Who are Coca-Cola’s competitors?
Coca-Cola names 10 companies as competitors in its latest annual report, on 2 fronts. 6 companies name Coca-Cola back.
Skip to the field, head to head ↓Coca-Cola company profile
Coca-Cola and PepsiCo name each other as a primary competitor
Most rivalries are lopsided. One company watches the other more than it is watched. This one is not. Coca-Cola says that in many of the countries where it does business, PepsiCo is a "primary competitor". PepsiCo says that in many countries, including the United States, Coca-Cola is its primary beverage competitor. Each looks across the shelf and sees the other.
The two companies are built differently. PepsiCo had revenue of $93.9 billion and a net margin of 9%. Coca-Cola had $47.9 billion and 27%. Both grew 2%. The bigger company keeps less of each dollar, and the smaller one keeps more. They fight over the same customers, but they do not run the same business.
Coca-Cola names 10 competitors in all, from Nestlé to Heineken to Red Bull GmbH. Only one carries the primary label. A long list shows how wide the field is. A short list shows where the pressure is. For a strategist, the rival that matters most is the one that names you back.
Where Coca-Cola says it competes
“Other significant competitors include, but are not limited to, Nestlé S.A., Keurig Dr Pepper Inc., Danone S.A., Suntory Beverage & Food Limited, Anheuser-Busch InBev, Kirin Holdings, Heineken N.V., Diageo plc and Red Bull GmbH.”
“In many of the countries in which we do business, PepsiCo, Inc. is a primary competitor.”
Who names Coca-Cola as a competitor
“Several competitors, including those that dominate the beverage industry, such as The Coca-Cola Company, PepsiCo, Keurig Dr. Pepper, and Nestlé S.A., are larger and have greater financial resources.”
10-K for 2026“Our direct competitors in the functional energy drink sector include but are not limited to Monster Beverage Corporation, Red Bull GmbH, The Coca-Cola Company, Pepsi, Keurig Dr Pepper Inc., Nestlé S.A., BlueTriton Brands, Starbucks Corporation, Congo Brands and Molson Coors.”
10-K for 2025“Our primary competitors include Coca-Cola, PepsiCo, Starbucks Corporation, The J.M. Smucker Company, The Kraft Heinz Company, and Nestlé S.A.”
10-K for 2025“The Mondelēz International performance peer group consists of the following companies considered our market competitors or that have been selected on the basis of industry, global focus or industry leadership: Campbell Soup Company, The Coca-Cola Company, Colgate-Palmolive Company, Danone S.A., General Mills, Inc., …”
10-K for 2025“In many countries in which our products are sold, including the United States, The Coca-Cola Company is our primary beverage competitor.”
10-K for 2025Who joined, who left
Against its annual report for fiscal 2022, Coca-Cola’s latest list adds Anheuser-Busch InBev; it no longer names AB InBev and Unilever.
| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Danone | ● | ● | ● | ● |
| Diageo | ● | ● | ● | ● |
| Heineken | ● | ● | ● | ● |
| Keurig Dr Pepper | ● | ● | ● | ● |
| Kirin Holdings | ● | ● | ● | ● |
| Nestlé | ● | ● | ● | ● |
| PepsiCo | ● | ● | ● | ● |
| Red Bull GmbH | ● | ● | ● | ● |
| Suntory Beverage & Food | ● | ● | ● | ● |
| AB InBev | ● | ● | · | · |
| Anheuser-Busch InBev | · | · | ● | ● |
| Unilever | ● | · | · | · |
● named in that year’s annual report, for the fiscal years shown.
The field, from the filings
| Company | Fiscal year | Revenue | Growth | Net margin | Employees |
|---|---|---|---|---|---|
| Coca-Cola | 2025 | $47.9B | +2% | 27% | – |
| PepsiCo | 2025 | $93.9B | +2% | 9% | 306,000 |
| Anheuser-Busch InBev | 2025 | $59.3B | −1% | 12% | – |
| Mondelez | 2025 | $38.5B | +6% | 6% | – |
| Diageo | FY to Jun 2025 | $28.0B | 0% | 9% | 30,092 |
| Keurig Dr Pepper | 2025 | $16.6B | +8% | 13% | 30,600 |
| Celsius Holdings | 2025 | $2.5B | +86% | 4% | 1,497 |
| National Beverage | FY to May 2026 | $1.2B | −2% | 16% | 1,677 |
Each company’s latest fiscal year as reported to the SEC, in US dollars; fiscal years end in different months. Rivals that report outside the US or in other currencies are not shown.
What the rivals have done lately
“In December 2024, we acquired the Strauss Group’s 50% ownership in Sabra Dipping Company, LLC (Sabra) and Sabra became a wholly-owned subsidiary.” filing
“In December 2024, we acquired the Strauss Group’s 50% ownership in Sabra Dipping Company, LLC (Sabra) and Sabra became a wholly-owned subsidiary.” filing
“Refer to Note 2, Acquisitions and Divestitures , for more information on the October 1, 2023 sale of the developed market gum business, November 1, 2022 acquisition of Ricolino, August 1, 2022 acquisition of Clif Bar and the January 3, 2…” filing
“During 2024, we completed the acquisition of Evirth (Shanghai) Industrial Co., Ltd. (“Evirth”), a leading manufacturer of cakes and pastries in China.” filing
“The acquisitions and disposals movement in the year ended 30 June 2024 was primarily attributable to the acquisition of Don Papa Rum and to the disposal of Windsor Global Co., Ltd. and Guinness Cameroun S.A.” filing
“In the year ended 30 June 2023, acquisitions included upfront payments of €246 million ($261 million) for Kanlaon Limited and Chat Noir Co. Inc. (the owner of Don Papa Rum) and $102 million for Balcones Distilling.” filing
“Effective December 31, 2024, we acquired a controlling interest in GHOST.” filing
“On May 30, 2024, we entered into an agreement with Kalil, under which we agreed to acquire all of Kalil’s production, sales, and distribution assets for total consideration of $ 103 million, subject to certain adjustments outlined in the…” filing
“On November 1, 2024, we acquired Big Beverages for $75.3 million, using cash on hand.” filing
“Alani Nu Acquisition The Company's acquisition of Alani Nu on April 1, 2025 ASC Accounting Standards Codification ASC 260 ASC Topic 260, Earnings per Share ASC 360 ASC Topic 360, Property, Plant and Equipment ASC 420 ASC Topic 420, Exit …” filing
Decisions that shaped the field
Asked about Coca-Cola’s competitors
Who are Coca-Cola's competitors?
In its annual report for fiscal 2025, Coca-Cola names 10 competitors across 2 fronts: other significant competitors and primary competitor in many countries. 10-K for fiscal 2025
Which companies name Coca-Cola as a competitor?
6 companies in our coverage name it in their own annual reports: National Beverage, Ambev, Celsius Holdings, Keurig Dr Pepper, Mondelez and PepsiCo.
How does Coca-Cola compare with its rivals?
Coca-Cola reported $47.9B in revenue in its latest fiscal year, +2% on a year, with a 27% net margin. PepsiCo: $93.9B, 9% net margin; Anheuser-Busch InBev: $59.3B, 12% net margin.
What are the alternatives to Coca-Cola?
The companies Coca-Cola itself names as competitors are listed above, front by front, each in its own report’s words. Which matters for a given buyer depends on the job, not the list.
What would it actually cost a challenger to take your customer?
Sources: Coca-Cola’s annual report for fiscal 2025 and earlier years (2022, 2023, 2024); the annual reports of the companies that name it; each company’s financial data as reported to the SEC; Stratrix Decision Records. Analysis and data, not advice.
Keep going
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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