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: 2026-07-03), 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 from April 2022 to July 2026 reveals divergent trends across fixed asset utilization and equity efficiency. While the efficiency of fixed assets shows a general upward trajectory, equity turnover exhibits a notable decline in the latter half of the period, and total asset turnover remains remarkably stable.
- Net Fixed Asset Turnover
- A positive overall trend is observed, with the ratio increasing from 4.10 in April 2022 to 5.20 by July 2026. The metric reached an initial peak of 5.08 in September 2023 before undergoing a period of moderation throughout 2024 and early 2025, where it dipped to 4.36 in June 2025. A strong recovery phase followed, with efficiency levels climbing steadily to reach their highest points in the first half of 2026.
- Total Asset Turnover
- This ratio demonstrates extreme stability, fluctuating within a narrow range between 0.43 and 0.47. The lack of significant variance across the analyzed timeframe indicates a consistent relationship between the total asset base and revenue generation, suggesting that overall asset productivity has remained unchanged despite fluctuations in specific asset categories.
- Equity Turnover
- A downward trend is evident in the long-term utilization of equity. After maintaining relatively high levels between 1.62 and 1.89 from April 2022 through December 2024, the ratio began a consistent decline. From the peak of 1.89 in December 2024, the turnover ratio fell steadily each quarter, reaching a period low of 1.39 by July 2026. This contraction suggests a reduction in the efficiency of shareholders' equity in generating sales over the final eighteen months of the sequence.
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Net Fixed Asset Turnover
Coca-Cola Co., net fixed asset turnover 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) | ||||||||||||||||||||||||
| Net operating revenues | 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 | 9,636) | 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 | 5.20 | 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. | 3.73 | 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. | 3.25 | 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. | 5.12 | 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: 2026-07-03), 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
Net fixed asset turnover
= (Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025)
÷ Property, plant and equipment, less accumulated depreciation
= (13,380 + 12,472 + 11,822 + 12,455)
÷ 9,636 = 5.20
2 Click competitor name to see calculations.
The analysis of long-term investment activity indicates a general upward trajectory in operational efficiency, characterized by a steady increase in net operating revenues and a fluctuating base of net fixed assets. The relationship between these two variables results in a net fixed asset turnover ratio that exhibits distinct cycles of growth, consolidation, and acceleration.
- Revenue Growth and Seasonality
- Net operating revenues demonstrate a consistent long-term expansion, rising from 10,491 million in April 2022 to 13,380 million by July 2026. A recurring seasonal pattern is observable, where revenues typically peak in the June and September quarters and experience contractions during the December periods.
- Net Fixed Asset Trends
- Property, plant, and equipment, net of depreciation, remained relatively stable between 9,200 million and 9,800 million throughout 2022 and 2023. A period of capital expansion occurred in 2024 and early 2025, with net fixed assets reaching a peak of 10,902 million in September 2025. This was followed by a significant reduction to 9,613 million by December 2025, suggesting either substantial depreciation, asset divestment, or impairment.
- Net Fixed Asset Turnover Performance
- The turnover ratio exhibits three primary phases. First, an efficiency gain is observed from April 2022 (4.10) to September 2023 (5.08), driven by revenue growth outpacing asset accumulation. Second, a period of declining efficiency occurs between late 2023 and June 2025, with the ratio dropping to 4.36 as net fixed assets increased more rapidly than revenues. Third, a sharp increase in efficiency is recorded from December 2025 (4.99) through July 2026 (5.20), resulting from the simultaneous increase in operating revenues and the contraction of the net fixed asset base.
Overall, the asset utilization trend suggests that the company has successfully transitioned to a leaner asset structure in the final periods, allowing for higher revenue generation per unit of net fixed asset investment.
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Total Asset Turnover
Coca-Cola Co., total asset turnover 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) | ||||||||||||||||||||||||
| Net operating revenues | 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 | 107,922) | 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 | 0.46 | 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 | 0.55 | 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. | 0.86 | 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. | 0.62 | 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: 2026-07-03), 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
Total asset turnover
= (Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025)
÷ Total assets
= (13,380 + 12,472 + 11,822 + 12,455)
÷ 107,922 = 0.46
2 Click competitor name to see calculations.
The analysis of long-term activity indicators reveals a high degree of stability in asset utilization efficiency over the period from April 2022 to July 2026. Despite fluctuations in quarterly revenue and a general expansion of the asset base, the total asset turnover ratio remained within a narrow range, indicating a consistent relationship between investment in assets and the generation of operating revenue.
- Net Operating Revenue Trends
- A general upward trajectory in net operating revenues is observed, increasing from 10,491 million USD in April 2022 to 13,380 million USD by July 2026. The revenue stream exhibits clear seasonal volatility, with consistent peaks typically occurring in the June and July quarters, contrasting with relative dips toward the end of the calendar year.
- Total Asset Expansion
- The total asset base grew steadily from 94,064 million USD in April 2022 to 107,922 million USD by July 2026. This growth was gradual, with a notable increase observed between June and September 2024, where assets surpassed the 100 billion USD threshold. The expansion of the asset base suggests continued investment in the company's operational capacity.
- Total Asset Turnover Efficiency
- The total asset turnover ratio demonstrates remarkable consistency, fluctuating between a minimum of 0.43 and a maximum of 0.47. The ratio improved from 0.43 in early 2022 and stabilized around 0.45 to 0.47 for the majority of the subsequent period. This stability indicates that the increase in total assets was effectively matched by proportional growth in operating revenues, preventing any dilution of asset productivity.
- Operational Correlation
- The alignment between revenue growth and asset accumulation suggests a disciplined approach to capital expenditure. The fact that the turnover ratio did not decline as the asset base expanded indicates that new investments were successfully integrated into revenue-generating activities, maintaining a steady rate of efficiency throughout the analyzed period.
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Equity Turnover
Coca-Cola Co., equity turnover 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) | ||||||||||||||||||||||||
| Net operating revenues | 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 | 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 | 1.39 | 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. | 1.49 | 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. | 4.39 | 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: 2026-07-03), 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
Equity turnover
= (Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025)
÷ Equity attributable to shareowners of The Coca-Cola Company
= (13,380 + 12,472 + 11,822 + 12,455)
÷ 36,150 = 1.39
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a divergence between the growth of the equity base and the growth of net operating revenues over the period from April 2022 to July 2026. While both metrics trended upward, the acceleration of equity growth in the latter half of the period led to a consistent decline in equity turnover efficiency.
- Net Operating Revenues Trend
- Operating revenues exhibited a general upward trajectory with noticeable seasonal fluctuations. Revenues grew from 10,491 million USD in April 2022 to a peak of 13,380 million USD by July 2026. Peak performance typically occurred during the second and third quarters of each year, reflecting cyclical demand patterns.
- Equity Growth Dynamics
- The equity attributable to shareowners remained relatively stable between 2022 and 2024, fluctuating between approximately 22,805 million USD and 26,518 million USD. However, a significant expansion in the equity base began in early 2025, with values climbing steadily from 26,202 million USD in December 2024 to 36,150 million USD by July 2026. This represents a substantial increase in the company's capital base.
- Equity Turnover Performance
- The equity turnover ratio remained relatively stable and robust between April 2022 and December 2024, oscillating within a range of 1.62 to 1.89. This stability indicates that revenue growth was largely proportional to the equity employed during this interval.
- Starting in June 2025, a sustained downward trend emerged in the equity turnover ratio. The ratio declined from 1.65 in June 2025 to 1.39 by July 2026. This contraction indicates a decrease in asset productivity relative to shareholder equity, as the growth in the equity base significantly outpaced the growth in net operating revenues.
The observed data suggests that while the company successfully expanded its revenue streams and strengthened its equity position, the efficiency of equity utilization declined in the final six quarters of the analysis. The transition from a ratio of 1.89 in December 2024 to 1.39 in July 2026 points to a period of capital accumulation that has not yet been matched by a corresponding scale in revenue generation.
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