Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Coca-Cola Co., common-size consolidated balance sheet: liabilities and stockholders’ equity
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 composition of liabilities and stockholders’ equity exhibited several notable shifts between 2021 and 2025. Overall, a decrease in the proportion of total liabilities is observed, coupled with a corresponding increase in total equity, particularly towards the end of the analyzed period.
- Current Liabilities
- Current liabilities as a percentage of total liabilities and equity remained relatively stable between 2021 and 2023, fluctuating around 21-24%. A peak was observed in 2024 at 25.11% before declining to 20.30% in 2025. Within current liabilities, accrued income taxes increased from 0.73% to 1.30% between 2021 and 2022, then gradually decreased to 0.50% by 2025. Accounts payable and accrued expenses showed an initial increase from 15.49% to 16.98% before decreasing to 14.13% in 2025. The emergence of liabilities held for sale at 2.45% in 2025 contributed to the overall current liability composition.
- Long-Term Liabilities
- Long-term debt, excluding current maturities, represented a significant portion of the capital structure, consistently above 36% throughout the period. It peaked at 42.14% in 2024 before decreasing slightly to 40.18% in 2025. Other noncurrent liabilities decreased from 9.12% in 2021 to 4.06% in 2024, then increased slightly to 4.52% in 2025. Deferred income tax liabilities showed a consistent, albeit modest, decline from 2.99% to 2.30% over the five-year period.
- Total Liabilities
- Total liabilities decreased from 73.65% in 2021 to 67.30% in 2025, indicating a reduction in the company’s reliance on debt financing. A temporary increase to 73.77% was noted in 2024, driven by increases in current liabilities. The contingent consideration liability, appearing in 2024 at 6.09%, contributed to this temporary increase.
- Stockholders’ Equity
- Total equity increased from 26.35% in 2021 to 32.70% in 2025, suggesting a strengthening of the company’s financial position. Reinvested earnings consistently comprised the largest component of equity, ranging from 73.23% to 76.69% over the period. Capital surplus remained relatively stable, fluctuating between 19.20% and 20.29%. Treasury stock represented a substantial deduction from equity, consistently around -54% to -56%, with a slight decrease to -53.83% in 2025. Accumulated other comprehensive loss also represented a significant deduction, fluctuating between -14.61% and -16.75%. Equity attributable to shareowners of the company increased from 24.38% to 30.69% while equity attributable to noncontrolling interests remained relatively stable.
The observed trends suggest a strategic shift towards strengthening the equity base and reducing overall liabilities. The fluctuations in specific liability accounts warrant further investigation to understand the underlying business activities driving these changes. The increase in equity in 2025 is a positive indicator of financial health.