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Coca-Cola's finances, and what holding KO would have done
Coca-Cola's revenue, profit, cash flow and debt from SEC filings, and what holding KO would have done in the past.
Coca-Cola (KO) was the number 24 US company by market value on 5 November 2026, at about $412 billion, on the companiesmarketcap.com ranking. Its figures come from its SEC filings, read on 5 November 2026. A figure a filing lacks is marked as not reported.
What Coca-Cola sells
Coca-Cola makes syrups and concentrates and sells them to bottlers around the world. It owns Coke, Sprite, Fanta, Minute Maid, Dasani and many other drink brands, and the bottlers fill and distribute them.
The finances
- Revenue: $47.9 billion in the year to 31 December 2025 (10-K), up 1.9% from $47.1 billion. The 12 months to 2 October 2026: $51.1 billion. Growth was slow.
- Net income: $13.1 billion in the year to 31 December 2025 (10-K), against $10.6 billion a year earlier; net margin 27.3%. The 12 months to 2 October 2026: $14.6 billion. About $27 of every $100 of sales stayed as profit.
- Free cash flow: $5.3 billion in the year to 31 December 2025 (10-K), which is $7.4 billion of operating cash flow minus $2.1 billion of capital spending. The 12 months to 2 October 2026: $14.3 billion. Heavy spending took much of the cash it earned.
- Cash and debt: $13.5 billion in cash and $41.5 billion of debt (10-Q, 2 October 2026). Debt was several times its cash.
- Share count: 4.31 billion average diluted shares in the year to 31 December 2025 (10-K), down 0.2% from 4.32 billion. Fewer shares, usually from buybacks, make each one a bigger slice.
One thing to notice: Operating cash flow in 2025 was $7.4 billion, well below net income of $13.1 billion. Over the 12 months to 2 October 2026 it was $16.2 billion, so something one-off held back 2025. The 10-K explains it.
What holding it would have done
From our free long-term checker, which looks back only:
- Past returns, price only: 1-year +39% (SPY +10%), 3-year +67% (SPY +74%), 5-year +68% (SPY +62%), 10-year +132% (SPY +248%). That 10-year gain is 8.8% a year, against 13.3% for SPY.
- Worst fall: -37.5%, from the close on 21 February 2020 to the low on 23 March 2020 (31 days). Getting back to that high took another 652 days, to 4 January 2022. SPY's worst fall was -34.1%.
- How often holding ended higher: 72% of 1-year holds (worst -18%) and 100% of 5-year holds (worst +6%).
- Monthly buying against a lump sum: over the past 10 years, $100 a month ($12,100 in total) would have grown to $20,727. The same money in on day one would have grown to $28,019; in SPY, monthly buying ends at $24,571 and the lump sum at $42,078.
Price only: no dividends, fees or tax. Daily closes, 10 November 2016 to 3 November 2026. SPY is an S&P 500 fund.
What this does and does not tell you
The finances say how the business did. The long test says how the share price did. They are different things, and neither says what comes next. A good business can still be a poor buy at a high price.
This is one company over one stretch of history: an in-sample look at the past, not a promise. It is general information, not a call to buy or sell KO, and it sets no price target.
More
The other 24 are in The 25 biggest US stocks. To check any other stock, use the long-term checker.
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