Financial Analysis

DEBT AND BORROWING ARRANGEMENTS Loans and notes payable consist primarily of commercial paper issued in the United States. As of December 31, 2025, we had $1,495 million in outstanding commercial paper borrowings. We had no outstanding commercial paper borrowings as of July 3, 2026.

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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 July 3, 2026 Concentrate operations $ 2,426 $ 5,720 $ 8,146 Finished product operations 2,834 2,400 5,234 Total $ 5,260 $ 8,120 $ 13,380 Three Months Ended June 27, 2025 Concentrate operations $ 2,322 $ 5,296 $ 7,618 Finished product operations 2,613 2,304 4,917 Total $ 4,935 $ 7,600 $ 12,535 United States International Total Six Months Ended July 3, 2026 Concentrate operations $ 4,614 $ 10,917 $ 15,531 Finished product operations 5,391 4,930 10,321 Total $ 10,005 $ 15,847 $ 25,852 Six Months Ended June 27, 2025 Concentrate operations $ 4,297 $ 9,915 $ 14,212 Finished product operations 4,891 4,561 9,452 Total $ 9,188 $ 14,476 $ 23,664

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FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): July 3, 2026 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Measurements Assets: Equity securities with readily determinable values 1 $ 2,427 $ 435 $ 70 $ 353 $ $ 3,285 Debt securities 1 2,674 2,674 Derivatives 2 17 552 (464) 5 105 7 Total assets $ 2,444 $ 3,661 $ 70 $ 353 $ (464) $ 6,064 Liabilities: Derivatives 2 $ $ 1,003 $ $ $ (991) 6 $ 12 7 Total liabilities $ $ 1,003 $ $ $ (991) $ 12 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 The Compa …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES The Company recorded income taxes of $1,037 million (18.9% effective tax rate) and $993 million (20.7% effective tax rate) during the three months ended July 3, 2026 and June 27, 2025, respectively. The Company recorded income taxes of $1,682 million (16.7% effective tax rate) and $1,715 million (19.4% effective tax rate) during the six months ended July 3, 2026 and June 27, 2025, respectively. The Companys effective tax rates for the three and six months ended July 3, 2026 and June 27, 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 Companys effective tax rates for the three and six months ended July 3, 2026 included $40 million and $319 million, respectively, of net tax benefits related to various discrete tax items, including net interest income of $43 million and $98 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. The Companys effective tax rates for the three and six months ended July 3, 2026 also included net tax expense of $1 …

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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Plans Other Postretirement Benefit Plans Three Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Service cost $ 26 $ 25 $ $ 1 Interest cost 75 74 3 2 Expected return on plan assets 1 (97) (104) (1) (1) Amortization of net actuarial loss (gain) 22 26 Net periodic benefit cost (income) $ 26 $ 21 $ 2 $ 2 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. Pension Plans Other Postretirement Benefit Plans Six Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Service cost $ 52 $ 51 $ 1 $ 2 Interest cost 151 149 5 5 Expected return on plan assets 1 (195) (208) (2) (2) Amortization of prior service cost (credit) 1 (1) (1) Amortization of net actuarial loss (gain) 43 51 Curtailment loss (gain) 2 11 Special termination benefits 2 25 Net periodic benefit cost (income) $ 52 $ 79 $ 3 $ 4 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 primarily related to the benefit uplifts provided by the Compan …

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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 July 3, 2026 Concentrate operations $ 2,426 $ 5,720 $ 8,146 Finished product operations 2,834 2,400 5,234 Total $ 5,260 $ 8,120 $ 13,380 Three Months Ended June 27, 2025 Concentrate operations $ 2,322 $ 5,296 $ 7,618 Finished product operations 2,613 2,304 4,917 Total $ 4,935 $ 7,600 $ 12,535 United States International Total Six Months Ended July 3, 2026 Concentrate operations $ 4,614 $ 10,917 $ 15,531 Finished product operations 5,391 4,930 10,321 Total $ 10,005 $ 15,847 $ 25,852 Six Months Ended June 27, 2025 Concentrate operations $ 4,297 $ 9,915 $ 14,212 Finished product operations 4,891 4,561 9,452 Total $ 9,188 $ 14,476 $ 23,664 Refer to Note 16 for disclosures of net operating revenues by operating segment and Corporate.

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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 Companys operations by operating segment and Corporate is as follows (in millions): EMEA Latin America North America Asia Pacific Bottling Investments Operating Segments Total Corporate Eliminations Consolidated Three Months Ended July 3, 2026 Net operating revenues: Third party $ 3,087 $ 1,839 $ 5,405 $ 1,487 $ 1,525 $ 13,343 $ 37 $ $ 13,380 Intersegment 153 3 94 2 252 (252) Total net operating revenues 3,240 1,839 5,408 1,581 1,527 13,595 37 (252) 13,380 Cost of goods sold 808 275 2,659 470 1,067 5,279 (62) (252) 4,965 Selling, general and administrative expenses 1,123 387 1,048 455 369 3,382 338 3,720 Other operating charges 6 6 17 23 Operating income (loss) $ 1,309 $ 1,177 $ 1,695 $ 656 $ 91 $ 4,928 $ (256) $ $ 4,672 Interest income 198 Interest expense 369 Equity income (loss) net 604 Other income (loss) net 370 Income before income taxes $ 5,475 Other segment information: Capital expenditures $ 47 $ $ 179 $ $ 91 $ 317 $ 101 $ $ 418 Depreciation and amortization 51 9 92 12 86 250 16 266 Three Months Ended June 27, 2025 Net operating revenues: Third party $ 3,008 $ 1,587 $ 5,028 $ 1,464 $ 1,409 $ 12,496 $ 39 $ $ 12,535 Intersegment 168 1 108 2 279 (279) Total net operating revenues 3,176 1,587 5,029 1,572 1,411 12,775 39 (279) 12,535 Cost of good …

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CHANGES IN EQUITY The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended July 3, 2026 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests April 3, 2026 4,303 $ 35,734 $ 82,026 $ (14,040) $ 1,760 $ 20,634 $ (56,747) $ 2,101 Comprehensive income (loss) 4,908 4,425 414 69 Dividends paid/payable to shareowners of The Coca-Cola Company ($0.53 per share) (2,282) (2,282) Dividends paid to noncontrolling interests (5) (5) Purchases of treasury stock (2) (188) (188) Impact related to stock-based compensation plans 2 148 107 41 July 3, 2026 4,303 $ 38,315 $ 84,169 $ (13,626) $ 1,760 $ 20,741 $ (56,894) $ 2,165 Shareowners of The Coca-Cola Company Six Months Ended July 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) 8,921 8,349 505 67 Dividends paid/payable to shareowners of The Coca-Cola Company ($1.06 per share) (4,562) (4,562) Dividends paid to noncontrolling interests (8) (8) Purchases of treasury …

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