Stock Analysis on Net
Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

$24.99

Operating Profit Margin
since 2005

Microsoft Excel

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Calculation

Coca-Cola Co., operating profit margin, long-term trends, calculation

Microsoft Excel
Operating profit margin = 100 × Operating income1 ÷ Net operating revenues1
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
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Dec 31, 2020 = 100 × ÷
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Dec 31, 2005 = 100 × ÷

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

Net operating revenues
Net operating revenues exhibited an overall upward trajectory from 2005 through 2024, increasing from 23,104 million USD in 2005 to 47,061 million USD in 2024. Notable growth periods occurred between 2009 and 2012, with revenues rising sharply from 30,990 million USD to 48,017 million USD. After reaching a peak in 2012, revenues experienced some fluctuations and declines, particularly between 2012 and 2017. However, starting from 2017, revenues generally trended upward again, recovering to exceed 45,000 million USD by 2024.
Operating income
Operating income showed increases from 6,085 million USD in 2005 to a peak of 10,779 million USD in 2012, reflecting substantial profitability growth during this period. Subsequently, operating income declined multiple times, with a notable reduction from 10,228 million USD in 2013 to 7,501 million USD in 2017. The period from 2017 to 2024 showed signs of recovery with operating income rising steadily to 11,311 million USD in 2023 before a slight decrease in 2024. The data indicates a cyclical pattern with peaks near 2012 and 2023 and valleys around 2017 and 2020.
Operating profit margin
Operating profit margin experienced fluctuations over the twenty-year span. Starting at 26.34% in 2005, the margin declined gradually until around 2011, reaching near 21.82%. From 2011 onwards, the margin showed some variability but notably increased to above 27% in 2018 and 2019. After 2019, the margin declined gradually, ending at 21.23% in 2024. This pattern suggests challenges in maintaining long-term improvement in operational efficiency despite some periods of enhanced profitability.
Overall insights
The data reflects a complex operational environment with significant revenue growth accompanied by variability in operating income and margins. The divergence between periods of revenue increase and fluctuating profitability indicates factors such as cost pressures or changes in operating expenses impacting margins. The recent trend toward recovery in operating income alongside strong revenues is positive, although the decrease in margin percentage in the final years suggests continued challenges to sustaining profitability gains. Continuous monitoring of cost management and revenue quality will be essential for future financial stability and growth.

Comparison to Competitors

Coca-Cola Co., operating profit margin, long-term trends, comparison to competitors

Microsoft Excel
Coca-Cola Co. Mondelēz International Inc. PepsiCo Inc. Philip Morris International Inc.
Dec 31, 2024
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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).