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:	Apr 3, 2026	Dec 31, 2025	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
Consolidated net income	3,966)	2,316)	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)
Depreciation and amortization	264)	236)	268)	279)	267)	276)	268)	269)	262)	271)	290)	281)	286)	307)	307)	322)	324)	341)	362)	383)	366)
Stock-based compensation expense	56)	75)	74)	67)	63)	79)	67)	72)	68)	77)	57)	62)	58)	83)	84)	102)	87)	101)	88)	90)	58)
Deferred income taxes	205)	21)	37)	364)	95)	(11)	202)	(29)	(173)	152)	57)	(471)	260)	13)	(8)	(168)	41)	168)	226)	123)	377)
Equity income, net of dividends	(375)	(179)	(472)	(123)	(264)	(109)	(419)	(216)	(58)	(67)	(485)	(218)	(249)	(71)	(408)	(112)	(247)	6)	(288)	(83)	(250)
Foreign currency adjustments	33)	64)	16)	61)	50)	(49)	26)	(104)	17)	197)	(56)	9)	25)	27)	38)	38)	100)	91)	26)	(11)	(20)
Significant (gains) losses, net	10)	(317)	37)	(102)	(331)	(15)	(324)	3)	(1,401)	(50)	—)	—)	(442)	(154)	—)	—)	25)	(867)	192)	(691)	1)
Other operating charges	10)	1,014)	—)	38)	—)	126)	1,007)	1,335)	1,532)	76)	290)	1,287)	88)	16)	104)	928)	38)	263)	5)	169)	69)
Other items	115)	(306)	209)	134)	104)	(168)	(77)	(7)	(59)	5)	177)	(123)	(102)	19)	(84)	371)	(70)	(316)	14)	346)	157)
Net change in operating assets and liabilities	(2,263)	832)	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)
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities	(1,945)	1,440)	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)
Net cash provided by (used in) operating activities	2,021)	3,756)	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)
Purchases of investments	(1,459)	(2,868)	(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)
Proceeds from disposals of investments	3,503)	365)	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)
Acquisitions of businesses, equity method investments and nonmarketable securities	(37)	(105)	(177)	(137)	(42)	(162)	(128)	(17)	(8)	(17)	(2)	(23)	(20)	(33)	(34)	(1)	(5)	(4,755)	—)	(7)	(4)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	—)	2,547)	47)	225)	748)	17)	561)	14)	2,893)	103)	7)	1)	319)	229)	11)	—)	218)	230)	185)	1,763)	2)
Purchases of property, plant and equipment	(266)	(882)	(479)	(442)	(309)	(803)	(469)	(422)	(370)	(851)	(386)	(339)	(276)	(708)	(289)	(270)	(217)	(639)	(278)	(234)	(216)
Proceeds from disposals of property, plant and equipment	2)	(8)	8)	5)	8)	7)	12)	7)	14)	28)	8)	17)	21)	29)	13)	17)	16)	43)	37)	17)	11)
Collateral (paid) received associated with hedging activities, net	(20)	30)	94)	221)	(15)	(64)	375)	29)	(105)	490)	(109)	(33)	18)	(16)	(465)	(643)	(341)	—)	—)	—)	—)
Other investing activities	23)	(123)	90)	79)	45)	—)	67)	113)	14)	(31)	26)	65)	(21)	785)	72)	(138)	(13)	(30)	40)	24)	17)
Net cash (used in) provided by investing activities	1,746)	(1,044)	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)
Issuances of loans, notes payable and long-term debt	—)	126)	(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)
Payments of loans, notes payable and long-term debt	(1,262)	(801)	(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)
Issuances of stock	155)	70)	20)	64)	159)	30)	280)	147)	290)	115)	65)	130)	229)	130)	55)	203)	449)	209)	151)	159)	183)
Purchases of stock for treasury	(477)	(102)	(172)	(102)	(370)	(567)	(354)	(172)	(702)	(1,096)	(109)	(236)	(848)	(6)	(202)	(664)	(546)	(7)	—)	—)	(104)
Dividends	(2,281)	(4,388)	(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)
Proceeds from sale of a noncontrolling interest	—)	61)	1,277)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other financing activities	(3)	(18)	(155)	(1)	(105)	(17)	(5)	(7)	(2)	(8)	(1)	(341)	(115)	(42)	(31)	(43)	(979)	1)	18)	77)	(449)
Net cash provided by (used in) financing activities	(3,868)	(5,052)	(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)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	86)	(14)	3)	169)	163)	(357)	91)	(219)	(138)	(37)	(198)	49)	113)	187)	(231)	(334)	173)	(103)	(138)	100)	(18)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(15)	(2,354)	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)

The financial data reveals a period of growth in consolidated net income coupled with significant volatility in operating cash flows. While net income exhibits a general upward trajectory, peaking at 3,966 million US$ by April 2026, the actual cash generated from operations fluctuates substantially due to aggressive swings in working capital requirements.

Operating Activities and Cash Conversion: Consolidated net income demonstrates resilience and growth, particularly from 2024 through early 2026. However, the conversion of this income into net cash provided by operating activities is inconsistent. A recurring pattern of volatility is observed in the net change in operating assets and liabilities, with extreme outflows recorded in March 2023 (-2,877 million US$), September 2024 (-4,859 million US$), and March 2025 (-8,521 million US$). These working capital fluctuations occasionally result in negative operating cash flow, most notably in September 2024 (-1,259 million US$) and March 2025 (-5,202 million US$), despite positive net income in those same periods.
Investment Strategy and Capital Expenditure: A steady increase in capital intensity is evident through the purchases of property, plant, and equipment. Expenditures grew from approximately 216 million US$ per quarter in early 2021 to peaks of 882 million US$ by December 2025. Investing activities are further characterized by high volume in the purchase and disposal of investments, suggesting an active treasury management strategy. Strategic business acquisitions remained limited after a significant expenditure of 4,755 million US$ in December 2021, though smaller, consistent investments in nonmarketable securities continued through 2026.
Financing and Shareholder Returns: The company maintains a disciplined but costly shareholder return program. Dividend payments are consistent, typically ranging between 1.8 billion and 2.2 billion US$ per quarter, with periodic spikes exceeding 4 billion US$. To fund these distributions and offset periods of negative operating cash flow, the company frequently utilizes debt markets. This is highlighted by a significant issuance of loans and notes totaling 5,436 million US$ in March 2025, coinciding with the period of highest operating cash outflow. Treasury stock purchases remain a constant feature, though the scale varies, reflecting a continuous commitment to share buybacks.

Overall, the financial profile indicates a company with strong earnings power that faces periodic liquidity challenges driven by working capital volatility. The reliance on debt issuance to stabilize cash positions during operating troughs ensures that dividend obligations and increasing capital expenditures are met without compromising the balance sheet.

AI Ask an analyst for more

Download chart

Coca-Cola Co. (NYSE:KO)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data