--- title: "Coca-Cola Company (The) Business Model" description: "Coca-Cola Company (The) revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/coca-cola-company-the/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Coca-Cola Company (The) Business Model: How Coca-Cola Company (The) Makes Money ## Direct Answer Coca-Cola Company (The) reports revenue across 5 business segments in its fiscal 2025 Form 10-K. North America is the largest, with $19.6 billion of revenue (41% of the total), followed by Europe Middle East Africa at $11.5 billion (24%). 40% of revenue came from the United States. ## How Does Coca-Cola Company (The) Make Money? No single line supplies a majority of revenue: the largest, North America, is 41%, which spreads Coca-Cola Company (The)'s exposure across several demand drivers. Between fiscal 2024 and 2025, Europe Middle East Africa grew fastest (+5.1%) and Bottling Investments slowest (-7.8%), so the revenue mix tilts toward Europe Middle East Africa while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | North America | $19.6 billion | $18.9 billion | 40.9% | 3.8% | | Europe Middle East Africa | $11.5 billion | $11.0 billion | 24.0% | 5.1% | | Latin America | $6.3 billion | $6.5 billion | 13.2% | -2.1% | | Bottling Investments | $5.7 billion | $6.2 billion | 12.0% | -7.8% | | A.Pacific | $5.6 billion | $5.6 billion | 11.8% | 0.8% | ![Bar chart of Coca-Cola Company (The) revenue by segment for fiscal 2025: North America 40.9%, Europe Middle East Africa 24.0%, Latin America 13.2%, Bottling Investments 12.0%, A.Pacific 11.8%.](https://www.getswoopr.com/images/charts/coca-cola-company-the-business-model-segment-mix.webp) *Coca-Cola Company (The) revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## Which Coca-Cola Company (The) Segments Earn the Most? | Segment | FY2025 segment operating income | Segment margin | | --- | --- | --- | | North America | $5.1 billion | 25.9% | | Europe Middle East Africa | $4.3 billion | 37.3% | | Latin America | $3.7 billion | 59.1% | | Bottling Investments | $426 million | 7.4% | | A.Pacific | $2.0 billion | 36.2% | Segment operating income is the profit measure Coca-Cola Company (The) reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Coca-Cola Company (The) more safely than against another company. ## What Does Coca-Cola Company (The) Sell? Coca-Cola Company (The) also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business. | Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Concentrate Operations | $28.5 billion | $27.7 billion | 59.4% | 2.7% | | Finished Product Operations | $19.5 billion | $19.3 billion | 40.6% | 0.7% | ## Where Does Coca-Cola Company (The)'s Revenue Come From? Regions follow the definitions in the filing; most companies assign revenue by customer location. | Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Outside the United States | $28.8 billion | $28.7 billion | 60.1% | 0.4% | | United States | $19.1 billion | $18.4 billion | 39.9% | 4.2% | ## What the Segment Figures Do Not Show The rows above add up to 102% of Coca-Cola Company (The)'s reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Coca-Cola Company (The) reported in the segment note and revenue disclosures of its Form 10-K filed February 20, 2026 (accession 0001628280-26-010047), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Coca-Cola Company (The)'s business segments? In its fiscal 2025 Form 10-K, Coca-Cola Company (The) reports revenue for North America, Europe Middle East Africa, Latin America, Bottling Investments and A.Pacific. ### Which part of Coca-Cola Company (The) brings in the most revenue? North America, with $19.6 billion of revenue in fiscal 2025, or 41% of the total. ### How much of Coca-Cola Company (The)'s revenue comes from outside the United States? 60% in fiscal 2025, by the geographic breakdown Coca-Cola Company (The) reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies. ## References - [SEC EDGAR: COCA COLA CO Form 10-K filed February 20, 2026](https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/ko-20251231.htm) - [SEC EDGAR: COCA COLA CO annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=21344&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Coca-Cola Company (The) company dossier](https://www.getswoopr.com/stocks/companies/coca-cola-company-the/) - [Coca-Cola Company (The) financial metrics](https://www.getswoopr.com/stocks/companies/coca-cola-company-the/metrics/) - [Coca-Cola Company (The) financial risk indicators](https://www.getswoopr.com/stocks/companies/coca-cola-company-the/risks/) - [Coca-Cola Company (The) peer comparison](https://www.getswoopr.com/stocks/companies/coca-cola-company-the/competitors/) - [Coca-Cola Company (The) business model and revenue mix](https://www.getswoopr.com/stocks/companies/coca-cola-company-the/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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