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-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 investment activity ratios over the period from April 2022 to October 2026 reveals a divergence between the efficiency of fixed asset utilization and the effectiveness of equity turnover, while overall asset utilization remained remarkably consistent.
- Net Fixed Asset Turnover
- A general upward trajectory is observed, with the ratio increasing from 4.10 in April 2022 to 5.38 by October 2026. The metric experienced an initial climb to a peak of 5.08 in September 2023, followed by a moderate decline that reached a trough of 4.36 in June 2025. A subsequent strong recovery in the final quarters indicates an improved capacity to generate revenue from net fixed assets.
- Total Asset Turnover
- This ratio demonstrated high stability throughout the entire period, fluctuating within a very narrow range between 0.43 and 0.47. The lack of significant volatility suggests a steady and predictable relationship between the company's total asset base and its revenue generation capabilities.
- Equity Turnover
- A contrasting trend is evident in equity turnover. The ratio initially rose from 1.62 in April 2022 to a peak of 1.89 in December 2024. However, from January 2025 onward, a consistent downward trend occurred, with the ratio declining to 1.37 by October 2026. This contraction indicates a reduction in the efficiency with which shareholder equity is utilized to produce sales during the latter half of the observed period.
In summary, while the company succeeded in optimizing its fixed asset productivity and maintaining stable total asset turnover, there was a noticeable decline in equity turnover toward the end of the period, suggesting a shift in the company's capital structure or a decrease in the revenue-generating efficiency of its equity base.
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Net Fixed Asset Turnover
Coca-Cola Co., net fixed asset turnover 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) | |||||||||||||||||||||||||
| Net operating revenues | 13,380) | 13,380) | 12,472) | 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 | 9,485) | 9,636) | 9,522) | 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 | 5.38 | 5.20 | 5.18 | 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. | 3.76 | 3.73 | 3.72 | 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. | 3.30 | 3.25 | 3.20 | 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. | 5.15 | 5.12 | 5.02 | 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-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
Net fixed asset turnover
= (Net operating revenuesQ3 2026
+ Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025)
÷ Property, plant and equipment, less accumulated depreciation
= (13,380 + 13,380 + 12,472 + 11,822)
÷ 9,485 = 5.38
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover from April 2022 to October 2026 reveals a general upward trajectory in asset efficiency, characterized by periodic fluctuations and a strong concluding trend. While net operating revenues exhibited steady growth over the period, the efficiency of fixed asset utilization shifted in correlation with both revenue cycles and changes in the net book value of property, plant, and equipment.
- Revenue Performance
- Net operating revenues grew from 10,491 million USD in April 2022 to 13,380 million USD by October 2026. Although quarterly seasonality is evident, the overall trend is positive, providing a consistently expanding base for revenue generation relative to the invested asset base.
- Fixed Asset Base Dynamics
- Property, plant, and equipment, net of accumulated depreciation, remained relatively stable, fluctuating between a minimum of 8,860 million USD in September 2023 and a peak of 10,902 million USD in June 2025. The volatility in this figure directly influenced the turnover ratio, as periods of asset reduction or stability coupled with revenue growth led to higher efficiency metrics.
- Net Fixed Asset Turnover Trends
- The turnover ratio began at 4.10 in April 2022 and climbed to an initial peak of 5.08 in September 2023. A moderate decline followed through mid-2025, reaching a local low of 4.36 in June 2025, which coincided with the peak in net fixed assets. A significant recovery phase began in December 2025, with the ratio ascending to a period high of 5.38 by October 2026.
- Asset Utilization Efficiency
- The highest levels of efficiency were observed in the final three quarters of the period. During this window, revenues reached their peak levels while the net fixed asset base decreased and stabilized around 9,485 million USD. This divergence indicates a high degree of operational leverage, where the company maximized output from its existing infrastructure without requiring additional capital expenditure in fixed assets.
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Total Asset Turnover
Coca-Cola Co., total asset turnover 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) | |||||||||||||||||||||||||
| Net operating revenues | 13,380) | 13,380) | 12,472) | 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 | 107,950) | 107,922) | 104,217) | 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 | 0.47 | 0.46 | 0.47 | 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. | 0.56 | 0.56 | 0.55 | 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. | 0.88 | 0.86 | 0.86 | 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. | 0.65 | 0.62 | 0.60 | 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-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
Total asset turnover
= (Net operating revenuesQ3 2026
+ Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025)
÷ Total assets
= (13,380 + 13,380 + 12,472 + 11,822)
÷ 107,950 = 0.47
2 Click competitor name to see calculations.
The analysis of long-term investment activity indicates a period of steady growth in both revenue generation and asset accumulation, while maintaining a highly consistent level of operational efficiency. Net operating revenues exhibited a general upward trajectory, rising from 10,491 million USD in April 2022 to 13,380 million USD by October 2026. This growth is characterized by recurring seasonal fluctuations, with peaks typically occurring in the second and third quarters of each fiscal year.
- Total Asset Growth
- A consistent increase in the asset base is observed, moving from 94,064 million USD at the start of the period to 107,950 million USD by the end of the analyzed timeframe. Aside from a brief contraction observed in late 2024, the expansion of total assets suggests a sustained commitment to capital investment and balance sheet growth.
- Total Asset Turnover Stability
- The total asset turnover ratio remained remarkably stable, oscillating within a narrow range between 0.43 and 0.47. This stability demonstrates that the growth in net operating revenues has scaled proportionally with the increase in total assets. The efficiency with which the company utilizes its asset base to generate sales has remained constant over the five-year period.
- Operational Correlation
- The correlation between asset expansion and revenue growth is evident. As total assets grew by approximately 14.8% from April 2022 to October 2026, net operating revenues grew by approximately 27.6%. This indicates that while asset turnover remained flat, the company successfully leveraged its expanded asset base to drive significant top-line growth without compromising its historical efficiency ratios.
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Equity Turnover
Coca-Cola Co., equity turnover 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) | |||||||||||||||||||||||||
| Net operating revenues | 13,380) | 13,380) | 12,472) | 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 | 37,372) | 36,150) | 33,633) | 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 | 1.37 | 1.39 | 1.47 | 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. | 1.50 | 1.49 | 1.53 | 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. | 4.41 | 4.39 | 4.46 | 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-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
Equity turnover
= (Net operating revenuesQ3 2026
+ Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025)
÷ Equity attributable to shareowners of The Coca-Cola Company
= (13,380 + 13,380 + 12,472 + 11,822)
÷ 37,372 = 1.37
2 Click competitor name to see calculations.
The financial data indicates a divergent trend between revenue growth and equity accumulation over the analyzed period, resulting in a gradual decline in equity turnover efficiency during the latter half of the timeline.
- Net Operating Revenues
- Revenues exhibit a general upward trajectory with notable quarterly volatility. Starting at 10,491 million US$ in April 2022, revenues grew to a peak of 13,380 million US$ by October 2026. While growth was steady, seasonal fluctuations are evident, particularly with recurring dips in the December and March quarters across several years.
- Equity Attributable to Shareowners
- Equity remained relatively stable between 2022 and 2024, fluctuating primarily between 22,805 million US$ and 26,518 million US$. However, a significant expansion phase began in early 2025. From March 2025, equity grew consistently from 26,202 million US$ to 37,372 million US$ by October 2026, representing a substantial increase in the company's capital base.
- Equity Turnover Ratio
- The equity turnover ratio remained resilient between 1.62 and 1.89 from April 2022 through December 2024, suggesting a stable relationship between the capital employed and the revenue generated. A reversal occurred starting in March 2025, where the ratio entered a continuous decline from 1.79 to 1.37 by October 2026. This downward trend is a direct result of equity growing at a significantly faster pace than net operating revenues, indicating a decrease in the efficiency of equity utilization to drive sales growth during the 2025-2026 period.
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