Coca-Cola Consolidated, Inc.COKE
Coca-Cola Consolidated, Inc. Earnings Per Share Disclosure
Net Income Per Share
The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method. See Note 1 for additional information related to net income per share.
| Fiscal Year | ||||||||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2023 | |||||||||||||||||
| Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: | ||||||||||||||||||||
| Net income | $ | 570,582 | $ | 633,125 | $ | 408,375 | ||||||||||||||
| Less dividends: | ||||||||||||||||||||
| Common Stock | 76,625 | 165,541 | 41,844 | |||||||||||||||||
| Class B Common Stock | 10,048 | 20,094 | 5,024 | |||||||||||||||||
| Total undistributed earnings | $ | 483,909 | $ | 447,490 | $ | 361,507 | ||||||||||||||
| Common Stock undistributed earnings – basic | $ | 425,826 | $ | 397,753 | $ | 322,760 | ||||||||||||||
| Class B Common Stock undistributed earnings – basic | 58,083 | 49,737 | 38,747 | |||||||||||||||||
| Total undistributed earnings – basic | $ | 483,909 | $ | 447,490 | $ | 361,507 | ||||||||||||||
| Common Stock undistributed earnings – diluted | $ | 425,308 | $ | 397,187 | $ | 322,120 | ||||||||||||||
| Class B Common Stock undistributed earnings – diluted | 58,601 | 50,303 | 39,387 | |||||||||||||||||
| Total undistributed earnings – diluted | $ | 483,909 | $ | 447,490 | $ | 361,507 | ||||||||||||||
| Numerator for basic net income per Common Stock share: | ||||||||||||||||||||
| Dividends on Common Stock | $ | 76,625 | $ | 165,541 | $ | 41,844 | ||||||||||||||
| Common Stock undistributed earnings – basic | 425,826 | 397,753 | 322,760 | |||||||||||||||||
| Numerator for basic net income per Common Stock share | $ | 502,451 | $ | 563,294 | $ | 364,604 | ||||||||||||||
| Numerator for basic net income per Class B Common Stock share: | ||||||||||||||||||||
| Dividends on Class B Common Stock | $ | 10,048 | $ | 20,094 | $ | 5,024 | ||||||||||||||
| Class B Common Stock undistributed earnings – basic | 58,083 | 49,737 | 38,747 | |||||||||||||||||
| Numerator for basic net income per Class B Common Stock share | $ | 68,131 | $ | 69,831 | $ | 43,771 | ||||||||||||||
| Numerator for diluted net income per Common Stock share: | ||||||||||||||||||||
| Dividends on Common Stock | $ | 76,625 | $ | 165,541 | $ | 41,844 | ||||||||||||||
| Dividends on Class B Common Stock assumed converted to Common Stock | 10,048 | 20,094 | 5,024 | |||||||||||||||||
| Common Stock undistributed earnings – diluted | 483,909 | 447,490 | 361,507 | |||||||||||||||||
| Numerator for diluted net income per Common Stock share | $ | 570,582 | $ | 633,125 | $ | 408,375 | ||||||||||||||
| Numerator for diluted net income per Class B Common Stock share: | ||||||||||||||||||||
| Dividends on Class B Common Stock | $ | 10,048 | $ | 20,094 | $ | 5,024 | ||||||||||||||
| Class B Common Stock undistributed earnings – diluted | 58,601 | 50,303 | 39,387 | |||||||||||||||||
| Numerator for diluted net income per Class B Common Stock share | $ | 68,649 | $ | 70,397 | $ | 44,411 | ||||||||||||||
| Denominator for basic net income per Common Stock and Class B Common Stock share: | ||||||||||||||||||||
| Common Stock weighted average shares outstanding – basic | 73,658 | 80,348 | 83,690 | |||||||||||||||||
| Class B Common Stock weighted average shares outstanding – basic | 10,047 | 10,047 | 10,047 | |||||||||||||||||
| Denominator for diluted net income per Common Stock and Class B Common Stock share: | ||||||||||||||||||||
| Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock) | 83,807 | 90,524 | 93,923 | |||||||||||||||||
| Class B Common Stock weighted average shares outstanding – diluted | 10,149 | 10,176 | 10,233 | |||||||||||||||||
| Fiscal Year | ||||||||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2023 | |||||||||||||||||
| Basic net income per share: | ||||||||||||||||||||
| Common Stock | $ | 6.82 | $ | 7.01 | $ | 4.36 | ||||||||||||||
| Class B Common Stock | $ | 6.78 | $ | 6.95 | $ | 4.36 | ||||||||||||||
| Diluted net income per share: | ||||||||||||||||||||
| Common Stock | $ | 6.81 | $ | 6.99 | $ | 4.35 | ||||||||||||||
| Class B Common Stock | $ | 6.76 | $ | 6.92 | $ | 4.34 | ||||||||||||||
NOTES TO TABLE
(1)For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock.
(2)For purposes of the diluted net income per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted.
(3)For periods presented during which the Company has net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock includes the dilutive effect of unvested performance shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company has net loss, the unvested performance shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan.
(4)The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of unvested performance shares relative to such award is prospectively removed from the denominator in the computation of diluted net income per share.
(5)The Company did not have anti-dilutive unvested performance shares for any periods presented.
(6)On November 7, 2025, the Company entered into the Repurchase Agreement with the Seller, The Coca-Cola Company and J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer of the Company, pursuant to which the Company agreed to purchase and the Seller agreed to sell all 18,835,460 of the Seller’s shares of Common Stock.
(7)On March 4, 2025, the Company announced that its Board of Directors had approved the Stock Split of Common Stock and Class B Common Stock. The Stock Split was effected through the Amendment. The Amendment also effected a proportionate increase in the number of authorized shares of Common Stock and Class B Common Stock. The Amendment obtained stockholder approval at the Company’s 2025 Annual Meeting of Stockholders, which took place on May 13, 2025. Each stockholder of record as of the close of business on May 16, 2025 received nine additional shares for each share of Common Stock or Class B Common Stock held as of such date reflected in the stockholder’s account on May 23, 2025. Trading began on a split-adjusted basis on May 27, 2025. All share or per share amounts reflected above have been retroactively adjusted to reflect the effects of the Stock Split.
(8)On August 20, 2024, the Company announced that its Board of Directors had approved a share repurchase program (the “Share Repurchase Program”) under which the Company was initially authorized to repurchase up to $1.00 billion of Common Stock. On November 7, 2025, the Company’s Board of Directors reduced the total authorization under the Share Repurchase Program from $1.00 billion to $400.0 million. The share repurchase authorization is discretionary and has no expiration date. There were 1,778,081 shares of Common Stock repurchased under the Share Repurchase Program during 2025. Refer to “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” for further details related to the Share Repurchase Program.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.