Coca Cola Co (KO) Economic Moat Analysis—

Evidence

4 Distribution System We make our branded beverage products available to consumers in more than 200 countries and territories through our network of independent bottling partners, distributors, wholesalers and retailers as well as our consolidated bottling and distribution operations.

Business — Distribution System · Filed 20/02/2026

Consumers enjoy finished beverage products bearing trademarks owned by or licensed to the Company at a rate of 2.2 billion servings each day.

Business — daily consumption of trademark beverages · Filed 20/02/2026

The Coca-Cola system sold 33.3 billion and 32.7 billion unit cases of our products in 2023 and 2022, respectively.

Business — 2023 and 2022 system unit cases · Filed 20/02/2024

The Coca-Cola system sold 33.7 billion and 33.3 billion unit cases of our products in 2024 and 2023, respectively.

Business — 2024 and 2023 system unit cases · Filed 20/02/2025

The Coca-Cola system sold 33.8 billion and 33.7 billion unit cases of our products in 2025 and 2024, respectively.

Business — 2025 and 2024 system unit cases · Filed 20/02/2026

Information about our volume growth worldwide and by operating segment is as follows: Percent Change 2025 versus 2024 Unit Cases 1,2 Concentrate Sales Worldwide — % 1 % EMEA 3 3 4 Latin America — (1) North America (1) (1) Asia Pacific — — 5 Bottling Investments (8) 3 N/A 1Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only.

MD&A — 2025 worldwide and segment volume growth · Filed 20/02/2026

Information about our volume growth worldwide and for each of our operating segments is as follows: Percent Change 2026 versus 2025 Three Months Ended July 3, 2026 Six Months Ended July 3, 2026 Unit Cases1,2,3 Concentrate Sales4 Unit Cases1,2,3 Concentrate Sales4 Worldwide 5 % 4 % 4 % 6 % EMEA 4 1 3 3 Latin America 3 1 2 4 North America 3 3 3 7 Asia Pacific 8 10 6 7 10 6 Bottling Investments 5 5 N/A 3 5 N/A 1Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only.

MD&A — second-quarter and first-half 2026 volume growth · Filed 29/07/2026

The favorable pricing initiatives for the year ended December 31, 2025 in all operating segments included both new and carryover pricing increases from the prior year.

MD&A — new and carryover pricing increases in 2025 · Filed 20/02/2026

Price/mix had a 4% favorable impact on our consolidated net operating revenues.

MD&A — consolidated 2025 price/mix contribution · Filed 20/02/2026

Bottler’s agreements between us and our authorized bottlers outside the United States generally are of stated duration, subject in some cases to possible extensions or renewals.

Business — bottler agreement duration outside the United States · Filed 20/02/2026

In the United States, most bottlers operate under a contract to which we generally refer as a “Comprehensive Beverage Agreement” (“CBA”) that is of stated duration, subject in most cases to renewal rights of bottlers and in some cases to renewal rights of the Company.

Business — United States bottler contracts and renewal rights · Filed 20/02/2026

Price/mix was impacted by a variety of factors and events, including, but not limited to, the following: •EMEA — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix; •Latin America — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix; •North America — favorable pricing initiatives; •Asia Pacific — unfavorable mix and affordability initiatives; and •Bottling Investments — favorable mix and favorable pricing initiatives.

MD&A — regional pricing, mix and affordability initiatives · Filed 29/07/2026

Based on this assessment, the Company concluded that the fair value of the trademark was less than its carrying value and recorded an impairment charge of $960 million.

Trademark impairment discussion — recorded impairment charge · Filed 29/07/2026

The decrease in fair value was primarily driven by the revised projections of future operating results, including a slowing of the projected long-term growth rate for the category, an intensifying competitive environment, and more focused innovation and international rollout plans.

Trademark impairment discussion — competitive pressure and revised projections · Filed 29/07/2026

Asia Pacific’s operating income for the six months ended July 3, 2026 and June 27, 2025 was $1,192 million and $1,271 million, respectively.

MD&A — Asia Pacific first-half operating income · Filed 29/07/2026

The decrease in operating income was primarily driven by unfavorable price/mix, higher commodity costs and increased marketing spending partly due to timing, partially offset by an increase in concentrate sales volume of 11%, lower operating expenses, and a favorable foreign currency exchange rate impact of 2%.

MD&A — causes of Asia Pacific first-half operating income decline · Filed 29/07/2026

In addition, the rapid growth of e‑commerce may create additional consumer price deflation by, among other things, facilitating comparison shopping, and could potentially threaten the value of some of our legacy route-to-market strategies and thus negatively affect revenues.

Risk Factors — comparison shopping and route-to-market risks · Filed 20/02/2026

“Price/mix” refers to the change in net operating revenues caused by factors such as pricing actions taken by the Company and, where applicable, our bottling partners; the mix of categories, products and packages sold; and the mix of channels and geographic territories where the sales occurred.

MD&A — definition of price/mix · Filed 29/07/2026

Our gross profit margin increased to 62.9% for the six months ended July 3, 2026, compared to 62.5% for the six months ended June 27, 2025.

MD&A — first-half gross profit margin comparison · Filed 29/07/2026

The increases were primarily due to the favorable impact of pricing initiatives and foreign currency exchange rate fluctuations, as well as the impact of the sale of our finished product operations in Nigeria, partially offset by higher commodity costs.

MD&A — pricing, currency, divestiture and commodity effects on gross margin · Filed 29/07/2026

4 THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Six Months Ended July 3, 2026 June 27, 2025 Operating Activities Consolidated net income $ 8,404 $ 7,138 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Depreciation and amortization 530 546 Stock-based compensation expense 117 130 Deferred income taxes 353 459 Equity (income) loss — net of dividends (520) (387) Foreign currency adjustments 107 111 Significant (gains) losses — net (56) (433) Other operating charges — 38 Other items (125) 238 Net change in operating assets and liabilities (1,267) (9,231) Net Cash Provided by (Used in) Operating Activities 7,543 (1,391) Investing Activities Purchases of investments (2,799) (2,865) Proceeds from disposals of investments 4,574 2,201 Acquisitions of businesses, equity method investments and nonmarketable securities (199) (179) Proceeds from disposals of businesses, equity method investments and nonmarketable securities 1 973 Purchases of property, plant and equipment (684) (751) Proceeds from disposals of property, plant and equipment 7 13 Collateral (paid) received associated with hedging activities — net (37) 206 Other investing activities 241 124 Net Cash Provided by (Used in) Investing Activities 1,104 (278) Financing Activities Issuances of loans, notes payable and long-term debt 9 5,320 Payments of loans, notes payable and long-term debt (1,559) (2,630) Issuances of stock 251 223 Purchases of stock for treasury (663) (472) Dividends (4,562) (2,283) Other financing activities (11) (106) Net Cash Provided by (Used in) Financing Activities (6,535) 52 Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 85 332 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period 2,197 (1,285) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 11,010 11,488 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period 13,207 10,203 Less: Restricted cash and restricted cash equivalents at end of period 300 613 Cash and Cash Equivalents at End of Period $ 12,907 $ 9,590 Refer to Notes to Consolidated Financial Statements.

Consolidated Statements of Cash Flows — first half of 2026 and 2025 · Filed 29/07/2026

​ ​ ​ ​ ​ ​ ​ ​ ​ (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ Less: Adjustments to Reported Net Operating Revenues ​ ​ ​ ​ ​ ​ Reported Net ​ ​ ​ ​ ​ ​ Operating Revenues ​ ​ ​ Impact of Acquisitions ​ Organic Revenues Percent Change ​ ​ ​ (GAAP) ​ ​ ​ Currency Impact ​ ​ ​ & Divestitures ​ ​ ​ (Non-GAAP) 2021 ​ 17 1 0 16 2022 11 (7) 2 16 2023 6 (4) (1) 12 2024 3 (5) (4) 12 2025 2 (2) (1) 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comparable Currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Neutral Operating ​ ​ ​ ​ Less: Adjustments to Reported Operating Income ​ Comparable Currency ​ ​ Income Excluding ​ ​ Reported Operating ​ Items Impacting ​ Comparable ​ Neutral Operating Structural ​ Structural Changes Percent Change ​ ​ ​ Income (GAAP) ​ ​ ​ Comparability ​ ​ ​ Currency Impact ​ ​ ​ Income (Non-GAAP) ​ ​ ​ Changes Impact ​ ​ ​ (Non-GAAP) 2025 38 ​ 31 (7) 13 ​ (1) ​ 14 ​ ​ ​ ​ ​ ​ ​ ​ (UNAUDITED) ​ ​ ​ Less: Adjustments ​ ​ ​ ​ ​ ​ to Reported EPS ​ ​ ​ ​ Reported EPS ​ Items Impacting ​ Comparable EPS Percent Change ​ ​ ​ (GAAP) ​ ​ ​ Comparability ​ ​ ​ (Non-GAAP) 2025 ​ 23 ​ 19 ​ 4 ​ ​ ​ ​ ​ (UNAUDITED) ​ Year Ended (In millions) ​ ​ ​ December 31, 2025 Net Cash Provided by Operating Activities (GAAP) ​ $ 7,408 Purchases of Property, Plant and Equipment (GAAP) ​ (2,112) Free Cash Flow (Non-GAAP) ​ ​ 5,296 Plus: fairlife Contingent Consideration Payment ​ ​ 6,069 Free Cash Flow Excluding the fairlife Contingent Consideration Payment (Non-GAAP) ​ $ 11,365 ​ ​ ​ ​ Note: Certain rows may not add due to rounding.

Annex C — historical growth and 2025 cash flow reconciliation · Filed 16/03/2026

Dividends The Company paid dividends of $8,779 million and $8,359 million during the years ended December 31, 2025 and 2024, respectively.

Liquidity and Capital Resources — dividends paid · Filed 20/02/2026

Performance measures for the PSUs granted in 2025 were as follows: ● Net operating revenue growth ● EPS growth ● Free cash flow ● Relative TSR modifier ​ ​ Performance Stock Units (PSUs) ​ ​ Important Facts About Our 2025 Incentive Targets RIGOR OF INCENTIVE TARGETS ​ ​ CHOICE OF INCENTIVE MEASURES ​ ​ ​ ​ The Committee recognizes the importance of achieving an appropriate balance between rewarding executives for strong performance over both the short term and long term and establishing realistic but rigorous targets that continue to attract, motivate and retain executives.

Compensation Discussion and Analysis — measures for PSUs granted in 2025 · Filed 16/03/2026

Executive officers who have not yet met their share ownership objective must retain 50% of the shares (after paying taxes) obtained from option exercises or from the release of performance shares or restricted stock awards until the earlier of the date on which the share ownership objective is met or separation from the Company.

Compensation Discussion and Analysis — executive share retention policy · Filed 16/03/2026

The Insider Trading Policy prohibits our Directors, Section 16 Officers, and certain other insiders from (i) purchasing any financial instruments that are designed to hedge or offset any decrease in the market value of Company securities, (ii) engaging in any short sales of Company securities or (iii) pledging Company securities as collateral for a loan, purchasing Company securities on margin or borrowing against Company securities held in a margin account.

Compensation Discussion and Analysis — hedging, short sale and pledging prohibitions · Filed 16/03/2026

Items impacting comparability include asset impairments, transaction gains/losses, restructuring and other items, and certain tax matters.

Compensation Discussion and Analysis — exclusions from incentive performance measures · Filed 16/03/2026

Current Leadership Structure The Company’s current leadership structure is comprised of a combined Chairman of the Board and CEO, a Lead Independent Director, Board committees led primarily by independent Directors and active engagement by all Directors.

Governance — leadership structure at the proxy disclosure date · Filed 16/03/2026

​ ​ ​ ​ ​ ​ CAROLYN EVERSON Chair BELA BAJARIA MARIA ELENA LAGOMASINO MAX LEVCHIN ​ COMPENSATION COMMITTEE interlocks and insider participation The Talent and Compensation Committee is composed solely of the four independent Directors listed above.

Compensation Committee — independent membership · Filed 16/03/2026

INDEPENDENCE CONTROLS ✓ Audit Committee oversight – Oversight includes regular private sessions with EY, discussion with EY about the scope of audit and business imperatives, a comprehensive annual evaluation when determining whether to reengage EY and direct involvement by the Audit Committee and its Chair in the selection of the new lead assurance engagement partner and new global coordinating partner in connection with the mandated rotation of these positions.

Audit Matters — audit committee oversight and auditor evaluation · Filed 16/03/2026

Financial Statements THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions except per share data) Three Months Ended Six Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Net Operating Revenues $ 13,380 $ 12,535 $ 25,852 $ 23,664 Cost of goods sold 4,965 4,714 9,585 8,877 Gross Profit 8,415 7,821 16,267 14,787 Selling, general and administrative expenses 3,720 3,470 7,192 6,704 Other operating charges 23 71 44 144 Operating Income 4,672 4,280 9,031 7,939 Interest income 198 188 420 368 Interest expense 369 445 744 832 Equity income (loss) — net 604 561 988 912 Other income (loss) — net 370 212 391 466 Income Before Income Taxes 5,475 4,796 10,086 8,853 Income taxes 1,037 993 1,682 1,715 Consolidated Net Income 4,438 3,803 8,404 7,138 Less: Net income (loss) attributable to noncontrolling interests 13 (7) 55 (2) Net Income Attributable to Shareowners of The Coca-Cola Company $ 4,425 $ 3,810 $ 8,349 $ 7,140 Basic Net Income Per Share1 $ 1.03 $ 0.89 $ 1.94 $ 1.66 Diluted Net Income Per Share1 $ 1.03 $ 0.88 $ 1.94 $ 1.65 Average Shares Outstanding — Basic 4,303 4,304 4,302 4,303 Effect of dilutive securities 10 11 11 11 Average Shares Outstanding — Diluted 4,313 4,315 4,313 4,314 1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.

Consolidated Statements of Income — first-half 2026 operating results · Filed 29/07/2026

Unit case volume growth is a key metric used by management to evaluate the Company’s performance because it measures demand for our products at the consumer level.

MD&A — unit case volume as a measure of consumer-level demand · Filed 29/07/2026

As previously disclosed in the Company’s Current Report on Form 8-K filed on July 16, 2026, the Company announced a ransomware event at its fairlife operations in the U.S., which are a part of the North America operating segment.

Operations Review — announced ransomware event at fairlife · Filed 29/07/2026

​Annual election of Directors, with majority voting standard in uncontested elections

Governance highlights — annual director elections and majority voting · Filed 16/03/2026

“Price/mix” refers to the change in net operating revenues caused by factors such as pricing actions taken by the Company and, where applicable, our bottling partners; the mix of categories, products and packages sold; and the mix of channels and geographic territories where the sales occurred.

Operations Review, definition of price/mix · Filed 29/07/2026

Price/mix was impacted by a variety of factors and events, including, but not limited to, the following: •EMEA — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix; •Latin America — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix; •North America — favorable pricing initiatives; •Asia Pacific — unfavorable mix and affordability initiatives; and •Bottling Investments — favorable mix and favorable pricing initiatives.

Operations Review, regional pricing initiatives and mix · Filed 29/07/2026

Information about our volume growth worldwide and for each of our operating segments is as follows: Percent Change 2026 versus 2025 Three Months Ended July 3, 2026 Six Months Ended July 3, 2026 Unit Cases1,2,3 Concentrate Sales4 Unit Cases1,2,3 Concentrate Sales4 Worldwide 5 % 4 % 4 % 6 % EMEA 4 1 3 3 Latin America 3 1 2 4 North America 3 3 3 7 Asia Pacific 8 10 6 7 10 6 Bottling Investments 5 5 N/A 3 5 N/A 1Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only.

Beverage Volume, 2026 versus 2025 quarterly and six-month growth · Filed 29/07/2026

Our gross profit margin increased to 62.9% for the three months ended July 3, 2026, compared to 62.4% for the three months ended June 27, 2025.

Gross Profit, three months ended July 3, 2026 · Filed 29/07/2026

Our gross profit margin increased to 62.9% for the six months ended July 3, 2026, compared to 62.5% for the six months ended June 27, 2025.

Gross Profit, six months ended July 3, 2026 · Filed 29/07/2026

The increases were primarily due to the favorable impact of pricing initiatives and foreign currency exchange rate fluctuations, as well as the impact of the sale of our finished product operations in Nigeria, partially offset by higher commodity costs.

Gross Profit, explanation of margin changes · Filed 29/07/2026

Financial Statements THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions except per share data) Three Months Ended Six Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Net Operating Revenues $ 13,380 $ 12,535 $ 25,852 $ 23,664 Cost of goods sold 4,965 4,714 9,585 8,877 Gross Profit 8,415 7,821 16,267 14,787 Selling, general and administrative expenses 3,720 3,470 7,192 6,704 Other operating charges 23 71 44 144 Operating Income 4,672 4,280 9,031 7,939 Interest income 198 188 420 368 Interest expense 369 445 744 832 Equity income (loss) — net 604 561 988 912 Other income (loss) — net 370 212 391 466 Income Before Income Taxes 5,475 4,796 10,086 8,853 Income taxes 1,037 993 1,682 1,715 Consolidated Net Income 4,438 3,803 8,404 7,138 Less: Net income (loss) attributable to noncontrolling interests 13 (7) 55 (2) Net Income Attributable to Shareowners of The Coca-Cola Company $ 4,425 $ 3,810 $ 8,349 $ 7,140 Basic Net Income Per Share1 $ 1.03 $ 0.89 $ 1.94 $ 1.66 Diluted Net Income Per Share1 $ 1.03 $ 0.88 $ 1.94 $ 1.65 Average Shares Outstanding — Basic 4,303 4,304 4,302 4,303 Effect of dilutive securities 10 11 11 11 Average Shares Outstanding — Diluted 4,313 4,315 4,313 4,314 1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.

Consolidated Statements of Income, quarterly and six-month periods · Filed 29/07/2026

Unregistered Sales of Equity Securities and Use of Proceeds The following table presents information with respect to purchases of common stock of the Company made during the three months ended July 3, 2026 by the Company or any “affiliated purchaser” of the Company as defined in Rule 10b-18(a)(3) under the Exchange Act: Period Total Number of Shares Purchased1 Average Price Paid Per Share Total Number of Shares Purchased as Part of the Publicly Announced Plan2 Maximum Number of Shares That May Yet Be Purchased Under the Publicly Announced Plan April 4, 2026 through May 1, 2026 1,093,205 $ 76.63 1,085,577 60,981,263 May 2, 2026 through May 29, 2026 528,481 79.95 525,800 60,455,463 May 30, 2026 through July 3, 2026 772,808 80.23 770,349 59,685,114 Total 2,394,494 $ 78.53 2,381,726 1The total number of shares purchased includes: (1) shares purchased, if any, pursuant to the plan described in footnote 2 below and (2) shares surrendered, if any, to the Company to pay the exercise price and/or to satisfy tax withholding obligations in connection with stock swap exercises of employee stock options and/or the vesting of restricted stock issued to employees.

Item 2, second-quarter 2026 common-stock purchases · Filed 29/07/2026

In aggregate, innovation contributed to the company’s 5% volume growth during the quarter, reflecting its focus on improving speed to market and making innovation work harder across more brands and markets.

Second-quarter 2026 results, innovation contribution · Filed 28/07/2026

Experiential activations, customer partnerships and retail programs spanning more than 20 million retail outlets also built consumer connections.

Second-quarter 2026 results, retail programs and customer partnerships · Filed 28/07/2026

Highlights Quarterly Performance •Revenues: Net revenues grew 12% to $12.5 billion, and organic revenues (non-GAAP) grew 10%, driven by an 8% increase in concentrate sales and 2% growth in price/mix.

First-quarter 2026 results, revenue and price/mix · Filed 28/04/2026

Highlights Quarterly Performance •Revenues: Net revenues grew 7% to $13.4 billion, and organic revenues (non-GAAP) grew 6%, driven by a 4% increase in concentrate sales and 2% growth in price/mix.

Second-quarter 2026 results, revenue and price/mix · Filed 28/07/2026

“Price/mix” refers to the change in net operating revenues caused by factors such as pricing actions taken by the Company and, where applicable, our bottling partners; the mix of categories, products and packages sold; and the mix of channels and geographic territories where the sales occurred.

Operations Review — Net Operating Revenues, price/mix definition · Filed 29/07/2026

Price/mix was impacted by a variety of factors and events, including, but not limited to, the following: •EMEA — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix; •Latin America — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix; •North America — favorable pricing initiatives; •Asia Pacific — unfavorable mix and affordability initiatives; and •Bottling Investments — favorable mix and favorable pricing initiatives.

Operations Review — regional pricing initiatives · Filed 29/07/2026

Price/mix was impacted by a variety of factors and events, including, but not limited to, the following: •EMEA — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix; •Latin America — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix; •North America — favorable pricing initiatives; •Asia Pacific — unfavorable mix and affordability initiatives; and •Bottling Investments — favorable mix and favorable pricing initiatives.

Operations Review — Net Operating Revenues — pricing initiatives · Filed 29/07/2026

Publication history

Sources

• filing-1 · Filed 20/02/2026
• filing-2 · Filed 29/07/2026
• filing-3 · Filed 16/03/2026
• filing-4 · Filed 20/02/2025
• filing-5 · Filed 20/02/2024
• filing-6 · Filed 30/04/2026
• filing-7 · Filed 28/07/2026
• filing-8 · Filed 28/04/2026
• filing-9 · Filed 10/02/2026
• Coca-Cola Consolidated annual report: counterparty disclosure about Coca-Cola Company supply/pricing agreements, not the bottler’s own consumer pricing. · Filed 18/02/2026