Income Statement
Quarterly Data
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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- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Coca-Cola Co., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
The financial performance, as indicated by the income statement, reveals a generally fluctuating pattern over the analyzed period from April 2021 to December 2025. Net operating revenues demonstrate an overall upward trend, though with quarterly variations. Gross profit generally follows the revenue trend, experiencing periods of growth and contraction. Operating income exhibits more pronounced volatility, influenced by fluctuations in operating expenses and other charges. Net income attributable to shareowners of The Coca-Cola Company also displays variability, mirroring the trends in operating income and impacted by tax rates and noncontrolling interests.
- Revenue Growth
- Net operating revenues increased from US$9,020 million in April 2021 to US$12,535 million in June 2025. While there is an overall positive trajectory, growth was not consistent quarter-to-quarter. A notable increase occurred between April 2021 and July 2021, followed by a slight decline. Revenue experienced a dip in December 2021 before recovering and continuing to grow through June 2023. A subsequent decrease is observed in the latter half of 2023 and early 2024, followed by a rebound in the final quarters of 2024 and the first two quarters of 2025.
- Profitability Analysis
- Gross profit margins, calculated as gross profit divided by net operating revenues, fluctuated between approximately 58% and 65% throughout the period. The highest margins were observed in the earlier quarters, with a slight decline in late 2021 and early 2022. Operating income margins experienced greater volatility, ranging from around 23% to 38%. This variability is attributable to changes in selling, general, and administrative expenses, as well as significant fluctuations in other operating charges. The impact of other operating charges is particularly noticeable in certain quarters, such as July 2022 and March 2024, where substantial negative amounts significantly reduced operating income.
- Expense Management
- Cost of goods sold generally increased in line with revenue, maintaining a relatively stable percentage of revenue. Selling, general, and administrative expenses also increased over time, though at a varying rate. The most significant expense fluctuations were observed in 'Other operating charges', which included substantial negative values in several quarters, notably July 2022, March 2024, and December 2025. These charges appear to be non-recurring and significantly impacted overall profitability in those periods.
- Net Income Trends
- Consolidated net income mirrored the trends in operating income, with fluctuations influenced by interest income and expense, equity income, other income/loss, and income taxes. Net income attributable to shareowners of The Coca-Cola Company ranged from US$1,905 million to US$3,810 million. The impact of income taxes is evident, consistently reducing income before taxes to arrive at net income. The net (income) loss attributable to noncontrolling interests is relatively small but can influence the final net income attributable to shareowners.
- Interest and Other Income
- Interest income remained relatively stable, with a slight upward trend. Interest expense fluctuated, peaking in July 2021 and again in December 2022. Equity income, net, contributed positively to overall income, with variations throughout the period. 'Other income (loss), net' exhibited significant volatility, including substantial positive and negative amounts, indicating the presence of infrequent or non-recurring items.
In summary, the company demonstrated revenue growth over the analyzed period, but profitability was subject to considerable quarterly fluctuations. These fluctuations were primarily driven by variations in operating expenses, particularly 'Other operating charges', and the impact of interest and other income/loss. Careful monitoring of these expense categories and income sources is warranted to understand the underlying drivers of profitability.