Coca-Cola
KO on NYSE. The Coca-Cola Company sells drinks to people around the world. Market value $372.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Everyday goods stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.84 of spare cash in the past 12 months. A savings account pays about $4.
You pay 27.1 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 15 cents a year. Above 10 is good.
Quality score: 95 of 100. Price score: 48 of 100. Our list needs 70 on quality and 60 on price.
$86.51 a share, 31% above its 1-year low
Over the past year the price has ranged from $65.84 to $92.49.
Dividend: 2.4% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $14.3 billion in the past 12 months, $5.3 billion in the year to December 2025.
| Revenue | |||||
| Revenue | $38.7bn | $43.0bn | $45.8bn | $47.1bn | $47.9bn |
| Operating margin | |||||
| Operating margin | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% |
| Debt to equity | |||||
| Debt to equity | 1.86 | 1.62 | 1.61 | 1.78 | 1.41 |
| Shares outstanding | |||||
| Shares outstanding | 4.32bn | 4.32bn | 4.31bn | 4.30bn | 4.30bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.41× equity
- Revenue growth, five yearsSlow, 7.7% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $13.4 billion last quarter, up 7% on a year ago.
- Profit: $4.4 billion, up 16% on a year ago.
- It keeps 30 cents of each $1 of sales as operating profit, up from 28 cents a year earlier.
- Spare cash over the past 12 months: $14.3 billion. A year earlier it spent $722 million more than it brought in.
- About the same number of shares as a year ago.
- Debt is $30.6 billion more than cash, down from $39.5 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $11.9bn |
| December 2024 | $11.5bn |
| March 2025 | $11.1bn |
| June 2025 | $12.5bn |
| September 2025 | $12.5bn |
| December 2025 | $11.8bn |
| March 2026 | $12.5bn |
| June 2026 | $13.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $2.8bn |
| December 2024 | $2.2bn |
| March 2025 | $3.3bn |
| June 2025 | $3.8bn |
| September 2025 | $3.7bn |
| December 2025 | $2.3bn |
| March 2026 | $3.9bn |
| June 2026 | $4.4bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 20 October 2026
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
18 long-term investors we follow own it, unchanged from 18 last quarter. 3,628 funds in all.
- Berkshire HathawayWarren Buffett
- Value
- $32.5bn
- Share of fund
- 10.9%
- GMOJeremy Grantham
- Value
- $668m
- Share of fund
- 1.5%
- Yacktman Asset ManagementStephen Yacktman
- Value
- $173m
- Share of fund
- 2.1%
- GAMCO InvestorsMario Gabelli
- Value
- $24m
- Share of fund
- 0.2%
- Jensen Investment ManagementEric Schoenstein
- Value
- $9m
- Share of fund
- 0.2%
- Auxier Asset ManagementJeff Auxier
- Value
- $7m
- Share of fund
- 0.9%
- Dodge & CoxDodge & Cox investment committee
- Value
- $2m
- Share of fund
- <0.1%
- Mairs & PowerAndy Adams
- Value
- $2m
- Share of fund
- <0.1%
- Semper AugustusChristopher Bloomstran
- Value
- $1m
- Share of fund
- 0.1%
- Lindsell TrainNick Train
- Value
- $975,240
- Share of fund
- <0.1%
- Cullen Capital ManagementJames Cullen
- Value
- $721,596
- Share of fund
- <0.1%
- Biglari CapitalSardar Biglari
- Value
- $9,752
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Berkshire HathawayWarren Buffett | $32.5bn | 10.9% | |
| Aristotle Capital ManagementHoward Gleicher | $934m | 2.0% | Cut |
| GMOJeremy Grantham | $668m | 1.5% | |
| Boston PartnersBoston Partners team | $627m | 0.6% | Added |
| Yacktman Asset ManagementStephen Yacktman | $173m | 2.1% | |
| First Manhattan Co.First Manhattan partners | $73m | 0.2% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $53m | 0.1% | Added |
| GAMCO InvestorsMario Gabelli | $24m | 0.2% | |
| Jensen Investment ManagementEric Schoenstein | $9m | 0.2% | |
| Auxier Asset ManagementJeff Auxier | $7m | 0.9% | |
| Dodge & CoxDodge & Cox investment committee | $2m | <0.1% | |
| Mairs & PowerAndy Adams | $2m | <0.1% | |
| Boyar Asset ManagementMark Boyar | $2m | 1.0% | Added |
| Semper AugustusChristopher Bloomstran | $1m | 0.1% | |
| Gardner Russo & QuinnTom Russo | $1m | <0.1% | Cut |
| Lindsell TrainNick Train | $975,240 | <0.1% | |
| Cullen Capital ManagementJames Cullen | $721,596 | <0.1% | |
| Biglari CapitalSardar Biglari | $9,752 | <0.1% |
Largest holders overall
- Berkshire Hathaway$32.5bn
- BlackRock$26.2bnCut
- Banque Cantonale Vaudoise$19.4bnAdded
- Vanguard Capital Management$19.4bn
- State Street$13.7bn
- FMR$8.9bn
- Geode Capital Management$8.6bnAdded
- Vanguard Portfolio Management$8.1bn
- Morgan Stanley$7.3bnCut
- Charles Schwab Investment Management$6.6bnAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor6.4%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 6.4% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $998,682 of shares on the open market. 8 sold $231m, $135m of it under preset trading plans.
- QUAN NANCYExecutive Vice PresidentSold
- Date
- 19 August 2026
- Shares
- 50,000
- Price
- $90.39
- Value
- $5m
- MURPHY JOHNPresident and CFOSold
- Date
- 31 July 2026
- Shares
- 152,483
- Price
- $87.31
- Value
- $13m
- Quincey JamesChairman, DirectorSoldunder a preset trading plan
- Date
- 29 July 2026
- Shares
- 145,947
- Price
- $90.09
- Value
- $13m
- Quincey JamesChairman, DirectorSoldunder a preset trading plan
- Date
- 28 July 2026
- Shares
- 381,140
- Price
- $90.04
- Value
- $34m
- MANN JENNIFER KExecutive Vice PresidentSoldunder a preset trading plan
- Date
- 10 June 2026
- Shares
- 23,984
- Price
- $83.41
- Value
- $2m
- MANN JENNIFER KExecutive Vice PresidentSoldunder a preset trading plan
- Date
- 9 June 2026
- Shares
- 100,000
- Price
- $80.75
- Value
- $8m
- MANN JENNIFER KExecutive Vice PresidentSoldunder a preset trading plan
- Date
- 8 June 2026
- Shares
- 100,000
- Price
- $79.46
- Value
- $8m
- MANN JENNIFER KExecutive Vice PresidentSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 100,000
- Price
- $79.46
- Value
- $8m
- Quincey JamesChairman, DirectorSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 436,296
- Price
- $80.13
- Value
- $35m
- Quincey JamesChairman, DirectorSoldunder a preset trading plan
- Date
- 4 June 2026
- Shares
- 8,000
- Price
- $80.00
- Value
- $640,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 19 August 2026 | QUAN NANCY Executive Vice President | Sold | 50,000 | $90.39 | $5m |
| 31 July 2026 | MURPHY JOHN President and CFO | Sold | 152,483 | $87.31 | $13m |
| 29 July 2026 | Quincey James Chairman, Director | Sold under a preset trading plan | 145,947 | $90.09 | $13m |
| 28 July 2026 | Quincey James Chairman, Director | Sold under a preset trading plan | 381,140 | $90.04 | $34m |
| 10 June 2026 | MANN JENNIFER K Executive Vice President | Sold under a preset trading plan | 23,984 | $83.41 | $2m |
| 9 June 2026 | MANN JENNIFER K Executive Vice President | Sold under a preset trading plan | 100,000 | $80.75 | $8m |
| 8 June 2026 | MANN JENNIFER K Executive Vice President | Sold under a preset trading plan | 100,000 | $79.46 | $8m |
| 5 June 2026 | MANN JENNIFER K Executive Vice President | Sold under a preset trading plan | 100,000 | $79.46 | $8m |
| 5 June 2026 | Quincey James Chairman, Director | Sold under a preset trading plan | 436,296 | $80.13 | $35m |
| 4 June 2026 | Quincey James Chairman, Director | Sold under a preset trading plan | 8,000 | $80.00 | $640,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 27.1× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.