Operating Profit Margin
since 2005
Calculation
Coca-Cola Co., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income1 | ÷ | Net operating revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 28.71% | = | 100 | × | 13,762) | ÷ | 47,941) |
| Dec 31, 2024 | 21.23% | = | 100 | × | 9,992) | ÷ | 47,061) |
| Dec 31, 2023 | 24.72% | = | 100 | × | 11,311) | ÷ | 45,754) |
| Dec 31, 2022 | 25.37% | = | 100 | × | 10,909) | ÷ | 43,004) |
| Dec 31, 2021 | 26.67% | = | 100 | × | 10,308) | ÷ | 38,655) |
| Dec 31, 2020 | 27.25% | = | 100 | × | 8,997) | ÷ | 33,014) |
| Dec 31, 2019 | 27.06% | = | 100 | × | 10,086) | ÷ | 37,266) |
| Dec 31, 2018 | 27.31% | = | 100 | × | 8,700) | ÷ | 31,856) |
| Dec 31, 2017 | 21.18% | = | 100 | × | 7,501) | ÷ | 35,410) |
| Dec 31, 2016 | 20.61% | = | 100 | × | 8,626) | ÷ | 41,863) |
| Dec 31, 2015 | 19.70% | = | 100 | × | 8,728) | ÷ | 44,294) |
| Dec 31, 2014 | 21.11% | = | 100 | × | 9,708) | ÷ | 45,998) |
| Dec 31, 2013 | 21.83% | = | 100 | × | 10,228) | ÷ | 46,854) |
| Dec 31, 2012 | 22.45% | = | 100 | × | 10,779) | ÷ | 48,017) |
| Dec 31, 2011 | 21.82% | = | 100 | × | 10,154) | ÷ | 46,542) |
| Dec 31, 2010 | 24.06% | = | 100 | × | 8,449) | ÷ | 35,119) |
| Dec 31, 2009 | 26.56% | = | 100 | × | 8,231) | ÷ | 30,990) |
| Dec 31, 2008 | 26.44% | = | 100 | × | 8,446) | ÷ | 31,944) |
| Dec 31, 2007 | 25.13% | = | 100 | × | 7,252) | ÷ | 28,857) |
| Dec 31, 2006 | 26.19% | = | 100 | × | 6,308) | ÷ | 24,088) |
| Dec 31, 2005 | 26.34% | = | 100 | × | 6,085) | ÷ | 23,104) |
Based on: 10-K (reporting date: 2025-12-31), 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 operating profit margin exhibited fluctuations over the period from 2005 to 2025. Initially, the margin remained relatively stable, followed by a period of decline, a subsequent recovery, and then a final period of moderation. A detailed examination reveals specific trends and potential influencing factors.
- Initial Stability and Mid-Period Decline (2005-2011)
- From 2005 to 2006, the operating profit margin remained consistent, hovering around 26.2%. A slight decrease was observed in 2007 to 25.13%, followed by a recovery in 2008 and 2009, peaking at 26.56%. However, a noticeable downward trend commenced in 2010, continuing through 2011, with the margin declining to 21.82%. This period suggests potential increases in operating costs or pricing pressures impacting profitability.
- Fluctuation and Recovery (2012-2018)
- The years 2012 through 2015 saw continued fluctuation, with the operating profit margin remaining in the 19.70% to 22.45% range. A significant increase occurred in 2018, reaching 27.31%, indicating a substantial improvement in operational efficiency or revenue management. This recovery suggests successful implementation of cost-control measures or favorable market conditions.
- Recent Moderation and Final Increase (2019-2025)
- Following the peak in 2018, the operating profit margin experienced a slight moderation in 2019 and 2020, settling around 27.1%. A further decline was observed in 2021 to 26.67% and continued into 2022 at 25.37%, before a substantial increase to 28.71% in 2025. This final increase suggests a recent positive shift in the company’s operational performance.
Overall, the operating profit margin demonstrates a cyclical pattern. While the company experienced periods of decline, it also demonstrated the ability to recover and improve profitability. The most recent data indicates a positive trend, but continued monitoring is recommended to assess the sustainability of this improvement.
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Comparison to Competitors
Coca-Cola Co., operating profit margin, long-term trends, comparison to competitors
| Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|
| Dec 31, 2025 | 28.71% | 9.21% | 12.24% | 36.64% |
| Dec 31, 2024 | 21.23% | 17.41% | 14.03% | 35.38% |
| Dec 31, 2023 | 24.72% | 15.28% | 13.10% | 32.85% |
| Dec 31, 2022 | 25.37% | 11.22% | 13.33% | 38.56% |
| Dec 31, 2021 | 26.67% | 16.20% | 14.04% | 41.32% |
| Dec 31, 2020 | 27.25% | 14.50% | 14.32% | 40.66% |
| Dec 31, 2019 | 27.06% | 14.86% | 15.32% | 35.33% |
| Dec 31, 2018 | 27.31% | 12.77% | 15.64% | 38.40% |
| Dec 31, 2017 | 21.18% | 13.54% | 16.54% | 40.01% |
| Dec 31, 2016 | 20.61% | 9.91% | 15.58% | 40.53% |
| Dec 31, 2015 | 19.70% | 30.02% | 13.25% | 39.65% |
| Dec 31, 2014 | 21.11% | 9.47% | 14.37% | 39.31% |
| Dec 31, 2013 | 21.83% | 11.25% | 14.61% | 43.29% |
| Dec 31, 2012 | 22.45% | 10.39% | 13.91% | 44.18% |
| Dec 31, 2011 | 21.82% | 12.25% | 14.48% | 42.90% |
| Dec 31, 2010 | 24.06% | 11.51% | 14.41% | 41.16% |
| Dec 31, 2009 | 26.56% | 13.68% | 18.61% | 40.10% |
| Dec 31, 2008 | 26.44% | 9.04% | 16.03% | 39.87% |
| Dec 31, 2007 | 25.13% | 11.63% | 18.16% | — |
| Dec 31, 2006 | 26.19% | 13.17% | 18.33% | — |
| Dec 31, 2005 | 26.34% | 13.93% | 18.19% | — |
Based on: 10-K (reporting date: 2025-12-31), 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).