At a glance
Coca-Cola Consolidated Inc. is worth $14.02B, about 25 times its fiscal 2025 earnings. Revenue grew 4.8% to $7.23B in fiscal 2025, with 7.9% kept as profit; over 5 years it has grown 7.6% a year. It pays no dividend; it spent $3.23B buying back its shares over FY2021–FY2025. The stock returned +65.1% over the past year with dividends reinvested and +40.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.4% in the 2020 crash (S&P 500: 33.7%) and 35.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 7 months after the lows.
The business in plain English
Coca-Cola Consolidated is the largest Coca-Cola bottler in the United States. A bottler does not own the famous brands. It holds rights from The Coca-Cola Company to make, package, market and deliver those drinks in set territories. Its territories span 14 states and the District of Columbia, serve about 60 million consumers and form four principal regions, including the Carolinas. Its business dates back to 1902.
Sales fall into two groups. Bottle and can sales are drinks in plastic bottles and aluminum cans delivered to retail customers. About 85% of that volume is Coca-Cola Company brands such as Coca-Cola, Sprite, Dasani, POWERade, BODYARMOR and fairlife. The other 15% is brands licensed from other companies, including Monster Energy and Dr Pepper. Other sales include sales to other Coca-Cola bottlers, fountain syrup for drink dispensers (called post-mix), transportation and equipment maintenance.
Revenue was about $7.23 billion in fiscal 2025, which ended December 31, 2025, up 4.8% from the year before. Operating margin, the share of sales left after operating costs, was 13.2%. The 10-K gives no clean revenue split by segment or region. The trade-off: without The Coca-Cola Company's consent, the bottler generally cannot handle drinks other than that company's brands and approved partner brands. The Coca-Cola Company also sets some of the prices the bottler pays and charges.
Price history
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COKE +65.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jul 3, 2026), revenue was $2.05B, up 10.6% from a year earlier, and net income was $158.8M (-15.2%).
- For fiscal 2025, revenue was $7.23B (+4.8% year over year; +7.6% a year from FY2020 to FY2025) with a 7.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.6% good |
|---|---|
| Operating margin | 13.2% watch |
| Free cash flow margin | 8.6% watch |
| Return on assets (FY2025) | 13.3% good |
| Net cash (cash minus debt) | $-2.34B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.01B | $172.5M | $292.4M |
| FY2021 | $5.56B | $189.6M | $366.1M |
| FY2022 | $6.20B | $430.2M | $255.9M |
| FY2023 | $6.65B | $408.4M | $528.4M |
| FY2024 | $6.90B | $633.1M | $505.3M |
| FY2025 | $7.23B | $570.6M | $619.6M |
Valuation snapshot
| Market value | $14.02B |
|---|---|
| P/E ratio | 24.6 |
| Dividend yield | 0.48% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| COKE price data to Oct 28, 2026 | +38.0% | +65.1% | +50.9% | +40.8% | +31.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +38.0% |
| 2025 | +22.6% |
| 2024 | +38.8% |
| 2023 | +82.9% |
| 2022 | -17.1% |
| 2021 | +133.2% |
| 2020 | -5.9% |
| 2019 | +60.7% |
| 2018 | -17.1% |
| 2017 | +20.9% |
| 2016 | -1.4% |
| 2015 | +108.9% |
| 2014 | +21.9% |
| 2013 | +11.8% |
| 2012 | +15.3% |
| 2011 | +7.1% |
| 2010 | +4.9% |
| 2009 | +20.0% |
| 2008 | -20.2% |
| 2007 | -12.4% |
| 2006 | +62.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 38.7% over that stretch · deepest drop along the way 48.4%, back to its old high 31.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.1% over that stretch · deepest drop along the way 30.4%, back to its old high 4.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.5% over that stretch · deepest drop along the way 35.5%, back to its old high 7.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (1 read): 0 open-market purchases and 1 sales ($2.39B).
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 7, 2025 | Cola Co Coca 10% owner | sell | $2.39B |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.7% | Dec 31, 2025 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.25% | Mar 31, 2026 |
ETFs with the most weight in COKE
| BRIF FIS Bright Portfolios Focused Equity ETF | 3.54% |
| SOVF Sovereign's Capital Flourish Fund | 2.86% |
| SRHQ SRH U.S. Quality GARP ETF | 2.66% |
| PSL Invesco Dorsey Wright Consumer Staples Momentum ETF | 2.54% |
| ECML Euclidean Fundamental Value ETF | 2.24% |
| FTDS First Trust Dividend Strength ETF | 2.18% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 1.23% |
| PDP Invesco Dorsey Wright Momentum ETF | 1.21% |
What could go wrong
- Losing its Coca-Cola bottling rights. Its agreements with The Coca-Cola Company require minimum sales volumes and ongoing capital spending. Missing them could cost the company its distribution and manufacturing rights, the heart of the business.
- Brand owners control key prices. There are few limits on what brand owners charge for concentrate (the flavor base), and The Coca-Cola Company sets some prices between bottlers. Profits also depend on brand owners' marketing funding and advertising.
- One person controls the vote. As of December 31, 2025, Chairman and CEO J. Frank Harrison, III controlled about 78% of voting power. Other shareholders have little say, and Coca-Cola agreements could delay or block a takeover.
- Heavy debt and negative book equity. As of July 3, 2026, debt was about $2.51 billion versus $171.7 million in cash and investments, and book liabilities exceeded assets. Higher borrowing costs or a credit downgrade could limit flexibility.
- Swings in packaging, ingredient and fuel costs. Prices for aluminum cans, plastic bottles, PET plastic resin, carbon dioxide, high-fructose corn syrup and delivery fuel can jump, including from tariffs. If higher costs can't be passed on, profits shrink.
- Health worries and new beverage rules. Worries about obesity, artificial ingredients, energy-drink ingredients and plastic packaging could cut demand. So could new rules on public health, recycling or benefit programs such as SNAP, the federal food-assistance program.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Major agreement ended; New debt or financial obligation; Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Coca-Cola Consolidated pays a small dividend, with a yield of 0.48% as of October 28, 2026. Total dividends paid were about $9.4 million a year in fiscal 2020 through 2022, rose to $185.6 million in 2024, then fell to $86.7 million in 2025, so payments have not risen steadily. The 2025 total equaled about 15% of earnings and 14% of free cash flow (cash from operations left after capital spending). The company returned far more through buybacks (repurchases of its own shares): about $3.23 billion from fiscal 2021 to 2025, including $2.61 billion in 2025. For income seekers, that means most of the return depends on the share price.
In past downturns, the shares fell 48.4% during the 2008 financial crisis, taking about 31 months to recover; 30.4% in the 2020 COVID crash (about 5 months); and 35.5% in the 2022 bear market (about 7 months). A single stock carries more risk than a diversified fund.
Questions investors ask
How does Coca-Cola Consolidated make money?
It earns money by making, packaging and delivering other companies' branded drinks. As the largest Coca-Cola bottler in the United States, it supplies drinks in bottles and cans to retail customers across 14 states and the District of Columbia. About 85% of that volume is Coca-Cola Company brands. The rest comes from partners including Monster Energy and Dr Pepper. Other revenue comes from sales to other Coca-Cola bottlers, fountain syrup, transportation and equipment maintenance. Revenue was about $7.23 billion in fiscal 2025.
Does The Coca-Cola Company own Coca-Cola Consolidated?
No. Coca-Cola Consolidated is a separate company whose shares trade on Nasdaq under the ticker COKE. It works under agreements with The Coca-Cola Company that grant its bottling and distribution rights. An insider filing shows The Coca-Cola Company, listed as a 10% owner, sold about $2.39 billion of stock on November 7, 2025. Voting control sits with Chairman and CEO J. Frank Harrison, III, who controlled about 78% of total voting power through Class B shares as of December 31, 2025.
Does Coca-Cola Consolidated pay a dividend?
Yes, but it is small. The dividend yield was 0.48% as of October 28, 2026. Total dividends paid rose from about $9.4 million a year in fiscal 2020 through 2022 to $185.6 million in 2024, then fell to $86.7 million in 2025, so payments have not risen in a steady line. The 2025 total was about 15% of earnings. The company has returned much more cash through share buybacks: about $3.23 billion from fiscal 2021 to 2025.
How has COKE stock performed?
Strongly over the long run, with deep drops along the way. As of October 28, 2026, the share price had gained 65.1% over one year, about 40.8% a year over five years and about 31.6% a year over ten years. Calendar years swung widely: up 133% in 2021, down 17% in 2022 and up 83% in 2023. Its worst peak-to-trough fall in about 21 years of price history was 51.7%. Past returns don't predict future results.
What is Coca-Cola Consolidated's P/E ratio?
About 24.6 as of October 28, 2026, based on fiscal 2025 earnings. The price-to-earnings (P/E) ratio shows how many dollars investors pay for each dollar of annual profit. The company's market value was about $14.0 billion. Profit has lagged sales: net income fell 9.9% in fiscal 2025 while revenue grew 4.8%. In the quarter ended July 3, 2026, revenue rose 10.6% from a year earlier while net income fell 15.2%.