Analysis of Reportable Segments
Coca-Cola Co. operates in 5 segments: Europe, Middle East and Africa (EMEA); Latin America; North America; Asia Pacific; and Bottling Investments.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Segment Profit Margin
Coca-Cola Co., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa (EMEA) | |||||
| Latin America | |||||
| North America | |||||
| Asia Pacific | |||||
| Bottling Investments |
Based on: 10-K (reporting date: 2025-12-31), 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).
Segment profit margins exhibited varied performance across the reporting periods. Overall, a trend of margin compression is evident in several key regions, while others demonstrate relative stability or modest improvement. The Bottling Investments segment consistently reports the lowest margins and experienced significant volatility.
- Europe, Middle East and Africa (EMEA)
- The EMEA segment experienced a consistent, albeit gradual, decline in profit margin from 41.32% in 2021 to 37.33% in 2025. This represents a decrease of approximately 3.99 percentage points over the five-year period, suggesting increasing cost pressures or pricing challenges within this region.
- Latin America
- The Latin America segment maintained relatively strong and stable profit margins throughout the observed period, fluctuating between 58.45% and 61.36%. A slight upward trend is discernible, with the margin increasing from 58.45% in 2022 to 59.08% in 2025, indicating resilience and potential pricing power in this market.
- North America
- North America demonstrated the most significant fluctuation in profit margin. An initial increase from 23.81% in 2021 to 27.30% in 2023 was followed by a decline to 24.15% in 2024 and a subsequent recovery to 25.89% in 2025. This volatility suggests sensitivity to regional economic conditions or specific promotional activities.
- Asia Pacific
- The Asia Pacific segment experienced a notable decline in profit margin, decreasing from 44.42% in 2021 to 36.22% in 2025. This represents a substantial decrease of 8.2 percentage points, potentially indicating increased competition or rising input costs within the region. A modest recovery was observed between 2024 and 2025.
- Bottling Investments
- The Bottling Investments segment exhibited the lowest profit margins and the greatest degree of volatility. Margins increased significantly from 6.17% in 2022 to 7.97% in 2024, but then decreased slightly to 7.43% in 2025. The initial low margin in 2022 suggests potential restructuring or underperformance, while subsequent improvements may reflect operational efficiencies. However, margins remain considerably lower than other segments.
In summary, while Latin America demonstrates consistent profitability, EMEA and Asia Pacific experienced downward trends in segment profit margins. North America showed volatility, and Bottling Investments consistently reported the lowest margins with significant fluctuations. These trends warrant further investigation to understand the underlying drivers and potential implications for overall company performance.
Segment Profit Margin: Europe, Middle East and Africa (EMEA)
Coca-Cola Co.; Europe, Middle East and Africa (EMEA); segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Net operating revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × ÷ =
The segment performance for Europe, Middle East and Africa (EMEA) demonstrates a generally declining profit margin trend over the five-year period. While operating income and net operating revenues have both increased in absolute terms, the rate of revenue growth has outpaced that of operating income, resulting in margin compression.
- Operating Income
- Operating income exhibited modest fluctuations. It increased from US$4,131 million in 2021 to US$4,143 million in 2022, then rose to US$4,323 million in 2023. A slight decrease to US$4,255 million was observed in 2024, followed by a recovery to US$4,298 million in 2025. Overall, the growth in operating income was relatively stable but not substantial.
- Net Operating Revenues
- Net operating revenues consistently increased throughout the period, moving from US$9,998 million in 2021 to US$11,513 million in 2025. The largest year-over-year increase occurred between 2024 and 2025, with an increase of US$555 million. This indicates a strengthening top line performance within the segment.
- Segment Profit Margin
- The segment profit margin experienced a consistent downward trend. Starting at 41.32% in 2021, it decreased to 39.97% in 2022 and 39.89% in 2023. The decline accelerated in 2024, falling to 38.83%, and continued in 2025, reaching 37.33%. This suggests increasing cost pressures or pricing challenges within the EMEA segment relative to revenue growth. The consistent decline warrants further investigation into the underlying drivers, such as input costs, competitive landscape, and promotional activities.
In summary, the EMEA segment demonstrates revenue growth, but this growth is not translating into proportional increases in profitability. The declining segment profit margin is a key area of concern and requires further analysis to determine the sustainability of the segment’s performance.
Segment Profit Margin: Latin America
Coca-Cola Co.; Latin America; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Net operating revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × ÷ =
The Latin America segment demonstrated consistent growth in both operating income and net operating revenues between 2021 and 2024. While 2025 saw a slight decrease in net operating revenues, operating income remained relatively stable. The segment profit margin exhibited a generally stable pattern over the five-year period, fluctuating within a narrow range.
- Operating Income
- Operating income increased from US$2,542 million in 2021 to US$3,792 million in 2024, representing a growth of approximately 49.2%. A minor decrease to US$3,742 million was observed in 2025. This indicates a strong overall performance with a slight leveling off in the most recent year.
- Net Operating Revenues
- Net operating revenues followed an upward trajectory, rising from US$4,143 million in 2021 to US$6,471 million in 2024, a growth of approximately 56.5%. Revenues experienced a slight contraction in 2025, decreasing to US$6,334 million. This suggests continued market expansion, though potentially facing increased competition or economic headwinds in the latest period.
- Segment Profit Margin
- The segment profit margin began at 61.36% in 2021. It decreased to 58.45% in 2022, then stabilized, fluctuating between 58.60% and 59.08% from 2023 to 2025. This indicates a consistent ability to convert revenue into profit, despite the revenue growth and minor operating income fluctuation. The initial decrease in 2022 warrants further investigation to determine the underlying causes, but the subsequent stability suggests these were addressed.
Overall, the Latin America segment has shown robust financial performance. The slight revenue decline in 2025, coupled with stable operating income, suggests effective cost management or a shift in product mix. Continued monitoring of these trends is recommended to assess the long-term sustainability of the segment’s profitability.
Segment Profit Margin: North America
Coca-Cola Co.; North America; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Net operating revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × ÷ =
The North America segment demonstrated a generally positive trajectory in financial performance between 2021 and 2025. Operating income and net operating revenues both increased over the five-year period, contributing to fluctuations in the segment profit margin.
- Operating Income
- Operating income for the North America segment increased from US$3,140 million in 2021 to US$5,070 million in 2025. Growth was consistent from 2021 to 2023, with a slight decrease in 2024 before resuming growth in 2025. This indicates a generally strengthening operational performance within the segment.
- Net Operating Revenues
- Net operating revenues exhibited a steady upward trend, rising from US$13,190 million in 2021 to US$19,586 million in 2025. The rate of increase was relatively consistent year-over-year, suggesting sustained demand and effective revenue generation strategies.
- Segment Profit Margin
- The segment profit margin initially remained relatively stable, at 23.81% in 2021 and 23.87% in 2022. A significant increase was observed in 2023, reaching 27.30%, indicating improved profitability relative to revenue. The margin experienced a decline in 2024 to 24.15%, potentially due to increased costs or pricing pressures. However, the margin recovered in 2025, reaching 25.89%, suggesting a return to stronger profitability. The overall trend suggests an ability to manage costs and pricing effectively, though with some year-over-year variability.
In summary, the North America segment experienced growth in both revenue and operating income. While the segment profit margin experienced some fluctuation, it generally improved over the period, demonstrating a positive trend in profitability.
Segment Profit Margin: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Net operating revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × ÷ =
The Asia Pacific segment demonstrated fluctuating performance between 2021 and 2025. While net operating revenues generally increased over the period, operating income experienced more volatility, resulting in a declining segment profit margin trend overall.
- Operating Income
- Operating income for the Asia Pacific segment began at US$2,350 million in 2021. A slight decrease was observed in 2022, falling to US$2,303 million. This was followed by a more substantial decline to US$2,057 million in 2023. A modest recovery occurred in 2024, with operating income reaching US$2,156 million, but this was not sustained, as it decreased again to US$2,042 million in 2025.
- Net Operating Revenues
- Net operating revenues exhibited a consistent upward trend throughout the five-year period. Starting at US$5,291 million in 2021, revenues increased to US$5,445 million in 2022, and continued to rise to US$5,542 million in 2023. Further growth was seen in 2024, reaching US$5,594 million, culminating in US$5,638 million in 2025. The rate of revenue growth appeared to slow in the later years of the period.
- Segment Profit Margin
- The segment profit margin began at 44.42% in 2021. It decreased to 42.30% in 2022, and experienced a more significant decline to 37.12% in 2023. A slight improvement was noted in 2024, with the margin increasing to 38.54%, but it subsequently decreased to 36.22% in 2025. This indicates a general downward trend in profitability relative to revenue within the Asia Pacific segment, despite increasing revenue figures.
The divergence between revenue growth and operating income suggests increasing cost pressures or pricing challenges within the Asia Pacific segment. Further investigation into the underlying drivers of these trends would be warranted.
Segment Profit Margin: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Net operating revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net operating revenues
= 100 × ÷ =
The Bottling Investments segment experienced significant fluctuations in financial performance between 2021 and 2025. Operating income decreased substantially from 2021 to 2022, followed by a period of moderate recovery and subsequent decline. Net operating revenues mirrored this pattern, initially increasing before decreasing over the latter part of the analyzed period. The segment profit margin, while volatile, demonstrated an overall stabilization towards the end of the period.
- Operating Income
- Operating income began at US$1,596 million in 2021, representing the highest value within the observed timeframe. A sharp decrease was noted in 2022, falling to US$487 million. A recovery occurred in 2023, reaching US$578 million, but this momentum was not sustained. Operating income declined to US$496 million in 2024 and further to US$426 million in 2025, indicating a renewed downward trend.
- Net Operating Revenues
- Net operating revenues increased from US$7,203 million in 2021 to US$7,891 million in 2022, suggesting initial growth. Revenues remained relatively stable in 2023 at US$7,860 million. However, a consistent decline was observed in 2024 and 2025, with revenues decreasing to US$6,223 million and US$5,735 million respectively. This suggests potential challenges in maintaining sales volume or pricing within the segment.
- Segment Profit Margin
- The segment profit margin experienced the most dramatic shift in 2022, decreasing significantly from 22.16% in 2021 to 6.17%. A partial recovery was seen in 2023, with the margin increasing to 7.35%, and continued into 2024, reaching 7.97%. The margin experienced a slight decrease in 2025, settling at 7.43%. While the margin did not return to the levels observed in 2021, it demonstrated a degree of stabilization between 7.35% and 7.97% over the final three years of the period.
The divergence between revenue and operating income trends suggests potential pressures on cost structure or pricing power within the Bottling Investments segment. Further investigation into the underlying drivers of these fluctuations would be warranted.
Segment Capital Expenditures to Depreciation
Coca-Cola Co., capital expenditures to depreciation by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa (EMEA) | |||||
| Latin America | |||||
| North America | |||||
| Asia Pacific | |||||
| Bottling Investments |
Based on: 10-K (reporting date: 2025-12-31), 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).
The relationship between segment capital expenditures and depreciation exhibits varied trends across the reporting periods and geographic regions. Significant fluctuations are observed in several segments, suggesting differing investment and asset utilization strategies.
- Europe, Middle East and Africa (EMEA)
- The EMEA segment demonstrates a generally increasing trend in the ratio of capital expenditures to depreciation, starting at 1.52 and rising to 1.37 over the five-year period. However, a dip to 1.13 in 2022 interrupts this upward trajectory, followed by stabilization around the 1.20-1.37 range. This suggests a period of potentially reduced investment in 2022, followed by a return to more consistent capital spending relative to depreciation.
- Latin America
- The Latin America segment consistently reports the lowest values for this ratio. The ratio remains near zero for most of the period, increasing from 0.05 to 0.06 with minor fluctuations. This indicates minimal capital expenditure relative to depreciation within this segment, potentially suggesting reliance on existing assets or a different investment approach.
- North America
- The North America segment shows the most substantial increase in the ratio. Beginning at 0.59, the ratio rises significantly to 2.05 by 2025. This indicates a growing level of capital investment relative to depreciation, potentially driven by expansion projects, modernization efforts, or increased production capacity. The increase is particularly pronounced between 2022 and 2024.
- Asia Pacific
- The Asia Pacific segment experiences considerable volatility. The ratio declines sharply from 1.33 in 2021 to 0.38 in 2022, remaining low through 2024 before increasing substantially to 1.53 in 2025. This suggests a period of reduced capital spending followed by a renewed investment phase. The large swing indicates potentially project-based capital allocation within this region.
- Bottling Investments
- The Bottling Investments segment exhibits a consistent upward trend from 1.06 to 2.30 between 2021 and 2024, followed by a decrease to 1.75 in 2025. This suggests a period of significant capital expenditure relative to depreciation, potentially related to bottling infrastructure upgrades or expansion, with a slight moderation in investment in the final year. The values are consistently higher than those observed in Latin America and initially lower than those in EMEA and North America.
Overall, the variations in these ratios suggest that capital expenditure strategies are tailored to the specific needs and growth opportunities within each segment. The North America and Bottling Investments segments demonstrate the most significant increases in capital spending relative to depreciation, while Latin America maintains a consistently low ratio.
Segment Capital Expenditures to Depreciation: Europe, Middle East and Africa (EMEA)
Coca-Cola Co.; Europe, Middle East and Africa (EMEA); segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
Segment capital expenditures for Europe, Middle East and Africa decreased from 2021 to 2022, then exhibited relative stability before increasing slightly in the most recent periods. Depreciation and amortization followed a consistent downward trend throughout the analyzed timeframe. Consequently, the segment capital expenditures to depreciation ratio demonstrates fluctuations reflecting the interplay between these two financial items.
- Capital Expenditures
- Capital expenditures began at US$320 million in 2021, declining to US$229 million in 2022. Subsequent years show a relatively stable pattern, ranging between US$222 million and US$237 million from 2023 to 2025. This suggests a potential initial reduction in investment followed by a sustained level of capital spending.
- Depreciation and Amortization
- Depreciation and amortization experienced a steady decrease across the five-year period, moving from US$211 million in 2021 to US$173 million in 2025. This consistent decline could indicate aging assets or changes in the composition of the asset base.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio started at 1.52 in 2021, indicating that capital expenditures were 1.52 times greater than depreciation and amortization. The ratio decreased to 1.13 in 2022, coinciding with the decrease in capital expenditures and the continued decline in depreciation. It then stabilized around 1.23-1.26 for 2023 and 2024 before increasing to 1.37 in 2025. The increase in 2025 suggests a renewed emphasis on capital investment relative to the depreciation of existing assets.
The observed trends suggest a period of adjustment in capital spending followed by a more consistent investment pattern. The decreasing depreciation expense may warrant further investigation to understand its implications for future asset replacement needs.
Segment Capital Expenditures to Depreciation: Latin America
Coca-Cola Co.; Latin America; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
Analysis of capital expenditures and depreciation within the Latin America segment reveals fluctuating investment patterns over the five-year period. Capital expenditures remained relatively low and inconsistent, while depreciation and amortization exhibited more stability, though with a notable decline in the latest reported year. The resulting ratio of segment capital expenditures to depreciation demonstrates a volatile relationship, indicating shifts in the timing and scale of investment relative to the existing asset base.
- Capital Expenditures
- Capital expenditures in the Latin America segment began at US$2 million in 2021, increased to US$4 million in 2022, then decreased significantly to US$1 million in both 2023 and 2024 before rising slightly to US$2 million in 2025. This pattern suggests inconsistent investment, potentially driven by project-based spending or strategic pauses in expansion.
- Depreciation and Amortization
- Depreciation and amortization remained consistently around US$39 million in 2021 and 2022. An increase to US$48 million was observed in 2023, followed by a substantial decrease to US$29 million in 2024, and a partial recovery to US$32 million in 2025. This fluctuation could be attributed to asset disposals, changes in the asset base composition, or revisions in estimated useful lives.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation began at 0.05 in 2021, doubled to 0.10 in 2022, then decreased sharply to 0.02 in 2023. A slight increase to 0.03 was noted in 2024, followed by a further increase to 0.06 in 2025. The low and fluctuating values indicate that capital expenditures represent a small proportion of the segment’s depreciation expense. The increase in 2022 suggests a period of relatively higher investment, while the subsequent declines in 2023 and 2024 indicate a reduced pace of investment relative to the existing asset base. The 2025 value suggests a modest return to investment activity.
The observed trends suggest a dynamic investment environment within the Latin America segment. Further investigation into the specific projects driving capital expenditure fluctuations and the factors influencing depreciation expense would be beneficial for a more comprehensive understanding of the segment’s financial performance.
Segment Capital Expenditures to Depreciation: North America
Coca-Cola Co.; North America; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
Over the five-year period ending December 31, 2025, capital expenditures within the North America segment demonstrated a consistent upward trajectory, while depreciation and amortization exhibited more stability. This resulted in a significant and increasing ratio of segment capital expenditures to depreciation.
- Capital Expenditures
- Capital expenditures increased steadily from US$228 million in 2021 to US$669 million in 2025. The largest single-year increase occurred between 2022 and 2023, rising from US$280 million to US$412 million. Growth continued at a more moderate pace in subsequent years.
- Depreciation and Amortization
- Depreciation and amortization decreased from US$388 million in 2021 to US$310 million in 2023, before stabilizing at US$325 million in 2024 and US$326 million in 2025. The initial decline suggests a potential reduction in the asset base subject to depreciation, or a shift towards assets with longer useful lives.
- Segment Capital Expenditures to Depreciation
- The ratio of segment capital expenditures to depreciation increased substantially throughout the period. Starting at 0.59 in 2021, the ratio rose to 0.85 in 2022, then accelerated to 1.33 in 2023. This upward trend continued, reaching 1.85 in 2024 and culminating at 2.05 in 2025. This indicates that capital investments are increasingly outpacing the depreciation of existing assets within the North America segment.
- The increasing ratio suggests a growing investment in new assets relative to the existing asset base. This could be indicative of expansion plans, modernization efforts, or a strategic shift towards more capital-intensive operations within the North America segment.
The combination of rising capital expenditures and relatively stable depreciation suggests a significant reinvestment cycle is underway within the North America segment. Continued monitoring of these trends will be important to assess the long-term impact on segment performance and overall capital structure.
Segment Capital Expenditures to Depreciation: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The Asia Pacific segment experienced fluctuating capital expenditure patterns relative to depreciation and amortization between 2021 and 2025. Initial levels of capital expenditure were notably higher than depreciation, but this relationship shifted significantly in subsequent years before returning to a higher level in the final year of the observed period.
- Capital Expenditures
- Capital expenditures began at US$65 million in 2021, then decreased substantially to US$22 million in 2022 and remained relatively stable at US$23 million in 2023. A further decrease to US$18 million was observed in 2024, followed by a significant increase to US$72 million in 2025. This indicates a period of reduced investment followed by a substantial reinvestment in the segment’s capital assets.
- Depreciation and Amortization
- Depreciation and amortization exhibited a more moderate trend. It increased from US$49 million in 2021 to US$58 million in 2022, then decreased slightly to US$50 million in 2023 and further to US$45 million in 2024. The value remained relatively consistent at US$47 million in 2025. This suggests a stable asset base undergoing typical depreciation over the period, with minor fluctuations.
- Segment Capital Expenditures to Depreciation
- The ratio of capital expenditures to depreciation began at 1.33 in 2021, indicating that capital investments exceeded the recorded depreciation expense. This ratio declined sharply to 0.38 in 2022 and remained low at 0.46 in 2023 and 0.40 in 2024, suggesting that depreciation was outpacing capital investment during these years. The ratio increased dramatically to 1.53 in 2025, surpassing the initial value and indicating a renewed focus on capital investment relative to the existing asset base. The fluctuations suggest periods of asset utilization without significant replacement, followed by substantial capital reinvestment.
The significant increase in the capital expenditures to depreciation ratio in 2025 warrants further investigation to understand the nature of the investments and their expected impact on future segment performance.
Segment Capital Expenditures to Depreciation: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
Over the five-year period, capital expenditures within the bottling investments segment exhibited fluctuating behavior, while depreciation and amortization demonstrated a consistent downward trend. Consequently, the segment capital expenditures to depreciation ratio increased significantly before stabilizing and then decreasing slightly.
- Capital Expenditures
- Capital expenditures increased from US$560 million in 2021 to US$697 million in 2022, representing a 24.46% increase. Further growth was observed in 2023, reaching US$843 million. However, expenditures decreased to US$734 million in 2024 and continued to decline to US$547 million in 2025. This indicates a potential shift in investment strategy or project completion within the bottling investments segment.
- Depreciation and Amortization
- Depreciation and amortization consistently decreased throughout the period, moving from US$529 million in 2021 to US$313 million in 2025. This suggests a diminishing asset base subject to depreciation, potentially due to fully depreciated assets or asset disposals. The rate of decline slowed between 2024 and 2025.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation increased from 1.06 in 2021 to 1.60 in 2022, and continued to rise substantially to 2.17 in 2023. The ratio peaked at 2.30 in 2024, indicating that capital expenditures were more than 2.3 times the value of depreciation. A slight decrease was observed in 2025, with the ratio falling to 1.75. This suggests that while investment remained significant, the rate of investment relative to depreciation slowed in the most recent year. The initial increase likely reflects a period of substantial investment outpacing the reduction in depreciable assets, while the later stabilization and decline suggest a rebalancing of these factors.
The combined trends suggest a period of significant investment in the bottling investments segment, followed by a potential moderation of that investment as existing assets become fully depreciated or are retired. Further investigation into the nature of these capital expenditures and asset disposals would be beneficial.
Net operating revenues
Coca-Cola Co., net operating revenues by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa (EMEA) | |||||
| Latin America | |||||
| North America | |||||
| Asia Pacific | |||||
| Bottling Investments | |||||
| Operating Segments Total |
Based on: 10-K (reporting date: 2025-12-31), 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).
Net operating revenues demonstrate varied performance across reportable segments between 2021 and 2025. Overall, the Operating Segments Total exhibits a consistent upward trajectory, though the rate of growth fluctuates. North America consistently represents the largest contributor to overall revenue, followed by EMEA and then Latin America.
- North America
- This segment shows the most substantial growth in absolute terms, increasing from US$13,190 million in 2021 to US$19,586 million in 2025. The growth appears relatively steady, with a slight acceleration between 2023 and 2025. This segment’s performance significantly drives the overall revenue trend.
- Europe, Middle East and Africa (EMEA)
- EMEA demonstrates consistent, albeit moderate, growth throughout the period, rising from US$9,998 million to US$11,513 million. The rate of increase is relatively stable, indicating a predictable revenue stream from this region. Growth slowed slightly between 2024 and 2025.
- Latin America
- Latin America experienced significant growth between 2021 and 2023, increasing from US$4,143 million to US$5,834 million. However, revenue decreased slightly in 2025 to US$6,334 million, following a peak of US$6,471 million in 2024. This suggests potential regional economic factors or increased competition impacting performance in the latter years.
- Asia Pacific
- Asia Pacific exhibits the slowest growth among the major geographic segments. Revenues increased modestly from US$5,291 million in 2021 to US$5,638 million in 2025. The incremental gains are minimal, indicating a potentially saturated market or challenges in expanding within this region.
- Bottling Investments
- Bottling Investments show a declining trend over the analyzed period. Starting at US$7,203 million in 2021, revenues decreased to US$5,735 million in 2025. This represents a notable contraction, potentially due to strategic divestitures, changes in bottling agreements, or decreased performance within these investments.
The Operating Segments Total reflects the combined performance of these regions. While the overall trend is positive, the diverging performance of individual segments—particularly the decline in Bottling Investments and the recent stagnation in Latin America—warrants further investigation. The continued strong performance of North America is a key driver of overall revenue growth.
Operating income (loss)
Coca-Cola Co., operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa (EMEA) | |||||
| Latin America | |||||
| North America | |||||
| Asia Pacific | |||||
| Bottling Investments | |||||
| Operating Segments Total |
Based on: 10-K (reporting date: 2025-12-31), 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).
The operating income performance of the reportable segments exhibits varied trends over the five-year period. Overall, operating income demonstrates a general upward trajectory, though fluctuations are present within individual segments.
- Europe, Middle East and Africa (EMEA)
- Operating income for this segment remained relatively stable between 2021 and 2023, fluctuating around US$4.1 to 4.3 billion. A slight decrease was observed in 2024, followed by a modest recovery in 2025, closing at US$4.298 billion. This suggests a mature market with limited significant growth or decline.
- Latin America
- This segment experienced consistent growth in operating income from 2021 to 2023, increasing from US$2.542 billion to US$3.436 billion. Growth slowed in 2024, reaching US$3.792 billion, and experienced a slight decline in 2025 to US$3.742 billion. This indicates a period of strong expansion followed by stabilization, potentially influenced by regional economic factors.
- North America
- North America demonstrates the most substantial growth in operating income over the period. Starting at US$3.140 billion in 2021, it increased significantly to US$4.634 billion in 2023. While a slight decrease occurred in 2024 to US$4.556 billion, the segment continued to grow in 2025, reaching US$5.070 billion. This suggests strong performance and potential market share gains within the region.
- Asia Pacific
- The Asia Pacific segment experienced a decline in operating income from US$2.350 billion in 2021 to US$2.057 billion in 2023. A modest recovery occurred in 2024, reaching US$2.156 billion, but this was not sustained, with a further decrease to US$2.042 billion in 2025. This suggests challenges within the region, potentially related to competition or economic conditions.
- Bottling Investments
- Operating income from Bottling Investments experienced a significant decrease from US$1.596 billion in 2021 to US$487 million in 2022. A partial recovery occurred in 2023 and 2024, reaching US$578 million and US$496 million respectively, but continued to decline in 2025 to US$426 million. This segment’s performance is notably volatile and consistently lower than initial levels.
The total operating income for all segments increased from US$13.759 billion in 2021 to US$15.578 billion in 2025, despite the varying performance of individual segments. The growth is primarily driven by the strong performance of North America and, initially, Latin America. The decline in Asia Pacific and the volatility of Bottling Investments partially offset these gains.
Capital expenditures
Coca-Cola Co., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa (EMEA) | |||||
| Latin America | |||||
| North America | |||||
| Asia Pacific | |||||
| Bottling Investments | |||||
| Operating Segments Total |
Based on: 10-K (reporting date: 2025-12-31), 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).
Capital expenditures across reportable segments exhibited varied trends between 2021 and 2025. Overall, spending increased significantly during the period, though with fluctuations in individual segments and a slight decrease in the most recent year.
- North America
- Capital expenditures in North America demonstrated a substantial upward trend, increasing from US$228 million in 2021 to US$669 million in 2025. The most significant increase occurred between 2022 and 2024, with spending more than doubling. While still high in 2025, the rate of growth slowed compared to the prior two years.
- Bottling Investments
- Bottling Investments represented the largest portion of capital expenditures throughout the analyzed period. Spending peaked in 2023 at US$843 million, following an increase from US$560 million in 2021. A decrease to US$734 million was observed in 2024, followed by a further decline to US$547 million in 2025. This represents the only segment with a decrease in capital expenditure in the latest reported year.
- Europe, Middle East and Africa (EMEA)
- Capital expenditures in EMEA were relatively stable, fluctuating between US$229 million and US$320 million. The segment began at US$320 million in 2021, decreased to US$229 million in 2022, and then showed modest increases in 2023 and 2025, reaching US$237 million. Spending in 2024 was slightly lower at US$222 million.
- Asia Pacific
- Asia Pacific exhibited the most volatile pattern. Capital expenditures started at US$65 million in 2021, decreased significantly to US$22 million in 2022, and remained relatively low for the next year. A substantial increase to US$72 million was observed in 2025, representing a return to levels comparable to the initial year of the period.
- Latin America
- Latin America consistently represented the smallest portion of capital expenditures. Spending remained low throughout the period, fluctuating between US$1 million and US$4 million. A slight increase was observed in the final year, reaching US$2 million.
The total capital expenditures for all operating segments increased from US$1,175 million in 2021 to US$1,577 million in 2024, before decreasing slightly to US$1,527 million in 2025. The increase was primarily driven by significant investments in North America and, to a lesser extent, Bottling Investments.
Depreciation and amortization
Coca-Cola Co., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa (EMEA) | |||||
| Latin America | |||||
| North America | |||||
| Asia Pacific | |||||
| Bottling Investments | |||||
| Operating Segments Total |
Based on: 10-K (reporting date: 2025-12-31), 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).
Depreciation and amortization expenses across the reportable segments demonstrate varied trends over the five-year period. Overall, a general decline in total operating segment depreciation and amortization is apparent, though the magnitude of change differs significantly by segment.
- Europe, Middle East and Africa (EMEA)
- This segment exhibits a consistent downward trend in depreciation and amortization, decreasing from US$211 million in 2021 to US$173 million in 2025. The decline appears relatively steady, suggesting a potential reduction in capital expenditures or asset base within this region, or a shift in the useful lives of assets.
- Latin America
- Depreciation and amortization in Latin America initially increased from US$39 million in 2021 and 2022 to US$48 million in 2023, before decreasing substantially to US$29 million in 2024 and stabilizing at US$32 million in 2025. This fluctuation could be attributed to specific investment cycles or changes in local economic conditions impacting asset valuations.
- North America
- North America experienced a decrease from US$388 million in 2021 to US$310 million in 2023, followed by a slight increase to US$326 million in 2025. The initial decline may indicate a slowdown in capital investment, while the recent stabilization and modest increase could reflect renewed investment or changes in asset composition.
- Asia Pacific
- The Asia Pacific segment shows a less pronounced trend. Depreciation and amortization increased from US$49 million in 2021 to US$58 million in 2022, then decreased to US$45 million in 2024 before recovering slightly to US$47 million in 2025. This suggests relative stability with minor fluctuations, potentially linked to regional growth patterns and investment strategies.
- Bottling Investments
- Bottling Investments demonstrates the most significant decline in depreciation and amortization, decreasing from US$529 million in 2021 to US$313 million in 2025. This substantial reduction warrants further investigation, as it could indicate significant asset disposals, changes in bottling infrastructure, or alterations in accounting policies related to these investments.
The total depreciation and amortization for all operating segments decreased from US$1,216 million in 2021 to US$891 million in 2025. This overall reduction is primarily driven by the significant decline in Bottling Investments and the consistent decrease in EMEA, partially offset by the stabilization in North America and minor fluctuations in other segments.