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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
- Gross profit margin
- The gross profit margin remained relatively stable over the periods analyzed, generally fluctuating between approximately 58% and 61%. It started near 59.31% in early 2020 and showed a slight upward trend toward the later periods, reaching just above 61% by the end of 2024 and beginning of 2025. This indicates consistent efficiency in managing the cost of goods sold relative to revenue.
- Operating profit margin
- The operating profit margin experienced noticeable variability throughout the timeframe. Initially, it peaked around 29% toward the end of 2020, followed by a gradual decline reaching a low near 20.6% by late 2024. However, there is a rebound toward the end, climbing back to approximately 24.55% by the first quarter of 2025. This pattern suggests fluctuations in operational efficiency or changes in operating expenses impacting profitability margins.
- Net profit margin
- The net profit margin displayed moderate oscillation but generally remained in the range of 21% to 25%. It showed an increase during early 2021, peaking at about 25.7%, then experienced a decrease and stabilized around 22% to 24% in subsequent quarters. The margin trend indicates a degree of variability in after-tax profitability but overall steady performance.
- Return on equity (ROE)
- Return on equity demonstrated strong but somewhat volatile performance. It started around 40.14% in early 2020, dipped to the mid-30% range during mid-2020, then recovered to above 42% in early 2022. Thereafter, there were fluctuations mostly in the 39% to 42% range, with a slight dip below 40% toward late 2024 before a recovery above 41% by the first quarter of 2025. These variations imply changing effectiveness in generating returns on shareholder equity, possibly influenced by earnings variability or equity base changes.
- Return on assets (ROA)
- The return on assets illustrated a general upward trend over the period. Starting from approximately 8.87% in early 2020, it increased steadily with some minor fluctuations, reaching around 10.6% by the end of 2024 and early 2025. This improvement reflects better utilization of assets in generating profits over time, suggesting enhanced operational efficiency or asset management.
Return on Sales
Return on Investment
Gross Profit Margin
Coca-Cola Co., gross profit margin calculation (quarterly data)
| 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 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Gross profit | 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) | 5,376) | 6,065) | 6,342) | 5,515) | 5,033) | 5,181) | 4,137) | 5,230) | |||||||
| Net operating revenues | 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) | 9,464) | 10,042) | 10,129) | 9,020) | 8,611) | 8,652) | 7,150) | 8,601) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | 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% | 60.27% | 60.72% | 60.61% | 59.42% | 59.31% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | 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% | 39.19% | 39.82% | 40.44% | 40.43% | 39.30% | — | — | — | |||||||
| PepsiCo Inc. | 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% | 53.35% | 53.87% | 54.23% | 54.65% | 54.82% | — | — | — | |||||||
| Philip Morris International Inc. | 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% | 68.06% | 68.14% | 68.02% | 67.59% | 66.65% | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Q1 2025 Calculation
Gross profit margin = 100
× (Gross profitQ1 2025
+ Gross profitQ4 2024
+ Gross profitQ3 2024
+ Gross profitQ2 2024)
÷ (Net operating revenuesQ1 2025
+ Net operating revenuesQ4 2024
+ Net operating revenuesQ3 2024
+ Net operating revenuesQ2 2024)
= 100 × (6,966 + 6,931 + 7,190 + 7,551)
÷ (11,129 + 11,544 + 11,854 + 12,363)
= 61.07%
2 Click competitor name to see calculations.
- Gross Profit
- The gross profit exhibits noticeable fluctuations over the observed periods, with a general upward trend from 2020 through mid-2023. Following a decline in the second quarter of 2020, gross profit recovered significantly by 2021, reaching peaks around the third quarter of 2023. Subsequently, a decline is evident toward the end of 2023 and early 2024, followed by some stabilization in the most recent quarters. The fluctuations suggest some variability in cost management or sales volume, with recovery phases after initial declines.
- Net Operating Revenues
- Net operating revenues demonstrate a similar pattern to gross profit, starting from a dip in mid-2020 and then steadily increasing until mid-2023. The highest revenue figures occur around the middle of 2023, after which revenues ease slightly toward the end of 2023 and into 2024. Although some quarter-to-quarter volatility is present, the overall pattern shows recovery and growth beyond the pandemic impact period, suggesting strengthening sales performance and market demand across the timeframe.
- Gross Profit Margin
- The gross profit margin data, available from the end of 2020 onward, shows consistent stability with a slight progressive increase over time. Starting at just above 59%, it remains near 60% throughout 2021 and early 2022, then dips slightly below 59% during late 2022 but recovers thereafter. From early 2023, the margin steadily improves, reaching slightly above 61% by the end of 2024. This trend indicates improving cost efficiency or pricing power relative to revenues over the analyzed period.
- Overall Insights
- The financial data reflects resilience and a capacity for recovery following the initial disruptions observed around early 2020. Both gross profit and net operating revenues exhibit growth trajectories with some cyclicality, which may be attributable to market conditions or seasonal effects. The gross profit margin shows a positive dynamic, signaling effective cost controls and potentially favorable product mix or pricing strategies. However, the downturn in gross profit and revenues toward late 2023 and early 2024 warrants attention, suggesting possible market or operational challenges during those quarters.
Operating Profit Margin
Coca-Cola Co., operating profit margin calculation (quarterly data)
| 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 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating income | 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) | 1,672) | 2,898) | 3,016) | 2,722) | 2,338) | 2,298) | 1,981) | 2,380) | |||||||
| Net operating revenues | 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) | 9,464) | 10,042) | 10,129) | 9,020) | 8,611) | 8,652) | 7,150) | 8,601) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | 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% | 26.67% | 29.03% | 28.49% | 27.93% | 27.25% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | 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% | 16.20% | 16.21% | 15.94% | 15.79% | 14.50% | — | — | — | |||||||
| PepsiCo Inc. | 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% | 14.04% | 14.90% | 15.12% | 14.68% | 14.32% | — | — | — | |||||||
| Philip Morris International Inc. | 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% | 41.32% | 42.07% | 42.31% | 42.31% | 40.66% | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Q1 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ (Net operating revenuesQ1 2025
+ Net operating revenuesQ4 2024
+ Net operating revenuesQ3 2024
+ Net operating revenuesQ2 2024)
= 100 × (3,659 + 2,709 + 2,510 + 2,632)
÷ (11,129 + 11,544 + 11,854 + 12,363)
= 24.55%
2 Click competitor name to see calculations.
The quarterly financial data reveals fluctuations across the key financial metrics over the observed periods.
- Operating Income (US$ in millions)
- The operating income demonstrates considerable variability over the quarters. Initially, there is a decline from 2,380 million to 1,981 million, followed by a moderate recovery to 2,338 million in late 2020. The first half of 2021 shows a rising trend, peaking at 3,016 million. However, this is succeeded by a sharp drop to 1,672 million in the final quarter of 2021. Throughout 2022 and early 2023, operating income generally increases with some volatility, reaching highs above 3,300 million. In 2024 and early 2025, the metric stabilizes in the range of approximately 2,100 to 3,600 million, showing strong performance towards the end of 2024 and early 2025.
- Net Operating Revenues (US$ in millions)
- Net operating revenues show a cyclical pattern with an overall upward trajectory. The initial quarters in 2020 reflect lower revenue levels around 7,150 to 8,652 million, followed by steady recovery and expansion through 2021, reaching peaks above 10,000 million. The years 2022 to 2023 maintain a generally upward trend with revenues fluctuating between 10,100 and 11,972 million. Subsequently, the data from 2024 to early 2025 indicate consolidation with revenues primarily between 11,129 and 12,363 million, suggesting sustained demand and expansion.
- Operating Profit Margin (%)
- The operating profit margin exhibits a declining trend over the period. The earliest available margin in late 2020 starts in the high 20% range, around 27.25% to 29.03%. Moving through 2021 to 2023, there is a gradual decrease with margins mostly in the mid-20% range, around 24.5% to 25.5%. In 2024, margins decline further, dropping to the low 20% range, with values between approximately 20.6% and 22.2%. By early 2025, there is a slight rebound to about 24.55%, indicating some recovery in profitability relative to revenues.
Overall, the financial data indicates that while net operating revenues have generally increased over the observed quarters, operating income has shown volatility with periods of sharp declines and recoveries. The operating profit margin has been gradually compressing, reflecting margin pressures despite revenue growth. The fluctuations in operating income alongside a declining margin suggest challenges in cost management or other expense increases affecting profitability. Nevertheless, a modest improvement in margin towards the end of the timeline may indicate the beginning of operational efficiency gains.
Net Profit Margin
Coca-Cola Co., net profit margin calculation (quarterly data)
| 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 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income attributable to shareowners of The Coca-Cola Company | 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) | 2,414) | 2,471) | 2,641) | 2,245) | 1,456) | 1,737) | 1,779) | 2,775) | |||||||
| Net operating revenues | 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) | 9,464) | 10,042) | 10,129) | 9,020) | 8,611) | 8,652) | 7,150) | 8,601) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | 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% | 25.28% | 23.31% | 22.19% | 21.59% | 23.47% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | 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% | 14.97% | 15.70% | 15.49% | 13.94% | 13.37% | — | — | — | |||||||
| PepsiCo Inc. | 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% | 9.59% | 10.62% | 11.01% | 10.51% | 10.12% | — | — | — | |||||||
| Philip Morris International Inc. | 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% | 29.00% | 29.25% | 29.51% | 29.69% | 28.08% | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Q1 2025 Calculation
Net profit margin = 100
× (Net income attributable to shareowners of The Coca-Cola CompanyQ1 2025
+ Net income attributable to shareowners of The Coca-Cola CompanyQ4 2024
+ Net income attributable to shareowners of The Coca-Cola CompanyQ3 2024
+ Net income attributable to shareowners of The Coca-Cola CompanyQ2 2024)
÷ (Net operating revenuesQ1 2025
+ Net operating revenuesQ4 2024
+ Net operating revenuesQ3 2024
+ Net operating revenuesQ2 2024)
= 100 × (3,330 + 2,195 + 2,848 + 2,411)
÷ (11,129 + 11,544 + 11,854 + 12,363)
= 23.00%
2 Click competitor name to see calculations.
The financial metrics under review exhibit distinct patterns over the observed periods. The analysis focuses primarily on net income attributable to shareowners, net operating revenues, and net profit margin percentages.
- Net Income Attributable to Shareowners
- The net income figures demonstrate notable volatility across the quarters. Initial data shows a sharp decline from $2,775 million in March 2020 to $1,456 million by December 2020, reflecting a considerable contraction within that year. Subsequently, a recovery phase is apparent, peaking at $3,330 million by March 2025, the highest in the series. Despite this upward trend, intra-year fluctuations are present, with periodic declines noticeably occurring during some quarters within each year.
- Net Operating Revenues
- Operating revenues also fluctuate over the reported periods, beginning at $8,601 million in March 2020, dipping to $7,150 million in June 2020, and then experiencing a general upward trajectory, achieving $11,129 million by March 2025. This indicates a recovery and growth in revenue generation over time. However, revenues do not increase steadily; some quarters show slight decreases or plateaus, suggesting seasonality or market dynamics affecting sales.
- Net Profit Margin
- The net profit margin percentages, available from late 2020 onward, range mainly between 21.59% and 25.69%. The margins indicate a relatively stable profitability level, consistently exceeding 21% across all reported quarters. The highest margin occurred in July 2022 at 25.69%, while the lowest was around 21.59% in April 2021. Margins generally hover around 22-24%, demonstrating maintained efficiency in managing expenses relative to revenues.
Overall, the company shows signs of recovering from earlier downturns in early 2020, with improving profitability and revenue growth trends. Despite evident quarterly variability, the longer-term outlook suggests strengthening financial performance marked by increasing net income and revenues, coupled with stable profit margins. This indicates effective operational control and potential growth in market demand or pricing power. Nonetheless, the significant short-term fluctuations highlight the need for continuous monitoring of quarterly results to understand underlying factors influencing performance.
Return on Equity (ROE)
Coca-Cola Co., ROE calculation (quarterly data)
| Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income attributable to shareowners of The Coca-Cola Company | 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) | 2,414) | 2,471) | 2,641) | 2,245) | 1,456) | 1,737) | 1,779) | 2,775) | |||||||
| Equity attributable to shareowners of The Coca-Cola Company | 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) | 22,999) | 22,179) | 22,249) | 20,355) | 19,299) | 18,607) | 17,484) | 18,158) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | 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% | 42.48% | 39.74% | 36.31% | 35.46% | 40.14% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | 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% | 15.21% | 16.08% | 15.66% | 13.96% | 12.89% | — | — | — | |||||||
| PepsiCo Inc. | 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% | 47.48% | 51.29% | 53.65% | 53.75% | 52.92% | — | — | — | |||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Q1 2025 Calculation
ROE = 100
× (Net income attributable to shareowners of The Coca-Cola CompanyQ1 2025
+ Net income attributable to shareowners of The Coca-Cola CompanyQ4 2024
+ Net income attributable to shareowners of The Coca-Cola CompanyQ3 2024
+ Net income attributable to shareowners of The Coca-Cola CompanyQ2 2024)
÷ Equity attributable to shareowners of The Coca-Cola Company
= 100 × (3,330 + 2,195 + 2,848 + 2,411)
÷ 26,202 = 41.16%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable fluctuations and overall trends in net income, equity, and return on equity (ROE) for the periods reported.
- Net Income Attributable to Shareowners
- The net income figures exhibit significant variability across the quarters. Initially, a peak of 2,775 million USD was observed, followed by a notable decline to a low of 1,456 million USD by the end of the first full year measured. Subsequently, net income shows a recovery trend with fluctuations, reaching another high point of 3,330 million USD in the most recent quarter. The pattern indicates volatility likely influenced by external market conditions or internal operational factors, with a general upward trajectory over the multi-year span.
- Equity Attributable to Shareowners
- Equity shows a gradual increase over the period analyzed, starting at 18,158 million USD and growing to a level above 26,000 million USD in several quarters before slightly declining towards the end. This suggests steady capital accumulation and retention of earnings despite the variability seen in net income. The equity base remains robust and exhibits resilience, supporting the company's financial stability.
- Return on Equity (ROE)
- The ROE data, available from the fourth quarter of 2020 onwards, generally hovers between approximately 35% and 43%. This indicates a strong rate of return on shareholders' equity with relatively minor fluctuations. Peaks near 43.5% and troughs around 35.5% suggest that profitability relative to equity remained consistently strong over the quarters. The stability in ROE despite net income volatility implies effective management of equity and operations to maintain shareholder returns.
In summary, the company demonstrates a resilient equity base and consistently high ROE, while net income displays quarter-to-quarter volatility. The overall financial performance suggests effective equity utilization and periods of strong profitability, balanced by intervals of reduced income that may warrant further investigation to understand underlying causes.
Return on Assets (ROA)
Coca-Cola Co., ROA calculation (quarterly data)
| 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 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income attributable to shareowners of The Coca-Cola Company | 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) | 2,414) | 2,471) | 2,641) | 2,245) | 1,456) | 1,737) | 1,779) | 2,775) | |||||||
| Total assets | 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) | 94,354) | 90,606) | 90,194) | 89,993) | 87,296) | 97,184) | 94,689) | 94,013) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | 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% | 10.36% | 9.73% | 8.96% | 8.02% | 8.87% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | 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% | 6.41% | 6.61% | 6.49% | 5.70% | 5.24% | — | — | — | |||||||
| PepsiCo Inc. | 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% | 8.25% | 8.73% | 8.88% | 8.22% | 7.66% | — | — | — | |||||||
| Philip Morris International Inc. | 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% | 22.06% | 21.62% | 21.81% | 21.73% | 17.98% | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Q1 2025 Calculation
ROA = 100
× (Net income attributable to shareowners of The Coca-Cola CompanyQ1 2025
+ Net income attributable to shareowners of The Coca-Cola CompanyQ4 2024
+ Net income attributable to shareowners of The Coca-Cola CompanyQ3 2024
+ Net income attributable to shareowners of The Coca-Cola CompanyQ2 2024)
÷ Total assets
= 100 × (3,330 + 2,195 + 2,848 + 2,411)
÷ 101,716 = 10.60%
2 Click competitor name to see calculations.
The analyzed financial data reveals several notable patterns and trends concerning profitability and asset management over the reported periods.
- Net Income
-
Net income attributable to shareowners demonstrates a fluctuating pattern with periods of increase and decline. Starting at $2,775 million in March 2020, it declines to a low of $1,456 million by December 2020, possibly reflecting adverse conditions during that timeframe. Subsequently, the net income experiences a recovery and notable growth phases, attaining a peak of $3,330 million by March 2025. Despite intermittent decreases, the general trend indicates improving profitability over the longer term.
- Total Assets
-
Total assets show moderate variability but with a general upward trajectory. Beginning at approximately $94,013 million in March 2020, assets fluctuate slightly before rising steadily post-2022, peaking at about $106,266 million in December 2024. This growth indicates potential asset acquisitions, investments, or revaluations sustained over the period, reflecting a strengthening asset base.
- Return on Assets (ROA)
-
Return on Assets presents a consistent and positive trend, with initial missing data followed by values starting at 8.87% in April 2021. Throughout the periods, ROA progressively improves, reaching above 10% consistently from mid-2021 onward, with the highest observed at 11.04% in December 2023. This suggests enhanced efficiency in utilizing assets to generate net income, correlating with the upward trend observed in profitability.
In summary, the data suggests that despite early challenges in profitability during 2020, there has been a steady improvement in net income and asset efficiency. Total assets have expanded moderately, and the return on assets has increased, indicating effective management of resources and a strengthening financial position over the analyzed timeline.