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.
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Coca-Cola Co. pages available for free this week:
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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Coca-Cola Co., consolidated cash flow 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 information reveals fluctuating cash flows over the analyzed period, spanning from April 2021 to December 2025. Operating activities generally contribute the most significant cash flow, though with considerable variation. Investing activities consistently represent a cash outflow, while financing activities demonstrate a more complex pattern of both inflows and outflows.
- Net Income
- Consolidated net income exhibits volatility, peaking in the first and third quarters of 2023 and the first quarter of 2025. A significant decline is observed in the fourth quarter of 2021 and the fourth quarter of 2023. The first half of 2024 shows a decrease compared to 2023, followed by a recovery in the latter half of the period.
- Operating Activities
- Net cash provided by operating activities demonstrates substantial fluctuations. A peak is seen in July 2021, followed by a generally decreasing trend through the end of 2022. A strong rebound occurs in the first half of 2023, but then declines sharply in the second half of 2023 and the first half of 2024. A recovery is observed in the latter half of 2024 and into 2025, though remaining below the levels seen in 2021 and early 2023. Adjustments to reconcile net income to net cash from operations are significant, particularly related to net change in operating assets and liabilities, and other operating charges.
- Investing Activities
- Investing activities consistently consume cash. Purchases of property, plant, and equipment represent a major outflow. While proceeds from disposals of investments and property, plant, and equipment provide some offset, they are generally insufficient to counteract the purchases. A notable increase in cash outflow from acquisitions of businesses is observed in late 2021 and 2023. The second half of 2024 shows a significant inflow from investing activities, driven by proceeds from disposals.
- Financing Activities
- Financing activities display a complex pattern. Issuances of loans and stock frequently provide cash inflows, while payments of debt, purchases of stock for treasury, and dividend payments represent significant outflows. A substantial net cash outflow is observed in 2022 and 2023, largely driven by debt repayments and dividend distributions. 2024 shows a net inflow, primarily due to increased debt issuance. The impact of exchange rate changes on cash is also present, though generally smaller in magnitude compared to the other activity types.
- Key Adjustments
- Deferred income taxes and significant gains/losses, net, exhibit considerable variability, impacting the reconciliation of net income to operating cash flow. Other operating charges also show significant fluctuations, particularly a large increase in the second quarter of 2023 and the first quarter of 2024. Stock-based compensation expense remains relatively stable throughout the period.
Overall, the company’s cash flow profile is dynamic, influenced by a combination of operating performance, investment decisions, and financing strategies. The substantial fluctuations in operating and financing cash flows suggest a sensitivity to external factors and internal capital allocation choices. The consistent cash outflow from investing activities indicates ongoing investment in the business, while the financing activities reflect a balancing act between debt management, equity issuance, and shareholder returns.