Stock Analysis on Net
Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

Analysis of Investments

Microsoft Excel

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Coca-Cola Co., adjustment to net income attributable to shareowners of The Coca-Cola Company

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net income attributable to shareowners of The Coca-Cola Company (as reported) 10,631 10,714 9,542 9,771 7,747
Add: Net change in unrealized gains (losses) on available-for-sale debt securities (63) 24 37 (90) (47)
Net income attributable to shareowners of The Coca-Cola Company (adjusted) 10,568 10,738 9,579 9,681 7,700

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Coca-Cola Co., adjusted profitability ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net Profit Margin
Reported net profit margin 22.59% 23.42% 22.19% 25.28% 23.47%
Adjusted net profit margin 22.46% 23.47% 22.27% 25.04% 23.32%
Return on Equity (ROE)
Reported ROE 42.77% 41.30% 39.59% 42.48% 40.14%
Adjusted ROE 42.52% 41.39% 39.74% 42.09% 39.90%
Return on Assets (ROA)
Reported ROA 10.57% 10.97% 10.29% 10.36% 8.87%
Adjusted ROA 10.51% 10.99% 10.33% 10.26% 8.82%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Coca-Cola Co. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Coca-Cola Co. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Coca-Cola Co. adjusted ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Coca-Cola Co., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company 10,631 10,714 9,542 9,771 7,747
Net operating revenues 47,061 45,754 43,004 38,655 33,014
Profitability Ratio
Net profit margin1 22.59% 23.42% 22.19% 25.28% 23.47%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to shareowners of The Coca-Cola Company 10,568 10,738 9,579 9,681 7,700
Net operating revenues 47,061 45,754 43,004 38,655 33,014
Profitability Ratio
Adjusted net profit margin2 22.46% 23.47% 22.27% 25.04% 23.32%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Net profit margin = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Net operating revenues
= 100 × 10,631 ÷ 47,061 = 22.59%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to shareowners of The Coca-Cola Company ÷ Net operating revenues
= 100 × 10,568 ÷ 47,061 = 22.46%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Coca-Cola Co. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company 10,631 10,714 9,542 9,771 7,747
Equity attributable to shareowners of The Coca-Cola Company 24,856 25,941 24,105 22,999 19,299
Profitability Ratio
ROE1 42.77% 41.30% 39.59% 42.48% 40.14%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to shareowners of The Coca-Cola Company 10,568 10,738 9,579 9,681 7,700
Equity attributable to shareowners of The Coca-Cola Company 24,856 25,941 24,105 22,999 19,299
Profitability Ratio
Adjusted ROE2 42.52% 41.39% 39.74% 42.09% 39.90%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROE = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Equity attributable to shareowners of The Coca-Cola Company
= 100 × 10,631 ÷ 24,856 = 42.77%

2 Adjusted ROE = 100 × Adjusted net income attributable to shareowners of The Coca-Cola Company ÷ Equity attributable to shareowners of The Coca-Cola Company
= 100 × 10,568 ÷ 24,856 = 42.52%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Coca-Cola Co. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company 10,631 10,714 9,542 9,771 7,747
Total assets 100,549 97,703 92,763 94,354 87,296
Profitability Ratio
ROA1 10.57% 10.97% 10.29% 10.36% 8.87%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to shareowners of The Coca-Cola Company 10,568 10,738 9,579 9,681 7,700
Total assets 100,549 97,703 92,763 94,354 87,296
Profitability Ratio
Adjusted ROA2 10.51% 10.99% 10.33% 10.26% 8.82%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROA = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Total assets
= 100 × 10,631 ÷ 100,549 = 10.57%

2 Adjusted ROA = 100 × Adjusted net income attributable to shareowners of The Coca-Cola Company ÷ Total assets
= 100 × 10,568 ÷ 100,549 = 10.51%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Coca-Cola Co. adjusted ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.