Analysis of Reportable Segments
Coca-Cola Co. operates in 6 segments: Europe, Middle East and Africa; Latin America; North America; Asia Pacific; Global Ventures; and Bottling Investments.
Segment Profit Margin
Coca-Cola Co., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 50.79% | 52.02% | 52.61% | 53.12% | 55.79% |
| Latin America | 58.52% | 58.87% | 58.45% | 61.36% | 57.19% |
| North America | 23.25% | 26.44% | 23.87% | 23.81% | 21.78% |
| Asia Pacific | 38.73% | 37.40% | 42.30% | 44.42% | 45.70% |
| Global Ventures | 11.47% | 10.74% | 6.51% | 11.05% | -6.03% |
| Bottling Investments | 7.97% | 7.35% | 6.17% | 22.16% | 14.33% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe, Middle East and Africa | Europe, Middle East and Africa segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Latin America | Latin America segment profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. | |
| North America | North America segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. | |
| Asia Pacific | Asia Pacific segment profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. | |
| Global Ventures | Global Ventures segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. | |
| Bottling Investments | Bottling Investments segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Europe, Middle East and Africa
Coca-Cola Co.; Europe, Middle East and Africa; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 4,125) | 4,202) | 3,958) | 3,821) | 3,379) |
| Net operating revenues | 8,122) | 8,078) | 7,523) | 7,193) | 6,057) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 50.79% | 52.02% | 52.61% | 53.12% | 55.79% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × 4,125 ÷ 8,122 = 50.79%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe, Middle East and Africa | Europe, Middle East and Africa segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Latin America
Coca-Cola Co.; Latin America; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 3,780) | 3,432) | 2,870) | 2,542) | 2,001) |
| Net operating revenues | 6,459) | 5,830) | 4,910) | 4,143) | 3,499) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 58.52% | 58.87% | 58.45% | 61.36% | 57.19% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × 3,780 ÷ 6,459 = 58.52%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Latin America | Latin America segment profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
Segment Profit Margin: North America
Coca-Cola Co.; North America; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 4,336) | 4,435) | 3,742) | 3,140) | 2,500) |
| Net operating revenues | 18,649) | 16,774) | 15,674) | 13,190) | 11,477) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 23.25% | 26.44% | 23.87% | 23.81% | 21.78% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × 4,336 ÷ 18,649 = 23.25%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America | North America segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Segment Profit Margin: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 2,148) | 2,040) | 2,303) | 2,350) | 2,158) |
| Net operating revenues | 5,546) | 5,455) | 5,445) | 5,291) | 4,722) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 38.73% | 37.40% | 42.30% | 44.42% | 45.70% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × 2,148 ÷ 5,546 = 38.73%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Asia Pacific | Asia Pacific segment profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Segment Profit Margin: Global Ventures
Coca-Cola Co.; Global Ventures; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 359) | 329) | 185) | 310) | (120) |
| Net operating revenues | 3,129) | 3,064) | 2,843) | 2,805) | 1,991) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 11.47% | 10.74% | 6.51% | 11.05% | -6.03% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × 359 ÷ 3,129 = 11.47%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Global Ventures | Global Ventures segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 496) | 578) | 487) | 1,596) | 898) |
| Net operating revenues | 6,223) | 7,860) | 7,891) | 7,203) | 6,265) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 7.97% | 7.35% | 6.17% | 22.16% | 14.33% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × 496 ÷ 6,223 = 7.97%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Bottling Investments | Bottling Investments segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Capital Expenditures to Depreciation
Coca-Cola Co., capital expenditures to depreciation by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 0.32 | 0.73 | 0.79 | 0.46 | 0.31 |
| Latin America | 0.03 | 0.02 | 0.10 | 0.05 | 0.13 |
| North America | 1.85 | 1.33 | 0.85 | 0.59 | 0.41 |
| Asia Pacific | 0.40 | 0.46 | 0.38 | 1.33 | 0.43 |
| Global Ventures | 1.65 | 1.50 | 1.28 | 2.11 | 2.14 |
| Bottling Investments | 2.30 | 2.17 | 1.60 | 1.06 | 0.86 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Europe, Middle East and Africa | Europe, Middle East and Africa segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Latin America | Latin America segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. | |
| North America | North America segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. | |
| Asia Pacific | Asia Pacific segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. | |
| Global Ventures | Global Ventures segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. | |
| Bottling Investments | Bottling Investments segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Capital Expenditures to Depreciation: Europe, Middle East and Africa
Coca-Cola Co.; Europe, Middle East and Africa; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 18) | 43) | 50) | 35) | 27) |
| Depreciation and amortization | 57) | 59) | 63) | 76) | 86) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.32 | 0.73 | 0.79 | 0.46 | 0.31 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 18 ÷ 57 = 0.32
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Europe, Middle East and Africa | Europe, Middle East and Africa segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Capital Expenditures to Depreciation: Latin America
Coca-Cola Co.; Latin America; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 1) | 1) | 4) | 2) | 6) |
| Depreciation and amortization | 29) | 48) | 39) | 39) | 45) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.03 | 0.02 | 0.10 | 0.05 | 0.13 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 1 ÷ 29 = 0.03
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Latin America | Latin America segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Segment Capital Expenditures to Depreciation: North America
Coca-Cola Co.; North America; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 602) | 412) | 280) | 228) | 182) |
| Depreciation and amortization | 325) | 310) | 330) | 388) | 439) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.85 | 1.33 | 0.85 | 0.59 | 0.41 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 602 ÷ 325 = 1.85
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | North America | North America segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Capital Expenditures to Depreciation: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 18) | 23) | 22) | 65) | 20) |
| Depreciation and amortization | 45) | 50) | 58) | 49) | 47) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.40 | 0.46 | 0.38 | 1.33 | 0.43 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 18 ÷ 45 = 0.40
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Asia Pacific | Asia Pacific segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
Segment Capital Expenditures to Depreciation: Global Ventures
Coca-Cola Co.; Global Ventures; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 204) | 192) | 179) | 285) | 261) |
| Depreciation and amortization | 124) | 128) | 140) | 135) | 122) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.65 | 1.50 | 1.28 | 2.11 | 2.14 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 204 ÷ 124 = 1.65
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Global Ventures | Global Ventures segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Capital Expenditures to Depreciation: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 734) | 843) | 697) | 560) | 474) |
| Depreciation and amortization | 319) | 389) | 435) | 529) | 551) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.30 | 2.17 | 1.60 | 1.06 | 0.86 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 734 ÷ 319 = 2.30
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Bottling Investments | Bottling Investments segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
Net operating revenues
Coca-Cola Co., net operating revenues by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 8,122) | 8,078) | 7,523) | 7,193) | 6,057) |
| Latin America | 6,459) | 5,830) | 4,910) | 4,143) | 3,499) |
| North America | 18,649) | 16,774) | 15,674) | 13,190) | 11,477) |
| Asia Pacific | 5,546) | 5,455) | 5,445) | 5,291) | 4,722) |
| Global Ventures | 3,129) | 3,064) | 2,843) | 2,805) | 1,991) |
| Bottling Investments | 6,223) | 7,860) | 7,891) | 7,203) | 6,265) |
| Corporate | 97) | 126) | 94) | 85) | 46) |
| Eliminations | (1,164) | (1,433) | (1,376) | (1,255) | (1,043) |
| Consolidated | 47,061) | 45,754) | 43,004) | 38,655) | 33,014) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Operating income (loss)
Coca-Cola Co., operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 4,125) | 4,202) | 3,958) | 3,821) | 3,379) |
| Latin America | 3,780) | 3,432) | 2,870) | 2,542) | 2,001) |
| North America | 4,336) | 4,435) | 3,742) | 3,140) | 2,500) |
| Asia Pacific | 2,148) | 2,040) | 2,303) | 2,350) | 2,158) |
| Global Ventures | 359) | 329) | 185) | 310) | (120) |
| Bottling Investments | 496) | 578) | 487) | 1,596) | 898) |
| Corporate | (5,252) | (3,705) | (2,636) | (1,334) | (1,067) |
| Consolidated | 9,992) | 11,311) | 10,909) | 12,425) | 9,749) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Capital expenditures
Coca-Cola Co., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 18) | 43) | 50) | 35) | 27) |
| Latin America | 1) | 1) | 4) | 2) | 6) |
| North America | 602) | 412) | 280) | 228) | 182) |
| Asia Pacific | 18) | 23) | 22) | 65) | 20) |
| Global Ventures | 204) | 192) | 179) | 285) | 261) |
| Bottling Investments | 734) | 843) | 697) | 560) | 474) |
| Corporate | 487) | 338) | 252) | 192) | 207) |
| Consolidated | 2,064) | 1,852) | 1,484) | 1,367) | 1,177) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Depreciation and amortization
Coca-Cola Co., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 57) | 59) | 63) | 76) | 86) |
| Latin America | 29) | 48) | 39) | 39) | 45) |
| North America | 325) | 310) | 330) | 388) | 439) |
| Asia Pacific | 45) | 50) | 58) | 49) | 47) |
| Global Ventures | 124) | 128) | 140) | 135) | 122) |
| Bottling Investments | 319) | 389) | 435) | 529) | 551) |
| Corporate | 176) | 144) | 195) | 236) | 246) |
| Consolidated | 1,075) | 1,128) | 1,260) | 1,452) | 1,536) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).