Direct Answer
Coca-Cola Company (KO) reported net revenues of $47.061 billion in fiscal year 2024, the year ending December 31, 2024, up approximately 3% from FY2023. GAAP net income was $10.627 billion, producing diluted EPS of $2.47 on a GAAP basis and comparable diluted EPS of $2.85. Free cash flow reached approximately $11.6 billion. Coca-Cola operates primarily as a concentrate producer and brand licensor, earning most of its revenue before the bottling and distribution stages of the beverage supply chain. The company extended its record as a Dividend King, raising its annual dividend for the 62nd consecutive year in 2024.
Net revenues by operating segment (FY2024)
| Operating segment | FY2024 net revenues (approx.) |
|---|---|
| North America | $15.9B |
| Europe, Middle East & Africa (EMEA) | $12.4B |
| Bottling Investments | $8.5B |
| Asia Pacific | $5.7B |
| Latin America | $4.9B |
| Global Ventures | $3.6B |
| Corporate / eliminations | (small negative) |
| Total net revenues | $47.061B |
North America is Coca-Cola's largest segment by revenue, comprising the United States and Canada, where the company sells sparkling beverages, water, sports drinks, and a growing portfolio of ready-to-drink coffees and teas. EMEA is the second-largest segment and spans a diverse set of markets from Western Europe to the Middle East and Africa, where pricing and volume dynamics differ substantially across regions.
Bottling Investments is structurally different from the other segments. It consolidates the results of Coca-Cola's directly owned or controlled bottling operations, primarily in markets where the company has strategic bottling equity stakes rather than purely a franchise relationship. Because these operations include the full cost of production and distribution rather than only the concentrate margin, Bottling Investments carries lower margins than the other segments.
Global Ventures includes brands such as Costa Coffee, Innocent Drinks, and other premium beverage businesses acquired to diversify the portfolio beyond carbonated soft drinks. Organic revenue growth for the total company in FY2024 was approximately 12%, driven primarily by price and mix improvements rather than unit case volume, which was approximately flat to slightly down globally as pricing actions tempered consumption in some markets.
Key financial metrics (FY2024)
| Metric | FY2024 |
|---|---|
| Net revenues | $47.061B |
| Gross margin (GAAP) | approx. 60.5% |
| Operating margin (GAAP) | approx. 21.1% |
| Comparable operating margin | approx. 31.4% |
| GAAP net income | $10.627B |
| GAAP diluted EPS | $2.47 |
| Comparable diluted EPS | $2.85 |
| Free cash flow | approx. $11.6B |
| Dividends paid (total) | approx. $8.4B |
| Quarterly dividend per share | $0.485 |
| Annual dividend per share (annualized) | $1.94 |
| Share repurchases | approx. $1.3B |
| Consecutive years of dividend increases | 62 years (Dividend King) |
| Global unit cases sold | approx. 31.5B |
The gap between GAAP operating margin (approximately 21.1%) and comparable operating margin (approximately 31.4%) in FY2024 is large because GAAP results include significant items such as restructuring charges, mark-to-market adjustments on commodity and foreign currency hedges, and gains or losses from strategic realignments of bottling investments. Comparable metrics, which Coca-Cola management uses as a primary performance measure, strip out these items to reflect the underlying economics of concentrate production and brand licensing.
Free cash flow of approximately $11.6 billion represents cash from operations minus capital expenditures. Coca-Cola uses this figure as the primary funding source for its dividend program, which distributed approximately $8.4 billion to shareowners in FY2024. Share repurchases were modest at approximately $1.3 billion, consistent with the company's longstanding preference to prioritize dividend payments over buybacks when deploying capital to shareowners.
Volume mix by category (FY2024)
| Category | Share of unit case volume (approx.) |
|---|---|
| Sparkling soft drinks (incl. Coca-Cola brand) | approx. 70% |
| Water, sports, coffee, and tea | approx. 18% |
| Juice, dairy, and plant-based beverages | approx. 12% |
Sparkling soft drinks remain the dominant volume category, with the Coca-Cola trademark alone representing approximately 45% of total unit cases. The company sold approximately 31.5 billion unit cases globally in FY2024. Unit case volume was approximately flat to slightly down year over year in aggregate, reflecting the impact of price increases in markets such as North America and parts of EMEA where pricing actions outpaced consumer volume elasticity in the near term.
The water, sports, coffee, and tea category has grown steadily over the past decade as Coca-Cola has acquired and expanded brands including Smartwater, Powerade, Fairlife milk-based beverages, and Costa Coffee. These categories carry different margin profiles and competitive dynamics than sparkling beverages, with hydration and ready-to-drink coffee in particular facing intense competition from both large multinationals and smaller regional brands.
How Coca-Cola's concentrate model affects its financials
Coca-Cola's financial structure reflects its position as primarily a concentrate producer and brand licensor rather than a vertically integrated bottler. Understanding this distinction is essential to interpreting both the income statement and the segment data correctly.
In most markets, Coca-Cola sells beverage concentrate or finished syrup to independent bottling partners. Those partners add water and sweetener, package the product, and distribute it to retailers and foodservice accounts. The bottlers bear the capital costs of production lines, refrigeration equipment, and logistics fleets. Coca-Cola receives a concentrate price that reflects the brand value and proprietary formula, generating high gross margins at the concentrate level without the asset intensity of running a manufacturing and distribution network.
This is why Coca-Cola's gross margin of approximately 60.5% in FY2024 looks structurally high relative to most consumer goods companies. It is not because beverages are inherently high-margin at the retail level, but because Coca-Cola captures the concentrate margin while the bottler bears most of the variable costs of getting the finished product to consumers.
The Bottling Investments segment is the exception. Where Coca-Cola directly owns or controls bottling operations, the full production and distribution cost flows through the consolidated income statement, which dilutes both gross margin and operating margin when Bottling Investments results are included. Management's comparable operating margin of approximately 31.4% provides a useful lens on the economics of the franchise and concentrate business, though it is not a GAAP figure and should be evaluated alongside GAAP results.
Coca-Cola's capital allocation reflects this asset-light philosophy. Capital expenditures are modest relative to revenue because the bottling partners handle the bulk of fixed asset investment. The resulting free cash flow, approximately $11.6 billion in FY2024, funds one of the largest dividend programs of any U.S. publicly listed company. The 62-year consecutive streak of annual dividend increases reflects the stability of the concentrate business model across economic cycles, as concentrate demand has proven resilient even when bottler economics or consumer discretionary spending fluctuate.
Frequently Asked Questions
What was Coca-Cola's net revenue in fiscal year 2024?
Coca-Cola reported net revenues of $47.061 billion in fiscal year 2024, the year ending December 31, 2024. That represents an increase of approximately 3% from FY2023, driven primarily by pricing gains and favorable product mix across most segments, partially offset by volume softness in markets where pricing actions were most pronounced.
How does Coca-Cola's concentrate business model work?
Coca-Cola earns most of its revenue as a concentrate producer and brand licensor, not as a bottler. The company sells beverage concentrate, syrup, and finished products to independent bottling partners around the world. Those partners are responsible for adding water and sweetener, packaging the beverages, and distributing them to retail outlets and foodservice accounts. This means the majority of capital expenditure and logistics cost sits with the bottling network, not on Coca-Cola's balance sheet, which is a structural reason for the company's high gross margins.
Is Coca-Cola a Dividend King?
Yes. Coca-Cola is a Dividend King, a designation given to companies that have increased their annual dividend for at least 50 consecutive years. As of FY2024, Coca-Cola had raised its dividend for 62 consecutive years. The quarterly dividend was $0.485 per share in 2024, equating to $1.94 per share annualized. Total dividends paid to shareowners in FY2024 were approximately $8.4 billion.
What is Coca-Cola's free cash flow?
Coca-Cola generated approximately $11.6 billion in free cash flow in fiscal year 2024. Free cash flow is calculated as cash from operations minus capital expenditures, and it represents the cash available for dividends, share repurchases, debt reduction, and acquisitions. Coca-Cola uses free cash flow primarily to fund its substantial dividend program, which paid approximately $8.4 billion to shareowners in FY2024.