Return on Equity (ROE)
since 2005
Calculation
Coca-Cola Co., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income attributable to shareowners of The Coca-Cola Company1 | ÷ | Equity attributable to shareowners of The Coca-Cola Company1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 40.74% | = | 100 | × | 13,107) | ÷ | 32,169) |
| Dec 31, 2024 | 42.77% | = | 100 | × | 10,631) | ÷ | 24,856) |
| Dec 31, 2023 | 41.30% | = | 100 | × | 10,714) | ÷ | 25,941) |
| Dec 31, 2022 | 39.59% | = | 100 | × | 9,542) | ÷ | 24,105) |
| Dec 31, 2021 | 42.48% | = | 100 | × | 9,771) | ÷ | 22,999) |
| Dec 31, 2020 | 40.14% | = | 100 | × | 7,747) | ÷ | 19,299) |
| Dec 31, 2019 | 46.99% | = | 100 | × | 8,920) | ÷ | 18,981) |
| Dec 31, 2018 | 37.89% | = | 100 | × | 6,434) | ÷ | 16,981) |
| Dec 31, 2017 | 7.31% | = | 100 | × | 1,248) | ÷ | 17,072) |
| Dec 31, 2016 | 28.30% | = | 100 | × | 6,527) | ÷ | 23,062) |
| Dec 31, 2015 | 28.77% | = | 100 | × | 7,351) | ÷ | 25,554) |
| Dec 31, 2014 | 23.41% | = | 100 | × | 7,098) | ÷ | 30,320) |
| Dec 31, 2013 | 25.88% | = | 100 | × | 8,584) | ÷ | 33,173) |
| Dec 31, 2012 | 27.51% | = | 100 | × | 9,019) | ÷ | 32,790) |
| Dec 31, 2011 | 27.10% | = | 100 | × | 8,572) | ÷ | 31,635) |
| Dec 31, 2010 | 38.09% | = | 100 | × | 11,809) | ÷ | 31,003) |
| Dec 31, 2009 | 27.52% | = | 100 | × | 6,824) | ÷ | 24,799) |
| Dec 31, 2008 | 28.37% | = | 100 | × | 5,807) | ÷ | 20,472) |
| Dec 31, 2007 | 27.51% | = | 100 | × | 5,981) | ÷ | 21,744) |
| Dec 31, 2006 | 30.02% | = | 100 | × | 5,080) | ÷ | 16,920) |
| Dec 31, 2005 | 29.79% | = | 100 | × | 4,872) | ÷ | 16,355) |
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 return on equity (ROE) for the period between 2005 and 2025 demonstrates considerable fluctuation. Initially, ROE exhibited a relatively stable performance, followed by periods of significant volatility and, ultimately, a return to a higher, more consistent level in recent years.
- Initial Stability (2005-2007)
- From 2005 to 2007, ROE remained within a narrow range, fluctuating between 27.51% and 30.02%. This suggests a consistent ability to generate profit from shareholder equity during this period. A slight decrease was observed in 2007, but remained within an acceptable range.
- Moderate Fluctuations (2008-2011)
- The years 2008 through 2011 saw continued fluctuations. ROE peaked at 38.09% in 2010, likely influenced by a substantial increase in net income. However, it experienced a dramatic decline to 7.31% in 2017, indicating a significant reduction in profitability relative to equity. This period demonstrates a less predictable performance compared to the initial years.
- Recovery and High Performance (2018-2025)
- Beginning in 2018, ROE experienced a strong recovery, reaching 46.99% in 2019. This upward trend continued through 2021, with ROE consistently above 40%. While there was a slight decrease in 2022 and 2023, it remained above 39%, and increased to 40.74% in 2025. This suggests a renewed capacity to generate strong returns for shareholders.
- Relationship to Net Income and Equity
- The fluctuations in ROE closely mirror changes in both net income and equity. The substantial increase in ROE in 2010 was directly linked to a significant rise in net income. Conversely, the sharp decline in 2017 coincided with a considerable decrease in net income and equity. The recent high ROE values are supported by both increased net income and equity levels.
Overall, the ROE demonstrates a cyclical pattern. While periods of volatility were observed, the trend indicates a strong recovery and sustained high performance in the later years of the analyzed period. The company’s ability to effectively manage its equity and generate profits appears to have strengthened in recent times.
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Comparison to Competitors
Coca-Cola Co., ROE, long-term trends, comparison to competitors
| Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|
| Dec 31, 2025 | 40.74% | 9.49% | 40.38% | — |
| Dec 31, 2024 | 42.77% | 17.12% | 53.09% | — |
| Dec 31, 2023 | 41.30% | 17.50% | 49.04% | — |
| Dec 31, 2022 | 39.59% | 10.11% | 51.96% | — |
| Dec 31, 2021 | 42.48% | 15.21% | 47.48% | — |
| Dec 31, 2020 | 40.14% | 12.89% | 52.92% | — |
| Dec 31, 2019 | 46.99% | 14.19% | 49.47% | — |
| Dec 31, 2018 | 37.89% | 13.19% | 86.20% | — |
| Dec 31, 2017 | 7.31% | 11.19% | 44.60% | — |
| Dec 31, 2016 | 28.30% | 6.59% | 57.04% | — |
| Dec 31, 2015 | 28.77% | 25.94% | 45.73% | — |
| Dec 31, 2014 | 23.41% | 7.87% | 37.35% | — |
| Dec 31, 2013 | 25.88% | 12.09% | 27.76% | — |
| Dec 31, 2012 | 27.51% | 9.40% | 27.71% | — |
| Dec 31, 2011 | 27.10% | 10.02% | 31.29% | 3,751.53% |
| Dec 31, 2010 | 38.09% | 11.48% | 29.86% | 207.05% |
| Dec 31, 2009 | 27.52% | 11.67% | 35.38% | 110.95% |
| Dec 31, 2008 | 28.37% | 13.07% | 42.47% | 91.87% |
| Dec 31, 2007 | 27.51% | 9.49% | 32.83% | — |
| Dec 31, 2006 | 30.02% | 10.72% | 36.71% | — |
| Dec 31, 2005 | 29.79% | 8.89% | 28.62% | — |
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).
Comparison to Sector (Food, Beverage & Tobacco)
Coca-Cola Co., ROE, long-term trends, comparison to sector (food, beverage & tobacco)
| Coca-Cola Co. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2025 | 40.74% | 51.37% |
| Dec 31, 2024 | 42.77% | 54.89% |
| Dec 31, 2023 | 41.30% | 52.90% |
| Dec 31, 2022 | 39.59% | 51.06% |
| Dec 31, 2021 | 42.48% | 53.84% |
| Dec 31, 2020 | 40.14% | 55.44% |
| Dec 31, 2019 | 46.99% | 55.17% |
| Dec 31, 2018 | 37.89% | 67.69% |
| Dec 31, 2017 | 7.31% | 35.87% |
| Dec 31, 2016 | 28.30% | 46.07% |
| Dec 31, 2015 | 28.77% | 51.57% |
| Dec 31, 2014 | 23.41% | 37.04% |
| Dec 31, 2013 | 25.88% | 33.90% |
| Dec 31, 2012 | 27.51% | 32.24% |
| Dec 31, 2011 | 27.10% | 30.95% |
| Dec 31, 2010 | 38.09% | 32.24% |
| Dec 31, 2009 | 27.52% | 30.24% |
| Dec 31, 2008 | 28.37% | 33.30% |
| Dec 31, 2007 | 27.51% | 21.47% |
| Dec 31, 2006 | 30.02% | 22.65% |
| Dec 31, 2005 | 29.79% | 19.24% |
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).
Comparison to Industry (Consumer Staples)
Coca-Cola Co., ROE, long-term trends, comparison to industry (consumer staples)
| Coca-Cola Co. | Consumer Staples | |
|---|---|---|
| Dec 31, 2025 | 40.74% | 32.41% |
| Dec 31, 2024 | 42.77% | 32.18% |
| Dec 31, 2023 | 41.30% | 30.71% |
| Dec 31, 2022 | 39.59% | 32.10% |
| Dec 31, 2021 | 42.48% | 31.40% |
| Dec 31, 2020 | 40.14% | 30.98% |
| Dec 31, 2019 | 46.99% | 22.71% |
| Dec 31, 2018 | 37.89% | 28.05% |
| Dec 31, 2017 | 7.31% | 25.14% |
| Dec 31, 2016 | 28.30% | 25.00% |
| Dec 31, 2015 | 28.77% | 23.15% |
| Dec 31, 2014 | 23.41% | 23.21% |
| Dec 31, 2013 | 25.88% | 24.09% |
| Dec 31, 2012 | 27.51% | 23.55% |
| Dec 31, 2011 | 27.10% | 23.75% |
| Dec 31, 2010 | 38.09% | 24.19% |
| Dec 31, 2009 | 27.52% | 23.20% |
| Dec 31, 2008 | 28.37% | 22.49% |
| Dec 31, 2007 | 27.51% | 18.15% |
| Dec 31, 2006 | 30.02% | 18.58% |
| Dec 31, 2005 | 29.79% | 22.40% |
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).