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Investor Relations Overview Updated as of September 26, 2025
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2 This presentation contains 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,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola Company’s actual results to differ materially from its historical experience and our present expectations or projections. These risks include, but are not limited to, unfavorable economic and geopolitical conditions, including the direct or indirect negative impacts of the conflict between Russia and Ukraine and conflicts in the Middle East; increased competition; an inability to be successful in our innovation activities; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand our business in emerging and developing markets; an inability to successfully manage the potential negative consequences of our productivity initiatives; an inability to attract or retain specialized or top talent with perspectives, experiences and backgrounds that reflect the broad range of consumers and markets we serve around the world; disruption of our supply chain, including increased commodity, raw material, packaging, energy, transportation and other input costs; an inability to successfully integrate and manage our acquired businesses, brands or bottling operations or an inability to realize a significant portion of the anticipated benefits of our joint ventures or strategic relationships; failure by our third-party service providers and business partners to satisfactorily fulfill their commitments and responsibilities; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages, labor shortages or labor unrest; obesity and other health-related concerns; evolving consumer product and shopping preferences; product safety and quality concerns; perceived negative health consequences of processing and of certain ingredients, such as non-nutritive sweeteners, color additives and biotechnology-derived substances, and of other substances present in our beverage products or packaging materials; failure to digitalize the Coca-Cola system; damage to our brand image, corporate reputation and social license to operate from negative publicity, whether or not warranted, concerning product safety or quality, workplace and human rights, obesity or other issues; an inability to successfully manage new product launches; an inability to maintain good relationships with our bottling partners; deterioration in our bottling partners’ financial condition; an inability to successfully manage our refranchising activities; increases in income tax rates, changes in income tax laws or the unfavorable resolution of tax matters, including the outcome of our ongoing tax dispute or any related disputes with the U.S. Internal Revenue Service (“IRS”); the possibility that the assumptions used to calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable outcome of the ongoing tax dispute with the IRS could significantly change; increased or new indirect taxes; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the marketing or sale of our products; litigation or legal proceedings; conducting business in markets with high-risk legal compliance environments; failure to adequately protect, or disputes relating to, trademarks, formulas and other intellectual property rights; changes in, or failure to comply with, the laws and regulations applicable to our products or our business operations; fluctuations in foreign currency exchange rates; interest rate increases; an inability to achieve our overall long-term growth objectives; default by or failure of one or more of our counterparty financial institutions; impairment charges; an inability to protect our information systems against service interruption, misappropriation of data or cybersecurity incidents; failure to comply with privacy and data protection laws; evolving sustainability regulatory requirements and expectations; increasing concerns about the environmental impact of plastic bottles and other packaging materials; water scarcity and poor quality; increased demand for food products, decreased agricultural productivity and increased regulation of ingredient sourcing due diligence; climate change and legal or regulatory responses thereto; adverse weather conditions; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement entered into in connection with the proposed sale of our interest in Coca-Cola Beverages Africa (the “CCBA Transaction”); the ability to satisfy all conditions to closing of the CCBA Transaction, including obtaining clearances under applicable antitrust regulations, and complete the CCBA Transaction on the anticipated timeline; the disruption of management’s attention from our ongoing business operations due to the CCBA Transaction; the failure to realize the anticipated benefits from the CCBA Transaction; and other risks discussed in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024, and subsequently filed Quarterly Reports on Form 10-Q, which are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements. FORWARD -LOOKING STATEMENTS The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule which reconciles our results as reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following and accompanying presentation is attached as an appendix hereto. The 2025 outlook information provided in this presentation includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2025 projected organic revenues (non-GAAP) to full year 2025 projected reported net revenues, full year 2025 projected comparable currency neutral EPS (non-GAAP) to full year 2025 projected reported EPS, or full year 2025 projected comparable EPS (non-GAAP) to full year 2025 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact impact of changes in foreign currency exchange rates throughout 2025; the exact timing and exact impact of acquisitions, divestitures and structural changes throughout 2025; and the exact timing and exact amount of items impacting comparability throughout 2025. RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION
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3 3 KEY THEMES FOR TODAY Boundless OPPORTUNITY 02 0301 Executing with EXCELLENCE Enduring VALUE 04 Segment OVERVIEW
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4 Boundless OPPORTUNITY 4
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5 COMPELLING OPPORTUNITY BY ANY MEASURE $140B+ Traditional Trade $385B+ Modern Trade $305B+ Away-from-Home Attract More Consumers Win New Customers(c) 4x+ Population of Intenders & Neutrals to Current Weekly+ (b) 6 in 100 $40B+ Baskets Contain a KO NARTD Product (d) Retail Sales per +1pt Incidence (d) Developed Markets Capture Untapped Industry(a) WEEKLY+ INTENDERS NEUTRALS REJECTORS Developing and Emerging Markets Non-Commercial Alcohol RTD Hot Beverages Cold Beverages 30% 10% 12% 48% 14% KO Share 68% 17% 12% 3% 7% KO Share ~80% World’s Population (a) 2024 industry volume per internal estimates; (b) Coca-Cola Trademark, Hawkeye study findings, excluding China and India; (c) 2024 NARTD industry retail value based on internal estimates and excluding hot beverages; (d) Kantar Q3 2024
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6 STARTING WITH OUR CONSUMER, LEADING WITH OUR BRANDS (a) Internal estimate Anticipating Consumer Needs Elevating Insights and Predictive Capabilities SUPERIOR PRODUCTS IDEAL PRICE POINTS OPTIMAL CHANNELS LASTING EXPERIENCES CREATIVE INNOVATION Highly Relevant “For You” 2 Consecutive Years of Weekly+ Growth(a) Consumption History Behavior Patterns Drinking Occasions First-Party Data Media Usage
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7 BECOMING OUR CUSTOMERS’ BEST PARTNER 60%+ +2.6% 50%+ Traditional Trade Small Stores, “Mom and Pops” Modern Trade Large Stores, Club Stores, Value Stores, Drug Stores, E-commerce, Quick Commerce Away-from-Home Quick-Service Restaurants, Full-Service Restaurants, Bars/Taverns, Convenience Stores, Amusement Parks, Recreations, Health/Hospitals, Travel, Hospitality Customers Digitized (a) SSD Share of Visible Inventory (b) 2024 Increase in KO Trip Incidence (c) #1 In Customer Value Creation for 7 Consecutive Years(d) Getting More Granular #1 Fast-Moving Consumer Goods Global Customer Satisfaction(e) ~33M Customer Outlets (a) As of 2024, based on internal estimates; (b) Sparkling Soft Drinks (SSD), as of 2024 based on internal estimates; (c) NPD CREST; (d) Nielsen 2024; (e) 2024 The Advantage Group survey
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8 FRANCHISE MODEL CREATES SUPERIOR VALUE 2015 TODAY Servings per Day 2.2B Servings per Day UNMATCHED REACH $400B+ The Coca-Cola System Estimated Market Cap(a) Company-Owned Bottler ~6,000,000 People Servicing the Coca-Cola Network ~120,000 Suppliers ~3,000 Production Lines ~5,000 Warehouses ~30,000 Red Trucks ~14,000,000 Units of Cold-Drink Equipment Note: All figures are estimated as of 2024 for the Coca-Cola system (a) Estimate based on the market capitalization of The Coca-Cola Company and eight large publicly traded bottlers as of 2/14/202 5
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9 STEADFAST PERFORMANCE IN A DYNAMIC WORLD “All Weather” at Work Extending Our Staying Power 2024 Results 1pt Value Share Gain(j) +29% 26% 2015 2016 2017 2018 2019 2020 2021 2023 43% 40% NARTD Industry Value(i) 31%31% 2022 43% 40% (c) (d) (h) +1% Volume Growth +12% Organic Revenue(a) Growth +7% Comparable EPS(a) Growth $10.8B Free Cash Flow Excl. the IRS Tax Litigation Deposit (b) (a) Non-GAAP; (b) Free Cash Flow Excluding the IRS Tax Litigation Deposit = Free cash flow excluding the company’s IRS tax litigation deposit that was paid in 2024, Non-GAAP; (c) AdWeek 7/24/2024; (d) Beverage Digest 12/11/2024; (e) Financial Times 2/13/2024; (f) Marketing Dive 12/5/2024; (g) Wall Street Journal 11/25/24; (h) Wall Street Journal 5/16/2024; (i) NARTD retail value excluding value-added dairy and plant-based beverages, internal estimates; (j) 2023 vs. 2022; (k) Large Players include global, regional and scaled local brands. Acquired players are shown pro forma; (l) Shifting Players include local, new and private-label brands The Coca-Cola Company 2,000+ Shifting Players(l)~80 Other Large Players(k)
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10 1 0 WELL ON OUR WAY TO $3.00 5-6% Organic Revenue(a) Growth ~8% Comparable Currency Neutral EPS(a) Growth ~3% Comparable EPS(a) Growth $9.8B Free Cash Flow Excl. the fairlife Contingent Consideration Payment (e) Comparable Currency Neutral Operating Income (a)6-8%Organic Revenue (a)4-6% Adjusted Free Cash Flow Conversion Ratio (b)90-95% Comparable Currency Neutral EPS (a)7-9% 5-Year Average (c)7% 20182010 2024 $3.00 $2.88 $2.00 (a) Non-GAAP; (b) Adjusted Free Cash Flow Conversion Ratio = Free cash flow adjusted for significant cash inflows & outflows / G AAP net income adjusted for noncash/nonoperating items impacting comparability, Non-GAAP; (c) Comparable EPS, Non-GAAP; (d) Reflects updated full-year 2025 guidance; (e) Free Cash Flow excluding the fairlife contingent consideration payment = Net cash provided by operating activities less purchases of propert y, plant and equipment and excludes the company’s fairlife contingent consideration payment that was made in March 2025, Non-GAAP Inflection Drives Momentum(c) Delivering on Our Long-Term Growth Model Ready for 2025(d)
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11 Executing with EXCELLENCE
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12 12 ENHANCING OUR STRATEGIC EDGE Shaping a Portfolio of Loved Brands Transforming Our Marketing & Innovation Agenda Enhancing Our License to Operate Building Talent and Capabilities Grounded in Consumer Centricity and Customer Value Creation Optimizing the KO Ecosystem
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13 1986 20242000 20202005 2010 2015 It Started with One | Creating New Brands | Building up Bolt-Ons 3 Billion-Dollar Brands Added via Acquisition 12 Billion-Dollar Brands Created after Acquisition Billion-Dollar Brands Created Organically15 30 BILLION-DOLLAR BRANDS (a) Schweppes is owned by the Company in certain countries other than the United States. (a)
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14 OVERNIGHT SUCCESSES…DECADES IN THE MAKING 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 “Sparkling Renaissance Continues”(a) COLAS FLAVORS Significant Opportunity to Close the Share Gap(d) KO Average Volume Growth Industry Average Volume Growth Retail Value Growth 2014 to 2024 (b)$60B Consumer Brand in the World (b)Top Largest NARTD Company and Top 10 Brands in CPG (c)4th (a) KO sparkling soft drink volume, industry averages based on internal estimates of SSD industry growth rates; (b) Based on 2024 retail value based on internal estimates; (c) If Sprite and Fanta were a combined, stand -alone company, it would be the 4th largest NARTD company based on 2023 retail value. CPG incudes large-cap consumer staples companies; (d) Based on 2024 value share
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15 TOTAL BEVERAGE PORTFOLIO GAINING GROUND Nearly Doubling Retail Value over the Decade(a) $0B $80B 2014 2019 2024 #1 Global Player in Juice (f) #1 International Sports Drink Brand (c) #1 Global Player in Water (b) 5% 2024 Category Volume Growth (d) 2024 Retail Value (e)$4B~ Still More To Come… (h) Value Share Gain Since 2019 (g) +6pts (a) Retail value of KO non-SSD portfolio per internal estimates; (b) Based on retail value for 2024; (c) Outside of the U.S., Po werade is #1 in retail value in 2024; (d) RTD Tea category volume growth based on internal estimates; (e) Internal estimates; (f) 2024 value share based on internal estimates; (g) 2023 value share based on internal estimates, TCCC has an equity invest ment in Monster Beverage Corporation; (h) Based In the U.S. and Canada, Simply Spiked is produced, distributed and marketed by certain third parties under authorization from an affiliate of The Coca-Cola Company
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16 AND WE’RE JUST GETTING STARTED… DOING WHAT WE DO BEST… EVEN BETTER (a) Internal estimate Brands~200 Consecutive Years of Weekly+ Growth (a)2 Innovation Velocity versus Prior Year Success Rate versus 2019 ~3x Digital Mix in 2024 ~65% Speed from Increased Data Collection Operating Units Connected Through Studio X 9 End-to-End Consumer Centricity Efficient & Effective MARKETING Disciplined INNOVATION Streamlined PORTFOLIO New Operating MODEL
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17 13% Increase in Diet Coke’s Overall Conversation(c) 80+ Markets Globally 9% Coca-Cola Zero Sugar Volume Growth in 2024 3xFaster Speed(a) Experience at Scale 1.4x Faster Speed(a) +10% More Effective(a) +20% More Efficient(a) ~200K Assets Created(b) 150+ Languages(b) THE “STUDIO X” FACTOR LIVE Food Festivals PRODUCT Coca-Cola Zero Sugar Taste 12 HRS RETAIL ShopX DIGITAL Dua Lipa + Diet Coke 48 HRS (a) Versus service agreement benchmark; (b) Internal estimate; (c) Overall increase in conversation in 2024 versus same time (October 1st – October 16th) in 2023
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18 KO ECOSYSTEM: BOOSTING VALUE THROUGH SCALE DIGITIZATION 65%+ Customers Digitized(a) TOTAL BEVERAGE Everywhere COCA-COLA+ MARVEL 50+ Markets Virtual Reality Connected Packs FOODMARKS 24 Countries +1.5pts Meals Market Share INNOVATION Coke + Oreo Fuze Tea FANTA HALLOWEEN 50 Markets 1st Global Halloween Activation SUGGESTED ORDER Global Pilot REFILLABLES 125+ Markets ALCOHOL RTD Jack & Coke #1 in Europe (a) Includes traditional and modern trade customers
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19 Enterprise-Wide Capabilities Agenda Building Future-Ready System Leaders Investing in Digitally Savvy Leadership Sharing Capabilities Across the System Key Talent Pipeline Initiatives Increase in System Talent Exchanges (a) POWERED BY OUR PEOPLE High Engagement on Key Levers(b) Retaining & Growing Top Talent Externally Recognized & Celebrated 400+ Short-Term Assignments Completed in 2024(d) #1 Employer of Choice in Food and Beverage for 2 Consecutive Years(e) #12 +3 vs. 2024 World’s Most Admired Companies(f) 92% +8% vs. 2021 Proud to Work at The Coca-Cola Company +12% vs. 2021 Strong Sense of Well-Being 70%+ Leadership Roles Filled with Talent Developed Internally(c) (a) Includes all bottlers who participate in system exchanges; (b) All active, full- time TCCC employees excluding North America hourly plant and retail/attraction employees. Note: 14,000 employees participated in the survey; (c) Includes 40+ senior leader roles that had significantly changed in 2024; (d) Includes all TCCC salaried employees; (e) 2024 American Opportunity Index; (f) Fortune’s 2025 listing
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20 Key Results Partnering for Impact PORTFOLIO POWER 69% of 2024 beverage portfolio products have fewer than 100 calories per 12-ounce serving 30% of our volume sold in 2024 was low- or no- calorie 800 product reformulations in 2023 and 2024 across 100 countries Worked with key suppliers to execute across our portfolio INGREDIENT SUPERIORITY $100M+ of investment in sweetener research by The Coca-Cola Company since 2008 163% of the water used in finished beverages was returned to nature and communities in 2024 (a) ~120,000 global system suppliers to proactively manage dynamic sourcing needs Partnerships with The World Wildlife Fund and local stakeholders to advance water stewardship plans in priority markets around the world PACKAGING FOR ALL OCCASIONS 99% of our packages were recyclable globally in 2024 (b) 65% of our packaging was collected for recycling in 2024 (c) 28% of recycled materials used in our primary packaging globally in 2024 18% of PET used in 2024 was recycled PET (rPET) (d) 2024 Packaging Mix Invested in a joint venture with Indorama Ventures to open the first bottle-to-bottle production site in the Philippines SOLIDIFYING OUR SOCIAL LICENSE CREATES FLEXIBILITY More Focused and Investing Behind What Matters Most (a) Contributing to the implementation of community and watershed “replenish” projects (that provide watershed protection and restoration, water access and sanitation, and water for productive use) across the world that yield an estimated annual volumetric water benefit equivalent to the company’s annual global sales volume; (b) This metric includes our primary consumer p ackaging, which includes caps and labels, but excludes cups for fountain and dispensed solutions that are purchased by our customers; (c) The collection rate represents a weighted average of system-led collection rates, national collection rates or returnable bottle collection rates for select primary consumer packaging to the Coca-Cola system’s sales in units to express the percent of equivalent bottles, cans, cartons and pouches introduced into the market that were collected and refil led or collected for recycling for the year; (d) When references are made to 100% recycled PET, 100% rPET or 100% recycled plastic beverage packaging, the company is referring to the material from which the plastic bottle is made, not the cap and l abel, except where otherwise indicated. Plastic Aluminum Glass Other
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21 KEY TAKEAWAYS EXPANDING THE INDUSTRY WITH BOUNDLESS OPPORTUNITY FURTHERING OUR COMPETITIVE ADVANTAGE FOR ENDURING GROWTH AMPLIFYING OUR ALL-WEATHER STRATEGY ADVANCING OUR TOTAL SYSTEM AGENDA WITH CONSUMER AND CUSTOMER CENTRICITY SCALING OUR TOTAL BEVERAGE PORTFOLIO WITH INCREASED LOCAL EDGE
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22 Enduring VALUE 22
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23 FOCUS RELENTLESS on VALUE CREATION UNDERLYING CASH FLOW GENERATION SUPERIOR CAPITAL RETURN QUALITY LEADERSHIP DYNAMIC RESOURCE ALLOCATION FIT-FOR-PURPOSE BALANCE SHEET VALUE CREATION
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24 LONGEVITY OF TOPLINE MOMENTUM Note: Consumer packaged goods (CPG) represents select large cap, food, household products and beverage peers. 2024 amounts are b ased on year-to-date Q3 except for KO, which is based on full year 2024. All data obtained from FactSet. (a) Non-GAAP KO Consistently Delivering Organic Revenue(a) Growth Ahead of CPG Peers 5-Year Average Organic Revenue(a) Growth 5-Year Average Volume Growth 9% 5-Year Average Organic Revenue(a) Growth 4 Consecutive Years of KO Transactions Growth Ahead of Volume Growth +
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25 Revenue Growth Management Marketing Effectiveness Trade Promotion Optimization “Future Ready” Supply Chain Continuous Productivity Mindset Smart Capital Investments 26.5% 30.0% 2017 2024 QUALITY LEADERSHIP DRIVES MARGINS Improving Efficiency Across Our Levers QUALITY LEADERSHIP DRIVES MARGIN EXPANSION KO Comparable Operating Margins(a) KO’s Share of Total Billion- Dollar Brands in NARTD Industry(c) 1 4 2x KO Billion- Dollar Brands vs. Largest Competitor(c) ~350bps Expansion In-Line with Implied Long-Term Growth Algorithm 2017 to 2024 Margins Outperforming CPG Peers(b) (a) Non-GAAP; (b) Consumer packaged goods (CPG) represents select large cap, food, household products and beverage peers. 2024 amounts are based on year-to-date Q3 except for KO, which is based on full year 2024. All data obtained from FactSet; (c) Internal estimates
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26 SPENDING SMARTER, GOING FURTHER Unlocking New Growth AvenuesDynamic Resource Allocation Improving Returns Vast Opportunity Ahead: ~40% of Our Enterprise Priorities are Winning Today 2019 2024 - 4% 2019 2024 +5% Always-On Analytics Across Our Entire Ecosystem Leveraging Science + Art Improved Productivity (SG&A as a % of Net Revenues) Improved Effectiveness (Gross Profit/Ad Spend) SPINNING THE FLYWHEEL 26
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27 INTENTLY FOCUSED ON THE CASH AGENDA 2 7 Improving Free Cash Flows(a) Over Time Free Cash Flow(a) IRS Tax Litigation Deposit 2024 Highlights 93% Adjusted Free Cash Flow Conversion Ratio(c) 73% Dividends to Adjusted Free Cash Flow (d) 2018 2019 2020 2021 2022 2023 2024 (b) (a) Free cash flow = net cash provided by operating activities less purchases of property, plant and equipment, Non -GAAP; (b) Free Cash Flow Excluding the IRS Tax Litigation Deposit = Free cash flow excluding the company’s IRS tax litigation deposit that was paid in 2024, Non-GAAP; (c) Adjusted Free Cash Flow Conversion Ratio = Free cash flow adjusted for significant cash inf lows & outflows / GAAP net income adjusted for noncash/nonoperating items impacting comparability, Non-GAAP; (d) Dividends to adjusted free cash flow = dividends paid to shareowners of The Coca -Cola Company / adjusted free cash flow, Non -GAAP
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28 2015 2024 KO Net Revenue Contribution Excl. Bottling Investments(a) 48% 87% Return on Invested Capital(b) 17% 23% Debt Capacity to 2.5x Net Debt Leverage(c) $7.8B $12.6B NURTURING A FIT- FOR-PURPOSE BALANCE SHEET Maintaining Ample Debt Capacity While Improving Returns (a); Total Net Revenue less Bottling Investments net revenues as a percentage of total Company net revenues; (b) Return on In vested Capital (ROIC) = Comparable Net Operating Profit After Tax (NOPAT) divided by two -year average of invested capital. ROIC is a non-GAAP financial measure; (c) Debt Capacity = High end of target net debt leverage minus current net debt leverage m ultiplied by Comparable EBITDA, Non-GAAP; (d) Consumer packaged goods (CPG) represents select large cap, food, household products and beverage peers. 2024 amounts are based on year-to-date Q3 except for KO, which is based on full year 2024 . All data obtained from FactSet; (e) Non-GAAP 1.8x Leading Net Debt Leverage versus CPG Peers(d) Target: 2.0x to 2.5x KO 2024 Net Debt Leverage(e) Impact from Upcoming fairlife Contingent Consideration Payment CPG Peers Net Debt Leverage(d)
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29 29 UNWAVERING CONSISTENCY Prudent Capital Investment Accelerated Capital Return $1.68 $1.76 $1.84 $1.94 2021 2022 2023 2024 2% Dividend Growth 5% Dividend Growth 63 Consecutive Years of Dividend Growth (b)104 Consecutive Years of Dividend Payments Made (b) Dividends per Share 19% 21% 23% 23% (a) Return on Invested Capital (ROIC) = Comparable Net Operating Profit After Tax (NOPAT) divided by two -year average of invested capital; Non-GAAP (b) 2025 annual dividend of $2.04 announced on 2/20/2025 $1.4B $1.5B $1.9B $2.1B 3.5% 3.5% 4.0% 4.4% 2021 2022 2023 2024 BIG Capex Total KO Capex ROIC(a)KO Capex to Net Revenues
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30 Divestitures Nearing Final Stages of Refranchising Journey Acquisitions Confidence in Acquired Brands Creating Value Over Time Debt Structure Building a Balance Sheet with an Eye Towards Certainty STAYING FLEXIBLE AND OPPORTUNISTIC EPS Growth Driven by Acquired Brands Since 2016 (a) ~25% ($0.5B) ($0.6B) $0.6B $1.7B $1.1B 2022 2023 202420212020 Net Share Repurchases(b) Typically Repurchase to Offset Dilution Divestitures Nearing Final Stages of Refranchising Journey Company-Owned BottlerRefranchising Completed ~$18B Gross Proceeds from Bottler Refranchising since 2015 (c) A1/A+ Moody’s/S&P Credit Rating Debt Coming Due in the Next 5 Years ~$15B Over-Subscription on 2024 Debt Issuances (a) Excluding costs of borrowing; (b) Net amount of purchases of stock for treasury after considering proceeds from the issua nces of stock, the net change in stock issuance receivables and the net change in treasury stock payables; Non -GAAP; (c) Pre-tax proceeds
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31 COMMITTED TO ENDURING LONG -TERM GROWTH 7-9% Comparable Currency Neutral Earnings per Share(a) 4-6% Organic Revenues(a) 90-95% Adjusted Free Cash Flow Conversion Ratio(b) 6-8% Comparable Currency Neutral Operating Income(a) (a) Non-GAAP; (b) Adjusted Free Cash Flow Conversion Ratio = Free cash flow adjusted for the payment of transition tax and other significant cash inflows & outflows / GAAP net income adjusted for noncash items impacting comparability, Non-GAAP
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32 KEY TAKEAWAYS OUR INDUSTRY HAS BOUNDLESS OPPORTUNITY WE HAVE MANY LEVERS TO DRIVE TOPLINE GROWTH AND MARGIN EXPANSION WE ARE INVESTING WITH DISCIPLINE TO DRIVE QUALITY GROWTH FOR THE FUTURE WE RELISH COMPETING WITH THE BEST THE COCA-COLA ECOSYSTEM IS POISED TO DELIVER ENDURING VALUE 32
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ON THE WORLD. MAKE A DIFFERENCE. BUILT A SIMPLE PURPOSE 33
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34 Segment OVERVIEW 34
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35 CONSOLIDATED GEOGRAPHIC OVERVIEW (2024) Europe, Middle East & Africa 29% Latin America 29% North America 18% Asia Pacific 24% 33.7B Europe, Middle East & Africa 23% Latin America 13% North America 39% Asia Pacific 12% Bottling Investments 13% $46.9B Europe, Middle East & Africa 26% Latin America 24% North America 34% Asia Pacific 13% $14.1B Bottling Investments 3% Unit Case Volume Net Revenues(a) Operating Income(a) (a) Comparable (non-GAAP); Net revenues percentages were calculated excluding amounts for Corporate and Eliminations. Operating income percentages were calculated excluding Corporate expense. All numbers reflect full year 2024
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36 $6.4B 2024 Net Revenues(a) (13% of total TCCC) $3.9B 2024 Operating Income (a) (24% of total TCCC) LATIN AMERICA 2024 Industry Value by Category(b) Market Landscape (a) Comparable (Non-GAAP); (b) Retail value of categories in which TCCC strategically participates; (c) Excludes Hot Beverages; (d) Emerging category represents Alcohol Ready-to-Drink Beverages Source for industry retail value is internal estimates 2024 TCCC Value Share by Category Sparkling Soft Drinks >50% Juice, Value-Added Dairy and Plant-Based ~25% Water, Sports, Coffee and Tea(c) ~30% Energy ~40% Hot Beverages <5% Emerging(d) <5% Key Bottlers 2024 Unit Case Volume Mix by Category Sparkling Flavors Juice, Value- Added Dairy and Plant-Based Water, Sports, Coffee and Tea Sparkling Flavors Colas JDP WSCT(c) Energy Hot Beverages Emerging(d) 2024 Unit Case Volume Mix by Country Mexico 44% Brazil 24% Argentina 5% Chile 4% Colombia 4% Peru 3% Guatemala 2% Bolivia 2% Ecuador 2% Other 10% 2024 Unit Case Volume Growth by Category Trademark Coca-Cola 5% Sparkling Flavors (1%) Water, Sports, Coffee and Tea 2% Juice, Value-Added Dairy and Plant-Based 0% 3% ~$130B 57% 15% 22% 6% Trademark Coca-Cola
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37 $18.9B 2024 Net Revenues(a) (39% of total TCCC) $5.4B 2024 Operating Income (a) (34% of total TCCC) NORTH AMERICA Market Landscape Sparkling Soft Drinks ~50% Juice, Value-Added Dairy and Plant-Based ~20% Water, Sports, Coffee and Tea(c) ~20% Energy ~35% Hot Beverages <5% Emerging(d) <5% Key Bottlers 2024 Unit Case Volume Mix by Category Sparkling Flavors Juice, Value- Added Dairy and Plant-Based Trademark Coca-Cola Water, Sports, Coffee and Tea Sparkling Flavors Colas JDP WSCT(c) Energy Hot Beverages Emerging(d) 2024 Unit Case Volume Mix by Country United States 95% Canada 5% 2024 Unit Case Volume Growth by Category Trademark Coca-Cola 1% Sparkling Flavors 1% Water, Sports, Coffee and Tea (4%) Juice, Value-Added Dairy and Plant-Based 3% 0% ~$390B 45% 20% 21% 14% (a) Comparable (Non-GAAP); (b) Retail value of categories in which TCCC strategically participates; (c) Excludes Hot Beverages; (d) Emerging category represents Alcohol Ready-to-Drink Beverages Source for industry retail value is internal estimates 2024 Industry Value by Category(b) 2024 TCCC Value Share by Category
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38 $5.5B 2024 Net Revenues(a) (12% of total TCCC) $2.1B 2024 Operating Income (a) (13% of total TCCC) ASIA PACIFIC Market Landscape ~$510B Sparkling Soft Drinks >50% Juice, Value-Added Dairy and Plant-Based ~5% Water, Sports, Coffee and Tea(c) ~10% Energy ~5% Hot Beverages <5% Emerging(d) <5% 2024 Unit Case Volume Mix by Category 34% 32% 25% 9% Sparkling Flavors Juice, Value- Added Dairy and Plant-Based Trademark Coca-Cola Water, Sports, Coffee and Tea Sparkling Flavors Colas JDP WSCT(c) Energy Hot Beverages Emerging(d) 2024 Unit Case Volume Mix by Operating Unit 36% 26% 23% 15% Greater China and Mongolia ASEAN and South Pacific India and Southwest Asia Japan and South Korea 2024 Unit Case Volume Mix by Country China 33% India 21% Japan 12% Philippines 9% Thailand 6% Australia 4% South Korea 3% Vietnam 2% Indonesia 2% Other 8% 2024 Unit Case Volume Growth by Category Trademark Coca-Cola 3% Sparkling Flavors 4% Water, Sports, Coffee and Tea (4%) Juice, Value-Added Dairy and Plant-Based 0% 1% 2024 Unit Case Volume Growth by Operating Unit Greater China and Mongolia (5%) ASEAN and South Pacific 4% India and Southwest Asia 7% Japan and South Korea 4% (a) Comparable (Non-GAAP); (b) Retail value of categories in which TCCC strategically participates; (c) Excludes Hot Beverages; (d) Emerging category represents Alcohol Ready-to-Drink Beverages Source for industry retail value is internal estimates 2024 Industry Value by Category(b) 2024 TCCC Value Share by Category Key Bottlers
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39 $10.9B 2024 Net Revenues(a) (23% of total TCCC) $4.2B 2024 Operating Income (a) (26% of total TCCC) EUROPE, MIDDLE EAST & AFRICA Market Landscape Sparkling Soft Drinks >50% Juice, Value-Added Dairy and Plant-Based ~10% Water, Sports, Coffee and Tea(c) ~10% Energy ~20% Hot Beverages <5% Emerging(d) ~10% 2024 Unit Case Volume Mix by Category Sparkling Flavors Juice, Value- Added Dairy and Plant-Based Trademark Coca-Cola Water, Sports, Coffee and Tea Sparkling Flavors Colas JDP WSCT(c) Energy Hot Beverages Emerging(d) 2024 Unit Case Volume Mix by Operating Unit Europe Eurasia and Middle East Africa 2024 Unit Case Volume Mix by Country United Kingdom 11% Germany 7% South Africa 7% Türkiye 6% Spain 5% Nigeria 5% France 4% Pakistan 3% Egypt 3% Other 49% 2024 Unit Case Volume Growth by Category Trademark Coca-Cola (1%) Sparkling Flavors 0% Water, Sports, Coffee and Tea 2% Juice, Value-Added Dairy and Plant-Based (4%) 0% 2024 Unit Case Volume Growth by Operating Unit Europe 0% Eurasia and Middle East (2%) Africa 3% ~$410B 52% 24% 20% 4% 50% 23% 27% (a) Comparable (Non-GAAP); (b) Retail value of categories in which TCCC strategically participates; (c) Excludes Hot Beverages; (d) Emerging category represents Alcohol Ready-to-Drink Beverages Source for industry retail value is internal estimates 2024 Industry Value by Category(b) 2024 TCCC Value Share by Category Key Bottlers
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40 Bottling Investments Comprised 13% of Net Revenues(b) in 2024 vs. 52% in 2015 BOTTLING INVESTMENTS GEOGRAPHIC FOOTPRINT (a) Comprises the geographic markets of Coca-Cola Beverages Africa (“CCBA”). In October 2025, the Company entered into a definit ive agreement to sell a portion of our interest in CCBA. Closing is subject to customary regulatory and antitrust approvals and is targeted to be completed by the end of 2026, upon which completion we will deconsolidate CCBA ; (b) Bottling Investments net revenues as a percentage of total Company net revenues. Company-Owned Bottler Refranchising Completed Current Markets Africa(a) India Malaysia Myanmar Nepal Oman Singapore Sri Lanka
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41 APPENDIX Reconciliations of GAAP and Non-GAAP Financial Measures
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DEFINITIONS “Organic revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for the impact of acquisitions, divestitures and structural changes, as applicable, and the impact of fluctuations in foreign currency exchange rates. Management believes the organic revenue (non-GAAP) growth measure provides users with useful supplemental information regarding the Company’s ongoing revenue performance and trends by presenting revenue growth excluding the impact of foreign exchange as well as the impact of acquisitions, divestitures and structural changes. “Comparable currency neutral operating income” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability and the impact of fluctuations in foreign currency exchange rates. “Comparable operating margin” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. Management uses these non-GAAP financial measures to evaluate the Company’s performance and make resource allocation decisions. Further, management believes the comparable currency neutral operating income (non-GAAP) growth measure and the comparable operating margin (non- GAAP) measure enhance its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the Company’s underlying business performance and trends by improving their ability to compare our period-to-period financial results. “Comparable EPS” and “comparable currency neutral EPS” are non-GAAP financial measures that exclude or have otherwise been adjusted for items impacting comparability. Comparable currency neutral EPS (non-GAAP) has also been adjusted for the impact of fluctuations in foreign currency exchange rates. Management uses these non-GAAP financial measures to evaluate the Company’s performance and make resource allocation decisions. Further, management believes the comparable EPS (non-GAAP) and comparable currency neutral EPS (non- GAAP) growth measures enhance its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the Company’s underlying business performance and trends by improving their ability to compare our period-to-period financial results. "Free cash flow" is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment. “Free cash flow excluding the IRS tax litigation deposit” is a non- GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment and excludes the Company’s IRS tax litigation deposit that was paid in 2024. “Projected free cash flow excluding the fairlife contingent consideration payment” is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment and excludes the Company’s latest estimate of the fairlife contingent consideration payment that will be paid in 2025. Management uses these non-GAAP financial measures to evaluate the Company’s performance and make resource allocation decisions. "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 Company's IRS tax litigation deposit that was paid in 2024, the payment of transition tax resulting from the 2017 Tax Cuts and Jobs Act, and other significant cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that we believe do not reflect the Company's underlying liquidity. Management believes adjusted free cash flow (non-GAAP) is useful to investors, analysts and others to evaluate the underlying cash flow the Company generates after investing in property, plant and equipment. "Adjusted free cash flow conversion ratio" is a non-GAAP financial measure that is calculated by dividing adjusted free cash flow (non-GAAP) by adjusted net income attributable to shareowners of The Coca-Cola Company (non- GAAP). Management uses these non-GAAP measures when making capital allocation decisions. Management believes the free cash flow conversion ratio (non-GAAP) and the adjusted free cash flow conversion ratio (non- GAAP) are useful to investors, analysts and others to evaluate the amount of our underlying earnings that we are able to convert into cash. "Dividends as a percentage of adjusted free cash flow" is a non-GAAP financial measure that is calculated by dividing adjusted free cash flow (non-GAAP) by dividends paid to shareowners of The Coca-Cola Company. Management uses this non-GAAP measure when making capital allocation decisions. Page 1
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"Net operating profit" is a non-GAAP financial measure that represents the sum of operating income and equity income (loss) - net. "Comparable net operating profit" is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. "Comparable net operating profit after taxes (NOPAT)" is a non-GAAP financial measure that has been adjusted for taxes using the comparable effective tax rate (non-GAAP). “Comparable effective tax rate” is a non-GAAP financial measure that represents the effective income tax rate on income before income taxes, which excludes or has otherwise been adjusted for items impacting comparability. "Invested capital" is a non-GAAP financial measure that is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from the sum of total debt (non-GAAP) and total equity. "Return on invested capital (ROIC)" is a non-GAAP financial measure that is calculated by dividing comparable NOPAT (non-GAAP) by average invested capital (non-GAAP). Management uses this non-GAAP financial measure to evaluate the Company's performance and make capital allocation decisions. "Gross debt" is a non-GAAP financial measure that represents the sum of loans and notes payable, current maturities of long-term debt, and long-term debt. Gross debt (non-GAAP) is also known as "total debt" (non- GAAP). "Net debt" is a non-GAAP financial measure that is calculated by subtracting total cash, cash equivalents, short- term investments and marketable securities from gross debt (non-GAAP). "Net debt at the high-end of target" is a non-GAAP financial measure that is calculated by multiplying comparable EBITDA (non-GAAP) by net debt leverage (non-GAAP) at the high-end of the Company's long-term net debt leverage target. The Company's long- term target for net debt leverage (non-GAAP) is 2.0 to 2.5 times comparable EBITDA (non-GAAP). "EBITDA" is a non-GAAP financial measure that represents earnings before interest, taxes, depreciation, amortization and other income (loss) - net. "Comparable EBITDA" is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. "Net debt leverage" is a non-GAAP financial measure that is calculated by dividing net debt (non-GAAP) by comparable EBITDA (non-GAAP). "Net debt leverage including the estimated 2025 fairlife contingent consideration payment" is a non-GAAP financial measure that is calculated by dividing net debt including the estimated 2025 fairlife contingent consideration payment (non-GAAP) by comparable EBITDA (non-GAAP). Management uses these non-GAAP financial measures to evaluate the Company's capital allocation decisions. "Debt capacity" is a non-GAAP financial measure this is calculated by subtracting net debt (non-GAAP) from net debt at the high-end of target (non-GAAP). Management uses this non-GAAP financial measure to evaluate the Company's capital allocation decisions. “Net share repurchases” is a non-GAAP financial measure that reflects the net amount of purchases of stock for treasury after considering proceeds from the issuances of stock, and as applicable, the net change in stock issuance receivables (related to employee stock options exercised but not settled prior to the end of the period) and the net change in treasury stock payables (for treasury shares repurchased but not settled prior to the end of the period). Page 2
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Organic Revenues: Percent Change Reported Net Revenues (GAAP) Currency Impact Impact of Acquisitions, Divestitures and Structural Changes, Net Organic Revenues (Non-GAAP) 2020 (11) (2) 0 (9) 2021 17 1 0 16 2022 11 (7) 2 16 2023 6 (4) (1) 12 2024 3 (5) (4) 12 2020-2024 Five-Year Average Percent Change 5 9 Note: Certain rows may not add due to rounding. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Less: Adjustments to Reported Net Revenues Page 3
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Earnings Per Share: Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 Year Ended December 31, 2023 Year Ended December 31, 2024 Reported (GAAP) 1.79$ 2.25$ 2.19$ 2.47$ 2.46$ Items Impacting Comparability 0.16 0.07 0.30 0.21 0.42 Comparable (Non-GAAP) 1.95$ 2.32$ 2.48$ 2.69$ 2.88$ Year Ended December 31, 2019 Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 Year Ended December 31, 2023 Reported (GAAP) 2.07$ 1.79$ 2.25$ 2.19$ 2.47$ Items Impacting Comparability 0.04 0.16 0.07 0.30 0.21 Comparable (Non-GAAP) 2.11$ 1.95$ 2.32$ 2.48$ 2.69$ Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 Year Ended December 31, 2023 Year Ended December 31, 2024 (13) 26 (3) 13 0 (8) 19 7 8 7 5 7 Note: Certain columns may not add due to rounding. Certain percentages may not recalculate using the rounded dollar amounts provided. Five-Year Average Percent Change — Comparable EPS (Non-GAAP) Percent Change — Reported EPS Five-Year Average Percent Change — Reported EPS THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Percent Change — Comparable EPS (Non-GAAP) Page 4
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Free Cash Flow: Year Ended December 31, 2024 Net Cash Provided by Operating Activities (GAAP) 6,805$ Purchases of Property, Plant and Equipment (GAAP) (2,064) Free Cash Flow (Non-GAAP) 4,741 Plus: IRS Tax Litigation Deposit 6,041 Free Cash Flow Excluding the IRS Tax Litigation Deposit (Non-GAAP) 10,782$ THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Page 5
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Earnings Per Share: Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Reported (GAAP) 2.46$ 2.47$ 2.19$ 2.25$ 1.79$ 2.07$ 1.50$ 0.29$ Items Impacting Comparability 0.42 0.21 0.30 0.07 0.16 0.04 0.60 1.64 Comparable (Non-GAAP) 2.88$ 2.69$ 2.48$ 2.32$ 1.95$ 2.11$ 2.08$ 1.92$ Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Year Ended December 31, 2012 Year Ended December 31, 2011 Year Ended December 31, 2010 Reported (GAAP) 1.49$ 1.67$ 1.60$ 1.90$ 1.97$ 1.85$ 2.53$ Items Impacting Comparability 0.42 0.34 0.45 0.16 0.06 0.07 (0.79) Comparable (Non-GAAP) 1.91$ 2.00$ 2.04$ 2.08$ 2.01$ 1.92$ 1.74$ Note: Certain columns may not add due to rounding. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Page 6
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Projected 2025 Free Cash Flow Excluding the fairlife Contingent Consideration Payment: Year Ending December 31, 2025 Projected GAAP Net Cash Provided by Operating Activities 5.9$ Plus: fairlife Contingent Consideration Payment 6.1 Projected Cash Flow from Operations Excluding the fairlife Contingent Consideration Payment (Non-GAAP) 12.0 Projected GAAP Purchases of Property, Plant and Equipment (2.2) Projected Free Cash Flow Excluding the fairlife Contingent Consideration Payment (Non-GAAP) 9.8$ THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In billions) Page 7
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Operating Margin: Year Ended December 31, 2024 Year Ended December 31, 2017 Basis Point Growth (Decline) 21.23% 21.42% (19) (8.80%) (5.10%) 30.03% 26.52% 351 THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Reported Operating Margin (GAAP) Items Impacting Comparability (Non-GAAP) Comparable Operating Margin (Non-GAAP) Page 8
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Free Cash Flow: Year Ended December 31, 2018 Year Ended December 31, 2019 Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 Year Ended December 31, 2023 Net Cash Provided by Operating Activities 7,627$ 10,471$ 9,844$ 12,625$ 11,018$ 11,599$ Purchases of Property, Plant and Equipment (1,548) (2,054) (1,177) (1,367) (1,484) (1,852) Free Cash Flow (Non-GAAP) 6,079$ 8,417$ 8,667$ 11,258$ 9,534$ 9,747$ THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Page 9
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Free Cash Flow and Adjusted Free Cash Flow Conversion Ratio: Year Ended December 31, 2024 Net Cash Provided by Operating Activities 6,805$ Purchases of Property, Plant and Equipment (2,064) Free Cash Flow (Non-GAAP) 4,741 Plus / (Less): IRS Tax Litigation Deposit 6,041 Transition Tax Payments 964 M&A-Related Payments1 566 Cash Payments of (Receipts from) Pension Plan Contributions2 (479) Other Nonoperating Tax Payments / (Benefits)3 (323) Adjusted Free Cash Flow (Non-GAAP) 11,510$ Net Income Attributable to Shareowners of The Coca-Cola Company 10,631$ Noncash / Nonoperating Items Impacting Comparability: Asset Impairments 698 Equity Investees 90 Transaction Gains/Losses 1,045 Restructuring - Other Items (238) Certain Tax Matters 128 Adjusted Net Income Attributable to Shareowners of The Coca-Cola Company (Non-GAAP) 12,354$ Cash Flow Conversion Ratio 4 64% Free Cash Flow Conversion Ratio (Non-GAAP)5 38% Adjusted Free Cash Flow Conversion Ratio (Non-GAAP)6 93% 1 Includes income tax payments related to refranchising activities. 2 Includes surplus international plan assets transferred from pension trusts to general assets of the Company. 3 Includes tax credits and other tax benefits received from investments in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities. 4 Cash flow conversion ratio is calculated by dividing net cash provided by operating activities by net income attributable to shareowners of The Coca-Cola Company. 5 Free cash flow conversion ratio is calculated by dividing free cash flow by adjusted net income attributable to shareowners of The Coca-Cola Company. 6 Adjusted free cash flow conversion ratio is calculated by dividing adjusted free cash flow by adjusted net income attributable to shareowners of The Coca-Cola Company. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Page 10
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Dividends as a Percentage of Adjusted Free Cash Flow: Year Ended December 31, 2024 Net Cash Provided by Operating Activities 6,805$ Purchases of Property, Plant and Equipment (2,064) Free Cash Flow (Non-GAAP) 4,741 Plus / (Less): IRS Tax Litigation Deposit 6,041 Transition Tax Payments 964 M&A-Related Payments1 566 Cash Payments of (Receipts from) Pension Plan Contributions2 (479) Other Nonoperating Tax Payments / (Benefits)3 (323) Adjusted Free Cash Flow (Non-GAAP) 11,510$ Dividends 8,359$ Dividends as a Percentage of Net Cash Provided by Operating Activities 4 123% Dividends as a Percentage of Adjusted Free Cash Flow (Non-GAAP)5 73% 1 Includes income tax payments related to refranchising activities. 2 Includes surplus international plan assets transferred from pension trusts to general assets of the Company. 3 Includes tax credits and other tax benefits received from investments in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities. 4 Dividends as a percentage of net cash provided by operating activities is calculated by dividing net cash provided by operating activities by dividends paid to shareowners of The Coca-Cola Company. 5 Dividends as a percentage of adjusted free cash flow is calculated by dividing adjusted free cash flow by dividends paid to shareowners of The Coca-Cola Company. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Page 11
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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 comparability 1,556 Comparable net operating profit (Non-GAAP) 10,832$ 22.5% 8,395$ Invested Capital: 2015 Two-Year Average As of December 31, 2014 As of December 31, 2015 Loans and notes payable 16,130$ 19,130$ 13,129$ Current maturities of long-term debt 3,113 3,550 2,676 Long-term debt 23,661 19,010 28,311 Total debt (Non-GAAP) 42,903 41,690 44,116 28,163 30,561 25,764 Less: Total cash, cash equivalents and short-term investments 16,821 18,010 15,631 Marketable securities 3,967 3,665 4,269 Invested capital (Non-GAAP) 50,278$ 50,576$ 49,980$ 2015 Return on Invested Capital (ROIC): 16.7% 1 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Comparable effective tax rate (Non-GAAP) Comparable net operating profit after taxes (NOPAT) (Non-GAAP) Total equity Return on invested capital (ROIC) (Non-GAAP) 1 Page 12
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Net Operating Profit After Taxes (NOPAT): Year Ended December 31, 2024 Operating income 9,992$ Equity income (loss) — net 1,770 Net operating profit (Non-GAAP) 11,762 Items impacting comparability 4,185 Comparable net operating profit (Non-GAAP) 15,947$ 18.6% 12,981$ Invested Capital: 2024 Two-Year Average As of December 31, 2023 As of December 31, 2024 Loans and notes payable 3,028$ 4,557$ 1,499$ Current maturities of long-term debt 1,304 1,960 648 Long-term debt 38,961 35,547 42,375 Total debt (Non-GAAP) 43,293 42,064 44,522 26,926 27,480 26,372 Less: Total cash, cash equivalents and short-term investments 12,606 12,363 12,848 Marketable securities 1,512 1,300 1,723 Invested capital (Non-GAAP) 56,101$ 55,881$ 56,323$ 2024 Return on Invested Capital (ROIC): 23.1% 1 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital. Total equity Return on invested capital (ROIC) (Non-GAAP) 1 THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Comparable effective tax rate (Non-GAAP) Comparable net operating profit after taxes (NOPAT) (Non-GAAP) Page 13
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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 19,900$ Loans and notes payable 13,129$ Current maturities of long-term debt 2,676 Long-term debt 28,311 Gross debt (Non-GAAP) 44,116$ Net debt (Non-GAAP) 1 24,216$ 1 Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross debt. EBITDA: Year Ended December 31, 2015 Income before income taxes 9,605$ Less income items: Interest income 613 Other income (loss) — net 572 Add expense items: Interest expense 856 Depreciation and amortization 1,970 11,246$ 1,556 12,802$ Net Debt Leverage: As of and Year Ended December 31, 2015 Net debt (Non-GAAP) 24,216$ 12,802$ Net debt leverage (Non-GAAP) 1.9x Debt Capacity to 2.5x Net Debt Leverage: As of and Year Ended December 31, 2015 12,802$ Net debt leverage at the high-end of target (Non-GAAP) 2.5x Net debt at the high-end of target (Non-GAAP) 2 32,005$ Debt capacity (Non-GAAP) 3 7,789$ 2 Net debt at the high-end of target is calculated by multiplying comparable EBITDA by net debt leverage at the high-end of target. 3 Debt capacity is calculated by subtracting net debt from net debt at the high-end of target. Comparable EBITDA (Non-GAAP) Items impacting comparability Comparable EBITDA (Non-GAAP) Comparable EBITDA (Non-GAAP) Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions except net debt leverage) Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP) Page 14
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Gross Debt and Net Debt: As of December 31, 2024 Cash and cash equivalents 10,828$ Short-term investments 2,020 Marketable securities 1,723 14,571$ Loans and notes payable 1,499$ Current maturities of long-term debt 648 Long-term debt 42,375 Gross debt (Non-GAAP) 44,522$ Net debt (Non-GAAP) 1 29,951$ Plus: Estimated 2025 fairlife contingent consideration payment (Non-GAAP) 6,100 Net debt including the estimated 2025 fairlife contingent consideration payment (Non-GAAP) 36,051$ 1 Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross debt. EBITDA: Year Ended December 31, 2024 Income before income taxes 13,086$ Less income items: Interest income 988 Other income (loss) — net 1,992 Add expense items: Interest expense 1,656 Depreciation and amortization 1,075 12,837$ 4,185 17,022$ Net Debt Leverage: As of and Year Ended December 31, 2024 Net debt (Non-GAAP) 29,951$ 17,022$ Net debt leverage (Non-GAAP) 1.8x 36,051$ 17,022$ Net debt leverage including the estimated 2025 fairlife contingent consideration payment (Non-GAAP) 2.1x Debt Capacity to 2.5x Net Debt Leverage: As of and Year Ended December 31, 2024 17,022$ Net debt leverage at the high-end of target (Non-GAAP) 2.5x Net debt at the high-end of target (Non-GAAP) 2 42,555$ Debt capacity (Non-GAAP) 3 12,604$ 2 Net debt at the high-end of target is calculated by multiplying comparable EBITDA by net debt leverage at the high-end of target. 3 Debt capacity is calculated by subtracting net debt from net debt at the high-end of target. Net debt including the estimated 2025 fairlife contingent consideration payment (Non-GAAP) Comparable EBITDA (Non-GAAP) Comparable EBITDA (Non-GAAP) Items impacting comparability Comparable EBITDA (Non-GAAP) Comparable EBITDA (Non-GAAP) Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions except net debt leverage) Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP) Page 15
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Net Operating Profit After Taxes (NOPAT): Year Ended December 31, 2021 Operating income 10,308$ Equity income (loss) — net 1,438 Net operating profit (Non-GAAP) 11,746 Items impacting comparability 814 Comparable net operating profit (Non-GAAP) 12,560$ 18.6% 10,228$ Invested Capital: 2021 Two-Year Average As of December 31, 2020 As of December 31, 2021 Loans and notes payable 2,745$ 2,183$ 3,307$ Current maturities of long-term debt 912 485 1,338 Long-term debt 39,121 40,125 38,116 Total debt (Non-GAAP) 42,778 42,793 42,761 23,072 21,284 24,860 Less: Total cash, cash equivalents and short-term investments 9,746 8,566 10,926 Marketable securities 2,024 2,348 1,699 Invested capital (Non-GAAP) 54,080$ 53,163$ 54,996$ 2021 Return on Invested Capital (ROIC): 18.9% 1 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital. Total equity Return on invested capital (ROIC) (Non-GAAP) 1 THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Comparable effective tax rate (Non-GAAP) Comparable net operating profit after taxes (NOPAT) (Non-GAAP) Page 16
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Net Operating Profit After Taxes (NOPAT): Year Ended December 31, 2022 Operating income 10,909$ Equity income (loss) — net 1,472 Net operating profit (Non-GAAP) 12,381 Items impacting comparability 1,470 Comparable net operating profit (Non-GAAP) 13,851$ 19.0% 11,216$ Invested Capital: 2022 Two-Year Average As of December 31, 2021 As of December 31, 2022 Loans and notes payable 2,840$ 3,307$ 2,373$ Current maturities of long-term debt 869 1,338 399 Long-term debt 37,247 38,116 36,377 Total debt (Non-GAAP) 40,955 42,761 39,149 25,343 24,860 25,826 Less: Total cash, cash equivalents and short-term investments 10,744 10,926 10,562 Marketable securities 1,384 1,699 1,069 Invested capital (Non-GAAP) 54,170$ 54,996$ 53,344$ 2022 Return on Invested Capital (ROIC): 20.7% 1 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital. Total equity Return on invested capital (ROIC) (Non-GAAP) 1 THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Comparable effective tax rate (Non-GAAP) Comparable net operating profit after taxes (NOPAT) (Non-GAAP) Page 17
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Net Operating Profit After Taxes (NOPAT): Year Ended December 31, 2023 Operating income 11,311$ Equity income (loss) — net 1,691 Net operating profit (Non-GAAP) 13,002 Items impacting comparability 2,184 Comparable net operating profit (Non-GAAP) 15,186$ 19.0% 12,301$ Invested Capital: 2023 Two-Year Average As of December 31, 2022 As of December 31, 2023 Loans and notes payable 3,465$ 2,373$ 4,557$ Current maturities of long-term debt 1,180 399 1,960 Long-term debt 35,962 36,377 35,547 Total debt (Non-GAAP) 40,607 39,149 42,064 26,653 25,826 27,480 Less: Total cash, cash equivalents and short-term investments 11,463 10,562 12,363 Marketable securities 1,185 1,069 1,300 Invested capital (Non-GAAP) 54,612$ 53,344$ 55,881$ 2023 Return on Invested Capital (ROIC): 22.5% 1 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Comparable effective tax rate (Non-GAAP) Return on invested capital (ROIC) (Non-GAAP) 1 Total equity Comparable net operating profit after taxes (NOPAT) (Non-GAAP) Page 18
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Net Share Repurchases: Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 Year Ended December 31, 2023 Year Ended December 31, 2024 Reported (GAAP): Issuances of Stock 647$ 702$ 837$ 539$ 747$ Purchases of Stock for Treasury (118) (111) (1,418) (2,289) (1,795) Net Change in Stock Issuance Receivables ¹ 6 - (5) 5 (7) Net Share Issuances (Repurchases) (Non-GAAP) 535$ 591$ (586)$ (1,745)$ (1,055)$ ¹ Represents the net change in receivables related to employee stock options exercised but not settled prior to the end of the year. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Page 19
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Net Operating Revenues by Segment: Europe, Middle East & Africa Latin America North America Asia Pacific Bottling Investments Corporate Eliminations Consolidated Reported (GAAP) 10,958$ 6,471$ 18,869$ 5,594$ 6,223$ 110$ (1,164)$ 47,061$ Items Impacting Comparability: Other Items (46) (46) (14) (58) - - - (164) Comparable (Non-GAAP) 10,912$ 6,425$ 18,855$ 5,536$ 6,223$ 110$ (1,164)$ 46,897$ Operating Income (Loss) by Segment: Europe, Middle East & Africa Latin America North America Asia Pacific Bottling Investments Corporate Consolidated Reported (GAAP) 4,255$ 3,792$ 4,556$ 2,156$ 496$ (5,263)$ 9,992$ Items Impacting Comparability: Asset Impairments - 126 760 - - - 886 Transaction Gains/Losses - - - - - 3,118 3,118 Restructuring - - - - - 133 133 Other Items (48) (46) 56 (58) 1 27 (68) Certain Tax Matters 3 - - - - 21 24 Comparable (Non-GAAP) 4,210$ 3,872$ 5,372$ 2,098$ 497$ (1,964)$ 14,085$ Year Ended December 31, 2024 THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Year Ended December 31, 2024 Page 20