The Coca-Cola Company (KO) Investor presentation summary

Performance and scale

• Average organic revenue growth since 2017 was 7% vs. 4% for CPG peers; comparable operating margin expanded 5 pts vs. 2017.

• 2025 comparable net revenues were $48.1B and comparable operating income was $15.0B; North America contributed 40% of revenue and 36% of operating income.

• 2025 free cash flow was $5.3B; excluding the fairlife contingent consideration payment, it was $11.4B, or 2.1x the 2017 level.

• The franchise network served ~33M customer outlets, with 20 bottlers representing ~80% of system volume; 2025 system capital expenditure was ~$8B.

Strategy and growth priorities

• Growth pillars center on loved brands, marketing and innovation, ecosystem optimization, talent and capabilities, consumer centricity, and customer value creation.

• Priorities include deeper consumer insights, locally relevant execution at scale, faster innovation, and digital integration across consumer, customer, and enterprise connections.

• 2025 digital spend was $5B; digital ordering covered ~2/3 of system customers, and Suggested Order pilots showed projected sales uplift of 4–6%.

• Long-term topline growth levers include more from more markets and brands, step-changing innovation, must-win missions, digital capabilities, and local execution at scale.

• Portfolio opportunity spans sparkling drinks, juice, water, sports, RTD tea, coffee, and alcohol RTD; 32 billion-dollar brands were highlighted.

Financial framework and outlook

• 2026 guidance: ~5% organic revenue growth, 9–10% comparable EPS growth, 7–8% comparable currency-neutral EPS growth excluding acquisitions and divestitures, and ~$12.4B free cash flow.

• Long-term algorithm targets 4–6% organic revenue growth, 6–8% comparable currency-neutral operating income growth, 7–9% comparable currency-neutral EPS growth, and 90–95% adjusted free cash flow conversion.

• Margin expansion priorities include gross-margin discipline, a future-ready supply chain, effective brand investment, focus on core strengths, and continuous productivity; comparable operating margin increased 5 pts since 2017.

• Capital priorities include brand investment, dividend growth supported by free cash flow, selective consumer-centric M&A, share repurchases to offset employee-plan dilution, and a 2.0x–2.5x net debt leverage target.

• 2025 ROIC was 23%; debt capacity at 2.5x net debt leverage was $16B, and 2025 debt leverage was 1.6x.