Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Coca-Cola Co., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
The liquidity profile demonstrates a general stability with a period of contraction in 2024 followed by a significant expansion in 2025. Short-term solvency remains intact as the current ratio consistently stays above 1.00 throughout the analyzed timeframe.
- Current Ratio
- A period of relative stability is observed from April 2022 through December 2023, with values fluctuating between 1.13 and 1.18. A downward trend occurred during 2024, reaching a minimum of 1.03 by December 31, 2024. This was followed by a sharp recovery in 2025, peaking at 1.46 in December 2025, before stabilizing around 1.30 in the first half of 2026.
- Quick Ratio
- The quick ratio remained consistently below 1.00, typically fluctuating between 0.72 and 0.82. A low point of 0.72 was recorded in December 2023 and December 2024. Similar to the current ratio, an upward trajectory was noted throughout 2025, reaching a high of 0.89 in December 2025, and subsequently returning to a range of 0.78 to 0.80 by mid-2026.
- Cash Ratio
- The cash ratio exhibits a strong correlation with the other liquidity metrics. Values generally ranged from 0.55 to 0.65 between 2022 and 2024. A marked increase occurred during 2025, with the ratio ascending to a peak of 0.74 in December 2025. By July 2026, the ratio moderated to 0.65.
The convergence of all three ratios toward a peak in December 2025 suggests a strategic accumulation of liquid assets or a reduction in current liabilities during that period. The gap between the current ratio and the quick ratio remains relatively narrow, indicating that inventory does not constitute a disproportionate share of current assets.
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Current Ratio
Coca-Cola Co., current ratio calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current assets | 32,876) | 30,390) | 31,044) | 27,247) | 26,609) | 26,178) | 25,997) | 30,288) | 31,599) | 29,462) | 26,732) | 27,867) | 27,591) | 26,880) | 22,591) | 24,139) | 23,141) | 22,156) | ||||||
| Current liabilities | 25,200) | 22,378) | 21,281) | 22,499) | 21,944) | 23,808) | 25,249) | 28,569) | 29,263) | 28,356) | 23,571) | 24,409) | 24,115) | 23,357) | 19,724) | 21,439) | 20,531) | 18,787) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Current ratio1 | 1.30 | 1.36 | 1.46 | 1.21 | 1.21 | 1.10 | 1.03 | 1.06 | 1.08 | 1.04 | 1.13 | 1.14 | 1.14 | 1.15 | 1.15 | 1.13 | 1.13 | 1.18 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 0.60 | 0.54 | 0.59 | 0.61 | 0.64 | 0.61 | 0.68 | 0.63 | 0.68 | 0.77 | 0.62 | 0.61 | 0.65 | 0.68 | 0.60 | 0.69 | 0.68 | 0.68 | ||||||
| PepsiCo Inc. | 0.93 | 0.90 | 0.85 | 0.91 | 0.78 | 0.83 | 0.82 | 0.89 | 0.83 | 0.86 | 0.85 | 0.88 | 0.84 | 0.87 | 0.80 | 0.92 | 0.83 | 0.87 | ||||||
| Philip Morris International Inc. | 0.98 | 0.98 | 0.96 | 0.85 | 0.83 | 0.79 | 0.88 | 0.89 | 0.94 | 0.94 | 0.75 | 0.89 | 0.85 | 0.85 | 0.72 | 0.92 | 0.89 | 0.92 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 32,876 ÷ 25,200 = 1.30
2 Click competitor name to see calculations.
An analysis of the liquidity position from April 2022 through July 2026 reveals a period of stability followed by a contraction in the liquidity margin and a subsequent strong recovery. Throughout the entire timeframe, the current ratio remained above 1.00, indicating that short-term assets consistently exceeded short-term obligations.
- Liquidity Stability and Contraction (April 2022 – December 2024)
- From April 2022 to December 2023, the current ratio exhibited high stability, fluctuating within a narrow range between 1.13 and 1.18. This period was characterized by a proportional increase in both current assets and current liabilities. However, a downward trend emerged in early 2024, with the ratio declining to 1.04 by March 2024 and reaching a period low of 1.03 by December 2024. This compression indicates a phase where current liabilities grew more aggressively relative to asset accumulation, narrowing the liquidity cushion.
- Liquidity Expansion and Peak (March 2025 – December 2025)
- A significant reversal in the liquidity trend occurred starting in March 2025. The current ratio rose steadily to 1.21 by June 2025 and reached a peak of 1.46 by December 31, 2025. This improvement was driven by a diverging trend between assets and liabilities; while current assets increased to 31,044 million US$, current liabilities decreased to 21,281 million US$, the lowest level recorded since the middle of 2022.
- Recent Stabilization (April 2026 – July 2026)
- In the first half of 2026, the current ratio moderated from its peak, settling between 1.30 and 1.36. Despite this slight normalization, the liquidity position remains substantially stronger than the 2022–2024 average. As of July 3, 2026, current assets reached a period high of 32,876 million US$, supporting a current ratio of 1.30 against current liabilities of 25,200 million US$.
The overall trajectory indicates an evolution from a tight, lean liquidity management strategy toward a more conservative position with a larger asset buffer to cover short-term debts.
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Quick Ratio
Coca-Cola Co., quick ratio calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 12,907) | 10,574) | 10,270) | 12,732) | 9,590) | 8,417) | 10,828) | 13,938) | 13,708) | 10,443) | 9,366) | 11,883) | 12,564) | 12,004) | 9,519) | 10,127) | 8,976) | 7,681) | ||||||
| Short-term investments | 622) | 509) | 3,602) | 1,142) | 2,658) | 3,579) | 2,020) | 2,439) | 3,691) | 4,760) | 2,997) | 2,332) | 1,867) | 1,166) | 1,043) | 1,120) | 776) | 736) | ||||||
| Marketable securities | 2,842) | 2,737) | 1,934) | 1,907) | 2,049) | 1,791) | 1,723) | 1,787) | 1,594) | 1,716) | 1,300) | 1,220) | 1,263) | 1,125) | 1,069) | 1,973) | 1,867) | 1,939) | ||||||
| Trade accounts receivable, less allowances | 3,732) | 3,675) | 3,038) | 3,946) | 4,168) | 4,091) | 3,569) | 4,233) | 4,545) | 4,244) | 3,410) | 3,495) | 3,970) | 4,599) | 3,487) | 3,994) | 4,494) | 4,641) | ||||||
| Total quick assets | 20,103) | 17,495) | 18,844) | 19,727) | 18,465) | 17,878) | 18,140) | 22,397) | 23,538) | 21,163) | 17,073) | 18,930) | 19,664) | 18,894) | 15,118) | 17,214) | 16,113) | 14,997) | ||||||
| Current liabilities | 25,200) | 22,378) | 21,281) | 22,499) | 21,944) | 23,808) | 25,249) | 28,569) | 29,263) | 28,356) | 23,571) | 24,409) | 24,115) | 23,357) | 19,724) | 21,439) | 20,531) | 18,787) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Quick ratio1 | 0.80 | 0.78 | 0.89 | 0.88 | 0.84 | 0.75 | 0.72 | 0.78 | 0.80 | 0.75 | 0.72 | 0.78 | 0.82 | 0.81 | 0.77 | 0.80 | 0.78 | 0.80 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 0.27 | 0.25 | 0.28 | 0.26 | 0.25 | 0.28 | 0.27 | 0.25 | 0.20 | 0.21 | 0.29 | 0.27 | 0.25 | 0.29 | 0.30 | 0.35 | 0.32 | 0.35 | ||||||
| PepsiCo Inc. | 0.69 | 0.67 | 0.64 | 0.68 | 0.56 | 0.62 | 0.62 | 0.66 | 0.60 | 0.64 | 0.66 | 0.68 | 0.60 | 0.61 | 0.58 | 0.68 | 0.59 | 0.63 | ||||||
| Philip Morris International Inc. | 0.47 | 0.45 | 0.42 | 0.37 | 0.36 | 0.36 | 0.39 | 0.40 | 0.44 | 0.41 | 0.28 | 0.36 | 0.37 | 0.31 | 0.29 | 0.48 | 0.47 | 0.44 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 20,103 ÷ 25,200 = 0.80
2 Click competitor name to see calculations.
The analysis of liquidity metrics from April 2022 through July 2026 reveals a consistent pattern where the quick ratio remains below the 1.0 threshold, indicating that liquid assets are insufficient to cover all current liabilities without relying on inventory or ongoing operational cash flows.
- Quick Asset Trends
- Total quick assets exhibited a general upward trajectory for the first half of the observed period, rising from 14,997 million USD in April 2022 to a peak of 23,538 million USD by June 2024. A contraction followed in late 2024, with assets dipping to 18,140 million USD in December. From 2025 through mid-2026, quick assets stabilized, fluctuating between 17,495 million USD and 20,103 million USD.
- Current Liabilities Dynamics
- Current liabilities mirrored the growth seen in assets, increasing from 18,787 million USD in April 2022 to a maximum of 29,263 million USD in June 2024. A notable reduction occurred toward the end of 2024, reaching 25,249 million USD in September and 23,808 million USD in December. Liabilities then trended upward again, closing the period at 25,200 million USD in July 2026.
- Quick Ratio Volatility and Stability
- The quick ratio fluctuated within a narrow range between 0.72 and 0.89. The lowest liquidity points were recorded in December 2023 and December 2024, both at 0.72. A significant recovery phase occurred throughout 2025, peaking at 0.89 on December 31, 2025, which represents the strongest liquidity position in the analyzed timeframe. The ratio subsequently reverted to 0.80 by July 2026, effectively returning to the level observed at the start of the analysis in April 2022.
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Cash Ratio
Coca-Cola Co., cash ratio calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 12,907) | 10,574) | 10,270) | 12,732) | 9,590) | 8,417) | 10,828) | 13,938) | 13,708) | 10,443) | 9,366) | 11,883) | 12,564) | 12,004) | 9,519) | 10,127) | 8,976) | 7,681) | ||||||
| Short-term investments | 622) | 509) | 3,602) | 1,142) | 2,658) | 3,579) | 2,020) | 2,439) | 3,691) | 4,760) | 2,997) | 2,332) | 1,867) | 1,166) | 1,043) | 1,120) | 776) | 736) | ||||||
| Marketable securities | 2,842) | 2,737) | 1,934) | 1,907) | 2,049) | 1,791) | 1,723) | 1,787) | 1,594) | 1,716) | 1,300) | 1,220) | 1,263) | 1,125) | 1,069) | 1,973) | 1,867) | 1,939) | ||||||
| Total cash assets | 16,371) | 13,820) | 15,806) | 15,781) | 14,297) | 13,787) | 14,571) | 18,164) | 18,993) | 16,919) | 13,663) | 15,435) | 15,694) | 14,295) | 11,631) | 13,220) | 11,619) | 10,356) | ||||||
| Current liabilities | 25,200) | 22,378) | 21,281) | 22,499) | 21,944) | 23,808) | 25,249) | 28,569) | 29,263) | 28,356) | 23,571) | 24,409) | 24,115) | 23,357) | 19,724) | 21,439) | 20,531) | 18,787) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Cash ratio1 | 0.65 | 0.62 | 0.74 | 0.70 | 0.65 | 0.58 | 0.58 | 0.64 | 0.65 | 0.60 | 0.58 | 0.63 | 0.65 | 0.61 | 0.59 | 0.62 | 0.57 | 0.55 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 0.08 | 0.06 | 0.10 | 0.06 | 0.08 | 0.07 | 0.07 | 0.07 | 0.06 | 0.05 | 0.10 | 0.09 | 0.08 | 0.10 | 0.11 | 0.15 | 0.14 | 0.14 | ||||||
| PepsiCo Inc. | 0.31 | 0.31 | 0.29 | 0.27 | 0.22 | 0.27 | 0.29 | 0.27 | 0.21 | 0.28 | 0.32 | 0.31 | 0.22 | 0.20 | 0.20 | 0.26 | 0.21 | 0.27 | ||||||
| Philip Morris International Inc. | 0.23 | 0.21 | 0.19 | 0.15 | 0.15 | 0.16 | 0.18 | 0.18 | 0.21 | 0.18 | 0.12 | 0.14 | 0.15 | 0.11 | 0.12 | 0.26 | 0.25 | 0.23 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 16,371 ÷ 25,200 = 0.65
2 Click competitor name to see calculations.
The liquidity position of the entity demonstrates a general trend of expansion in both cash holdings and short-term obligations between April 2022 and July 2026, with a notable peak in both metrics during the first half of 2024. While the absolute values of cash and liabilities fluctuated, the overall ability to cover immediate liabilities with cash assets improved over the analyzed period.
- Total Cash Assets Trend
- Cash assets exhibited a strong upward trajectory from April 2022, rising from 10,356 million USD to a peak of 18,993 million USD by June 2024. Following this peak, a period of volatility was observed, with a significant dip to 13,787 million USD in March 2025, before recovering to 16,371 million USD by July 2026. This indicates a strategic accumulation of liquidity followed by periodic deployments or adjustments in cash management.
- Current Liabilities Trend
- Current liabilities followed a similar growth pattern to cash assets, increasing from 18,787 million USD in April 2022 to a maximum of 29,263 million USD in June 2024. A subsequent reduction is observed throughout 2025, reaching a low of 21,281 million USD in December 2025, before rising again to 25,200 million USD by July 2026. The correlation between the growth of assets and liabilities suggests a scaling of operations or a shift in short-term financing strategies.
- Cash Ratio Analysis
- The cash ratio remained consistently between 0.55 and 0.74 throughout the period. An initial stability phase was observed between 0.55 and 0.65 from 2022 through mid-2024. A marked improvement in liquidity efficiency occurred in late 2025, where the ratio reached its peak of 0.74 in December 2025, indicating a higher proportion of current liabilities covered by cash. The ratio subsequently stabilized between 0.62 and 0.65 in the first half of 2026, suggesting a maintained commitment to a more conservative liquidity buffer than what was present at the start of the analysis period.
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