Coca-Cola Company (The)

As of year‑end 2024, Coca‑Cola had $10.8B in cash and equivalents and long‑term debt of about $43.0B (plus modest short‑term borrowings).

Credit ratings are A+ (S&P) and A1 (Moody’s). 2024 operating cash flow was $6.8B, depressed by a one‑time $6.0B IRS tax litigation deposit; H1 2025 operating cash flow was negative $1.4B due to the $6.1B fairlife contingent payment.

Excluding these discrete items, underlying cash generation is strong, with normalized TTM FCF estimated near $11.3B and interest coverage ample. The ongoing IRS case remains a tail risk, but management has appealed and maintains liquidity to handle outcomes.