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How Coca Cola (KO) makes money
Coca Cola (KO) made $13.4B of revenue in the third quarter 2026 (Q3 2026), +7% from a year earlier. Concentrate operations brought in $8.2B (61%); Finished product operations brought in $5.2B (39%). Of every dollar of revenue, 63¢ was left as gross profit, 33¢ was left as operating profit, 30¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Concentrate operations | $8.2B | 61.3% | +0.7% | +9% |
| Finished product operations | $5.2B | 38.7% | -1% | +5% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $13.4B | 100.0% |
| Cost of revenue | $4.9B | 36.8% |
| Gross profit | $8.4B | 63.2% |
| Operating expenses | $4.0B | 29.8% |
| Operating profit | $4.5B | 33.4% |
| Income tax | $777M | 5.8% |
| Net earnings | $4.0B | 30.0% |
| Operating cash flow | $4.9B | 36.8% |
| Free cash flow | $4.5B | 34.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $13.4B | +7% |
| Q2 2026 | $13.4B | +7% |
| Q1 2026 | $12.5B | +12% |
| Q4 2025 | $11.8B | +2% |
| Q3 2025 | $12.5B | +5% |
| Q2 2025 | $12.5B | +1% |
| Q1 2025 | $11.1B | -2% |
From Coca Cola's 10-Q filed Oct 28, 2026 (on EDGAR).
Questions
How does Coca Cola make money?
Coca Cola (KO) made $13.4B of revenue in the third quarter 2026 (Q3 2026), +7% from a year earlier. Concentrate operations brought in $8.2B (61%); Finished product operations brought in $5.2B (39%). Of every dollar of revenue, 63¢ was left as gross profit, 33¢ was left as operating profit, 30¢ was left as net earnings.
What is Coca Cola's biggest business?
Concentrate operations: $8.2B in the third quarter 2026, 61% of revenue, +9% from a year earlier.
What is Coca Cola's profit margin?
Net earnings were $4.0B, 30.0% of revenue, in the third quarter 2026; the operating margin was 33.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.