Coca-Cola Co. (NYSE:KO)

Gross Profit Margin

The gross profit margin shows a consistent level with slight fluctuations over the periods from April 2020 to June 2025. Initial margins around 59.31% increased gradually, reaching above 61% towards the end of the observed time frame. The trend indicates a generally stable to slightly improving gross profitability, reflecting effective cost control relative to revenue generation.

Operating Profit Margin

Operating profit margin demonstrated variability throughout the quarters. Beginning near 27.25% in April 2020, there was an initial increase to over 29% by December 2020, followed by a decline reaching a low point of approximately 20.61% in late 2023. Subsequently, a recovery is observed, with margins rising again to nearly 28% by mid-2025. This pattern suggests periods of higher operational efficiency interspersed with phases of margin compression, potentially due to changing cost structures or operational challenges.

Net Profit Margin

The net profit margin exhibited moderate fluctuations between 21% and 26% across the analyzed quarters. After a peak near 25.69% in mid-2021, the margin saw a slight decline and stabilization around 22-23%, with a resurgence noted at the end of the period reaching approximately 25.89% in June 2025. This indicates a resilience in bottom-line profitability despite intermediate periods of margin pressure.

Return on Equity (ROE)

ROE values reflected strong performance with minor oscillations. Starting at 40.14% in early 2020, the ratio dipped to around 35.46% mid-2020 before climbing steadily to a peak exceeding 43% in the early months of 2023. Later, it stabilized around the high 30s to low 40s percentile, ending near 42.62% by mid-2025. This pattern implies sustained effectiveness in generating shareholder returns, with periods of enhanced capital utilization.

Return on Assets (ROA)

The ROA showed an overall upward trend with some variability. From a starting point of 8.87% in early 2020, it increased steadily, reaching above 11% in early 2023, before experiencing a slight dip below 10% during 2024. Recovery ensued thereafter, concluding near 11.68% in mid-2025. These figures suggest improving efficiency in asset utilization for profit generation, notwithstanding some interim decreases.

Revenue Trends

Net operating revenues exhibited an overall upward trend from March 2020 through June 2024, increasing from 8,601 million USD to 12,535 million USD. There were periodic fluctuations within quarterly intervals, including dips observed in December 2020 and December 2021, followed by recoveries in subsequent quarters. The revenue growth demonstrates resilience, particularly through the pandemic periods, recovering strongly after lower points in mid-2020.

Gross Profit Trends

Gross profit closely followed the revenue trajectory with an initial dip in mid-2020, from 5,230 million USD in March 2020 to a low of 4,137 million USD in June 2020. Following that, gross profit experienced a recovery and growth trend, peaking at 7,821 million USD in June 2025. The profit figures fluctuate quarterly but show an overall positive growth pattern over the analysis period.

Gross Profit Margin Trends

The gross profit margin, calculated from quarters starting December 2020, generally trended upward over the observed periods. It began near 59.31% and showed minor variations, increasing towards approximately 61.43% by June 2025. This indicates improved cost efficiency or favorable product mix, maintaining margins above the 58% threshold consistently through the quarters.

Patterns and Observations

1. Both revenue and gross profit show signs of growth despite fluctuations, suggesting increased market demand or successful operational strategies. 2. The gross profit margin shows steady improvement, indicating better control over production costs or advantageous pricing strategies. 3. Seasonal or quarterly variations appear, with some end-of-year quarters registering dips, possibly due to seasonality or extraordinary costs. 4. The data confirms a sustained recovery and progressive financial strengthening following mid-2020 challenges.

The financial data reveals several notable trends and fluctuations in the company's quarterly performance over the analyzed periods.

Operating Income

Operating income exhibits a pattern of volatility with periods of significant growth followed by declines. Notably, operating income started at 2,380 million USD in March 2020, decreased to 1,672 million USD by December 2021, then experienced a strong rebound reaching 4,280 million USD by June 2025. Peaks are observed in April 2022 and the final quarter of June 2025, reflecting cycles of increased profitability.

Net Operating Revenues

Net operating revenues show a generally upward trend despite some periodic dips. From 8,601 million USD in March 2020, revenues peaked around 12,363 million USD in June 2024, with some fluctuations around the 11,000 to 12,000 million USD range thereafter. The data suggests fluctuating but overall growing sales/margin base over the five-year span.

Operating Profit Margin

The operating profit margin percentages are mostly stable with slight decreases followed by a recovery towards the end of the data series. Initially, margins remain near or above 27%, decline to a low of approximately 20.61% in September 2024, and then recover to close at nearly 28% in June 2025, marking a return to stronger profitability relative to revenue.

Overall, the company demonstrates resilience with periods of fluctuating profitability and revenues, showing recovery phases that restore margins and income to strong levels. The operating profit margin's fluctuation suggests varying cost pressures or pricing dynamics over the quarters. Revenues show growth suggesting expanding market demand or successful sales strategies, while operating income variance points to changing operational efficiency or cost control variations.

The financial data reveal discernible trends in income, revenues, and profitability over the observed quarterly periods. Notably, net income attributable to shareowners demonstrates variability with certain fluctuations and an overall upward trajectory over the longer term.

Net Income Attributable to Shareowners

This metric exhibits a cyclical pattern with periodic rises and falls. Starting from 2,775 million US dollars in the first quarter of 2020, the value dropped significantly in the middle of 2020, reaching around 1,456 million by the end of that year. Following this, there is a pattern of recovery and growth, with net income values regularly rebounding above 3,000 million US dollars in some quarters of 2023 and 2024. The most recent quarter shows a strong increase to 3,810 million, marking the highest point in the data set.

Net Operating Revenues

Operating revenues have generally increased over the period, albeit with some fluctuations. There is an initial decline from 8,601 million to 7,150 million US dollars in the first half of 2020, likely reflective of broader external factors influencing the market. A consistent growth trend follows, with revenues increasing past 12,000 million in mid-2024. Despite some intermittent decreases in certain quarters, such as the dips observed around the end of 2021 and early 2025, the overall direction points to an expanding revenue base.

Net Profit Margin

Data on net profit margin is available starting from the first quarter of 2021 and remains comparatively stable throughout the periods presented. The margin fluctuates mostly between 22% and 25%, indicating relatively consistent profitability relative to revenues. The margin peaks at approximately 25.89% in the latest period, highlighting an enhanced efficiency or pricing power in that quarter. The stable margin amidst rising revenue suggests steady cost management or value retention.

In summary, the company’s financial performance reflects resilience and growth following the initial downturn in 2020. Increasing net operating revenues accompanied by robust and stable profit margins have led to a general rise in net income over the longer term, despite some short-term volatility. This pattern suggests effective strategic and operational adjustments that have supported recovery and expansion through the subsequent quarters.

Net Income

The net income attributable to shareowners exhibits a fluctuating pattern over the quarters. Initially, there is a decline from 2,775 million USD in March 2020 to 1,456 million USD by December 2020. This is followed by a recovery period reaching a peak of 3,107 million USD in March 2023. Subsequently, net income displays variability, falling and rising intermittently but generally sustaining levels above 2,000 million USD. The data culminates in June 2025 with a strong net income of 3,810 million USD, the highest in the observed periods.

Equity Attributable to Shareowners

Equity shows a progressive upward trend with some mild fluctuations. Starting at 18,158 million USD in March 2020, equity increases steadily and reaches a peak of 26,585 million USD in June 2024. The equity levels experience some decreases in select quarters, such as between April 2024 and June 2025, but overall, the trajectory remains positive, ending at 28,585 million USD by the last period. This reflects strengthening equity base over time.

Return on Equity (ROE)

ROE data is first available in December 2020, showing a high ratio of 40.14%, which continues with consistently strong levels exceeding 35% in all subsequent quarters. ROE peaks at 43.52% in December 2022 and experiences modest fluctuations thereafter, maintaining values near or above 40%. This indicates effective use of shareholders’ equity to generate profits consistently over time.

Overall Insights

The analysis of the data reveals that despite initial declines in net income during early 2020, recovery was achieved with net income trending upwards with notable volatility. Equity steadily increased, indicating growing financial strength. High and stable ROE values suggest efficient management and profitability relative to equity throughout the periods. The combination of these trends points to resilient operational performance and sound financial management over the reported quarters.

Net income attributable to shareowners

The net income exhibits a fluctuating pattern over the periods observed. There was a significant decline from March 2020 (2775 million) to December 2020 (1456 million). From the first quarter of 2021, income showed recovery and generally an upward trend, with periodic decreases. Notably, peaks occurred in March 2023 (3107 million) and June 2025 (3810 million). Interim quarters often presented a decrease compared to the preceding quarter, indicating some volatility in earnings.

Total assets

The company's total assets remained relatively stable with slight fluctuations. Starting near 94 billion USD in early 2020, total assets saw some decline toward the end of 2020 (~87 billion USD). From early 2021 onward, the asset base incrementally increased, reaching above 104 billion USD by mid-2025. This indicates gradual asset growth despite some variability during the period.

Return on Assets (ROA)

ROA was first reported in December 2020 at 8.87% and showed a general upward trajectory, peaking multiple times above 10%. The metric oscillated moderately but remained consistently above 8% and mostly above 10% for the majority of the reported quarters. The highest ROA was recorded in June 2025 at 11.68%. This reflects efficient use of assets to generate earnings, with improvement over the medium term.

Overall analysis

The data reveals that net income experienced volatility with recovery phases after a notable decline in 2020. Total assets demonstrated steady growth indicative of ongoing investment or asset acquisition. Meanwhile, ROA improved steadily from the start of reporting to the latest date, suggesting enhanced profitability relative to asset base. The combination of rising assets and increasing ROA points toward strengthening operational efficiency and earnings capacity over time, despite some quarter-to-quarter fluctuations in net income.