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:	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	3,803)	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	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	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	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	(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	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	(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	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	(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	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	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	(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	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	(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	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	(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	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	221)	(15)	(64)	375)	29)	(105)	490)	(109)	(33)	18)	(16)	(465)	(643)	(341)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities	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	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	(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	(1,031)	(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	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	(102)	(370)	(567)	(354)	(172)	(702)	(1,096)	(109)	(236)	(848)	(6)	(202)	(664)	(546)	(7)	—)	—)	(104)	(25)	—)	1)	(94)
Dividends	(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)	—)
Other financing activities	(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	(3,380)	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	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	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: Consolidated net income exhibits significant fluctuations over the periods, with notable peaks in March 2024 (3,185 million USD) and an all-time high of 3,803 million USD in June 2025. There are marked declines such as in December 2020 (1,474 million USD) and June 2022 (1,900 million USD). Overall, a cyclical pattern with growth tendencies is observed towards the later periods.
Depreciation and amortization: Depreciation and amortization expenses show a generally decreasing trend over time, starting from 367 million USD in March 2020 and declining to figures around the mid-200 millions by the end of the dataset, specifically 279 million USD in June 2025, indicating possible changes in asset base or depreciation methods.
Stock-based compensation expense: This expense fluctuates moderately without a clear trend, with the lowest value of -5 million USD in March 2020 and peaks around 102 million USD in July 2022. The variance does not display a progressive increase or decrease but rather periodic fluctuations.
Deferred income taxes: Deferred income taxes show high volatility with both positive and negative swings; large positive values at April 2021 (377 million USD) and March 2023 (260 million USD) and significant negative values such as in June 2023 (-471 million USD). This suggests varying tax timing differences and potential impacts from tax law changes or adjustments.
Equity income, net of dividends: Equity income demonstrates marked volatility and predominantly negative values, indicating losses or dividends exceeding income from equity interests. Substantial negative impacts are seen in September 2020 (-353 million USD) and September 2022 (-408 million USD). Sporadic positive values occur but are limited and minor.
Foreign currency adjustments: Foreign currency adjustments alternate between negative and positive, with no evident trend, reflecting exposure to currency fluctuations. Notable positive spikes appear in December 2021 (91 million USD) and December 2023 (197 million USD), while December 2024 reports a negative adjustment of -104 million USD.
Significant (gains) losses, net: Significant gains and losses are highly irregular, showing extreme negative values such as -919 million USD in March 2020, and -1,401 million USD in December 2023, interspersed with smaller gains and losses. These irregular large swings suggest occasional major non-recurring items impacting earnings.
Other operating charges: Other operating charges display extreme fluctuations, including notably large positive amounts such as 1,287 million USD in June 2023 and 1,532 million USD in March 2024. Negative or minimal values are also observed, indicating that these charges are variable and possibly linked to one-time operational events or adjustments.
Other items: Other items generally show high fluctuations with mixed positive and negative values, lacking a clear pattern. Significant negative spikes occur in December 2021 (-316 million USD) and December 2024 (-77 million USD), contrasting with large positive values such as 510 million USD in September 2020 and 177 million USD in September 2022.
Net change in operating assets and liabilities: This metric shows wide variability with sharp negative swings such as in March 2023 (-2,877 million USD) and June 2025 (-8,521 million USD), alternating with large positive values like December 2020 (1,592 million USD) and June 2023 (1,121 million USD). These fluctuations reflect the working capital management impact on cash flows.
Adjustments to reconcile net income to net cash from operating activities: Adjustments follow similar volatility patterns as net change in operating assets and liabilities, with extreme negative adjustments, notably -2,953 million USD in March 2023 and -8,537 million USD in June 2025, indicating large non-cash charges or timing differences affecting operating cash flow calculations.
Net cash provided by (used in) operating activities: Operating cash flow varies considerably, from a low of 160 million USD in March 2023 to a high of 4,469 million USD in July 2023. Several periods exhibit elasticity, with mixed performance across the quarters, demonstrating operational cash generation is influenced heavily by working capital and earnings quality.
Purchases and proceeds of investments: Investment purchases vary widely with prominent peaks such as -6,839 million USD in June 2020 and more moderate levels in other periods. Proceeds from disposals alternate accordingly, with a large inflow of 7,353 million USD in December 2020. This pattern suggests active portfolio and asset management including acquisitions and divestitures.
Acquisitions and disposals of businesses and equity investments: Acquisitions appear uneven with large one-time expenditures, especially -4,755 million USD in December 2021, while disposals demonstrate sporadic inflows, with a major inflow of 2,893 million USD in March 2024. These represent strategic adjustments in business scope and investment holdings.
Purchases and proceeds from property, plant and equipment: Capital expenditures show consistent cash outflows, with increased spending in certain quarters such as -851 million USD in December 2023, paralleled by modest proceeds from disposals. Overall, capital investments show a downward adjustment in some later periods contrasted with higher expenditures at mid-periods.
Collateral related to hedging activities: Data available from April 2022 hints at notable negative collateral payments early on, changing towards positive net receipts in some later periods such as December 2023 (490 million USD) and December 2024 (375 million USD), reflecting active hedging and cash management.
Other investing activities: Other investing cash flows are generally small but volatile, with notable positive spikes such as 785 million USD in December 2022, indicating occasional gains or inflows from miscellaneous investing activities.
Net cash from investing activities: Investing cash flows are uneven with significant positive inflows in some quarters like December 2020 (5,595 million USD) and strong outflows in others, for example December 2021 (-4,684 million USD). These irregular inflows and outflows reflect timing of large acquisitions, disposals, and investments.
Issuances and payments of debt and loans: Issuances of debt generally decrease after early high levels, from a peak of 12,563 million USD in March 2020 to variable lower levels thereafter, while payments fluctuate widely, with very high payments in December 2020 (-10,819 million USD). The net activity shows active debt management and refinancing efforts over the periods.
Issuances and repurchases of stock: Issuances of stock remain relatively consistent but modest compared to other financing activities, with occasional spikes such as 449 million USD in April 2022. Stock repurchases show considerable variation and increased activity especially in 2022 and 2023, with large outflows, e.g., -1,096 million USD in December 2023, underscoring a strategic emphasis on shareholder returns.
Dividends: Dividend payments are substantial and consistent throughout, with occasional large lump sums, for example -3,874 million USD in December 2023. There is a clear focus on returning capital to shareholders regularly.
Other financing activities: Other financing activities remain minor with mixed inflows and outflows, showing no significant trend or impact relative to major financing transactions.
Net cash provided by (used in) financing activities: Financing cash flows show significant volatility including large outflows in December 2020 (-14,043 million USD) and modest inflows in March 2023 (2,065 million USD). High variability is driven mainly by debt repayment, stock repurchases, and dividend distributions, indicating dynamic capital structure management.
Effect of exchange rate changes on cash and equivalents: Foreign exchange effects on cash fluctuate between negative and positive values, with notable negative impacts in mid-periods like June 2022 (-334 million USD) and positive reversals later such as June 2025 (163 million USD). This indicates ongoing exposure to currency risk.
Net increase (decrease) in cash and equivalents: Cash position changes are highly variable, with large positive increases such as 7,228 million USD in March 2020 and sharp decreases like -3,536 million USD in June 2020. The fluctuations continue without a clear trend, reflecting the combined impacts of operational, investing, and financing cash flows alongside currency effects.

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Coca-Cola Co. (NYSE:KO)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data