Common-Size Income Statement
Quarterly Data
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Coca-Cola Co. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Coca-Cola Co., common-size consolidated income statement (quarterly data)
Based on: 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
- The cost of goods sold as a percentage of net operating revenues fluctuates between approximately 37% and 44% over the periods, with noticeable increases especially around the December quarters of 2020, 2021, and 2022, reaching peaks above 43%. There is a general tendency toward higher costs in these quarters, impacting gross profitability.
- Gross Profit
- Gross profit margins mirror the inverse of cost of goods sold trends, ranging roughly between 55% and 63%. Margins tend to decrease during quarters ending in December, particularly in 2020, 2021, and 2022, suggesting pressure on profitability during these periods. However, there is a recurrent recovery in subsequent quarters, indicating some cyclicality in gross profit margins.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses show variability, spanning roughly 27% to 35% of net operating revenues. There is a notable increase in SG&A during December quarters of 2020, 2021, and 2022, reaching peaks above 33%, which contributes to squeezing operating income during these periods. Other quarters tend to have lower SG&A ratios, close to or below 30%.
- Other Operating Charges
- These charges are generally low but display sporadic spikes, particularly negative peaks around mid-2022 and mid-2023, with values as low as -11% to -14%. These significant fluctuations imply occasional non-recurring expenses or write-offs affecting the quarters noted, causing volatility in operating results.
- Operating Income
- Operating income as a proportion of net operating revenues varies from approximately 17% to 34%. The highest margins are observed in the first and second quarters of fiscal years 2022 and 2025, suggesting improved operational performance or cost control during these times. Conversely, December quarters tend to show decreased operating income, consistent with increased cost pressures and SG&A expenses.
- Interest Income and Expense
- Interest income shows a generally increasing trend, starting around 1.3% and peaking near 2.5% in late 2023 and early 2024, indicating perhaps higher returns on cash or investments. Interest expenses fluctuate between -1.7% and -7.7%, with several spikes notably in early 2020 and mid-2021, which may reflect changes in debt levels or interest rates impacting financial costs.
- Equity Income, Net
- Equity income exhibits volatility but generally ranges between approximately 1.9% and 4.9%. Peaks typically occur in third and fourth quarters, suggesting timing effects on income from equity investments or associates. The variability indicates some dependence on external equity-related gains.
- Other Income (Loss), Net
- Other income/loss is highly volatile, ranging from negative values close to -8% to positive peaks above 13%. Noteworthy are sharp positive spikes in late 2021 and early 2024, as well as marked negative occurrences in mid-2022. These swings indicate occasional significant gains or losses unrelated to core operations, affecting overall profitability.
- Income Before Income Taxes
- Income before taxes ranges widely from about 20% to nearly 38% of revenues, with generally higher values seen in first quarters of years 2020, 2023, 2025, and in mid-2021 and 2024. This pattern aligns with operational income and income from other sources, highlighting periods of stronger overall profitability.
- Income Taxes
- Income tax expense varies significantly, fluctuating between around -2.5% and -10.3%. The largest tax burdens tend to occur in the fourth quarters of 2020 and 2021, likely reflecting tax timing or policy effects, while other quarters show more moderate tax rates affecting net income.
- Consolidated Net Income and Net Income Attributable to Shareowners
- Net income metrics closely follow the patterns of income before taxes but are reduced by tax expenses and noncontrolling interests. Net income ranges approximately from 16.8% to 32.6%, with notable declines in some mid-year 2022 and 2023 quarters, followed by recoveries. The attributable net income to shareowners is similar in range and trend, confirming stability in earnings available to shareholders despite some quarterly volatility.
- Summary of Trends
- Overall, profitability displays a cyclic pattern with weaker performance often in the December quarters, linked to higher cost of goods sold, SG&A expenses, and other operating charges. Interest income shows an upward trend, partially offsetting interest expenses which occasionally spike. Equity income and other income/losses contribute irregularly to net results, adding some volatility. Income taxes fluctuate notably but generally follow profits. Despite these fluctuations, net income attributable to shareowners shows resilience with periodic rebounds after weaker quarters, indicating an underlying stable earnings capacity with some seasonal or extraordinary variations.