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: 2026-10-02), 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 analysis of liquidity metrics indicates a period of relative stability followed by a strategic strengthening of the short-term asset position. A notable contraction in liquidity occurred throughout 2024, reaching a minimum in December of that year, before a significant recovery trend emerged in 2025 and continued into 2026.
- Current Ratio Trends
- The current ratio maintained a range between 1.13 and 1.18 for much of 2022 and 2023. A decline was observed during 2024, with the ratio falling to a low of 1.03 by December 31, 2024. However, a sharp reversal occurred in 2025, peaking at 1.46 in December 2025, which represents the highest liquidity level in the observed period. The ratio remained elevated through late 2026, ending at 1.38.
- Quick Ratio Performance
- The quick ratio consistently remained below 1.0, fluctuating between a low of 0.72, observed in December 2022 and December 2023, and a peak of 0.89 in December 2025. This pattern suggests a consistent reliance on inventory to cover total current liabilities, although the overall trend mirrors the current ratio's recovery in 2025 and 2026, indicating an improvement in immediate liquidity.
- Cash Ratio Analysis
- A robust cash position is evident, with the cash ratio fluctuating between 0.55 and 0.74. The ratio showed resilience during the 2024 dip, remaining between 0.58 and 0.60. A significant increase was recorded in 2025, reaching a peak of 0.74 by December 31, 2025. The narrow gap between the cash ratio and the quick ratio indicates that cash and cash equivalents constitute the vast majority of the company's liquid assets.
Overall, the high correlation between the three ratios suggests that the liquidity improvements observed in 2025 and 2026 were driven primarily by an increase in cash holdings rather than adjustments in inventory management or a reduction in current liabilities.
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Current Ratio
Coca-Cola Co., current ratio calculation (quarterly data)
| Oct 2, 2026 | 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 | 33,326) | 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 | 24,209) | 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 | 1.38 | 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. | 0.94 | 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. | 1.02 | 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: 2026-10-02), 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 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 33,326 ÷ 24,209 = 1.38
2 Click competitor name to see calculations.
The company's liquidity profile exhibits three distinct phases: a period of relative stability, a subsequent contraction in the liquidity margin, and a final phase of significant strengthening. Overall, current assets expanded from $22,156 million in April 2022 to $33,326 million by October 2026, indicating a general growth in short-term resources over the analyzed period.
- Current Ratio Stability (2022–2023)
- From April 2022 through December 2023, the current ratio remained narrow and stable, fluctuating within a tight range between 1.13 and 1.18. This indicates a consistent approach to managing short-term obligations relative to available assets during these two years.
- Liquidity Compression (2024)
- A downward trend in the current ratio is observed throughout 2024, reaching a period low of 1.03 by December 31, 2024. This compression was primarily driven by a peak in current liabilities, which reached $29,263 million in June 2024, thereby narrowing the margin of safety for short-term debt coverage.
- Liquidity Expansion and Recovery (2025–2026)
- A strong recovery is evident starting in March 2025, with the current ratio climbing to a peak of 1.46 by December 31, 2025. This improvement is attributed to a combined effect of steadily increasing current assets and a strategic reduction in current liabilities, which dropped from 2024 peaks to $24,209 million by October 2026. The concluding ratio of 1.38 signifies a substantially more robust short-term solvency position than was present at the start of the analysis period.
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Quick Ratio
Coca-Cola Co., quick ratio calculation (quarterly data)
| Oct 2, 2026 | Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 13,454) | 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 | 231) | 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 | 2,910) | 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 | 3,571) | 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 | 20,166) | 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 | 24,209) | 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 | 0.83 | 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. | 0.72 | 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. | 0.52 | 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: 2026-10-02), 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 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 20,166 ÷ 24,209 = 0.83
2 Click competitor name to see calculations.
The analysis of the liquidity position reveals a persistent quick ratio below the 1.0 threshold throughout the period from April 2022 to October 2026. This indicates that quick assets are consistently insufficient to cover all current liabilities immediately, though the ratio exhibits a pattern of cyclical fluctuation and periodic recovery.
- Quick Asset and Liability Dynamics
- Both total quick assets and current liabilities experienced a general upward trajectory from April 2022 through June 2024. Quick assets rose from 14,997 million to a peak of 23,538 million, while current liabilities increased from 18,787 million to a peak of 29,263 million. This simultaneous growth maintained the quick ratio within a relatively narrow band, primarily oscillating between 0.72 and 0.82 during this phase.
- Cyclical Liquidity Contractions
- Notable troughs in the quick ratio are observed at the end of the 2023 and 2024 calendar years, with the ratio dropping to 0.72 on December 31 of both years. These declines correlate with significant reductions in total quick assets—falling to 17,073 million in 2023 and 18,140 million in 2024—while current liabilities remained elevated relative to the available liquid assets.
- Recovery and Stabilization Phase
- A significant improvement in liquidity occurred throughout 2025, culminating in a period peak quick ratio of 0.89 by December 31, 2025. This recovery was driven by a strategic reduction in current liabilities to 21,281 million. In the first three quarters of 2026, the ratio stabilized between 0.78 and 0.83, suggesting a return to a normalized liquidity baseline following the 2025 peak.
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Cash Ratio
Coca-Cola Co., cash ratio calculation (quarterly data)
| Oct 2, 2026 | 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 | 13,454) | 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 | 231) | 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 | 2,910) | 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 | 16,595) | 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 | 24,209) | 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 | 0.69 | 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. | 0.32 | 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. | 0.27 | 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: 2026-10-02), 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 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 16,595 ÷ 24,209 = 0.69
2 Click competitor name to see calculations.
The analyzed period demonstrates a general upward trend in the cash ratio, reflecting an increase in the capacity to cover short-term obligations using only the most liquid assets. The ratio progressed from a minimum of 0.55 in April 2022 to a closing value of 0.69 in October 2026, indicating a strengthened immediate liquidity position over the long term.
- Cash Asset Evolution
- Total cash assets exhibited significant growth during the first half of the period, rising from 10,356 million USD in April 2022 to a peak of 18,993 million USD in June 2024. Following this peak, cash levels experienced fluctuations, declining to 13,787 million USD by December 2023 before stabilizing and ending the period at 16,595 million USD in October 2026.
- Current Liabilities Trajectory
- Current liabilities followed a trajectory closely mirrored by cash assets, increasing from 18,787 million USD in April 2022 to a maximum of 29,263 million USD in June 2024. A notable contraction in liabilities occurred throughout 2025, reaching a period low of 21,281 million USD in December 2025, which coincided with the highest observed cash ratio.
- Cash Ratio Dynamics and Volatility
- The cash ratio maintained a range between 0.55 and 0.65 from April 2022 through June 2024. A period of intensified liquidity strengthening was observed between June 2024 and December 2025, during which the ratio climbed to a peak of 0.74. Although a correction occurred in April 2026, with the ratio dropping to 0.62, a recovery trend followed, resulting in a final ratio of 0.69.
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