COCA COLA COKO
COCA COLA CO Segments Disclosure
OPERATING SEGMENTS
Our organizational structure consists of the following five operating segments: EMEA, Latin America, North America, Asia Pacific, and Bottling Investments. Our operating structure also includes Corporate, which consists of two components: (1) a center focusing on strategic initiatives, policy, governance and scaling global initiatives, and (2) a platform services organization supporting operating units, global marketing category leadership teams and the center by providing efficient and scaled global services and capabilities, including, but not limited to, transactional work, data management, consumer analytics, digital commerce and social/digital hubs.
Segment Products and Services
The business of our Company is primarily nonalcoholic beverages. Our geographic operating segments (EMEA, Latin America, North America and Asia Pacific) derive a majority of their revenues from the manufacture and sale of beverage concentrates and syrups and, in some cases, the sale of finished beverages. Our EMEA operating segment also includes the results of the Costa business (excluding the ready-to-drink business), regardless of the location of the retail stores. The results of Costa’s ready-to-drink business and the fees related to Monster are reported within the applicable geographic operating segments. Our Bottling Investments operating segment is composed of our consolidated bottling operations, regardless of the geographic location of the bottler. Our consolidated bottling operations derive the majority of their revenues from the manufacture and sale of finished beverages. Generally, finished product operations generate higher net operating revenues but lower gross profit margins than concentrate operations. Refer to Note 3.
The following table sets forth the percentage of total net operating revenues attributable to concentrate operations and finished product operations:
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||
| Concentrate operations | 59 | % | 59 | % | 58 | % | |||||
| Finished product operations | 41 | 41 | 42 | ||||||||
| Total | 100 | % | 100 | % | 100 | % | |||||
Chief Operating Decision Maker and Method of Determining Segment Income or Loss
Our Company’s chief operating decision maker (“CODM”) is the Chairman of the Board of Directors and Chief Executive Officer. The CODM evaluates operating segment performance based primarily on net operating revenues and operating income (loss) to make strategic operating and resource allocation decisions for the Company. Segment operating income is calculated on a consistent basis as our consolidated operating income. The type of decisions made at this level include, but are not limited to, annual business plan targets and allocation of capital expenditures, which are aligned with our long-term growth objectives. Our Company manages income taxes and certain treasury-related items, such as interest income and interest expense, on a global basis within Corporate. Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, our CODM.
Geographic and Customer Data
The following table provides information related to our net operating revenues (in millions):
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||
| United States | $ | 19,127 | $ | 18,362 | $ | 16,550 | |||||
| International | 28,814 | 28,699 | 29,204 | ||||||||
| Net operating revenues | $ | 47,941 | $ | 47,061 | $ | 45,754 | |||||
For the year ended December 31, 2025, one bottler accounted for 10% of our net operating revenues, which are reflected in our EMEA and Asia Pacific operating segments. No bottlers or customers represented 10% or more of our net operating revenues for the years ended December 31, 2024 and 2023.
The following table provides information related to our property, plant and equipment — net (in millions):
| December 31, | 2025 | 2024 | ||||||
| United States | $ | 4,825 | $ | 4,364 | ||||
| International | 4,788 | 5,939 | ||||||
Property, plant and equipment — net1 | $ | 9,613 | $ | 10,303 | ||||
1Property, plant and equipment — net in India represented 17% and 13% of consolidated property, plant and equipment — net as of December 31, 2025 and 2024, respectively.
Information about our Company’s operations by operating segment and Corporate is as follows (in millions):
| EMEA | Latin America | North America | Asia Pacific | Bottling Investments | Operating Segments Total | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Net operating revenues: | |||||||||||||||||||||||||||||
| Third party | $ | 10,833 | $ | 6,331 | $ | 19,579 | $ | 5,328 | $ | 5,726 | $ | 47,797 | $ | 144 | $ | — | $ | 47,941 | |||||||||||
| Intersegment | 680 | 3 | 7 | 310 | 9 | 1,009 | — | (1,009) | — | ||||||||||||||||||||
| Total net operating revenues | 11,513 | 6,334 | 19,586 | 5,638 | 5,735 | 48,806 | 144 | (1,009) | 47,941 | ||||||||||||||||||||
| Cost of goods sold | 3,294 | 1,109 | 9,438 | 1,788 | 3,948 | 19,577 | (171) | (1,009) | 18,397 | ||||||||||||||||||||
| Selling, general and administrative expenses | 3,921 | 1,439 | 4,118 | 1,767 | 1,361 | 12,606 | 1,915 | — | 14,521 | ||||||||||||||||||||
| Other operating charges | — | 44 | 960 | 41 | — | 1,045 | 216 | — | 1,261 | ||||||||||||||||||||
| Operating income (loss) | $ | 4,298 | $ | 3,742 | $ | 5,070 | $ | 2,042 | $ | 426 | $ | 15,578 | $ | (1,816) | $ | — | $ | 13,762 | |||||||||||
| Interest income | 786 | ||||||||||||||||||||||||||||
| Interest expense | 1,654 | ||||||||||||||||||||||||||||
| Equity income (loss) — net | 2,031 | ||||||||||||||||||||||||||||
| Other income (loss) — net | 1,073 | ||||||||||||||||||||||||||||
| Income before income taxes | $ | 15,998 | |||||||||||||||||||||||||||
| Other segment information: | |||||||||||||||||||||||||||||
| Capital expenditures | $ | 237 | $ | 2 | $ | 669 | $ | 72 | $ | 547 | $ | 1,527 | $ | 585 | $ | — | $ | 2,112 | |||||||||||
| Depreciation and amortization | 173 | 32 | 326 | 47 | 313 | 891 | 159 | — | 1,050 | ||||||||||||||||||||
Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Net operating revenues: | |||||||||||||||||||||||||||||
| Third party | $ | 10,278 | $ | 6,471 | $ | 18,860 | $ | 5,127 | $ | 6,215 | $ | 46,951 | $ | 110 | $ | — | $ | 47,061 | |||||||||||
| Intersegment | 680 | — | 9 | 467 | 8 | 1,164 | — | (1,164) | — | ||||||||||||||||||||
| Total net operating revenues | 10,958 | 6,471 | 18,869 | 5,594 | 6,223 | 48,115 | 110 | (1,164) | 47,061 | ||||||||||||||||||||
| Cost of goods sold | 3,083 | 1,099 | 9,595 | 1,689 | 4,251 | 19,717 | (229) | (1,164) | 18,324 | ||||||||||||||||||||
| Selling, general and administrative expenses | 3,620 | 1,454 | 3,958 | 1,749 | 1,476 | 12,257 | 2,325 | — | 14,582 | ||||||||||||||||||||
| Other operating charges | — | 126 | 760 | — | — | 886 | 3,277 | — | 4,163 | ||||||||||||||||||||
| Operating income (loss) | $ | 4,255 | $ | 3,792 | $ | 4,556 | $ | 2,156 | $ | 496 | $ | 15,255 | $ | (5,263) | $ | — | $ | 9,992 | |||||||||||
| Interest income | 988 | ||||||||||||||||||||||||||||
| Interest expense | 1,656 | ||||||||||||||||||||||||||||
| Equity income (loss) — net | 1,770 | ||||||||||||||||||||||||||||
| Other income (loss) — net | 1,992 | ||||||||||||||||||||||||||||
| Income before income taxes | $ | 13,086 | |||||||||||||||||||||||||||
| Other segment information: | |||||||||||||||||||||||||||||
| Capital expenditures | $ | 222 | $ | 1 | $ | 602 | $ | 18 | $ | 734 | $ | 1,577 | $ | 487 | $ | — | $ | 2,064 | |||||||||||
| Depreciation and amortization | 181 | 29 | 325 | 45 | 319 | 899 | 176 | — | 1,075 | ||||||||||||||||||||
| EMEA | Latin America | North America | Asia Pacific | Bottling Investments | Operating Segments Total | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Net operating revenues: | |||||||||||||||||||||||||||||
| Third party | $ | 10,152 | $ | 5,834 | $ | 16,965 | $ | 4,811 | $ | 7,852 | $ | 45,614 | $ | 140 | $ | — | $ | 45,754 | |||||||||||
| Intersegment | 686 | — | 8 | 731 | 8 | 1,433 | — | (1,433) | — | ||||||||||||||||||||
| Total net operating revenues | 10,838 | 5,834 | 16,973 | 5,542 | 7,860 | 47,047 | 140 | (1,433) | 45,754 | ||||||||||||||||||||
| Cost of goods sold | 2,970 | 1,040 | 8,791 | 1,644 | 5,615 | 20,060 | (107) | (1,433) | 18,520 | ||||||||||||||||||||
| Selling, general and administrative expenses | 3,545 | 1,358 | 3,522 | 1,806 | 1,667 | 11,898 | 2,074 | — | 13,972 | ||||||||||||||||||||
| Other operating charges | — | — | 26 | 35 | — | 61 | 1,890 | — | 1,951 | ||||||||||||||||||||
| Operating income (loss) | $ | 4,323 | $ | 3,436 | $ | 4,634 | $ | 2,057 | $ | 578 | $ | 15,028 | $ | (3,717) | $ | — | $ | 11,311 | |||||||||||
| Interest income | 907 | ||||||||||||||||||||||||||||
| Interest expense | 1,527 | ||||||||||||||||||||||||||||
| Equity income (loss) — net | 1,691 | ||||||||||||||||||||||||||||
| Other income (loss) — net | 570 | ||||||||||||||||||||||||||||
| Income before income taxes | $ | 12,952 | |||||||||||||||||||||||||||
| Other segment information: | |||||||||||||||||||||||||||||
| Capital expenditures | $ | 235 | $ | 1 | $ | 412 | $ | 23 | $ | 843 | $ | 1,514 | $ | 338 | $ | — | $ | 1,852 | |||||||||||
| Depreciation and amortization | 187 | 48 | 310 | 50 | 389 | 984 | 144 | — | 1,128 | ||||||||||||||||||||
During 2025, 2024 and 2023, our operating segments and Corporate were impacted by acquisition and divestiture activities. Refer to Note 2. Additionally, during 2025, 2024 and 2023, our operating segments and Corporate were impacted by certain significant operating and nonoperating items. Refer to Note 18.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
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.