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.

Coca-Cola Co., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net operating revenues	47,941)	47,061)	45,754)	43,004)	38,655)
Cost of goods sold	(18,397)	(18,324)	(18,520)	(18,000)	(15,357)
Gross profit	29,544)	28,737)	27,234)	25,004)	23,298)
Selling, general and administrative expenses	(14,521)	(14,582)	(13,972)	(12,880)	(12,144)
Other operating charges	(1,261)	(4,163)	(1,951)	(1,215)	(846)
Operating income	13,762)	9,992)	11,311)	10,909)	10,308)
Interest income	786)	988)	907)	449)	276)
Interest expense	(1,654)	(1,656)	(1,527)	(882)	(1,597)
Equity income, net	2,031)	1,770)	1,691)	1,472)	1,438)
Other income (loss), net	1,073)	1,992)	570)	(262)	2,000)
Income before income taxes	15,998)	13,086)	12,952)	11,686)	12,425)
Income taxes	(2,861)	(2,437)	(2,249)	(2,115)	(2,621)
Consolidated net income	13,137)	10,649)	10,703)	9,571)	9,804)
Net (income) loss attributable to noncontrolling interests	(30)	(18)	11)	(29)	(33)
Net income attributable to shareowners of The Coca-Cola Company	13,107)	10,631)	10,714)	9,542)	9,771)

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.

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Coca-Cola Co. (NYSE:KO)

Income Statement