Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Coca-Cola Co., short-term (operating) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
The operating activity ratios reflect a period of fluctuation in inventory management paired with a consistent improvement in receivables collection efficiency, alongside significant volatility in working capital utilization.
- Inventory Management Efficiency
- Inventory turnover experienced a general decline from a peak of 4.74 in September 2022 to a low of 3.57 by June 2025. This downward trend is mirrored in the average inventory processing period, which extended from 86 days to a peak of 102 days during the first half of 2025. A recovery phase is observed starting in late 2025, with the turnover ratio rising to 4.11 by July 2026, bringing the processing period back down to 89 days.
- Receivables Performance
- A consistent improvement in receivables management is evident. The turnover ratio increased from 8.65 in April 2022 to a peak of 15.78 in December 2025. Correspondingly, the average receivable collection period improved from 42 days to a low of 23 days in December 2025, indicating a heightened efficiency in converting credit sales into cash. The collection period subsequently stabilized at 27 days by July 2026.
- Working Capital Dynamics
- Working capital turnover exhibited extreme volatility, particularly between March 2024 and December 2025. After maintaining a relatively stable range of 12 to 15 during 2022 and 2023, the ratio surged to 41.66 in March 2024 and reached a peak of 62.92 in December 2024. This spike was followed by a sharp contraction to 4.91 by December 2025, before settling at 6.53 by July 2026, suggesting significant shifts in the composition of current assets and liabilities.
- Operating Cycle Trends
- The overall operating cycle remained sensitive to the fluctuations in inventory processing. The cycle peaked at 134 days in early 2023 and again during the first half of 2025, driven primarily by the extension of the inventory processing period. By July 2026, the operating cycle contracted to 116 days, a result of the improved receivables collection speed offsetting the slower inventory turnover compared to the 2022 baseline.
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Turnover Ratios
Average No. Days
Inventory Turnover
Coca-Cola Co., inventory turnover calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cost of goods sold | 4,965) | 4,620) | 4,723) | 4,797) | 4,714) | 4,163) | 4,613) | 4,664) | 4,812) | 4,235) | 4,634) | 4,657) | 4,912) | 4,317) | 4,513) | 4,566) | 4,830) | 4,091) | ||||||
| Inventories | 4,647) | 4,730) | 4,425) | 4,802) | 5,082) | 5,102) | 4,728) | 4,714) | 4,763) | 4,961) | 4,424) | 4,252) | 4,646) | 4,727) | 4,233) | 3,708) | 3,621) | 3,741) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Inventory turnover1 | 4.11 | 3.99 | 4.16 | 3.81 | 3.57 | 3.58 | 3.88 | 3.89 | 3.85 | 3.72 | 4.19 | 4.33 | 3.94 | 3.86 | 4.25 | 4.74 | 4.69 | 4.26 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Inventory Turnover, Competitors2 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 6.20 | 6.86 | 6.25 | 5.09 | 5.06 | 5.76 | 5.80 | 5.18 | 5.35 | 5.92 | 6.16 | 5.78 | 5.66 | 5.82 | 5.97 | 5.71 | 6.12 | 6.33 | ||||||
| PepsiCo Inc. | 6.63 | 7.06 | 7.37 | 6.98 | 6.44 | 7.32 | 7.87 | 7.38 | 7.12 | 7.57 | 7.85 | 7.59 | 7.01 | 7.22 | 7.77 | 7.83 | 7.26 | 7.95 | ||||||
| Philip Morris International Inc. | 1.21 | 1.19 | 1.16 | 1.29 | 1.22 | 1.30 | 1.41 | 1.43 | 1.40 | 1.31 | 1.20 | 1.31 | 1.25 | 1.10 | 1.15 | 1.54 | 1.41 | 1.19 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Inventory turnover
= (Cost of goods soldQ2 2026
+ Cost of goods soldQ1 2026
+ Cost of goods soldQ4 2025
+ Cost of goods soldQ3 2025)
÷ Inventories
= (4,965 + 4,620 + 4,723 + 4,797)
÷ 4,647 = 4.11
2 Click competitor name to see calculations.
The analysis of operating activity reveals a cyclical pattern in inventory management efficiency between April 2022 and July 2026. The inventory turnover ratio experienced an initial peak followed by a prolonged period of decline, eventually showing signs of recovery in the final quarters of the observed period.
- Inventory Turnover Ratio Trends
- The inventory turnover ratio reached its highest point of 4.74 in September 2022. A downward trend followed, with the ratio declining to a low of 3.57 by June 2025. This suggests a reduction in the speed at which inventory was converted into sales over a three-year window. However, a recovery phase began in late 2025, with the ratio climbing back to 4.11 by July 2026.
- Inventory Level Fluctuations
- Inventory levels demonstrated a steady increase from a low of 3,621 million USD in July 2022 to a peak of 5,102 million USD in March 2025. The accumulation of stock during this period directly correlates with the observed decrease in the turnover ratio, indicating that inventory growth outpaced the growth in the cost of goods sold.
- Cost of Goods Sold (COGS) Correlation
- Cost of goods sold remained relatively stable, fluctuating primarily between 4,100 million USD and 4,900 million USD per quarter. Because COGS did not increase proportionally with the rise in inventory levels between 2023 and early 2025, the operational efficiency of inventory utilization diminished. The subsequent improvement in the turnover ratio by mid-2026 is attributed to a reduction in inventory levels back toward 4,647 million USD while maintaining consistent COGS figures.
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Receivables Turnover
Coca-Cola Co., receivables turnover calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net operating revenues | 13,380) | 12,472) | 11,822) | 12,455) | 12,535) | 11,129) | 11,544) | 11,854) | 12,363) | 11,300) | 10,849) | 11,953) | 11,972) | 10,980) | 10,125) | 11,063) | 11,325) | 10,491) | ||||||
| Trade accounts receivable, less allowances | 3,732) | 3,675) | 3,038) | 3,946) | 4,168) | 4,091) | 3,569) | 4,233) | 4,545) | 4,244) | 3,410) | 3,495) | 3,970) | 4,599) | 3,487) | 3,994) | 4,494) | 4,641) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Receivables turnover1 | 13.43 | 13.41 | 15.78 | 12.08 | 11.29 | 11.46 | 13.19 | 10.95 | 10.22 | 10.86 | 13.42 | 12.88 | 11.12 | 9.46 | 12.33 | 10.60 | 9.19 | 8.65 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 9.89 | 8.94 | 9.87 | 8.99 | 10.52 | 8.44 | 9.41 | 9.51 | 11.37 | 9.04 | 9.91 | 10.12 | 11.63 | 9.39 | 10.20 | 10.80 | 12.11 | 9.94 | ||||||
| PepsiCo Inc. | 7.18 | 7.84 | 8.16 | 7.31 | 7.41 | 8.47 | 8.89 | 7.60 | 7.71 | 8.40 | 8.46 | 7.78 | 7.87 | 8.41 | 8.50 | 7.79 | 7.80 | 8.58 | ||||||
| Philip Morris International Inc. | 8.21 | 8.10 | 8.89 | 8.34 | 7.82 | 7.87 | 10.00 | 8.78 | 8.60 | 8.58 | 10.16 | 8.81 | 8.07 | 8.80 | 8.25 | 8.21 | 8.32 | 8.65 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Receivables turnover
= (Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025)
÷ Trade accounts receivable, less allowances
= (13,380 + 12,472 + 11,822 + 12,455)
÷ 3,732 = 13.43
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a general upward trajectory in receivables turnover efficiency from April 2022 through July 2026. While net operating revenues exhibited steady growth, increasing from 10,491 million US$ to 13,380 million US$, the efficiency of collecting these receivables improved significantly over the analyzed period.
- Receivables Turnover Trends
- The receivables turnover ratio began at 8.65 in April 2022 and concluded at 13.43 in July 2026. A consistent pattern of cyclicality is observed, with turnover ratios peaking during the fourth quarter of each year. Notable peaks occurred in December 2022 (12.33), December 2023 (13.42), December 2024 (13.19), and most prominently in December 2025, which reached a period high of 15.78.
- Revenue and Receivables Correlation
- Net operating revenues showed an overall increasing trend, though quarterly fluctuations persisted. Concurrently, trade accounts receivable demonstrated a downward trend in baseline levels. The reduction in receivables, reaching a low of 3,038 million US$ in December 2025 despite rising revenues, served as the primary catalyst for the increased turnover ratios. This suggests a more aggressive collection strategy or a shift toward more favorable credit terms.
- Efficiency Analysis
- The most significant improvement in collection efficiency occurred between September 2025 and December 2025, where the turnover ratio jumped from 12.08 to 15.78. This spike coincides with the lowest recorded balance of trade accounts receivable in the dataset. Following this peak, the ratio stabilized in the first half of 2026, maintaining a range between 13.41 and 13.43, indicating that the higher level of efficiency has been sustained.
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Working Capital Turnover
Coca-Cola Co., working capital turnover calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current assets | 32,876) | 30,390) | 31,044) | 27,247) | 26,609) | 26,178) | 25,997) | 30,288) | 31,599) | 29,462) | 26,732) | 27,867) | 27,591) | 26,880) | 22,591) | 24,139) | 23,141) | 22,156) | ||||||
| Less: Current liabilities | 25,200) | 22,378) | 21,281) | 22,499) | 21,944) | 23,808) | 25,249) | 28,569) | 29,263) | 28,356) | 23,571) | 24,409) | 24,115) | 23,357) | 19,724) | 21,439) | 20,531) | 18,787) | ||||||
| Working capital | 7,676) | 8,012) | 9,763) | 4,748) | 4,665) | 2,370) | 748) | 1,719) | 2,336) | 1,106) | 3,161) | 3,458) | 3,476) | 3,523) | 2,867) | 2,700) | 2,610) | 3,369) | ||||||
| Net operating revenues | 13,380) | 12,472) | 11,822) | 12,455) | 12,535) | 11,129) | 11,544) | 11,854) | 12,363) | 11,300) | 10,849) | 11,953) | 11,972) | 10,980) | 10,125) | 11,063) | 11,325) | 10,491) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Working capital turnover1 | 6.53 | 6.15 | 4.91 | 10.04 | 10.09 | 19.78 | 62.92 | 26.97 | 19.89 | 41.66 | 14.47 | 13.02 | 12.70 | 12.35 | 15.00 | 15.68 | 15.83 | 11.91 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||
| Mondelēz International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| PepsiCo Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Working capital turnover
= (Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025)
÷ Working capital
= (13,380 + 12,472 + 11,822 + 12,455)
÷ 7,676 = 6.53
2 Click competitor name to see calculations.
The operational efficiency regarding working capital utilization exhibits three distinct phases between April 2022 and July 2026. Initially, a period of relative stability is observed, followed by a phase of extreme capital leaness, and concluding with a significant expansion of the working capital base. While net operating revenues show a steady upward trajectory, the working capital turnover ratio fluctuates aggressively, indicating shifting strategies or conditions in short-term asset and liability management.
- Net Operating Revenue Trends
- Revenue remains consistently strong, demonstrating a gradual growth pattern from $10,491 million in April 2022 to $13,380 million by July 2026. This stability indicates that the volatility observed in the turnover ratios is not a result of revenue instability, but is driven almost exclusively by fluctuations in the working capital base.
- Working Capital Fluctuations
- Working capital levels show significant volatility over the analyzed period. A marked contraction is evident between March 2024 and December 2024, with the value dropping to a minimum of $748 million. This is followed by a sharp reversal in 2025, where working capital expanded rapidly, peaking at $9,763 million in December 2025. This represents a substantial increase in the net current assets available to the company.
- Working Capital Turnover Analysis
- The turnover ratio reflects an inverse relationship with the working capital levels. From April 2022 to December 2023, the ratio remained stable, generally fluctuating between 12.35 and 15.83. A period of peak efficiency occurred in late 2024, where the ratio surged to 62.92, suggesting that a very small amount of working capital was required to generate significant revenue. However, as working capital increased throughout 2025 and 2026, the turnover ratio declined sharply, reaching a low of 4.91 in December 2025 and remaining below 7.00 through July 2026. This trend indicates a decrease in the efficiency of working capital utilization as the capital base grew disproportionately relative to revenue growth.
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Average Inventory Processing Period
Coca-Cola Co., average inventory processing period calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||
| Inventory turnover | 4.11 | 3.99 | 4.16 | 3.81 | 3.57 | 3.58 | 3.88 | 3.89 | 3.85 | 3.72 | 4.19 | 4.33 | 3.94 | 3.86 | 4.25 | 4.74 | 4.69 | 4.26 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average inventory processing period1 | 89 | 92 | 88 | 96 | 102 | 102 | 94 | 94 | 95 | 98 | 87 | 84 | 93 | 95 | 86 | 77 | 78 | 86 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 59 | 53 | 58 | 72 | 72 | 63 | 63 | 70 | 68 | 62 | 59 | 63 | 65 | 63 | 61 | 64 | 60 | 58 | ||||||
| PepsiCo Inc. | 55 | 52 | 50 | 52 | 57 | 50 | 46 | 49 | 51 | 48 | 46 | 48 | 52 | 51 | 47 | 47 | 50 | 46 | ||||||
| Philip Morris International Inc. | 302 | 306 | 313 | 283 | 299 | 281 | 259 | 255 | 260 | 279 | 305 | 278 | 291 | 330 | 316 | 237 | 259 | 306 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 4.11 = 89
2 Click competitor name to see calculations.
The inventory management efficiency exhibits a cyclical pattern characterized by an initial period of high turnover, a subsequent decline in efficiency reaching a trough in mid-2025, and a subsequent recovery phase leading into 2026.
- Inventory Turnover Trends
- The turnover ratio reached a peak of 4.74 in September 2022 before entering a general downward trajectory. A period of relative instability followed, with the ratio descending to a minimum of 3.57 by June 2025. A recovery trend is evident in the latter half of 2025 and through 2026, with the ratio increasing to 4.11 by July 2026.
- Average Inventory Processing Period
- The duration required to process inventory inversely mirrored the turnover ratio. The processing period reached its most efficient level of 77 days in September 2022. This metric then expanded steadily, peaking at 102 days during the first half of 2025. By July 2026, the processing period had contracted to 89 days, signaling a return toward historical norms.
- Operational Efficiency Correlation
- A strict inverse correlation is observed between the turnover ratio and the processing period. The extension of the processing period to over 100 days in early 2025 indicates a period of reduced inventory velocity or strategic stock accumulation. The subsequent reduction in the processing period and the rise in the turnover ratio during 2026 suggest an improvement in short-term operating efficiency.
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Average Receivable Collection Period
Coca-Cola Co., average receivable collection period calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||
| Receivables turnover | 13.43 | 13.41 | 15.78 | 12.08 | 11.29 | 11.46 | 13.19 | 10.95 | 10.22 | 10.86 | 13.42 | 12.88 | 11.12 | 9.46 | 12.33 | 10.60 | 9.19 | 8.65 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average receivable collection period1 | 27 | 27 | 23 | 30 | 32 | 32 | 28 | 33 | 36 | 34 | 27 | 28 | 33 | 39 | 30 | 34 | 40 | 42 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 37 | 41 | 37 | 41 | 35 | 43 | 39 | 38 | 32 | 40 | 37 | 36 | 31 | 39 | 36 | 34 | 30 | 37 | ||||||
| PepsiCo Inc. | 51 | 47 | 45 | 50 | 49 | 43 | 41 | 48 | 47 | 43 | 43 | 47 | 46 | 43 | 43 | 47 | 47 | 43 | ||||||
| Philip Morris International Inc. | 44 | 45 | 41 | 44 | 47 | 46 | 37 | 42 | 42 | 43 | 36 | 41 | 45 | 41 | 44 | 44 | 44 | 42 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 13.43 = 27
2 Click competitor name to see calculations.
The analysis of short-term operating activity indicates a general improvement in the efficiency of receivables management between April 2022 and July 2026. There is a clear inverse correlation between the receivables turnover ratio and the average collection period, reflecting a strengthened ability to convert credit sales into cash over the observed timeframe.
- Receivables Turnover Trends
- The receivables turnover ratio exhibits a long-term upward trajectory, rising from 8.65 in April 2022 to 13.43 by July 2026. A significant peak was recorded in December 2025, where the ratio reached 15.78, representing the highest level of turnover efficiency in the period. Although periodic fluctuations occurred—specifically dips in the first quarters of 2023 and 2024—the overarching trend points toward an increased velocity in the collection of outstanding receivables.
- Average Receivable Collection Period
- The average collection period demonstrates a consistent downward trend, decreasing from a maximum of 42 days in April 2022 to 27 days by July 2026. The most pronounced improvement in liquidity occurred in December 2025, when the collection period reached a minimum of 23 days. This reduction suggests a more streamlined credit-to-cash cycle and more effective credit control measures.
- Cyclical and Seasonal Patterns
- A recurring quarterly pattern is observable, characterized by a typical expansion of the collection period during the first quarter of each year. This is evidenced by increases in March 2023 (39 days) and March 2024 (34 days). Conversely, collection efficiency tends to peak toward the end of the calendar year, with the shortest collection periods consistently appearing in December. This suggests a seasonal variance in customer payment behavior or a strategic push for year-end receivables clearance.
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Operating Cycle
Coca-Cola Co., operating cycle calculation (quarterly data)
No. days
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||
| Average inventory processing period | 89 | 92 | 88 | 96 | 102 | 102 | 94 | 94 | 95 | 98 | 87 | 84 | 93 | 95 | 86 | 77 | 78 | 86 | ||||||
| Average receivable collection period | 27 | 27 | 23 | 30 | 32 | 32 | 28 | 33 | 36 | 34 | 27 | 28 | 33 | 39 | 30 | 34 | 40 | 42 | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Operating cycle1 | 116 | 119 | 111 | 126 | 134 | 134 | 122 | 127 | 131 | 132 | 114 | 112 | 126 | 134 | 116 | 111 | 118 | 128 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Cycle, Competitors2 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 96 | 94 | 95 | 113 | 107 | 106 | 102 | 108 | 100 | 102 | 96 | 99 | 96 | 102 | 97 | 98 | 90 | 95 | ||||||
| PepsiCo Inc. | 106 | 99 | 95 | 102 | 106 | 93 | 87 | 97 | 98 | 91 | 89 | 95 | 98 | 94 | 90 | 94 | 97 | 89 | ||||||
| Philip Morris International Inc. | 346 | 351 | 354 | 327 | 346 | 327 | 296 | 297 | 302 | 322 | 341 | 319 | 336 | 371 | 360 | 281 | 303 | 348 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 89 + 27 = 116
2 Click competitor name to see calculations.
The operating cycle exhibits a period of moderate volatility between April 2022 and July 2026, fluctuating between a minimum of 111 days and a maximum of 134 days. The overall duration of the cycle is primarily driven by fluctuations in inventory management, while improvements in receivable collections have served as a mitigating factor in reducing the total time required to convert resources into cash.
- Average Inventory Processing Period
- A fluctuating trend is observed in inventory processing, starting at 86 days in April 2022 and reaching a low of 77 days by September 2022. A subsequent upward trend emerged, peaking at 102 days during the first half of 2024, which indicates a slowing of inventory turnover. However, a corrective downward trend began in late 2024, with the period stabilizing between 89 and 92 days by the second quarter of 2026.
- Average Receivable Collection Period
- The collection period demonstrates a general improvement in efficiency over the analyzed timeframe. From an initial high of 42 days in April 2022, the period trended downward, reaching a minimum of 23 days by December 2025. Despite intermittent spikes, such as the increase to 36 days in June 2024, the long-term trajectory indicates a more accelerated conversion of accounts receivable into cash.
- Operating Cycle Integration
- The total operating cycle remained closely correlated with inventory processing times due to the larger magnitude of those figures relative to receivable days. The cycle reached its peak of 134 days in March 2023 and again in the first half of 2024, coinciding with the peak in inventory processing. By July 2026, the operating cycle settled at 116 days, reflecting the combined effect of normalized inventory levels and a more efficient receivable collection process compared to the start of the period.
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