olivLaw · US equity research
The Coca-Cola Company KO
Beverages · SIC 2080 · Vertical: Beverages (SIC 2080)
The Coca-Cola Company is a total beverage company whose products are sold in more than 200 countries and territories. In the second quarter of 2026, net revenues grew 7% to 13.4 billion USD and global unit case volume grew 5%. The company raised its full-year 2026 guidance.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, The Coca-Cola Company (KO) stock was 95.80 USD (+1.05% on the day), with market capitalisation 412.1 bn USD, P/E 28.2 on diluted EPS of 3.40 USD over the last 12 months, dividend yield 2.19%, beta -0.05, 52-week range 67.54–95.83 USD. Latest reported quarter (Q3 2026): revenue of 13.4 bn USD (+7.4% YoY), net income of 4.0 bn USD (+8.5% YoY), diluted EPS 0.93 USD.
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)
- 64.9
- strong (55–70)
- Bollinger (20, 2)
- 88.02 – 96.97
- in the upper half of the band · %B 0.87 · band width 9.7%
- SMA 50 / 200
- 89.70 / 82.50
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.65 / 1.42
- MACD above 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 | +10.7% | −1.1% | +11.8 pp | — |
| 3 months | +10.3% | −0.5% | +10.8 pp | — |
| 6 months | +20.9% | +4.4% | +16.5 pp | — |
| Year to date | +37.0% | +12.3% | +24.7 pp | — |
| 1 year | +39.5% | +13.5% | +26.0 pp | +1.2% |
| 3 years | +68.8% | +76.4% | −7.6 pp | −35.0% |
| 5 years | +68.5% | +63.7% | +4.9 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 | 11.5 bn | 11.1 bn | 12.5 bn | 12.5 bn | 11.8 bn | 12.5 bn | 13.4 bn | 13.4 bn |
| Cost of revenue | 4.6 bn | 4.2 bn | 4.7 bn | 4.8 bn | 4.7 bn | 4.6 bn | 5.0 bn | 4.9 bn |
| Gross profit | 6.9 bn | 7.0 bn | 7.8 bn | 7.7 bn | 7.1 bn | 7.9 bn | 8.4 bn | 8.5 bn |
| SG&A | 4.0 bn | 3.2 bn | 3.5 bn | 3.6 bn | 4.2 bn | 3.5 bn | 3.7 bn | 4.0 bn |
| Operating income | 2.7 bn | 3.7 bn | 4.3 bn | 4.0 bn | 1.8 bn | 4.4 bn | 4.7 bn | 4.5 bn |
| Depreciation & amortisation | 276.0 m | 267.0 m | 279.0 m | 268.0 m | 236.0 m | 264.0 m | 266.0 m | 253.0 m |
| Interest expense | 431.0 m | 387.0 m | 445.0 m | 391.0 m | 431.0 m | 375.0 m | 369.0 m | 354.0 m |
| Pre-tax income | 2.8 bn | 4.1 bn | 4.8 bn | 4.2 bn | 3.0 bn | 4.6 bn | 5.5 bn | 4.8 bn |
| Income tax | 593.0 m | 722.0 m | 993.0 m | 500.0 m | 646.0 m | 645.0 m | 1.0 bn | 777.0 m |
| Net income | 2.2 bn | 3.3 bn | 3.8 bn | 3.7 bn | 2.3 bn | 3.9 bn | 4.4 bn | 4.0 bn |
| Diluted EPS | 0.51 ≈ | 0.77 | 0.88 | 0.86 | 0.53 ≈ | 0.91 | 1.03 | 0.93 |
| Operating cash flow | 4.0 bn | -5.2 bn | 3.8 bn ≈ | 5.0 bn ≈ | 3.8 bn | 2.0 bn | 5.5 bn ≈ | 4.9 bn ≈ |
| Capex | 803.0 m | 309.0 m | 442.0 m | 479.0 m | 882.0 m | 266.0 m | 418.0 m | 379.0 m |
| Dividends paid | 4.1 bn | 89.0 m | 2.2 bn ≈ | 2.1 bn ≈ | 4.4 bn | 2.3 bn | 2.3 bn ≈ | 2.3 bn ≈ |
| Share repurchases | 567.0 m | 370.0 m | 102.0 m ≈ | 172.0 m ≈ | 102.0 m | 477.0 m | 186.0 m ≈ | 237.0 m ≈ |
≈ 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 61 percentile of its own 44-quarter history (min 18.4, median 26.6, max 60.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34.3 bn | 37.3 bn | 33.0 bn | 38.7 bn | 43.0 bn | 45.8 bn | 47.1 bn | 47.9 bn |
| Revenue YoY | −5.3% | +8.6% | −11.4% | +17.1% | +11.3% | +6.4% | +2.9% | +1.9% |
| Net income | 6.4 bn | 8.9 bn | 7.7 bn | 9.8 bn | 9.5 bn | 10.7 bn | 10.6 bn | 13.1 bn |
| Net income YoY | +415.5% | +38.6% | −13.2% | +26.1% | −2.3% | +12.3% | −0.8% | +23.3% |
| Diluted EPS | 1.50 | 2.07 | 1.79 | 2.25 | 2.19 | 2.47 | 2.46 | 3.04 |
| Diluted EPS YoY | +417.2% | +38.0% | −13.5% | +25.7% | −2.7% | +12.8% | −0.4% | +23.6% |
| net % | 18.8% | 23.9% | 23.5% | 25.3% | 22.2% | 23.4% | 22.6% | 27.3% |
| Free cash flow | 6.1 bn | 8.4 bn | 8.7 bn | 11.3 bn | 9.5 bn | 9.7 bn | 4.7 bn | 5.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.3 bn USD
- Financial debt
- 1.8 bn USD
- Net debt
- -8.4 bn USD
- Equity
- 34.3 bn USD
- Total assets
- 104.8 bn USD
- Debt / equity
- 0.05x
- Current ratio
- 1.46x
- ROE
- 43.2%
- ROA
- 12.8%
- FCF margin
- 11.0%
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 | 33.0 bn | 38.7 bn | 43.0 bn | 45.8 bn | 47.1 bn | 47.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 13.4 bn | 15.4 bn | 18.0 bn | 18.5 bn | 18.3 bn | 18.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 19.6 bn | 23.3 bn | 25.0 bn | 27.2 bn | 28.7 bn | 29.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 9.7 bn | 12.1 bn | 12.9 bn | 14.0 bn | 14.6 bn | 14.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 9.0 bn | 10.3 bn | 10.9 bn | 11.3 bn | 10.0 bn | 13.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 1.5 bn | 1.5 bn | 1.3 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 10.5 bn ≈ | 11.8 bn ≈ | 12.2 bn ≈ | 12.4 bn ≈ | 11.1 bn ≈ | 14.8 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 1.4 bn | 1.6 bn | 882.0 m | 1.5 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 9.7 bn | 12.4 bn | 11.7 bn | 13.0 bn | 13.1 bn | 16.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 2.0 bn | 2.6 bn | 2.1 bn | 2.2 bn | 2.4 bn | 2.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 7.7 bn | 9.8 bn | 9.5 bn | 10.7 bn | 10.6 bn | 13.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 1.79 | 2.25 | 2.19 | 2.47 | 2.46 | 3.04 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 4.3 bn | 4.3 bn | 4.4 bn | 4.3 bn | 4.3 bn | 4.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 1.64 | 1.68 | 1.76 | 1.84 | 1.94 | 2.04 | SEC (XBRL)· 20 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 | 6.8 bn | 9.7 bn | 9.5 bn | 9.4 bn | 10.8 bn | 10.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 3.1 bn | 3.5 bn | 3.5 bn | 3.4 bn | 3.6 bn | 3.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 3.3 bn | 3.4 bn | 4.2 bn | 4.4 bn | 4.7 bn | 4.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 19.2 bn | 22.5 bn | 22.6 bn | 26.7 bn | 26.0 bn | 31.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 10.8 bn | 9.9 bn | 9.8 bn | 9.2 bn | 10.3 bn | 9.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 17.5 bn | 19.4 bn | 18.8 bn | 18.4 bn | 18.1 bn | 15.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 424.0 m | 574.0 m | 460.0 m | 355.0 m | — | — | SEC (XBRL)· 20 Feb 2024verified |
| Total assets | 87.3 bn | 94.4 bn | 92.8 bn | 97.7 bn | 100.5 bn | 104.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 11.1 bn | 14.6 bn | 15.7 bn | 15.5 bn | 21.7 bn | 14.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 2.2 bn | 3.3 bn | 2.4 bn | 2.0 bn | 648.0 m | 1.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 40.1 bn | 38.1 bn | 36.4 bn | 35.5 bn | — | — | SEC (XBRL)· 20 Feb 2024verified |
| Current liabilities | 14.6 bn | 20.0 bn | 19.7 bn | 23.6 bn | 25.2 bn | 21.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 21.3 bn | 24.9 bn | 25.8 bn | 27.5 bn | 26.4 bn | 34.3 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 9.8 bn | 12.6 bn | 11.0 bn | 11.6 bn | 6.8 bn | 7.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 1.2 bn | 1.4 bn | 1.5 bn | 1.9 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 8.7 bn ≈ | 11.3 bn ≈ | 9.5 bn ≈ | 9.7 bn ≈ | 4.7 bn ≈ | 5.3 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -1.5 bn | -2.8 bn | -763.0 m | -3.3 bn | 2.5 bn | -67.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -8.1 bn | -6.8 bn | -10.3 bn | -8.3 bn | -6.9 bn | -8.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 7.0 bn | 7.3 bn | 7.6 bn | 8.0 bn | 8.4 bn | 8.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 118.0 m | 111.0 m | 1.4 bn | 2.3 bn | 1.8 bn | 746.0 m | SEC (XBRL)· 20 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: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 412.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet82
- Growth54
- Quality92
- Returns49
- Valuation47
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: 26.81 – 115.72 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)48.86 – 73.28 (Mid 58.38)WACC 9.2% · starting FCFF 15.5 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 27.8%
- Peers: EV/EBITDA44.78 – 92.29 (Mid 61.57)5 companies used · median multiple 15.7x · quartiles 11.3x – 23.8xBF-A, BUDA, PEP, PRMB, WEST
- Peers: P/E64.82 – 115.72 (Mid 90.39)6 companies used · median multiple 26.6x · quartiles 19.1x – 34.1xBF-A, BUDA, COCO, KDP, PEP, YHC
- Dividend discount (DDM)26.81 – 36.05 (Mid 30.75)
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
Unattractive profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 47.4% | 85 (vs peers) | 10% |
| Net margin · Quality | 28.7% | 100 (vs peers) | 6% |
| FCF conversion · Quality | 97.6% | 97 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 3.7% | 31 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 11.6% | 77 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -0.5x | 86 (vs peers) | 10% |
| Interest coverage · Balance sheet | 10.0x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.4x | 48 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 28.2x | 63 (vs peers) | 10% |
| EV/EBITDA · Valuation | 24.7x | 33 (vs peers) | 10% |
| FCF yield · Valuation | 3.5% | 43 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.0% | 42 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 78.6% | 59 (on a fixed band) | 4% |
Score groups
- Balance sheet82/100 · 3/3 factors with a value
- Growth54/100 · 2/2 factors with a value
- Quality92/100 · 3/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation47/100 · 3/3 factors with a value
Memo
COCA COLA CO (KO). Latest full fiscal year: 2025; data up to 2026-10-02.
Figures computed from the financial statements: revenue 47.9 bn USD in 2025; YoY growth 1.9%; net margin 28.7%; ROE 42.6%; net debt/EBITDA -0.5x.
The estimated value range is 46.82–82.79 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 59.97 USD, the price of 95.80 USD leaves a potential of -37.4% (value / price − 1) and a margin of safety of -59.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 47.4%
- Net margin: 28.7%
- FCF conversion: 97.6%
- EPS CAGR 3Y: 11.6%
- Net debt / EBITDA: -0.5x
- Interest coverage: 10.0x
What contradicts it
- The price is above the estimated value range
Versus the vertical median
Beverages (SIC 2080) · same industry (4-digit SIC) · compared with 17 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger 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 | |
|---|---|---|---|---|---|---|
| KOCoca Cola Co | 412.1 bn | 28.2 | 42.6% | 28.7% | +1.9% | +40% / +69% |
| DEODIAGEO plc | 237.6 bn | 92.4 | 24.0% | 9.1% | +0.3% | +7% / −30% |
| PEPPepsico Inc | 194.1 bn | 18.7 | 50.1% | 10.8% | +2.3% | −4% / −15% |
| KDPKeurig Dr Pepper Inc. | 50.1 bn | 37.2 | 5.7% | 7.1% | +8.2% | +32% / +17% |
| BF-ABrown Forman Corp | 14.9 bn | 20.3 | 18.1% | 18.4% | −1.2% | +10% / −48% |
| PRMBPrimo Brands Corp | 7.6 bn | 79.4 | 3.2% | 1.5% | +29.3% | +34% / +46% |
| COCOThe Vita Coco Company, Inc. | 3.7 bn | 32.9 | 32.0% | 15.7% | +18.2% | +23% / +133% |
| WESTWestrock Coffee Company | 1.0 bn | — | — | -4.9% | +39.8% | +138% / +13% |
| BUDABuda Juice, Inc. | 83.2 m | 34.5 | 19.3% | 17.1% | +11.8% | unavailable / unavailable |
| SRXHSRX Global Inc. | 18.0 m | — | -70.8% | -254.8% | −81.3% | −96% / −100% |
| WVVIWillamette Valley Vineyards, Inc. | 8.3 m | — | -3.3% | -5.9% | −6.5% | −37% / −68% |
| YHCLQR House Inc. | 2.9 m | 0.2 | -88.2% | -1,589.2% | −37.4% | −98% / −100% |
| IPSTIp Strategy Holdings, Inc. | 2.3 m | — | -2,713.2% | -2,064.0% | +20.4% | −98% / unavailable |
| EDVAEndovia Health Sciences, Inc. | 1.2 m | — | — | -53,856.5% | −90.9% | −96% / −100% |
| BRCCBRC Inc. | 903.4 k | — | -14.2% | -1.5% | +1.7% | −23% / −77% |
| IBGInnovation Beverage Group Limited | 593.4 k | — | — | -223.4% | −5.1% | −94% / unavailable |
| STZConstellation Brands, Inc. | — | — | 23.9% | 20.9% | −10.5% | +7% / −40% |
| ABEVAmbev S.A. | — | — | 16.6% | 17.6% | −1.4% | +9% / +1% |
1- and 3-year price returns: for KO 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.
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 | 56.23 Total return -40% · Per year -40% | 99.44 Total return 6% · Per year 6% | 149.84 Total return 59% · Per year 59% |
| 3 years | 53.68 Total return -39% · Per year -15% | 106.91 Total return 19% · Per year 6% | 177.01 Total return 94% · Per year 25% |
| 5 years | 51.25 Total return -38% · Per year -9% | 114.95 Total return 32% · Per year 6% | 209.11 Total return 135% · Per year 19% |
- Exit P/E± 26.73
- Net margin± 18.71
- Annual revenue growth± 15.48
- Annual dilution± 1.57
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 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
The Coca-Cola Company is a total beverage company whose products are sold in more than 200 countries and territories 1. In the second quarter of 2026, net revenues grew 7% to 13.4 billion USD and global unit case volume grew 5% 3. The company raised its full-year 2026 guidance 3.
SWOT
Strengths
- A very broad portfolio of globally recognized brands, including Trademark Coca-Cola, Sprite and Fanta 1.
- A global network of bottling and distribution partners that enables presence in more than 200 countries and territories 1.
- Growth in revenue and operating profit in the second quarter of 2026, with gains in value share 3.
Weaknesses
- Heavy reliance on volume outside the United States exposes the company to currency and political risks 1.
- A significant impairment of the BodyArmor trademark, which produced a large accounting charge in the fourth quarter of 2025 2.
- Dependence on a small number of large bottling partners that control a substantial part of volume 1.
Opportunities
- Expansion into emerging markets and into profitable beverage categories, including functional and alcoholic beverages 1.
- Use of data and digital commerce to personalize marketing and deepen consumer engagement 13.
- Rapid innovation shared across markets, as with Coca-Cola Zero Zero, could open new sources of growth 3.
Risks
- Economic and geopolitical conditionshigh
An economic slowdown, inflation and international conflicts can reduce consumer purchasing power and demand for the company's products 1.
- Competition and pricingmedium
Strong competition and retailer pressure can limit the ability to raise prices and can increase marketing costs 1.
- Supply chainmedium
Disruptions in supplies of ingredients, packaging and energy can raise costs and interrupt production 1.
- Asset impairmentmedium
Brands or investments performing below expectations may require further impairment if results do not follow revised projections 2.
- Cybersecuritylow
The fairlife ransomware incident shows that attacks on systems can suspend production, although the impact on financial condition was assessed as not material 2.
Investment thesis
What would need to be true (bull case)
- Simultaneous growth in volume, price and operating profit in the second quarter of 2026, together with value share gains, points to solid pricing power 3.
- A broad brand portfolio and a global distribution network provide a stable base that could support long-term growth 1.
- If rapid innovation and digital marketing continue to work, the company could capture more drinking occasions 3.
What would break the thesis
- Reliance on emerging markets exposes the company to currency and political risks that can affect results 1.
- Public health pressure and sugar regulation could limit demand for traditional beverages 1.
- A recent brand impairment and rising competition show that some investments may not reach initial projections 2.
What to watch
- Financial results and updated guidance for 2026Q3 2026
- Unit case volume and value share trends in Asia Pacific2026
- Final impact of the fairlife incident on productionQ3 2026
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 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).
The business
Distribution runs through independent bottling partners, distributors and wholesalers, supplemented by consolidated bottling operations 1. In 2025 the five largest bottling partners represented 44% of worldwide unit case volume 1. The Coca-Cola system sold 33.8 billion unit cases in 2025 1.
Operating segments are EMEA, Latin America, North America, Asia Pacific and Bottling Investments, plus Corporate 1. Global Ventures was sunset effective January 1, 2025, with its results moved into geographic segments 1. In July 2026 the company disclosed a ransomware event at fairlife that temporarily suspended production; most operations have resumed 2.
Segments
Market context
The nonalcoholic beverage market is highly competitive, with global and regional players 1. Sparkling soft drinks account for 69% of worldwide volume and 84% of volume is outside the United States 1. Industry players are affected by costs, consumer demand, inflation, currency and geopolitical conditions 1.
In the second quarter of 2026 the company gained value share in total NARTD beverages, including in Germany, Morocco, Brazil and Mexico 3. It lost share in Asia Pacific, where gains in Japan and China were more than offset by a loss in India 3.
Trends
- Digital commercemixed
Growth of e-commerce and delivery services is shifting sales channels and could reduce the value of some traditional distribution strategies 1. If the company adapts its customer relationships, this shift could support growth 1.
- Innovation and healthtailwind
Concern about obesity leads to a broader portfolio of reduced and no-calorie options, which can support demand 1. Fast innovation such as Coca-Cola Zero Zero contributed to volume growth in the second quarter of 2026 3.
- Cost pressure and inflationheadwind
Input costs for raw materials, packaging and energy can rise, and high inflation in some markets could reduce demand or push consumers toward cheaper products 1.
- Geopolitical uncertaintyheadwind
International conflicts and trade restrictions disrupted operations in 2025 and could affect the supply chain and profitability 1.
Competitive position
The company operates in a highly competitive industry facing well-established global companies as well as numerous regional and local companies 1. Competition can pressure prices and marketing costs 1.
The company relies on innovation and digital marketing to maintain share, and in 2026 it gained value share in most geographic segments 13. If these efforts do not translate into share, its position could be affected 1.
- PepsiCoPEP
Global competitor in nonalcoholic beverages, referenced in general terms in the company's sources, without further detail in the texts reviewed.
- Monster Beverage CorporationMNST
Distribution partner in certain territories under coordination agreements, and also a participant in the energy drink category.
- Regional and local beverage companies
Numerous regional and local competitors that can affect share in particular countries.
- Retailer private-label brands
Private-label products can attract price-sensitive consumers, and retailers can use their distribution networks to develop them.
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.
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News & filings
In the press
- «Ъ» узнал о просьбе передать экс-боттлера Coca-Cola во внешнее управлениеRBC News (RU business+politics) · 05 Nov 2026 · RU
- Volumele îmbuteliatorului Coca-Cola în România au intrat din nou pe minus în T3. Zoran Bogdanovic, CEO al Coca-Cola HBC: „Vedem în România un tipar similar cu cel din Ungaria, după câţiva ani de schimbări schimbări fiscale şi legislative”Ziarul Financiar · 05 Nov 2026 · RO
- Vânzările Coca-Cola HBC scad în România, afectate de un mediu “dificil” de consumProfit.ro · 04 Nov 2026 · RO
- Îmbuteliatorul Coca-Cola a vândut mai puţin în România în T3. Energizantele şi cafeaua, singurele categorii cu creşteri de două cifreZiarul Financiar · 04 Nov 2026 · RO
- Nasdaq scade 2,8% pe fondul rezultatelor Intel și Amazon, care amplifică vânzările în AI - InvezzSurge — Google News · 30 Oct 2026 · RO
- Directorul Coca-Cola comentează porecla pe care tinerii din Generația Z au dat-o băuturii Diet Coke:... - Ziare.comSurge — Google News · 30 Oct 2026 · RO
- FOTO-REPORTAJ | Câtă tehnologie este în spatele unei sticle de apă minerală. Am intrat în fabrica Dorna din Poiana Negrii / Cum este monitorizată apa de la sursă până la produsul finitMediafax · 30 Oct 2026 · RO
- PepsiCo, Nestlé, Coca-Cola și alte zece companii lansează Asociația Română a Produselor de Marcă. Ce își propune noua organizațieEconomedia · 30 Oct 2026 · RO
- FOTO-REPORTAJ | De la izvorul din munte, pe rafturile din toată țara: cum funcționează fabrica Dorna de la Poiana Negrii, una dintre cele trei fabrici deținute de Sistemul Coca-Cola în RomâniaEconomedia · 30 Oct 2026 · RO
- Coca-Cola HBC Hungary Announces Record HUF 35 bln ExpansionBudapest Business Journal (HU, EN) · 29 Oct 2026 · EN
- Coca-Cola announces record EUR 95 million investment in Hungary – here’s what it will fundDaily News Hungary (HU, EN) · 29 Oct 2026 · EN
- Уолл-стрит закрылась в плюсе во вторникInterfax Russia (RU) · 28 Oct 2026 · RU
- Early third-quarter earnings show a 'resilient' U.S. consumer, with signs of strainCNBC — Top News · 27 Oct 2026 · EN
- Coca-Cola Raises Guidance, North America Sales DisappointBloomberg Markets · 27 Oct 2026 · EN
- Stocks making the biggest moves premarket: PayPal, Corning, UPS, Coca-Cola & moreCNBC — Top News · 27 Oct 2026 · EN
- Результаты Coca-Cola за III квартал превзошли ожиданияInterfax Russia (RU) · 27 Oct 2026 · RU
- Coca-Cola is about to report earnings. Here's what to expectCNBC — Top News · 27 Oct 2026 · EN
- La Liga anchetează incidentul în care Camavinga a fost atacat de un fan al Barcelonei care mânuia un catarg cu steagul. - Vietnam.vnSurge — Google News · 27 Oct 2026 · RO
- Coca-Cola, Nestlé și Danone schimbă etichetele sticlelor. Ce au anunțat că vor modifica - Wall-Street.roSurge — Google News · 23 Oct 2026 · RO
- Coca-Cola, Nestlé și Danone schimbă mesajele de pe sticlele din plastic. Ce informații vor primi consumatorii - Capital.roCapital.ro · 22 Oct 2026 · RO
SEC filings
- Quarterly report28 Oct 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report16 Jul 2026Other events
- Current report25 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report01 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report28 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement16 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Coca-Cola Company · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / The Coca-Cola Company · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Coca-Cola Company · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.