Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Coca-Cola Co., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported	0.47	0.46	0.41	0.38	0.43
Adjusted	0.47	0.47	0.42	0.39	0.44
Liquidity Ratio
Current Ratio
Reported	1.13	1.15	1.13	1.32	0.76
Adjusted	1.16	1.17	1.16	1.35	0.78
Solvency Ratios
Debt to Equity
Reported	1.62	1.62	1.86	2.22	2.25
Adjusted	1.49	1.47	1.69	2.08	2.05
Debt to Capital
Reported	0.62	0.62	0.65	0.69	0.69
Adjusted	0.60	0.60	0.63	0.68	0.67
Financial Leverage
Reported	3.77	3.85	4.10	4.52	4.55
Adjusted	3.33	3.32	3.55	3.99	3.92
Profitability Ratios
Net Profit Margin
Reported	23.42%	22.19%	25.28%	23.47%	23.94%
Adjusted	23.98%	20.12%	27.24%	19.76%	23.15%
Return on Equity (ROE)
Reported	41.30%	39.59%	42.48%	40.14%	46.99%
Adjusted	37.75%	31.41%	40.33%	30.51%	40.02%
Return on Assets (ROA)
Reported	10.97%	10.29%	10.36%	8.87%	10.33%
Adjusted	11.35%	9.45%	11.35%	7.64%	10.21%

Based on: 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), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Coca-Cola Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Coca-Cola Co. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Coca-Cola Co. adjusted debt-to-equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Coca-Cola Co. adjusted debt-to-capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Coca-Cola Co. adjusted financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Coca-Cola Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Coca-Cola Co. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Coca-Cola Co. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

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

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net operating revenues	45,754)	43,004)	38,655)	33,014)	37,266)
Total assets	97,703)	92,763)	94,354)	87,296)	86,381)
Activity Ratio
Total asset turnover¹	0.47	0.46	0.41	0.38	0.43
Adjusted
Selected Financial Data (US$ in millions)
Net operating revenues	45,754)	43,004)	38,655)	33,014)	37,266)
Adjusted total assets²	96,644)	91,533)	92,741)	85,362)	84,493)
Activity Ratio
Adjusted total asset turnover³	0.47	0.47	0.42	0.39	0.44

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Total asset turnover = Net operating revenues ÷ Total assets
= 45,754 ÷ 97,703 = 0.47

² Adjusted total assets. See details »

³ 2023 Calculation
Adjusted total asset turnover = Net operating revenues ÷ Adjusted total assets
= 45,754 ÷ 96,644 = 0.47

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Coca-Cola Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets	26,732)	22,591)	22,545)	19,240)	20,411)
Current liabilities	23,571)	19,724)	19,950)	14,601)	26,973)
Liquidity Ratio
Current ratio¹	1.13	1.15	1.13	1.32	0.76
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets²	27,234)	23,107)	23,061)	19,766)	20,935)
Current liabilities	23,571)	19,724)	19,950)	14,601)	26,973)
Liquidity Ratio
Adjusted current ratio³	1.16	1.17	1.16	1.35	0.78

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 26,732 ÷ 23,571 = 1.13

² Adjusted current assets. See details »

³ 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 27,234 ÷ 23,571 = 1.16

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Coca-Cola Co. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt	42,064)	39,149)	42,761)	42,793)	42,763)
Equity attributable to shareowners of The Coca-Cola Company	25,941)	24,105)	22,999)	19,299)	18,981)
Solvency Ratio
Debt to equity¹	1.62	1.62	1.86	2.22	2.25
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	43,426)	40,603)	44,232)	44,415)	44,155)
Adjusted total equity³	29,064)	27,556)	26,108)	21,385)	21,560)
Solvency Ratio
Adjusted debt to equity⁴	1.49	1.47	1.69	2.08	2.05

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Equity attributable to shareowners of The Coca-Cola Company
= 42,064 ÷ 25,941 = 1.62

² Adjusted total debt. See details »

³ Adjusted total equity. See details »

⁴ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 43,426 ÷ 29,064 = 1.49

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Coca-Cola Co. adjusted debt-to-equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt	42,064)	39,149)	42,761)	42,793)	42,763)
Total capital	68,005)	63,254)	65,760)	62,092)	61,744)
Solvency Ratio
Debt to capital¹	0.62	0.62	0.65	0.69	0.69
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	43,426)	40,603)	44,232)	44,415)	44,155)
Adjusted total capital³	72,490)	68,159)	70,340)	65,800)	65,715)
Solvency Ratio
Adjusted debt to capital⁴	0.60	0.60	0.63	0.68	0.67

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 42,064 ÷ 68,005 = 0.62

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 43,426 ÷ 72,490 = 0.60

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Coca-Cola Co. adjusted debt-to-capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets	97,703)	92,763)	94,354)	87,296)	86,381)
Equity attributable to shareowners of The Coca-Cola Company	25,941)	24,105)	22,999)	19,299)	18,981)
Solvency Ratio
Financial leverage¹	3.77	3.85	4.10	4.52	4.55
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	96,644)	91,533)	92,741)	85,362)	84,493)
Adjusted total equity³	29,064)	27,556)	26,108)	21,385)	21,560)
Solvency Ratio
Adjusted financial leverage⁴	3.33	3.32	3.55	3.99	3.92

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Equity attributable to shareowners of The Coca-Cola Company
= 97,703 ÷ 25,941 = 3.77

² Adjusted total assets. See details »

³ Adjusted total equity. See details »

⁴ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 96,644 ÷ 29,064 = 3.33

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Coca-Cola Co. adjusted financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company	10,714)	9,542)	9,771)	7,747)	8,920)
Net operating revenues	45,754)	43,004)	38,655)	33,014)	37,266)
Profitability Ratio
Net profit margin¹	23.42%	22.19%	25.28%	23.47%	23.94%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income²	10,971)	8,654)	10,529)	6,525)	8,628)
Net operating revenues	45,754)	43,004)	38,655)	33,014)	37,266)
Profitability Ratio
Adjusted net profit margin³	23.98%	20.12%	27.24%	19.76%	23.15%

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Net profit margin = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Net operating revenues
= 100 × 10,714 ÷ 45,754 = 23.42%

² Adjusted consolidated net income. See details »

³ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted consolidated net income ÷ Net operating revenues
= 100 × 10,971 ÷ 45,754 = 23.98%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Coca-Cola Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company	10,714)	9,542)	9,771)	7,747)	8,920)
Equity attributable to shareowners of The Coca-Cola Company	25,941)	24,105)	22,999)	19,299)	18,981)
Profitability Ratio
ROE¹	41.30%	39.59%	42.48%	40.14%	46.99%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income²	10,971)	8,654)	10,529)	6,525)	8,628)
Adjusted total equity³	29,064)	27,556)	26,108)	21,385)	21,560)
Profitability Ratio
Adjusted ROE⁴	37.75%	31.41%	40.33%	30.51%	40.02%

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
ROE = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Equity attributable to shareowners of The Coca-Cola Company
= 100 × 10,714 ÷ 25,941 = 41.30%

² Adjusted consolidated net income. See details »

³ Adjusted total equity. See details »

⁴ 2023 Calculation
Adjusted ROE = 100 × Adjusted consolidated net income ÷ Adjusted total equity
= 100 × 10,971 ÷ 29,064 = 37.75%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Coca-Cola Co. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company	10,714)	9,542)	9,771)	7,747)	8,920)
Total assets	97,703)	92,763)	94,354)	87,296)	86,381)
Profitability Ratio
ROA¹	10.97%	10.29%	10.36%	8.87%	10.33%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income²	10,971)	8,654)	10,529)	6,525)	8,628)
Adjusted total assets³	96,644)	91,533)	92,741)	85,362)	84,493)
Profitability Ratio
Adjusted ROA⁴	11.35%	9.45%	11.35%	7.64%	10.21%

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
ROA = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Total assets
= 100 × 10,714 ÷ 97,703 = 10.97%

² Adjusted consolidated net income. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted consolidated net income ÷ Adjusted total assets
= 100 × 10,971 ÷ 96,644 = 11.35%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Coca-Cola Co. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Coca-Cola Co. (NYSE:KO)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

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

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)