Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Coca-Cola Co., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	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	Dec 31, 2020	Sep 25, 2020	Jun 26, 2020	Mar 27, 2020
Consolidated net income	3,683)	3,803)	3,335)	2,213)	2,850)	2,401)	3,185)	1,986)	3,083)	2,521)	3,113)	2,056)	2,822)	1,900)	2,793)	2,450)	2,475)	2,624)	2,255)	1,474)	1,740)	1,759)	2,795)
Depreciation and amortization	268)	279)	267)	276)	268)	269)	262)	271)	290)	281)	286)	307)	307)	322)	324)	341)	362)	383)	366)	430)	358)	381)	367)
Stock-based compensation expense	74)	67)	63)	79)	67)	72)	68)	77)	57)	62)	58)	83)	84)	102)	87)	101)	88)	90)	58)	38)	52)	41)	(5)
Deferred income taxes	37)	364)	95)	(11)	202)	(29)	(173)	152)	57)	(471)	260)	13)	(8)	(168)	41)	168)	226)	123)	377)	(28)	49)	83)	(122)
Equity income, net of dividends	(472)	(123)	(264)	(109)	(419)	(216)	(58)	(67)	(485)	(218)	(249)	(71)	(408)	(112)	(247)	6)	(288)	(83)	(250)	54)	(353)	(55)	(157)
Foreign currency adjustments	16)	61)	50)	(49)	26)	(104)	17)	197)	(56)	9)	25)	27)	38)	38)	100)	91)	26)	(11)	(20)	57)	(78)	(8)	(59)
Significant (gains) losses, net	37)	(102)	(331)	(15)	(324)	3)	(1,401)	(50)	—)	—)	(442)	(154)	—)	—)	25)	(867)	192)	(691)	1)	(15)	2)	18)	(919)
Other operating charges	—)	38)	—)	126)	1,007)	1,335)	1,532)	76)	290)	1,287)	88)	16)	104)	928)	38)	263)	5)	169)	69)	(115)	330)	151)	190)
Other items	209)	134)	104)	(168)	(77)	(7)	(59)	5)	177)	(123)	(102)	19)	(84)	371)	(70)	(316)	14)	346)	157)	137)	510)	(183)	235)
Net change in operating assets and liabilities	1,191)	(710)	(8,521)	1,609)	(4,859)	(139)	(2,845)	23)	887)	1,121)	(2,877)	654)	667)	542)	(2,468)	1,157)	606)	939)	(1,377)	1,592)	824)	43)	(1,769)
Adjustments to reconcile consolidated net income to net cash provided by operating activities	1,360)	8)	(8,537)	1,738)	(4,109)	1,184)	(2,657)	684)	1,217)	1,948)	(2,953)	894)	700)	2,023)	(2,170)	944)	1,231)	1,265)	(619)	2,150)	1,694)	471)	(2,239)
Net cash provided by (used in) operating activities	5,043)	3,811)	(5,202)	3,951)	(1,259)	3,585)	528)	2,670)	4,300)	4,469)	160)	2,950)	3,522)	3,923)	623)	3,394)	3,706)	3,889)	1,636)	3,624)	3,434)	2,230)	556)
Purchases of investments	(427)	(358)	(2,507)	(1,242)	(571)	(1,275)	(2,552)	(2,110)	(2,485)	(1,364)	(739)	(582)	(1,129)	(1,205)	(835)	(1,298)	(1,301)	(1,965)	(1,466)	(1,532)	(3,757)	(6,839)	(1,455)
Proceeds from disposals of investments	2,099)	1,196)	1,005)	1,464)	2,463)	2,218)	444)	1,462)	1,284)	793)	815)	1,722)	777)	949)	1,323)	1,765)	1,483)	2,436)	1,375)	7,353)	3,833)	1,046)	1,603)
Acquisitions of businesses, equity method investments and nonmarketable securities	(177)	(137)	(42)	(162)	(128)	(17)	(8)	(17)	(2)	(23)	(20)	(33)	(34)	(1)	(5)	(4,755)	—)	(7)	(4)	(63)	(5)	—)	(984)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	47)	225)	748)	17)	561)	14)	2,893)	103)	7)	1)	319)	229)	11)	—)	218)	230)	185)	1,763)	2)	143)	—)	10)	36)
Purchases of property, plant and equipment	(479)	(442)	(309)	(803)	(469)	(422)	(370)	(851)	(386)	(339)	(276)	(708)	(289)	(270)	(217)	(639)	(278)	(234)	(216)	(418)	(223)	(209)	(327)
Proceeds from disposals of property, plant and equipment	8)	5)	8)	7)	12)	7)	14)	28)	8)	17)	21)	29)	13)	17)	16)	43)	37)	17)	11)	33)	44)	21)	91)
Collateral (paid) received associated with hedging activities, net	94)	221)	(15)	(64)	375)	29)	(105)	490)	(109)	(33)	18)	(16)	(465)	(643)	(341)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities	90)	79)	45)	—)	67)	113)	14)	(31)	26)	65)	(21)	785)	72)	(138)	(13)	(30)	40)	24)	17)	79)	3)	88)	(48)
Net cash (used in) provided by investing activities	1,255)	789)	(1,067)	(783)	2,310)	667)	330)	(926)	(1,657)	(883)	117)	1,426)	(1,044)	(1,291)	146)	(4,684)	166)	2,034)	(281)	5,595)	(105)	(5,883)	(1,084)
Issuances of loans, notes payable and long-term debt	(466)	(116)	5,436)	763)	4,466)	4,547)	2,285)	878)	1,375)	564)	4,074)	(379)	1,095)	2,204)	1,052)	1,246)	1,096)	5,164)	5,588)	36)	7,123)	7,212)	12,563)
Payments of loans, notes payable and long-term debt	(1,536)	(1,031)	(1,599)	(1,608)	(3,191)	(3,368)	(1,366)	(240)	(2,428)	(1,192)	(1,174)	(1,169)	(1,945)	(771)	(1,045)	171)	(1,080)	(8,913)	(3,044)	(10,819)	(7,673)	(5,471)	(4,833)
Issuances of stock	20)	64)	159)	30)	280)	147)	290)	115)	65)	130)	229)	130)	55)	203)	449)	209)	151)	159)	183)	133)	70)	31)	413)
Purchases of stock for treasury	(172)	(102)	(370)	(567)	(354)	(172)	(702)	(1,096)	(109)	(236)	(848)	(6)	(202)	(664)	(546)	(7)	—)	—)	(104)	(25)	—)	1)	(94)
Dividends	(2,108)	(2,194)	(89)	(4,085)	(2,090)	(2,085)	(99)	(3,874)	(1,989)	(1,988)	(101)	(3,706)	(100)	(1,904)	(1,906)	(1,815)	(1,814)	(1,813)	(1,810)	(3,525)	(1,761)	(1,761)	—)
Proceeds from sale of a noncontrolling interest	1,277)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other financing activities	(155)	(1)	(105)	(17)	(5)	(7)	(2)	(8)	(1)	(341)	(115)	(42)	(31)	(43)	(979)	1)	18)	77)	(449)	157)	169)	223)	(239)
Net cash provided by (used in) financing activities	(3,140)	(3,380)	3,432)	(5,484)	(894)	(938)	406)	(4,225)	(3,087)	(3,063)	2,065)	(5,172)	(1,128)	(975)	(2,975)	(195)	(1,629)	(5,326)	364)	(14,043)	(2,072)	235)	7,810)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	3)	169)	163)	(357)	91)	(219)	(138)	(37)	(198)	49)	113)	187)	(231)	(334)	173)	(103)	(138)	100)	(18)	112)	136)	(118)	(54)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	3,161)	1,389)	(2,674)	(2,673)	248)	3,095)	1,126)	(2,518)	(642)	572)	2,455)	(609)	1,119)	1,323)	(2,033)	(1,588)	2,105)	697)	1,701)	(4,712)	1,393)	(3,536)	7,228)

Consolidated Net Income: The consolidated net income exhibits noticeable volatility across the periods, with several peaks and troughs. Initial quarters in 2020 show a decline from $2795 million to $1474 million by the end of 2020, followed by a recovery and fluctuations in 2021 and 2022. Earnings peaked again in the first quarter of 2023 reaching $3113 million but experienced declines afterward. The latter periods through 2025 indicate a general upward trajectory, with substantial net income values around $3335 to $3803 million.
Depreciation and Amortization: Depreciation and amortization expenses remained relatively stable, generally trending slightly downward from $367 million in early 2020 to fluctuating values around $268 million to $279 million in later periods. Periodic small declines suggest modest adjustments or efficiency in asset utilization.
Stock-Based Compensation Expense: This expense category showed variability but with increasing general levels from 2020 through mid-2023, indicating possibly expanded stock-based incentives. Beginning with near negligible or negative values (such as -$5 million), it rose to mostly positive values ranging roughly between $50 million and $100 million.
Deferred Income Taxes: There is marked volatility in deferred income taxes, ranging widely from negative figures such as -$471 million to positive spikes like $377 million, suggesting significant tax timing differences and possible tax strategy adjustments over time. The fluctuations appear irregular without a consistent directional trend.
Equity Income, Net of Dividends: Equity income shows persistent net negative values with occasional near-zero or slight positive quarters. The negative trend, with some values falling near or below -$400 million, may reflect underperformance or write-downs in equity investments.
Foreign Currency Adjustments: Foreign currency adjustments fluctuate moderately around zero, with both positive and negative impacts that vary period to period. The changes suggest exposure to currency rate volatility influencing financial outcomes but without a long-term directional trend.
Significant Gains and Losses, Net: Significant gains and losses demonstrate considerable fluctuations, including large negative values such as -$919 million and -$1401 million, indicating irregular one-time or non-operational impacts on earnings. Some periods show gains, but losses dominate, highlighting episodic financial events.
Other Operating Charges: Other operating charges exhibit high variability with occasional sharp increases (e.g., $1287 million and $1532 million), indicating sporadic substantial costs or write-offs affecting operating results unevenly.
Other Items: Other items fluctuate widely, with gains and losses spread across quarters, generally moving in both positive and negative directions around a broad range. This category reflects diverse, non-recurring or miscellaneous components impacting earnings.
Net Change in Operating Assets and Liabilities: The net change in operating assets and liabilities features extreme swings, with large negative values such as -$8521 million and positive spikes, indicating highly volatile working capital management and cash flow timing effects.
Adjustments to Reconcile Net Income to Operating Cash Flow: These adjustments follow a pattern similar to changes in operating assets and liabilities, showing significant volatility and large absolute values. The adjustments highlight complexity in converting accrual earnings to cash flow, with periods of sharp increases and decreases.
Net Cash Provided by Operating Activities: Operating cash flows generally remain positive but are highly variable. The initial quarters show moderate to strong positive cash generation, interrupted by notable declines such as $160 million in early 2023 and a negative $1259 million in 2024. However, significant recoveries follow, signaling uneven but overall strong operational cash generation capacity.
Investing Activities: Investing cash flows show considerable volatility driven by purchases and disposals of investments. Large negative outflows occur during 2020 and at several other intervals, balanced by substantial inflows from disposals. Property, plant, and equipment investments vary but generally show consistent capital expenditure with some spikes. Net investing cash flows trend negatively in some years and positively in others, indicating a dynamic investment strategy.
Financing Activities: Financing cash flows display marked variability, including large inflows in early 2020 and significant outflows in subsequent periods, such as the pronounced negative $14 billion in late 2020. Issuances and repayments of debt fluctuate considerably, reflecting active debt management. Treasury stock purchases and dividends also contribute to outflow variability, showing steady dividend payments alongside sizable share repurchases.
Effect of Exchange Rate Changes on Cash: Exchange rate effects on cash and equivalents are inconsistent with alternating positive and negative impacts. These fluctuations contribute to period-to-period changes but do not establish a clear long-term trend.
Net Increase (Decrease) in Cash and Cash Equivalents: Cash balances demonstrate significant variability with periods of both sharp increases and decreases. Early 2020 shows a large increase of over $7 billion, followed by declines and recoveries. Later years continue this pattern of swings, reflecting the combined effects of operating, investing, and financing cash flows as well as currency impacts.

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Coca-Cola Co. (NYSE:KO)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data