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Item 1. Financial Statements

2026-04-30 compared with 2025-10-23 · 144 added, 461 removed, 737 unchanged (45% of the section changed)

3 unchanged sentences

(In millions except per share data)

Three Months Ended Nine Months Ended

September 26,

2025 September 27,

2024 September 26,

2025 September 27,

Three Months Ended

2026 March 28,

Net Operating Revenues $ 12,472 $ 11,129

25 unchanged sentences

(In millions)

Three Months Ended Nine Months Ended

September 26,

2025 September 27,

2024 September 26,

2025 September 27,

Three Months Ended

2026 March 28,

Consolidated Net Income $ 3,966 $ 3,335

11 unchanged sentences

(In millions except par value)

September 26,

2026 December 31,

7 unchanged sentences

Prepaid expenses and other current assets 2,953 2,433

Assets held for sale 5,212 5,342

Total Current Assets 30,390 31,044

2 unchanged sentences

Property, plant and equipment, less accumulated depreciation of $ 9,202 and $ 9,119 , respectively

10,902 10,303

Trademarks with indefinite lives 12,463 12,531

8 unchanged sentences

Accrued income taxes 717 525

Liabilities held for sale 2,427 2,570

Total Current Liabilities 22,378 21,281

19 unchanged sentences

(In millions)

Nine Months Ended

September 26,

2025 September 27,

Three Months Ended

2026 March 28,

Operating Activities

27 unchanged sentences

Dividends ( 2,281 ) ( 89 )

Proceeds from sale of a noncontrolling interest 1,277 —

Other financing activities ( 3 ) ( 105 )

17 unchanged sentences

However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2025.

Certain other amounts in the prior years’ consolidated financial statements and notes have been revised to conform to the current year presentation.

When used in these notes, the terms “The Coca-Cola Company,” “Company,” “we,” “us” and “our” mean The Coca-Cola Company and all entities included in our consolidated financial statements.

In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included.

Operating results for the three and nine months ended September 26, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Operating results for the three months ended April 3, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes.

1 unchanged sentence

Each of our quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period.

The third quarter of 2025 and the third quarter of 2024 ended on September 26, 2025 and September 27, 2024, respectively.

The first quarter of 2026 and the first quarter of 2025 ended on April 3, 2026 and March 28, 2025, respectively.

Our fourth quarter and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls.

10 unchanged sentences

We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable.

Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other noncurrent assets in our consolidated balance sheet, and when applicable, cash and cash equivalents related to assets held for sale are included in the line item prepaid expenses and other current assets in our consolidated balance sheet.

Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other noncurrent assets in our consolidated balance sheet, and when applicable, cash and cash equivalents related to assets held for sale are included in the line item assets held for sale in our consolidated balance sheet.

We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk.

Refer to Note 4 for additional information on our captive insurance companies.

Refer to Note 2 for additional information on our assets held for sale and Note 4 for additional information on our captive insurance companies.

The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions):

September 26,

2026 December 31,

2 unchanged sentences

Cash, cash equivalents, restricted cash and restricted cash equivalents $ 10,995 $ 11,010

September 27,

2025 December 31,

3 unchanged sentences

ACQUISITIONS AND DIVESTITURES

Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 356 million and $ 153 million during the nine months ended September 26, 2025 and September 27, 2024, respectively.

The activity during 2025 included an additional investment of $ 54 million in an equity method investee in Japan.

The activity during the nine months ended September 26, 2025 and September 27, 2024 included $ 271 million and $ 114 million, respectively, of investments in alternative energy limited partnerships.

Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 37 million and $ 42 million during the three months ended April 3, 2026 and March 28, 2025, respectively.

The activity during the three months ended April 3, 2026 and March 28, 2025 included $ 32 million and $ 30 million, respectively, of investments in alternative energy limited partnerships.

Refer to Note 14 for additional information on these investments.

Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the nine months ended September 26, 2025 totaled $ 1,020 million.

In May 2025, the Company refranchised our bottling operations in certain territories in India that were held for sale as of December 31, 2024, for which we received net cash proceeds of $ 218 million and recognized a net gain of $ 102 million.

Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the nine months ended September 27, 2024 totaled $ 3,468 million.

The Company refranchised our bottling operations in certain territories in India in January and February 2024, for which we received net cash proceeds of $ 474 million and recognized a net gain of $ 290 million.

In February 2024, the Company refranchised our bottling operations in the Philippines to CCEP and a local business partner, for which we received net cash proceeds of $ 1,652 million and recognized a net gain of $ 595 million.

We also sold our ownership interest in an equity method investee in Thailand, for which we received net cash proceeds of $ 718 million and recognized a net gain of $ 506 million.

Additionally, the Company refranchised our bottling operations in Bangladesh to Coca-Cola İçecek A.Ş., an equity method investee, for which we received net cash proceeds of $ 27 million and a note receivable of $ 29 million and recognized a net loss of $ 18 million, primarily due to the related reclassification of net foreign currency translation adjustments to income.

During the nine months ended September 26, 2025, the Company recognized an additional loss of $ 14 million related to post-closing adjustments and a corresponding reduction in the outstanding note receivable balance.

In July 2024, we sold a portion of our interest in Coca-Cola Consolidated, Inc.

(“Coke Consolidated”), an equity method investee, to Coke Consolidated, for which we received cash proceeds of $ 554 million and recognized a net gain of $ 338 million.

These gains and losses were recorded in the line item other income (loss) — net in our consolidated statements of income.

Proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $ 748 million during the three months ended March 28, 2025.

In March 2025, the Company sold a portion of our ownership interest in Coca-Cola Europacific Partners plc (“CCEP”), an equity method investee, for which we received cash proceeds of $ 741 million and recognized a net gain of $ 331 million, which was recorded in the line item other income (loss) — net in our consolidated statement of income.

Assets and Liabilities Held for Sale

As of September 26, 2025, certain of the Company’s finished product operations in Nigeria, which were included in the Europe, Middle East & Africa operating segment, met the criteria to be classified as held for sale.

As a result, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell based on the estimated proceeds.

As there are significant negative net foreign currency translation adjustments that will be reclassified to income upon sale, the carrying amount of the assets held for sale (including the net foreign currency translation adjustments) exceeded the estimated proceeds, which required us to record an impairment loss in excess of the carrying amount of the assets held for sale (excluding the net foreign currency translation adjustments).

As a result, during the three and nine months ended September 26, 2025, the Company recorded a charge of $ 393 million, which consisted of a $ 235 million charge to write off the carrying amount of the assets held for sale (excluding the net foreign currency translation adjustments) and a $ 158 million charge to accrue the remaining difference between the carrying amount (including the net foreign currency translation adjustments) and the estimated proceeds.

The accrual was recorded in the line item accounts payable and accrued expenses in our consolidated balance sheet.

These charges were recorded in the line item other income (loss) — net in our consolidated statements of income.

The sale of these operations was completed on October 2, 2025.

Assets and Liabilities Held for Sale — Subsequent Event

In October 2025, the Company entered into a definitive agreement to sell a portion of our interest in our bottling operations in Africa to Coca-Cola HBC AG (“CCHBC”), an equity method investee.

1 unchanged sentence

We have also agreed to a separate option arrangement for CCHBC to acquire the Company’s remaining 25% ownership interest within a six-year period from closing.

As these operations met the criteria to be classified as held for sale during the fourth quarter, we will be required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell based on the estimated proceeds.

Due to the significant negative net foreign currency translation adjustments that will be reclassified to income upon sale, we will be required to reduce the carrying amount of the assets held for sale, which will result in an impairment charge of approximately $ 1 billion during the fourth quarter of 2025.

The following table presents information related to the major classes of assets and liabilities of our bottling operations in Africa as of September 26, 2025, which were included in the Bottling Investments operating segment, that will be classified as held for sale during the fourth quarter of 2025 (in millions):

September 26, 2025

As these operations met the criteria to be classified as held for sale, during the year ended December 31, 2025, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell based on the estimated proceeds.

This resulted in an impairment charge of $ 1,274 million, primarily due to the negative net foreign currency translation adjustments that will be reclassified to income upon sale.

During the three months ended April 3, 2026, we recorded an additional impairment charge of $ 10 million based on management’s revised estimates.

These charges were recorded in the line item other income (loss) — net in our consolidated statement of income.

The following table presents information related to the major classes of assets and liabilities that were classified as held for sale in our consolidated balance sheets (in millions):

2026 December 31,

Cash, cash equivalents and short-term investments $ 172 $ 178

8 unchanged sentences

Other noncurrent assets 64 60

Allowance for reduction of assets held for sale ( 1,275 ) ( 1,265 )

Assets held for sale $ 5,212 $ 5,342

2 unchanged sentences

Current maturities of long-term debt 398 398

Accrued income taxes 35 5

Long-term debt 838 850

3 unchanged sentences

NET OPERATING REVENUES

The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions):

United States International Total

Three Months Ended September 26, 2025

Concentrate operations $ 2,375 $ 5,823 $ 8,198

Finished product operations 2,743 1,514 4,257

Total $ 5,118 $ 7,337 $ 12,455

Three Months Ended September 27, 2024

Concentrate operations $ 2,283 $ 4,775 $ 7,058

Finished product operations 2,620 2,176 4,796

Total $ 4,903 $ 6,951 $ 11,854

The following table presents net operating revenues disaggregated between the United States and International and further by line of business (in millions):

United States International Total

Nine Months Ended September 26, 2025

Three Months Ended April 3, 2026

Concentrate operations $ 2,188 $ 5,197 $ 7,385

1 unchanged sentence

Total $ 4,745 $ 7,727 $ 12,472

Nine Months Ended September 27, 2024

Three Months Ended March 28, 2025

Concentrate operations $ 1,975 $ 4,619 $ 6,594

5 unchanged sentences

Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value

September 26, 2025

April 3, 2026

Marketable securities $ 484 $ —

7 unchanged sentences

Three Months Ended

September 26,

2025 September 27,

Net gains (losses) recognized during the period related to equity securities $ 165 $ 116

Net gains (losses) recognized during the period related to equity securities sold

during the period

Net unrealized gains (losses) recognized during the period related to equity securities

still held at the end of the period

Nine Months Ended

September 26,

2025 September 27,

2026 March 28,

Net gains (losses) recognized during the period related to equity securities $ ( 17 ) $ ( 15 )

3 unchanged sentences

still held at the end of the period

$ ( 33 ) $ ( 23 )

Debt Securities

2 unchanged sentences

Cost Gains Losses

September 26, 2025

April 3, 2026

Trading securities

11 unchanged sentences

$ 1,865 $ 24 $ ( 65 ) $ 1,824

1 The estimated fair value as of April 3, 2026 includes $ 2,015 million of Brazilian government bonds with a cost of $ 2,075 million and gross unrealized losses of $ 60 million and, as of December 31, 2025, includes $ 1,207 million of Brazilian government bonds with a cost of $ 1,255 million, gross unrealized gains of $ 1 million and gross unrealized losses of $ 49 million.

The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):

September 26, 2025 December 31, 2024

April 3, 2026 December 31, 2025

Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities

3 unchanged sentences

Total debt securities $ 49 $ 2,581 $ 50 $ 1,774

The contractual maturities of these available-for-sale debt securities as of September 26, 2025 were as follows (in millions):

The contractual maturities of these available-for-sale debt securities as of April 3, 2026 were as follows (in millions):

Cost Estimated

6 unchanged sentences

The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):

Three Months Ended Nine Months Ended

September 26,

2025 September 27,

2024 September 26,

2025 September 27,

Three Months Ended

2026 March 28,

Gross gains $ 1 $ 1

6 unchanged sentences

The Company uses one of our consolidated captive insurance companies to reinsure group annuity insurance contracts that cover the obligations of certain of our European and Canadian pension plans.

This captive’s solvency capital funds included total equity and debt securities of $ 2,219 million and $ 1,883 million as of September 26, 2025 and December 31, 2024, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets were not available to satisfy our current obligations.

This captive’s solvency capital funds included total equity and debt securities of $ 2,667 million and $ 2,356 million as of April 3, 2026 and December 31, 2025, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets were not available to satisfy our current obligations.

Inventories consisted of the following (in millions):

September 26,

2026 December 31,

7 unchanged sentences

Derivatives Designated as Hedging Instruments Financial Statement Line Item Impacted 1

September 26,

2026 December 31,

1 unchanged sentence

Foreign currency contracts Other noncurrent assets 64 31

Commodity contracts Prepaid expenses and other current assets — 2

Interest rate contracts Other noncurrent assets 132 142

13 unchanged sentences

Derivatives Not Designated as Hedging Instruments Financial Statement Line Item Impacted 1

September 26,

2026 December 31, 2025

1 unchanged sentence

Foreign currency contracts Other noncurrent assets 18 18

Foreign currency contracts Assets held for sale 2 —

Commodity contracts Prepaid expenses and other current assets 78 7

Commodity contracts Other noncurrent assets 2 —

Commodity contracts Assets held for sale

Other derivative instruments Prepaid expenses and other current assets 5 —

2 unchanged sentences

Foreign currency contracts Other noncurrent liabilities 7 5

Foreign currency contracts Liabilities held for sale

Commodity contracts Accounts payable and accrued expenses 2 10

Commodity contracts Other noncurrent liabilities — 1

Commodity contracts Liabilities held for sale

Other derivative instruments Accounts payable and accrued expenses 2 2

27 unchanged sentences

dollar weakens, the increase in the present value of future foreign currency cash flows is partially offset by losses in the fair value of the derivative instruments.

The total notional values of derivatives that were designated and qualified for the

Company’s foreign currency cash flow hedging program were $ 10,151 million and $ 9,206 million as of September 26, 2025 and December 31, 2024, respectively.

The total notional values of derivatives that were designated and qualified for the Company’s foreign currency cash flow hedging program were $ 10,447 million and $ 9,760 million as of April 3, 2026 and December 31, 2025, respectively.

The Company uses cross-currency swaps to hedge the changes in cash flows of certain of its foreign currency denominated debt and other monetary assets or liabilities due to fluctuations in foreign currency exchange rates.

1 unchanged sentence

The changes in fair values of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into income for the changes in fair values attributable to fluctuations in foreign currency exchange rates.

The total notional value of derivatives that were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities was $ 557 million as of both September 26, 2025 and December 31, 2024.

The Company has entered into commodity futures contracts and other derivative instruments on various commodities to mitigate the price risk associated with forecasted purchases of materials used in our manufacturing process.

1 unchanged sentence

The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of certain commodities.

The total notional values of derivatives that were designated and qualified for this program were $ 90 million and $ 58 million as of September 26, 2025 and December 31, 2024, respectively.

The total notional values of derivatives that were designated and qualified for this program were $ 33 million and $ 53 million as of April 3, 2026 and December 31, 2025, respectively.

Our Company monitors our mix of short-term debt and long-term debt regularly.

2 unchanged sentences

The objective of this hedging program is to mitigate the risk of adverse changes in benchmark interest rates on the Company’s future interest payments.

The total notional value of derivatives that were designated and qualified for this program was $ 1,785 million as of September 26, 2025.

There were no derivatives that were designated as part of the Company’s interest rate cash flow hedging program as of December 31, 2024.

The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and income (in millions):

The total notional values of derivatives that were designated and qualified for this program were $ 778 million and $ 1,786 million as of April 3, 2026 and December 31, 2025, respectively.

The following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and income (in millions):

in OCI Financial Statement Line Item Impacted Gain (Loss) Reclassified from AOCI into Income

Three Months Ended September 26, 2025

Three Months Ended April 3, 2026

Foreign currency contracts $ 53 Net operating revenues $ ( 71 )

5 unchanged sentences

Total $ 41 $ ( 78 )

Three Months Ended September 27, 2024

Three Months Ended March 28, 2025

Foreign currency contracts $ ( 269 ) Net operating revenues $ 41

5 unchanged sentences

$ ( 277 ) $ 69

in OCI Financial Statement Line Item Impacted Gain (Loss) Reclassified from AOCI into Income

Nine Months Ended September 26, 2025

Foreign currency contracts $ ( 729 ) Net operating revenues $ ( 137 )

Foreign currency contracts ( 6 ) Cost of goods sold 4

Foreign currency contracts — Interest expense ( 3 )

Foreign currency contracts 31 Other income (loss) — net 67

Commodity contracts ( 6 ) Cost of goods sold ( 2 )

Interest rate contracts ( 1 ) Interest expense ( 2 )

Total $ ( 711 ) $ ( 73 )

Nine Months Ended September 27, 2024

Foreign currency contracts $ 58 Net operating revenues $ 30

Foreign currency contracts 5 Cost of goods sold 13

Foreign currency contracts — Interest expense ( 3 )

Foreign currency contracts ( 14 ) Other income (loss) — net ( 4 )

Commodity contracts ( 1 ) Cost of goods sold ( 3 )

Interest rate contracts ( 53 ) Interest expense ( 1 )

As of September 26, 2025, the Company estimates that it will reclassify into income during the next 12 months net losses of $ 251 million from the pretax amount recorded in AOCI as the anticipated cash flows occur.

As of April 3, 2026, the Company estimates that it will reclassify into income during the next 12 months net losses of $ 97 million from the pretax amount recorded in AOCI as the anticipated cash flows occur.

Fair Value Hedging Strategy

4 unchanged sentences

When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately if the hedged item has matured or has been extinguished.

The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $ 13,641 million and $ 12,628 million as of September 26, 2025 and December 31, 2024, respectively.

The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $ 13,501 million and $ 13,674 million as of April 3, 2026 and December 31, 2025, respectively.

The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on income (in millions):

Hedging Instruments and Hedged Items Financial Statement Line Item Impacted Gain (Loss) Recognized in Income

Three Months Ended Nine Months Ended

September 26,

2025 September 27,

2024 September 26,

2025 September 27,

Three Months Ended

2026 March 28,

Interest rate contracts Interest expense $ ( 49 ) $ 80

5 unchanged sentences

Hedged Items Included in the Carrying Values of Hedged Items Remaining for Which Hedge Accounting Has Been Discontinued

Balance Sheet Location of Hedged Items September 26,

Balance Sheet Location of Hedged Items April 3,

2026 December 31,

2024 September 26,

2025 April 3,

2026 December 31,

2024 September 26,

2025 April 3,

2026 December 31,

4 unchanged sentences

The Company uses forward contracts and a portion of its foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in a number of foreign operations.

In 2025, the Company changed its policy for assessing the effectiveness of derivative financial instruments designated as net investment hedges to include only the changes in fair value attributable to changes in foreign currency spot rates.

In 2025, the Company changed its method for assessing the effectiveness of derivative financial instruments designated as net investment hedges to include only the changes in fair value attributable to changes in foreign currency spot rates.

The changes in the fair values of the effective portion of the derivative financial instruments are recognized in net foreign currency translation adjustments, a component of AOCI, to offset the changes in the values of the net investments being hedged.

4 unchanged sentences

Notional Values Gain (Loss) Recognized in OCI

as of Three Months Ended Nine Months Ended

September 26,

as of Three Months Ended

2026 December 31,

2024 September 26,

2025 September 27,

2024 September 26,

2025 September 27,

2025 April 3,

2026 March 28,

Foreign currency contracts $ 2,226 $ 1,067 $ ( 1 ) $ ( 1 )

1 unchanged sentence

Total $ 16,931 $ 16,065 $ 293 $ ( 606 )

The Company reclassified a gain of $ 3 million related to net investment hedges from AOCI into income during the nine months ended September 27, 2024.

The Company did not reclassify any gains or losses during the three and nine months ended September 26, 2025, nor the three months ended September 27, 2024.

The Company did not reclassify any gains or losses during the three months ended April 3, 2026, nor the three months ended March 28, 2025.

The cash inflows and outflows associated with the Company’s derivative contracts designated as net investment hedges are classified in the line item other investing activities in our consolidated statement of cash flows.

8 unchanged sentences

dollar net cash flows are immediately recognized in earnings in the line items net operating revenues, cost of goods sold or other income (loss) — net in our consolidated statement of income, as applicable.

The total notional values of derivatives related to our foreign currency economic hedges were $ 9,492 million and $ 8,620 million as of September 26, 2025 and December 31, 2024, respectively.

The total notional values of derivatives related to our foreign currency economic hedges were $ 10,207 million and $ 9,744 million as of April 3, 2026 and December 31, 2025, respectively.

The Company also uses certain derivatives as economic hedges to mitigate the price risk associated with the purchase of materials used in the manufacturing process and vehicle fuel.

The changes in the fair values of these economic hedges are immediately recognized in earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our consolidated statement of income, as applicable.

The total notional values of derivatives related to our economic hedges of this type were $ 612 million and $ 328 million as of September 26, 2025 and December 31, 2024, respectively.

The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on income (in millions):

The changes in the fair values of these economic hedges are

immediately recognized in earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our consolidated statement of income, as applicable.

The total notional values of derivatives related to our economic hedges of this type were $ 528 million and $ 482 million as of April 3, 2026 and December 31, 2025, respectively.

The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on income (in millions):

Derivatives Not Designated as Hedging Instruments Financial Statement Line Item Impacted Gain (Loss)

1 unchanged sentence

Three Months Ended

September 26,

2025 September 27,

Foreign currency contracts Net operating revenues $ 1 $ ( 83 )

Foreign currency contracts Cost of goods sold 28 ( 33 )

Foreign currency contracts Other income (loss) — net 58 ( 42 )

Commodity contracts Cost of goods sold 3 ( 24 )

Other derivative instruments Selling, general and administrative expenses 4 15

Total $ 94 $ ( 167 )

Derivatives Not Designated as Hedging Instruments Financial Statement Line Item Impacted Gain (Loss)

Recognized in Income

Nine Months Ended

September 26,

2025 September 27,

2026 March 28,

Foreign currency contracts Net operating revenues $ ( 39 ) $ ( 71 )

14 unchanged sentences

We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program.

Accordingly, amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable and accrued expenses in our consolidated balance sheet.

Accordingly, amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable and accrued expenses and liabilities held for sale in our consolidated balance sheet, as applicable.

All activity related to amounts due to suppliers that elected to participate in the SCF program is reflected within the operating activities section of our consolidated statement of cash flows.

As of September 26, 2025 and December 31, 2024, the amount of obligations outstanding that the Company has confirmed as valid to the financial institutions under the SCF program was $ 1,313 million and $ 1,330 million, respectively.

As of April 3, 2026 and December 31, 2025, the amount of obligations outstanding that the Company has confirmed as valid to the financial institutions under the SCF program was $ 1,262 million and $ 1,363 million, respectively.

As of April 3, 2026 and December 31, 2025, these amounts included $ 32 million and $ 37 million, respectively, of confirmed obligations outstanding related to our bottling operations in Africa that are currently held for sale.

Refer to Note 2.

DEBT AND BORROWING ARRANGEMENTS

Loans and notes payable consist primarily of commercial paper issued in the United States.

As of September 26, 2025 and December 31, 2024, we had $ 1,992 million and $ 1,139 million, respectively, in outstanding commercial paper borrowings.

During the nine months ended September 26, 2025, our bottling operations in Africa refinanced $ 585 million of current maturities of long-term debt into long-term debt.

Our bottling operations in Africa also refinanced a portion of their loans and notes payable, resulting in an increase to long-term debt of $ 55 million.

As of April 3, 2026 and December 31, 2025, we had $ 250 million and $ 1,495 million, respectively, in outstanding commercial paper borrowings.

COMMITMENTS AND CONTINGENCIES

As of September 26, 2025, we were contingently liable for guarantees of indebtedness owed by third parties of $ 740 million, of which $ 62 million was related to variable interest entities.

As of April 3, 2026, we were contingently liable for guarantees of indebtedness owed by third parties of $ 837 million, of which $ 63 million was related to variable interest entities.

Our guarantees are primarily related to third-party customers, bottlers and vendors and have arisen through the normal course of business.

64 unchanged sentences

That amount, plus interest earned, would be refunded in full or in part if the Company’s tax positions are ultimately sustained on appeal.

For the three and nine months ended September 26, 2025, the Company recorded net interest income of $ 55 million and $ 162 million, respectively, related to this tax payment in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy.

The payment of the IRS invoices and the related accrued interest were recorded in the line item other noncurrent assets in our consolidated balance sheets as of September 26, 2025 and December 31, 2024.

For the three months ended April 3, 2026 and March 28, 2025, the Company recorded net interest income of $ 55 million and $ 53 million, respectively, related to this tax payment in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy.

The payment of the IRS invoices and the related accrued interest were recorded in the line item other noncurrent assets in our consolidated balance sheets as of April 3, 2026 and December 31, 2025.

On October 22, 2024, the Company appealed the Tax Court’s decision to the U.S.

7 unchanged sentences

We also considered our intention to vigorously defend our positions and assert our various well-founded legal claims via every available avenue of appeal.

We concluded, based on the technical and legal

merits of the Company’s tax positions, that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal.

We concluded, based on the technical and legal merits of the Company’s tax positions, that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal.

In addition, we considered a number of alternative transfer pricing methodologies, including the methodology asserted by the IRS and affirmed in the Opinions (“Tax Court Methodology”), that could be applied by the courts upon final resolution of the litigation.

2 unchanged sentences

parent company by its foreign licensees, in reliance upon the Closing Agreement, that would be recharacterized as royalties in accordance with the Opinions and the Company’s analysis.

The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of September 26, 2025.

However, based on the required probability analysis and the accrual of interest through the current reporting period, we updated our tax reserve as of September 26, 2025 to $ 502 million.

The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of April 3, 2026.

However, based on the required probability analysis and the accrual of interest through the current reporting period, we updated our tax reserve as of April 3, 2026 to $ 520 million.

While the Company strongly disagrees with the IRS’ positions and the portions of the Opinions affirming such positions, it is possible that some portion or all of the adjustments proposed by the IRS and sustained by the Tax Court could ultimately be upheld.

In that event, the Company would not receive a refund of the applicable portion or all of the $ 6.0 billion it paid in response to the IRS invoices issued in September 2024 and the related accrued interest receivable of $ 313 million as of September 26, 2025.

Additionally, the Company would likely be subject to significant additional liabilities for subsequent years, which could have a material adverse impact on the Company’s financial position, results of operations and cash flows.

The Company calculated the potential impact of applying the Tax Court Methodology to reallocate income from foreign licensees potentially covered within the scope of the Opinions for the 2010 through 2024 tax years, assuming such methodology were to be ultimately upheld by the courts, and the IRS were to decide to apply that methodology to subsequent years, with consent of the federal courts.

The Company calculated the potential impact of applying the Tax Court Methodology to reallocate income from foreign licensees potentially covered within the scope of the Opinions for the 2010 through 2025 tax years, assuming such methodology were to be ultimately upheld by the courts, and the IRS were to decide to apply that methodology to subsequent years, with

consent of the federal courts.

This impact would include taxes and interest accrued through December 31, 2025.

2 unchanged sentences

Additional income tax and interest on any unpaid potential liabilities for the 2010 through 2025 tax years would continue to accrue until the time any such potential liability, or portion thereof, were to be paid.

The Company estimates the impact of the continued application of the Tax Court Methodology for the three and nine months ended September 26, 2025 would increase the potential aggregate incremental tax and interest liability by approximately $ 400 million and $ 1.2 billion, respectively.

We currently project the continued application of the Tax Court Methodology in 2025, assuming similar facts and circumstances as of December 31, 2024, would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately 3.5 %.

The Company estimates the impact of the continued application of the Tax Court Methodology for the three months ended April 3, 2026 would increase the potential aggregate incremental tax and interest liability by approximately $ 450 million.

We currently project the continued application of the Tax Court Methodology in 2026, assuming similar facts and circumstances as of December 31, 2025 and reflecting changes enacted under the One Big Beautiful Bill Act effective in 2026, would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately 3.8 %.

Risk Management Programs

3 unchanged sentences

Our reserves for the Company’s self-insured losses are estimated using actuarial methods and assumptions of the insurance industry, adjusted for our specific expectations based on our claims history.

Our self-insurance reserves totaled $ 171 million and $ 168 million as of September 26, 2025 and December 31, 2024, respectively .

Our self-insurance reserves totaled $ 159 million and $ 155 million as of April 3, 2026 and December 31, 2025, respectively .

OTHER COMPREHENSIVE INCOME

2 unchanged sentences

AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions):

September 26,

2026 December 31,

5 unchanged sentences

The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions):

Nine Months Ended September 26, 2025

Three Months Ended April 3, 2026

Shareowners of

4 unchanged sentences

Net foreign currency translation adjustments 2 ( 44 ) ( 42 )

2,281 ( 122 ) 2,159

Net gains (losses) on derivatives 1

( 449 ) — ( 449 )

Net change in unrealized gains (losses) on available-for-sale debt securities 2

( 11 ) — ( 11 )

Net change in pension and other postretirement benefit liabilities 29 — 29

Total comprehensive income (loss) $ 4,015 $ ( 2 ) $ 4,013

1 Includes reclassification of $ 226 million of foreign currency translation adjustments from shareowners of The Coca-Cola Company to noncontrolling interests related to our bottling operations in India.

Refer to Note 11.

1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

1 unchanged sentence

The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions):

Three Months Ended September 26, 2025 Before-Tax Amount Income Tax After-Tax Amount

Foreign currency translation adjustments:

Translation adjustments arising during the period $ 482 $ ( 96 ) $ 386

Reclassification adjustments recognized in net income 38 — 38

Gains (losses) on intra-entity transactions that are of a long-term investment nature ( 39 ) — ( 39 )

Gains (losses) on net investment hedges arising during the period 1

Reclassification to noncontrolling interests 2

Net foreign currency translation adjustments $ 742 $ ( 104 ) $ 638

Gains (losses) arising during the period $ 80 $ ( 12 ) $ 68

Reclassification adjustments recognized in net income 112 ( 28 ) 84

Net gains (losses) on derivatives 1

$ 192 $ ( 40 ) $ 152

Available-for-sale debt securities:

Unrealized gains (losses) arising during the period $ 12 $ ( 4 ) $ 8

Reclassification adjustments recognized in net income 1 — 1

Net change in unrealized gains (losses) on available-for-sale debt securities 3

$ 13 $ ( 4 ) $ 9

Pension and other postretirement benefit liabilities:

Net pension and other postretirement benefit liabilities arising during the period $ ( 10 ) $ ( 1 ) $ ( 11 )

Reclassification adjustments recognized in net income 24 ( 6 ) 18

Net change in pension and other postretirement benefit liabilities $ 14 $ ( 7 ) $ 7

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola

Company $ 961 $ ( 155 ) $ 806

1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2 Refer to Note 11 for additional information related to the noncontrolling interest in our bottling operations in India.

3 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.

Nine Months Ended September 26, 2025 Before-Tax Amount Income Tax After-Tax Amount

Three Months Ended April 3, 2026 Before-Tax Amount Income Tax After-Tax Amount

Foreign currency translation adjustments:

Translation adjustments arising during the period $ 250 $ 20 $ 270

Reclassification adjustments recognized in net income 72 ( 2 ) 70

Gains (losses) on intra-entity transactions that are of a long-term investment nature ( 490 ) — ( 490 )

1 unchanged sentence

293 ( 71 ) 222

Reclassification to noncontrolling interests 2

Net foreign currency translation adjustments $ 53 $ ( 51 ) $ 2

5 unchanged sentences

Unrealized gains (losses) arising during the period $ ( 15 ) $ 4 $ ( 11 )

Reclassification adjustments recognized in net income 2 — 2

Net change in unrealized gains (losses) on available-for-sale debt securities 2

7 unchanged sentences

1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2 Refer to Note 11 for additional information related to the noncontrolling interest in our bottling operations in India.

2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.

Three Months Ended September 27, 2024 Before-Tax Amount Income Tax After-Tax Amount

Foreign currency translation adjustments:

Translation adjustments arising during the period $ ( 469 ) $ 89 $ ( 380 )

Gains (losses) on intra-entity transactions that are of a long-term investment nature 959 — 959

Gains (losses) on net investment hedges arising during the period 1

( 575 ) 143 ( 432 )

Net foreign currency translation adjustments $ ( 85 ) $ 232 $ 147

Gains (losses) arising during the period $ ( 216 ) $ 52 $ ( 164 )

Reclassification adjustments recognized in net income ( 72 ) 18 ( 54 )

Net gains (losses) on derivatives 1

$ ( 288 ) $ 70 $ ( 218 )

Available-for-sale debt securities:

Unrealized gains (losses) arising during the period $ 11 $ ( 2 ) $ 9

Reclassification adjustments recognized in net income ( 8 ) 2 ( 6 )

Net change in unrealized gains (losses) on available-for-sale debt securities 2

Pension and other postretirement benefit liabilities:

Net pension and other postretirement benefit liabilities arising during the period $ ( 20 ) $ 5 $ ( 15 )

Reclassification adjustments recognized in net income 6 ( 1 ) 5

Net change in pension and other postretirement benefit liabilities $ ( 14 ) $ 4 $ ( 10 )

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola

Company $ ( 384 ) $ 306 $ ( 78 )

1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.

Nine Months Ended September 27, 2024 Before-Tax Amount Income Tax After-Tax Amount

Three Months Ended March 28, 2025 Before-Tax Amount Income Tax After-Tax Amount

Foreign currency translation adjustments:

22 unchanged sentences

2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.

The following table presents the amounts and line items in our consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions):

The following table presents the amounts and line items in our consolidated statement of income where adjustments reclassified from AOCI into income were recorded (in millions):

Amount Reclassified from AOCI

Description of AOCI Component Financial Statement Line Item Impacted Three Months Ended September 26, 2025 Nine Months Ended September 26, 2025

Foreign currency translation adjustments:

Divestitures 1,2

Other income (loss) — net $ 38 $ 72

Income before income taxes 38 72

Income taxes — ( 2 )

Consolidated net income $ 38 $ 70

Description of AOCI Component Financial Statement Line Item Impacted Three Months Ended April 3, 2026

Foreign currency contracts Net operating revenues $ 71

5 unchanged sentences

Consolidated net income $ 59

Available-for-sale debt securities:

Sale of debt securities Other income (loss) — net $ 1 $ 2

Income before income taxes 1 2

Income taxes — —

Consolidated net income $ 1 $ 2

Pension and other postretirement benefit liabilities:

Divestitures 1

Other income (loss) — net $ — $ ( 2 )

Curtailment loss (gain) Other income (loss) — net — 11

Amortization of net actuarial loss (gain) Other income (loss) — net $ 21

Amortization of prior service cost (credit) Other income (loss) — net — ( 1 )

Income before income taxes 21

1 unchanged sentence

Consolidated net income $ 16

1 Related to the sale of a portion of our ownership interest in CCEP.

Refer to Note 2.

2 Related to the refranchising of certain bottling operations in Ghana.

Refer to Note 16.

CHANGES IN EQUITY

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Shareowners of The Coca-Cola Company

Three Months Ended September 26, 2025 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests

June 27, 2025 4,304 $ 30,182 $ 78,803 $ ( 15,758 ) $ 1,760 $ 19,970 $ ( 56,190 ) $ 1,597

Comprehensive income (loss) 1

— 4,288 3,696 806 — — — ( 214 )

Dividends paid/payable to

shareowners of The Coca-Cola

Company ($ 0.51 per share)

— ( 2,194 ) ( 2,194 ) — — — — —

Dividends paid to noncontrolling

— ( 7 ) — — — — — ( 7 )

Purchases of treasury stock ( 3 ) ( 174 ) — — — — ( 174 ) —

Impact related to stock-based

compensation plans 1 92 — — — 83 9 —

Sale of subsidiary shares 1

— 1,080 — — — 436 — 644

September 26, 2025 4,302 $ 33,267 $ 80,305 $ ( 14,952 ) $ 1,760 $ 20,489 $ ( 56,355 ) $ 2,020

1 In July 2025, we sold a 40 % noncontrolling interest in our bottling operations in India to a local partner for approximately $ 1.3 billion, which, net of direct costs, resulted in an increase to total equity of $ 1.1 billion.

As a result, 40 % of the subsidiary’s equity was allocated to the noncontrolling interest and the remaining amount was recorded in capital surplus.

Additionally, $ 226 million of foreign currency translation adjustments included in AOCI were allocated to the noncontrolling interest.

Shareowners of The Coca-Cola Company

Nine Months Ended September 26, 2025 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests

Three Months Ended April 3, 2026 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests

December 31, 2025 4,302 $ 34,275 $ 80,382 $ ( 14,131 ) $ 1,760 $ 20,581 $ ( 56,423 ) $ 2,106

Comprehensive income (loss) — 4,013 3,924 91 — — — ( 2 )

— 12,590 10,836 1,891 — — — ( 137 )

Dividends paid/payable to

4 unchanged sentences

— ( 3 ) — — — — — ( 3 )

Contributions by noncontrolling interests — 13 — — — — — 13

Purchases of treasury stock ( 5 ) ( 361 ) — — — — ( 361 ) —

1 unchanged sentence

compensation plans 6 90 — — — 53 37 —

Sale of subsidiary shares 1

— 1,080 — — — 436 — 644

September 26, 2025 4,302 $ 33,267 $ 80,305 $ ( 14,952 ) $ 1,760 $ 20,489 $ ( 56,355 ) $ 2,020

As a result, 40 % of the subsidiary’s equity was allocated to the noncontrolling interest and the remaining amount was recorded in capital surplus.

Additionally, $ 226 million of foreign currency translation adjustments included in AOCI were allocated to the noncontrolling interest.

Shareowners of The Coca-Cola Company

Three Months Ended September 27, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests

June 28, 2024 4,309 $ 27,411 $ 75,189 $ ( 15,458 ) $ 1,760 $ 19,468 $ ( 55,106 ) $ 1,558

Comprehensive income (loss) — 2,853 2,848 ( 78 ) — — — 83

Dividends paid/payable to

shareowners of The Coca-Cola

Company ($ 0.485 per share)

— ( 2,091 ) ( 2,091 ) — — — — —

Dividends paid to noncontrolling

interests — ( 5 ) — — — — — ( 5 )

Purchases of treasury stock ( 5 ) ( 358 ) — — — — ( 358 ) —

Impact related to stock-based

compensation plans 6 344 — — — 242 102 —

September 27, 2024 4,310 $ 28,154 $ 75,946 $ ( 15,536 ) $ 1,760 $ 19,710 $ ( 55,362 ) $ 1,636

April 3, 2026 4,303 $ 35,734 $ 82,026 $ ( 14,040 ) $ 1,760 $ 20,634 $ ( 56,747 ) $ 2,101

Shareowners of The Coca-Cola Company

Nine Months Ended September 27, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests

Three Months Ended March 28, 2025 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests

December 31, 2024 4,302 $ 26,372 $ 76,054 $ ( 16,843 ) $ 1,760 $ 19,801 $ ( 55,916 ) $ 1,516

6 unchanged sentences

interests — ( 2 ) — — — — — ( 2 )

Divestitures — ( 4 ) — — — — — ( 4 )

Purchases of treasury stock ( 4 ) ( 279 ) — — — — ( 279 ) —

1 unchanged sentence

compensation plans 6 129 — — — 72 57 —

September 27, 2024 4,310 $ 28,154 $ 75,946 $ ( 15,536 ) $ 1,760 $ 19,710 $ ( 55,362 ) $ 1,636

March 28, 2025 4,304 $ 27,754 $ 77,189 $ ( 16,482 ) $ 1,760 $ 19,873 $ ( 56,138 ) $ 1,552

SIGNIFICANT OPERATING AND NONOPERATING ITEMS

Other Operating Charges

During the three months ended September 26, 2025, the Company recorded other operating charges of $ 58 million.

These charges included $ 27 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $ 24 million related to the Company’s productivity and reinvestment program, $ 4 million for the amortization of noncompete agreements related to the BA Sports Nutrition, LLC (“BodyArmor”) acquisition in 2021 and $ 3 million related to tax litigation expense.

During the nine months ended September 26, 2025, the Company recorded other operating charges of $ 202 million.

During the three months ended April 3, 2026, the Company recorded other operating charges of $ 21 million.

These charges included $ 10 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $ 4 million related to North America modernization initiatives, $ 4 million for the amortization of noncompete agreements related to the BA Sports Nutrition, LLC (“BodyArmor”) acquisition in 2021 and $ 3 million related to tax litigation expense.

During the three months ended March 28, 2025, the Company recorded other operating charges of $ 73 million.

These charges consisted of $ 47 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020, which brought the total liability to $ 6,173 million and was paid in March 2025.

Additionally, other operating charges included $ 63 million related to the Company’s productivity and reinvestment program, $ 35 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $ 31 million related to the impairment of a trademark that impacted the Latin America operating segment, $ 11 million for the amortization of noncompete agreements related to the BodyArmor acquisition, $ 8 million related to tax litigation expense and $ 7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India.

During the three months ended September 27, 2024, the Company recorded other operating charges of $ 1,044 million.

These charges consisted of $ 919 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $ 87 million related to the impairment of a trademark that impacted the Latin America operating segment and $ 34 million related to the Company’s productivity and reinvestment program.

In addition, other operating charges included $ 4 million for the amortization of noncompete agreements related to the BodyArmor acquisition and

$ 2 million of transaction costs related to the sale of a portion of our interest in Coke Consolidated.

These charges were partially offset by a net benefit of $ 2 million related to a revision of management’s estimates for tax litigation expense.

During the nine months ended September 27, 2024, the Company recorded other operating charges of $ 3,987 million.

These charges consisted of $ 3,021 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $ 760 million related to the impairment of our BodyArmor trademark that impacted our North America operating segment, $ 102 million related to the Company’s productivity and reinvestment program and $ 87 million related to the impairment of a trademark that impacted our Latin America operating segment.

In addition, other operating charges included $ 11 million for the amortization of noncompete agreements related to the BodyArmor acquisition, $ 7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India and $ 2 million of transaction costs related to the sale of a portion of our interest in Coke Consolidated.

These charges were partially offset by a net benefit of $ 3 million related to a revision of management’s estimates for tax litigation expense.

Refer to Note 2 for additional information on the refranchising of our bottling operations in certain territories in India and the sale of a portion of our interest in Coke Consolidated.

Additionally, other operating charges included $ 11 million related to the Company’s productivity and reinvestment program, $ 9 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $ 3 million for the amortization of noncompete agreements related to the BodyArmor acquisition and $ 3 million related to tax litigation expense.

Refer to Note 9 for additional information on the tax litigation.

Refer to Note 13 for additional information on the Company’s restructuring initiatives.

Refer to Note 16 for additional information on the fairlife acquisition and the impairments.

Other Nonoperating Items

Equity Income (Loss) — Net

During the three and nine months ended September 26, 2025, the Company recorded a net gain of $ 7 million and a net charge of $ 21 million, respectively.

During the three and nine months ended September 27, 2024, the Company recorded a net gain of $ 4 million and a net charge of $ 45 million, respectively.

During the three months ended April 3, 2026 and March 28, 2025, the Company recorded net charges of $ 33 million and $ 8 million, respectively.

These amounts represent the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.

Other Income (Loss) — Net

During the three months ended September 26, 2025, the Company recognized a net gain of $ 151 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, a charge of $ 393 million related to certain operations held for sale in Nigeria and a charge of $ 8 million related to the refranchising of certain bottling operations in Ghana.

During the nine months ended September 26, 2025, the Company recognized a net gain of $ 331 million related to the sale of a portion of our ownership interest in CCEP, a net gain of $ 295 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and a net gain of $ 102 million related to the refranchising of our bottling operations in certain territories in India.

The Company also recorded a charge of $ 393 million related to certain operations held for sale in Nigeria and recorded other-than-temporary impairment charges of $ 40 million related to an equity method investee in Latin America and $ 25 million related to a joint venture in Latin America.

Additionally, the Company recorded a charge of $ 36 million related to the refranchising of certain bottling operations in Ghana, and charges of $ 25 million and $ 11 million for special termination benefits and a curtailment loss, respectively, related to non-U.S.

During the three months ended April 3, 2026, the Company recognized a net loss of $ 19 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.

The Company also recorded an impairment charge of $ 10 million related to our bottling operations in Africa, which are held for sale.

During the three months ended March 28, 2025, the Company recognized a gain of $ 331 million related to the sale of a portion of our ownership interest in CCEP, an impairment charge of $ 25 million related to an equity method investee in Latin America and a net loss of $ 19 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.

The Company also recorded charges of $ 25 million and $ 11 million for special termination benefits and a curtailment loss, respectively, related to non-U.S.

pension activity.

During the three months ended September 27, 2024, the Company recognized a net gain of $ 338 million related to the sale of a portion of our interest in Coke Consolidated and a net gain of $ 103 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.

These gains were partially offset by a charge of $ 10 million related to post-closing adjustments for the sale of our ownership interest in an equity method investee in Thailand and a charge of $ 4 million related to post-closing adjustments for the refranchising of our bottling operations in the Philippines.

During the nine months ended September 27, 2024, the Company recognized a net gain of $ 595 million related to the refranchising of our bottling operations in the Philippines, including the impact of post-closing adjustments, and recognized a net gain of $ 506 million related to the sale of our ownership interest in an equity method investee in Thailand, including the impact of post-closing adjustments.

The Company also recognized a net gain of $ 338 million related to the sale of a portion of our interest in Coke Consolidated, a net gain of $ 331 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and a net gain of $ 290 million related to the refranchising of our bottling operations in certain territories in India, including the impact of post-closing adjustments.

These gains were partially offset by an other-than-temporary impairment charge of $ 34 million related to an equity method investee in Latin America and a loss of $ 7 million related to post-closing adjustments for the refranchising of our bottling operations in Vietnam in 2023.

Refer to Note 2 for additional information on our divestiture activities and on our operations held for sale in Nigeria.

Refer to Note 2 for additional information on our bottling operations in Africa and the sale of our ownership interest in CCEP.

Refer to Note 4 for additional information on equity and debt securities.

1 unchanged sentence

pension curtailment and special termination benefits.

Refer to Note 16 for additional information on the impairment charges and the bottling operations in Ghana.

RESTRUCTURING

Productivity and Reinvestment Program

In February 2012, the Company announced a productivity and reinvestment program designed to strengthen our brands and reinvest our resources to drive long-term profitable growth.

The program was expanded multiple times, with the last expansion occurring in April 2017.

While most of the initiatives included in this program were substantially completed by the end of 2024, certain initiatives, which are primarily designed to further simplify and standardize our organization, have been delayed and will be completed during 2025.

During the three and nine months ended September 26, 2025, the Company incurred expenses of $ 24 million and $ 63 million, respectively, and during the three and nine months ended September 27, 2024, incurred expenses of $ 34 million and $ 102 million, respectively, related to our productivity and reinvestment program.

These expenses primarily included internal and external costs associated with the implementation of the program’s initiatives and were recorded in the line item other operating charges in our consolidated statements of income.

The Company has incurred total pretax expenses of $ 4,489 million related to this program since it commenced.

Refer to Note 15 for additional information on the impairment charges .

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

3 unchanged sentences

Three Months Ended

September 26,

2025 September 27,

2024 September 26,

2025 September 27,

Service cost $ 26 $ 26 $ 1 $ 1

Interest cost 76 77 3 3

Expected return on plan assets 1

( 106 ) ( 118 ) ( 1 ) ( 1 )

Amortization of prior service cost (credit) 1 — ( 1 ) ( 1 )

Amortization of net actuarial loss (gain) 25 26 ( 1 ) ( 1 )

Settlement loss (gain) — — — ( 19 )

Net periodic benefit cost (income) $ 22 $ 11 $ 1 $ ( 18 )

1 The weighted-average expected long-term rates of return on plan assets used in computing 2025 net periodic benefit cost (income) were 7.00 % for pension plans and 6.75 % for other postretirement benefit plans.

Pension Plans Other Postretirement

Benefit Plans

Nine Months Ended

September 26,

2025 September 27,

2024 September 26,

2025 September 27,

2026 March 28,

2025 April 3,

2026 March 28,

Service cost $ 26 $ 26 $ 1 $ 1

4 unchanged sentences

Amortization of net actuarial loss (gain) 21 25 — —

Settlement loss (gain) — — — ( 19 )

Curtailment loss (gain) 2

2 unchanged sentences

1 The weighted-average expected long-term rates of return on plan assets used in computing 2026 net periodic benefit cost (income) were 6.25 % for pension plans and 6.75 % for other postretirement benefit plans.

2 The curtailment loss and special termination benefits were related to the group annuity purchase (“buy-in”) for a non-U.S.

2 The curtailment loss and special termination benefits were primarily related to the benefit uplifts provided by the Company to active participants pursuant to the group annuity purchase (“buy-in”) for a non-U.S.

defined benefit plan.

The Company intends to convert the buy-in to a buy-out in the future, at which time the insurer would assume full responsibility for the plan obligations.

All of the amounts in the tables above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income.

During the nine months ended September 26, 2025, the Company contributed $ 23 million to our pension trusts, offset by $ 331 million in transfers of surplus non-U.S.

plan assets from pension trusts to general assets of the Company.

All of the amounts in the table above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income.

During the three months ended April 3, 2026, the Company contributed $ 9 million to our pension trusts.

We anticipate making additional contributions of approximately $ 18 million during the remainder of 2026.

The Company contributed $ 11 million to our pension trusts, offset by a $ 61 million transfer of surplus non-U.S.

plan assets from pension trusts to general assets of the Company during the nine months ended September 27, 2024.

The Company recorded income taxes of $ 500 million ( 11.9 % effective tax rate) and $ 530 million ( 15.7 % effective tax rate) during the three months ended September 26, 2025 and September 27, 2024, respectively.

The Company recorded income taxes of $ 2,215 million ( 17.0 % effective tax rate) and $ 1,844 million ( 17.9 % effective tax rate) during the nine months ended September 26, 2025 and September 27, 2024, respectively.

The Company’s effective tax rates for the three and nine months ended September 26, 2025 and September 27, 2024 vary from the statutory U.S.

plan assets from pension trusts to general assets of the Company during the three months ended March 28, 2025.

The Company recorded income taxes of $ 645 million ( 14.0 % effective tax rate) and $ 722 million ( 17.8 % effective tax rate) during the three months ended April 3, 2026 and March 28, 2025, respectively.

The Company’s effective tax rates for the three months ended April 3, 2026 and March 28, 2025 vary from the statutory U.S.

federal tax rate of 21.0 %, primarily due to the tax impact of significant operating and nonoperating items, as described in Note 12, along with the tax benefits of having significant earnings generated outside of the United States and significant earnings generated in investments accounted for under the equity method, both of which are generally taxed at rates lower than the statutory U.S.

federal tax rate.

The Company’s effective tax rates for the three and nine months ended September 26, 2025 included $ 442 million and $ 597 million, respectively, of net tax benefits related to various discrete tax items, including net interest income of $ 55 million and $ 162 million, respectively, related to the IRS Tax Litigation Deposit recorded in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy.

Also included were tax benefits of $ 258 million and $ 344 million, respectively, related to changes in the Company’s indefinite reinvestment assertion and reassessments of the realizability of deferred tax assets for certain foreign entities.

The Company’s effective tax rates for the three and nine months ended September 27, 2024 included $ 45 million of net tax benefit and $ 15 million of net tax expense, respectively, related to various discrete tax items, including the resolution of certain foreign tax matters, certain return to provision adjustments and the net tax impact of agreed-upon audit issues.

During the nine months ended September 26, 2025, the Company invested $ 271 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities.

During the three and nine months ended September 26, 2025, the Company received tax credits and other income tax benefits of $ 13 million and $ 168 million, respectively, and recognized amortization expense of $ 11 million and $ 153 million, respectively, related to all of our investments of this nature.

The amount of non-income tax-related activity and other returns related to these investments was not material during the three and nine months ended September 26, 2025.

During the nine months ended September 27, 2024, the Company invested $ 114 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities.

During the three and nine months ended September 27, 2024, the Company received tax credits and other income tax benefits of $ 74 million and

recognized amortization expense of $ 70 million related to all of our investments of this nature.

The amount of non-income tax-related activity and other returns related to these investments was not material during the three and nine months ended September 27, 2024.

As of September 26, 2025 and December 31, 2024, the carrying value of these investments was $ 37 million and $ 41 million, respectively.

The Company has no unfunded commitments related to these investments as of September 26, 2025.

The Company’s effective tax rate for the three months ended April 3, 2026 included $ 279 million of net tax benefits related to various discrete tax items, including net interest income of $ 55 million related to the IRS Tax Litigation Deposit recorded in the line item income taxes in our consolidated statement of income, in accordance with our accounting policy, and a tax benefit of $ 194 million, primarily related to return to provision adjustments.

The Company’s effective tax rate for the three months ended March 28, 2025 included $ 143 million of net tax benefits related to various discrete tax items, including net interest income of $ 53 million related to the IRS Tax Litigation Deposit recorded in the line item income taxes in our consolidated statement of income, in accordance with our accounting policy, and a tax benefit of $ 85 million related to a change in the Company’s indefinite reinvestment assertion for certain foreign entities.

During the three months ended April 3, 2026, the Company invested $ 32 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities.

During the three months ended April 3, 2026, the Company received tax credits and other income tax benefits of $ 3 million and recognized amortization expense of $ 2 million related to all of our investments of this nature.

The amount of non-income tax-related activity and other returns related to these investments was not material during the three months ended April 3, 2026.

During the three months ended March 28, 2025, the Company invested $ 30 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities.

During the three months ended March 28, 2025, the Company received tax credits and other income tax benefits of $ 9 million and recognized amortization expense of $ 7 million related to all of our investments of this nature.

The amount of non-income tax-related activity and other returns related to these investments was not material during the three months ended March 28, 2025.

As of April 3, 2026 and December 31, 2025, the carrying values of these investments were $ 30 million and $ 32 million, respectively.

The Company has no unfunded commitments related to these investments as of April 3, 2026.

The Company recorded $ 32 million of unfunded commitments related to these investments in the line item accounts payable and accrued expenses in our consolidated balance sheet as of December 31, 2025.

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The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions):

September 26, 2025 Level 1 Level 2 Level 3 Other 3

April 3, 2026 Level 1 Level 2 Level 3 Other 3

Equity securities with readily determinable values 1

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7 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows:

$ 10 million in the line item other noncurrent assets and $ 162 million in the line item other noncurrent liabilities .

$ 12 million in the line item assets held for sale, $ 92 million in the line item other noncurrent assets, $ 2 million in the line item liabilities held for sale and $ 40 million in the line item other noncurrent liabilities.

Refer to Note 6 for additional information related to the composition of our derivatives portfolio.

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Total assets $ 2,148 $ 2,502 $ 61 $ 143 $ ( 403 ) $ 4,451

Contingent consideration liability $ — $ — $ 6,126 5

$ — $ — $ 6,126

Derivatives 2

7 unchanged sentences

Refer to Note 6.

5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife, which is contingent on fairlife achieving certain financial targets through 2024 and is payable in 2025.

This milestone payment is based on agreed-upon formulas related to fairlife’s operating results, the resulting value of which is not subject to a ceiling.

The fair value was determined using discounted cash flow analyses.

We are required to remeasure this liability to fair value quarterly, with any changes in the fair value recorded in income until the final milestone payment is made.

5 The Company was obligated to return $ 48 million in cash collateral it had netted against its derivative position.

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7 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows:

$ 102 million in the line item prepaid expenses and other current assets, $ 117 million in the line item other noncurrent assets and $ 22 million in the line item other noncurrent liabilities.

$ 3 million in the line item assets held for sale, $ 35 million in the line item other noncurrent assets, $ 5 million in the line item liabilities held for sale and $ 90 million in the line item other noncurrent liabilities.

Refer to Note 6 for additional information related to the composition of our derivatives portfolio.

Gross realized and unrealized gains and losses on Level 3 assets and liabilities, excluding the contingent consideration liability, were not significant for the three and nine months ended September 26, 2025 and September 27, 2024.

Gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the three months ended April 3, 2026.

Gross realized and unrealized gains and losses on Level 3 assets and liabilities, excluding the remeasurement of the fairlife contingent consideration liability, were not significant for the three months ended March 28, 2025.

Refer to Note 12 for additional information on the fairlife contingent consideration liability.

The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period.

Gross transfers between levels within the hierarchy were not significant for the three and nine months ended September 26, 2025 and September 27, 2024.

Gross transfers between levels within the hierarchy were not significant for the three months ended April 3, 2026 and March 28, 2025.

Nonrecurring Fair Value Measurements

The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the following table (in millions):

Gains (Losses)

Three Months Ended Nine Months Ended

September 26, 2025 September 27,

2024 September 26,

2025 September 27,

Assets held for sale $ ( 235 ) 1

$ — $ ( 263 ) 1

Impairment of intangible assets — ( 87 ) 2

Other-than-temporary impairment charges — — ( 65 ) 4,5

Total $ ( 235 ) $ ( 87 ) $ ( 359 ) $ ( 881 )

1 The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the estimated proceeds.

During the three and nine months ended September 26, 2025, the Company recorded a charge of $ 235 million in the line item other income (loss) — net in our consolidated statements of income.

This charge was due to the write-off of assets related to the sale of certain finished product operations in Nigeria and was calculated based on Level 3 inputs.

During the three months ended April 3, 2026, the Company recorded an impairment charge of $ 10 million related to our bottling operations in Africa, which are held for sale, based on Level 3 inputs.

Refer to Note 2.

Additionally, during the nine months ended September 26, 2025, the Company recorded a charge of $ 28 million in the line item other income (loss) — net in our consolidated statement of income.

This charge was due to the write-down of assets held for sale related to the refranchising of certain bottling operations in Ghana.

This charge, which was calculated based on Level 3 inputs, primarily related to property, plant and equipment.

These operations were sold in July 2025, resulting in an additional loss of $ 8 million.

2 During the three and nine months ended September 27, 2024, the Company recorded an asset impairment charge of $ 87 million related to a trademark in Latin America.

This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results and changes in macroeconomic conditions.

This charge was recorded in the line item other operating charges in our consolidated statements of income.

The remaining carrying value of the trademark is $ 125 million.

3 During the nine months ended September 26, 2025, the Company recorded an asset impairment charge of $ 31 million related to a trademark in Latin America.

This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results and changes in macroeconomic conditions.

This charge was recorded in the line item other operating charges in our consolidated statement of income.

The remaining carrying value of the trademark is $ 55 million.

4 During the nine months ended September 26, 2025 and September 27, 2024, the Company recorded other-than-temporary impairment charges of $ 40 million and $ 34 million, respectively, related to an equity method investee in Latin America.

These impairment charges were derived using Level 3 inputs and were primarily driven by revised projections of future operating results.

These charges were recorded in the line item other income (loss) — net in our consolidated statements of income.

5 During the nine months ended September 26, 2025, the Company recorded an other-than-temporary impairment charge of $ 25 million related to a joint venture in Latin America.

During the three months ended March 28, 2025, the Company recorded an other-than-temporary impairment charge of $ 25 million related to a joint venture in Latin America.

This impairment charge was derived using Level 3 inputs and was due to the joint venture’s restructuring and planned liquidation.

This charge was recorded in the line item other income (loss) — net in our consolidated statement of income.

6 During the nine months ended September 27, 2024, the Company recorded an asset impairment charge of $ 760 million related to our BodyArmor trademark in North America, which was primarily driven by revised projections of future operating results and higher discount rates resulting from changes in macroeconomic conditions since the acquisition date.

The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs.

This charge was recorded in the line item other operating charges in our consolidated statement of income.

The remaining carrying value of the trademark is $ 3,400 million.

These charges were recorded in the line item other income (loss) — net in our consolidated statements of income.

Other Fair Value Disclosures

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Where quoted prices are not available, the fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt instruments.

As of September 26, 2025, the carrying value and fair value of our long-term debt, including the current portion, were $ 45,097 million and $ 40,677 million, respectively.

As of April 3, 2026, the carrying value and fair value of our long-term debt, including the current portion, were $ 43,558 million and $ 40,088 million, respectively.

As of December 31, 2025, the carrying value and fair value of our long-term debt, including the current portion, were $ 43,941 million and $ 39,385 million, respectively.

OPERATING SEGMENTS

Our organizational structure consists of the following five operating segments:

Europe, Middle East and Africa (“EMEA”), Latin America, North America, Asia Pacific, and Bottling Investments.

Information about our Company’s operations by operating segment and Corporate is as follows (in millions):

Europe, Middle East & Africa Latin

America North

America Asia Pacific Bottling

Investments Corporate Eliminations Consolidated

Three Months Ended September 26, 2025

Net operating revenues:

Third party $ 2,818 $ 1,572 $ 5,249 $ 1,438 $ 1,344 $ 34 $ — $ 12,455

Intersegment 178 1 4 68 2 — ( 253 ) —

Total net operating revenues 2,996 1,573 5,253 1,506 1,346 34 ( 253 ) 12,455

Cost of goods sold 867 281 2,523 471 955 ( 47 ) ( 253 ) 4,797

Selling, general and administrative expenses 1,032 395 1,049 514 334 294 — 3,618

Other operating charges — — — — — 58 — 58

Operating income (loss) $ 1,097 $ 897 $ 1,681 $ 521 $ 57 $ ( 271 ) $ — $ 3,982

Interest income 185

Interest expense 391

Equity income (loss) — net 644

Other income (loss) — net ( 237 )

Income before income taxes $ 4,183

Other segment information:

Capital expenditures $ 66 $ — $ 176 $ 12 $ 105 $ 120 $ — $ 479

Depreciation and amortization 40 8 83 12 78 47 — 268

Three Months Ended September 27, 2024

Net operating revenues:

Third party $ 2,555 $ 1,642 $ 5,037 $ 1,285 $ 1,314 $ 21 $ — $ 11,854

Intersegment 172 — 1 77 2 — ( 252 ) —

Total net operating revenues 2,727 1,642 5,038 1,362 1,316 21 ( 252 ) 11,854

Cost of goods sold 784 254 2,541 452 929 ( 44 ) ( 252 ) 4,664

Selling, general and administrative expenses 945 364 1,041 448 344 494 — 3,636

Other operating charges — 87 — — — 957 — 1,044

Operating income (loss) $ 998 $ 937 $ 1,456 $ 462 $ 43 $ ( 1,386 ) $ — $ 2,510

Interest income 263

Interest expense 425

Equity income (loss) — net 541

Other income (loss) — net 491

Income before income taxes $ 3,380

Other segment information:

Capital expenditures $ 54 $ — $ 144 $ 5 $ 150 $ 116 $ — $ 469

Depreciation and amortization 47 8 78 11 74 50 — 268

Europe, Middle East & Africa Latin

America North

America Asia Pacific Bottling

Investments Corporate Eliminations Consolidated

Nine Months Ended September 26, 2025

Investments Operating Segments Total Corporate Eliminations Consolidated

Three Months Ended April 3, 2026

Net operating revenues:

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Depreciation and amortization 48 8 99 11 83 249 15 — 264

Nine Months Ended September 27, 2024

Three Months Ended March 28, 2025

Net operating revenues:

14 unchanged sentences

Depreciation and amortization 44 7 81 12 76 220 47 — 267

Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, our Chief Operating Decision Maker.

During the three and nine months ended September 26, 2025 and September 27, 2024, our operating segments and Corporate were impacted by acquisition and divestiture activities.

Effective March 31, 2026, our Company’s chief operating decision maker (“CODM”) is our Chief Executive Officer.

Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, our CODM.

During the three months ended April 3, 2026 and March 28, 2025, our operating segments and Corporate were impacted by acquisition and divestiture activities.

Refer to Note 2.

Additionally, during the three and nine months ended September 26, 2025 and September 27, 2024, our operating segments and Corporate were impacted by certain significant operating and nonoperating items.

Additionally, during the three months ended April 3, 2026 and March 28, 2025, our operating segments and Corporate were impacted by certain significant operating and nonoperating items.

Refer to Note 12.

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-Q

Item 1. Financial Statements