Coca-cola Company (the) · NYSE:KO
Coca-cola Company (the) — The Coca-Cola Company — CAGNY 2026
48 slides from Coca-cola Company (the)'s conference presentation, 2026
Slide 1: CAGNY
CAGNY Henrique Braun CEO ELECT John Murphy PRESIDENT & CFO 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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,” “
Slide 3: Key Themes for Today
Key Themes for Today 01 ENDURING STRENGTHS, EXPANDING HORIZONS 02 03 DURABLE STRATEGY, SHAPING OUR FUTURE CONTINUITY, TRANSFORMATION 3
Slide 4: Enduring Strengths, Expanding Horizons
01 ENDURING STRENGTHS, EXPANDING HORIZONS 4
Slide 5: Delivering for a Decade… Preparing for What's Next
Delivering for a Decade… Preparing for What’s Next WE’VE ACCOMPLISHED A LOT… …AND THERE IS STILL A COMPELLING OPPORTUNITY AHEAD BY INDUSTRY(c) BY CONSUMER Expanded Total Revamped Beverage Portfolio Marketing Developed Developing and Markets Emerging Markets WEEKLY+ INTENDERS NEUTRALS REJECTORS Stren
Slide 6: 32 Billion-Dollar Brands
32 BILLION-DOLLAR BRANDS 1986 2000 2005 2010 2015 2020 2025 (a) Coca-Cola is the #1 Highest Valued Food Global Player in Opportunities to Strong and Beverage Brand Sparkling Flavors, Juice, Scale Coffee and Relationship with in the World(b) Water, Sports, RTD Tea(c) Alcohol RTD Monster(d) (a) Schwep
Slide 7: Building the World's Strongest Franchise System
Building the World’s Strongest Franchise System MULTIPLIER EFFECT OF THE SYSTEM REENGINEERING THE SHAPE OF THE SYSTEM(a) 20 What KO Bottlers Does Best Brand Refranchising Building Completed or In Progress Make Up ~80% of Total KO Bottling System Volume(b) Investment Group UNMATCHED REACH(c) Executio
Slide 8: The best time to change is when you don't have to
Additional Cases per Day in 2K Each Market Contributes to The best time to CHANGE ~½ pt Additional Volume(a) of Additional Net of Additional +5c Revenue per Outlet +1pt Mix Increases is when you per Day Increases Operating Total Annual Net Income by(a) Revenue by(a) don’t have to ~$600M ~$140M -insp
Slide 9: Durable Strategy, Shaping Our Future
02 DURABLE STRATEGY, SHAPING OUR FUTURE 9
Slide 10: Remaining Consistent in Our Growth Pillars
Remaining Consistent in Our Growth Pillars Transforming Shaping Optimizing Building Enhancing Our Marketing a Portfolio of the KO Talent and Our License & Innovation Loved Brands Ecosystem Capabilities to Win Agenda GROUNDED IN CONSUMER CENTRICITY AND CUSTOMER VALUE CREATION 10
Slide 11: Boldly Adapting with Three Principles
Boldly Adapting with Three Principles BECOMING REMAINING EVEN MORE CONSTRUCTIVELY CONSUMER-CENTRIC DISCONTENTED PLACING DIGITAL AT THE CORE OF EVERY CONNECTION 11
Slide 12: Becoming Even More Consumer-Centric
BECOMING EVEN MORE CONSUMER-CENTRIC INSIGHTS INNOVATION INTIMACY INTEGRATION Deep Irresistible Local End-to-End Localness Scale DATA SCIENCE PRESENT-FORWARD BENEFITS OF SCALE MARKETING meets combined with with resources closer interconnected with SOCIAL SCIENCE FUTURE-BACK TO CONSUMERS COMMERCIAL 12
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Slide 14: FIFA World Cup: End-to-End Consumer Centricity in Action
FIFA World Cup: End-to-End Consumer Centricity in Action NEW YORK New experiences Recruitment-focused European influence INSIGHTS INNOVATION INTIMACY INTEGRATION Different Cities, Different Consumers Different Fans, Different Players Different Needs, Different Packages Different Dialects, Different
Slide 15: Innovation Working Harder Across Our Portfolio
Innovation Working Harder Across Our Portfolio DEEP INSIGHTS(a) DIAL UP NEEDS BUILD RITUALS, LEVERAGE PASSIONS #1 consumer need is taste superiority(a) ~75% global population is under hydrated(b) >70% consumers want more protein and need more daily fiber(c) END-TO-END CONNECTION SPEED TO MARKET ENTR
Slide 16: Remaining Discontented Across Our Business
Remaining Discontented Across Our Business BILLION-DOLLAR BRANDS BY RETAIL VALUE(a) COUNTRY BEVERAGE CONSUMPTION(c) (b) $1B - $2B $2B - $10B $10B - $50B $50B+ LESS-DEVELOPED MORE-DEVELOPED MARKETS MARKETS MORE FROM MORE BRANDS MORE FROM MORE MARKETS (a) 2025 retail value per internal estimates; (b)
Slide 17: Digital Becoming Our Next Superpower
Digital Becoming Our Next Superpower CONSUMER CUSTOMER ENTERPRISE CONNECTED MEDIA MODEL DIGITAL ORDERING FUTURE-READY ~5B Connected identities across KO and Partners(a) 4-6% Sales uplift with Suggested Order(c) CDO Creating the role of Chief Digital Officer DATA @ Consumers ~4M ~$2.5B + Retailers +
Slide 18: Shaping Our Future by Empowering Our People
Agile Relentless Accountable SHAPING OUR BY EMPOWERING OUR PEOPLE FUTURE Curious Tech-Enabled Together 18
Slide 19: Key Takeaways
Key Takeaways ROOTED in14.09 our cm mission, building for the next chapter ENHANCING 14.09 ourcm staying power and extending our strengths LEVERAGING 14.09 cm while increasing scale granularity in how we operate FOCUSING14.09 cm missions by brand on clear and by market IMPROVING 14.09 cm everywhere,
Slide 20: Continuity, Transformation
03 CONTINUITY, TRANSFORMATION 20
Slide 21: Inspired by Our Progress
THREE DOLLARS $3.00 $2.00 $1.00 2000 2010 2020 2025 Comparable Earnings Per Share(a) INSPIRED BY OUR PROGRESS (a) Non-GAAP. 21
Slide 22: Positioned for 2026
2026 GUIDANCE: POSITIONED FOR 2026 4-5% 7-8% 5-6% ~$12.2B Comparable Currency Organic Revenue(a) Comparable Neutral EPS Excluding Free Cash Growth EPS(a) Growth A&D(b) Flow(c) Brand Cash Flow Building Generation Execution Innovation Asset Resource Optimization Allocation Revenue Growth Margin Manage
Slide 23: Four Obsessions
FOUR DRIVEN BY OBSESSIONS TOPLINE GROWTH MARGIN EXPANSION CASH FLOW GENERATION HIGHER RETURN BUSINESS 23
Slide 24: Delivering Superior Results
Delivering Superior Results TOPLINE GROWTH MARGIN EXPANSION KO KO +5pts 7% CPG Peers CPG Peers 4% -3pts Average Organic Revenue(a) Growth Since 2017 2025 Operating Margin vs. 2017 Operating Margin(b) KO represents Comparable Operating Margin (a) CASH FLOW GENERATION HIGHER RETURN BUSINESS KO KO 2.1x
Slide 25: Five Resource Allocation Imperatives
QUALITY DYNAMIC LEADERSHIP RESOURCE FIVE ALLOCATION IMPERATIVES to fuel the VALUE CREATION FUTURE SUPERIOR UNDERLYING CAPITAL RETURN CASH FLOW GENERATION FIT-FOR-PURPOSE BALANCE SHEET 25
Slide 26: More Balanced Topline Growth
More Balanced Topline Growth COMPELLING INDUSTRY(a) DRIVING CONSISTENT TOPLINE GROWTH DELIVERING WITH BALANCE Total Beverage 4-6% Progress Number of Years ~2-3% Step-Changing ~4% Price/ Innovation Mix ~2% Price/ Executing Market Mix Must-Win Missions ~2-3% ~2% Volume Volume Making Digital Our <2 2-3
Slide 27: More Quality Leadership Drives More Margin Expansion
More Quality Leadership Drives More Margin Expansion TOPLINE GROSS MARKETING BUSINESS CONTINUOUS GROWTH MARGIN EFFECTIVENESS MODEL PRODUCTIVITY DISCIPLINE & EFFICIENCY MINDSET Growing Our Total Future-Ready Investing in Our Focusing on What Driving Greater Beverage Solutions Supply Chain World-Class
Slide 28: More Dynamic Resource Allocation
More Dynamic Resource Allocation MEDIA SPEND TRADE SPEND Redirecting media investments Shifting promotional spend OPTIMIZER between traditional and digital LED AN across customers and packages AB D EN A LL Y LL O CA ITA TO DIG COMMERCIAL EXECUTION WEATHER Where to PLAY R ECONOMY MARKETING QUALITY Ho
Slide 29: More Steady Cash Flow Generation
More Steady Cash Flow Generation IMPROVING FREE CASH FLOWS OVER TIME GROWTH DRIVERS Free Cash Flow(a) ~$12.2B 2024 IRS Tax Litigation Deposit 2025 fairlife Contingent Consideration Payment TOPLINE GROWTH #1 Priority $11.4B $10.8B CAPITAL INVESTMENT $9.7B Complete Bottler Refranchising and Improve Re
Slide 30: More from Our Balance Sheet
More from Our Balance Sheet FOCUSING ON WHAT WE DO BEST ACCELERATING RETURNS PROVIDING MORE OPTIONALITY 2025 KO Revenue 2025 Return on 2025 Debt Capacity 96% 23% $16B Contribution Invested Capital(b) at 2.5x Net Debt Excluding BIG(a) Leverage(c) +48pts vs. 2015 +6pts vs. 2015 +$8B vs. 2015 PROGRESSI
Slide 31: More Optionality on Our Capital Return Model
More Optionality on Our Capital Return Model LONG-TERM DURABILITY 2026 PRIORITIES Invest in world-class brands CASH FROM OPERATIONS Grow dividend supported by free cash flow(a) growth Remain flexible and INVEST FOR GROWTH RETURN TO SHAREOWNERS opportunistic on acquisitions Repurchase shares to offse
Slide 32: Ready for the Long Term
READY FOR THE LONG TERM LONG-TERM GROWTH ALGORITHM: 4-6% 6-8% 7-9% 90-95% Comparable Currency Comparable Adjusted Free Organic Revenue(a) Neutral Operating Currency Neutral Cash Flow Growth Income(a) Growth EPS(a) Growth Conversion Ratio(b) Brand Cash Flow Building Generation Execution Innovation As
Slide 33: Key Takeaways
Key Takeaways BOUNDLESS 14.09 cm opportunity rooted in strength and consumer centricity ADAPTABLE 14.09 cm strategy delivering enduring quality growth 14.09 cm INVESTING with discipline to drive value 14.09 cm WINNING with digital to secure the future 14.09 cm COMPETING to win in every market 33
Slide 34: The best time to change is when you don't have to
The best time to change is when you don’t have to -inspired by Robert Woodruff 34
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 mea
Slide 36: Definitions (continued)
"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 wa
Slide 37: Reconciliation: Organic Revenues
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Organic Revenues: Less: Adjustments to Reported Net Revenues Reported Net Revenues Impact of Acquisitions Organic Revenues Percent Change (GAAP) Currency Impact and Divestitures (Non-GAAP) 2017
Slide 38: Reconciliation: Earnings Per Share
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Earnings Per Share: Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 Decembe
Slide 39: Reconciliation: Projected 2026 Free Cash Flow
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In billions) 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 Equipme
Slide 40: Reconciliation: Operating Margin
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Operating Margin: Year Ended Year Ended % Growth December 31, 2025 December 31, 2017 Reported Operating Margin (GAAP) 28.71% 21.42% 7.29% Items Impacting Comparability (Non-GAAP) (2.53%) (5.10%)
Slide 41: Reconciliation: Free Cash Flow
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Free Cash Flow: Year Ended Year Ended December 31, 2025 December 31, 2017 Increase Net Cash Provided by Operating Activities (GAAP) $ 7,408 $ 7,041 1.1x Purchases of Property, Plan
Slide 42: Reconciliation: NOPAT and Invested Capital
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) 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 impac
Slide 43: Reconciliation: Free Cash Flow
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) 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-
Slide 44: Reconciliation: Adjusted Free Cash Flow Conversion Ratio
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Free Cash Flow and Adjusted Free Cash Flow Conversion Ratio: Year Ended Year Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2023 Net Cash Provided by Operating A
Slide 45: Reconciliation: Dividends as Percentage of Adjusted Free Cash Flow
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) 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 (2,1
Slide 46: Reconciliation: NOPAT 2015
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) 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
Slide 47: Reconciliation: Gross Debt, Net Debt and EBITDA
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions except net debt leverage) 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 Total cash, ca
Slide 48: Reconciliation: Gross Debt, Net Debt and EBITDA 2015
THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions except net debt leverage) 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 Total cash, cas