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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02).
- Current Ratio
- The current ratio exhibited a generally declining trend from the beginning of the timeline, starting at 1.33 and peaking shortly thereafter at 1.52. It then decreased notably in the final quarter of 2021 to 1.13 and mostly stabilized around that level throughout 2022 and early 2023. In the subsequent periods of 2024 and 2025, the ratio showed minor fluctuations but gradually increased to reach 1.21 by the latter part of mid-2025. This pattern indicates a slight weakening in short-term liquidity initially, followed by a period of relative consistency and a modest recovery in the later stages.
- Quick Ratio
- The quick ratio followed a similar downward trajectory, starting relatively strong at 0.99 and increasing to 1.17 in the third quarter of 2021. However, it then declined sharply by the end of 2021 to 0.81 and remained below 1.0 throughout the entire 2022 and 2023 periods, ranging between 0.72 and 0.82. In 2024 and 2025, the quick ratio showed a slight improvement but did not return to previous peak levels, ending at 0.88. This trend suggests a reduction in the company’s most liquid assets relative to current liabilities, raising some caution regarding its immediate liquidity position without inventory.
- Cash Ratio
- The cash ratio also demonstrated a noticeable decline from 0.76 initially, peaking early at 0.93 but dropping significantly by the end of 2021 to 0.63. During 2022 and 2023, this ratio remained relatively low and stable, fluctuating between 0.55 and 0.65. In 2024 and 2025, the ratio showed slight positive momentum, improving to 0.70 by mid-2025. The cash ratio’s movement indicates that liquid cash and cash equivalents compared to current liabilities decreased and then held steady at a lower level, with modest recovery later, reflecting cautious liquidity management focused predominantly on cash reserves.
Current Ratio
Coca-Cola Co., current ratio calculation (quarterly data)
| 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 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 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) | 22,545) | 24,240) | 22,481) | 21,932) | ||||||
| Current liabilities | 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) | 19,950) | 15,990) | 15,299) | 16,486) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 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 | 1.13 | 1.52 | 1.47 | 1.33 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Mondelēz International Inc. | 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 | 0.74 | 0.73 | 0.61 | 0.61 | ||||||
| PepsiCo Inc. | 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 | 0.83 | 0.95 | 0.91 | 0.93 | ||||||
| Philip Morris International Inc. | 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 | 0.92 | 1.00 | 1.18 | 1.18 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 27,247 ÷ 22,499 = 1.21
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in liquidity and working capital management over the examined periods.
- Current Assets
- Current assets exhibit a generally increasing trend with fluctuations. Starting from approximately 21.9 billion USD in early April 2021, they rise to a peak of nearly 31.6 billion USD by mid-2024. This growth, however, is not linear; there are quarters with declines, such as the drop observed around late 2024 to early 2025, where current assets fall from around 30.3 billion USD to approximately 26.0 billion USD, before slightly recovering toward the middle of 2025.
- Current Liabilities
- Current liabilities also increase significantly over the period. From roughly 16.5 billion USD in early April 2021, liabilities rise steadily, reaching a peak of about 29.3 billion USD around mid-2024. Similar to current assets, current liabilities exhibit short-term declines starting late 2024 into early 2025, dropping from around 28.6 billion USD to 23.8 billion USD before a slight decrease continues toward the middle of 2025. The growth in liabilities is more pronounced in several quarters, particularly in early to mid-2022 and in 2024.
- Current Ratio
- The current ratio, a key indicator of short-term liquidity, starts at 1.33 in April 2021 and improves slightly up to 1.52 by October 2021, indicating an initial strengthening in liquidity. However, it then declines significantly by the end of 2021 to around 1.13, signaling a reduction in the company's ability to cover current obligations with current assets. Through 2022 and 2023, the current ratio remains relatively stable but low, fluctuating narrowly between approximately 1.13 and 1.15. In 2024 and early 2025, the ratio decreases further to values slightly above 1.0, reaching a low of 1.03, before showing a modest recovery to about 1.21 by mid-2025. This indicates tighter liquidity conditions towards the end of the period analyzed.
Overall, the data suggest that while both current assets and liabilities have increased substantially over the period, liabilities have grown at a pace that has pressured liquidity levels. The current ratio’s downward trend implies a cautious stance on short-term financial stability, emphasizing a need for continued management attention to ensure sufficient working capital to meet near-term obligations. Notwithstanding the fluctuations, the current ratio remains above 1.0, indicating that current assets still exceed current liabilities, albeit with decreasing cushions over time.
Quick Ratio
Coca-Cola Co., quick ratio calculation (quarterly data)
| 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 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 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) | 9,684) | 11,301) | 9,188) | 8,484) | ||||||
| Short-term investments | 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) | 1,242) | 1,844) | 2,079) | 1,871) | ||||||
| Marketable securities | 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) | 1,699) | 1,724) | 1,775) | 2,234) | ||||||
| Trade accounts receivable, less allowances | 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) | 3,512) | 3,889) | 4,036) | 3,762) | ||||||
| Total quick assets | 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) | 16,137) | 18,758) | 17,078) | 16,351) | ||||||
| Current liabilities | 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) | 19,950) | 15,990) | 15,299) | 16,486) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 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 | 0.81 | 1.17 | 1.12 | 0.99 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Mondelēz International Inc. | 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 | 0.42 | 0.43 | 0.30 | 0.32 | ||||||
| PepsiCo Inc. | 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 | 0.56 | 0.65 | 0.66 | 0.68 | ||||||
| Philip Morris International Inc. | 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 | 0.44 | 0.49 | 0.59 | 0.53 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 19,727 ÷ 22,499 = 0.88
2 Click competitor name to see calculations.
The analysis of the quarterly financial data indicates a fluctuating dynamic between total quick assets and current liabilities over the observed periods, which in turn affects the quick ratio.
- Total Quick Assets
- Total quick assets exhibit variability with notable peaks and troughs. Initially, the value rose from approximately 16.4 billion USD to nearly 18.8 billion USD by the third quarter of 2021, followed by a decline to around 15.1 billion USD by the end of 2022. Subsequently, there is a recovery trend peaking at about 23.5 billion USD in mid-2024, before falling back to a range between approximately 17.8 and 19.7 billion USD in the latter quarters.
- Current Liabilities
- Current liabilities generally show an upward trend throughout the periods, beginning close to 16.5 billion USD and increasing steadily to surpass 28 billion USD by the first half of 2024. Following this peak, liabilities decrease somewhat but remain elevated in comparison to earlier periods, maintaining levels mostly between 21.9 billion and 25.2 billion USD towards the end.
- Quick Ratio
- The quick ratio mirrors the interplay between quick assets and current liabilities, starting near parity (0.99) and improving slightly to a peak of 1.17 in late 2021. This is followed by a significant decline to lows around 0.7 to 0.8 range from early 2022 through most of 2023, indicating reduced short-term liquidity cushion. Towards the end of the dataset, a modest recovery is apparent with the ratio rising to near 0.88, yet still below the initial peaks.
- Insights
- The general trend suggests that while total quick assets fluctuate significantly, current liabilities tend to increase steadily, exerting pressure on short-term liquidity as measured by the quick ratio. The ratio consistently remains below 1.0 in the later quarters, implying that quick assets do not fully cover current liabilities, potentially signaling increased risk in meeting short-term obligations without selling inventory. The mid-2024 peak in total quick assets offers a temporary improvement in liquidity, but the subsequent decline highlights persistent volatility.
Cash Ratio
Coca-Cola Co., cash ratio calculation (quarterly data)
| 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 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 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) | 9,684) | 11,301) | 9,188) | 8,484) | ||||||
| Short-term investments | 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) | 1,242) | 1,844) | 2,079) | 1,871) | ||||||
| Marketable securities | 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) | 1,699) | 1,724) | 1,775) | 2,234) | ||||||
| Total cash assets | 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) | 12,625) | 14,869) | 13,042) | 12,589) | ||||||
| Current liabilities | 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) | 19,950) | 15,990) | 15,299) | 16,486) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 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 | 0.63 | 0.93 | 0.85 | 0.76 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Mondelēz International Inc. | 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 | 0.25 | 0.24 | 0.14 | 0.14 | ||||||
| PepsiCo Inc. | 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 | 0.23 | 0.27 | 0.24 | 0.29 | ||||||
| Philip Morris International Inc. | 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 | 0.23 | 0.25 | 0.31 | 0.26 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 15,781 ÷ 22,499 = 0.70
2 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals fluctuating patterns in liquidity and short-term financial stability over the observed periods.
- Total Cash Assets
- The total cash assets exhibit periodic increases and decreases rather than a stable upward or downward trajectory. After peaking near the end of 2021, the cash assets declined significantly in early 2022. Subsequently, there was a recovery phase in mid-2023, marked by notable highs in April and June 2024. Towards the end of the timeline, cash assets showed some volatility but generally remained above the levels seen in early 2022. This indicates active cash management with variable cash balances, potentially reflecting operational cycles, investments, or financing activities.
- Current Liabilities
- Current liabilities generally trend upward with some fluctuation. A sharp increase is noticeable at the end of 2021, peaking early in 2023. After reaching highs in early 2024, current liabilities began a decreasing trend toward mid and late 2025. This pattern suggests periods of increased short-term obligations that may coincide with operational expansions or increased working capital needs, followed by efforts to reduce these liabilities in later periods.
- Cash Ratio
- The cash ratio, a key liquidity metric measuring the company's ability to cover current liabilities with cash and cash equivalents, fluctuates between 0.55 and 0.93 across quarters. It peaked during late 2021, indicating higher liquidity, then declined in early 2022, reflecting reduced immediate liquidity relative to liabilities. The ratio mostly stabilizes between 0.58 and 0.7 in recent periods, signifying moderate liquidity. Although the ratio remains below 1.0, which implies that cash alone does not fully cover current liabilities, the values suggest a consistent, if somewhat cautious, liquidity position. Periodic increases in the ratio in mid-2023 and mid-2024 may point to targeted liquidity improvements during these times.
Overall, the financial data depict a company managing its cash resources and short-term obligations actively, with liquidity levels that, while variable, indicate an ongoing effort to balance cash assets against rising current liabilities. The cash ratio below unity consistently signals that reliance on other current assets beyond cash is necessary to cover liabilities, implying a nuanced liquidity management strategy rather than a purely cash-based approach.