Concentrates & syrups · Finished beverages
The Coca-Cola Company
Coca-Cola sells concentrate and syrups to bottlers worldwide and also operates finished-product businesses. Revenue was $47.9 billion in 2025, with concentrate operations contributing about 59%. Q2 2026 net revenue rose 7% to $13.4 billion as concentrate sales increased 4%. Its 17.59% CCEP stake makes it both a brand supplier and a strategic shareholder.
Business categories Food & Beverage Brands · Consumer Brands & Commerce · primary
KO Updated Oct 11, 2026 6 AI consumers· 6 recurring
Per the valuechain.wiki graph, The Coca-Cola Company is directly linked to 12 companies (5 supply, 8 revenue, 2 investment relationships) and reaches 22 companies within two hops; the links are backed by 23 dated sources, 7 of them primary filings (as of 2026-10-11).
Annual return · 2026-09-04'21+11.4%'22+10.6%'23-4.4%'24+8.9%'25+15.6%YTD+27.7%
Money in ▸Coca-Cola Europacific Partners●Amount €4.5BMonster Beverage Corporation●Amount $26M보틀러 (농축액·시럽 판매)●Market share 59%소비자·완제품 (직접 판매)●Market share 41%McDonald's (exclusive fountain channel)●Darden Restaurants●Costco Wholesale◐Royal Caribbean Cruises Ltd.◐Casey's◐E-mart Inc.○
The Coca-Cola Company2025 net revenue of $47.9 billion
▸ Money outCoca-Cola Europacific Partners●Amount €147MLive Nation Entertainment, Inc.●감미료 (설탕·고과당옥수수시럽)◐포장·물류 (알루미늄·PET·운송)◐Adobe Inc.◐Ecolab Inc.◐Smurfit Westrock plc◐
Financials & Segments
- Total revenue · 2025 net revenue of $47.9 billion (+2%, +5% organic). Concentrate operations about 59%, finished product operations about 41%
- Customer concentration · A brand-driven defensive dividend stock with essentially no AI exposure. It returned $8.4B in dividends in 2024 and has raised the dividend for over 60 years. Revenue moves on consumer and pricing, foreign exchange and commodity cycles.
- Segments · Concentrate operations · Finished product operations · Geographic segments
Revenue from
- Coca-Cola Europacific Partners High confidence· Amount €4.5B · FY2025 · Net Coca-Cola-related cost-of-sales impact reported by CCEP
Coca-Cola supplies CCEP with concentrate, syrup, mineral water and juice and provides marketing support. CCEP reported a €4.543 billion net FY2025 cost-of-sales impact. - Monster Beverage Corporation High confidence· Amount $26M · FY2025 · FY2025 concentrate purchases from The Coca-Cola Company
Coca-Cola sells concentrates to Monster, which resells them to certain bottlers and distributors, and Monster's FY2025 concentrate purchases totaled $25.8 million. - 보틀러 (농축액·시럽 판매) High confidence· Market share 59% · FY2025 · concentrate operations share of revenue
The core of Coca-Cola's revenue is selling concentrate and syrups to bottlers worldwide such as Coca-Cola Europacific Partners, Coca-Cola FEMSA, Arca Continental and Coca-Cola Consolidated; concentrate operations were 59% of 2024 revenue.Mentions EN The Coca-Cola Company Published Jul 28, 2026: The Coca-Cola Company Q2 2026 Earnings ReleaseConfirms EN The Coca-Cola Company Published Feb 10, 2026: Coca-Cola Reports Fourth Quarter and Full Year 2025 ResultsMentions EN Analyst consensus (via MarketScreener) Published Feb 10, 2026: Coca-Cola analyst consensus (Buy): defensive dividend king, resilient pricingConfirms EN SEC (Coca-Cola 10-K) Published Feb 20, 2025: The Coca-Cola Company FY2024 Annual Report (10-K)Confirms EN The Coca-Cola Company Published Feb 11, 2025: Coca-Cola Reports Fourth Quarter and Full Year 2024 Results - 소비자·완제품 (직접 판매) High confidence· Market share 41% · FY2025 · finished product operations share of revenue
Coca-Cola also sells finished drinks directly to consumers via Bottling Investments and Global Ventures, which were 41% of 2024 revenue. Demand is defensive and brand-driven, and it is a dividend king that has raised its payout for over 60 years.Confirms KO Investing.com Published Feb 21, 2025: Coca-Cola raises dividend for the 63rd consecutive year - McDonald's (exclusive fountain channel) High confidence
A 70-year channel supplying McDonald's its exclusive soft drink since 1955 — a customer large enough to have a dedicated division at Coca-Cola HQ. - Darden Restaurants High confidence
The Coca-Cola Company had a beverage marketing agreement with Darden that was directly identified in Darden's 2014 Red Lobster sale agreement filed with the SEC. The filing confirms the relationship at that time, but current contract continuity and purchasing spend have not been publicly reconfirmed.Confirms EN SEC EDGAR Published May 16, 2014: Asset and Stock Purchase Agreement (Exhibit 2.1 to Form 8-K) - Costco Wholesale Medium confidence
Costco is a major warehouse-club channel for Coca-Cola branded beverages, and Coca-Cola has called Costco 'an important customer.'Confirms EN Fox Business Published Jul 19, 2025: Bye, Pepsi!: Costco locations begin to make the switch to Coca-Cola at food courts - Royal Caribbean Cruises Ltd. Medium confidence
The Coca-Cola Company is the named brand behind the Coca-Cola Freestyle machines and dedicated cups that Royal Caribbean uses in onboard beverage packages across much of its fleet, but Royal Caribbean has not disclosed whether the contracting supplier is The Coca-Cola Company or a regional bottler, nor the procurement value.Mentions EN Cruise Critic Published Mar 2, 2026: Royal Caribbean Removes Coca-Cola Souvenir Cup From Two Beverage Packages - Casey's Medium confidence
The Coca-Cola Company supplies beverages to Casey's stores through its bottling partners and operates joint campaigns with Casey's. Product-supply and campaign-specific payments were not disclosed.Confirms EN Casey's Published Jul 30, 2025: Casey’s Cash for Classrooms Round-up Returns to Support Local Schools and Students - E-mart Inc. Low confidence
E-mart buys Coca-Cola products and sells them across its hypermarkets and online mall. For Coca-Cola, E-mart is a Korean retail revenue source.
Pays to
- Coca-Cola Europacific Partners High confidence· Amount €147M · FY2025 · CCEP revenue recognized from Coca-Cola-related transactions
Coca-Cola purchased fountain syrup and packaged products from CCEP. CCEP reported €147 million of related FY2025 revenue.Confirms EN SEC EDGAR Published Mar 13, 2026: Coca-Cola Europacific Partners 2025 Annual Report and Form 20-F - Live Nation Entertainment, Inc. High confidence
The Coca-Cola Company is a major brand customer of Live Nation under a multi-year, multi-festival sponsorship, and Live Nation's 2025 filing confirmed that the expanded relationship remained active.Confirms EN SEC EDGAR Published Feb 20, 2025: Live Nation Entertainment Fourth Quarter and Full Year 2024 Results, Form 8-K - 감미료 (설탕·고과당옥수수시럽) Medium confidence
The key raw materials behind the drinks are sweeteners such as sugar and high-fructose corn syrup; most of that commodity cost is borne by bottlers, leaving Coca-Cola's concentrate business relatively less exposed.Mentions EN SEC (Coca-Cola 10-K) Published Feb 20, 2025: The Coca-Cola Company FY2024 Annual Report (10-K) - 포장·물류 (알루미늄·PET·운송) Medium confidence
Aluminum for cans, PET resin for bottles and freight are the main packaging and logistics costs of the beverage chain, again mostly carried by bottlers.Mentions EN SEC (Coca-Cola 10-K) Published Feb 20, 2025: The Coca-Cola Company FY2024 Annual Report (10-K) - Adobe Inc. Medium confidence
The Coca-Cola Company uses Adobe Experience Cloud as a global marketing-technology standard and operates Journey Optimizer, Commerce, Real-Time CDP, and Customer Journey Analytics, while the customer-specific contract value is not disclosed.Confirms EN Adobe and Econsultancy Published Feb 19, 2025: 2025 AI and Digital Trends: Data and InsightsConfirms KO Adobe Korea Published Dec 10, 2024: Coca-Cola Personalizes Experiences with Adobe Journey Optimizer - Ecolab Inc. Medium confidence
The Coca-Cola Company purchases Ecolab products as a food and beverage customer, with Ecolab's customer-level emissions allocation confirming the purchasing relationship while neither revenue nor revenue share is disclosed. - Smurfit Westrock plc Medium confidence
The Coca-Cola Company co-developed paper-based retail and e-commerce packaging with Smurfit Westrock for Coca-Cola China's 2026 World Cup campaign, while Korean research also documents a legacy WestRock paper-packaging project for Coca-Cola.Confirms EN Smurfit Westrock Published Jul 7, 2026: Smurfit Westrock partners with Coca-Cola on World Cup packaging to capture spike in consumer demand
Investments
- Coca-Cola Europacific Partners High confidence· ownership share 17.59% · as of 2025-12-31 · Coca-Cola ownership interest in CCEP
Coca-Cola is a strategic investor in CCEP, owning 17.59% at year-end 2025 through wholly owned European Refreshments. - Monster Beverage Corporation High confidence
Coca-Cola owned about 20.9% of Monster's common stock and had nominated one director as of February 13, 2026, and Korean brokerage research also confirms its 2014 equity investment that launched the strategic partnership.Confirms KO Eugene Investment & Securities Research Center Published Sep 1, 2021: Monster Beverage (MNST.US): Fast-Growing No. 2 Energy Drink Company Targeting Millennials and Gen Z
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Keurig Dr Pepper Inc. | lead2 | +17.5 | -1.2 | -4.2 | -1.1 | -10.1 | +17 |
| Coca-Cola Europacific Partners | lead2 | +15.6 | +2.3 | +24.5 | +18.4 | +21.2 | +16.2 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Casey's | lead1 | +11.2 | +14.5 | +23.3 | +45 | +40.1 | +17.2 |
| Monster Beverage Corporation | lead1 | +3.8 | +5.7 | +13.5 | -8.8 | +45.9 | +13.8 |
| Darden Restaurants | lead1 | +29.5 | -4.8 | +22.8 | +17.7 | +1.6 | +10.8 |
| Costco Wholesale | lead1 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Royal Caribbean Cruises Ltd. | lead1 | +3 | -35.7 | +162 | +79 | +22.5 | +2.9 |
| E-mart Inc. | lead1 | -18.4 | -19.5 | -25.3 | -14.6 | +44.7 | -21.1 |
| McDonald's | lead1 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -21.5 |
| The Coca-Cola Company | node | +11.4 | +10.6 | -4.4 | +8.9 | +15.6 | +27.7 |
| Smurfit Westrock plc | benef1 | +17.3 | -28 | +14.1 | +37.6 | -26.2 | +22 |
| Live Nation Entertainment, Inc. | benef1 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Coca-Cola Europacific Partners | benef1 | +15.6 | +2.3 | +24.5 | +18.4 | +21.2 | +16.2 |
| Monster Beverage Corporation | benef1 | +3.8 | +5.7 | +13.5 | -8.8 | +45.9 | +13.8 |
| Ecolab Inc. | benef1 | +9.4 | -37.1 | +37.9 | +19.3 | +13.2 | +7 |
| Adobe Inc. | benef1 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Dow Inc. | benef2 | +6.8 | -6.6 | +14.7 | -22.8 | -37.4 | +25.7 |
| Ford Motor Company | benef2 | +137.5 | -42.2 | +15.8 | -13.1 | +42.3 | +15.3 |
| Amazon | benef2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Ball Corporation | benef2 | +4.1 | -46.2 | +14.1 | -3 | -2.4 | +11.5 |
| Microsoft | benef2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Dover Corporation | benef2 | +45.7 | -24.3 | +15.2 | +23.3 | +5.2 | -0.5 |
| JYP Entertainment | benef2 | +27.1 | +77.8 | +4.5 | +0.4 | -1.6 | -45.7 |
YTD as of 2026-09-04 · source: Yahoo Finance
The Coca-Cola Company operates across S&P 500, beverages, defensive dividend king. It is +27.7% in 2026. The stock (+27.7%) and its demand side (avg -8.4%) are moving in step. Among connected nodes the furthest ahead is Costco Wholesale (+6.7%) and the furthest behind is E-mart Inc. (-17.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A dividend king that has raised its dividend for over 60 years, it has essentially no AI exposure and moves only on the clock of consumer demand, foreign exchange and commodities.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $88 · Price $88.07 (09-04) · Upside +0%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley · Dara Mohsenian | Overweight | $89 | Jun 10, 2026 | Report ↗ |
| Barclays | Overweight | $89 | May 21, 2026 | Report ↗ |
| JPMorgan | Overweight | $85 | Apr 29, 2026 | Report ↗ |
Buy consensus holds with average targets around $87-88, as Morgan Stanley and Barclays raised targets to $89 citing 2026 earnings visibility, pricing power and sustained share gains.
Analyses covering this node
- Consumption does not run on one clock: staples, discretionary, luxury diverge Jul 5, 2026
- AI money stays inside the chain: consumption and capital run on other clocks Jul 5, 2026
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