Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Coca-Cola Co., consolidated income statement
US$ in millions
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).
Net operating revenues demonstrate a consistent upward trend over the five-year period, increasing from US$38,655 million in 2021 to US$47,941 million in 2025. While the rate of growth decelerates slightly in later years, the overall trajectory indicates strong revenue performance. Cost of goods sold also increased over the period, but at a slower rate than revenues, resulting in expanding gross profit margins.
Operating income exhibits volatility. After steady increases from 2021 to 2023, it declined in 2024 before experiencing a substantial rebound in 2025. This fluctuation is partially attributable to significant changes in ‘Other operating charges’, which increased dramatically in 2024 before decreasing substantially in 2025. Selling, general and administrative expenses increased consistently, though at a relatively stable rate.
- Profitability
- Gross profit increased steadily from US$23,298 million in 2021 to US$29,544 million in 2025, indicating improved efficiency in managing production costs relative to revenue. The consolidated net income follows a similar pattern, rising from US$9,804 million in 2021 to US$13,137 million in 2025, despite the volatility in operating income. Net income attributable to shareowners of the company mirrors this trend, increasing from US$9,771 million to US$13,107 million.
- Interest & Other Income
- Interest income shows an overall increase, with some fluctuation, from US$276 million in 2021 to US$786 million in 2025. Interest expense decreased significantly from 2021 to 2022, but then increased again in 2023 and 2024, remaining relatively stable in 2025. Equity income, net, also demonstrates a consistent upward trend, increasing from US$1,438 million to US$2,031 million. ‘Other income (loss), net’ is highly variable, with a significant loss reported in 2022, followed by gains in subsequent years.
- Tax Rate
- Income taxes as a percentage of income before income taxes remained relatively stable throughout the period, fluctuating between approximately 21% and 26%. This suggests consistent tax planning and a stable effective tax rate.
Overall, the financial performance demonstrates positive revenue growth and increasing net income. The volatility in operating income, driven largely by ‘Other operating charges’, warrants further investigation. The consistent increases in selling, general and administrative expenses should also be monitored to ensure they are aligned with revenue growth and operational efficiency.