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$89.66
Market Capi
$386B
Growth-adj P/E (3-yr hist)i
2.1x
Growth-adj P/E (3-yr proj)i
4.3x
P/S 26Ei
7.8x
P/S 28Ei
7.4x
EV/EBIT 26Ei
26x
EV/EBIT 28Ei
22x
P/E 26Ei
27x
P/E 28Ei
24x
P/S 26Ei
7.8x
EV/EBIT 26Ei
26x
P/E 26Ei
27x
P/S 28Ei
7.4x
EV/EBIT 28Ei
22x
P/E 28Ei
24x
Revenue
2026E
$49B
Gross Margini
62%
Hist. CAGRi
3.7%
Proj. CAGRi
3.0%
EBIT
2026E
$16B
Op. Margini
31%
Hist. CAGRi
7.0%
Proj. CAGRi
6.3%
Net profit
2026E
$14B
Net Margini
27%
Hist. CAGRi
11%
Proj. CAGRi
5.6%
Business Model
Recent Developments
Average Targeti
$94.70+9%
Consensusi
Buy
23 analysts covering
Net debti
$25B
Div. Yieldi
2.4%
Buyback Yldi
0.1%
Market Capi
$386B
P/E 26Ei
27x
Adj. P/E (fwd.)i
4.3x
Revenue 26E
$49B
Proj. CAGRi
3.0%
Gross Margini
62%
EBIT 26E
$16B
Proj. CAGRi
6.3%
Op. Margini
31%
Net Profit 26E
$14B
Proj. CAGRi
5.6%
Net Margini
27%
Average Targeti
$94.70+9%
Consensusi
Buy
23 analysts covering
Profile
Coca-Cola is the world's largest non-alcoholic beverage company, operating through a franchise model in which it sells concentrates and syrups to a global network of independent bottling partners, who manufacture, package, and distribute the finished beverages. The company also operates owned bottling entities in select markets. Revenue splits roughly as follows:
The portfolio spans sparkling soft drinks (Coca-Cola, Sprite, Fanta, Schweppes), water and sports drinks (Dasani, Powerade, BODYARMOR, Topo Chico), coffee and tea (Costa, Georgia, Gold Peak), and juices and dairy (Minute Maid, Simply, fairlife, innocent).
Industry
Coca-Cola sells primarily to consumers through retail channels — grocery, convenience, foodservice, and vending — with bottling partners and restaurant chains as the direct commercial relationship. Geographic mix is broad: 61% of net sales come from outside the United States, with material exposure to Latin America, Europe, Asia-Pacific, and Africa. The non-alcoholic ready-to-drink market is large, relatively stable, and dominated by a duopoly with PepsiCo. Consumer brand loyalty is high, retail shelf presence is deeply entrenched, and pricing power has historically been resilient across economic cycles.
Key metrics
Economic moat
Coca-Cola's moat rests on three reinforcing pillars. Brand recognition built over 140 years creates consumer preference that is extraordinarily difficult and expensive to replicate — the Coca-Cola trademark alone is consistently ranked among the most valuable in the world. The franchise bottling system locks in distribution at global scale without requiring Coca-Cola to own the capital-intensive manufacturing infrastructure, generating high-margin concentrate revenue while partners absorb volume risk. Finally, retail shelf dominance and cooler placement — secured through decades of trade relationships — create a structural barrier to entry that limits new beverage brands' ability to reach meaningful scale.
Henrique Braun
Braun became CEO on March 30, 2026, succeeding James Quincey who moved to Executive Chairman. A Coca-Cola lifer, Braun spent over two decades rising through operating unit leadership roles across Latin America and global categories before being named President of the International business in 2021. His elevation signals continuity rather than a strategic reset — he was the internal candidate groomed for the role.
James Quincey
Quincey served as CEO from 2017 through early 2026, overseeing the transformation of Coca-Cola's portfolio away from low-growth carbonated volumes toward a total beverage company model — including acquisitions of Costa Coffee and fairlife. His move to Chairman maintains his influence over capital allocation and strategic direction during the leadership transition.
John Murphy
Murphy has served as CFO since March 2019 and was elevated to the combined President and CFO role, reflecting his centrality to the company's financial strategy. He has been the primary architect of the disciplined operating leverage and dividend sustainability narrative that underpins Coca-Cola's positioning as a defensive income compounder.
Other key figures
Manuel Arroyo (EVP, Chief Marketing and Customer Commercial Officer) leads global brand and commercial strategy. Nancy Quan and Neeraj Tolmare share technology and R&D leadership. Jennifer Mann heads the North America Operating Unit, the company's largest domestic segment.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
For the second quarter of 2026 (ended July 3, 2026), net revenues grew 7% year over year to $13.4 billion, with organic revenue up 6%, driven by a 4-point contribution from concentrate sales and 2 points of price/mix. Global unit case volume rose 5%, led by India, China, the United States, and Brazil.
Comparable earnings per share came in at $0.97, ahead of Wall Street expectations of roughly $0.93. Comparable operating margin expanded to 35.6% from 34.7% a year earlier, reflecting continued pricing discipline and cost efficiencies.
Zero Sugar volume was a standout, posting double-digit growth across geographies and continuing to offset softness in some sparkling categories elsewhere.
Management raised full-year 2026 guidance: organic revenue growth is now expected at approximately 5%, and comparable currency-neutral EPS growth (excluding acquisitions/divestitures) was lifted to 7%-8%, up from 6%-7%. Including currency and portfolio effects, comparable EPS growth is now guided to 9%-10% for the year, and the free cash flow outlook was raised to approximately $12.4 billion.
Recent developments
On July 1, 2026, Coca-Cola became Marriott International's global beverage partner, covering carbonated soft drinks, hydration, and functional beverages across Marriott's roughly 10,000 hotels in 146 countries, with the rollout phasing in over subsequent months.
On July 16, 2026, fairlife, LLC disclosed a ransomware event involving unauthorized third-party access to portions of its systems, including production systems, which temporarily suspended U.S. manufacturing. By July 27, 2026, the company reported that fairlife had resumed the majority of production at its four U.S. facilities, with retail availability largely unaffected due to existing inventory, and stated the incident is not expected to have a material financial impact.
Effective August 1, 2026, Jennifer Mann is stepping down as EVP and President of the North America Operating Unit; CFO John Murphy will assume interim responsibility for the region alongside his existing role.
Debate & sentiment
Bulls point to sustained volume growth across major emerging markets alongside margin expansion, arguing that Zero Sugar momentum and pricing power show the brand can keep taking share even as guidance moves higher for a fourth consecutive quarter.
Skeptics focus on valuation, noting the stock trades at a premium to historical averages and to industry peers, leaving limited room for multiple expansion if growth decelerates.
A recurring debate centers on whether GLP-1-driven changes in consumer health behavior will eventually pressure sparkling beverage volumes; recent quarters of consistent volume growth have so far weighed against that thesis, but it remains a watch item for the bear case.
The fairlife cybersecurity incident and swift operational recovery are viewed as a near-term reputational and supply-chain risk test rather than a structural threat, though the durability of that assessment depends on whether further disruptions emerge.
Consensusi
Buy
Average targeti
$94.70+9%
Highest targeti
$104.00+20%
Lowest targeti
$75.00-13%
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