Company profile
SEC EDGAR ↗- Industry
- Beverages
- Listed
- NYSE: KO
- Incorporated
- DE
- Headquarters
- Atlanta, GA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $47.9B
- Net income
- $13.1B
- Total assets
- $104.8B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $47.9B | $13.1B | $104.8B |
| FY2024 | $47.1B | $10.6B | $100.5B |
| FY2023 | $45.8B | $10.7B | $97.7B |
| FY2021 | $38.7B | $9.77B | $94.4B |
| FY2020 | $33.0B | $7.75B | $87.3B |
| FY2019 | $37.3B | $8.92B | $86.4B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
6 verified Decision Cases on Coca-Cola, and the casebook each one belongs to.
| Fork date | Decision type | What Coca-Cola chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 1891 | Moat Anatomy | Keep perpetual trade secret | ranked #7 among global brands (2024) | Read the story → | Moat Anatomy Casebook → |
| 1899 | The Pricing Lens | Sell bottling rights | the nickel finally broke at the end of the 1950s as inflation and new machine technology bent the constraints (1959) | Read the story → | The Pricing Lens Casebook → |
| 1899 | Asset-Light Bet | Grant bottling rights away | sold Philippines bottling operations for net cash proceeds of $1.652 billion and India territories for $474 million (2024) | Read the story → | Asset-Light Bet Casebook → |
| 1985 | The Reversal | Reformulate to sweeter recipe | Coca-Cola Classic came roaring back, outselling both New Coke and Pepsi and reclaiming the lead (1985) | Read the story → | The Reversal Casebook → |
| 1997 | Succession Question | Elect groomed deputy Ivester | Coca-Cola's stock fell sharply on the retirement news (1999-12) | Read the story → | Succession Question Casebook → |
| 2004 | Crisis Response | Recall entire range | France and Germany launches postponed and UK relaunch shelved within a week (2004-03) | Read the story → | Crisis Response Casebook → |
Videos on Coca-Cola
Run one of these yourself
The decisions Coca-Cola faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Decision ForksThe ReversalsWhen do you reverse a position, and what does a year of waiting cost?See the pack →Business ModelThe Pricing Model ChangeWhat does changing how you charge cost before it starts paying?See the pack →Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →
The analyses
The Reversal · Decision Forks
New Coke Won the Blind Taste Tests and Still Died in 79 Days
In 1985 Coca-Cola changed its 99-year-old formula and triggered a revolt that forced a U-turn in 79 days. The lesson everyone draws - listen to your customers - is the wrong one. Coke's research was right: people preferred New Coke in blind tests. What the taste test couldn't measure was the only thing that mattered.
7 min
The Pricing Lens · Business Model
The Price That Wouldn't Move: How Coca-Cola Got Trapped at a Nickel for 70 Years
From 1886 to 1959, a bottle of Coke cost five cents - through two world wars, the Depression, and decades of inflation. It's the most studied frozen price in economic history, and a masterclass in how the machinery you build to sell something can end up dictating what you charge.
7 min
The Adjacency Expansion · Growth & Portfolio
Coke Paid $4.9B for Costa While the Adjacency That Moved the Needle Grew to About $7.4B
Coca-Cola spent $4.9B on Costa coffee and built a water brand from tap water. But soda was still 69% of volume in 2024, Costa is being folded back into a region, and the adjacency that actually moved the needle quietly ballooned to ~$7.4B.
8 min
The Asset-Light Operator · Boundaries of the Firm
Coca-Cola Sold Its Best Business for a Dollar Because It Thought the Business Was Doomed
In 1899 Asa Candler handed away the right to bottle Coca-Cola for one dollar - not as a shrewd asset-light play, but because he was sure bottling would fail. He was wrong, and the company has spent 125 years engineering its way back into the margin he gave away.
8 min
The Crisis Response · Crisis & Reinvention
Coca-Cola Tried to Sell the British Their Own Tap Water. It Lasted 38 Days.
Dasani launched in the UK on 10 February 2004 and was recalled on 19 March - 38 days - after bromate was found at 25 micrograms per litre against a 10-microgram limit. The bromate wasn't the disaster. It was the proof.
7 min
The Crisis Response · Crisis & Reinvention
Coca-Cola Spent $40 Million Fighting Soda Taxes While Quietly Building a Zero-Sugar Hedge
The clean story is that Coca-Cola met the health backlash by going zero-sugar. The fuller one: it ran a dual track, spending $40 million in a single year to defeat soda taxes while quietly building the hedge. Both halves are real.
8 min
The Market Entry Gambit · Growth & Portfolio
How a 1943 Cablegram From Eisenhower's HQ Built Coca-Cola's Global Distribution
Coke is sold in 200+ countries and drunk 2.2 billion times a day. The legend credits the advertising. The truth is a 1943 cablegram from Eisenhower's headquarters - and 64 bottling plants mostly paid for by the military.
8 min
The Moat · Moat & Competition
Coca-Cola's Wall Is 225 Bottlers, a Century of Assembly, and ~$5 Billion a Year in Upkeep
Everyone thinks the secret formula is the moat. It isn't - by Coca-Cola's own design, the recipe is barely protected as a trade secret. The real wall is a 225-bottler network that took a century to assemble and ~$5 billion a year to keep standing.
8 min
Succession Question · People & Control
Coca-Cola Crowned Goizueta's Chosen Heir in 5 Days — and Pushed Him Out 2.5 Years Later
When Roberto Goizueta died in October 1997, Coca-Cola looked ready: it elected his hand-picked deputy Douglas Ivester within five days. The succession that was supposed to prove Coke's continuity instead proved that naming a successor is the easy part. Ivester was gone in roughly two and a half years.
7 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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