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COCA COLA CO (KO) USD

World’s largest beverage company—sparkling and still brands sold in nearly every country.

At a glance: strengths & risks
✓Revenue growing (+7% y/y, Q2 2026)✓Profit growing (+16% y/y, Q2 2026)

Sector: Consumer staples

US_KO

Price chart

92.71 USDDay -2.76%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
92.71 USD · -2.76%
Market cap
398.8 bn USD

Growth

Δ revenue y/y
6.7%
Δ EBITDA y/y
8.3%

Multiples

P/E (LTM)
27.9x
3y avg: 23.9x
P/B (FY)
12.4x
P/E (ann.)
22.5x
EV/EBITDA (LTM)
27.0x
3y avg: 24.4x
EV/EBITDA (ann.)
21.7x

Cash return

Dividend yield
2.3%
FCF yield (LTM)
1.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+8.8%
↓ details

Liquidity

Daily turnover (US listing)
1.8 bln USD

Shares: yahoo_fundamentals_timeseries/KO

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-07-03Q3 2026 (3M)OK13.4
y/y 6.7%
4.7
y/y 9.2%
0.3
y/y -4.7%
4.9
y/y 8.3%
4.4
y/y 16.1%
3.5-0.1107.9
y/y 3.4%
36.1
y/y 26.5%
50.7%30.6Link
2026-04-03Q2 2026 (3M)OK12.5
y/y 12.1%
4.4
y/y 19.1%
0.3
y/y -1.1%
4.6
y/y 17.8%
3.9
y/y 17.8%
2.0-0.3104.2
y/y 2.5%
33.6
y/y 28.4%
47.7%28.2Link
2025-12-31Q4 2025 (3M)OK11.8
y/y 2.4%
1.8
y/y -32.0%
0.2
y/y -14.5%
2.1
y/y -30.4%
2.3
y/y 3.5%
3.8-0.9104.8
y/y 4.2%
32.2
y/y 29.4%
41.3%31.5Link
2025-09-26Q3 2025 (3M)OK12.5
y/y 5.1%
4.0
y/y 58.6%
0.3
y/y 0.0%
4.2
y/y 53.0%
3.7
y/y 29.8%
5.0-0.7106.0
y/y -0.2%
31.2
y/y 17.8%
16.5%31.3Link
2025-06-27Q2 2025 (3M)OK12.5
y/y 1.4%
4.3
y/y 62.6%
0.3
y/y 3.7%
4.6
y/y 57.2%
3.8
y/y 58.0%
3.8-0.6104.3
y/y 3.1%
28.6
y/y 10.6%
55.6%36.8Link
2025-03-28Q1 2025 (3M)OK11.1
y/y -1.5%
3.7
y/y 70.9%
0.3
y/y 1.9%
3.9
y/y 63.4%
3.3
y/y 4.8%
-5.2-0.4101.7
y/y 2.3%
26.2
y/y -0.9%
52.2%36.6Link
2024-12-31Q4 2024 (3M)OK11.5
y/y 6.4%
2.7
y/y 19.2%
0.3
y/y 1.8%
3.0
y/y 17.3%
2.2
y/y 11.3%
4.0-0.8100.5
y/y 2.9%
24.9
y/y -4.2%
41.4%32.2Link
2024-09-27Q3 2024 (3M)OK11.9
y/y -0.8%
2.5
y/y -23.2%
0.3
y/y -7.6%
2.8
y/y -22.0%
2.8
y/y -7.7%
-1.3-0.6106.3
y/y 8.9%
26.5
y/y 0.7%
14.5%28.4Link
2024-06-28Q2 2024 (3M)OK12.4
y/y 3.3%
2.6
y/y 9.6%
0.3
y/y -4.3%
2.9
y/y 8.2%
2.4
y/y -5.3%
3.6-0.4101.2
y/y 2.8%
25.9
y/y -0.6%
36.9%24.2Link
2024-03-29Q1 2024 (3M)OK11.3
y/y 2.9%
2.1
y/y -36.4%
0.3
y/y -8.4%
2.4
y/y -34.2%
3.2
y/y 2.3%
0.5-0.499.4
y/y 2.0%
26.4
y/y 4.8%
48.5%27.0Link
2023-12-31Q4 2023 (3M)OK10.8
y/y —
2.3
y/y —
0.3
y/y —
2.5
y/y —
2.0
y/y —
2.7-0.997.7
y/y —
25.9
y/y —
41.0%31.1Link
2023-09-29Q3 2023 (3M)OK12.0
y/y —
3.3
y/y —
0.3
y/y —
3.6
y/y —
3.1
y/y —
4.3-0.497.6
y/y —
26.3
y/y —
15.7%25.7Link
2023-06-30Q2 2023 (3M)OK12.0
y/y —
2.4
y/y —
0.3
y/y —
2.7
y/y —
2.5
y/y —
4.5-0.498.5
y/y —
26.0
y/y —
39.8%27.0Link
2023-03-31Q1 2023 (3M)OK11.0
y/y —
3.4
y/y —
0.3
y/y —
3.7
y/y —
3.1
y/y —
0.2-0.397.4
y/y —
25.2
y/y —
—29.1Link

Net debt structure (leases included, IFRS 16) 2026-07-03

Long-term debt (incl. LT leases)37 001
− Cash & equivalents12 907
Net debt24 094

Net debt / LTM EBITDA: 1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05 00010 00015 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-50%-25%0%25%50%75%2023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-10 000-5 00005 00010 00015 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Net debt / cash ($ mln)

010 00020 00030 00040 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.08x of reported net profit; after capex, 0.91x.
year20212022202320242025
cash flow / profit1.29x1.16x1.08x0.64x0.56x
accruals, % of assets-3.0%-1.6%-0.9%3.8%5.4%
Last twelve months (to 2026-07-03): 1.00x of profit came back as operating cash flow.
net debt / EBITDA 2.1x · EBIT covers interest 8.3x · capex 1.5x of depreciation · dividends 98% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +8.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-07-03 vs 2025-06-27)
= (4 938 − 4 559) × 3.22
1 219
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (398 802 + 30 636) ÷ 15 888
27.0x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (27.0 + 12) ÷ 2
19.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 6 132 + 4 389 + 649 − 175
11 170
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (1 219 × 19.5 + 11 170) ÷ 398 802
+8.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • equity issuance measured by share-count dilution at market, not the cash line

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +2% vs +3% the year before — a -1.0 pp move. 3-year CAGR +4%.
revenue growth by year: 2023 +6% · 2024 +3% · 2025 +2%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 27.9x · 3-year 75th pct 27.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Consumer staples. Each peer is shown as it trades and re-priced onto this company's market (US) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Indofood Sukses MakmurIndonesia3.31.9x7.4x
PEPSICO INCUS190.612.2x12.2x
Altria GroupUS127.413.3x13.3x
Indofood CBP Sukses MakmurIndonesia3.93.6x13.8x
ITCIndia34.112.7x13.9x
PROCTER & GAMBLE CoUS384.817.7x17.7x
Philip Morris International Inc.US313.918.8x18.8x
Walmart Inc.US965.221.7x21.7x
Hindustan UnileverIndia45.327.7x30.3x
COSTCO WHOLESALE CORP /NEWUS452.130.7x30.7x
Unilever IndonesiaIndonesia3.011.2x42.4x
Group median13.3x17.7x
Group average15.6x20.2x
This companyUS410.127.0x27.0x

Group median 13.3x as traded, 17.7x adjusted; this company 27.0x — a 52% premium.

Group average 15.6x as traded, 20.2x adjusted; against the average this company is at a 34% premium.

At the adjusted group median the market cap would be -37% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-150.53 USDEx-dividend: 0.53 USD per sharePaidYahoo Finance (ex-div)
2026-06-150.53 USDEx-dividend: 0.53 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.53 USDEx-dividend: 0.53 USD per sharePaidYahoo Finance (ex-div)
2025-12-010.51 USDEx-dividend: 0.51 USD per sharePaidYahoo Finance (ex-div)
2025-09-150.51 USDEx-dividend: 0.51 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.51 USDEx-dividend: 0.51 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.51 USDEx-dividend: 0.51 USD per sharePaidYahoo Finance (ex-div)
2024-11-290.485 USDEx-dividend: 0.485 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.485 USDEx-dividend: 0.485 USD per sharePaidYahoo Finance (ex-div)
2024-06-140.485 USDEx-dividend: 0.485 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.485 USDEx-dividend: 0.485 USD per sharePaidYahoo Finance (ex-div)
2023-11-300.46 USDEx-dividend: 0.46 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.46 USDEx-dividend: 0.46 USD per sharePaidYahoo Finance (ex-div)
2023-06-150.46 USDEx-dividend: 0.46 USD per sharePaidYahoo Finance (ex-div)
2023-03-160.46 USDEx-dividend: 0.46 USD per sharePaidYahoo Finance (ex-div)
2022-11-300.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2022-09-150.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2022-06-140.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2022-03-140.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2021-11-300.42 USDEx-dividend: 0.42 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of COCA COLA CO (KO) — from primary filings.

Frequently asked questions

What is COCA COLA CO (KO)'s P/E ratio?
COCA COLA CO (KO) trades at a P/E of 27.9x (price to trailing 12-month earnings).
What is COCA COLA CO (KO)'s EV/EBITDA?
COCA COLA CO (KO) trades at 27.0x EV/EBITDA.
What is COCA COLA CO (KO)'s P/B ratio?
COCA COLA CO (KO) trades at a P/B of 12.4x.
What is COCA COLA CO (KO)'s dividend yield?
COCA COLA CO (KO)'s trailing 12-month dividend yield is 2.3%.
What is COCA COLA CO (KO)'s return on equity (ROE)?
COCA COLA CO (KO)'s ROE is 50.7%.
What is COCA COLA CO (KO)'s market capitalization?
COCA COLA CO (KO)'s market cap is 398.8 bn USD.

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