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:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
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Coca-Cola Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 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).
Financial performance is characterized by a consistent upward trend in consolidated net income, which grew from approximately 2.2 billion USD in early 2021 to 4.4 billion USD by July 2026. Despite this growth in profitability, net cash provided by operating activities exhibits significant volatility, with extreme fluctuations driven primarily by substantial swings in the net change in operating assets and liabilities.
- Operating Cash Flow Dynamics
- While net income remains stable and growing, operating cash flows demonstrate a pattern of extreme cyclicality. Significant cash outflows occurred in March 2025 and September 2024, where operating assets and liabilities caused net cash from operations to turn negative. Conversely, peaks in cash generation were observed in late 2025 and mid-2026, with net cash from operations reaching 5.5 billion USD in July 2026. Depreciation and amortization expenses show a gradual downward trend, decreasing from over 360 million USD per quarter in 2021 to approximately 260 million USD by 2026.
- Investment Strategy and Capital Expenditure
- Capital expenditures for property, plant, and equipment have increased over the analyzed period, evolving from a range of 200 million to 300 million USD per quarter in 2021 to peaks of over 800 million USD in late 2024 and late 2025. Investment activity is marked by a high volume of purchases and proceeds from the disposal of investments, suggesting active liquidity management. A notable acquisition event occurred in December 2021, involving an outflow of 4.7 billion USD.
- Financing and Capital Return
- The company maintains a consistent policy of returning capital to shareholders through dividends and treasury stock purchases. Dividend payments are recurrent, with significant spikes appearing every December, often exceeding 3.7 billion USD. Financing is periodically supported by the issuance of long-term debt, which is used to offset dividend outflows and share repurchases. For instance, substantial debt issuances were noted in March 2023 and June 2024 to maintain liquidity and support capital return initiatives.
The overall cash position is influenced by a complex interplay between strong earnings growth and volatile working capital requirements. The reliance on periodic debt issuance to fund consistent shareholder returns, combined with an increasing commitment to capital expenditures, indicates a strategic focus on growth and shareholder value despite operational cash flow instability.