⚡What does Coca-Cola do, in 30 seconds?
Coca-Cola makes drink concentrates and syrups that bottlers turn into finished drinks 1. Its own bottling and distribution businesses sell finished drinks too 1. Its sales were $47.9bn ✓ in FY2025. Concentrate sold to bottlers made up 59% ✓ of that, and finished drinks 41% ✓. Drinks under its brands account for 2.2 billion of the estimated 65 billion servings of all drinks consumed worldwide each day 1.
📱What does Coca-Cola sell?
Coca-Cola's sales come from two lines: concentrate sold to bottlers, at 59% ✓, and finished drinks, at 41% ✓. Its brands run from Coca-Cola, Sprite and Fanta to Dasani, BODYARMOR, Costa, Minute Maid and fairlife 1. Some sales go directly to consumers through Costa retail stores, and it reports those in its Europe, Middle East and Africa segment 1.
Concentrate sold to bottlers
Coca-Cola sells beverage concentrates, syrups and some finished drinks to authorized bottlers 1. The bottlers add water and sweeteners, package the drinks and sell them to retailers 1. In most markets, what Coca-Cola charges for concentrate depends on factors including bottler pricing, sales channel and package mix 2. This line brought in $28.5bn ✓ in FY2025. It made up 85% of the drinks sold worldwide by unit case volume in 2025 4.
👥 Bottling companies 2. They agree to buy the concentrates and syrups they need for designated drinks from Coca-Cola or its authorized suppliers 2. The five largest independent bottlers together handled 44% of worldwide unit case volume in 2025 1.
Finished drinks
Coca-Cola sells finished drinks to retailers, or to distributors and wholesalers who resell to retailers 1. This line consists primarily of the bottling and distribution businesses it owns and reports as its own 1. It brought in $19.5bn ✓ in FY2025, which was 41% ✓ of sales. It made up 15% of unit case volume in 2025 4. Finished drinks generally have lower gross profit margins than concentrate 1.
👥 Retailers, distributors and wholesalers 1.
How the mix has shifted
Where the customers are
Sales outside the US made up 60% ✓ of Coca-Cola's total in FY2025, and the United States 40% ✓. Volume tells a different story, and it is a different measure. The US was 16% of worldwide unit case volume in 2025, while Mexico, China, Brazil and India together were 33% 1.
💸How does Coca-Cola make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
Coca-Cola took in $47.9bn ✓ of sales in FY2025. Making its drinks cost $18.4bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $29.5bn ✓.
Next come the costs of running the company. Selling, marketing and admin took $14.5bn ✓, and other operating charges took $1.3bn ✓. What remains is operating profit, the profit from the main business, which was $13.8bn ✓. Coca-Cola then added $2.2bn ✓ of income from outside its main business and paid tax of $2.9bn ✓. That left net income of $13.1bn ✓. Put simply, out of every hundred dollars of sales, Coca-Cola kept about $27 ✓ as profit.
Coca-Cola also part-owns other companies. It recorded $2,031 million of equity income in 2025 410. That is its share of the earnings of companies it holds stakes in, including bottlers and Monster 410.
Out of every $100 customers paid in FY2025…
Interest, investment gains and other income added +$5 for every $100 of sales, so the slices above add up to $105, well over $100.
⏱️ Coca-Cola by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: COCA COLA CO 10-K [5].
📈How is Coca-Cola doing?
Coca-Cola's sales grew slowly in FY2025 and faster in the latest four quarters, and it keeps a large share of its sales as profit. Sales reached $47.9bn ✓ in FY2025, up 1.9% ✓ on FY2024. The Coca-Cola system sold 33.8 billion unit cases in 2025 and 33.7 billion in 2024 14. During 2025 Coca-Cola refranchised more territories in India and sold its finished drinks business in Nigeria 104. Operating profit was $13.8bn ✓, or 28.7% ✓ of sales, up from 21.2% ✓ in FY2024. In 2024 a $3,109 million charge on the fairlife contingent payment reduced operating income 4. BodyArmor trademark impairment charges were $760 million in 2024 and $960 million in 2025 4.
Sales grew faster in the latest four quarters. In the four quarters to 2 October 2026, sales were $51.1bn ✓, up 7.1% ✓ on the four quarters before. That latest period had 53 ✓ weeks, against 52 ✓ weeks before it. In those same four quarters, operating margin was 30.0% ✓, net income was $14.6bn ✓ and free cash flow was $14.3bn ✓.
In the third quarter of 2026, sales rose 7% to $13.4 billion 20. Concentrate sales rose 7%, and price and mix added 1% 20. Concentrate sales ran 2 points ahead of unit case volume because of shipment timing 20. Global unit case volume grew 5%, led by India, China, Mexico and Brazil 20. North American volume was even, as growth in Trademark Coca-Cola offset declines in water, sports, coffee and tea and in sparkling flavors 19. On 27 October 2026, Coca-Cola raised its 2026 outlook 20. It now expects at least 5% organic revenue growth, up from about 5% 20. It expects at least $13.0 billion of free cash flow, up from about $12.4 billion 20.
Coca-Cola changed which bottlers it owned between FY2015 and FY2025 12104. Sales were $44.3bn ✓ in FY2015 and $47.9bn ✓ in FY2025, or 0.8% ✓ a year. Sales rose in 6 ✓ of those 10 ✓ years. It refranchised bottling territories in North America throughout 2015, 2016 and 2017, passing them to unconsolidated bottling partners 12. In 2017 sales fell 15%, and acquisitions and divestitures reduced them by 17 percentage points 12. It refranchised its Canadian and Latin American bottling operations in 2018 27, and the same year adopted a new revenue accounting standard 27. Coca-Cola Beverages Africa came under its control in October 2017 and was held for sale until 2019 1228. It also bought businesses such as Costa in January 2019 28. From 2023 it refranchised more bottlers in Asia 104.
📝 The report card
Coca-Cola's marks are strongest for profit and weakest for its balance sheet, where borrowings are far larger than cash. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Coca-Cola (orange) and its 4 peers land; further right is better.
Growth
Coca-Cola's sales grew 3.7% ✓ a year over its last three fiscal years, which earns a D ✓. That is below the 7.6% ✓ peer median. PepsiCo grew 2.8% ✓ a year, also a D ✓. Those three years include bottling refranchising in Vietnam, the Philippines, Bangladesh and parts of India 104.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Coca-Cola kept 24.9% ✓ of sales as operating profit, which earns a B ✓. Those years include the 2024 charge of $3,109 million on the fairlife contingent payment 4. Monster kept a little more, at 27.5% ✓, and PepsiCo less, at 13.1% ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Coca-Cola turned 14.1% ✓ of sales into free cash flow, which earns a C ✓. Monster did better at 22.4% ✓, an A ✓. The yearly figures moved a lot, from 21.3% ✓ in FY2023 to 10.1% ✓ in FY2024 and 11.0% ✓ in FY2025.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
Coca-Cola's cash and investments minus its borrowings (leases and stakes in other companies not counted) came to -69.6% ✓ of a year's sales at the end of FY2025, which earns an F ✓. PepsiCo was at -42.2% ✓. At 2 October 2026, Coca-Cola had $13.5bn ✓ of cash and investments against $36.6bn ✓ of borrowings.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Coca-Cola's yearly growth rates have swung a lot, with a standard deviation of 10.3% ✓, which earns a C ✓. Deals are part of that: in 2017, sales fell 15% and acquisitions and divestitures reduced them by 17 percentage points 12. PepsiCo's figure is 4.1% ✓, an A ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Coca-Cola compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Over the 11 fiscal years from FY2015 to FY2025, Coca-Cola paid out more than its free cash flow. It spent $99.0bn ✓ on buybacks and dividends, against $83.5bn ✓ of free cash flow. In FY2025, payouts equalled 180% ✓ of free cash flow. In February 2026 the board raised the quarterly dividend to $0.53 per share, its 64th consecutive annual increase 21.
🧮Ratios 101: what are Coca-Cola's key financial ratios?
Ratios shrink big numbers into easy comparisons. These show high margins, a lot of debt and generous payouts. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Coca-Cola's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 Coca-Cola's 61.6% ✓ is above the 54.2% ✓ peer median. It generally earns higher gross profit margins on concentrate than on finished drinks 14.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Coca-Cola's 28.7% ✓ beats the 16.9% ✓ peer median. Monster was a little higher at 29.2% ✓.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Coca-Cola keeps 27.3% ✓ of sales as final profit, above the 10.6% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 40.7% ✓ is far above the 16.1% ✓ peer median, and close to PepsiCo's 40.4% ✓. Shareholders' equity was $32.2bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 12.5% ✓ is well above the 5.7% ✓ peer median. Monster earned more on its assets, at 19.1% ✓.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Coca-Cola's sales are 0.5x ✓ the value of everything it owns, below the 0.7x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Coca-Cola holds 88 ✓ days of stock, a little more than the peer median of 81 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 Coca-Cola's 1.5x ✓ means its short-term assets more than cover its bills. It had $31.0bn ✓ of current assets against $21.3bn ✓ of bills due within a year. The peer median is 1.3x ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Coca-Cola's 1.4x ✓ is well above the 0.6x ✓ peer median, though below PepsiCo's 2.4x ✓.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covered the year's interest bill 8.3x ✓ over, above the 6.6x ✓ median of the peers that report it.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Coca-Cola's 0.4x ✓ is well below the 1.0x ✓ peer median. Free cash flow was $5.3bn ✓ in FY2025, against net income of $13.1bn ✓.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 0.6% ✓ of sales, a little below the 0.8% ✓ peer median.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Coca-Cola returned 72.7% ✓ of FY2025 profit to its owners, against a peer median of 33.0% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Coca-Cola's competitors?
Coca-Cola's competitors include PepsiCo, Keurig Dr Pepper, Monster and Celsius 131415101617. Competing drinks are sold in the same categories as its own, from sparkling soft drinks to water, juice, coffee, tea, sports and energy drinks 13. PepsiCo and Coca-Cola each call the other a primary competitor in many countries 1314. Monster is both a rival and a company Coca-Cola part-owns 1016.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Coca-Cola (KO, FY2025) | Sparkling soft drinks, water, juice, coffee, tea, sports and energy drinks 13 | $47.9bn | 3.7% | 28.7% | 11.0% |
| PepsiCo (PEP, FY2025) | A primary competitor in many countries. PepsiCo says it held about 16% and Coca-Cola about 20% of U.S. liquid refreshment beverage retail sales in measured channels in 2025 1314 | $93.9bn | 2.8% | 12.2% | 8.2% |
| Keurig Dr Pepper (KDP, FY2025) | Names Coca-Cola as a primary competitor. Bottlers of its carbonated drinks in the U.S. and Canada may be affiliated with Coca-Cola or PepsiCo 1315 | $16.6bn | 5.7% | 21.5% | 9.1% |
| Monster Beverage (MNST, FY2025) | Names Coca-Cola as a rival 1016. Yet Coca-Cola held 21% of Monster at the end of 2025, and bottlers in its system distribute Monster Energy 1016 | $8.3bn | 9.5% | 29.2% | 23.7% |
| Celsius (CELH, FY2025) | Names Coca-Cola among its direct competitors in functional energy drinks; PepsiCo is the primary distributor of Celsius 171610 | $2.5bn | 56.7% | 5.6% | 12.9% |
Retailers can also be rivals. Coca-Cola says retailers in many countries are powerful buyers 13. They can freely choose among its drinks, rivals' drinks and their own private-label drinks 13.
🧭Coca-Cola SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Coca-Cola owns several of the world's largest nonalcoholic sparkling soft drink brands, including Coca-Cola, Sprite, Fanta and Diet Coke 1.
- Drinks under its brands account for 2.2 billion of the estimated 65 billion servings consumed worldwide each day 1.
- Over the last three years combined, it kept 24.9% ✓ of sales as operating profit, which earns a B ✓.
- Its concentrate operations, 85% of worldwide unit case volume in 2025, are drinks that bottling partners prepare, package and distribute 14.
🩹 Weaknesses
- Trademark Coca-Cola accounted for 47% of worldwide unit case volume in 2025 1.
- Coca-Cola's cash and investments minus its borrowings was -$33.3bn ✓ at the end of FY2025, which earns an F ✓.
- Coca-Cola depends on independent bottlers that make their own choices 18. Their financial health can limit how far it can raise concentrate prices 18.
- One bottler accounted for 10% of sales in 2025, while no bottler or customer reached 10% in 2024 or 2023 10.
🚀 Opportunities
- In the first nine months of 2026, unit case volume grew 3% in EMEA and 3% in Latin America 19. It grew 7% in Asia Pacific and 2% in North America 19.
- Coca-Cola says its success depends in part on growing in emerging and developing markets 118. Mexico, China, Brazil and India are its largest markets outside the United States by unit case volume 1.
- Coca-Cola Zero Sugar volume grew 16% in the third quarter of 2026 20.
- Coca-Cola sells bottling operations to independent partners to make the system more efficient 2. Where it holds a stake in a partner, it keeps a share of the earnings 2.
⚠️ Threats
- Coca-Cola says concern about obesity and sweetened beverages, weight-loss drug effects and health taxes may reduce demand for some of its products 18.
- Packaging laws on deposits, recycling and certain plastics apply in various jurisdictions, and Coca-Cola expects more of them 1318.
- Los Angeles County sued Coca-Cola in October 2024 over the effects of plastic packaging on the environment 21. A motion to dismiss was denied on 23 September 2025 21.
- Coca-Cola buys sucralose, a critical raw material, mainly from suppliers in the United States and China 13. Some packaging, such as aluminum cans, comes from a limited number of suppliers 13.
🏰Does Coca-Cola have a moat?
Why 4?
Coca-Cola lists leading brands with high levels of consumer recognition and loyalty among its strengths 13. It owns several of the world's largest nonalcoholic sparkling brands 1. It spent $5.4 billion on advertising in 2025 10. Price and mix added 4 percentage points to sales in 2025, and volume added 1 point 4. But retailers in many countries can freely choose rivals' drinks or their own private labels 13.
Why 2?
Coca-Cola says consumer preferences keep evolving, with a rapid expansion of drink options and delivery methods 18. Ties are tighter with bottlers. U.S. agreements for most bottlers run 10 years 2. In most cases the bottler can renew them for further 10-year terms 2. But some bottlers also have the right to make or distribute other companies' drinks 218.
Why 1?
Coca-Cola lists a worldwide network of bottlers and distributors among its strengths 13. That network brings reach, but one more person drinking a Coke does not make the drink better for the next person.
Why 4?
Coca-Cola lists its worldwide bottler network among its strengths 13. It says that system helps it capture growth by making, distributing and selling products around the world 1. Concentrate operations, 85% of worldwide unit case volume in 2025, are drinks that bottling partners prepare, package and distribute 14. Sparkling soft drinks made up 69% of volume in 2025, and Trademark Coca-Cola 47% 1. But PepsiCo also sells through company-owned and independent bottlers, and runs its own bottling plants and distribution in North America 14.
Why 3?
Coca-Cola's sparkling and other drink formulas are among its important trade secrets 13. Its trademarks stay valid, depending on the country, as long as they are in use or their registrations are maintained 13. It calls trademarks and formulas essential, and says it cannot be certain its legal steps to protect them are sufficient 18. Rivals still sell drinks in the same categories 13.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Coca-Cola; grey dots are peers).
🔭What should you watch next?
Africa bottling sale to Coca-Cola HBC
Coca-Cola agreed in October 2025 to sell a portion of its interest in its African bottling operations to Coca-Cola HBC 1920. Its guidance assumes closing in the fourth quarter of 2026, subject to regulatory approvals 1920. After closing, those operations leave its results 1920. A separate option lets Coca-Cola HBC buy the remaining 25 percent interest within six years of closing 19.
Revenue effect of deals in 2027
Coca-Cola told investors that deals, including the Africa bottling sale, should cut 2027 comparable net revenues by about 8 percentage points 20.
US tax appeal
On 25 June 2026 the Eleventh Circuit heard Coca-Cola's appeal of its Tax Court case on income allocated from foreign licensees for 2007 through 2009 19. Coca-Cola paid the IRS $6.0 billion in September 2024 19. It would get that money back, plus interest, in full or in part if its positions are sustained on appeal 19.
📚Learn the words
❓Frequently asked questions about Coca-Cola
How does Coca-Cola make money?
Coca-Cola makes most of its sales by selling concentrate and syrup to bottlers, and the rest by selling finished drinks. In FY2025, concentrate brought in $28.5bn ✓ and finished drinks $19.5bn ✓.
Does Coca-Cola bottle its own drinks?
Mostly not. Independent bottling partners prepare, package, distribute and sell most of its branded products 2. The company also runs bottling operations of its own 2.
Does Coca-Cola own its bottlers?
Coca-Cola holds stakes in some of its large bottling partners, and it also runs bottling operations of its own 102. At the end of 2025 it held 18% of Coca-Cola Europacific Partners, 28% of Coca-Cola FEMSA and 22% of Coca-Cola HBC 10.
Is Coca-Cola growing?
Yes, sales are growing, though the pace changes from year to year. Sales rose 1.9% ✓ in FY2025. In the four quarters to 2 October 2026, sales were up 7.1% ✓ on the four quarters before. That latest period had 53 ✓ weeks, one more than the period before it.
Who is Coca-Cola's CEO?
Henrique Braun became Coca-Cola's CEO on 31 March 2026 2324. James Quincey, CEO for the previous nine years, became Executive Chairman 2324.
Does Coca-Cola pay a dividend?
Yes, Coca-Cola pays a quarterly dividend. In February 2026 the board raised it to $0.53 per share, the 64th consecutive annual increase 21. Coca-Cola paid $8.8bn ✓ in dividends in FY2025.
Does Coca-Cola own Monster?
No, Coca-Cola is a minority owner of Monster. It owned 21% of Monster at the end of 2025 10. Coca-Cola system bottlers also distribute Monster Energy across the U.S. and substantially all international territories 1016.
Does Coca-Cola own fairlife?
Yes, Coca-Cola owns all of fairlife, after buying the remaining 57.5 percent in January 2020 25. The final milestone payment for fairlife was $6,173 million, paid in March 2025 19. On 16 July 2026, Coca-Cola reported a ransomware event at fairlife that temporarily suspended its U.S. production while Canadian production continued 26.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [5] [6] [7] [8] [9].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of Coca-Cola's FY2025 sales came from selling concentrate to bottlers?
2. How long have drinks with Coca-Cola's trademarks been sold in the United States?
3. How many eight-ounce servings are in one Coca-Cola unit case?
4. What share of Coca-Cola's worldwide unit case volume did the United States make up in 2025?
5. How many years in a row had Coca-Cola raised its dividend by February 2026?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- The Coca-Cola Company Form 10-K for 2025 — Item 1 general, operating segments, products and brands, distribution system (accessed 2026-11-08)
- The Coca-Cola Company Form 10-K for 2025 — Item 1 bottler agreements, promotional support, investments in bottling operations, seasonality (accessed 2026-11-08)
- Coca-Cola (KO) Form 10-K for fiscal year 2025, filed 2026-02-20 — revenue and cost of sales by product, segment and geography (accessed 2026-11-04)
- The Coca-Cola Company Form 10-K for 2025 — Item 7 operations review: revenue factors, concentrate and finished product share, equity income, other charges (accessed 2026-11-08)
- SEC EDGAR companyfacts: Coca-Cola (KO) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: PEPSICO INC (PEP) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Keurig Dr Pepper Inc. (KDP) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Monster Beverage Corp (MNST) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Celsius Holdings, Inc. (CELH) — annual 10-K facts (accessed 2026-11-04)
- The Coca-Cola Company Form 10-K for 2025 — Notes to the financial statements: acquisitions and divestitures, advertising costs, equity method holdings, customer concentration (accessed 2026-11-08)
- SEC EDGAR companyfacts: Coca-Cola (KO) — balance sheet at 2026-10-02 (accessed 2026-11-04)
- The Coca-Cola Company Form 10-K for 2017 — North America and China refranchising, employee count, 2017 revenue factors, Coca-Cola Beverages Africa (accessed 2026-11-08)
- The Coca-Cola Company Form 10-K for 2025 — Item 1 competition, raw materials, patents and trademarks, government regulation, human capital (accessed 2026-11-08)
- PepsiCo, Inc. Form 10-K for 2025 — Item 1 competition, U.S. beverage share, bottling (accessed 2026-11-08)
- Keurig Dr Pepper Inc. Form 10-K for 2025 — Item 1 bottlers, competitors, trademark ownership abroad (accessed 2026-11-08)
- Monster Beverage Corporation Form 10-K for 2025 — Distribution through Coca-Cola bottlers, competition, Coca-Cola holding (accessed 2026-11-08)
- Celsius Holdings, Inc. Form 10-K for 2025 — Competitors and distribution through PepsiCo (accessed 2026-11-08)
- The Coca-Cola Company Form 10-K for 2025 — Item 1A risk factors: bottlers, health concerns, retail consolidation, taxes, packaging (accessed 2026-11-08)
- The Coca-Cola Company Form 10-Q for the quarter ended October 2, 2026 — Notes on divestitures and held-for-sale operations, tax litigation, quarter dates, unit case volume by region (accessed 2026-11-08)
- The Coca-Cola Company third quarter 2026 earnings release (Form 8-K, Exhibit 99.1) — Quarter results, company updates, 2026 guidance and 2027 considerations (accessed 2026-11-08)
- The Coca-Cola Company Form 10-K for 2025 — Item 2 properties, Item 5 shareowners, dividend increase, Item X executive officers, Item 3 legal proceedings (accessed 2026-11-08)
- SEC EDGAR companyfacts: Coca-Cola (KO) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- The Coca-Cola Company CEO succession news release, December 10, 2025 (Form 8-K, Exhibit 99.1) — CEO succession (accessed 2026-11-08)
- The Coca-Cola Company leadership changes news release, January 14, 2026 (Form 8-K, Exhibit 99.1) — Effective date of CEO change (accessed 2026-11-08)
- The Coca-Cola Company Form 10-K for 2020 — fairlife acquisition (accessed 2026-11-08)
- The Coca-Cola Company Form 8-K dated July 16, 2026 — fairlife cyber incident (accessed 2026-11-08)
- The Coca-Cola Company Form 10-K for 2018 — Canadian and Latin American refranchising, adoption of the new revenue standard (accessed 2026-11-08)
- The Coca-Cola Company Form 10-K for 2019 — Costa acquisition, Coca-Cola Beverages Africa status (accessed 2026-11-08)
- The Coca-Cola Company North America leadership news release, June 25, 2026 (Form 8-K, Exhibit 99.1) — North America operating unit leadership (accessed 2026-11-08)