, higher profitability periods exceed 29%, while lower points near 16-18% suggest earnings susceptibility to cost, expense, or tax changes.
- Noncontrolling Interests
- Net income attributable to noncontrolling interests remains a minor and relatively stable portion of overall earnings, fluctuating closely around zero, indicating limited influence on consolidated results.
- Overall Observations
- The company’s financial performance as a percentage of net operating revenues reveals a significant amount of quarterly variability across costs, expenses, and income components. Fluctuations in cost of goods sold and operating expenses greatly impact gross and operating margins. Non-operating items such as equity income and other income/loss add further volatility to pre-tax income results. Despite these variances, net income attributable to shareowners generally maintains profitability above 16%, at times approaching or exceeding 30%, indicating resilience with periods of stronger earnings performance interspersed with quarters affected by higher costs or unusual charges.