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Coca-Cola Company — Presentation (company IR deck)
Coca-Cola Company (KO) · 48 slides · Filed Oct 27, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All KO deck slides
Slide 1 — CAGNY
1 John Murphy PRESIDENT & CFO Henrique Braun CEO ELECT CAGNY
Slide 2 — Reconciliation to U.S. GAAP Financial Information
2 This presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” ”opportunity,” “ahead,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward- looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola Company’s actual results to differ materially from its historical experience and our present expectations or projections. These risks include, but are not limited to, unfavorable economic and geopolitical conditions, including the direct or indirect negative impacts of geopolitical conflicts; increased competition; an inability to be successful in our innovation activities; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand our business in emerging and developing markets; an inability to successfully manage the potential negative consequences of our productivity initiatives; an inability to attract or retain specialized or top talent with perspectives, experiences and backgrounds that reflect the broad range of consumers and markets we serve around the world; disruption of our supply chain, including increased commodity, raw material, packaging, energy, transportation and other input costs; an inability to successfully integrate and manage our acquired businesses, brands or bottling operations or an inability to realize a significant portion of the anticipated benefits of our joint ventures or strategic relationships; failure by our third-party service providers and business partners to satisfactorily fulfill their commitments and responsibilities; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages, labor shortages or labor unrest; obesity and other health- related concerns; evolving consumer product and shopping preferences; product safety and quality concerns; perceived negative health consequences of processing and of certain ingredients, such as non-nutritive sweeteners, color additives and biotechnology-derived substances, and of other substances present in our beverage products or packaging materials; failure to digitalize the Coca-Cola system; damage to our brand image, corporate reputation and social license to operate from negative publicity, whether or not warranted, concerning product safety or quality, workplace and human rights, obesity or other issues; an inability to successfully manage new product launches; an inability to maintain good relationships with our bottling partners; deterioration in our bottling partners’ financial condition; an inability to successfully manage our refranchising activities; increases in income tax rates, changes in income tax laws or the unfavorable resolution of tax matters, including the outcome of our ongoing tax dispute or any related disputes with the U.S. Internal Revenue Service (“IRS”); the possibility that the assumptions used to calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable outcome of the ongoing tax dispute with the IRS could significantly change; increased or new indirect taxes; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the marketing or sale of our products; litigation or legal proceedings; conducting business in markets with high-risk legal compliance environments; failure to adequately protect, or disputes relating to, trademarks, formulas and other intellectual property rights; changes in, or failure to comply with, the laws and regulations applicable to our products or our business operations; fluctuations in foreign currency exchange rates; interest rate increases; an inability to achieve our overall long- term growth objectives; default by or failure of one or more of our counterparty financial institutions; impairment charges; an inability to protect our information systems against service interruption, misappropriation of data or cybersecurity incidents; failure to comply with privacy and data protection laws; evolving sustainability regulatory requirements and expectations; increasing concerns about the environmental impact of plastic bottles and other packaging materials; water scarcity and poor quality; increased demand for food products, decreased agricultural productivity and increased regulation of ingredient sourcing due diligence; climate change and legal or regulatory responses thereto; adverse weather conditions; and other risks discussed in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024, and subsequently filed Quarterly Reports on Form 10-Q, which are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements. The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule which reconciles our results as reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following presentation is attached as an appendix hereto. The 2026 outlook information provided in this presentation includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2026 projected organic revenues (non-GAAP) to full year 2026 projected reported net revenues, full year 2026 projected comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) to full year 2026 projected reported EPS, or full year 2026 projected comparable EPS (non-GAAP) to full year 2026 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact impact of changes in foreign currency exchange rates throughout 2026; the exact timing and exact impact of acquisitions and divestitures throughout 2026; and the exact timing and exact amount of items impacting comparability throughout 2026. Forward-Looking Statements Reconciliation to U.S. GAAP Financial Information
Slide 3 — 3
3 ENDURING STRENGTHS, EXPANDING HORIZONS 01 02 DURABLE STRATEGY, SHAPING OUR FUTURE 03 CONTINUITY, TRANSFORMATION Key Themes for Today
Slide 4 — 4
4 ENDURING STRENGTHS, EXPANDING HORIZONS 01
Slide 5 — 5
5 WE’VE ACCOMPLISHED A LOT… …AND THERE IS STILL A COMPELLING OPPORTUNITY AHEAD Delivering for a Decade… Preparing for What’s Next (a) #1 in customer value creation from 2017-2025, Nielsen; (b) Non-GAAP; (c) 2025 industry volume and KO share per internal estimates; (d) Coca-Cola Trademark, Hawkeye study findings, excluding China and India; (e) Baskets that contain a KO NARTD product, Kantar Q3 2025. BY CUSTOMER 6 in 100 Baskets(e) Developed Markets Developing and Emerging Markets 31% 10% 12% 47% 67% 18% 13% 2% Non-Commercial Alcohol RTD Hot Beverages Cold Beverages ~80% World’s Population 14% KO SHARE 6% KO SHARE BY INDUSTRY(c) BY CONSUMER Revamped Marketing Expanded Total Beverage Portfolio Strengthened System #1 in Customer Value Creation(a) WEEKLY+ INTENDERS NEUTRALS REJECTORS AVERAGE ORGANIC REVENUE(b) GROWTH SINCE 2017 7% $3.00 COMPARABLE EPS(b) VS. $1.92 IN 2017 Population of Intenders and Neutrals to Current Weekly+(d) 4x+
Slide 6 — 32 BILLION-DOLLAR BRANDS
6 (a) Schweppes is owned by the Company in certain countries other than the United States; (b) Trademark Coca-Cola based on 2025 retail value, Kantar; (c) Based on 2025 retail value per internal estimates; (d) TCCC has an equity investment in Monster Beverage Corporation. 1986 2025 2000 2020 2005 2010 2015 Strong Relationship with Monster(d) Coca-Cola is the Highest Valued Food and Beverage Brand in the World(b) Global Player in Sparkling Flavors, Juice, Water, Sports, RTD Tea(c) #1 Opportunities to Scale Coffee and Alcohol RTD 32 BILLION-DOLLAR BRANDS (a)
Slide 7 — >$450B
7 7 REENGINEERING THE SHAPE OF THE SYSTEM(a) Building the World’s Strongest Franchise System MULTIPLIER EFFECT OF THE SYSTEM ~3,100 Production Lines ~30,000 Red Trucks ~14M Units of Cold-Drink Equipment ~$8B 2025 Total System CAPEX UNMATCHED REACH(c) 2.2B >$450B Servings Per Day Total System Market Cap(d) +$225B since 2015 What KO Does Best What Our Bottlers Do Best Brand Building Innovation Revenue Growth Management Execution ~6M People Servicing the Coca-Cola Network ~125,000 Suppliers ~33M Customer Outlets (a) Refranchising completed since 2015; (b) As of 12/31/2025; (c) All figures are estimated as of 2025 for the Coca-Cola system; (d) Estimate based on the market capitalization of The Coca-Cola Company and its 10 largest publicly traded bottlers as of 2/13/2026. 20 Bottlers Make Up ~80% of Total System Volume(b) KO Bottling Investment Group Refranchising Completed or In Progress
Slide 8 — CHANGE
8 REMAINING DISCONTENTED 8 Additional Cases per Day in Each Market Contributes to ~½ pt Additional Volume(a) +5c ~$140M of Additional Mix Increases Operating Income by(a) +1pt of Additional Net Revenue per Outlet per Day Increases Total Annual Net Revenue by(a) 2K ~$600M -inspired by Robert Woodruff The best time to is when you don’t have to CHANGE Legendary leader of The Coca-Cola Company (1923–1985) (a) Projected impact based on results as of 12/31/2025.
Slide 9 — 9
9 DURABLE STRATEGY, SHAPING OUR FUTURE 02
Slide 10 — Remaining Consistent in Our Growth Pillars
10 Remaining Consistent in Our Growth Pillars Shaping a Portfolio of Loved Brands Transforming Our Marketing & Innovation Agenda Optimizing the KO Ecosystem Building Talent and Capabilities Enhancing Our License to Win GROUNDED IN CONSUMER CENTRICITY AND CUSTOMER VALUE CREATION
Slide 11 — PLACING DIGITAL
11 Boldly Adapting with Three Principles PLACING DIGITAL AT THE CORE OF EVERY CONNECTION BECOMING EVEN MORE CONSUMER-CENTRIC REMAINING CONSTRUCTIVELY DISCONTENTED
Slide 12 — INTIMACY INTEGRATION
12 BECOMING EVEN MORE CONSUMER-CENTRIC Scale Localness PRESENT-FORWARD FUTURE-BACK combined with DATA SCIENCE SOCIAL SCIENCE meets BENEFITS OF SCALE TO CONSUMERS with resources closer MARKETING COMMERCIAL interconnected with Irresistible Local End-to-End Deep INTIMACY INTEGRATION INSIGHTS INNOVATION
Slide 13 — 13
13
Slide 14 — NEW YORK
14 INSIGHTS Different Cities, Different Consumers INNOVATION Different Fans, Different Players INTIMACY Different Needs, Different Packages INTEGRATION Different Dialects, Different Ads New experiences Recruitment-focused European influence Loyal fans Dual language Latin American influence HOUSTON NEW YORK FIFA World Cup: End-to-End Consumer Centricity in Action
Slide 15 — 70%
15 Innovation Working Harder Across Our Portfolio BUILD RITUALS, LEVERAGE PASSIONS DEEP INSIGHTS(a) DIAL UP NEEDS END-TO-END CONNECTION SPEED TO MARKET ENTREPRENEURIAL MINDSET STRATEGIC PRIORITIZATION global population is under hydrated(b) ~75% consumer need is taste superiority(a) #1 consumers want more protein and need more daily fiber(c) 70% > (a) Findings based on SEM (Structural Equation Modeling) drivers analysis based on branded taste data and blind taste data obtained through internal processes; (b) Source: Nutrients March 26, 2020; (c) Source for Protein: International Food Information Council, Source for Fiber: WHO Healthy Diet Fact Sheet.
Slide 16 — Remaining Discontented Across Our Business
16 16 Remaining Discontented Across Our Business (a) 2025 retail value per internal estimates; (b) Schweppes is owned by the Company in certain countries other than the United States; (c) KO NARTD consumption per internal estimates. COUNTRY BEVERAGE CONSUMPTION(c) BILLION-DOLLAR BRANDS BY RETAIL VALUE(a) MORE FROM MORE BRANDS MORE FROM MORE MARKETS LESS-DEVELOPED MARKETS MORE-DEVELOPED MARKETS (b) $1B - $2B $2B - $10B $10B - $50B $50B+
Slide 17 — CDO
17 Digital Becoming Our Next Superpower (a) Based on KO data and data/insights provided by our North America media agency partner; (b) Projected effectiveness in select pilots provided by our North America media agency partner; (c) Direct customer outlets as of 2025 per internal estimates; (d) 2025 digital spend, including operating expenses, capital expenditures, direct marketing expenditures and paid digital media. MOVING FROM MILLIONS TO BILLIONS EXPANDING VIRTUAL UNIVERSE CREATING AN ECOSYSTEM OF GREAT PARTNERS FUTURE-READY ENTERPRISE Fuelight360 improving resource allocation ~$2.5B KO digital spend in 2025(d) CDO Creating the role of Chief Digital Officer CUSTOMER DIGITAL ORDERING ~2/3 System customers digitized(c) ~4M Customer outlets using loyalty programs(c) 4-6% Sales uplift with Suggested Order(c) CONSUMER CONNECTED MEDIA MODEL 15-50% Projected media effectiveness in Pilots(b) DATA @ SCALE Consumers + Retailers + Media + Creators + Influencers ~5B Connected identities across KO and Partners(a)
Slide 18 — FUTURE
18 18 SHAPING OUR FUTURE OUR PEOPLE BY EMPOWERING Agile Relentless Accountable Curious Tech-Enabled Together
Slide 19 — Key Takeaways
19 Key Takeaways 14.09 cm ROOTED in our mission, building for the next chapter 14.09 cm IMPROVING a little everywhere, every day leads to a significant impact 14.09 cm LEVERAGING scale while increasing granularity in how we operate 14.09 cm FOCUSING on clear missions by brand and by market 14.09 cm ENHANCING our staying power and extending our strengths
Slide 20 — 20
20 20 CONTINUITY, TRANSFORMATION 03
Slide 21 — THREE DOLLARS
21 THREE DOLLARS $1.00 2020 2010 2000 2025 Comparable Earnings Per Share(a) $2.00 $3.00 INSPIRED BY OUR PROGRESS (a) Non-GAAP.
Slide 22 — POSITIONED FOR 2026
22 (a) Non-GAAP; (b) A&D = Acquisitions & Divestitures, Non-GAAP; (c) Free Cash Flow = Net cash provided by operating activities less purchases of property, plant and equipment; Non-GAAP. POSITIONED FOR 2026 Organic Revenue(a) Growth 4-5% Comparable EPS(a) Growth 7-8% Comparable Currency Neutral EPS Excluding A&D(b) 5-6% Free Cash Flow(c) ~$12.2B 2026 GUIDANCE: Asset Optimization Resource Allocation Margin Expansion Cash Flow Generation Execution Innovation Revenue Growth Management Brand Building
Slide 23 — FOUR
23 23 TOPLINE GROWTH CASH FLOW GENERATION HIGHER RETURN BUSINESS MARGIN EXPANSION DRIVEN BY OBSESSIONS FOUR
Slide 24 — 2.1x
24 CPG Peers TOPLINE GROWTH MARGIN EXPANSION CASH FLOW GENERATION HIGHER RETURN BUSINESS +5pts Delivering Superior Results Note: Consumer packaged goods (CPG) represents select large cap, food, household products and beverage peers. 2025 amounts are based on year-to-date Q3 except for KO, which is based on full year 2025. All data obtained from FactSet. (a) Non-GAAP; (b) KO comparable operating margin (Non-GAAP) and CPG peer operating margin; (c) 2025 free cash flow excluding the fairlife contingent consideration payment = net cash provided by operating activities less purchases of property, plant and equipment and excludes the Company’s fairlife contingent consideration payment that was made in 2025, Non-GAAP; (d) Free cash flow = net cash provided by operating activities less purchases of property, plant and equipment, Non- GAAP; (e) Return on Invested Capital (ROIC) = Comparable Net Operating Profit After Tax (NOPAT) divided by two-year average of invested capital; Non-GAAP 2025 KO Free Cash Flow Excluding the fairlife Contingent Consideration Payment(c) of $6B Average Organic Revenue(a) Growth Since 2017 2025 Free Cash Flow(d) vs. 2017 Free Cash Flow(d) 2025 ROIC(e) 2025 Operating Margin vs. 2017 Operating Margin(b) 7% -3pts 1.1x 4% 2.1x KO KO KO KO 23% 12% CPG Peers CPG Peers CPG Peers KO represents Comparable Operating Margin(a)
Slide 25 — IMPERATIVES
25 FIVE to fuel the IMPERATIVES FUTURE UNDERLYING CASH FLOW GENERATION SUPERIOR CAPITAL RETURN QUALITY LEADERSHIP DYNAMIC RESOURCE ALLOCATION FIT-FOR-PURPOSE BALANCE SHEET VALUE CREATION
Slide 26 — ~50%
26 (a) Number of times industry retail value growth has been within a % range on a 3-year CAGR basis per internal estimates. More Balanced Topline Growth DELIVERING WITH BALANCE COMPELLING INDUSTRY(a) DRIVING CONSISTENT TOPLINE GROWTH POPULATION INFLATION DISPOSABLE INCOME ACCESSIBILITY CONSUMER CHOICE ~50% of years had industry growth of 3-5% since 1990 Total Beverage Progress Step-Changing Innovation Executing Market Must-Win Missions Making Digital Our Next Superpower Local Execution at Scale ~4% 4-6% Industry Growth More from More Markets More from More Brands Long-Term Growth Model ~2% Price/ Mix ~2% Volume ~2-3% Price/ Mix ~2-3% Volume Industry Growth (%) Number of Years <2 2-3 3-4 4-5 5-6 >6
Slide 27 — +7%
27 More Quality Leadership Drives More Margin Expansion Investing in Our World-Class Brands MARKETING EFFECTIVENESS & EFFICIENCY Focusing on What We Do Best BUSINESS MODEL Driving Greater Agility and Impact CONTINUOUS PRODUCTIVITY MINDSET Future-Ready Supply Chain GROSS MARGIN DISCIPLINE Growing Our Total Beverage Solutions TOPLINE GROWTH Average Organic Revenue(b) Growth +7% BIG Contribution to KO Revenues(c) -27pts Non-Advertising SG&A as a % of Net Revenue -5pts Gross Profit per Unit Case Growth +13% Average Advertising Spend Growth +4% NUMEROUS LEVERS TO DRIVE ONGOING MARGIN EXPANSION WHILE INVESTING FOR GROWTH PROGRESS SINCE 2017(a) +5pts Comparable Operating Margin(b) (a) 12/31/2025 vs. 12/31/2017; (b) Non-GAAP; (c) 2025 Bottling Investments net revenues excluding Coca-Cola Beverages Africa (“CCBA”) as a percentage of total Company net revenues. CCBA has been excluded from the calculation as it met the criteria to be classified as held for sale as of October 2025.
Slide 28 — More Dynamic Resource Allocation
28 C O - C R E A T E D W I T H O U R B O T T L I N G P A R T N E R S D I G I T A L L Y E N A B L E D O P T I M I Z E R A N D A L L O C A T O R More Dynamic Resource Allocation MEDIA SPEND Redirecting media investments between traditional and digital COOLER INVESTMENT Strategically prioritizing coolers across select channels and outlets TRADE SPEND Shifting promotional spend across customers and packages POINT-OF-SALE MATERIAL Deploying point-of-sale and merchandising material across retail channels and outlets MARKETING QUALITY SALES HISTORICAL DATA WEATHER COMMERCIAL EXECUTION ECONOMY Where to PLAY PLAY How to WIN WIN How to EXECUTE EXECUTE INCREASE SALES | REDUCE COST | IMPROVE RETURNS MARKETING QUALITY SALES HISTORICAL DATA WEATHER COMMERCIAL EXECUTION ECONOMY
Slide 29 — 73%
29 More Steady Cash Flow Generation TOPLINE GROWTH #1 Priority CAPITAL INVESTMENT Complete Bottler Refranchising and Improve Returns WORKING CAPITAL Continue to Improve Cash Conversion Cycle DISCRETE ITEMS Minimize Nonrecurring Costs (a) Free cash flow = net cash provided by operating activities less purchases of property, plant and equipment, Non-GAAP; (b) Free cash flow excluding the IRS tax litigation deposit = free cash flow excluding the Company’s IRS tax litigation deposit that was paid in 2024, Non-GAAP; (c) Free cash flow excluding the fairlife contingent consideration payment = free cash flow excluding the Company’s fairlife contingent consideration payment that was made in 2025, Non-GAAP; (d) 2023-2025, Adjusted Free Cash Flow Conversion Ratio = Free cash flow adjusted for significant cash inflows & outflows / GAAP net income adjusted for noncash/nonoperating items impacting comparability, Non-GAAP; (e) Non-GAAP. IMPROVING FREE CASH FLOWS OVER TIME GROWTH DRIVERS Free Cash Flow(a) 2024 IRS Tax Litigation Deposit 2025 fairlife Contingent Consideration Payment 2025 Dividend Payments to Adjusted FCF(e) 73% $9.7B $10.8B $11.4B $12.2B ~ 2023 2024(b) 2025(c) 2026 OUTLOOK 3-year Adjusted FCF Conversion(d) 93%
Slide 30 — 23%
30 More from Our Balance Sheet (a) 2025 total Company net revenues less 2025 Bottling Investments net revenues excluding CCBA as a percentage of total Company net revenues; (b) Return on Invested Capital (ROIC) = Comparable Net Operating Profit After Tax (NOPAT) divided by two-year average of invested capital, Non-GAAP; (c) Debt Capacity = High end of target net debt leverage minus current net debt leverage multiplied by Comparable EBITDA, Non-GAAP. PROGRESSING OUR FIT-FOR-PURPOSE BALANCE SHEET REFRANCHISING Bottling Assets OPTIMIZING Equity Investments BUILDING Capabilities for the Future DEFENDING Position in IRS Tax Dispute ADVANCING Supply Chain Technologies 23% +6pts vs. 2015 2025 Return on Invested Capital(b) 96% +48pts vs. 2015 2025 KO Revenue Contribution Excluding BIG(a) 2025 Debt Capacity at 2.5x Net Debt Leverage(c) $16B +$8B vs. 2015 FOCUSING ON WHAT WE DO BEST ACCELERATING RETURNS PROVIDING MORE OPTIONALITY
Slide 31 — More Optionality on Our Capital Return Model
31 LONG-TERM DURABILITY INVEST FOR GROWTH RETURN TO SHAREOWNERS NET DEBT LEVERAGE(a) TARGET: 2.0x to 2.5x Continue to Grow the Dividend Net Share Repurchase Reinvest in the Business Consumer-Centric M&A More Optionality on Our Capital Return Model (a) Non-GAAP. Invest in world-class brands Grow dividend supported by free cash flow(a) growth Remain flexible and opportunistic on acquisitions Repurchase shares to offset dilution from employee plans Judiciously manage balance sheet ahead of decision on IRS tax case 2026 PRIORITIES CASH FROM OPERATIONS
Slide 32 — READY FOR THE LONG TERM
32 (a) Non-GAAP; (b) Adjusted Free Cash Flow Conversion Ratio = Free cash flow adjusted for significant cash inflows & outflows / GAAP net income adjusted for noncash/nonoperating items impacting comparability, Non-GAAP. Organic Revenue(a) Growth 4-6% Comparable Currency Neutral Operating Income(a) Growth 6-8% Comparable Currency Neutral EPS(a) Growth 7-9% Adjusted Free Cash Flow Conversion Ratio(b) 90-95% LONG-TERM GROWTH ALGORITHM: READY FOR THE LONG TERM Execution Innovation Revenue Growth Management Brand Building Asset Optimization Resource Allocation Margin Expansion Cash Flow Generation
Slide 33 — Key Takeaways
33 Key Takeaways 14.09 cm BOUNDLESS opportunity rooted in strength and consumer centricity 14.09 cm COMPETING to win in every market 14.09 cm INVESTING with discipline to drive value 14.09 cm WINNING with digital to secure the future 14.09 cm ADAPTABLE strategy delivering enduring quality growth
Slide 34 — The best time to change is when you don’t have to
34 The best time to change is when you don’t have to -inspired by Robert Woodruff
Slide 35 — DEFINITIONS
DEFINITIONS “Organic revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for the impact of acquisitions and divestitures, as applicable, and the impact of fluctuations in foreign currency exchange rates. Management believes the organic revenue (non-GAAP) growth measure provides users with useful supplemental information regarding the Company’s ongoing revenue performance and trends by presenting revenue growth excluding the impact of foreign exchange as well as the impact of acquisitions and divestitures. “Comparable EPS” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. Management uses this non-GAAP financial measure to evaluate the Company’s performance and make resource allocation decisions. Further, management believes the comparable EPS (non- GAAP) growth measure enhances its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the Company’s underlying business performance and trends by improving their ability to compare our period-to-period financial results. “Comparable operating margin” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. Management uses this non-GAAP financial measure to evaluate the Company’s performance and make resource allocation decisions. Further, management believes the comparable operating margin (non-GAAP) measure enhances its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the Company’s underlying business performance and trends by improving their ability to compare our period-to-period financial results. "Free cash flow" is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment. “Free cash flow excluding the fairlife contingent consideration payment” is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment and excludes the fairlife contingent consideration payment that was made in March 2025. “Free cash flow excluding the IRS tax litigation deposit” is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment and excludes the Company’s IRS tax litigation deposit that was paid in September 2024. Management uses these non- GAAP financial measures to evaluate the Company’s performance and make resource allocation decisions. "Net operating profit" is a non-GAAP financial measure that represents the sum of operating income and equity income (loss) - net. "Comparable net operating profit" is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. "Comparable net operating profit after taxes (NOPAT)" is a non-GAAP financial measure that has been adjusted for taxes using the comparable effective tax rate (non-GAAP). “Comparable effective tax rate” is a non-GAAP financial measure that represents the effective income tax rate on income before income taxes, which excludes or has otherwise been adjusted for items impacting comparability. "Invested capital" is a non-GAAP financial measure that is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from the sum of total debt (non-GAAP) and total equity. "Return on invested capital (ROIC)" is a non-GAAP financial measure that is calculated by dividing comparable NOPAT (non-GAAP) by average invested capital (non-GAAP). Management uses this non-GAAP financial measure to evaluate the Company's performance and make capital allocation decisions. Page 1
Slide 36 — "Adjusted free cash flow" is a non-GAAP financial measure that represents net cash provided by operating
"Adjusted free cash flow" is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment and excludes the fairlife contingent consideration payment that was made in March 2025, the Company's IRS tax litigation deposit that was paid in September 2024, the payment of transition tax resulting from the 2017 Tax Cuts and Jobs Act, and other significant cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that we believe do not reflect the Company's underlying liquidity. Management believes adjusted free cash flow (non-GAAP) is useful to investors, analysts and others to evaluate the underlying cash flow the Company generates after investing in property, plant and equipment. “Adjusted net income attributable to shareowners of The Coca-Cola Company” is a non-GAAP financial measure that excludes or has otherwise been adjusted for noncash items impacting comparability. "Free cash flow conversion ratio" is a non-GAAP financial measure that is calculated by dividing free cash flow (non-GAAP) by adjusted net income attributable to shareowners of The Coca-Cola Company (non-GAAP). "Adjusted free cash flow conversion ratio" is a non-GAAP financial measure that is calculated by dividing adjusted free cash flow (non-GAAP) by adjusted net income attributable to shareowners of The Coca-Cola Company (non- GAAP). Management uses these non-GAAP measures when making capital allocation decisions. Management believes the free cash flow conversion ratio (non-GAAP) and the adjusted free cash flow conversion ratio (non- GAAP) are useful to investors, analysts and others to evaluate the amount of our underlying earnings that we are able to convert into cash. "Dividends as a percentage of adjusted free cash flow" is a non-GAAP financial measure that is calculated by dividing dividends paid to shareowners of The Coca-Cola Company by adjusted free cash flow (non-GAAP). Management uses this non-GAAP measure when making capital allocation decisions. "Gross debt" is a non-GAAP financial measure that represents the sum of loans and notes payable, current maturities of long-term debt, and long-term debt. Gross debt (non-GAAP) is also known as "total debt" (non- GAAP). "Net debt" is a non-GAAP financial measure that is calculated by subtracting total cash, cash equivalents, short- term investments and marketable securities from gross debt (non-GAAP). "Net debt at the high-end of target" is a non-GAAP financial measure that is calculated by multiplying comparable EBITDA (non-GAAP) by net debt leverage (non-GAAP) at the high-end of the Company's long-term net debt leverage target. The Company's long- term target for net debt leverage (non-GAAP) is 2.0 to 2.5 times comparable EBITDA (non-GAAP). "EBITDA" is a non-GAAP financial measure that represents earnings before interest, taxes, depreciation, amortization and other income (loss) - net. "Comparable EBITDA" is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. "Net debt leverage" is a non-GAAP financial measure that is calculated by dividing net debt (non-GAAP) by comparable EBITDA (non-GAAP). Management uses this non-GAAP financial measure to evaluate the Company's capital allocation decisions. "Debt capacity" is a non-GAAP financial measure this is calculated by subtracting net debt (non-GAAP) from net debt at the high-end of target (non-GAAP). Management uses this non-GAAP financial measure to evaluate the Company's capital allocation decisions. Page 2
Slide 37 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Organic Revenues: Percent Change Reported Net Revenues (GAAP) Currency Impact Impact of Acquisitions and Divestitures Organic Revenues (Non-GAAP) 2017 (13) (1) (16) 3 2018 (5) (1) (11) 5 2019 9 (4) 7 6 2020 (11) (2) 0 (9) 2021 17 1 0 16 2022 11 (7) 2 16 2023 6 (4) (1) 12 2024 3 (5) (4) 12 2025 2 (2) (1) 5 2017-2025 Average Percent Change 2 7 Note: Certain rows may not add due to rounding. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Less: Adjustments to Reported Net Revenues Page 3
Slide 38 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Earnings Per Share: Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Reported (GAAP) 3.04 $ 2.46 $ 2.47 $ 2.19 $ 2.25 $ 1.79 $ 2.07 $ Items Impacting Comparability (0.03) 0.42 0.21 0.30 0.07 0.16 0.04 Comparable (Non-GAAP) 3.00 $ 2.88 $ 2.69 $ 2.48 $ 2.32 $ 1.95 $ 2.11 $ Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Year Ended December 31, 2012 Reported (GAAP) 1.50 $ 0.29 $ 1.49 $ 1.67 $ 1.60 $ 1.90 $ 1.97 $ Items Impacting Comparability 0.60 1.64 0.42 0.34 0.45 0.16 0.06 Comparable (Non-GAAP) 2.08 $ 1.92 $ 1.91 $ 2.00 $ 2.04 $ 2.08 $ 2.01 $ Year Ended December 31, 2011 Year Ended December 31, 2010 Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007 Year Ended December 31, 2006 Year Ended December 31, 2005 Reported (GAAP) 1.85 $ 2.53 $ 1.47 $ 1.25 $ 1.29 $ 1.08 $ 1.02 $ Items Impacting Comparability 0.07 (0.79) 0.06 0.33 0.07 0.11 0.07 Comparable (Non-GAAP) 1.92 $ 1.74 $ 1.53 $ 1.58 $ 1.35 $ 1.19 $ 1.09 $ Year Ended December 31, 2004 Year Ended December 31, 2003 Year Ended December 31, 2002 Year Ended December 31, 2001 Year Ended December 31, 2000 Reported (GAAP) 1.00 $ 0.89 $ 0.62 $ 0.80 $ 0.44 $ Items Impacting Comparability 0.04 0.10 0.22 - - Comparable (Non-GAAP) 1.03 $ 0.98 $ 0.83 $ 0.80 $ 0.44 $ Note: Certain columns may not add due to rounding. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Page 4
Slide 39 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Projected 2026 Free Cash Flow: Year Ending December 31, 2026 Projected GAAP Net Cash Provided by Operating Activities 14.4 $ Projected GAAP Purchases of Property, Plant and Equipment (2.2) Projected Free Cash Flow (Non-GAAP) 12.2 $ THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In billions) Page 5
Slide 40 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Margin: Year Ended December 31, 2025 Year Ended December 31, 2017 % Growth 28.71% 21.42% 7.29% (2.53%) (5.10%) 31.24% 26.52% 4.72% Comparable Operating Margin (Non-GAAP) Items Impacting Comparability (Non-GAAP) THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Reported Operating Margin (GAAP) Page 6
Slide 41 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Free Cash Flow: Year Ended December 31, 2025 Year Ended December 31, 2017 Increase Net Cash Provided by Operating Activities (GAAP) 7,408 $ 7,041 $ 1.1x Purchases of Property, Plant and Equipment (GAAP) (2,112) (1,750) 1.2x Free Cash Flow (Non-GAAP) 5,296 5,291 1x Plus: fairlife Contingent Consideration Payment 6,069 - Free Cash Flow Excluding the fairlife Contingent Consideration Payment (Non-GAAP) 11,365 $ 5,291 $ 2.1x THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Page 7
Slide 42 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Net Operating Profit After Taxes (NOPAT): Year Ended December 31, 2025 Operating income 13,762 $ Equity income (loss) — net 2,031 Net operating profit (Non-GAAP) 15,793 Items impacting comparability 1,272 Comparable net operating profit (Non-GAAP) 17,065 $ 20.6% 13,550 $ Invested Capital: 2025 Two-Year Average As of December 31, 2024 As of December 31, 2025 Loans and notes payable 1,525 $ 1,499 $ 1,551 $ Current maturities of long-term debt 1,235 648 1,822 Long-term debt 42,247 42,375 42,119 Total debt (Non-GAAP) 45,007 44,522 45,492 30,324 26,372 34,275 Less: Total cash, cash equivalents and short-term investments 13,360 12,848 13,872 Marketable securities 1,829 1,723 1,934 Invested capital (Non-GAAP) 60,142 $ 56,323 $ 63,961 $ 2025 Return on Invested Capital (ROIC): 23% 1 Return on invested capital (non-GAAP) is calculated by dividing comparable net operating profit after taxes (non-GAAP) by invested capital (non-GAAP). Total equity Return on invested capital (ROIC) (Non-GAAP) 1 THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Comparable effective tax rate (Non-GAAP) Comparable net operating profit after taxes (NOPAT) (Non-GAAP) Page 8
Slide 43 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Free Cash Flow: Year Ended December 31, 2025 Net Cash Provided by Operating Activities (GAAP) 7,408 $ Purchases of Property, Plant and Equipment (GAAP) (2,112) Free Cash Flow (Non-GAAP) 5,296 Plus: fairlife Contingent Consideration Payment 6,069 Free Cash Flow Excluding the fairlife Contingent Consideration Payment (Non-GAAP) 11,365 $ Year Ended December 31, 2024 Net Cash Provided by Operating Activities (GAAP) 6,805 $ Purchases of Property, Plant and Equipment (GAAP) (2,064) Free Cash Flow (Non-GAAP) 4,741 Plus: IRS Tax Litigation Deposit 6,041 Free Cash Flow Excluding the IRS Tax Litigation Deposit (Non-GAAP) 10,782 $ Year Ended December 31, 2023 Net Cash Provided by Operating Activities (GAAP) 11,599 $ Purchases of Property, Plant and Equipment (GAAP) (1,852) Free Cash Flow (Non-GAAP) 9,747 $ THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Page 9
Slide 44 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Free Cash Flow and Adjusted Free Cash Flow Conversion Ratio: Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Net Cash Provided by Operating Activities 7,408 $ 6,805 $ 11,599 $ Purchases of Property, Plant and Equipment (2,112) (2,064) (1,852) Free Cash Flow (Non-GAAP) 5,296 4,741 9,747 Plus / (Less): fairlife Contingent Consideration Payment 6,069 - - IRS Tax Litigation Deposit - 6,041 - Transition Tax Payments 1,185 964 723 M&A-Related Payments1 - 566 232 Cash Payments of (Receipts from) Pension Plan Contributions2 (332) (479) - Other Non-Operating Tax Payments / (Benefits)3 (241) (323) - Adjusted Free Cash Flow (Non-GAAP) 11,977 $ 11,510 $ 10,702 $ Net Income Attributable to Shareowners of The Coca-Cola Company 13,107 $ 10,631 $ 10,714 $ Noncash Items Impacting Comparability: Asset Impairments 867 698 39 Equity Investees 18 90 145 Transaction Gains/Losses (75) 1,045 809 Restructuring - - - Other Items (199) (238) 131 Certain Tax Matters (878) 128 (328) Adjusted Net Income Attributable to Shareowners of The Coca-Cola Company (Non-GAAP) 12,840 $ 12,354 $ 11,510 $ Cash Flow Conversion Ratio 4 57% 64% 108% Free Cash Flow Conversion Ratio (Non-GAAP)5 41% 38% 85% Adjusted Free Cash Flow Conversion Ratio (Non-GAAP)6 93% 93% 93% 1 Includes income tax payments related to refranchising activities. 2 Includes surplus international plan assets transferred from pension trusts to general assets of the Company. 3 Includes tax credits and other tax benefits received from investments in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities. 4 Cash flow conversion ratio is calculated by dividing net cash provided by operating activities by net income attributable to shareowners of The Coca-Cola Company. 5 Free cash flow conversion ratio (non-GAAP) is calculated by dividing free cash flow (non-GAAP) by adjusted net income attributable to shareowners of The Coca-Cola Company (non-GAAP). 6 Adjusted free cash flow conversion ratio (non-GAAP) is calculated by dividing adjusted free cash flow (non-GAAP) by adjusted net income attributable to shareowners of The Coca-Cola Company (non-GAAP). THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Page 10
Slide 45 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Dividends as a Percentage of Adjusted Free Cash Flow: Year Ended December 31, 2025 Net Cash Provided by Operating Activities 7,408 $ Purchases of Property, Plant and Equipment (2,112) Free Cash Flow (Non-GAAP) 5,296 Plus / (Less): fairlife Contingent Consideration Payment 6,069 Transition Tax Payments 1,185 Cash Payments of (Receipts from) Pension Plan Contributions (332) Other Non-Operating Tax Payments / (Benefits)1 (241) Adjusted Free Cash Flow (Non-GAAP) 11,977 $ Dividends 8,779 $ Dividends as a Percentage of Net Cash Provided by Operating Activities 2 119% Dividends as a Percentage of Adjusted Free Cash Flow (Non-GAAP)3 73% 1 Includes tax credits and other tax benefits received from investments in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities. 2 Dividends as a percentage of net cash provided by operating activities is calculated by dividing dividends paid to shareowners of The Coca-Cola Company by net cash provided by operating activities. 3 Dividends as a percentage of adjusted free cash flow (non-GAAP) is calculated by dividing dividends paid to shareowners of The Coca-Cola Company by adjusted free cash flow (non-GAAP). THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Page 11
Slide 46 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Net Operating Profit After Taxes (NOPAT): Year Ended December 31, 2015 Operating income 8,787 $ Equity income (loss) — net 489 Net operating profit (Non-GAAP) 9,276 Items impacting comparability 1,556 Comparable net operating profit (Non-GAAP) 10,832 $ 22.5% 8,395 $ Invested Capital: 2015 Two-Year Average As of December 31, 2014 As of December 31, 2015 Loans and notes payable 16,130 $ 19,130 $ 13,129 $ Current maturities of long-term debt 3,113 3,550 2,676 Long-term debt 23,661 19,010 28,311 Total debt (Non-GAAP) 42,903 41,690 44,116 28,163 30,561 25,764 Less: Total cash, cash equivalents and short-term investments 16,821 18,010 15,631 Marketable securities 3,967 3,665 4,269 Invested capital (Non-GAAP) 50,278 $ 50,576 $ 49,980 $ 2015 Return on Invested Capital (ROIC): 17% 1 Return on invested capital (non-GAAP) is calculated by dividing comparable net operating profit after taxes (non-GAAP) by invested capital (non-GAAP). Comparable effective tax rate (Non-GAAP) Comparable net operating profit after taxes (NOPAT) (Non-GAAP) Total equity Return on invested capital (ROIC) (Non-GAAP) 1 THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Page 12
Slide 47 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Gross Debt and Net Debt: As of December 31, 2025 Cash and cash equivalents 10,270 $ Short-term investments 3,602 Marketable securities 1,934 15,806 $ Loans and notes payable 1,551 $ Current maturities of long-term debt 1,822 Long-term debt 42,119 Gross debt (Non-GAAP) 45,492 $ Net debt (Non-GAAP) 1 29,686 $ 1 Net debt (non-GAAP) is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities (non-GAAP) from gross debt (non-GAAP). EBITDA: Year Ended December 31, 2025 Income before income taxes 15,998 $ Less income items: Interest income 786 Other income (loss) — net 1,073 Add expense items: Interest expense 1,654 Depreciation and amortization 1,050 16,843 $ 1,272 18,115 $ Net Debt Leverage: As of and Year Ended December 31, 2025 Net debt (Non-GAAP) 29,686 $ 18,115 $ Net debt leverage (Non-GAAP) 1.6x Debt Capacity to 2.5x Net Debt Leverage: As of and Year Ended December 31, 2025 18,115 $ Net debt leverage at the high-end of target (Non-GAAP) 2.5x Net debt at the high-end of target (Non-GAAP) 2 45,288 $ Debt Capacity (Non-GAAP) 3 15,602 $ 2 Net debt at the high-end of target (non-GAAP) is calculated by multiplying comparable EBITDA (non-GAAP) by net debt leverage at the high-end of target (non-GAAP). 3 Debt capacity (non-GAAP) is calculated by subtracting net debt (non-GAAP) from net debt at the high-end of target (non-GAAP). Comparable EBITDA (Non-GAAP) Items impacting comparability Comparable EBITDA (Non-GAAP) Comparable EBITDA (Non-GAAP) Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions except net debt leverage) Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP) Page 13
Slide 48 — THE COCA-COLA COMPANY AND SUBSIDIARIES
Gross Debt and Net Debt: As of December 31, 2015 Cash and cash equivalents 7,309 $ Short-term investments 8,322 Marketable securities 4,269 19,900 $ Loans and notes payable 13,129 $ Current maturities of long-term debt 2,676 Long-term debt 28,311 Gross debt (Non-GAAP) 44,116 $ Net debt (Non-GAAP) 1 24,216 $ 1 Net debt (non-GAAP) is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities (non-GAAP) from gross debt (non-GAAP). EBITDA: Year Ended December 31, 2015 Income before income taxes 9,605 $ Less income items: Interest income 613 Other income (loss) — net 572 Add expense items: Interest expense 856 Depreciation and amortization 1,970 11,246 $ 1,556 12,802 $ Net Debt Leverage: As of and Year Ended December 31, 2015 Net debt (Non-GAAP) 24,216 $ 12,802 $ Net debt leverage (Non-GAAP) 1.9x Debt Capacity to 2.5x Net Debt Leverage: As of and Year Ended December 31, 2015 12,802 $ Net debt leverage at the high-end of target (Non-GAAP) 2.5x Net debt at the high-end of target (Non-GAAP) 2 32,005 $ Debt Capacity (Non-GAAP) 3 7,789 $ 2 Net debt at the high-end of target (non-GAAP) is calculated by multiplying comparable EBITDA (non-GAAP) by net debt leverage at the high-end of target (non-GAAP). 3 Debt capacity (non-GAAP) is calculated by subtracting net debt (non-GAAP) from net debt at the high-end of target (non-GAAP). Comparable EBITDA (Non-GAAP) Items impacting comparability Comparable EBITDA (Non-GAAP) Comparable EBITDA (Non-GAAP) Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions except net debt leverage) Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP) Page 14