olivLaw · US equity research
Coca-Cola Consolidated, Inc. COKE
Bottled & Canned Soft Drinks & Carbonated Waters · SIC 2086 · Vertical: Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086)
Coca-Cola Consolidated is the largest Coca-Cola bottler in the United States, producing, distributing and selling nonalcoholic beverages across a broad territory. Net sales reached 7.23 bn USD in fiscal 2025, and volume grew strongly in the first half of 2026, which makes the company relevant amid aluminum cost pressures.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Coca-Cola Consolidated, Inc. (COKE) stock was 204.18 USD (−1.01% on the day), with market capitalisation 1.5 bn USD, P/E 168.7 on diluted EPS of 1.21 USD over the last 12 months, dividend yield 0.49%, beta 0.30, 52-week range 134.74–216.91 USD. Latest reported quarter (Q3 2026): revenue of 2.0 bn USD (+5.4% YoY), net income of 175.9 m USD (+23.6% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.0
- neutral
- Bollinger (20, 2)
- 192.85 – 218.22
- in the lower half of the band · %B 0.45 · band width 12.3%
- SMA 50 / 200
- 197.89 / 187.79
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.33 / 4.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.1% | −1.1% | +6.2 pp | — |
| 3 months | +10.5% | −0.5% | +11.0 pp | — |
| 6 months | −3.0% | +4.4% | −7.4 pp | — |
| Year to date | +33.2% | +12.3% | +20.9 pp | — |
| 1 year | +52.8% | +13.5% | +39.3 pp | +18.3% |
| 3 years | +212.7% | +76.4% | +136.3 pp | +2.6% |
| 5 years | +370.7% | +63.7% | +307.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 02 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.6 bn | 1.9 bn | 1.9 bn | 1.9 bn | 1.8 bn | 2.1 bn | 2.0 bn |
| Cost of revenue | 1.0 bn | 952.9 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.3 bn | 1.2 bn |
| Gross profit | 697.9 m | 627.1 m | 742.5 m | 748.5 m | 754.2 m | 727.1 m | 778.4 m | 771.6 m |
| SG&A | 479.1 m | 437.3 m | 470.4 m | 501.9 m | 512.1 m | 489.6 m | 507.1 m | 500.0 m |
| Operating income | 218.7 m | 189.8 m | 272.1 m | 246.6 m | 242.1 m | 237.5 m | 271.3 m | 271.6 m |
| Depreciation & amortisation | 27.2 m | 53.4 m | 54.8 m | 55.1 m | 31.9 m | 56.9 m | 58.2 m | 58.6 m |
| Pre-tax income | 246.0 m | 139.5 m | 253.0 m | 192.2 m | 188.2 m | 151.2 m | 215.1 m | 238.6 m |
| Income tax | 67.1 m | 35.9 m | 65.6 m | 49.9 m | 51.0 m | 39.7 m | 56.3 m | 62.8 m |
| Net income | 178.9 m | 103.6 m | 187.4 m | 142.3 m | 137.3 m | 111.6 m | 158.8 m | 175.9 m |
| Operating cash flow | 168.5 m | 198.2 m | 208.1 m ≈ | 316.7 m ≈ | 209.0 m | 205.3 m | 215.4 m ≈ | 244.2 m ≈ |
| Capex | 83.7 m | 97.9 m | 59.5 m ≈ | 52.6 m ≈ | 102.3 m | 63.1 m | 84.2 m ≈ | 71.9 m ≈ |
| Dividends paid | 21.9 m | 21.8 m | 21.8 m ≈ | 21.7 m ≈ | 21.4 m | 16.6 m | 16.6 m ≈ | 16.6 m ≈ |
| Share repurchases | 51.6 m | — | — | 111.3 m ≈ | 2.5 bn | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 9-quarter history (min 1.6, median 3.7, max 41.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.6 bn | 4.8 bn | 5.0 bn | 5.6 bn | 6.2 bn | 6.7 bn | 6.9 bn | 7.2 bn |
| Revenue YoY | +7.9% | +4.3% | +3.7% | +11.1% | +11.5% | +7.3% | +3.7% | +4.8% |
| Net income | -19.9 m | 11.4 m | 172.5 m | 189.6 m | 430.2 m | 408.4 m | 633.1 m | 570.6 m |
| Net income YoY | −120.6% | unavailable | +1,416.4% | +9.9% | +126.9% | −5.1% | +55.0% | −9.9% |
| Diluted EPS | -2.13 | 1.21 | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | −120.7% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -0.4% | 0.2% | 3.4% | 3.4% | 6.9% | 6.1% | 9.2% | 7.9% |
| Free cash flow | 30.6 m | 119.0 m | 292.4 m | 366.1 m | 255.9 m | 528.4 m | 505.3 m | 619.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 281.9 m USD
- Financial debt
- 2.8 bn USD
- Net debt
- 2.5 bn USD
- Equity
- -739.7 m USD
- Total assets
- 4.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.26x
- ROE
- unavailable
- ROA
- 11.9%
- FCF margin
- 8.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.0 bn | 5.6 bn | 6.2 bn | 6.7 bn | 6.9 bn | 7.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 3.2 bn | 3.6 bn | 3.9 bn | 4.1 bn | 4.1 bn | 4.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 1.8 bn | 2.0 bn | 2.3 bn | 2.6 bn | 2.8 bn | 2.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | 1.5 bn | 1.5 bn | 1.6 bn | 1.8 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 313.4 m | 439.2 m | 641.0 m | 834.5 m | 920.4 m | 950.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 179.0 m | 180.6 m | 171.6 m | 153.5 m | 170.3 m | 195.1 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 492.4 m ≈ | 619.7 m ≈ | 812.6 m ≈ | 987.9 m ≈ | 1.1 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 36.7 m | 33.4 m | 24.8 m | -918.0 k | — | — | SEC (XBRL)· 21 Feb 2024verified |
| Pre-tax income | 241.0 m | 255.1 m | 575.1 m | 557.5 m | 856.7 m | 772.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 58.9 m | 65.6 m | 144.9 m | 149.1 m | 223.5 m | 202.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 172.5 m | 189.6 m | 430.2 m | 408.4 m | 633.1 m | 570.6 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 54.8 m | 142.3 m | 197.6 m | 635.3 m | 1.1 bn | 281.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 225.8 m | 302.9 m | 347.5 m | 321.9 m | 330.4 m | 336.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 851.2 m | 1.1 bn | 1.2 bn | 1.7 bn | 2.5 bn | 1.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 1.0 bn | 1.0 bn | 1.2 bn | 1.3 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 165.9 m | 165.9 m | 165.9 m | 165.9 m | 165.9 m | 165.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 3.2 bn | 3.4 bn | 3.7 bn | 4.3 bn | 5.3 bn | 4.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | — | 0 | — | 0 | 349.7 m | 100.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 940.5 m | 723.4 m | 598.8 m | 599.2 m | 1.4 bn | 2.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 647.1 m | 834.9 m | 905.2 m | 1.1 bn | 1.3 bn | 1.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 2.7 bn | 2.7 bn | 2.6 bn | 2.9 bn | 3.9 bn | 5.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 513.0 m | 711.8 m | 1.1 bn | 1.4 bn † | 1.4 bn † | -739.7 m † | SEC (XBRL)· 18 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 494.5 m | 521.8 m | 554.5 m | 810.7 m | 876.4 m | 931.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 202.0 m | 155.7 m | 298.6 m | 282.3 m | 371.0 m | 312.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 292.4 m ≈ | 366.1 m ≈ | 255.9 m ≈ | 528.4 m ≈ | 505.3 m ≈ | 619.6 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -200.4 m | -161.9 m | -325.0 m | -295.4 m | -682.2 m | -19.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | -248.9 m | -272.3 m | -174.2 m | -77.7 m | 306.4 m | -1.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 9.4 m | 9.4 m | 9.4 m | 46.9 m | 185.6 m | 86.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 625.7 m | 2.6 bn | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 81 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet58
- Valuation100
- Quality71
- Growth44
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.14 – 17.67 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)13.14 – 17.67 (Mid 15.07)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 81/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.5% | 50 (vs peers) | 8% |
| FCF conversion · Quality | 94.6% | 92 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 5.2% | 44 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.8x | 63 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 44 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 2.5x | 100 (on a fixed band) | 14% |
| EV/EBITDA · Valuation | 3.0x | 100 (on a fixed band) | 14% |
| FCF yield · Valuation | 37.9% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 175.5% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 12.9% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet58/100 · 2/3 factors with a value
- Growth· partial44/100 · 1/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation100/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COCA-COLA CONSOLIDATED, INC. (COKE). Latest full fiscal year: 2025; data up to 2026-10-02.
Figures computed from the financial statements: revenue 7.2 bn USD in 2025; YoY growth 4.8%; net margin 7.5%; ROE 90.0%; net debt/EBITDA 1.8x.
The estimated value range is 13.14–17.67 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 15.07 USD, the price of 204.18 USD leaves a potential of -92.6% (value / price − 1) and a margin of safety of -1,254.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 81/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 94.6%
- P/E (TTM): 2.5x
- EV/EBITDA: 3.0x
- FCF yield: 37.9%
- Shareholder yield (distributions): 175.5%
- Payout ratio (FCF): 12.9%
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Interest coverage.
Versus the vertical median
Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MNSTMonster Beverage Corp | 47.8 bn | 22.4 | 25.7% | 23.1% | +10.7% | +30% / +77% |
| CELHCelsius Holdings, Inc. | 7.8 bn | 104.3 | 10.5% | 4.2% | +85.5% | −25% / −38% |
| FIZZNational Beverage Corp. | 3.5 bn | 20.2 | 40.1% | 14.8% | −1.7% | +11% / −21% |
| COKECoca-Cola Consolidated, Inc. | 1.5 bn | 2.5 | 90.0% | 7.5% | +4.8% | +53% / +213% |
| REEDReed's, Inc. | 12.0 m | — | -14,800.0% | -63.5% | −10.2% | −80% / −92% |
| CCEPCOCA-COLA EUROPACIFIC PARTNERS plc | — | — | 23.8% | 9.3% | +2.3% | +26% / +91% |
| AKO-AAndina Bottling Co Inc | — | — | 25.2% | 8.0% | +3.7% | +18% / +105% |
| KOFCoca Cola Femsa Sab De Cv | — | 82.6 | — | — | +18.2% | +33% / +38% |
| ZVIAZevia PBC | — | — | -18.0% | -4.8% | +4.0% | −55% / −44% |
| FMXMexican Economic Development, Inc. | — | — | 12.0% | 5.1% | −9.9% | +36% / +3% |
1- and 3-year price returns: for COKE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 121.59 Total return -40% · Per year -40% | 214.88 Total return 5% · Per year 5% | 323.57 Total return 58% · Per year 58% |
| 3 years | 119.77 Total return -41% · Per year -16% | 238.00 Total return 17% · Per year 5% | 393.24 Total return 93% · Per year 24% |
| 5 years | 117.98 Total return -42% · Per year -10% | 263.60 Total return 29% · Per year 5% | 477.91 Total return 134% · Per year 19% |
- Exit P/E± 59.50
- Net margin± 41.65
- Annual revenue growth± 33.95
- Annual dilution± 3.50
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Coca-Cola Consolidated is the largest Coca-Cola bottler in the United States, producing, distributing and selling nonalcoholic beverages across a broad territory. Net sales reached 7.23 bn USD in fiscal 2025, and volume grew strongly in the first half of 2026, which makes the company relevant amid aluminum cost pressures.
SWOT
Strengths
- The company is the largest Coca‑Cola bottler in the United States, with an extensive network of plants and distribution centers. It has long-standing relationships with major retail chains and a broad brand portfolio.
- Volume growth in 2026 was supported by several categories, including zero-sugar drinks and sports drinks, which shows solid commercial execution.
- The company reduced its debt through early repayments and has a capital structure it can adjust to its needs.
Weaknesses
- Dependence on a main concentrate supplier and on contracts with The Coca‑Cola Company limits flexibility in pricing and portfolio choices.
- The concentration of sales in two large retail customers creates negotiating risk and the possibility of losing a significant part of revenue.
- Gross margins are lower in still beverages, so growth in that category can dilute the average margin of the company.
Opportunities
- Demand for zero-sugar, energy and functional beverages could keep growing and support sales in higher-margin categories.
- Investment in the supply chain and the digital selling platform could reduce costs and improve customer service.
- Expanding alternative distribution routes could improve profitability if deliveries through third parties are efficient.
Threats
- Volatile prices of aluminum, plastic and fuel could reduce margins if they cannot be offset through pricing.
- Regulation on sugar, packaging and SNAP benefit use could reduce demand for some products.
- A change in marketing support from The Coca‑Cola Company or other partners could affect sales and profitability.
Risks
- Raw material costshigh
Prices of aluminum, plastic and sweeteners are volatile, and tariffs or supply disruptions could raise costs. The company cannot guarantee that it will fully offset these increases.
- Dependence on Walmart and Krogerhigh
Two retail chains account for a significant part of sales. Losing either one could have a materially negative effect on results.
- Beverage regulationmedium
Restrictions on sugar, single-use packaging and SNAP benefit use could reduce demand or increase compliance costs.
- Dependence on The Coca‑Cola Companymedium
The contracts limit which products the company can distribute, and prices can be set unilaterally by the supplier. Changes to these terms could affect profitability.
- Interest cost and accounting volatilitylow
Higher interest expense and fair value adjustments to contingent consideration and hedging instruments can affect net income.
Investment thesis
What would need to be true (bull case)
- If volume stays robust in higher-margin categories, the company could offset cost pressure and return to solid profit growth.
- Its position as the largest Coca‑Cola bottler in the United States and its own distribution network offer an advantage that is hard to replicate in its territories.
- Debt reduction and supply chain investment could improve financial flexibility over the medium term.
What would break the thesis
- If aluminum costs stay high and prices cannot fully cover them, gross margins could keep declining.
- Dependence on contracts with one main supplier and two large customers could limit the company's ability to negotiate better terms.
- Higher interest costs and accounting adjustments could reduce net income even if operations remain solid.
What to watch
- Trend of gross margin and aluminum costsQ3 2026
- Effect of workforce wage investment on SD&A expenses2026
- Execution of planned capital expenditures of about 300 million USD2026
- Development of volume and market share in zero-sugar and sports drink categoriesnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
The company distributes, markets and manufactures nonalcoholic beverages in territories spanning 14 states and the District of Columbia, serving approximately 60 million consumers 1. Approximately 85% of its total bottle/can sales volume to retail customers consists of products of The Coca‑Cola Company 1. It also distributes products of other companies, including Monster Energy and Dr Pepper, which represented approximately 15% of bottle/can volume in 2025 1.
The distribution model is based on direct store delivery using company vehicles and warehouses, but a growing share of deliveries has shifted to alternative routes through third-party distributors or customer supply chains 1. Revenue depends heavily on two large retail chains, Walmart and Kroger, which together represented 29% of net sales in fiscal 2025 1. Losing either customer could have a material adverse effect on results 1.
Market context
The nonalcoholic beverage market in the company's territories is highly competitive, with nationally and regionally advertised brands as well as private label products 2. Seasonality is pronounced, with peak sales in the second and third quarters tied to warmer weather 2. Demand remained solid in 2026, but higher aluminum costs could limit margins if prices do not fully offset them.
Shifting consumer preferences, from sugar-sweetened sparkling drinks toward diet drinks, tea, sports drinks and water, remain a factor that can reshape demand 1. Regulation on obesity, packaging and SNAP benefit use could reduce demand or raise costs 1.
Trends
- Rising aluminum costsheadwind
Aluminum costs, aggravated by tariffs and supply constraints, eroded margins in the second quarter of 2026 3. If these costs persist, annual pricing actions may not fully offset them.
- Strong demand for zero-sugar and energy drinkstailwind
Volume growth was supported by zero-sugar and flavor offerings and by brands such as Core Power, Powerade and Monster 3. If this trend continues, it could support sales in higher-margin categories.
- Front-line workforce investmentmixed
An increase in base wages for front-line teammates raised SD&A expenses 1. The company states that cycling this investment should moderate operating expense growth for the rest of the year, which could ease cost pressure 3.
- Supply chain optimizationmixed
The company began operations in a new automated distribution center in Columbus, Ohio, and continues to invest in its supply chain 1. These investments could lower long-term costs but require high capital spending during implementation.
Competitive position
The principal competitors are local bottlers of PepsiCo products and, in some regions, local bottlers of Dr Pepper products 2. Competition takes place through new product introductions, point-of-sale merchandising, packaging, pricing and sales promotions 2.
The company states it is competitive in its territories on these methods of competition 2. Competition from private label brands and regional distributors can influence pricing and market share.
- PepsiCo, Inc. (local bottlers)PEP
The main competitor named in the source, through local bottlers of PepsiCo products in the company's territories.
- Dr Pepper (Keurig Dr Pepper Inc.)KDP
A competitor in some regions through local bottlers, and also a distribution partner of the company for certain brands.
- Private label beverage bottlers and distributors
Bottlers and distributors of private label beverages, named in the source as part of the industry competition.
- Regional bottlers and distributors
Companies selling products at regional level, competing on shelf space, pricing and delivery frequency.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report13 May 2026Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Mar 2026
- Annual report18 Feb 2026
- Current report18 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Coca-Cola Consolidated, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Coca-Cola Consolidated, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Coca-Cola Consolidated, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.