Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Coca-Cola Co., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02).
The liabilities and stockholders’ equity of the company exhibit several notable trends over the analyzed period, spanning from April 2021 to December 2025. Overall, total liabilities and equity demonstrate a generally increasing pattern, though with some fluctuations. A significant increase in total liabilities is observed, particularly in the latter half of the period, while equity also shows growth, albeit less pronounced.
- Current Liabilities
- Current liabilities generally fluctuated between approximately US$15 billion and US$24 billion. A noticeable increase occurred from the first quarter of 2023 through the first quarter of 2024, peaking at US$29.263 billion in June 2024, before declining to US$21.281 billion by December 2025. Accounts payable and accrued expenses consistently represent the largest component of current liabilities, exhibiting a substantial rise from US$10.929 billion in April 2021 to US$23.820 billion in September 2024, then decreasing to US$14.813 billion by December 2025. Current maturities of long-term debt show considerable variability, peaking in April 2021 at US$2.880 billion and declining significantly thereafter, with a smaller peak in September 2023 at US$2.080 billion.
- Long-Term Debt
- Long-term debt, excluding current maturities, remained relatively stable between approximately US$35 billion and US$45 billion throughout the period. A slight downward trend is visible from 2021 to 2022, followed by a period of relative stability and then a rise in 2024, peaking at US$44.976 billion in June 2025. Loans and notes payable show a similar pattern, increasing from US$1.933 billion in April 2021 to a peak of US$4.358 billion in July 2022, before declining to US$1.551 billion by December 2025.
- Stockholders’ Equity
- Total stockholders’ equity increased from US$22.332 billion in April 2021 to US$34.275 billion in December 2025. Reinvested earnings consistently constitute the largest portion of equity, growing from US$67.009 billion to US$80.382 billion over the period. Capital surplus also demonstrates consistent growth, increasing from US$17.630 billion to US$20.581 billion. Accumulated other comprehensive loss remains negative throughout the period, fluctuating between approximately -US$13 billion and -US$16 billion, with a slight improvement towards the end of the period. Treasury stock, at cost, is a significant deduction from equity, becoming more negative over time, from -US$51.911 billion to -US$56.423 billion.
- Other Notable Items
- Other noncurrent liabilities remained relatively stable, fluctuating around US$8 billion. Deferred income tax liabilities also exhibited stability, generally between US$2 billion and US$3 billion. Liabilities held for sale appear only in December 2025, representing US$2.570 billion. Accrued income taxes show some variability, peaking at US$1.633 billion in June 2023 and declining to US$0.525 billion by December 2025.
In summary, the company experienced growth in both liabilities and equity over the analyzed period. The increase in liabilities, particularly accounts payable, appears more substantial than the growth in equity. The fluctuations in current liabilities suggest potential shifts in short-term financing strategies or operational cycles. The consistent growth in reinvested earnings indicates profitability and retention of earnings, while the increasing negative balance of treasury stock suggests ongoing share repurchase activity.