Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Coca-Cola Co., profitability 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 profitability profile across the analyzed period demonstrates a general trajectory of recovery and expansion, particularly from mid-2024 onward. While the initial phases were characterized by margin compression and volatility, the latter half of the period shows a consistent improvement in operational efficiency and bottom-line performance.
- Gross Profit Margin
- A U-shaped trend is observed, with an initial decline from 60.27% in April 2022 to a low of 58.09% by March 2023. Following this trough, a sustained upward trend emerged, with margins steadily climbing to reach a peak of 62.32% by October 2026. This suggests a successful optimization of cost of goods sold or an increase in pricing power over time.
- Operating and Net Profit Margins
- Operating margins experienced significant volatility, declining from 27.39% in early 2022 to a period low of 20.61% in September 2024. However, a sharp recovery followed, with the margin expanding to 30.04% by October 2026. Net profit margins followed a similar, albeit more muted, pattern, remaining relatively stable between 22% and 24% for several years before ascending to 28.65% in the final quarter of the analysis. The divergence between gross and operating margins in 2024 suggests a temporary increase in operating expenses that was later mitigated.
- Return on Assets (ROA)
- Asset utilization efficiency showed a positive long-term trend. After fluctuating around the 10% to 11% range through 2023, ROA dipped to 9.80% in September 2024. Subsequently, a consistent growth pattern is evident, with the ratio rising to 13.55% by October 2026, indicating improved earnings generation relative to the total asset base.
- Return on Equity (ROE)
- ROE remained the most stable of the analyzed metrics, consistently fluctuating within a narrow band between 39.13% and 43.52%. Despite the fluctuations seen in profit margins and ROA, the return to shareholders remained robust, ending the period at 39.14%, which reflects a consistent ability to generate value from equity investments.
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Gross Profit Margin
Coca-Cola Co., gross profit margin 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) | |||||||||||||||||||||||||
| Gross profit | 8,450) | 8,415) | 7,852) | 7,099) | 7,658) | 7,821) | 6,966) | 6,931) | 7,190) | 7,551) | 7,065) | 6,215) | 7,296) | 7,060) | 6,663) | 5,612) | 6,497) | 6,495) | 6,400) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 62.32% | 61.89% | 61.74% | 61.63% | 61.63% | 61.43% | 61.07% | 61.06% | 60.43% | 60.53% | 59.98% | 59.52% | 59.14% | 58.52% | 58.09% | 58.14% | 58.49% | 58.89% | 60.27% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Mondelēz International Inc. | 34.26% | 31.15% | 28.77% | 28.38% | 31.05% | 32.55% | 32.74% | 39.12% | 38.77% | 40.34% | 41.69% | 38.22% | 37.77% | 36.59% | 35.79% | 35.92% | 36.34% | 37.76% | 38.54% | ||||||
| PepsiCo Inc. | 54.17% | 53.96% | 54.06% | 54.15% | 53.96% | 54.43% | 54.74% | 54.55% | 54.68% | 54.44% | 54.13% | 54.21% | 53.93% | 53.58% | 53.28% | 53.03% | 53.03% | 53.13% | 53.20% | ||||||
| Philip Morris International Inc. | 67.74% | 67.51% | 67.30% | 67.12% | 66.92% | 66.44% | 65.68% | 64.81% | 64.08% | 63.88% | 63.70% | 63.35% | 63.12% | 62.58% | 63.07% | 64.10% | 65.32% | 66.49% | 67.17% | ||||||
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
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (Net operating revenuesQ3 2026
+ Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025)
= 100 × (8,450 + 8,415 + 7,852 + 7,099)
÷ (13,380 + 13,380 + 12,472 + 11,822)
= 62.32%
2 Click competitor name to see calculations.
The gross profit margin exhibited a period of initial contraction followed by a sustained and consistent expansion over the analyzed timeframe. An initial decline is observed from April 2022, where the margin stood at 60.27%, reaching a trough of 58.09% by March 31, 2023. Following this low point, a steady upward trajectory was established, with the margin progressively increasing to reach 62.32% by October 2, 2026.
- Gross Profit Margin Analysis
- A clear trend of margin recovery and growth is evident starting in the second quarter of 2023. The margin transitioned from a period of compression (58% range) to a phase of expansion, consistently surpassing the 60% threshold from June 2024 onwards. This steady increase suggests an improvement in cost management or the successful implementation of pricing strategies that effectively offset input cost inflation.
- Revenue and Absolute Profit Trends
- Net operating revenues demonstrated an overall growth pattern, rising from 10,491 million US dollars in April 2022 to 13,380 million US dollars by October 2026. In parallel, gross profit grew from 6,400 million US dollars to 8,450 million US dollars. The fact that gross profit grew at a faster rate than net operating revenues is the primary driver behind the expansion of the gross profit margin.
- Cyclical Patterns
- The data reveals a recurring seasonal pattern in both net operating revenues and gross profit, characterized by periodic declines during the December reporting intervals. Despite these fluctuations in absolute volume, the gross profit margin remained stable or improved during these dips, indicating that the cost structure is well-aligned with seasonal revenue volatility.
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Operating Profit Margin
Coca-Cola Co., operating profit margin 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) | |||||||||||||||||||||||||
| Operating income | 4,465) | 4,672) | 4,359) | 1,841) | 3,982) | 4,280) | 3,659) | 2,709) | 2,510) | 2,632) | 2,141) | 2,273) | 3,270) | 2,401) | 3,367) | 2,075) | 3,088) | 2,341) | 3,405) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 30.04% | 29.63% | 29.34% | 28.71% | 30.69% | 27.96% | 24.55% | 21.23% | 20.61% | 22.20% | 21.89% | 24.72% | 24.68% | 24.76% | 24.99% | 25.37% | 24.81% | 24.96% | 27.39% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Mondelēz International Inc. | 13.69% | 11.22% | 9.35% | 9.21% | 11.18% | 12.44% | 11.79% | 17.41% | 16.40% | 17.10% | 18.61% | 15.28% | 14.53% | 13.02% | 11.99% | 11.22% | 12.82% | 15.12% | 15.26% | ||||||
| PepsiCo Inc. | 15.32% | 14.82% | 12.71% | 12.24% | 11.03% | 11.44% | 13.93% | 14.03% | 13.40% | 13.54% | 13.14% | 13.10% | 12.14% | 11.60% | 10.08% | 13.33% | 15.85% | 15.96% | 17.46% | ||||||
| Philip Morris International Inc. | 38.62% | 37.75% | 36.73% | 36.64% | 36.95% | 36.28% | 36.21% | 35.38% | 35.01% | 34.97% | 33.02% | 32.85% | 33.81% | 33.73% | 36.46% | 38.56% | 38.69% | 40.11% | 40.64% | ||||||
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
Operating profit margin = 100
× (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ (Net operating revenuesQ3 2026
+ Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025)
= 100 × (4,465 + 4,672 + 4,359 + 1,841)
÷ (13,380 + 13,380 + 12,472 + 11,822)
= 30.04%
2 Click competitor name to see calculations.
The operating profit margin exhibits a cyclical trend characterized by an initial period of stability, a significant contraction during 2024, and a robust recovery and expansion phase extending through late 2026.
- Operating Profit Margin Trends
- Between April 2022 and December 2023, the operating profit margin remained relatively stable, fluctuating within a range of 24.68% to 27.39%. This period of consistency was followed by a marked decline throughout the first three quarters of 2024, where the margin reached a period low of 20.61% in September 2024. However, a strong upward trajectory commenced in March 2025, with margins ascending to 27.96% and peaking at 30.69% in September 2025. The margin concluded the observed period at 30.04% in October 2026, representing a significant expansion compared to the 2022-2023 baseline.
- Revenue and Operating Income Correlation
- Net operating revenues demonstrated a general growth trend, increasing from 10,491 million USD in April 2022 to 13,380 million USD by October 2026. While revenues grew steadily, operating income experienced higher volatility. The dip in profit margins during 2024 coincided with operating income falling to 2,141 million USD in March 2024 and 2,510 million USD in September 2024. In contrast, the expansion phase in 2025 and 2026 saw operating income scale rapidly, reaching a high of 4,672 million USD in July 2026, indicating that revenue growth was accompanied by improved operational efficiency and cost management.
- Profitability Analysis
- The data indicates a successful transition toward a higher profitability plateau. The ability to maintain margins around the 30% threshold in late 2026, compared to the 24-27% range observed in 2022, suggests a fundamental improvement in the conversion of net operating revenues into operating profit. The sharp recovery following the 2024 lows suggests an effective correction of the factors that previously constrained operating margins.
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Net Profit Margin
Coca-Cola Co., net profit margin 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 income attributable to shareowners of The Coca-Cola Company | 4,009) | 4,425) | 3,924) | 2,271) | 3,696) | 3,810) | 3,330) | 2,195) | 2,848) | 2,411) | 3,177) | 1,973) | 3,087) | 2,547) | 3,107) | 2,031) | 2,825) | 1,905) | 2,781) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 28.65% | 28.56% | 27.80% | 27.34% | 27.34% | 25.89% | 23.00% | 22.59% | 22.45% | 22.92% | 23.41% | 23.42% | 23.92% | 23.81% | 22.69% | 22.19% | 23.44% | 23.16% | 25.69% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Mondelēz International Inc. | 10.22% | 8.86% | 6.64% | 6.36% | 9.38% | 9.81% | 9.88% | 12.65% | 10.56% | 10.97% | 11.87% | 13.77% | 12.97% | 12.13% | 11.99% | 8.63% | 10.30% | 12.93% | 14.34% | ||||||
| PepsiCo Inc. | 11.09% | 10.78% | 9.15% | 8.77% | 7.82% | 8.23% | 10.24% | 10.43% | 10.18% | 10.34% | 10.00% | 9.92% | 9.05% | 8.76% | 7.48% | 10.31% | 11.61% | 11.28% | 12.57% | ||||||
| Philip Morris International Inc. | 24.82% | 25.56% | 26.74% | 27.92% | 21.57% | 21.08% | 19.80% | 18.63% | 26.42% | 24.15% | 22.16% | 22.21% | 23.38% | 24.26% | 27.20% | 28.49% | 27.57% | 28.56% | 28.58% | ||||||
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 profit margin = 100
× (Net income attributable to shareowners of The Coca-Cola CompanyQ3 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ2 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ1 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ4 2025)
÷ (Net operating revenuesQ3 2026
+ Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025)
= 100 × (4,009 + 4,425 + 3,924 + 2,271)
÷ (13,380 + 13,380 + 12,472 + 11,822)
= 28.65%
2 Click competitor name to see calculations.
The financial performance over the analyzed period reveals a trajectory of initial margin compression followed by a sustained phase of profitability expansion and operational recovery.
- Net Profit Margin Trends
- Between April 2022 and December 2022, the net profit margin experienced a decline, falling from 25.69% to a period low of 22.19%. Following this contraction, margins entered a period of relative stability throughout 2023 and 2024, fluctuating within a narrow band between 22.45% and 23.92%.
- A significant inflection point is observed in the first half of 2025. The margin increased to 25.89% by June 2025 and maintained a consistent upward climb, ultimately reaching 28.65% by October 2026. This represents a substantial recovery and expansion beyond the levels recorded at the start of the period.
- Revenue and Income Correlation
- Net operating revenues demonstrated a general upward trend, increasing from 10,491 million US$ in April 2022 to 13,380 million US$ by October 2026. While revenues grew steadily, net income attributable to shareowners exhibited higher volatility in the early years before showing strong, accelerated growth aligned with the margin expansion in 2025 and 2026.
- Profitability Efficiency
- The latter part of the analyzed period shows a marked improvement in the conversion of revenue to net income. The rise in profit margins from approximately 23% in late 2024 to over 28% by late 2026 indicates enhanced operational efficiency or a favorable shift in the cost structure relative to revenue growth, resulting in higher bottom-line returns per dollar of revenue generated.
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Return on Equity (ROE)
Coca-Cola Co., ROE 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 income attributable to shareowners of The Coca-Cola Company | 4,009) | 4,425) | 3,924) | 2,271) | 3,696) | 3,810) | 3,330) | 2,195) | 2,848) | 2,411) | 3,177) | 1,973) | 3,087) | 2,547) | 3,107) | 2,031) | 2,825) | 1,905) | 2,781) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 39.14% | 39.60% | 40.74% | 40.74% | 41.70% | 42.62% | 41.16% | 42.77% | 39.25% | 41.19% | 40.80% | 41.30% | 40.92% | 40.40% | 39.13% | 39.59% | 43.52% | 41.60% | 41.49% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Mondelēz International Inc. | 15.33% | 13.20% | 10.13% | 9.49% | 13.49% | 13.90% | 13.97% | 17.12% | 13.70% | 14.25% | 15.06% | 17.50% | 16.09% | 14.45% | 13.97% | 10.11% | 11.78% | 14.04% | 14.89% | ||||||
| PepsiCo Inc. | 48.88% | 47.29% | 40.84% | 40.38% | 37.26% | 40.99% | 50.95% | 53.09% | 48.10% | 48.95% | 48.22% | 49.04% | 44.08% | 44.67% | 38.62% | 51.96% | 51.19% | 49.78% | 55.85% | ||||||
| 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
ROE = 100
× (Net income attributable to shareowners of The Coca-Cola CompanyQ3 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ2 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ1 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ4 2025)
÷ Equity attributable to shareowners of The Coca-Cola Company
= 100 × (4,009 + 4,425 + 3,924 + 2,271)
÷ 37,372 = 39.14%
2 Click competitor name to see calculations.
Analysis of profitability metrics indicates a period of sustained stability in the return on equity, accompanied by a long-term upward trajectory in both net income and total equity.
- Return on Equity (ROE) Performance
- The ROE remained consistently high throughout the observed period, fluctuating within a narrow range between 39.13% and 43.52%. A peak was observed in September 2022, followed by a period of relative stabilization around the 40% to 41% mark. Despite significant changes in absolute financial values, the ratio exhibited minimal volatility, suggesting a consistent efficiency in generating profits from shareholders' equity.
- Net Income Trends
- Net income attributable to shareowners demonstrated a clear growth trend, particularly from 2024 onward. Quarterly earnings progressed from a range of approximately 1,905 million to 3,107 million USD in 2022-2023 to a substantially higher range of 3,330 million to 4,425 million USD by 2025-2026. The highest quarterly net income was recorded in July 2026.
- Equity Expansion and Capital Efficiency
- Equity attributable to shareowners experienced a steady increase, rising from 24,845 million USD in April 2022 to 37,372 million USD by October 2026. The simultaneous growth of both net income and total equity explains the stability of the ROE. The expansion of the equity base did not dilute the return percentage, indicating that income growth scaled proportionally with the increase in shareholder capital.
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Return on Assets (ROA)
Coca-Cola Co., ROA 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 income attributable to shareowners of The Coca-Cola Company | 4,009) | 4,425) | 3,924) | 2,271) | 3,696) | 3,810) | 3,330) | 2,195) | 2,848) | 2,411) | 3,177) | 1,973) | 3,087) | 2,547) | 3,107) | 2,031) | 2,825) | 1,905) | 2,781) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 13.55% | 13.27% | 13.15% | 12.50% | 12.29% | 11.68% | 10.60% | 10.57% | 9.80% | 10.52% | 10.85% | 10.97% | 11.04% | 10.67% | 10.13% | 10.29% | 10.73% | 10.27% | 10.96% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Mondelēz International Inc. | 5.68% | 4.93% | 3.67% | 3.43% | 4.95% | 5.13% | 5.22% | 6.73% | 5.29% | 5.40% | 5.53% | 6.95% | 6.48% | 5.75% | 5.42% | 3.82% | 4.61% | 5.85% | 6.17% | ||||||
| PepsiCo Inc. | 9.73% | 9.32% | 7.89% | 7.67% | 6.78% | 7.17% | 9.21% | 9.63% | 9.31% | 9.56% | 9.18% | 9.03% | 8.29% | 8.24% | 7.07% | 9.67% | 10.28% | 9.92% | 10.93% | ||||||
| Philip Morris International Inc. | 16.05% | 15.93% | 16.10% | 16.40% | 12.87% | 12.02% | 11.68% | 11.42% | 14.70% | 13.38% | 12.20% | 11.96% | 12.74% | 13.01% | 14.04% | 14.67% | 21.48% | 22.18% | 21.62% | ||||||
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
ROA = 100
× (Net income attributable to shareowners of The Coca-Cola CompanyQ3 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ2 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ1 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ4 2025)
÷ Total assets
= 100 × (4,009 + 4,425 + 3,924 + 2,271)
÷ 107,950 = 13.55%
2 Click competitor name to see calculations.
The analysis of return on assets (ROA) reveals a trajectory characterized by initial stability, a temporary contraction in 2024, and a subsequent period of sustained expansion through 2026.
- Stability and Fluctuation (2022-2023)
- Between April 2022 and December 2023, the ROA remained relatively stable, fluctuating within a narrow range between 10.13% and 11.04%. During this period, net income and total assets moved in a proportional manner, maintaining a consistent efficiency ratio despite quarterly variations in net income.
- Performance Compression (2024)
- A downward trend is observed during the first three quarters of 2024, with the ROA reaching a period low of 9.80% in September 2024. This decline coincided with a peak in total assets of 106,266 million, suggesting that the growth in the asset base outpaced the generation of net income during this window.
- Efficiency Expansion (2025-2026)
- Starting in March 2025, a consistent upward trend in profitability efficiency is evident. The ROA climbed from 10.60% in December 2024 to 13.55% by October 2026. This growth is primarily attributed to a significant acceleration in net income, which rose from 2,195 million in late 2024 to a peak of 4,425 million in July 2026, while the asset base grew at a more moderate pace to approximately 107,950 million.
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