Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Coca-Cola Co., profitability 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 profitability profile exhibits a trajectory of recovery and expansion across most key metrics. After a period of contraction and volatility between early 2022 and mid-2024, there is a discernible upward trend in margins and asset efficiency leading into 2026.
- 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% in March 2023. Following this trough, the margin demonstrates a consistent and steady increase, reaching a peak of 61.89% by July 2026, indicating improved cost of goods sold management or pricing power.
- Operating Profit Margin
- This metric shows significant volatility. A downward trend is evident through September 2024, where the margin reached a minimum of 20.61%. However, a sharp recovery occurred thereafter, peaking at 30.69% in September 2025 before stabilizing around 29.63% in mid-2026, suggesting a successful optimization of operating expenses.
- Net Profit Margin
- Net profitability remained relatively stable between 22% and 24% for the first half of the period. A notable acceleration in profitability began in 2025, with the margin climbing from 23.00% in December 2023 to a high of 28.56% by July 2026, closely mirroring the recovery seen in operating margins.
- Return on Equity (ROE)
- ROE remained remarkably resilient, fluctuating within a narrow band between 39.13% and 43.52%. Despite the fluctuations in profit margins, the company maintained a consistent ability to generate high returns on shareholder equity, ending the period at 39.60%.
- Return on Assets (ROA)
- An upward trend in asset efficiency is observable. ROA hovered around 10% for the first several quarters but began a steady ascent from March 2024 (10.60%) onward, reaching 13.27% by July 2026. This indicates an improvement in the effectiveness of asset utilization to generate earnings.
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Return on Sales
Return on Investment
Gross Profit Margin
Coca-Cola Co., gross profit margin 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) | ||||||||||||||||||||||||
| Gross profit | 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) | 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 | 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. | 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. | 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. | 67.51% | 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: 2026-07-03), 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
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025)
= 100 × (8,415 + 7,852 + 7,099 + 7,658)
÷ (13,380 + 12,472 + 11,822 + 12,455)
= 61.89%
2 Click competitor name to see calculations.
The analysis of the gross profit margin reveals a period of initial contraction followed by a sustained and consistent expansion from April 2022 through July 2026. After an early decline, the margin entered a recovery phase that not only restored previous levels but exceeded them, indicating an improving efficiency in managing direct costs relative to net operating revenues.
- Margin Trend and Volatility
- A downward trajectory is observed from April 2022 (60.27%) through March 2023, where the margin reached its lowest point of 58.09%. This represents a contraction of 218 basis points over the first year of the period analyzed.
- Recovery and Growth Phase
- Beginning in June 2023, a consistent upward trend is evident. The gross profit margin surpassed the 60% threshold in June 2024 (60.53%) and maintained steady growth through July 2026, ultimately reaching a peak of 61.89%. This long-term increase suggests effective pricing adjustments or a reduction in the cost of goods sold.
- Revenue and Profitability Correlation
- Net operating revenues grew from 10,491 million US$ in April 2022 to 13,380 million US$ by July 2026. While revenues exhibited typical quarterly fluctuations and seasonal dips—particularly in the December and March periods—the gross profit margin remained resilient, continuing its upward climb regardless of short-term revenue volatility.
- Operational Efficiency
- The widening gap between net operating revenues and the cost of sales is most pronounced in the final two years of the data. The transition from a 58.09% margin in March 2023 to 61.89% in July 2026 indicates a significant enhancement in operational profitability and cost control measures.
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Operating Profit Margin
Coca-Cola Co., operating profit margin 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) | ||||||||||||||||||||||||
| Operating income | 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) | 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 | 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. | 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. | 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. | 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: 2026-07-03), 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
Operating profit margin = 100
× (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ (Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025)
= 100 × (4,672 + 4,359 + 1,841 + 3,982)
÷ (13,380 + 12,472 + 11,822 + 12,455)
= 29.63%
2 Click competitor name to see calculations.
Analysis of the operating performance from April 2022 through July 2026 reveals three distinct phases of profitability: a period of relative stability, a phase of margin compression, and a subsequent era of significant expansion.
- Revenue and Operating Income Trajectory
- Net operating revenues exhibit a consistent upward trajectory, growing from 10,491 million US$ in April 2022 to 13,380 million US$ by July 2026. While revenue growth remained steady, operating income demonstrated higher volatility, fluctuating between 2,075 million US$ and 4,672 million US$ over the analyzed period.
- Operating Profit Margin Compression
- The operating profit margin remained relatively stable between 24% and 27% throughout 2022 and 2023. However, a notable downward trend emerged in early 2024, with the margin reaching a trough of 20.61% in September 2024. This contraction indicates a period where operating expenses outpaced revenue growth, resulting in reduced operational efficiency.
- Profitability Recovery and Expansion
- A sharp reversal in profitability trends is observed starting in March 2025, as the operating profit margin ascended to 24.55%. This growth accelerated rapidly, peaking at 30.69% in June 2025. From late 2025 through July 2026, the margin established a new, elevated baseline, consistently maintaining levels above 28%, which suggests successful cost optimization or enhanced pricing strategies.
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Net Profit Margin
Coca-Cola Co., net profit margin 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 income attributable to shareowners of The Coca-Cola Company | 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) | 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 | 28.56% | 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. | 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. | 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. | 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: 2026-07-03), 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 profit margin = 100
× (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 income attributable to shareowners of The Coca-Cola CompanyQ3 2025)
÷ (Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025)
= 100 × (4,425 + 3,924 + 2,271 + 3,696)
÷ (13,380 + 12,472 + 11,822 + 12,455)
= 28.56%
2 Click competitor name to see calculations.
The financial performance over the analyzed period reveals a transition from a phase of margin stabilization to a period of significant profitability expansion. While operating revenues grew steadily, the acceleration in net income during the latter stages of the period drove a substantial increase in the net profit margin.
- Net Operating Revenues
- Revenues exhibit a consistent upward trajectory, growing from 10,491 million US$ in April 2022 to 13,380 million US$ by July 2026. The growth pattern is characterized by moderate quarterly oscillations, suggesting a stable increase in market demand and effective revenue scaling.
- Net Income Attributable to Shareowners
- Net income showed notable volatility between 2022 and 2024, with quarterly values typically fluctuating between 1,905 million US$ and 3,177 million US$. A definitive shift toward higher profitability began in March 2025, with income levels rising consistently and reaching a peak of 4,425 million US$ in July 2026.
- Net Profit Margin Evolution
- The net profit margin experienced a period of relative compression and stability from 2022 through 2024, largely hovering between 22.19% and 23.92%. Starting in early 2025, a strong expansionary trend emerged, with the margin climbing from 23.00% in December 2024 to 28.56% by July 2026. This upward trend indicates a significant improvement in cost management or pricing power, as net income growth outperformed revenue growth during the final six quarters of the period.
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Return on Equity (ROE)
Coca-Cola Co., ROE 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 income attributable to shareowners of The Coca-Cola Company | 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 | 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 | 39.60% | 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. | 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. | 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: 2026-07-03), 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
ROE = 100
× (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 income attributable to shareowners of The Coca-Cola CompanyQ3 2025)
÷ Equity attributable to shareowners of The Coca-Cola Company
= 100 × (4,425 + 3,924 + 2,271 + 3,696)
÷ 36,150 = 39.60%
2 Click competitor name to see calculations.
The analysis of profitability indicators reveals a high degree of stability in Return on Equity (ROE) over the observed period, despite significant fluctuations in quarterly net income and a steady expansion of shareholder equity.
- Return on Equity (ROE) Stability
- ROE demonstrates minimal volatility, consistently fluctuating within a tight range between 39.13% and 43.52%. The ratio peaked in September 2022 at 43.52% and reached its lowest point in March 2023 at 39.13%. Throughout the subsequent quarters, the metric largely converged around the 40% to 42% range, indicating a consistent ability to generate profit relative to the shareholders' investment.
- Net Income Performance
- Quarterly net income exhibits seasonal volatility with a general upward trend in the latter half of the period. While early values fluctuated between approximately 1.9 billion and 3.1 billion US$, the period from March 2025 to July 2026 shows a sustained increase, culminating in a peak of 4.4 billion US$ in July 2026.
- Equity Growth and Capitalization
- Shareholder equity followed a general upward trajectory, rising from 24.8 billion US$ in April 2022 to 36.1 billion US$ by July 2026. A notable temporary contraction occurred in December 2024, where equity dipped to 24.8 billion US$ before resuming a strong growth phase through 2025 and 2026.
- Profitability Correlation
- The consistency of the ROE suggests a proportional relationship between the growth of net income and the expansion of the equity base. The maintenance of an ROE near 40% while equity increased by approximately 45% over the full term indicates scalable profitability and effective capital management.
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Return on Assets (ROA)
Coca-Cola Co., ROA 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 income attributable to shareowners of The Coca-Cola Company | 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 | 107,922) | 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 | 13.27% | 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. | 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. | 9.32% | 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. | 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: 2026-07-03), 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
ROA = 100
× (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 income attributable to shareowners of The Coca-Cola CompanyQ3 2025)
÷ Total assets
= 100 × (4,425 + 3,924 + 2,271 + 3,696)
÷ 107,922 = 13.27%
2 Click competitor name to see calculations.
The financial performance from April 2022 through July 2026 demonstrates a progressive improvement in asset efficiency and overall profitability. After a period of relative stability characterized by minor fluctuations, a significant upward shift in the Return on Assets (ROA) is observed starting in the first half of 2025.
- Net Income Trends
- Net income exhibits recurring quarterly volatility, with typical peaks occurring in the first and third quarters. Between 2022 and 2024, earnings generally fluctuated between 1.9 billion and 3.1 billion USD. However, a distinct growth trajectory emerged in 2025 and 2026, with net income reaching a peak of 4.4 billion USD by July 2026, indicating a substantial increase in the company's earnings capacity over the latter portion of the period.
- Asset Base Expansion
- Total assets show a steady and consistent upward trend, growing from 94.06 billion USD in April 2022 to 107.92 billion USD by July 2026. This expansion reflects a gradual increase in the company's resource base, maintaining a stable growth rate that provides the foundation for the observed increases in net income.
- Return on Assets (ROA) Dynamics
- The ROA remained relatively range-bound between 9.80% and 11.04% from April 2022 through December 2024, suggesting a period of stagnant asset productivity. A structural pivot occurs in 2025, where the ratio begins a sustained climb, accelerating to 13.27% by July 2026. This trend indicates that net income growth significantly outpaced asset growth during this window, resulting in enhanced operational efficiency and a higher yield on the company's total investment.
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