Stock Analysis on Net
Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Coca-Cola Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
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
Accounts payable and accrued expenses 13.83 14.13 16.68 16.32 16.22 21.60 22.42 21.65 19.54 15.85 17.25 16.74 16.01 16.98 17.41 15.26 14.11 15.49 14.16 13.44 12.14
Loans and notes payable 0.32 1.48 2.19 4.20 5.33 1.49 2.07 3.75 6.09 4.66 4.01 4.90 5.60 2.56 3.67 4.68 3.84 3.50 2.06 2.07 2.15
Current maturities of long-term debt 4.31 1.74 1.81 0.09 0.16 0.64 1.00 1.92 1.40 2.01 2.13 1.19 0.83 0.43 0.79 0.85 1.10 1.42 0.49 0.37 3.20
Accrued income taxes 0.69 0.50 0.54 0.43 1.70 1.38 1.39 1.60 1.49 1.61 1.62 1.66 1.54 1.30 1.31 1.26 0.92 0.73 0.93 1.08 0.83
Liabilities held for sale 2.33 2.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current liabilities 21.47% 20.30% 21.22% 21.03% 23.41% 25.11% 26.88% 28.92% 28.53% 24.13% 25.01% 24.49% 23.98% 21.26% 23.18% 22.04% 19.97% 21.14% 17.65% 16.96% 18.32%
Long-term debt, excluding current maturities 37.48 40.18 40.72 43.11 42.80 42.14 40.46 37.63 35.32 36.38 35.02 36.18 37.10 39.21 38.35 39.45 39.39 40.40 43.48 44.13 44.64
Other noncurrent liabilities 4.25 4.52 4.40 4.65 4.24 4.06 4.01 4.03 5.50 8.67 8.64 8.58 8.08 8.54 8.66 8.64 8.77 9.12 9.27 9.26 9.51
Deferred income tax liabilities 2.51 2.30 2.30 2.28 2.27 2.46 2.16 2.34 2.54 2.70 2.80 2.76 3.26 3.14 3.38 3.26 3.33 2.99 2.97 2.76 2.72
Noncurrent liabilities 44.24% 47.00% 47.41% 50.04% 49.31% 48.66% 46.62% 44.00% 43.35% 47.75% 46.46% 47.52% 48.44% 50.90% 50.39% 51.34% 51.49% 52.51% 55.72% 56.15% 56.87%
Total liabilities 65.71% 67.30% 68.63% 71.07% 72.71% 73.77% 73.51% 72.91% 71.88% 71.87% 71.48% 72.02% 72.42% 72.16% 73.57% 73.38% 71.47% 73.65% 73.36% 73.11% 75.18%
Common stock, $0.25 par value 1.69 1.68 1.66 1.69 1.73 1.75 1.66 1.74 1.77 1.80 1.80 1.79 1.81 1.90 1.90 1.89 1.87 1.87 1.94 1.95 1.96
Capital surplus 19.80 19.64 19.32 19.14 19.54 19.69 18.55 19.24 19.44 19.66 19.55 19.29 19.39 20.29 20.21 19.94 19.55 19.20 19.79 19.71 19.59
Reinvested earnings 78.71 76.69 75.73 75.53 75.89 75.64 71.47 74.30 75.33 75.52 75.62 73.84 74.06 76.56 76.67 75.10 74.38 73.23 75.60 75.21 74.46
Accumulated other comprehensive loss -13.47 -13.48 -14.10 -15.10 -16.20 -16.75 -14.62 -15.27 -14.59 -14.61 -15.18 -14.24 -14.70 -16.06 -17.16 -15.89 -14.18 -15.19 -15.73 -14.74 -15.70
Treasury stock, at cost -54.45 -53.83 -53.14 -53.86 -55.19 -55.61 -52.10 -54.45 -55.35 -55.82 -54.82 -54.26 -54.67 -56.70 -56.95 -56.35 -55.21 -54.73 -57.12 -57.47 -57.68
Equity attributable to shareowners of The Coca-Cola Company 32.27% 30.69% 29.47% 27.40% 25.76% 24.72% 24.95% 25.55% 26.59% 26.55% 26.98% 26.42% 25.89% 25.99% 24.66% 24.69% 26.41% 24.38% 24.48% 24.67% 22.62%
Equity attributable to noncontrolling interests 2.02 2.01 1.90 1.53 1.53 1.51 1.54 1.54 1.53 1.58 1.55 1.56 1.70 1.86 1.76 1.93 2.12 1.97 2.16 2.22 2.20
Total equity 34.29% 32.70% 31.37% 28.93% 27.29% 26.23% 26.49% 27.09% 28.12% 28.13% 28.52% 27.98% 27.58% 27.84% 26.43% 26.62% 28.53% 26.35% 26.64% 26.89% 24.82%
Total liabilities and equity 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%

Based on: 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).

A long-term analysis of the common-size balance sheet reveals a strategic shift in the capital structure, characterized by a steady reduction in total liabilities and a corresponding increase in total equity over the analyzed period.

Liability Structure and Leverage
Total liabilities decreased from 75.18% in April 2021 to 65.71% by April 2026. This downward trend is primarily attributed to the contraction of noncurrent liabilities, which fell from 56.87% to 44.24%. Within this category, long-term debt excluding current maturities showed a general decline from 44.64% to 37.48%, despite a temporary increase peaking at 43.11% in June 2025.
Current Liability Volatility
Current liabilities exhibited significant fluctuation, starting at 18.32% and reaching a peak of 28.92% in June 2024. This peak was largely driven by accounts payable and accrued expenses, which surged from 12.14% in April 2021 to 22.42% in September 2024 before correcting to 13.83% by April 2026. Loans and notes payable also showed variability, peaking at 6.09% in March 2024 before dropping to 0.32% by April 2026.
Equity Composition and Growth
Total equity experienced a consistent upward trend, rising from 24.82% in April 2021 to 34.29% in April 2026. The primary driver of this growth was reinvested earnings, which climbed from 74.46% to 78.71%. This expansion in equity is partially offset by a substantial and persistent treasury stock balance, which remained between -52.10% and -57.68% throughout the period.
Comprehensive Loss and Minor Components
Accumulated other comprehensive loss remained a significant contra-equity item, fluctuating between a low of -13.47% and a high of -17.16%. Additionally, other noncurrent liabilities saw a marked reduction, dropping from 9.51% in early 2021 to approximately 4.25% by April 2026, indicating a reduction in miscellaneous long-term obligations.

The overall financial trajectory indicates a strengthening of the solvency position, as the company has successfully transitioned a larger portion of its total funding from debt-based liabilities to equity-based financing.

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