Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Coca-Cola Co., long-term (investment) activity ratios (quarterly data)
Based on: 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 investment activity ratios exhibit varied trends over the observed period. Generally, the ratios demonstrate relative stability with some fluctuations, suggesting consistent, though not dramatically changing, asset utilization and financial leverage. A closer examination of each ratio reveals specific patterns.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio generally increased from 4.10 in the first quarter to a peak of 5.08 in the third quarter of 2023. Following this peak, the ratio experienced a slight decline to 4.57 by the fourth quarter of 2024. The most recent period shows a recovery to 4.99 in December 2025. This suggests an initial improvement in the efficiency of fixed asset utilization, followed by a period of stabilization and a recent uptick. The fluctuations may be attributable to changes in production levels, capital expenditure, or asset disposals.
- Total Asset Turnover
- The total asset turnover ratio shows a more subdued pattern. It began at 0.43 and gradually increased to 0.47 by the second quarter of 2023, remaining relatively stable around that level through the fourth quarter of 2024. A slight decrease to 0.45 is observed in the first quarter of 2025, followed by a return to 0.46 in the final period. This indicates a consistent, but modest, level of efficiency in utilizing all assets to generate revenue. The ratio’s stability suggests a consistent operational approach.
- Equity Turnover
- The equity turnover ratio demonstrates a more pronounced trend. It increased from 1.62 to a high of 1.86 in the third quarter of 2022, then decreased to 1.53 in the third quarter of 2025. This decline suggests a decreasing ability to generate revenue from shareholder equity. The initial increase indicates improved profitability relative to equity, while the subsequent decrease may be due to increased equity levels, decreased revenue, or a combination of both. The most recent periods show a consistent downward trend.
Overall, the ratios suggest a company that maintains a relatively stable operational efficiency. The net fixed asset turnover ratio indicates improvements in fixed asset utilization, while the total asset turnover ratio remains consistently moderate. The equity turnover ratio, however, presents a concerning downward trend, warranting further investigation into the underlying factors driving this change.
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Net Fixed Asset Turnover
Coca-Cola Co., net fixed asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Net operating revenues | 11,822) | 12,455) | 12,535) | 11,129) | 11,544) | 11,854) | 12,363) | 11,300) | 10,849) | 11,953) | 11,972) | 10,980) | 10,125) | 11,063) | 11,325) | 10,491) | |||||
| Property, plant and equipment, less accumulated depreciation | 9,613) | 10,902) | 10,784) | 10,431) | 10,303) | 9,864) | 9,508) | 9,306) | 9,236) | 8,860) | 9,706) | 9,848) | 9,841) | 9,243) | 9,462) | 9,784) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover1 | 4.99 | 4.37 | 4.36 | 4.50 | 4.57 | 4.70 | 4.89 | 4.95 | 4.95 | 5.08 | 4.55 | 4.42 | 4.37 | 4.58 | 4.37 | 4.10 | |||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||
| Mondelēz International Inc. | 3.61 | 3.64 | 3.60 | 3.73 | 3.84 | 3.73 | 3.79 | 3.77 | 3.72 | 3.87 | 3.67 | 3.60 | 3.49 | 3.53 | 3.41 | 3.24 | |||||
| PepsiCo Inc. | 3.14 | 3.18 | 3.19 | 3.24 | 3.28 | 3.38 | 3.40 | 3.43 | 3.38 | 3.69 | 3.68 | 3.63 | 3.56 | 3.67 | 3.61 | 3.67 | |||||
| Philip Morris International Inc. | 4.84 | 4.93 | 4.86 | 5.10 | 5.18 | 4.93 | 5.02 | 4.99 | 4.68 | 4.98 | 4.74 | 4.72 | 4.73 | 5.65 | 5.33 | 5.26 | |||||
Based on: 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 Q4 2025 Calculation
Net fixed asset turnover
= (Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025
+ Net operating revenuesQ2 2025
+ Net operating revenuesQ1 2025)
÷ Property, plant and equipment, less accumulated depreciation
= (11,822 + 12,455 + 12,535 + 11,129)
÷ 9,613 = 4.99
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a generally increasing trend over the observed period, with some quarterly fluctuations. Initially, the ratio increased from 4.10 in the first quarter to 4.58 in the third quarter of 2022. A slight decrease to 4.37 was noted in the fourth quarter of 2022, followed by relative stability at 4.42 and 4.55 in the first and second quarters of 2023, respectively.
A significant peak was observed in the third quarter of 2023, with the ratio reaching 5.08. This was followed by a decrease to 4.95 in the fourth quarter of 2023, and the ratio remained at 4.95 in the first quarter of 2024. Subsequent quarters saw a gradual decline to 4.70 by the second quarter of 2024, continuing to 4.57, 4.50, and 4.36 through the remainder of 2024 and the first quarter of 2025.
The ratio experienced a slight recovery in the second quarter of 2025, reaching 4.37, and then further increased to 4.99 in the final quarter of 2025. This suggests a potential resurgence in the efficient utilization of fixed assets towards the end of the analyzed timeframe.
- Net Fixed Asset Turnover Trend
- The overall trend indicates an improvement in the company’s ability to generate revenue from its fixed assets over the period. The increase from 4.10 to a peak of 5.08 suggests enhanced operational efficiency. However, the subsequent decline and eventual recovery indicate potential cyclicality or the impact of specific business decisions.
- Quarterly Volatility
- The ratio demonstrates quarterly volatility, particularly noticeable in the fluctuations between 2023 and 2024. This suggests that revenue generation from fixed assets is not consistently stable and may be influenced by seasonal factors, marketing campaigns, or changes in production levels.
- Late-Period Performance
- The significant increase to 4.99 in the final quarter of 2025 is a noteworthy development. Further investigation would be required to determine the underlying drivers of this improvement, such as increased sales volume, improved asset utilization, or a reduction in fixed asset investment.
In summary, the net fixed asset turnover ratio generally indicates improving efficiency in utilizing fixed assets to generate revenue, although with some quarterly variations. The recent increase in the final quarter suggests a positive trend, warranting further monitoring to confirm its sustainability.
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Total Asset Turnover
Coca-Cola Co., total asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Net operating revenues | 11,822) | 12,455) | 12,535) | 11,129) | 11,544) | 11,854) | 12,363) | 11,300) | 10,849) | 11,953) | 11,972) | 10,980) | 10,125) | 11,063) | 11,325) | 10,491) | |||||
| Total assets | 104,816) | 106,045) | 104,333) | 101,716) | 100,549) | 106,266) | 101,202) | 99,392) | 97,703) | 97,578) | 98,456) | 97,404) | 92,763) | 92,471) | 93,169) | 94,064) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Total asset turnover1 | 0.46 | 0.45 | 0.45 | 0.46 | 0.47 | 0.44 | 0.46 | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | 0.46 | 0.46 | 0.44 | 0.43 | |||||
| Benchmarks | |||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||
| Mondelēz International Inc. | 0.54 | 0.53 | 0.52 | 0.53 | 0.53 | 0.50 | 0.49 | 0.47 | 0.50 | 0.50 | 0.47 | 0.45 | 0.44 | 0.45 | 0.45 | 0.43 | |||||
| PepsiCo Inc. | 0.87 | 0.87 | 0.87 | 0.90 | 0.92 | 0.91 | 0.92 | 0.92 | 0.91 | 0.92 | 0.94 | 0.95 | 0.94 | 0.89 | 0.88 | 0.87 | |||||
| Philip Morris International Inc. | 0.59 | 0.60 | 0.57 | 0.59 | 0.61 | 0.56 | 0.55 | 0.55 | 0.54 | 0.54 | 0.54 | 0.52 | 0.51 | 0.78 | 0.78 | 0.76 | |||||
Based on: 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 Q4 2025 Calculation
Total asset turnover
= (Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025
+ Net operating revenuesQ2 2025
+ Net operating revenuesQ1 2025)
÷ Total assets
= (11,822 + 12,455 + 12,535 + 11,129)
÷ 104,816 = 0.46
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a generally stable pattern over the analyzed period, ranging between 0.43 and 0.47. Initial values in the first quarter of the period show a slight increase from 0.43 to 0.46 over three quarters, peaking in the third and fourth quarters of 2022.
- Overall Trend
- The ratio demonstrates limited fluctuation. It remains relatively consistent, suggesting a stable relationship between net operating revenues and total assets throughout the observed timeframe. There isn't a clear upward or downward trend dominating the entire period.
- Short-Term Fluctuations
- A minor dip to 0.44 is observed in the first quarter of 2023, followed by a return to 0.45 and 0.46 in subsequent quarters. A slight increase to 0.47 is seen in the fourth quarter of 2023, but this is followed by a return to 0.46 in the first quarter of 2024. The ratio then decreases to 0.44 in the second quarter of 2024 before increasing again to 0.47 in the third quarter of 2024. The final year shows a slight decrease to 0.45 and 0.46.
- Recent Performance
- The most recent quarters (March 2025 and June 2025) show a ratio of 0.46 and 0.45 respectively, indicating a continuation of the stable pattern. The ratio remains within the historical range observed throughout the period.
The consistency of the total asset turnover ratio suggests efficient asset utilization. However, the lack of significant change may also indicate limited improvements or declines in how effectively assets are being employed to generate revenue. Further investigation into the components of both net operating revenues and total assets would be necessary to understand the underlying drivers of this stability.
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Equity Turnover
Coca-Cola Co., equity turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Net operating revenues | 11,822) | 12,455) | 12,535) | 11,129) | 11,544) | 11,854) | 12,363) | 11,300) | 10,849) | 11,953) | 11,972) | 10,980) | 10,125) | 11,063) | 11,325) | 10,491) | |||||
| Equity attributable to shareowners of The Coca-Cola Company | 32,169) | 31,247) | 28,585) | 26,202) | 24,856) | 26,518) | 25,853) | 26,429) | 25,941) | 26,325) | 26,013) | 25,217) | 24,105) | 22,805) | 23,005) | 24,845) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Equity turnover1 | 1.49 | 1.53 | 1.65 | 1.79 | 1.89 | 1.75 | 1.80 | 1.74 | 1.76 | 1.71 | 1.70 | 1.72 | 1.78 | 1.86 | 1.80 | 1.62 | |||||
| Benchmarks | |||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||
| Mondelēz International Inc. | 1.49 | 1.44 | 1.42 | 1.41 | 1.35 | 1.30 | 1.30 | 1.27 | 1.27 | 1.24 | 1.19 | 1.17 | 1.17 | 1.14 | 1.09 | 1.04 | |||||
| PepsiCo Inc. | 4.60 | 4.76 | 4.98 | 4.98 | 5.09 | 4.73 | 4.73 | 4.82 | 4.94 | 4.87 | 5.10 | 5.17 | 5.04 | 4.41 | 4.41 | 4.44 | |||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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 Q4 2025 Calculation
Equity turnover
= (Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025
+ Net operating revenuesQ2 2025
+ Net operating revenuesQ1 2025)
÷ Equity attributable to shareowners of The Coca-Cola Company
= (11,822 + 12,455 + 12,535 + 11,129)
÷ 32,169 = 1.49
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates fluctuations, generally remaining within a relatively narrow range. An initial increase is observed, followed by a period of stability and then a declining trend towards the end of the observed timeframe.
- Overall Trend
- The equity turnover ratio began at 1.62 and generally increased through the first half of the period, peaking at 1.86. Following this peak, the ratio experienced a slight decline, stabilizing around 1.70-1.76 for several quarters. A more pronounced downward trend emerges in the latter portion of the period, culminating in a ratio of 1.49.
- Initial Increase (Apr 1, 2022 – Sep 30, 2022)
- From April 1, 2022, to September 30, 2022, the equity turnover ratio increased from 1.62 to 1.86. This suggests that the company was becoming more efficient in generating revenue from its equity base during this period. The increase could be attributed to higher net operating revenues, or a decrease in equity, or a combination of both.
- Period of Stability (Dec 31, 2022 – Sep 29, 2023)
- Between December 31, 2022, and September 29, 2023, the ratio remained relatively stable, fluctuating between 1.70 and 1.76. This indicates a consistent level of revenue generation relative to equity during this timeframe. While there are minor variations, no significant trend is apparent.
- Declining Trend (Dec 31, 2023 – Dec 31, 2025)
- From December 31, 2023, onward, a clear downward trend is evident. The ratio decreased from 1.76 to 1.49 over the final four quarters. This suggests a decreasing efficiency in utilizing equity to generate revenue. This decline could be due to slower revenue growth, an increase in equity, or a combination of both factors. The most significant decrease occurs between June 27, 2025 (1.65) and December 31, 2025 (1.49).
- Relationship to Revenue
- The equity turnover ratio’s fluctuations generally correlate with changes in net operating revenues. Periods of revenue growth often coincide with increases in the ratio, while periods of revenue decline or stagnation are associated with a stable or decreasing ratio. However, the changes in equity also play a role, and a complete understanding requires analyzing both components.
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