Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Coca-Cola Co., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	5,649)	5,468)	5,590)	5,307)	4,602)
Accrued marketing expenses	2,925)	3,092)	2,870)	2,778)	2,830)
Accrued compensation	1,506)	1,391)	1,394)	1,087)	1,051)
Contingent consideration liability	—)	6,126)	—)	—)	—)
Other accrued expenses	4,733)	5,635)	5,631)	6,577)	6,136)
Accounts payable and accrued expenses	14,813)	21,712)	15,485)	15,749)	14,619)
Loans and notes payable	1,551)	1,499)	4,557)	2,373)	3,307)
Current maturities of long-term debt	1,822)	648)	1,960)	399)	1,338)
Accrued income taxes	525)	1,387)	1,569)	1,203)	686)
Liabilities held for sale	2,570)	3)	—)	—)	—)
Current liabilities	21,281)	25,249)	23,571)	19,724)	19,950)
Long-term debt, excluding current maturities	42,119)	42,375)	35,547)	36,377)	38,116)
Other noncurrent liabilities	4,735)	4,084)	8,466)	7,922)	8,607)
Deferred income tax liabilities	2,406)	2,469)	2,639)	2,914)	2,821)
Noncurrent liabilities	49,260)	48,928)	46,652)	47,213)	49,544)
Total liabilities	70,541)	74,177)	70,223)	66,937)	69,494)
Common stock, $0.25 par value	1,760)	1,760)	1,760)	1,760)	1,760)
Capital surplus	20,581)	19,801)	19,209)	18,822)	18,116)
Reinvested earnings	80,382)	76,054)	73,782)	71,019)	69,094)
Accumulated other comprehensive loss	(14,131)	(16,843)	(14,275)	(14,895)	(14,330)
Treasury stock, at cost	(56,423)	(55,916)	(54,535)	(52,601)	(51,641)
Equity attributable to shareowners of The Coca-Cola Company	32,169)	24,856)	25,941)	24,105)	22,999)
Equity attributable to noncontrolling interests	2,106)	1,516)	1,539)	1,721)	1,861)
Total equity	34,275)	26,372)	27,480)	25,826)	24,860)
Total liabilities and equity	104,816)	100,549)	97,703)	92,763)	94,354)

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 company’s liabilities and stockholders’ equity exhibited varied trends between 2021 and 2025. Total liabilities generally increased over the period, though with some fluctuation, while total equity showed a more consistent upward trend, particularly in the later years. A significant increase in certain liability accounts in 2024 warrants specific attention.

Current Liabilities: Current liabilities remained relatively stable between 2021 and 2023, fluctuating around US$20 billion. A substantial increase occurred in 2024, reaching US$25.249 billion, driven primarily by a significant rise in ‘Accounts payable and accrued expenses’. This increase was partially offset by a decrease in 2025, bringing current liabilities back down to US$21.281 billion. Accounts payable itself showed a moderate increase throughout the period, while accrued marketing and compensation expenses also contributed to the overall level. Accrued income taxes were volatile, peaking in 2023 before decreasing substantially in 2025.
Noncurrent Liabilities: Noncurrent liabilities demonstrated relative stability between 2021 and 2023, hovering around US$47-49 billion. A slight increase was observed in 2024, followed by a further increase in 2025. Long-term debt, excluding current maturities, experienced a notable increase in 2024, contributing to the overall rise in noncurrent liabilities. Other noncurrent liabilities decreased in 2024 but recovered somewhat in 2025. Deferred income tax liabilities remained relatively consistent throughout the period.
Total Liabilities: Total liabilities decreased slightly from 2021 to 2022, then increased through 2024, reaching US$74.177 billion. A decrease was observed in 2025, bringing the total to US$70.541 billion. The fluctuations largely mirrored the trends in both current and noncurrent liabilities. The contingent consideration liability and liabilities held for sale, while initially absent, appeared in 2024 and 2025 respectively, contributing to the overall liability total.
Stockholders’ Equity: Equity attributable to shareowners of the company showed a consistent upward trend throughout the period, increasing from US$22.999 billion in 2021 to US$32.169 billion in 2025. This growth was primarily driven by increases in reinvested earnings and capital surplus. Treasury stock consistently decreased (became more negative) over the period, indicating share repurchases. Accumulated other comprehensive loss fluctuated but remained negative throughout the period. Equity attributable to noncontrolling interests also increased over the period, though to a lesser extent. Total equity demonstrated a similar upward trajectory, increasing from US$24.860 billion to US$34.275 billion.
Total Liabilities and Equity: Total liabilities and equity increased steadily from US$94.354 billion in 2021 to US$104.816 billion in 2025, reflecting the combined trends of liabilities and equity. The increase in 2024 was particularly pronounced, aligning with the significant rise in current liabilities.

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Coca-Cola Co. (NYSE:KO)

Balance Sheet: Liabilities and Stockholders’ Equity