Analysis of Geographic Areas
Coca-Cola Co. operates in 2 regions: United States and International.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Area Asset Turnover
Coca-Cola Co., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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).
Asset turnover ratios for the geographic areas examined demonstrate differing performance trends over the five-year period. The United States exhibits a more stable, albeit slightly declining, pattern, while the International segment shows a more pronounced increase, particularly in later years.
- United States
- The asset turnover ratio for the United States increased from 3.80 in 2021 to 4.41 in 2022, indicating improved efficiency in asset utilization. This positive trend continued with a further increase to 4.49 in 2023. However, subsequent years show a moderate decline, with ratios of 4.21 in 2024 and 3.96 in 2025. This suggests a potential weakening in the efficiency of asset use within the United States towards the end of the period.
- International
- The International segment’s asset turnover ratio followed an upward trajectory. Starting at 3.95 in 2021, it rose to 4.35 in 2022. A significant increase was observed in 2023, reaching 5.26, followed by 4.83 in 2024. The ratio continued to climb, reaching 6.02 in 2025. This indicates a substantial improvement in the efficiency with which assets are employed to generate sales in international markets.
- Comparative Analysis
- In 2021 and 2022, the asset turnover ratios for both geographic areas were relatively similar. However, beginning in 2023, a divergence became apparent. The International segment’s ratio consistently exceeded that of the United States, and the gap widened considerably by 2025. This suggests that the company is becoming more effective at generating revenue from its assets in international operations compared to its domestic operations. The contrasting trends imply differing operational efficiencies or investment strategies between the two regions.
Overall, the analysis indicates a strengthening asset utilization efficiency in the International segment, while the United States experienced a period of initial improvement followed by a slight decline. Further investigation may be warranted to understand the drivers behind these differing trends.
Area Asset Turnover: United States
Coca-Cola Co.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Net operating revenues ÷ Property, plant and equipment, net
= ÷ =
The financial performance of this geographic area demonstrates a generally positive revenue trend alongside increasing fixed asset investment over the five-year period. However, the efficiency with which assets are utilized to generate revenue, as measured by the area asset turnover ratio, exhibits fluctuations.
- Net Operating Revenues
- Net operating revenues show a consistent upward trend, increasing from US$13,010 million in 2021 to US$19,127 million in 2025. This represents a cumulative growth of approximately 47% over the period. The largest year-over-year increase occurred between 2021 and 2022, with a growth of approximately 18.4%.
- Property, Plant and Equipment, Net
- Property, plant and equipment, net, also increased steadily throughout the period, rising from US$3,420 million in 2021 to US$4,825 million in 2025. This indicates ongoing investment in fixed assets within this geographic area. The rate of increase in net PP&E accelerated in 2023 and 2024.
- Area Asset Turnover
- The area asset turnover ratio initially improved from 3.80 in 2021 to 4.41 in 2022, suggesting increased efficiency in asset utilization. It continued to rise modestly to 4.49 in 2023, representing the peak value for the period. However, the ratio then decreased to 4.21 in 2024 and further to 3.96 in 2025. This decline suggests a diminishing return on asset investment, potentially due to the faster growth of assets relative to revenue in the later years. While revenue continues to grow, the increasing asset base is not translating into proportional revenue gains.
In summary, while revenue growth is positive, the decreasing asset turnover ratio in the most recent years warrants further investigation. Management should assess whether the increased investment in property, plant, and equipment is generating sufficient incremental revenue to justify the capital expenditure, or if there are opportunities to improve asset utilization efficiency.
Area Asset Turnover: International
Coca-Cola Co.; International; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Net operating revenues ÷ Property, plant and equipment, net
= ÷ =
The financial performance indicators reveal a dynamic trend in international operations between 2021 and 2025. Net operating revenues exhibited consistent growth from 2021 to 2023, peaking at US$29,204 million, before experiencing a slight decline in 2024 and stabilizing in 2025. Simultaneously, the value of property, plant, and equipment, net, decreased over the period, with a notable reduction observed between 2021 and 2023, followed by a modest increase in 2024 and a further decrease in 2025.
- Net Operating Revenues
- Net operating revenues increased from US$25,645 million in 2021 to US$29,204 million in 2023, representing a growth of approximately 13.9%. Revenues then decreased to US$28,699 million in 2024 and remained relatively stable at US$28,814 million in 2025. This suggests a period of strong growth followed by a potential plateau.
- Property, Plant & Equipment, Net
- Property, plant, and equipment, net, decreased from US$6,500 million in 2021 to US$5,554 million in 2023, a reduction of approximately 14.5%. A slight increase to US$5,939 million was observed in 2024, followed by a further decrease to US$4,788 million in 2025. This indicates a consistent trend of asset reduction, potentially due to depreciation, disposals, or changes in capital expenditure strategy.
- Area Asset Turnover
- The area asset turnover ratio demonstrates a significant upward trend throughout the analyzed period. Starting at 3.95 in 2021, it increased to 4.35 in 2022, then to 5.26 in 2023. A slight decrease to 4.83 was noted in 2024, but the ratio rebounded strongly to 6.02 in 2025. This indicates increasing efficiency in asset utilization to generate revenue. The ratio’s increase, despite the decrease in net property, plant, and equipment, suggests that the company is generating more revenue with a smaller asset base, potentially through improved operational efficiency or a shift towards less asset-intensive revenue streams.
Overall, the international area demonstrates a positive trend in asset utilization, as evidenced by the increasing asset turnover ratio. While revenue growth slowed after 2023, the company maintained a high level of efficiency in generating revenue from its assets. The decreasing value of property, plant, and equipment warrants further investigation to understand the underlying drivers and potential implications for future growth.
Net operating revenues
Coca-Cola Co., net operating revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
Net operating revenues demonstrate distinct trends across geographic areas between 2021 and 2025. The United States segment exhibits consistent growth, while the International segment shows a more complex pattern of initial growth followed by a period of relative stagnation. Overall, total net operating revenues increased throughout the period, though the rate of increase slowed in later years.
- United States Performance
- The United States segment experienced steady revenue growth throughout the five-year period. Revenues increased from US$13,010 million in 2021 to US$19,127 million in 2025, representing a cumulative increase of approximately 47%. The growth rate appears relatively consistent year-over-year, averaging around 9-11% annually.
- International Performance
- The International segment initially showed growth, increasing from US$25,645 million in 2021 to US$29,204 million in 2023. However, revenues declined slightly in 2024 to US$28,699 million and experienced minimal growth in 2025, reaching US$28,814 million. This suggests a potential plateau or increased competitive pressure within international markets. The cumulative growth from 2021 to 2025 was approximately 12.3%.
- Total Revenue Trends
- Total net operating revenues increased from US$38,655 million in 2021 to US$47,941 million in 2025, a cumulative increase of approximately 24.2%. The rate of growth decelerated over time. The largest year-over-year increase occurred between 2021 and 2022 (approximately 11.3%), while the increase from 2024 to 2025 was minimal (approximately 1.3%).
The diverging trends between the United States and International segments suggest a shifting geographic revenue mix. While the United States continues to be a strong growth driver, the International segment’s performance warrants further investigation to understand the factors contributing to its recent stagnation.
Property, plant and equipment, net
Coca-Cola Co., property, plant and equipment, net by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
Property, plant, and equipment, net, exhibited differing trends across geographic areas between 2021 and 2025. The United States segment demonstrated consistent growth, while the International segment experienced a more volatile pattern. Overall, total property, plant, and equipment, net, initially decreased before recovering, ultimately ending below the initial value in 2021.
- United States
- The United States segment showed a steady increase in net property, plant, and equipment over the five-year period. Beginning at US$3,420 million in 2021, it rose to US$3,494 million in 2022, continued to US$3,682 million in 2023, and then accelerated to US$4,364 million in 2024. This growth culminated in a value of US$4,825 million in 2025, representing a substantial overall increase of approximately 40.7% from 2021 to 2025.
- International
- In contrast to the United States, the International segment experienced a decline in net property, plant, and equipment. From US$6,500 million in 2021, it decreased to US$6,347 million in 2022 and further to US$5,554 million in 2023. A slight recovery occurred in 2024, reaching US$5,939 million, but this was followed by another decrease to US$4,788 million in 2025. This represents an overall decrease of approximately 26.3% from 2021 to 2025.
- Total
- Total net property, plant, and equipment initially decreased from US$9,920 million in 2021 to US$9,841 million in 2022, and then to US$9,236 million in 2023. A recovery was observed in 2024, with a value of US$10,303 million. However, this increase was not sustained, as the total decreased to US$9,613 million in 2025. The total value in 2025 is approximately 3.1% lower than the value in 2021.
- Comparative Analysis
- The diverging trends between the United States and International segments significantly impacted the overall total. The growth in the United States partially offset the decline in the International segment. The recovery observed in the total value in 2024 was primarily driven by the substantial increase in the United States segment, while the subsequent decline in 2025 was moderated by continued growth in the United States, but exacerbated by the further decline in the International segment.