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Coca-Cola Company
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Latest analysis
Updated Oct 28, 2026
Coca-Cola Q3 2026: Volume-Led 7% Revenue Growth With Expanding Margins as IRS Tax Liability Reaches $14B Exposure
Coca-Cola delivered Q3 2026 net operating revenues of $13,380 million (up 7% year-over-year), driven by 6% concentrate sales volume growth and 170 basis points of gross margin expansion to 63.2%, with all operating segments posting positive volume. The dominant risk remains the IRS transfer pricing litigation, where potential aggregate incremental tax and interest liability for 2010-2025 is estimated at approximately $14 billion as of December 31, 2025, with an additional $1.4 billion accruing in the nine-month period alone. The Africa bottling held-for-sale transaction with CCHBC remains pending regulatory approval, while Singapore, Malaysia, and Myanmar operations were newly classified as held for sale this quarter.
Tone: bullishRevenue
$47.9B
KO 10-K · FY 2025
Employees
65,900
Revenue FY2024
$47.1B
Founded
1892
Profile
KO 10-K Item 1 · Feb 20, 2026The Coca-Cola Company is a total beverage company selling branded nonalcoholic and alcohol ready-to-drink beverages in more than 200 countries and territories. It operates through concentrate operations and finished product operations, relying on a global network of independent bottling partners, distributors, wholesalers and retailers. Its portfolio spans sparkling soft drinks, water, sports, coffee, tea, juice, dairy and plant-based beverages.
Read filing description ↓ Collapse description ↑
The Coca-Cola Company is a total beverage company, and beverage products bearing our trademarks, sold in the United States since 1886, are now sold in more than 200 countries and territories. We own or license and market numerous beverage brands, which we group into the following categories: Trademark Coca-Cola; sparkling flavors; water, sports, coffee and tea; juice, value-added dairy and plant-based beverages; and emerging beverages. We own and market several of the world's largest nonalcoholic sparkling soft drink brands, including Coca-Cola, Sprite, Coca-Cola Zero Sugar, Fanta and Diet Coke/Coca-Cola Light. We make our branded beverage products available to consumers throughout the world through our network of independent bottling partners, distributors, wholesalers and retailers as well as our consolidated bottling and distribution operations. Beverages bearing trademarks owned by or licensed to the Company account for 2.2 billion of the estimated 65 billion servings of all beverages consumed worldwide every day. Our Company operates in two lines of business: concentrate operations and finished product operations. Our concentrate operations typically generate net operating revenues by selling beverage concentrates, syrups, including fountain syrups, and certain finished beverages to authorized bottling operations. Our finished product operations generate net operating revenues by selling sparkling soft drinks and a variety of other finished beverages to retailers, or to distributors and wholesalers. The Company has also directly entered the alcohol beverage category in numerous markets outside the United States, focusing on pre-mixed cocktails, flavored alcohol beverages and hard seltzers.
Primary products
- Coca-Cola
- Diet Coke/Coca-Cola Light
- Coca-Cola Zero Sugar
- Fanta
- Fresca
- Schweppes
Business segments
End markets
Geographies
Named customers
Named competitors
“Our competitive strengths include leading brands with high levels of consumer recognition and loyalty; a worldwide network of bottlers and distributors of Company products; sophisticated marketing capabilities; and a talented group of dedicated employees.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net operating revenues increased from $47,061 million in 2024 to $47,941 million in 2025, reflecting modest growth across the consolidated business.
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