Vita Coco Company, Inc.COCO

Vita Coco Company, Inc. Segments Disclosure

10-KFiled Feb 18, 20263 min read
SEGMENT REPORTING
The Company has two operating and reportable segments:
•Americas—The Americas segment is comprised primarily of the U.S. and Canada and derives its revenues from the marketing and distribution of various coconut water and non-coconut water products (e.g., coconut oil and milk). The Company’s sustainably packaged water (Ever & Ever) and protein infused fitness drink (PWR LIFT), guayusa leaf products (Runa), are or were, in the case of Runa, marketed only in the Americas segment. As of December 2023, the Company ceased offering the Runa brand.
•International—The International segment is comprised primarily of Europe, Middle East, and Asia Pacific, which includes the Company’s procurement arm and derives its revenues from the marketing and distribution of various coconut water and non-coconut water products, which in some cases may be shipped directly to customers outside of Asia Pacific regions.
The Company’s Chief Executive Officer is the chief operating decision maker ("CODM") and manages and allocates resources between the Americas and International segments. Consistent with this decision-making process, the CODM uses financial information disaggregated between the Americas and International segment for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. The CODM evaluates segment business performance based primarily on net sales and gross profit. The CODM considers
budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments and also uses segment gross profit for evaluating product pricing.
All intercompany transactions between the segments have been eliminated.
Information about the Company’s operations by operating segment as of and for the years ended December 31, 2025, 2024, and 2023 is as follows:

December 31, 2025
AmericasInternationalConsolidated
Net sales$508,773 $101,007 $609,780 
Cost of goods sold
321,464 65,721 387,185 
Gross profit187,309 35,286 222,595 
Total segment assets302,185 158,973 461,158 

December 31, 2024
AmericasInternationalConsolidated
Net sales$442,343 $73,670 $516,013 
Cost of goods sold
268,787 48,443 317,230 
Gross profit173,556 25,227 198,783 
Total segment assets241,894 120,487 362,381 
December 31, 2023
AmericasInternationalConsolidated
Net sales$430,245 $63,367 $493,612 
Cost of goods sold
267,983 44,900 312,883 
Gross profit162,262 18,467 180,729 
Total segment assets209,984 75,698 285,682 

Year Ended December 31,
Reconciliation202520242023
Total gross profit$222,595 $198,783 $180,729 
Less:
Selling, general, and administrative expenses140,063 124,963 124,236 
Income from operations82,532 73,820 56,493 
Less:
Unrealized gain/(loss) on derivative instruments4,737 (8,176)(872)
Foreign currency loss
(1,037)(1,571)(251)
Interest income, net
6,548 6,715 2,550 
Other income
$191 $— $— 
Income before income taxes$92,971 $70,788 $57,920 

Geographic Data:
The following table provides information related to the Company’s net revenues by country, which is presented on the basis of the location that revenue from customers is recorded:
Twelve Months Ended December 31,202520242023
United States$471,497 $414,350 $401,974 
United Kingdom66,743 53,276 44,330 
All other countries(1)71,540 48,387 47,308 
Net sales$609,780 $516,013 $493,612 
(1)No individual country is greater than 10% of total net sales for the years ended December 31, 2025, 2024, and 2023.
The following table provides information related to the Company’s property and equipment, net by country:

December 31, 2025December 31, 2024
United States$6,419 $758 
Singapore2,224 1,280 
United Kingdom655 173 
All other countries(1)— 140 
Property and equipment, net$9,298 $2,351 
(1)No individual country is greater than 10% of total property and equipment, net as of December 31, 2025 and 2024

Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 26, 2025
2023Feb 29, 2024
2022Mar 14, 2023
2021Mar 14, 2022

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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