KO · 10-K filed 20 Feb 2026 · year to 31 Dec 2025

Coca-Cola

33 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Independent bottling partners (five largest)

concentrated in · 44% of our total worldwide unit case volumenamed as a risk

In 2025, these five bottling partners combined represented 44% of our total worldwide unit case volume.Business (Item 1)

Single bottler (unnamed, EMEA and Asia Pacific)

earns from · 10% of our net operating revenuesnamed as a risk

For the year ended December 31, 2025, one bottler accounted for 10% of our net operating revenues, which are reflected in our EMEA and Asia Pacific operating segments.Risk factors (Item 1A)

Coca-Cola FEMSA, S.A.B. de C.V.

earns from

Coca-Cola FEMSA, S.A.B. de C.V. (“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northeast Mexico), Guatemala, Colombia (most of the country), Nicaragua, Costa Rica, Panama, Venezuela, Uruguay, Brazil (a major part of the states of São Paulo and Minas Gerais; the states of Mato Grosso do Sul, Paraná, Rio Grande do Sul, and Santa Catarina; and part of the states of Goiás and Rio de Janeiro), and Argentina (federal capital of Buenos Aires and surrounding areas);Business (Item 1)

Coca-Cola Europacific Partners plc (CCEP)

earns from

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;Business (Item 1)

Coca-Cola HBC AG (CCHBC)

earns from

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;Business (Item 1)

Arca Continental, S.A.B. de C.V.

earns from

Arca Continental, S.A.B. de C.V., which has bottling and distribution operations in northern and western Mexico, northern Argentina, Ecuador, Peru, and the state of Texas and part of the states of New Mexico, Oklahoma and Arkansas in the United States; andBusiness (Item 1)

Swire Coca-Cola Limited

earns from

Swire Coca-Cola Limited, which has bottling and distribution operations in 11 provinces and the Shanghai municipality in mainland China, Hong Kong, Taiwan, Cambodia, Laos, Thailand, Vietnam and territories in 13 states in the western United States.Business (Item 1)

Suppliers

Milk (dairy cooperatives)

concentrated in

While our sourcing for milk is currently concentrated among a few dairy cooperatives, we believe we have access to alternate suppliers, if necessary, to help deliver an adequate supply of milk.Business (Item 1)

Also named by IMKTA

Cutrale Citrus Juices U.S.A., Inc.

depends on

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.Business (Item 1)

Partners and platforms

Monster Beverage Corporation

earns fromnamed as a risk

If we are unable to successfully manage our relationships with our joint venture partners or our strategic relationships, including our relationship with Monster, or if for any other reason we fail to realize all or a significant portion of the benefits we expect from our joint ventures or strategic relationships, our financial performance could be adversely affected.Risk factors (Item 1A)

Also named by CELH

Coca-Cola Bottlers’ Sales & Services Company LLC (CCBSS)

depends on

Among other things, CCBSS provides procurement services to our North American operations and to our U.S. and Canadian bottling partners for the purchase of various goods and services, including HFCS.Business (Item 1)

Other companies

fairlife, LLC

earns from

We derive the majority of our dairy revenues through fairlife, LLC (“fairlife”), which purchases milk from dairy cooperatives that in turn source milk from farms within the cooperatives.Business (Item 1)

Costa Limited

earns from

We generate most of our coffee revenues through Costa.Business (Item 1)

Competitors

PepsiCo, Inc.

competes with

In many of the countries in which we do business, PepsiCo, Inc. is a primary competitor.Business (Item 1)

Also named by MKC, SBUX

Places

Operations outside the United States

earns from · $28.8 billion of net operating revenuesnamed as a risk

In 2025, we derived $28.8 billion of net operating revenues from operations outside the United States.Risk factors (Item 1A)

Also named by MSA

United States

earns from · 16% of the Company’s worldwide unit case volume

In 2025, unit case volume in the United States represented 16% of the Company’s worldwide unit case volume.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Mexico, China, Brazil and India

concentrated in · 33% of our worldwide unit case volume

The countries outside the United States in which our unit case volumes were the largest were Mexico, China, Brazil and India, which together accounted for 33% of our worldwide unit case volume.Business (Item 1)

Hazards

Avian flu

exposed to its pricenamed as a risk

These factors include changes in supply and demand; supplier capacity constraints; a deterioration of our or our bottling partners’ relationships with suppliers; international conflicts; political uncertainties; acts of terrorism; governmental instability; inflation; weather conditions (including the effects of climate change); hurricanes, wildfires, floods, droughts and other natural disasters; disease or pests (including the impact of citrus greening disease on the citrus industry); agricultural uncertainty; health epidemics, pandemics or other contagious outbreaks; cattle disease outbreaks (including avian flu); labor shortages, strikes or work stoppages; changes in or the enactment of new laws and regulations; governmental actions or controls or import/export restrictions, such as new, expanded or retaliatory tariffs, including tariffs that increase suppliers’ sourcing costs, sanctions, quotas or trade barriers; port congestion or delays; transport capacity constraints; cybersecurity incidents or other disruptions; or fluctuations in foreign currency exchange rates.Risk factors (Item 1A)

Also named by SFM, WMT, YUM

Citrus greening disease

exposed to its pricenamed as a risk

However, the citrus industry is impacted by citrus greening disease and the variability of weather conditions that can affect the quality and supply of orange juice and orange juice concentrate.Business (Item 1)

Also named by PEP

Central Florida freezes and hurricanes

exposed to its pricenamed as a risk

In particular, freezing weather or hurricanes in central Florida may result in shortages and higher prices for orange juice and orange juice concentrate throughout the industry.Business (Item 1)

Commodities and inputs

Commodities (sweeteners, metals, juices, PET, fuels)

exposed to its price · $535 millionnamed as a risk

The Company is subject to market risk with respect to commodity price fluctuations, principally related to our purchases of sweeteners, metals, juices, PET and fuels.Market risk (Item 7A)

Also named by F

Euro, British pound and Japanese yen

exposed to its price · $21,128 millionnamed as a risk

Our Company enters into forward exchange contracts and purchases foreign currency options and collars (principally euro, British pound and Japanese yen) to hedge certain portions of forecasted cash flows denominated in foreign currencies.Market risk (Item 7A)

Also named by KKR

Water

depends onnamed as a risk

As the demand for water continues to increase around the world, and as water becomes scarcer and the quality of available water deteriorates, the Coca-Cola system may incur higher costs or face capacity constraints and the possibility of reputational damage, which could adversely affect our profitability.Risk factors (Item 1A)

Also named by ADM, BF/B, CDE, CELH, CNX, CRGY, DE, EOG and 9 more

Sugar

exposed to its pricenamed as a risk

The principal nutritive sweetener used by our business outside the United States is sucrose (i.e., table sugar), which is also available from numerous sources and has historically been subject to fluctuations in its market price.Business (Item 1)

Also named by HSY, KHC, MDLZ, MKC, PEP

Aluminum cans

depends onnamed as a risk

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.Business (Item 1)

Also named by CELH

Orange juice

depends onnamed as a risk

We source our orange juice and orange juice concentrate from Florida and the Southern Hemisphere, with Brazil representing our primary sourcing location.Business (Item 1)

High fructose corn syrup (HFCS)

exposed to its pricenamed as a risk

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.Business (Item 1)

Sucralose

depends on

We purchase sucralose, which we consider a critical raw material, from suppliers mainly in the United States and also China.Business (Item 1)

Also named by CELH

Regulators

Internal Revenue Service (IRS) tax litigation

subject to · approximately $3.3 billionnamed as a risk

For instance, the United States Internal Revenue Service (“IRS”) is seeking to increase our U.S. taxable income for tax years 2007 through 2009 by an amount that creates a potential additional U.S. federal income tax liability of approximately $3.3 billion for that period, plus interest.Risk factors (Item 1A)

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk

In December 2021, the OECD issued Pillar Two model rules, which would establish a global per-country minimum tax of 15%, and the European Union has approved a directive requiring member states to incorporate similar provisions into their respective domestic laws.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

California Proposition 65

subject tonamed as a risk

If we were required to add Proposition 65 warnings on the labels of one or more of our beverage products produced for sale in California, the resulting consumer reaction to the warnings and potential adverse publicity could negatively affect our sales both in California and in other markets.Risk factors (Item 1A)

Also named by ARE, CELH, ECL, KDP, LKQ, MKC, MNST, PEP and 3 more

Sweetened beverage taxes

subject tonamed as a risk

In addition, in the past, the U.S. Congress considered imposing a federal excise tax on beverages sweetened with sugar, HFCS or other nutritive sweeteners and may consider similar proposals in the future.Risk factors (Item 1A)

PFAS packaging restrictions

subject tonamed as a risk

Other proposals relating to beverage container deposits, recycling, recycling content, tethered bottle caps, ecotax and/or extended producer responsibility laws, or prohibitions on certain types of plastic products, packages and cups (including packaging containing PFAS) have been introduced and/or adopted in various jurisdictions, and we anticipate that similar legislation or regulations may be proposed in the future at federal, state and local levels, both in the United States and elsewhere.Risk factors (Item 1A)