Debt to Equity
since 2005
Calculation
Coca-Cola Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Equity attributable to shareowners of The Coca-Cola Company1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1.79 | = | 44,522) | ÷ | 24,856) |
| Dec 31, 2023 | 1.62 | = | 42,064) | ÷ | 25,941) |
| Dec 31, 2022 | 1.62 | = | 39,149) | ÷ | 24,105) |
| Dec 31, 2021 | 1.86 | = | 42,761) | ÷ | 22,999) |
| Dec 31, 2020 | 2.22 | = | 42,793) | ÷ | 19,299) |
| Dec 31, 2019 | 2.25 | = | 42,763) | ÷ | 18,981) |
| Dec 31, 2018 | 2.56 | = | 43,555) | ÷ | 16,981) |
| Dec 31, 2017 | 2.79 | = | 47,685) | ÷ | 17,072) |
| Dec 31, 2016 | 1.98 | = | 45,709) | ÷ | 23,062) |
| Dec 31, 2015 | 1.73 | = | 44,213) | ÷ | 25,554) |
| Dec 31, 2014 | 1.38 | = | 41,745) | ÷ | 30,320) |
| Dec 31, 2013 | 1.12 | = | 37,079) | ÷ | 33,173) |
| Dec 31, 2012 | 0.99 | = | 32,610) | ÷ | 32,790) |
| Dec 31, 2011 | 0.90 | = | 28,568) | ÷ | 31,635) |
| Dec 31, 2010 | 0.76 | = | 23,417) | ÷ | 31,003) |
| Dec 31, 2009 | 0.48 | = | 11,859) | ÷ | 24,799) |
| Dec 31, 2008 | 0.45 | = | 9,312) | ÷ | 20,472) |
| Dec 31, 2007 | 0.43 | = | 9,329) | ÷ | 21,744) |
| Dec 31, 2006 | 0.27 | = | 4,582) | ÷ | 16,920) |
| Dec 31, 2005 | 0.35 | = | 5,700) | ÷ | 16,355) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The analysis of the financial data over the period from 2005 to 2024 reveals several noteworthy trends in the company's capital structure and leverage dynamics.
- Total Debt
- The total debt shows a general upward trend from 2005, starting at 5,700 million USD, and reaching its peak at 47,685 million USD in 2017. After 2017, the total debt exhibits fluctuations, decreasing after 2018 to a low of 39,149 million USD in 2022, before seeing a moderate increase again in the subsequent years, reaching 44,522 million USD by 2024. This indicates periods of increased borrowing followed by phases of debt reduction or stabilization.
- Equity Attributable to Shareowners
- Equity has demonstrated growth from 16,355 million USD in 2005 to a peak of 33,173 million USD in 2013. Post-2013, equity shows a declining trend until 2017, dropping significantly to 17,072 million USD. Following this trough, equity levels experienced a modest recovery and stabilized around the 24,856 million USD mark in 2024. This pattern suggests fluctuations in retained earnings and possibly dividend policies or other equity-affecting transactions.
- Debt to Equity Ratio
- The debt to equity ratio provides insight into leverage trends. Starting from a low 0.35 in 2005, it generally increased over the years, peaking at 2.79 in 2017, which corresponds with the peak in total debt and trough in equity. After this peak, the ratio declines to around 1.62 in 2022–2023, indicating a reduction in leverage and a more balanced capital structure, before increasing slightly to 1.79 in 2024. The fluctuation in this ratio corroborates the movements seen in both debt and equity, reflecting changes in the company's reliance on debt financing versus equity financing.
Overall, the data depicts a period of rising leverage up to 2017, with the company substantially increasing debt relative to equity. Subsequent years reveal a strategic shift towards deleveraging and capital structure optimization, reducing financial risk. The stabilization in more recent years indicates a focus on sustaining a healthier balance between debt and equity.
Comparison to Competitors
Coca-Cola Co., debt to equity, long-term trends, comparison to competitors
| Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|
| Dec 31, 2024 | 1.79 | 0.66 | 2.46 | — |
| Dec 31, 2023 | 1.62 | 0.69 | 2.38 | — |
| Dec 31, 2022 | 1.62 | 0.85 | 2.28 | — |
| Dec 31, 2021 | 1.86 | 0.69 | 2.51 | — |
| Dec 31, 2020 | 2.22 | 0.73 | 3.28 | — |
| Dec 31, 2019 | 2.25 | 0.68 | 2.17 | — |
| Dec 31, 2018 | 2.56 | 0.72 | 2.23 | — |
| Dec 31, 2017 | 2.79 | 0.68 | 3.61 | — |
| Dec 31, 2016 | 1.98 | 0.68 | 3.33 | — |
| Dec 31, 2015 | 1.73 | 0.55 | 2.79 | — |
| Dec 31, 2014 | 1.38 | 0.60 | 1.66 | — |
| Dec 31, 2013 | 1.12 | 0.53 | 1.22 | — |
| Dec 31, 2012 | 0.99 | 0.60 | 1.27 | — |
| Dec 31, 2011 | 0.90 | 0.76 | 1.30 | 80.98 |
| Dec 31, 2010 | 0.76 | 0.80 | 1.18 | 4.71 |
| Dec 31, 2009 | 0.48 | 0.73 | 0.47 | 2.70 |
| Dec 31, 2008 | 0.45 | 0.91 | 0.68 | 1.59 |
| Dec 31, 2007 | 0.43 | 0.77 | 0.24 | — |
| Dec 31, 2006 | 0.27 | 0.36 | 0.18 | — |
| Dec 31, 2005 | 0.35 | 0.36 | 0.37 | — |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Food, Beverage & Tobacco)
Coca-Cola Co., debt to equity, long-term trends, comparison to sector (food, beverage & tobacco)
| Coca-Cola Co. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2024 | 1.79 | 2.62 |
| Dec 31, 2023 | 1.62 | 2.49 |
| Dec 31, 2022 | 1.62 | 2.44 |
| Dec 31, 2021 | 1.86 | 2.28 |
| Dec 31, 2020 | 2.22 | 2.90 |
| Dec 31, 2019 | 2.25 | 2.51 |
| Dec 31, 2018 | 2.56 | 2.82 |
| Dec 31, 2017 | 2.79 | 3.31 |
| Dec 31, 2016 | 1.98 | 2.76 |
| Dec 31, 2015 | 1.73 | 2.32 |
| Dec 31, 2014 | 1.38 | 1.86 |
| Dec 31, 2013 | 1.12 | 1.36 |
| Dec 31, 2012 | 0.99 | 1.23 |
| Dec 31, 2011 | 0.90 | 1.15 |
| Dec 31, 2010 | 0.76 | 1.02 |
| Dec 31, 2009 | 0.48 | 0.74 |
| Dec 31, 2008 | 0.45 | 0.80 |
| Dec 31, 2007 | 0.43 | 0.52 |
| Dec 31, 2006 | 0.27 | 0.29 |
| Dec 31, 2005 | 0.35 | 0.36 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Staples)
Coca-Cola Co., debt to equity, long-term trends, comparison to industry (consumer staples)
| Coca-Cola Co. | Consumer Staples | |
|---|---|---|
| Dec 31, 2024 | 1.79 | 1.11 |
| Dec 31, 2023 | 1.62 | 1.15 |
| Dec 31, 2022 | 1.62 | 1.07 |
| Dec 31, 2021 | 1.86 | 1.07 |
| Dec 31, 2020 | 2.22 | 1.24 |
| Dec 31, 2019 | 2.25 | 1.18 |
| Dec 31, 2018 | 2.56 | 1.11 |
| Dec 31, 2017 | 2.79 | 1.20 |
| Dec 31, 2016 | 1.98 | 1.09 |
| Dec 31, 2015 | 1.73 | 1.00 |
| Dec 31, 2014 | 1.38 | 0.96 |
| Dec 31, 2013 | 1.12 | 0.87 |
| Dec 31, 2012 | 0.99 | 0.83 |
| Dec 31, 2011 | 0.90 | 0.80 |
| Dec 31, 2010 | 0.76 | 0.74 |
| Dec 31, 2009 | 0.48 | 0.69 |
| Dec 31, 2008 | 0.45 | 0.68 |
| Dec 31, 2007 | 0.43 | 0.55 |
| Dec 31, 2006 | 0.27 | 0.52 |
| Dec 31, 2005 | 0.35 | 0.59 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).