62 added · 53 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
CONSOLIDATED STATEMENTS OF OPERATIONS Fiscal Year (in thousands, except per share data) 2025 2024 2023 Net sales $ 7,228,055 $ 6,899,716 $ 6,653,858 Cost of sales 4,355,693 4,146,537 4,055,147 Gross profit 2,872,362 2,753,179 2,598,711 Selling, delivery and administrative expenses 1,921,706 1,832,829 1,764,260 Income from operations 950,656 920,350 834,451 Interest expense (income), net 42,678 1,848 ( 918 ) Mark-to-market on acquisition related contingent consideration 131,901 59,166 159,354 Pension plan settlement expense — — 112,796 Other expense, net 3,159 2,682 5,738 Income before taxes 772,918 856,654 557,481 Income tax expense 202,336 223,529 149,106 Net income $ 570,582 $ 633,125 $ 408,375 Basic net income per share: Common Stock $ 6.82 $ 7.01 $ 4.36 Weighted average number of Common Stock shares outstanding 73,658 80,348 83,690 Class B Common Stock $ 6.78 $ 6.95 $ 4.36 Weighted average number of Class B Common Stock shares outstanding 10,047 10,047 10,047 Diluted net income per share: Common Stock $ 6.81 $ 6.99 $ 4.35 Weighted average number of Common Stock shares outstanding – assuming dilution 83,807 90,524 93,923 Class B Common Stock $ 6.76 $ 6.92 $ 4.34 Weighted average number of Class B Common Stock shares outstanding – assuming dilution 10,149 10,176 10,233 See accompanying notes to consolidated financial statements. 41 COCA ‑ COLA CONSOLIDATED, INC.
The Coca‑Cola Company no longer has the right to have a designee proposed by the Company for nomination to the Company’s Board of Directors in the Company’s annual proxy statement. 53 The following table summarizes the significant cash transactions between the Company and The Coca‑Cola Company: Fiscal Year (in thousands) 2025 2024 2023 Payments made by the Company to The Coca-Cola Company (1) $ 2,263,965 $ 2,109,748 $ 2,019,409 Payments made by The Coca-Cola Company to the Company 382,017 274,322 253,972 (1) This excludes acquisition related sub-bottling payments made by the Company to CCR, a wholly owned subsidiary of The Coca‑Cola Company, as well as the payment made in connection with the Repurchase (as further discussed above).
The following table represents a disaggregation of revenue from contracts with customers: Fiscal Year (in thousands) 2025 2024 2023 Point in time net sales: Nonalcoholic Beverages - point in time $ 7,126,304 $ 6,781,744 $ 6,510,155 Total point in time net sales $ 7,126,304 $ 6,781,744 $ 6,510,155 Over time net sales: Nonalcoholic Beverages - over time (1) $ 57,478 $ 57,624 $ 52,817 All Other - over time (1) 44,273 60,348 90,886 Total over time net sales $ 101,751 $ 117,972 $ 143,703 Total net sales $ 7,228,055 $ 6,899,716 $ 6,653,858 (1) Due to the liquidation and dissolution of the Data Ventures, Inc. operating segment as of December 31, 2025 (as discussed in Note 4), these figures have been retroactively adjusted for all periods presented to reflect the liquidation and dissolution of the Data Ventures, Inc. operating segment within the “All Other - over time” bucket and the merger of the Data Ventures, Inc. operating segment with the Nonalcoholic Beverages operating segment.
For reporting purposes, all periods presented have been retroactively adjusted to reflect the dissolution of the Data Ventures, Inc. operating segment within the “All Other” bucket and the merger of the Data Ventures, Inc. operating segment with the Nonalcoholic Beverages operating segment.
CONSOLIDATED BALANCE SHEETS (in thousands, except share data) December 31, 2025 December 31, 2024 ASSETS Current Assets: Cash and cash equivalents $ 281,918 $ 1,135,824 Short-term investments — 301,210 Accounts receivable, trade 585,777 567,653 Allowance for doubtful accounts ( 11,176 ) ( 14,674 ) Accounts receivable from The Coca-Cola Company 70,197 89,871 Accounts receivable, other 54,889 40,692 Inventories 336,401 330,395 Prepaid expenses and other current assets 108,668 96,331 Total current assets 1,426,674 2,547,302 Property, plant and equipment, net 1,604,605 1,505,267 Right-of-use assets - operating leases 116,611 112,351 Leased property under financing leases, net 1,160 3,138 Other assets 216,428 181,048 Goodwill 165,903 165,903 Distribution agreements, net 767,360 792,252 Customer lists, net 4,257 5,878 Total assets $ 4,302,998 $ 5,313,139 LIABILITIES AND (DEFICIT)/EQUITY Current Liabilities: Current portion of obligations under operating leases $ 24,412 $ 23,257 Current portion of obligations under financing leases 556 2,685 Accounts payable, trade 359,107 334,878 Accounts payable to The Coca-Cola Company 182,446 187,271 Other accrued liabilities 307,237 246,687 Accrued compensation 154,899 168,692 Current portion of debt 100,000 349,699 Total current liabilities 1,128,657 1,313,169 Deferred income taxes 143,738 132,941 Pension and postretirement benefit obligations 69,298 58,502 Other liabilities 918,755 859,559 Noncurrent portion of obligations under operating leases 95,076 92,362 Noncurrent portion of obligations under financing leases 1,188 2,346 Long-term debt 2,686,009 1,436,649 Total liabilities 5,042,721 3,895,528 Commitments and Contingencies (Deficit)/Equity: Convertible Preferred Stock, $ 100.00 par value: authorized - 50,000 shares; issued - none — — Nonconvertible Preferred Stock, $ 100.00 par value: authorized - 50,000 shares; issued - none — — Preferred Stock, $ 0.01 par value: authorized - 20,000,000 shares; issued - none — — Common Stock, $ 1.00 par value: authorized - 300,000,000 shares; issued - 56,517,334 and 108,327,480 shares, respectively 56,517 108,327 Class B Common Stock, $ 1.00 par value: authorized - 100,000,000 shares; issued - 10,046,960 and 16,328,100 shares, respectively 10,047 16,328 Class C Common Stock, $ 1.00 par value: authorized - 20,000,000 shares; issued - none — — Additional paid in capital 23,764 23,764 Retained (deficit) earnings ( 824,046 ) 1,395,183 Accumulated other comprehensive (loss) income ( 6,005 ) 1,885 Treasury stock, at cost: Common Stock - 0 and 31,196,605 shares, respectively — ( 127,467 ) Treasury stock, at cost: Class B Common Stock - 0 and 6,281,140 shares, respectively — ( 409 ) Total (deficit)/equity ( 739,723 ) 1,417,611 Total liabilities and (deficit)/equity $ 4,302,998 $ 5,313,139 See accompanying notes to consolidated financial statements. 43 COCA-COLA CONSOLIDATED, INC.
In the event of liquidation, there is no preference between the two classes of common stock. 51 Treasury Stock Retirement In the third quarter of 2025, the Company retired 31,488,535 shares of Common Stock and 6,281,140 shares of Class B Common Stock included in treasury stock.
Since the two additional operating segments did not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, they were combined into “All Other.” As of December 31, 2025, the Data Ventures, Inc. operating segment was liquidated, dissolved and merged into the Nonalcoholic Beverages operating segment.
The Company’s segment results are as follows: Fiscal Year 2025 (in thousands) Nonalcoholic Beverages All Other Eliminations (1) Total Net sales $ 7,183,782 $ 325,969 $ ( 281,696 ) $ 7,228,055 Cost of goods sold 4,380,271 186,810 ( 211,388 ) 4,355,693 Gross profit 2,803,511 139,159 ( 70,308 ) 2,872,362 Selling, delivery and administrative expenses: Payroll costs (2) $ 1,203,097 $ 50,542 $ — $ 1,253,639 Fleet costs (3) 99,135 31,216 — 130,351 Depreciation and amortization expense (4) 115,744 2,204 — 117,948 All other segment items (5) 460,370 29,706 ( 70,308 ) 419,768 Total selling, delivery and administrative expenses 1,878,346 113,668 ( 70,308 ) 1,921,706 Income from operations $ 925,165 $ 25,491 $ — $ 950,656 Total depreciation and amortization expense (4) $ 197,602 $ 20,928 $ — $ 218,530 57 Fiscal Year 2024 (in thousands) Nonalcoholic Beverages All Other Eliminations (1) Total Net sales $ 6,839,368 $ 342,892 $ ( 282,544 ) $ 6,899,716 Cost of goods sold 4,138,869 219,204 ( 211,536 ) 4,146,537 Gross profit 2,700,499 123,688 ( 71,008 ) 2,753,179 Selling, delivery and administrative expenses: Payroll costs (2) $ 1,149,363 $ 50,668 $ — $ 1,200,031 Fleet costs (3) 103,444 31,475 — 134,919 Depreciation and amortization expense (4) 103,451 1,993 — 105,444 All other segment items (5) 437,014 26,429 ( 71,008 ) 392,435 Total selling, delivery and administrative expenses 1,793,272 110,565 ( 71,008 ) 1,832,829 Income from operations $ 907,227 $ 13,123 $ — $ 920,350 Total depreciation and amortization expense (4) $ 177,527 $ 16,264 $ — $ 193,791 Fiscal Year 2023 (in thousands) Nonalcoholic Beverages All Other Eliminations (1) Total Net sales $ 6,562,972 $ 367,422 $ ( 276,536 ) $ 6,653,858 Cost of goods sold 3,999,292 263,307 ( 207,452 ) 4,055,147 Gross profit 2,563,680 104,115 ( 69,084 ) 2,598,711 Selling, delivery and administrative expenses: Payroll costs (2) $ 1,097,684 $ 53,894 $ — $ 1,151,578 Fleet costs (3) 106,235 32,945 — 139,180 Depreciation and amortization expense (4) 95,330 2,104 — 97,434 All other segment items (5) 422,939 22,213 ( 69,084 ) 376,068 Total selling, delivery and administrative expenses 1,722,188 111,156 ( 69,084 ) 1,764,260 Income from operations $ 841,492 $ ( 7,041 ) $ — $ 834,451 Total depreciation and amortization expense (4) $ 164,494 $ 12,472 $ — $ 176,966 (1) The entire net sales elimination represents net sales from the All Other segment to the Nonalcoholic Beverages segment.
Fiscal Year (in thousands, except per share data) 2025 2024 2023 Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: Net income $ 570,582 $ 633,125 $ 408,375 Less dividends: Common Stock 76,625 165,541 41,844 Class B Common Stock 10,048 20,094 5,024 Total undistributed earnings $ 483,909 $ 447,490 $ 361,507 Common Stock undistributed earnings – basic $ 425,826 $ 397,753 $ 322,760 Class B Common Stock undistributed earnings – basic 58,083 49,737 38,747 Total undistributed earnings – basic $ 483,909 $ 447,490 $ 361,507 Common Stock undistributed earnings – diluted $ 425,308 $ 397,187 $ 322,120 Class B Common Stock undistributed earnings – diluted 58,601 50,303 39,387 Total undistributed earnings – diluted $ 483,909 $ 447,490 $ 361,507 Numerator for basic net income per Common Stock share: Dividends on Common Stock $ 76,625 $ 165,541 $ 41,844 Common Stock undistributed earnings – basic 425,826 397,753 322,760 Numerator for basic net income per Common Stock share $ 502,451 $ 563,294 $ 364,604 Numerator for basic net income per Class B Common Stock share: Dividends on Class B Common Stock $ 10,048 $ 20,094 $ 5,024 Class B Common Stock undistributed earnings – basic 58,083 49,737 38,747 Numerator for basic net income per Class B Common Stock share $ 68,131 $ 69,831 $ 43,771 Numerator for diluted net income per Common Stock share: Dividends on Common Stock $ 76,625 $ 165,541 $ 41,844 Dividends on Class B Common Stock assumed converted to Common Stock 10,048 20,094 5,024 Common Stock undistributed earnings – diluted 483,909 447,490 361,507 Numerator for diluted net income per Common Stock share $ 570,582 $ 633,125 $ 408,375 Numerator for diluted net income per Class B Common Stock share: Dividends on Class B Common Stock $ 10,048 $ 20,094 $ 5,024 Class B Common Stock undistributed earnings – diluted 58,601 50,303 39,387 Numerator for diluted net income per Class B Common Stock share $ 68,649 $ 70,397 $ 44,411 Denominator for basic net income per Common Stock and Class B Common Stock share: Common Stock weighted average shares outstanding – basic 73,658 80,348 83,690 Class B Common Stock weighted average shares outstanding – basic 10,047 10,047 10,047 Denominator for diluted net income per Common Stock and Class B Common Stock share: Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock) 83,807 90,524 93,923 Class B Common Stock weighted average shares outstanding – diluted 10,149 10,176 10,233 59 Fiscal Year (in thousands, except per share data) 2025 2024 2023 Basic net income per share: Common Stock $ 6.82 $ 7.01 $ 4.36 Class B Common Stock $ 6.78 $ 6.95 $ 4.36 Diluted net income per share: Common Stock $ 6.81 $ 6.99 $ 4.35 Class B Common Stock $ 6.76 $ 6.92 $ 4.34 NOTES TO TABLE (1) For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100 % of undistributed earnings is allocated to Common Stock.
Treasury securities $ 178,016 $ 67 $ ( 44 ) $ 178,039 Corporate bonds 103,970 77 ( 78 ) 103,969 Commercial paper instruments 17,657 6 — 17,663 Asset-backed securities 1,534 5 — 1,539 Total short-term investments $ 301,177 $ 155 $ ( 122 ) $ 301,210 The sale and/or maturity of available-for-sale investments resulted in the following realized activity during 2025 and 2024: (in thousands) 2025 2024 Gross realized gains $ 69 $ — Gross realized losses ( 57 ) — Proceeds 696,415 150,274 7.
Each stockholder of record as of the close of business on May 16, 2025 received nine additional shares for each share of Common Stock or Class B Common Stock held as of such date reflected in the stockholder’s account on May 23, 2025.
Each stockholder of record as of the close of business on May 16, 2025 received nine additional shares for each share of Common Stock or Class B Common Stock held as of such date reflected in the stockholder’s account on May 23, 2025.
No longer disclosed
CONSOLIDATED STATEMENTS OF OPERATIONS Fiscal Year (in thousands, except per share data) 2024 2023 2022 Net sales $ 6,899,716 $ 6,653,858 $ 6,200,957 Cost of sales 4,146,537 4,055,147 3,923,003 Gross profit 2,753,179 2,598,711 2,277,954 Selling, delivery and administrative expenses 1,832,829 1,764,260 1,636,907 Income from operations 920,350 834,451 641,047 Interest expense (income), net 1,848 ( 918 ) 24,792 Mark-to-market on acquisition related contingent consideration 59,166 159,354 32,301 Pension plan settlement expense — 112,796 — Other expense, net 2,682 5,738 8,867 Income before taxes 856,654 557,481 575,087 Income tax expense 223,529 149,106 144,929 Net income $ 633,125 $ 408,375 $ 430,158 Basic net income per share: Common Stock $ 70.10 $ 43.56 $ 45.88 Weighted average number of Common Stock shares outstanding 8,035 8,369 8,117 Class B Common Stock $ 69.50 $ 43.56 $ 45.93 Weighted average number of Class B Common Stock shares outstanding 1,005 1,005 1,257 Diluted net income per share: Common Stock $ 69.94 $ 43.48 $ 45.74 Weighted average number of Common Stock shares outstanding – assuming dilution 9,053 9,392 9,405 Class B Common Stock $ 69.17 $ 43.40 $ 45.76 Weighted average number of Class B Common Stock shares outstanding – assuming dilution 1,018 1,023 1,288 See accompanying notes to consolidated financial statements. 42 COCA ‑ COLA CONSOLIDATED, INC.
The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023.
The following table summarizes the significant cash transactions between the Company and The Coca‑Cola Company: Fiscal Year (in thousands) 2024 2023 2022 Payments made by the Company to The Coca-Cola Company (1) $ 2,109,748 $ 2,019,409 $ 1,867,727 Payments made by The Coca-Cola Company to the Company 274,322 253,972 256,333 (1) This excludes acquisition related sub-bottling payments made by the Company to CCR, a wholly owned subsidiary of The Coca‑Cola Company, as well as the payment made to repurchase shares pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI (as further discussed above).
The Company did not identify any other-than-temporary impairment on its available-for-sale investments during 2024. 61 The sale and/or maturity of available-for-sale investments resulted in proceeds of $ 150.3 million during 2024.
The new guidance is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024.
As such, assuming no changes in the Company’s capital structure, if market interest rates average 1% more over the next 12 months than the interest rates as of December 31, 2024, there would be no change to interest expense for the next 12 months.
The Company accounts for its commodity derivative instruments on a mark-to-market basis with any expense or income being reflected as an adjustment to cost of sales or SD&A expenses, consistent with the expense classification of the underlying hedged item. 40 The annual rate of inflation in the United States, as measured by year-over-year changes in the Consumer Price Index, was 2.9% in 2024, 3.4% in 2023 and 6.5% in 2022.
CONSOLIDATED BALANCE SHEETS (in thousands, except share data) December 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 1,135,824 $ 635,269 Short-term investments 301,210 — Accounts receivable, trade 567,653 555,933 Allowance for doubtful accounts ( 14,674 ) ( 16,060 ) Accounts receivable from The Coca-Cola Company 89,871 51,936 Accounts receivable, other 40,692 67,533 Inventories 330,395 321,932 Prepaid expenses and other current assets 96,331 88,585 Total current assets 2,547,302 1,705,128 Property, plant and equipment, net 1,505,267 1,320,563 Right-of-use assets - operating leases 112,351 122,708 Leased property under financing leases, net 3,138 4,785 Other assets 181,048 145,213 Goodwill 165,903 165,903 Distribution agreements, net 792,252 817,143 Customer lists, net 5,878 7,499 Total assets $ 5,313,139 $ 4,288,942 LIABILITIES AND EQUITY Current Liabilities: Current portion of obligations under operating leases $ 23,257 $ 26,194 Current portion of obligations under financing leases 2,685 2,487 Accounts payable, trade 334,878 383,562 Accounts payable to The Coca-Cola Company 187,271 139,499 Other accrued liabilities 246,687 237,994 Accrued compensation 168,692 146,932 Dividends payable — 154,666 Current portion of debt 349,699 — Total current liabilities 1,313,169 1,091,334 Deferred income taxes 132,941 128,435 Pension and postretirement benefit obligations 58,502 60,614 Other liabilities 859,559 866,499 Noncurrent portion of obligations under operating leases 92,362 102,271 Noncurrent portion of obligations under financing leases 2,346 5,032 Long-term debt 1,436,649 599,159 Total liabilities 3,895,528 2,853,344 Commitments and Contingencies Equity: Convertible Preferred Stock, $ 100.00 par value: authorized - 50,000 shares; issued - none — — Nonconvertible Preferred Stock, $ 100.00 par value: authorized - 50,000 shares; issued - none — — Preferred Stock, $ 0.01 par value: authorized - 20,000,000 shares; issued - none — — Common Stock, $ 1.00 par value: authorized - 30,000,000 shares; issued - 10,832,748 and 11,431,367 shares, respectively 10,833 11,431 Class B Common Stock, $ 1.00 par value: authorized - 10,000,000 shares; issued - 1,632,810 shares 1,633 1,633 Class C Common Stock, $ 1.00 par value: authorized - 20,000,000 shares; issued - none — — Additional paid in capital 135,953 135,953 Retained earnings 1,395,183 1,352,111 Accumulated other comprehensive income (loss) 1,885 ( 4,276 ) Treasury stock, at cost: Common Stock - 3,119,660 and 3,062,374 shares, respectively ( 127,467 ) ( 60,845 ) Treasury stock, at cost: Class B Common Stock - 628,114 shares ( 409 ) ( 409 ) Total equity 1,417,611 1,435,598 Total liabilities and equity $ 5,313,139 $ 4,288,942 See accompanying notes to consolidated financial statements. 44 COCA-COLA CONSOLIDATED, INC.
Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities-Supplier Finance Programs,” which requires additional quantitative and qualitative disclosures related to a company’s supply chain finance programs to enhance the transparency of these programs.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires additional disclosure of significant segment expenses included in the reported measure of segment profit or loss and regularly provided to the Chief Operating Decision Maker (the “CODM”).
On May 6, 2024, the Company announced its intention to purchase up to $ 3.10 billion in value of Common Stock through both a modified “Dutch auction” tender offer (the “Tender Offer”) for up to $ 2.00 billion of Common Stock and a separate share purchase agreement (the “Purchase Agreement”) with Carolina Coca-Cola Bottling Investments, Inc., an indirect wholly owned subsidiary of The Coca‑Cola Company (“CCCBI”).
On May 20, 2024, the Company launched its offer to purchase, for cash, shares of Common Stock at prices specified by the tendering stockholders of not less than $ 850 nor greater than $ 925 per share, with shares having an aggregate purchase price of no more than $ 2.00 billion.