Coca-Cola Consolidated, Inc.COKE
Coca-Cola Consolidated, Inc. Segments Disclosure
Segments
The Company evaluates segment reporting in accordance with FASB Accounting Standards Codification Topic 280, Segment Reporting, each reporting period, including evaluating the reporting package reviewed by the Chief Operating Decision Maker (the “CODM”). The Company has concluded the Chief Executive Officer, the Chief Operating Officer and the Chief Financial Officer, as a group, represent the CODM. Segment asset information is not provided to the CODM.
As of December 31, 2025, the Company has two operating segments, each identified by its unique products and services. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated net sales and income from operations. The accounting policies of the Nonalcoholic Beverages operating segment are the same as those described in the summary of significant accounting policies presented in Note 1. The additional operating segment, which includes the Red Classic subsidiaries, does not meet the quantitative threshold for separate reporting and, therefore, has been reported as “All Other.”
Previously, the Company had three operating segments, Nonalcoholic Beverages and two additional operating segments, which included Data Ventures, Inc. and the Red Classic subsidiaries. Since the two additional operating segments did not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, they were combined into “All Other.” As of December 31, 2025, the Data Ventures, Inc. operating segment was liquidated, dissolved and merged into the Nonalcoholic Beverages operating segment. For reporting purposes, all periods presented have been retroactively adjusted to reflect the dissolution of the Data Ventures, Inc. operating segment within the “All Other” bucket and the merger of the Data Ventures, Inc. operating segment with the Nonalcoholic Beverages operating segment.
The CODM uses net sales, gross profit and income from operations in the annual budgeting and forecasting process. Monthly, the CODM considers budget-to-actual variances and current year to prior year variances for these profit measures when making strategic business decisions and allocating resources to Company operations.
The Company’s segment results are as follows:
| Fiscal Year 2025 | ||||||||||||||||||||||||||
| (in thousands) | Nonalcoholic Beverages | All Other | Eliminations(1) | Total | ||||||||||||||||||||||
| Net sales | $ | 7,183,782 | $ | 325,969 | $ | (281,696) | $ | 7,228,055 | ||||||||||||||||||
| Cost of goods sold | 4,380,271 | 186,810 | (211,388) | 4,355,693 | ||||||||||||||||||||||
| Gross profit | 2,803,511 | 139,159 | (70,308) | 2,872,362 | ||||||||||||||||||||||
| Selling, delivery and administrative expenses: | ||||||||||||||||||||||||||
Payroll costs(2) | $ | 1,203,097 | $ | 50,542 | $ | — | $ | 1,253,639 | ||||||||||||||||||
Fleet costs(3) | 99,135 | 31,216 | — | 130,351 | ||||||||||||||||||||||
Depreciation and amortization expense(4) | 115,744 | 2,204 | — | 117,948 | ||||||||||||||||||||||
All other segment items(5) | 460,370 | 29,706 | (70,308) | 419,768 | ||||||||||||||||||||||
| Total selling, delivery and administrative expenses | 1,878,346 | 113,668 | (70,308) | 1,921,706 | ||||||||||||||||||||||
| Income from operations | $ | 925,165 | $ | 25,491 | $ | — | $ | 950,656 | ||||||||||||||||||
Total depreciation and amortization expense(4) | $ | 197,602 | $ | 20,928 | $ | — | $ | 218,530 | ||||||||||||||||||
| Fiscal Year 2024 | ||||||||||||||||||||||||||
| (in thousands) | Nonalcoholic Beverages | All Other | Eliminations(1) | Total | ||||||||||||||||||||||
| Net sales | $ | 6,839,368 | $ | 342,892 | $ | (282,544) | $ | 6,899,716 | ||||||||||||||||||
| Cost of goods sold | 4,138,869 | 219,204 | (211,536) | 4,146,537 | ||||||||||||||||||||||
| Gross profit | 2,700,499 | 123,688 | (71,008) | 2,753,179 | ||||||||||||||||||||||
| Selling, delivery and administrative expenses: | ||||||||||||||||||||||||||
Payroll costs(2) | $ | 1,149,363 | $ | 50,668 | $ | — | $ | 1,200,031 | ||||||||||||||||||
Fleet costs(3) | 103,444 | 31,475 | — | 134,919 | ||||||||||||||||||||||
Depreciation and amortization expense(4) | 103,451 | 1,993 | — | 105,444 | ||||||||||||||||||||||
All other segment items(5) | 437,014 | 26,429 | (71,008) | 392,435 | ||||||||||||||||||||||
| Total selling, delivery and administrative expenses | 1,793,272 | 110,565 | (71,008) | 1,832,829 | ||||||||||||||||||||||
| Income from operations | $ | 907,227 | $ | 13,123 | $ | — | $ | 920,350 | ||||||||||||||||||
Total depreciation and amortization expense(4) | $ | 177,527 | $ | 16,264 | $ | — | $ | 193,791 | ||||||||||||||||||
| Fiscal Year 2023 | ||||||||||||||||||||||||||
| (in thousands) | Nonalcoholic Beverages | All Other | Eliminations(1) | Total | ||||||||||||||||||||||
| Net sales | $ | 6,562,972 | $ | 367,422 | $ | (276,536) | $ | 6,653,858 | ||||||||||||||||||
| Cost of goods sold | 3,999,292 | 263,307 | (207,452) | 4,055,147 | ||||||||||||||||||||||
| Gross profit | 2,563,680 | 104,115 | (69,084) | 2,598,711 | ||||||||||||||||||||||
| Selling, delivery and administrative expenses: | ||||||||||||||||||||||||||
Payroll costs(2) | $ | 1,097,684 | $ | 53,894 | $ | — | $ | 1,151,578 | ||||||||||||||||||
Fleet costs(3) | 106,235 | 32,945 | — | 139,180 | ||||||||||||||||||||||
Depreciation and amortization expense(4) | 95,330 | 2,104 | — | 97,434 | ||||||||||||||||||||||
All other segment items(5) | 422,939 | 22,213 | (69,084) | 376,068 | ||||||||||||||||||||||
| Total selling, delivery and administrative expenses | 1,722,188 | 111,156 | (69,084) | 1,764,260 | ||||||||||||||||||||||
| Income from operations | $ | 841,492 | $ | (7,041) | $ | — | $ | 834,451 | ||||||||||||||||||
Total depreciation and amortization expense(4) | $ | 164,494 | $ | 12,472 | $ | — | $ | 176,966 | ||||||||||||||||||
(1)The entire net sales elimination represents net sales from the All Other segment to the Nonalcoholic Beverages segment. The entire cost of goods sold and SD&A eliminations represent costs incurred by the All Other segment in the generation of net sales to the Nonalcoholic Beverages segment.
(2)Payroll costs includes compensation, incentive plans, defined contribution plans, healthcare benefits and tax-advantaged spending accounts.
(3)Fleet costs includes fleet repairs, maintenance and fuel and oil costs.
(4)Total depreciation and amortization expense is included within both cost of goods sold and SD&A expenses. For segment reporting, the difference between total depreciation and amortization expense and the portion within SD&A expenses is the amount within cost of goods sold.
(5)All other segment items includes information technology costs, stewardship, insurance and other costs incurred in the selling and delivery of the Company’s products.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
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.