{"schemaVersion":1,"research":true,"symbol":"ko","name":"Coca Cola Co","topic":"moat","path":"/stock/ko/moat","status":"published","version":3,"updatedAt":"2026-10-18T12:30:21.301Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Coca-Cola has an evidenced narrow moat from its trademarks, sustained consumer demand and established global distribution system. Realized pricing initiatives alongside renewed volume growth demonstrate pricing power, but affordability initiatives, regional profit weakness and a trademark impairment show uneven protection. The passages support a current advantage without establishing the comparative barriers or exceptional durability needed for a wide moat.","advantages":[{"mechanism":"intangible_assets","claim":"Established beverage trademarks, reinforced by distribution in more than 200 countries and territories, support sustained demand and realized pricing increases. Distribution reinforces brand availability; the passages do not establish a separate network effect, exclusive market structure or comparative cost advantage.","durability":"System volume increased from 32.7 billion cases in 2022 to 33.8 billion in 2025, followed by 4% consumer-level volume growth in the first half of 2026. Bottler contracts support continuity. This demonstrates persistence over the supplied period, while future durability depends on continued consumer preference, marketing and bottler execution.","risks":"Worldwide volume was approximately flat in 2025 and North America declined. Asia Pacific affordability initiatives and unfavorable mix accompanied lower first-half 2026 operating income. A disclosed trademark impairment reflects actual competitive pressure, although the supplied passages do not identify that trademark. Digital comparison shopping and consumer substitution are disclosed possibilities rather than established system-wide erosion.","invalidation":"The thesis would be undermined by sustained consumer-level volume declines across major regions despite affordability measures, repeated pricing reversals accompanied by declining profits, or material losses of distribution coverage and bottler renewals. Further impairments coupled with persistent operating deterioration across multiple major brands would indicate broader erosion.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e7","e8","e9","e10","e11"],"counterEvidenceIds":["e6","e12","e13","e14","e15","e16","e17"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — Distribution System","excerpt":"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."},{"id":"e2","sourceId":"filing-1","location":"Business — daily consumption of trademark beverages","excerpt":"Consumers enjoy finished beverage products bearing trademarks owned by or licensed to the Company at a rate of 2.2 billion servings each day."},{"id":"e3","sourceId":"filing-5","location":"Business — 2023 and 2022 system unit cases","excerpt":"The Coca-Cola system sold 33.3 billion and 32.7 billion unit cases of our products in 2023 and 2022, respectively."},{"id":"e4","sourceId":"filing-4","location":"Business — 2024 and 2023 system unit cases","excerpt":"The Coca-Cola system sold 33.7 billion and 33.3 billion unit cases of our products in 2024 and 2023, respectively."},{"id":"e5","sourceId":"filing-1","location":"Business — 2025 and 2024 system unit cases","excerpt":"The Coca-Cola system sold 33.8 billion and 33.7 billion unit cases of our products in 2025 and 2024, respectively."},{"id":"e6","sourceId":"filing-1","location":"MD&A — 2025 worldwide and segment volume growth","excerpt":"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."},{"id":"e7","sourceId":"filing-2","location":"MD&A — second-quarter and first-half 2026 volume growth","excerpt":"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."},{"id":"e8","sourceId":"filing-1","location":"MD&A — new and carryover pricing increases in 2025","excerpt":"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."},{"id":"e9","sourceId":"filing-1","location":"MD&A — consolidated 2025 price/mix contribution","excerpt":"Price/mix had a 4% favorable impact on our consolidated net operating revenues."},{"id":"e10","sourceId":"filing-1","location":"Business — bottler agreement duration outside the United States","excerpt":"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."},{"id":"e11","sourceId":"filing-1","location":"Business — United States bottler contracts and renewal rights","excerpt":"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."},{"id":"e12","sourceId":"filing-2","location":"MD&A — regional pricing, mix and affordability initiatives","excerpt":"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."},{"id":"e13","sourceId":"filing-2","location":"Trademark impairment discussion — recorded impairment charge","excerpt":"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."},{"id":"e14","sourceId":"filing-2","location":"Trademark impairment discussion — competitive pressure and revised projections","excerpt":"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."},{"id":"e15","sourceId":"filing-2","location":"MD&A — Asia Pacific first-half operating income","excerpt":"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."},{"id":"e16","sourceId":"filing-2","location":"MD&A — causes of Asia Pacific first-half operating income decline","excerpt":"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%."},{"id":"e17","sourceId":"filing-1","location":"Risk Factors — comparison shopping and route-to-market risks","excerpt":"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."},{"id":"e18","sourceId":"filing-2","location":"MD&A — definition of price/mix","excerpt":"“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."},{"id":"e19","sourceId":"filing-2","location":"MD&A — first-half gross profit margin comparison","excerpt":"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."},{"id":"e20","sourceId":"filing-2","location":"MD&A — pricing, currency, divestiture and commodity effects on gross margin","excerpt":"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."},{"id":"e21","sourceId":"filing-2","location":"Consolidated Statements of Cash Flows — first half of 2026 and 2025","excerpt":"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."},{"id":"e22","sourceId":"filing-3","location":"Annex C — historical growth and 2025 cash flow reconciliation","excerpt":"​ ​ ​ ​ ​ ​ ​ ​ ​ (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."},{"id":"e23","sourceId":"filing-1","location":"Liquidity and Capital Resources — dividends paid","excerpt":"Dividends The Company paid dividends of $8,779 million and $8,359 million during the years ended December 31, 2025 and 2024, respectively."},{"id":"e24","sourceId":"filing-3","location":"Compensation Discussion and Analysis — measures for PSUs granted in 2025","excerpt":"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."},{"id":"e25","sourceId":"filing-3","location":"Compensation Discussion and Analysis — executive share retention policy","excerpt":"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."},{"id":"e26","sourceId":"filing-3","location":"Compensation Discussion and Analysis — hedging, short sale and pledging prohibitions","excerpt":"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."},{"id":"e27","sourceId":"filing-3","location":"Compensation Discussion and Analysis — exclusions from incentive performance measures","excerpt":"Items impacting comparability include asset impairments, transaction gains/losses, restructuring and other items, and certain tax matters."},{"id":"e28","sourceId":"filing-3","location":"Governance — leadership structure at the proxy disclosure date","excerpt":"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."},{"id":"e29","sourceId":"filing-3","location":"Compensation Committee — independent membership","excerpt":"​ ​ ​ ​ ​ ​ 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."},{"id":"e30","sourceId":"filing-3","location":"Audit Matters — audit committee oversight and auditor evaluation","excerpt":"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."},{"id":"e31","sourceId":"filing-2","location":"Consolidated Statements of Income — first-half 2026 operating results","excerpt":"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."},{"id":"e32","sourceId":"filing-2","location":"MD&A — unit case volume as a measure of consumer-level demand","excerpt":"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."},{"id":"e33","sourceId":"filing-2","location":"Operations Review — announced ransomware event at fairlife","excerpt":"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."},{"id":"e34","sourceId":"filing-3","location":"Governance highlights — annual director elections and majority voting","excerpt":"​Annual election of Directors, with majority voting standard in uncontested elections"}],"changes":["Retain the previous narrow verdict: the supplied evidence continues to support brand and distribution advantages with geographically uneven pricing power.","Add explicit quality assessments using actual cash flows, granted incentive structures and disclosed governance practices. Distinguish repeat-demand evidence from customer lock-in and leave undisclosed contractual pricing freedom ungraded."],"limitations":["All evidence is supplied issuer disclosure. Reported operating results support grades, while promotional descriptions of an unmatched system or future success do not establish exceptional durability.","No passage establishes named beverage rivals as competitors. Compensation comparator companies are not evidence of product-market rivalry, and the disclosed distribution partner is not established as a competitor; competitor arrays therefore remain empty.","Comparative market shares, rival distribution economics, measured brand premiums and replication costs are absent. Global reach alone does not establish efficient scale or a cost advantage.","Price/mix includes product, package, channel and geographic mix, so its percentage contribution is not a pure price increase. Contractual pricing rights and restrictions are not supplied.","Retention is assessed indirectly from sustained system consumption and unit case demand, without individual customer retention rates or demonstrated consumer switching costs.","The impaired trademark is unidentified in the supplied passages, and its impairment is historical discussion repeated in 2026 filings; it is not treated as a new impairment in each quarter.","Compensation policies and historical grants are disclosed, but actual executive ownership compliance and subsequent award vesting are not established. Governance structures are assessed as of their disclosure dates; proposed director elections are not treated as completed elections.","Source dates are filing dates with dateKind filed. The latest supplied operating results cover the period ended July 3, 2026, rather than the assessment date."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Trademark consumption at enormous scale, established global availability and realized pricing increases alongside renewed volume growth support a strong current brand advantage. Comparative barriers are insufficiently documented for an exceptional grade.","evidenceIds":["e1","e2","e7","e8","e12"]},{"criterion":"durability","grade":3,"rationale":"System demand persisted and increased across 2022–2025, then grew in the first half of 2026. Bottler contracts provide continuity. This is demonstrated persistence, with limited evidence about longer-term competitive durability and a realized impairment counterexample.","evidenceIds":["e3","e4","e5","e7","e10","e11","e13","e14"]},{"criterion":"customer_dependency","grade":2,"rationale":"Sustained consumption demonstrates repeat demand indirectly, and bottler relationships provide contractual continuity. These passages do not demonstrate consumer lock-in, essential use or material switching costs; affordability initiatives show limits to willingness to pay.","evidenceIds":["e2","e5","e7","e10","e11","e12"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Growing 2026 consumer volume and consolidated margin improvement demonstrate resilience, but flat 2025 volume, regional profit deterioration and the competitively driven trademark impairment establish uneven protection. Digital disruption remains a possible risk rather than a realized system-wide outcome.","evidenceIds":["e6","e7","e13","e14","e15","e16","e17","e19","e20"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"The company disclosed new and carryover pricing increases across all segments in 2025 and favorable initiatives in several regions in 2026. Consumer volume subsequently grew. Asia Pacific affordability initiatives limit breadth, and price/mix cannot be interpreted entirely as price realization.","evidenceIds":["e7","e8","e9","e12","e18"]},{"criterion":"retention","grade":3,"rationale":"Large recurring consumption, stable-to-growing annual system cases and 4% first-half 2026 unit case growth support strong repeat demand indirectly alongside pricing initiatives. This measures aggregate demand persistence, not customer cohort retention; 2025 North America weakness tempers the conclusion.","evidenceIds":["e2","e3","e4","e5","e6","e7","e8","e32"]},{"criterion":"margin_resilience","grade":3,"rationale":"First-half gross margin increased from 62.5% to 62.9%, with pricing helping offset higher commodity costs. Currency and a divestiture also contributed, while Asia Pacific profit declined. Results demonstrate consolidated resilience without attributing it exclusively to pricing or using margins alone to infer a moat.","evidenceIds":["e19","e20","e15","e16"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Observed pricing actions establish exercised commercial discretion, but the supplied bottler contract descriptions address duration and renewal rather than rights to set prices, approval requirements or contractual restrictions.","evidenceIds":["e8","e10","e11","e12"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash of $7.543 billion funded $684 million of capital spending, $4.562 billion of dividends and $663 million of treasury purchases, alongside debt repayments. However, 2025 free cash flow after the fairlife contingent payment was $5.296 billion against $8.779 billion of dividends, and a trademark impairment demonstrates an investment shortfall. Allocation outcomes are mixed; buyback value creation and acquisition returns are not established.","evidenceIds":["e21","e22","e23","e13","e14"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 PSU grants used revenue, EPS and free cash flow measures with a relative TSR modifier. Share retention and prohibitions on hedging and pledging reinforce alignment. Adjusted incentive measures exclude impairments and other items, and actual ownership compliance and eventual vesting are not demonstrated.","evidenceIds":["e24","e25","e26","e27"]},{"criterion":"execution","grade":3,"rationale":"Historical revenue growth, renewed consumer volume growth and higher first-half 2026 revenue and operating income demonstrate strong aggregate execution indirectly through operating outcomes. The trademark impairment, Asia Pacific weakness and disclosed fairlife ransomware event temper that assessment; the event's financial impact is not established.","evidenceIds":["e22","e7","e31","e13","e14","e15","e16","e33"]},{"criterion":"governance","grade":3,"rationale":"Disclosed safeguards include an independent compensation committee, audit committee evaluation of the auditor, a lead independent director and annual director elections with majority voting. The proxy's then-current combined chairman/CEO role limits separation of authority. These are documented practices, not proof of exceptional oversight effectiveness or subsequent election outcomes.","evidenceIds":["e28","e29","e30","e34"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"aca8e8d031af062b4283ffeb2f90c0c83ca2cee5ba98af5456ac2ca762314e67","updatedAt":"2026-10-18T12:30:21.301Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/ko-20251231.htm","publishedAt":"2026-02-20","sha256":"0250fc511937a9cb092404d44ea33d6208d554374d4d3073ff63f5e6e66ddcb7","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/21344/000162828026050503/ko-20260703.htm","publishedAt":"2026-07-29","sha256":"e9085bb23c51e8a140b814b8198c2214b89f682bb32911236cfe1228d94a8f86","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/21344/000110465926028215/ko-20260429xdef14a.htm","publishedAt":"2026-03-16","sha256":"ced006dc2d971e9379d0b98af5659143b7af88f476ebed61d747a3fa15640350","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/21344/000002134425000011/ko-20241231.htm","publishedAt":"2025-02-20","sha256":"72334b067071f33f5078d6571b0b43e63b3938da242a443751e2adad9ac6b262","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/ko-20231231.htm","publishedAt":"2024-02-20","sha256":"485b3847bcb0deba2e3831beeb45414187791cd40378c21fd332743ff16ae336","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/21344/000162828026028802/ko-20260403.htm","publishedAt":"2026-04-30","sha256":"8c2eaf1e2af526a3dd160ae78ff158a36cbaf28acbc912fd51ed83506d5bd742","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:759145cd6daf80ae9dbcddfa26dc21e485d8a0c69e47843e91b6cff655d64f95","usage":{"input_tokens":93525,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4020,"reasoning_output_tokens":125}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":60.27163368257664,"operating_margin":26.666666666666668,"roic":14.118456143434175,"fcf_margin":29.124304747121975,"sbc_revenue":0.8718147716983572},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":58.143428518277375,"operating_margin":25.36740768300623,"roic":15.758690505922585,"fcf_margin":22.170030694819086,"sbc_revenue":0.8278299693051809},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":59.52266468505486,"operating_margin":24.721335839489445,"roic":16.215230132024857,"fcf_margin":21.30305547055995,"sbc_revenue":0.5551427197622065},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":61.06330082233696,"operating_margin":21.232018019166613,"roic":13.60459485577664,"fcf_margin":10.074159070143006,"sbc_revenue":0.6077218928624551},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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