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Coca Cola cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$4.5B in Q3 2026 · $14.3B over twelve months

Operating cash flow$4.9B
Capital spending−$379M
Free cash flow+$4.5B
Cash / net income1.2×
Cash conversion cycle-178 days

Analysis

In Q3 2026, Coca Cola generated $4.9B of operating cash flow and spent $379M on capital projects, leaving free cash flow of $4.5B.

Over the twelve months to Oct 2, 2026, operating cash flow was $16.2B; the largest uses were dividends ($11.2B), net borrowing (+) / repaid (−) ($3.8B), capital spending ($1.9B); besides operations, cash came from other investing ($2.0B), shares issued ($425M); the cash balance rose by $767M.

Operating cash flow was $4.9B against net income of $4.1B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$253M, other non-cash +$168M, deferred taxes +$104M.

Its cash conversion cycle was -178 days (receivables 25 + inventory 84 − payables 287): suppliers fund its working capital.

Free cash flow

Coca Cola: free cash flow by quarterCoca Cola: free cash flow by quarter$3.1BQ4 2024−$5.5BQ1 2025$3.4BQ2 2025$4.6BQ3 2025$2.9BQ4 2025$1.8BQ1 2026$5.1BQ2 2026$4.5BQ3 2026
Operating cash flow less capital spending.
Coca Cola: operating cash flow against capital spendingCoca Cola: operating cash flow against capital spendingOperating cash flowCapital spending$4.0B$803MQ4 2024−$5.2B$309MQ1 2025$3.8B$442MQ2 2025$5.0B$479MQ3 2025$3.8B$882MQ4 2025$2.0B$266MQ1 2026$5.5B$418MQ2 2026$4.9B$379MQ3 2026
Latest (Q3 2026): Operating cash flow $4.9B, Capital spending $379M.

Capital allocation, year by year

Coca Cola: where the cash came from (up) and went (down), by fiscal yearCoca Cola: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $12.6BFY2021: Net borrowing $228MFY2021: Shares issued $702MFY2021: Asset sales $401MFY2021: Capital spending −$1.4BFY2021: Buybacks −$111MFY2021: Dividends −$7.3B$14.0BFY2021FY2022: Operating cash flow $11.0BFY2022: Net borrowing −$958MFY2022: Shares issued $837MFY2022: Asset sales $198MFY2022: Capital spending −$1.5BFY2022: Buybacks −$1.4BFY2022: Dividends −$7.6B$12.1BFY2022FY2023: Operating cash flow $11.6BFY2023: Net borrowing $1.9BFY2023: Shares issued $539MFY2023: Asset sales $74.0MFY2023: Capital spending −$1.9BFY2023: Buybacks −$2.3BFY2023: Dividends −$8.0B$14.1BFY2023FY2024: Operating cash flow $6.8BFY2024: Net borrowing $2.5BFY2024: Shares issued $747MFY2024: Asset sales $40.0MFY2024: Capital spending −$2.1BFY2024: Buybacks −$1.8BFY2024: Dividends −$8.4B$10.1BFY2024FY2025: Operating cash flow $7.4BFY2025: Net borrowing $13.0MFY2025: Shares issued $313MFY2025: Asset sales $13.0MFY2025: Capital spending −$2.1BFY2025: Buybacks −$746MFY2025: Dividends −$8.8B$7.7BFY2025
Over these 5 years operating cash flow totalled $49.5B; the largest uses were dividends ($40.0B) and capital spending ($8.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.5B
Debt$41.8B
Net debt$28.3B
Due within a year$1.8B

Coca Cola funds itself: free cash flow was $14.3B over the last twelve months, and $13.5B of cash and investments stands against $41.8B of debt ($1.8B due within a year, 7.4× covered by cash).

Coca Cola: debt maturities by year (FY2025)Coca Cola: debt maturities by year (FY2025)$1.8BYear 1$4.8BYear 2$2.9BYear 3$3.0BYear 4$3.4BYear 5
Principal due in each year as disclosed in the annual report, against $13.5B of cash and investments now.

Where the cash came from and went

Coca Cola: sources (+) and uses (−) of cash, Q3 2026Coca Cola: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$4.9BDividends−$2.3BNet borrowing (+) / repaid (−)−$1.6BCash drawn (+) / kept (−)−$924MOther investing$400MCapital spending−$379MBuybacks−$237MShares issued$104MExchange rates−$50.0MAsset & business sales$36.0MOther financing−$2.0M
Coca Cola: sources (+) and uses (−) of cash, TTM to Q3 2026Coca Cola: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$16.2BDividends−$11.2BNet borrowing (+) / repaid (−)−$3.8BOther investing$2.0BCapital spending−$1.9BBuybacks−$1.0BCash drawn (+) / kept (−)−$767MShares issued$425MPartners$61.0MAsset & business sales$35.0MOther financing−$31.0MExchange rates$21.0M

From profit to cash

Coca Cola: net income to operating cash flow, Q3 2026Coca Cola: net income to operating cash flow, Q3 2026Net income$4.1BDepreciation & amortization$253MStock-based pay$77.0MDeferred taxes$104MOther non-cash$168MOperating cash flow$4.9B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20262584287-178
Q2 20262586273-162
Q1 20262592294-177
Q3 20253094329-206
Q2 20253098324-195
Q1 202530103399-267

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$4.9B−$379M−$237M−$2.3B−$1.6B$104M−$924M$4.5B
Q2 2026$5.5B−$418M−$186M−$2.3B−$288M$96.0M−$2.2B$5.1B
Q1 2026$2.0B−$266M−$477M−$2.3B−$1.3B$155M$15.0M$1.8B
Q4 2025$3.8B−$882M−$102M−$4.4B−$675M$70.0M$2.4B$2.9B
Q3 2025$5.0B−$479M−$172M−$2.1B−$2.0B$20.0M−$3.2B$4.6B
Q2 2025$3.8B−$442M−$102M−$2.2B−$1.1B$64.0M−$1.4B$3.4B
Q1 2025−$5.2B−$309M−$370M−$89.0M$3.8B$159M$2.7B−$5.5B
Q4 2024$4.0B−$803M−$567M−$4.1B−$845M$30.0M$2.7B$3.1B

Coca Cola: income statement and cash flow

Coca Cola, Q3 2026: revenue $13.4B (+7% year over year), operating margin 33.4%. The chart follows the revenue to costs, profit and cash.

Coca Cola: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.