What changed in this filing

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Item 1. Business

2026-02-20 compared with 2025-02-20 · 38 added, 37 removed, 336 unchanged (18% of the section changed)

13 unchanged sentences

We are guided by our purpose, which is to refresh the world and make a difference.

Our vision for growth has three connected pillars:

Our vision for the Company has three connected pillars:

• Loved Brands.

1 unchanged sentence

• Done Sustainably.

We grow our business in ways that achieve positive change in the world and build a more sustainable future for our planet.

We grow our business with an aim to achieve positive change and build a more sustainable future.

• For a Better Shared Future.

We invest to improve people’s lives, from our employees to all those who touch our business system, to our investors, to the communities we call home.

We invest to improve people’s lives, from our employees to our suppliers and customers, to our investors, and to the communities we call home.

The Coca-Cola Company was incorporated in September 1919 under the laws of the State of Delaware and succeeded to the business of a Georgia corporation with the same name that had been organized in 1892.

Effective January 1, 2025, we sunset our Global Ventures operating segment to streamline and simplify our operating structure.

The Global Ventures operating segment was established in 2019 primarily to oversee the Company’s ownership of Costa Limited (“Costa”), innocent and doğadan, as well as the fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation (“Monster”).

The results of the Costa (excluding the ready-to-drink business), innocent and doğadan businesses are now reported within the Company’s Europe, Middle East and Africa (“EMEA”) operating segment.

The results of Costa’s ready-to-drink business and the fees related to Monster are now reported within the applicable geographic operating segments.

Operating Segments

1 unchanged sentence

Our operating structure includes the following operating segments:

• Europe, Middle East and Africa

• Latin America

1 unchanged sentence

• Asia Pacific

• Global Ventures

• Bottling Investments

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The operating units are focused on regional and local execution and are highly interconnected, with the goal of eliminating duplication of resources and scaling new products more quickly.

The operating units work closely with five global marketing category leadership teams to rapidly scale ideas while staying close to the consumer.

The global marketing category leadership teams primarily focus on innovation as well as marketing efficiency and effectiveness.

The operating units work closely with the global marketing category leadership teams to stay close to the consumer, accelerate the impact of innovation, and better integrate the business end-to-end across markets.

Our operating structure also includes Corporate, which consists of two components:

(1) a center focusing on strategic initiatives, policy, governance and scaling global initiatives, and (2) a platform services organization supporting the operating units, global marketing category leadership teams and the center by providing efficient and scaled global services and capabilities, including, but not limited to, transactional work, data management, consumer analytics, digital commerce and social/digital hubs.

The Global Ventures operating segment was established primarily to oversee the Company’s ownership of Costa Limited (“Costa”), innocent and doğadan, as well as the fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation (“Monster”).

In November 2024, we announced plans to sunset our Global Ventures operating segment to streamline and simplify our current operating structure.

Effective January 1, 2025, the results of our Costa (excluding the ready-to-drink business), innocent and doğadan businesses will report to the Company’s Europe, Middle East and Africa operating segment.

Costa’s ready-to-drink business and the fees related to Monster will be the responsibility of the respective geographic operating segments.

For additional information about our operating segments and Corporate, refer to Note 20 of Notes to Consolidated Financial Statements set forth in Part II, “Item 8.

14 unchanged sentences

Our concentrate operations typically generate net operating revenues by selling beverage concentrates, sometimes referred to as “beverage bases,” syrups, including fountain syrups, and certain finished beverages to authorized bottling operations (to which we typically refer as our “bottlers” or our “bottling partners”).

Our bottling partners either combine concentrates with still or sparkling water and sweeteners (depending on the product), or combine syrups with still or sparkling water, to produce finished beverages.

Our bottling partners combine concentrates with still or sparkling water and sweeteners (depending on the product), or combine syrups with still or sparkling water, to produce finished

The finished beverages are packaged in authorized containers, such as cans and refillable and nonrefillable glass and plastic bottles, bearing our trademarks or trademarks licensed to us and are then sold to retailers directly or, in some cases, through wholesalers or other bottlers.

In addition, outside the United States, our bottling partners are typically authorized to manufacture fountain syrups, using our concentrates, which they sell to fountain retailers for use in producing beverages for immediate consumption, or to authorized fountain wholesalers who in turn sell and distribute the fountain syrups to fountain retailers.

Our concentrate operations are included in our geographic operating segments and our Global Ventures operating segment.

Our concentrate operations are included in our geographic operating segments.

Our finished product operations generate net operating revenues by selling sparkling soft drinks and a variety of other finished beverages to retailers, or to distributors and wholesalers who in turn sell the beverages to retailers.

2 unchanged sentences

In certain markets, the Company also operates non-bottling finished product operations in which we sell finished beverages to distributors and wholesalers that are generally not one of the Company’s bottling partners.

These operations are generally included in one of our geographic operating segments or our Global Ventures operating segment.

These operations are generally included in our geographic operating segments.

Additionally, we sell directly to consumers through retail stores operated by Costa.

These sales are included in our Global Ventures operating segment.

These sales are included in our EMEA operating segment, regardless of the physical location of the retail stores.

In the United States, we manufacture fountain syrups and sell them to fountain retailers, who use the fountain syrups to produce beverages for immediate consumption, or to authorized fountain wholesalers or bottling partners who in turn sell and distribute the fountain syrups to fountain retailers.

8 unchanged sentences

• water, sports, coffee and tea:

Aquarius, Ayataka, BODYARMOR, Ciel, Costa, Crystal, Dasani, doğadan, Fuze Tea, Georgia, glacéau smartwater, glacéau vitaminwater, Gold Peak, I LOHAS, Powerade and Topo Chico;

Aquarius, Ayataka, BODYARMOR, Ciel, Costa, Crystal, Dasani, Fuze Tea, Georgia, glacéau smartwater, glacéau vitaminwater, Gold Peak, I LOHAS, Powerade and Topo Chico;

• juice, value-added dairy and plant-based beverages:

Core Power, Del Valle, fairlife, innocent, Maaza, Minute Maid, Minute Maid Pulpy and Simply.

Core Power, Del Valle, fairlife, innocent, Maaza, Minute Maid, Minute Maid Pulpy, Santa Clara and Simply.

1 Schweppes is owned by the Company in certain countries other than the United States.

The Company has also directly entered the alcohol beverage category in numerous markets outside the United States.

In the United States, the Company has established a wholly owned, indirect, firewalled subsidiary, which uses third-party manufacturers and distributors to produce and sell alcohol products in certain regions of the United States and also authorizes alcohol-licensed third parties to use certain of our trademarks and related intellectual property on alcohol beverages that contain Company beverage bases.

In the United States, the Company has established a wholly owned, indirect, firewalled subsidiary, which uses third-party manufacturers and distributors to produce, distribute and sell alcohol products in the United States and also authorizes alcohol-licensed third parties to use certain of our trademarks and related intellectual property on alcohol beverages that contain Company beverage bases.

The Company’s approach in alcohol focuses on three segments of alcohol ready-to-drink beverages:

7 unchanged sentences

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.

For information about geographic and customer data, refer to Note 20 of Notes to Consolidated Financial Statements set forth in Part II, “Item 8.

Financial Statements and Supplementary Data” of this report.

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

18 unchanged sentences

and part of the states of Goiás and Rio de Janeiro), and Argentina (federal capital of Buenos Aires and surrounding areas);

• Coca-Cola Europacific Partners plc (“CCEP”), which has bottling and distribution operations in Andorra, Australia, Belgium, continental France, Germany, Great Britain, Iceland, Indonesia, Luxembourg, Monaco, the Netherlands, New Zealand and Pacific Islands, Norway, Papua New Guinea, the Philippines, Portugal, Spain and Sweden;

• Coca-Cola HBC AG (“Coca-Cola Hellenic”), which has bottling and distribution operations in Armenia, Austria, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, the Czech Republic, Egypt, Estonia, Greece, Hungary, Italy, Latvia, Lithuania, Moldova, Montenegro, Nigeria, North Macedonia, Northern Ireland, Poland, the Republic of Ireland, Romania, Russia, Serbia, Slovakia, Slovenia, Switzerland and Ukraine;

• Coca-Cola Europacific Partners plc (“CCEP”), which has bottling and distribution operations in Andorra, Australia, Belgium, continental France, Germany, Great Britain, Iceland, Indonesia, Luxembourg, Monaco, the Netherlands, New Zealand and the Pacific Islands, Norway, Papua New Guinea, the Philippines, Portugal, Spain and Sweden;

• Coca-Cola HBC AG (“CCHBC”), which has bottling and distribution operations in Armenia, Austria, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, the Czech Republic, Egypt, Estonia, Greece, Hungary, Italy, Latvia, Lithuania, Moldova, Montenegro, Nigeria, North Macedonia, Northern Ireland, Poland, the Republic of Ireland, Romania, Russia, Serbia, Slovakia, Slovenia, Switzerland and Ukraine;

• Arca Continental, S.A.B.

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The Company has directly entered the alcohol beverage category in numerous markets outside the United States.

Competitive products include all alcohol ready-to-drink beverages containing various alcohol bases.

23 unchanged sentences

HFCS is available from numerous domestic sources and has historically been subject to fluctuations in its market price.

Adverse weather conditions may affect the supply of agricultural commodities from which key ingredients for our products are derived.

Adverse weather conditions may affect the supply of agricultural commodities from which key ingredients for our products are derived and manufactured.

For example, drought conditions in certain parts of the United States or in other major corn-producing areas of the world may negatively affect the supply of corn, which in turn may result in shortages of and higher prices for HFCS.

1 unchanged sentence

Our Company generally has not experienced any difficulties in obtaining its requirements for nutritive sweeteners.

In the United States, we purchase HFCS to meet our and our bottlers’ requirements with the assistance of Coca-Cola Bottlers’ Sales & Services Company LLC (“CCBSS”).

In the United States, our bottlers, with the assistance of Coca-Cola Bottlers’ Sales & Services Company LLC (“CCBSS”) and based on terms that the Company negotiates, purchase HFCS to meet our and our bottlers’ requirements.

CCBSS is a limited liability company that is owned by authorized Coca-Cola bottlers doing business in the United States and Canada.

6 unchanged sentences

Juice and juice concentrate from various fruits, particularly orange juice and orange juice concentrate, are the principal raw materials for our juice and juice drink products.

We source our orange juice and orange juice concentrate from Florida and the Southern Hemisphere (particularly Brazil).

We source our orange juice and orange juice concentrate from Florida and the Southern Hemisphere, with Brazil representing our primary sourcing location.

We work closely with Cutrale Citrus Juices U.S.A., Inc., our primary supplier of orange juice from Florida and Brazil, to ensure an adequate supply of orange juice and orange juice concentrate that meets our Company’s standards.

16 unchanged sentences

dioxide and liquid nitrogen.

While we generally purchase these raw materials from multiple suppliers and historically have not experienced significant shortages, certain packaging materials, such as aluminum cans, are available from a limited number of suppliers.

While they generally purchase these raw materials from multiple suppliers and historically have not experienced significant shortages, certain packaging materials, such as aluminum cans, are available from a limited number of suppliers.

Patents, Copyrights, Trade Secrets and Trademarks

26 unchanged sentences

Outside the United States, our business is subject to numerous similar statutes and regulations, as well as other legal and regulatory requirements and regulatory reviews.

Regulators in the United States and abroad have been expressing concerns about processing and the use of particular ingredients or additives in beverage products.

Regulators in the United States and abroad have been expressing concerns about processing and the use of particular ingredients or additives in food and beverage products.

Various jurisdictions have adopted, and others may seek to adopt, bans or restrictions on the use of certain ingredients or substances in products, as well as significant additional product labeling or warning requirements or limitations on the marketing or sale of our products because of what they contain or allegations that they cause adverse health effects.

If these types of requirements become applicable to one or more of our products under current or future environmental or health laws or regulations, they may inhibit sales of such products or make it necessary for us to reformulate certain of our products.

If these types of requirements become applicable to one or more of our products under current or future laws or regulations, they may inhibit sales of such products or make it necessary for us to reformulate certain of our products.

Under the Safe Drinking Water and Toxic Enforcement Act of 1986 (“Proposition 65”) of the state of California, if the state has determined that a substance causes cancer or harms human reproduction or development, a warning must be provided for any product sold in the state that exposes consumers to that substance, unless the conditions of an exemption (described below) can be met.

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Additionally, the state of California may include other substances on the Proposition 65 list in the future.

We expect continued scrutiny of ingredients or

substances present in certain of our products and/or their packaging, as well as processes used to make them, and it is possible that similar or more restrictive requirements may be proposed or enacted in the future.

Bottlers of our beverage products presently offer, among other beverage containers, nonrefillable recyclable containers in the United States and various other markets around the world.

4 unchanged sentences

We anticipate that additional such legal requirements may be proposed or enacted in the future at federal, state and local levels, both in the United States and elsewhere around the world.

All of our Company’s facilities and other operations in the United States and elsewhere around the world are subject to various environmental protection statutes and regulations, including those relating to the use and treatment of water resources, discharge of wastewater and air emissions.

In addition, increasing concern over climate change is expected to continue to result in additional legal or regulatory requirements (both inside and outside the United States) designed to reduce or mitigate the effects of carbon dioxide and other greenhouse gas emissions on the environment, to discourage the use of plastic materials, to limit or impose additional costs on commercial water use due to local water scarcity concerns, or to expand disclosure of certain sustainability metrics.

In addition, ongoing concern over climate change is expected to continue to result in additional legal or regulatory requirements (both inside and outside the United States) designed to reduce or mitigate the effects of carbon dioxide and other greenhouse gas emissions on the environment, to discourage the use of plastic materials, to limit or impose additional costs on commercial water use due to local water scarcity concerns, or to expand disclosure of certain sustainability metrics.

Our policy is to comply with all such legal requirements.

We have made, and plan on continuing to make, expenditures necessary to comply with applicable environmental laws and regulations and that aim to make progress toward achieving our sustainability goals.

While compliance has not had a material adverse effect on our Company’s capital expenditures, net income or competitive position to date, changes in environmental compliance requirements along with expenditures necessary to comply with such requirements or that aim to make progress toward achieving our sustainability goals could adversely affect our financial performance.

While compliance has not had a material adverse effect on our Company’s capital expenditures, net income or competitive position to date, changes in environmental compliance requirements, along with expenditures necessary to comply with such evolving requirements or remediation obligations or that aim to make progress toward achieving our sustainability goals, could adversely affect our financial performance.

We are also subject to various federal, state and international laws and regulations related to cybersecurity, privacy and data protection, including the European Union’s General Data Protection Regulation, China’s Personal Information Protection Law and the California Consumer Privacy Act of 2018 (“CCPA”), which became effective on January 1, 2020, as amended by the California Privacy Rights Act (“CPRA”), which became effective on January 1, 2023.

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federal government may in the future pass such legislation.

The interpretation and application of privacy, data protection and data residency laws are often uncertain and are expanding in the United States and internationally, including in the European Union, Brazil, China and other jurisdictions.

We monitor pending and proposed legislation and regulatory initiatives to ascertain their relevance to and potential impact on our business, and we develop strategies to address regulatory trends and developments, including any required changes to our privacy and data protection compliance programs and policies.

9 unchanged sentences

We believe people are our most important asset, and we strive to attract and retain high-performing talent.

As of December 31, 2024 and 2023, our Company had approximately 69,700 and 79,100 employees, respectively, of which approximately 8,900 and 9,000, respectively, were located in the United States.

The decrease in the total number of employees was primarily due to 2024 refranchising activity.

As of December 31, 2025 and 2024, our Company had approximately 65,900 and 69,700 employees, respectively, of which approximately 8,900 were located in the United States.

The decrease in the total number of employees was primarily due to 2025 divestiture activity.

Our Company, through its divisions and subsidiaries, is a party to numerous collective bargaining agreements.

As of December 31, 2024, approximately 400 employees in North America were covered by collective bargaining

These agreements typically have terms of three to five years.

As of December 31, 2025, approximately 400 employees in North America were covered by collective bargaining agreements.

agreements typically have terms of three to five years.

We currently anticipate that we will continue to successfully negotiate such agreements with representatives of our bargained-for employees.

20 unchanged sentences

Through comprehensive and competitive compensation and benefits, ongoing employee learning and development, and a focus on health and well-being, we strive to support our employees in all aspects of their lives.

Our compensation programs are designed to reinforce our growth agenda and our talent strategy as well as to drive a strong connection between the contributions of our employees and their pay.

Our compensation programs are designed to reinforce our growth agenda and our talent strategy as well as drive a strong connection between the contributions of our employees and their pay.

We review our compensation programs regularly to help ensure fairness, including conducting pay equity analyses.

19 unchanged sentences

In addition, we routinely post on the “Investors” page of our website news releases, announcements and other statements about our business and results of operations.

We may use the “Investors” page of our website as a means of disclosing material, non-public information and to comply with our disclosure obligations under Regulation FD.

We may use the “Investors” page of our website as a means of disclosing material, nonpublic information and to comply with our disclosure obligations under Regulation FD.

Therefore, we encourage investors to monitor the “Investors” page of our website and review the information we post on that page.

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business