# The Coca-Cola Company (KO)

> Source: Nexqual · https://nexqual.com/KO · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, The Coca-Cola Company (KO), nexqual.com/KO" · informational, not investment advice.

**Price:** USD 92.71 (-2.76% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 95.34 · day 92.64–95.03 · 52w 67.27–95.37 · market cap $399B · NYQ

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $50.1B, net income $14.3B (28.6% margin), free cash flow $14.3B (SEC filings).
- Valuation: P/E 27.9x (avg 24.1x at the last 3 fiscal year-ends), EV/EBITDA 27.0x, net debt $30.0B.
- 9 of 80 tracked superinvestors hold KO (13F, Q2 2026): 0 new, 4 added, 1 reduced, 4 unchanged.
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $168M; 7 not under a Rule 10b5-1 plan ($52.0M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (25 analysts), mean target USD 95.33 (range 80–104).
- Total return with dividends: 1Y +36.5% vs S&P 500 +13.4%; 5Y +90.4% vs S&P 500 +76.9%.
- Next earnings: 2026-10-27, EPS estimate USD 0.88, revenue estimate $12.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $38.7B | $43.0B | $45.8B | $47.1B | $47.9B | $50.1B |
| Gross profit | $23.3B | $25.0B | $27.2B | $28.7B | $29.5B | — |
| Operating income | $10.3B | $10.9B | $11.3B | $9.99B | $13.8B | $14.9B |
| Net income | $9.77B | $9.54B | $10.7B | $10.6B | $13.1B | $14.3B |
| EPS (diluted) | $2.25 | $2.19 | $2.47 | $2.46 | $3.04 | — |
| Free cash flow | $11.3B | $9.53B | $9.75B | $4.74B | $5.30B | $14.3B |
| Gross margin | 60.3% | 58.1% | 59.5% | 61.1% | 61.6% | — |
| Operating margin | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% | 29.6% |
| Net margin | 25.3% | 22.2% | 23.4% | 22.6% | 27.3% | 28.6% |
| Revenue growth | +17.1% | +11.3% | +6.4% | +2.9% | +1.9% | — |
| Cash + short-term investments | $10.9B | $10.6B | $12.4B | $12.8B | $13.9B | — |
| Total debt | $39.5B | $36.8B | $37.5B | $43.5B | $43.9B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 27.9x · P/S 8.0x · EV/EBITDA 27.0x · EV/Sales 8.6x · P/FCF 27.9x · P/B 11.0x · FCF yield 3.58% · Earnings yield 3.59% · Dividend yield (paid, TTM) 2.77% · Buyback yield (TTM) 0.23% · Net debt $30.0B · EV $429B
P/E at fiscal year-ends: Dec 2025 23.0x, Dec 2024 25.3x, Dec 2023 23.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
9 of 80 tracked investors hold KO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Warren Buffett | Berkshire Hathaway | 10.86% | $32.5B | Unchanged |
| Yacktman Asset Management |  | 2.14% | $173M | Added +1.4% |
| Lee Ainslie | Maverick Capital | 1.47% | $163M | Added +56.2% |
| Jensen Investment Management |  | 0.22% | $9.1M | Added +0.0% |
| Christopher Bloomstran | Semper Augustus | 0.14% | $1.2M | Unchanged |
| Lindsell Train |  | 0.04% | $975K | Unchanged |
| Mairs & Power | Mairs & Power Funds | 0.02% | $1.9M | Added +0.7% |
| Thomas Russo | Gardner Russo & Quinn | 0.01% | $1.0M | Reduced -5.2% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $2.0M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-20 | Pietracci Bruno |  | 111,365 | $10.1M | 71.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-19 | Quan Nancy | Executive Vice President | 50,000 | $4.5M | 17.9% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-08-10 | Ray Sanket |  | 9,958 | $861K | 13.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-06 | Ortega Luisa |  | 55,755 | $4.8M | 64.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-31 | Murphy John | President and CFO | 152,483 | $13.3M | 35% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-28…2026-07-29 | Quincey James | Chairman | 527,087 | $47.5M | 80% | Yes | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-07-28 | Pietracci Bruno |  | 75,727 | $6.8M | 62.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-10 | Mann Jennifer K | Executive Vice President | 23,984 | $2.0M | 12.6% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-09 | Mann Jennifer K | Executive Vice President | 100,000 | $8.1M | 34.5% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-08 | Mann Jennifer K | Executive Vice President | 100,000 | $7.9M | 31.7% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-05 | Mann Jennifer K | Executive Vice President | 100,000 | $7.9M | 31.7% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-04…2026-06-05 | Quincey James | Chairman | 444,296 | $35.6M | 77.1% | Yes | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Quan Nancy | Executive Vice President | 31,625 | $2.6M | 12.1% | No | Routine (sold in May each year 2023–2025) |
| 2026-05-07 | Quincey James | Chairman | 200,000 | $15.8M | 60.3% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 25 analysts; mean target USD 95.33 (low 80, high 104).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Barclays | Target raised | Overweight | $93 → $98 |
| 2026-10-14 | Citigroup | Target raised | Buy | $100 → $102 |
| 2026-10-05 | Wells Fargo | Target lowered | Overweight | $95 → $90 |
| 2026-09-28 | JP Morgan | Target lowered | Overweight | $96 → $95 |
| 2026-07-30 | Argus Research | Target raised | Buy | $91 → $97 |
| 2026-07-30 | Barclays | Target raised | Overweight | $91 → $93 |
| 2026-07-29 | JP Morgan | Target raised | Overweight | $90 → $96 |
| 2026-07-29 | TD Cowen | Target raised | Buy | $90 → $100 |
| 2026-07-29 | Piper Sandler | Target raised | Overweight | $88 → $95 |
| 2026-07-29 | Wells Fargo | Target raised | Overweight | $90 → $95 |
| 2026-07-29 | RBC Capital | Target raised | Outperform | $87 → $96 |
| 2026-07-29 | Jefferies | Target raised | Buy | $95 → $104 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +36.5% | +90.4% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +36.7% | +13.8% |
| Volatility (annualized) | 18.9% | 16.6% |
| Max drawdown | -7.9% (Feb 2026→Apr 2026) | -16.3% (Apr 2023→Oct 2023) |

## Peers (Beverages - Non-Alcoholic)
PEP (Pepsico, Inc.) USD 135.77 -2.20% · MNST (Monster Beverage Corporation) USD 46.19 -2.35% · CCEP (Coca-Cola Europacific Partners ) USD 110.84 -2.97% · KDP (Keurig Dr Pepper Inc.) USD 34.68 -1.45% · COKE (Coca-Cola Consolidated, Inc.) USD 203.31 -5.41% · CELH (Celsius Holdings, Inc.) USD 28.47 +0.39%

## More
Full page: https://nexqual.com/KO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KO's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/ko-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Costa | "Costa purchases Rainforest Alliance Certified and other certified green coffee through multiple suppliers, enabling us to source from alternative suppliers as changing weather patterns impact yields in some geographies." |
| Partner | COCA-COLA EUROPACIFIC PARTNERS plc (CCEP) | "•Coca-Cola Europacific Partners plc ("CCEP"), which has bottling and distribution operations in Andorra, Australia, Belgium, continental France, Germany, Great Britain, Iceland, Indonesia, Luxembourg, Monaco, the Netherl…" |
| Partner | Sales & Services Company | "Among other things, CCBSS provides procurement services to our North American operations and to our U.S. and Canadian bottling partners for the purchase of various goods and services, including HFCS." |
| Partner | Company and Monster Beverage | "If we are unable to successfully manage our relationships with our joint venture partners or our strategic relationships, including our relationship with Monster, or if for any other reason we fail to realize all or a si…" |
| Partner | Coca-Cola Consolidated, Inc. (COKE) | "The Company recognized a gain of $1,952 million related to the sale of our ownership interest in Coca-Cola Consolidated, Inc. ("Coke Consolidated"), an equity method investee, a net gain of $409 million related to realiz…" |
| Competitor | PepsiCo (PEP) | "In many of the countries in which we do business, PepsiCo, Inc. is a primary competitor." |

Other companies that name KO in their own reports (relationship from KO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Innovation Beverage Group Ltd (IBG) | 20-F 2026-09-17 | "key component of our business is our arrangement with Coca-Cola Europacific Partners ("CCEP") to exclusively manufacture the" |
| partner | DIAGEO PLC (DEO) | 20-F 2026-08-18 | "Coca-Cola Europacific Partners;" |
| competitor | MEXICAN ECONOMIC DEVELOPMENT INC (FMX) | 20-F 2026-04-24 | "Coca-Cola FEMSA is also required to meet all of its supply needs (including sweeteners and packaging materials) from suppliers approved by TCCC." |
| customer | COCA COLA FEMSA SAB DE CV (KOF) | 20-F 2026-04-16 | "We depend on The Coca-Cola Company to continue with our bottler agreements." |
| supplier | GRUPO FINANCIERO GALICIA SA (GGAL) | 20-F 2026-04-16 | "Within this framework, in 2025 Banco Galicia launched a Minimum Viable Product (MVP) with Coca-Cola, designed to finance approximately 10,000 businesses, with a potential customer base exceeding 40,00…" |
| partner | ANDINA BOTTLING CO INC (AKO-B) | 20-F 2026-04-01 | "In 1946, the original licensee withdrew from the license arrangement and a group of U.S. and Chilean investors formed Andina, which became The Coca-Cola Company's sole licensee in Chile." |
| partner | House of Doge Inc. (HODO) | 10-K 2026-03-31 | "Loyalty Cup," a Brag House tournament, in 2021 in collaboration with McDonald's and Coca-Cola, where college students from" |
| competitor | Oatly Group AB (OTLY) | 20-F 2026-03-13 | "Our competitors include consumer packaged goods companies such as Danone, PepsiCo and Coca-Cola, dairy companies and brands, such as Lactalis, Fonterra, Arla Foods, Chobani, Dean Foods and Lactaid (ow…" |
| partner | United Parks & Resorts Inc. (PRKS) | 10-K 2026-03-03 | "Some of our corporate sponsors, such as our partners at Coca-Cola, also join us in making an impact on conservation efforts through contributions to the non-profit SeaWorld & Busch Gardens Conservatio…" |
| partner | Anheuser-Busch InBev SA/NV (BUD) | 20-F 2026-03-03 | "In partnership with the Coca-Cola Company, Colgate Palmolive, Danone, Mondelēz and Unilever, the 100+ Accelerator has worked with 190 startups from 40 countries." |
| competitor | AMBEV S.A. (ABEV) | 20-F 2026-03-03 | "In addition to The Coca-Cola Company, we face competition from small regional bottlers that produce" |
| partner | GRAPHIC PACKAGING HOLDING CO (GPK) | 10-K 2026-03-02 | "Prior to working in the Coca-Cola system, Mr. Lischer held various roles with Deloitte, most recently serving as a National Office Partner." |
| competitor | Celsius Holdings, Inc. (CELH) | 10-K 2026-03-02 | "Our direct competitors in the functional energy drink sector include but are not limited to Monster Beverage Corporation, Red Bull GmbH, The Coca-Cola Company, Pepsi, Keurig Dr Pepper Inc., Nestlé S.A…" |
| partner | Monster Beverage Corp (MNST) | 10-K 2026-02-27 | "New England, Inc., Swire Pacific Holdings, Inc. (USA), Liberty Coca-Cola Beverages, LLC, Coca-Cola Europacific Partners, Coca-Cola Hellenic, Coca-Cola FEMSA, Swire Coca-Cola (China), COFCO Coca-Cola, …" |
| supplier | CROWN HOLDINGS, INC. (CCK) | 10-K 2026-02-27 | "The Company's largest beverage can customers consist of many of the leading manufacturers and marketers of packaged consumer products in the world, including Anheuser-Busch InBev, Coca-Cola, Heineken,…" |

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| North America | $5.41B | 40.4% | +7.5% | $1.70B | 31.3% |
| EMEA | $3.24B | 24.2% | +2.0% | $1.31B | 40.4% |
| Latin America | $1.84B | 13.7% | +15.9% | $1.18B | 64.0% |
| Asia Pacific | $1.58B | 11.8% | +0.6% | $656.0M | 41.5% |
| Bottling investments | $1.53B | 11.4% | +8.2% | $91.0M | 6.0% |
| Corporate costs (not allocated) | — | — | — | -$256.0M | — |
| Total revenue | $13.38B | 100% | — | $4.67B | 34.9% |
The lines above cover 101.6% of total revenue.

## Revenue by product line (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Concentrate operations | $8.15B | 60.9% | +6.9% |
| Finished product operations | $5.23B | 39.1% | +6.4% |
| Total revenue | $13.38B | 100% | — |

## Revenue by region (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non-US | $8.12B | 60.7% | +6.8% |
| UNITED STATES | $5.26B | 39.3% | +6.6% |
| Total revenue | $13.38B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-02-20).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.88 | $0.88 | +0.5% | $12.93B | 18 |
| Next quarter (ends 2026-12-31) | $0.60 | $0.60 | -0.1% | $11.08B | 18 |
| Current fiscal year (ends 2026-12-31) | $3.31 | $3.27 | +1.2% | $49.83B | 25 |
| Next fiscal year (ends 2027-12-31) | $3.53 | $3.48 | +1.2% | $49.77B | 25 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-27): ±3.3%; last 8 reports averaged ±3.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 5 | 29.6% | ±3.3% |
| 2026-11-06 | 12 | 25.0% | ±3.9% |
| 2026-11-13 | 19 | 23.4% | ±4.5% |
| 2026-11-20 | 26 | 22.0% | ±4.8% |
| 2026-11-27 | 33 | 20.8% | ±5.2% |
| 2026-12-04 | 40 | 21.0% | ±5.9% |
| 2026-12-18 | 54 | 21.1% | ±6.6% |
| 2027-01-15 | 82 | 20.5% | ±7.9% |