[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","us9rqivn9xol4h7oebngo3zt3","revision",2,"title","可口可乐公司提交截至2026年10月2日的第三季度10-Q：前三季度净营业收入392.32亿美元，净利润123.58亿美元","originalTitle","COCA COLA CO (0000021344) (Filer)","summary","可口可乐公司提交截至2026年10月2日季度的10-Q；2026年前九个月净营业收入392.32亿美元、营业利润134.96亿美元、归属公司股东净利润123.58亿美元，摊薄每股收益2.86美元。","reason","节选提供可口可乐公司第三季度及前九个月的经营业绩、现金流和资本回报数据，并披露仍在上诉的税务争议及其潜在财务影响。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-28T18:22:38.000Z","discoveredAt","2026-10-28T18:37:05.469Z","timelineAt","category","ai-products","tags",[84,85,86,87,88],"stockSymbols",[83],"score",67,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":69},"hasTranslation","bodyLanguage","zh","factId","fBXIofsHvpYw",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","576ba5d3-4713-4b03-b792-d46cd501de7e","可口可乐上调2026全年展望，第三季度业绩增长",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

（勾选一项）

☒ 根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 10 月 2 日的季度

或

☐ 根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期间自至

委员会档案编号： 001-02217

$\"Corporate_Mark_Primary_Logo_Black.jpg\"$

COCA COLA CO

（注册人章程中规定的准确名称）


特拉华州		58-0628465
（注册成立或组织所在州或其他司法管辖区）		（美国国税局雇主识别号码）
One Coca-Cola Plaza
亚特兰大，	佐治亚州		30313
（主要行政办公室地址）		（邮政编码）

注册人电话号码（含区号）： (404) 676-2121

根据该法第 12(b) 条注册的证券：


各类别名称	交易代码	注册交易所名称
普通股，面值 $0.25	KO	纽约证券交易所
2027 年到期的 1.125% 票据	KO27	纽约证券交易所
2029 年到期的 0.125% 票据	KO29A	纽约证券交易所
2029 年到期的 0.125% 票据	KO29B	纽约证券交易所
2030 年到期的 0.400% 票据	KO30B	纽约证券交易所
2031 年到期的 1.250% 票据	KO31	纽约证券交易所
2032 年到期的 3.125% 票据	KO32	纽约证券交易所
2033 年到期的 0.375% 票据	KO33	纽约证券交易所
2033 年到期的 0.500% 票据	KO33A	纽约证券交易所
2035 年到期的 1.625% 票据	KO35	纽约证券交易所
2036 年到期的 1.100% 票据	KO36	纽约证券交易所
2036 年到期的 0.950% 票据	KO36A	纽约证券交易所
2037 年到期的 3.375% 票据	KO37	纽约证券交易所
2040 年到期的 0.800% 票据	KO40B	纽约证券交易所
2041 年到期的 1.000% 票据	KO41	纽约证券交易所
2044 年到期的 3.500% 票据	KO44	纽约证券交易所
2053 年到期的 3.750% 票据	KO53	纽约证券交易所

请勾选说明注册人是否：(1) 在过去 12 个月内（或注册人被要求提交此类报告的较短期间内）已提交《1934 年证券交易法》第 13 条或第 15(d) 条要求提交的所有报告；且 (2) 在过去 90 天内一直受此类提交要求约束。是 ☒ 否 ☐

请勾选说明注册人是否已在过去 12 个月内（或注册人被要求提交此类文件的较短期间内），以电子方式提交根据 S-T 条例第 405 条（本章第 232.405 条）要求提交的所有交互式数据文件。是 ☒ 否 ☐

请勾选说明注册人属于大型加速申报人、加速申报人、非加速申报人、较小申报公司还是新兴成长型公司。参见《交易法》第 12b-2 条中“大型加速申报人”“加速申报人”“较小申报公司”和“新兴成长型公司”的定义。

大型加速申报人

☒

加速申报人

☐

非加速申报人

☐

较小申报公司

☐

新兴成长型公司

☐

如果是新兴成长型公司，请勾选说明注册人是否选择不使用《交易法》第 13(a) 条规定的、遵守任何新的或修订后的财务会计准则的延长过渡期。

☐

请勾选说明注册人是否为空壳公司（定义见《交易法》第 12b-2 条）。是 ☐ 否 ☒

请说明截至最近可行日期，发行人各类普通股的流通股数。


普通股类别		截至 2026 年 10 月 26 日的流通股数
面值 $0.25		4,301,902,335

可口可乐公司及其子公司


		页码
	前瞻性陈述	1

	第一部分财务信息

第 1 项	财务报表	2

	合并收益表——截至 9 个月的 3 个月和 10 月 2 日，2026 年，以及 2025 年 9 月 26 日	2

	合并综合收益表——截至 9 个月的 3 个月和 2026 年 10 月 2 日，以及 2025 年 9 月 26 日	3

	合并资产负债表——2026 年 10 月 2 日和 2025 年 12 月 31 日	4

	合并现金流量表——截至 9 个月的 3 个月和 10 月 2 日，2026 年，以及 2025 年 9 月 2 6 日	5

	合并财务报表附注	6

第 2 项	财务状况与经营成果的管理层讨论与分析	33

第3项.	关于市场风险的定量和定性披露	48

第4项.	控制与程序	48

	第二部分：其他信息

第1项.	法律诉讼	48

第1A项.	风险因素	51

第2项.	未注册股权证券的销售及所得款项用途	51

第5项.	其他信息	51

第6项.	附件	51

	签名	55

前瞻性陈述

本报告包含可能构成“前瞻性陈述”的信息。通常，“相信”“预期”“打算”“估计”“预计”“计划”“将”等词语及类似表达用于标识前瞻性陈述，这类陈述通常并非历史性陈述。然而，未出现这些词语或类似表达，并不意味着陈述就不是前瞻性的。所有涉及我们预期或预计将在未来发生的经营业绩、事件或发展的陈述，均为前瞻性陈述。管理层认为，这些前瞻性陈述在作出时是合理的。但请谨慎对待，不要过度依赖任何此类前瞻性陈述，因为这些陈述仅反映作出时的情况。本公司不承担公开更新或修订任何前瞻性陈述的义务，无论是由于新信息、未来事件还是其他原因，法律要求的情况除外。此外，前瞻性陈述受到某些风险和不确定因素的影响，这些因素可能导致本公司的实际业绩与历史经验以及我们当前的预期或预测存在重大差异。这些风险和不确定因素包括但不限于：用于计算与美国国税局正在进行的税务争议可能出现不利结果相关的预计累计增量税款和利息负债的假设可能发生重大变化；本报告第二部分“第1A项.风险因素”及其他部分和我们截至2025年12月31日年度的10-K表格年度报告中所述的风险和不确定因素；以及我们不时向美国证券交易委员会提交的未来报告中所述的风险和不确定因素。

第一部分：财务信息

第1项.财务报表

可口可乐公司及子公司

合并损益表

（除每股数据外，单位：百万）


	截至三个月		截至九个月
	2026年 10月2日	2025年 9月26日		2026年 10月2日	2025年 9月26日
净营业收入	$	13,380		$	12,455		$	39,232	$	36,119
销售成本	4,930		4,797			14,515	13,674
毛利	8,450		7,658			24,717	22,445
销售、一般及管理费用	3,975		3,618			11,167	10,322
其他经营费用	10		58			54	202
营业收入	4,465		3,982			13,496	11,921
利息收入	224		185			644	553
利息支出	354		391			1,098	1,223
权益收益（亏损）—净额	653		644			1,641	1,556
其他收益（亏损）—净额	(155)		(237)			236	229
税前收入	4,833		4,183			14,919	13,036
所得税	777		500			2,459	2,215
合并净利润	4,056		3,683			12,460	10,821
减：归属于非控股权益的净利润（亏损）	47		(13)			102	(15)
归属于 The Coca-Cola Company 股东的净利润	$	4,009		$	3,696		$	12,358	$	10,836
每股基本净利润1	$	0.93		$	0.86		$	2.87	$	2.52
每股摊薄净利润1	$	0.93		$	0.86		$	2.86	$	2.51
基本加权平均流通股数	4,303		4,303			4,302	4,303
稀释性证券的影响	11		10			11	11
摊薄加权平均流通股数	4,314		4,313			4,313	4,314

1 根据归属于 The Coca-Cola Company 股东的净利润计算。

参阅合并财务报表附注。

可口可乐公司及其子公司

合并综合收益表

（百万美元）


	截至三个月		截至九个月
	2026年10月2日	2025年9月26日		2026年10月2日	2025年9月26日
合并净利润	$	4,056		$	3,683		$	12,460	$	10,821
其他综合收益：
外币折算调整净额	(668)		437			(311)	2,159
衍生工具净收益（亏损）	77		152			208	(449)
可供出售债务证券未实现净收益（亏损）变动	(7)		9			(21)	32
养老金及其他退休后福利负债净变动	87		7			130	27
综合收益总额	3,545		4,288			12,466	12,590
减：归属于非控股权益的综合收益（亏损）	—		(214)			67	(137)
归属于可口可乐公司股东的综合收益总额	$	3,545		$	4,502		$	12,399	$	12,727

参阅合并财务报表附注。

可口可乐公司及其子公司

合并资产负债表

（百万美元，面值除外）


	2026年10月2日	2025年12月31日
资产
流动资产
现金及现金等价物	$	13,454		$	10,270
短期投资	231		3,602
现金、现金等价物及短期投资总额	13,685		13,872
有价证券	2,910		1,934
应收贸易账款，扣除备抵额514和495（分别）	3,571		3,038
存货	4,410		4,425
预付费用及其他流动资产	2,475		2,433
持有待售资产	6,275		5,342
流动资产总额	33,326		31,044
权益法投资	20,710		20,235
递延所得税资产	1,086		1,206
不动产、厂房及设备，扣除累计折旧9,019和9,119（分别）	9,485		9,613
使用寿命不确定的商标	12,459		12,531
商誉	15,408		15,491
其他非流动资产	15,476		14,696
资产总额	$	107,950		$	104,816
负债和权益
流动负债
应付账款及应计费用	$	15,633		$	14,813
贷款及应付票据	73		1,551
长期债务的流动部分	4,923		1,822
应计所得税	577		525
持有待售负债	3,003		2,570
流动负债总额	24,209		21,281
长期债务	36,623		42,119
其他非流动负债	4,678		4,735
递延所得税负债	2,907		2,406
The Coca-Cola Company 股东权益
普通股，面值0.25美元；授权发行11,200股；已发行7,040股	1,760		1,760
资本公积	20,894		20,581
留存收益	85,898		80,382
累计其他综合收益（亏损）	(14,090)		(14,131)
库存股，按成本计价—分别为2,738股和2,738股	(57,090)		(56,423)
归属于可口可乐公司股东的权益	37,372		32,169
归属于非控股权益的权益	2,161		2,106
权益总额	39,533		34,275
负债和权益总额	$	107,950		$	104,816

请参阅合并财务报表附注。

可口可乐公司及其子公司

合并现金流量表

（单位：百万）


	截至以下日期的九个月
	2026年10月2日	2025年9月26日
经营活动
合并净利润	$	12,460		$	10,821
将合并净利润调节为经营活动提供的净现金的调整项目：
折旧和摊销	783		814
股份支付费用	194		204
递延所得税	457		496
权益法（收益）损失 — 扣除股息后	(1,013)		(859)
外币调整	106		127
重大（收益）损失 — 净额	(61)		(396)
其他经营费用	—		38
其他项目	43		447
经营性资产和负债变动净额	(498)		(8,040)
经营活动提供（使用）的现金净额	12,471		3,652
投资活动
购买投资	(3,706)		(3,292)
处置投资所得	5,952		4,300
收购企业、权益法投资及非上市证券	(204)		(356)
处置企业、权益法投资及非上市证券所得	1		1,020
购买不动产、厂房及设备	(1,063)		(1,230)
处置不动产、厂房及设备所得	43		21
与对冲活动相关的抵押品（支付）收取 — 净额	(133)		300
其他投资活动	271		214
投资活动提供（使用）的现金净额	1,161		977
融资活动
发行贷款、应付票据及长期债务	19		4,854
偿还贷款、应付票据及长期债务	(3,165)		(4,166)
发行股票	355		243
回购库存股	(900)		(644)
股息	(6,842)		(4,391)
出售非控股权益所得	—		1,277
其他融资活动	(13)		(261)
融资活动提供（使用）的现金净额	(10,546)		(3,088)
汇率变动对现金、现金等价物、受限现金及受限现金等价物的影响	35		335
现金、现金等价物、受限现金及受限现金等价物
本期现金、现金等价物、受限现金及受限现金等价物增加（减少）净额	3,121		1,876
期初现金、现金等价物、受限现金及受限现金等价物	11,010		11,488
期末现金、现金等价物、受限现金及受限现金等价物	14,131		13,364
减：期末受限现金及受限现金等价物	677		632
期末现金及现金等价物	$	13,454		$	12,732

请参阅合并财务报表附注。

可口可乐公司及其子公司

合并财务报表附注

附注1：重要会计政策摘要

列报基础

随附的未经审计合并财务报表按照美国普遍接受的会计原则（“美国 GAAP”）中关于中期财务信息的规定，以及 Form 10-Q 的说明和 Regulation S-X 的 Rule 10-01 编制。报表未包含美国 GAAP 要求完整财务报表应列示的全部信息和附注。但是，除本文披露的内容外，The Coca-Cola Company 截至 2025 年 12 月 31 日止年度 Form 10-K 年报所载合并财务报表附注中披露的信息并无重大变化。上年度合并财务报表及附注中的某些其他金额已修订，以符合本年度的列报方式。

本附注中使用的“The Coca-Cola Company”“Company”“we”“us”和“our”均指 The Coca-Cola Company 及纳入我们合并财务报表的所有实体。管理层认为，已纳入其认为为公允列报所必需的所有调整（包括正常的经常性应计项目）。截至 2026 年 10 月 2 日止三个月和九个月的经营业绩不一定代表截至 2026 年 12 月 31 日止年度的预期业绩。即饮饮料的销售具有一定季节性，第二和第三日历季度通常是销售量最高的季度。饮料业务的销售量可能受到天气状况的影响。

除第四季度外，我们每个季度报告期均于最接近相应日历季度末日的星期五结束。2026 年第三季度和 2025 年第三季度分别于 2026 年 10 月 2 日和 2025 年 9 月 26 日结束。无论 12 月 31 日是星期几，我们的第四季度和财政年度均于 12 月 31 日结束。

广告成本

公司关于年度报告中广告成本的会计政策是，在印刷、广播、电视及其他广告首次投放时，将其制作成本计入费用。所有其他营销支出均在发生该支出的年度期间计入费用。

对于季度报告，我们将预计全年中惠及多个季度的营销支出分摊至这些季度。分摊依据为各季度实际箱量占预计全年箱量的比例。采用此方法后，营销支出将按每箱的标准费率确认。每季度末，我们都会审查预计全年箱量及预计全年中惠及多个季度的营销支出，以评估是否需要更改估计。全年估计发生任何变更所产生的影响，均在估计变更发生的季度确认。我们的全年营销支出不受此中期会计政策影响。

现金、现金等价物、受限现金及受限现金等价物

我们将购买日到期日为三个月或更短、流动性极高的定期存款和其他投资归类为现金等价物或受限现金等价物（视情况而定）。受限现金和受限现金等价物通常包括由我们的专属保险公司持有的金额，这些金额列入我们合并资产负债表中的其他非流动资产项目；如适用，与持有待售资产相关的现金及现金等价物则列入我们合并资产负债表中的持有待售资产项目。我们通过设定具体的最低信用标准、分散交易对手以及监控信用风险集中度的程序来管理交易对手信用风险敞口。有关持有待售资产的更多信息，请参阅附注2；有关专属保险公司的更多信息，请参阅附注4。

下表汇总了构成合并现金流量表所列总额的现金、现金等价物、受限现金和受限现金等价物（单位：百万）：


	2026年10月2日	2025年12月31日
现金及现金等价物	$	13,454		$	10,270
受限现金和受限现金等价物	677		740
现金、现金等价物、受限现金和受限现金等价物	$	14,131		$	11,010


	2025年9月26日	2024年12月31日
现金及现金等价物	$	12,732		$	10,828
受限现金和受限现金等价物	632		660
现金、现金等价物、受限现金和受限现金等价物	$	13,364		$	11,488

附注2：收购和资产剥离

收购

在截至2026年10月2日和2025年9月26日的九个月内，我们公司收购企业、权益法投资和非上市证券的总额分别为$204 million和$356 million。截至2026年10月2日和2025年9月26日的九个月内，相关活动分别包括对一家日本权益法被投资方追加投资$112 million和$54 million。截至2026年10月2日和2025年9月26日的九个月内，相关活动还包括对另类能源有限合伙企业分别投资$75 million和$271 million。有关这些投资的更多信息，请参阅附注14。

资产剥离

在截至2026年10月2日和2025年9月26日的九个月内，处置企业、权益法投资和非上市证券所得款项分别为$1 million和$1,020 million。2025年3月，公司出售了其在权益法被投资方Coca-Cola Europacific Partners plc（“CCEP”）的部分所有权权益，收到现金所得款项$741 million，并确认收益$331 million。2025年5月，公司将其在印度某些地区的装瓶业务重新特许经营；截至2024年12月31日，这些业务被列为持有待售资产。公司收到净现金所得款项$218 million，并确认收益$102 million。这些收益计入我们合并利润表中的其他收入（亏损）—净额项目。

持有待售资产和负债

2025 年 10 月，本公司签订最终协议，向 Coca-Cola HBC AG（“CCHBC”）出售我们在非洲装瓶业务中的部分权益。CCHBC 是一家权益法核算的被投资方。交割须获得各项监管批准，预计于 2026 年底前完成，届时我们将不再合并这些装瓶业务。我们还单独同意了一项期权安排，允许 CCHBC 在交割后的六年内收购本公司剩余的 25% 所有权权益。由于这些业务符合划分为持有待售的标准，在截至 2025 年 12 月 31 日的年度内，我们须按账面价值与公允价值减出售成本孰低计量相关资产和负债，后者根据估计所得款项确定。这导致确认了 1,274 百万美元的减值损失，主要是因为出售时将重分类计入损益的外币折算调整为负数。在截至 2026 年 10 月 2 日的三个月和九个月内，根据管理层修订后的估计，我们分别确认收益 5 百万美元和 61 百万美元，以冲减该减值损失。这些金额计入合并收益表中的“其他收入（损失）—净额”项目。

在截至 2026 年 10 月 2 日的三个月内，本公司在新加坡、马来西亚和缅甸的装瓶业务符合划分为持有待售的标准。因此，我们须按账面价值与公允价值减出售成本孰低计量相关资产和负债，后者根据估计所得款项确定。由于处置组的公允价值减出售成本超过账面价值，相关资产和负债按其账面价值入账。交割须获得各项监管批准，预计于 2027 年年中前完成。

下表列示了在合并资产负债表中划分为持有待售的主要资产和负债类别的相关信息（单位：百万）：


	2026 年 10 月 2 日 2026	2025 年 12 月 31 日 2025
现金、现金等价物和短期投资	$	243		$	178
贸易应收账款，扣除备抵	415		389
存货	630		466
预付费用和其他流动资产	440		147
权益法投资	4		5
递延所得税资产	49		46
不动产、厂房和设备 — 净额	2,243		1,964
无限期商标	3		2
商誉	3,347		3,350
其他非流动资产	102		60
持有待售资产减值备抵	(1,201)		(1,265)
持有待售资产	$	6,275		$	5,342
应付账款和应计费用	$	1,223		$	816
应付贷款和票据	145		187
长期债务的流动部分	417		398
应计所得税	25		5
长期债务	844		850
其他非流动负债	159		154
递延所得税负债	190		160
持有待售负债	$	3,003		$	2,570

附注 3：净营业收入

下表列示了按美国和国际地区划分，并进一步按业务线分类的净营业收入（单位：百万）：


	美国	国际	合计
截至 2026 年 10 月 2 日的三个月
浓缩液业务	$	2,475		$	5,724	$	8,199
成品业务	2,784		2,397		5,181
合计	$	5,259		$	8,121	$	13,380
截至2025年9月26日的三个月
浓缩液业务	$	2,430		$	5,069	$	7,499
成品业务	2,688		2,268		4,956
合计	$	5,118		$	7,337	$	12,455


	美国	国际	合计
截至2026年10月2日的九个月
浓缩液业务	$	7,089		$	16,641	$	23,730
成品业务	8,175		7,327		15,502
合计	$	15,264		$	23,968	$	39,232
截至2025年9月26日的九个月
浓缩液业务	$	6,727		$	14,984	$	21,711
成品业务	7,579		6,829		14,408
合计	$	14,306		$	21,813	$	36,119

有关按经营分部及公司总部划分的净营业收入披露，请参阅附注16。

附注4：投资

权益证券

我们的权益证券账面价值列入合并资产负债表中的以下项目（单位：百万）：


	公允价值变动计入收益的证券	计量替代法——无易于确定的公允价值
2026年10月2日

有价证券	$	560		$	—

其他非流动资产	2,670		120
权益证券总额	$	3,230		$	120
2025年12月31日

有价证券	$	489		$	—

其他非流动资产	2,100		44
权益证券总额	$	2,589		$	44

本期末仍持有的权益证券相关已确认净未实现收益和损失计算如下（单位：百万）：


	截至三个月		截至九个月
	2026年10月2日	2025年9月26日		2026年10月2日	2025年9月26日
本期确认的权益证券相关净收益（损失）	$	40		$	165		$	345	$	315
减：本期出售的权益证券相关本期确认净收益（损失）	(13)		17			33	38
本期末仍持有的权益证券相关本期确认净未实现收益（损失）	$	53		$	148		$	312	$	277

债务证券

我们的债务证券包括以下项目（单位：百万）：


		未实现总额	估计公允价值
	成本	收益	损失
2026年10月2日
交易证券	$	47		$	—	$	(1)	$	46
可供出售证券1	2,731		18		(77)	2,672
债务证券总额	$	2,778		$	18	$	(78)	$	2,718
2025年12月31日
交易证券	$	49		$	1	$	—	$	50
可供出售证券1	1,816		23		(65)	1,774
债务证券总额	$	1,865		$	24	$	(65)	$	1,824

1 截至2026年10月2日，估计公允价值包括21.15亿美元巴西政府债券，其成本为21.63亿美元，未实现总损失为4800万美元；截至2025年12月31日，包括12.07亿美元巴西政府债券，其成本为12.55亿美元，未实现总收益为100万美元，未实现总损失为4900万美元。

我们的债务证券账面价值列入合并资产负债表中的以下项目（单位：百万）：


	2026年10月2日		2025年12月31日
	交易证券	可供出售证券		交易证券	可供出售证券

有价证券	$	46		$	2,304		$	50	$	1,395
其他非流动资产	—		368			—	379
债务证券总额	$	46		$	2,672		$	50	$	1,774

截至2026年10月2日，这些可供出售债务证券的合同到期日如下（单位：百万）：


	成本	预计公允价值
1 年内	$	880		$	863
1 年后至 5 年内	1,635		1,607
5 年后至 10 年内	33		34
10 年后	183		168
总计	$	2,731		$	2,672

由于借款人有权要求提前偿还或预付某些债务，因此公司预计实际到期日可能与上述合同到期日不同。

可供出售债务证券的出售和/或到期产生了以下已实现活动（单位：百万）：


	截至三个月		截至九个月
	2026 年 10 月 2 日	2025 年 9 月 26 日		2026 年 10 月 2 日	2025 年 9 月 26 日
总收益	$	1		$	—		$	3	$	3
总损失	(2)		(1)			(5)	(5)
所得款项	82		397			653	604

专属保险公司

根据当地保险法规，我们的合并专属保险公司必须达到并维持最低偿付能力资本要求。公司选择将其大部分偿付能力资本投资于可交易股权和债务证券组合。这些证券已包含在上述披露中。公司使用一家合并专属保险公司对团体年金保险合同进行再保险，这些合同涵盖我们某些欧洲和加拿大养老金计划的义务。截至 2026 年 10 月 2 日和 2025 年 12 月 31 日，该专属保险公司的偿付能力资本基金分别包含总额为 2,890 百万美元和 2,356 百万美元的股权和债务证券。由于这些资产不可用于履行我们的流动义务，因此它们被列入我们合并资产负债表中的其他非流动资产项目。

附注 5：存货

存货构成如下（单位：百万）：


	2026 年 10 月 2 日	2025 年 12 月 31 日
原材料和包装材料	$	2,562		$	2,708
制成品	1,483		1,375
其他	365		342
存货总额	$	4,410		$	4,425

附注 6：套期交易和衍生金融工具

下表列示了公司被指定为套期关系组成部分且符合套期关系条件的衍生工具公允价值（单位：百万）：


		公允价值
指定为套期工具的衍生工具	受影响的财务报表项目	2026 年 10 月 2 日	2025 年 12 月 31 日
资产：
外币合同	预付费用和其他流动资产	$	252		$	125
外币合同	其他非流动资产	50		31


利率合同	其他非流动资产	149		142
资产总额		$	451		$	298
负债：
外币合同	应付账款和应计费用	$	50		$	205
外币合同	其他非流动负债	28		28
大宗商品合同	应付账款和应计费用	2		9
利率合同	应付账款和应计费用	15		17
利率合同	其他非流动负债	844		700
负债总额		$	939		$	959

下表列示了公司未被指定为套期工具的衍生工具公允价值（单位：百万）：


		公允价值
未指定为套期工具的衍生工具	受影响的财务报表项目	2026年10月2日	2025年12月31日
资产：
外汇合约	预付费用及其他流动资产	$	139		$	115
外汇合约	其他非流动资产	52		18
外汇合约	持有待售资产	2		—
商品合约	预付费用及其他流动资产	103		7
商品合约	其他非流动资产	6		—
商品合约	持有待售资产	9		3
其他衍生工具	预付费用及其他流动资产	5		—

资产总额		$	316		$	143
负债：
外汇合约	应付账款及应计费用	$	161		$	66
外汇合约	其他非流动负债	74		5
外汇合约	持有待售负债	1		5
商品合约	应付账款及应计费用	12		10
商品合约	其他非流动负债	—		1
商品合约	持有待售负债	1		1


其他衍生工具	应付账款及应计费用	—		2

负债总额		$	249		$	90

公司所有衍生工具在综合资产负债表中均按公允价值列示，并在适用情况下考虑了具有法律效力的主净额结算协议以及与同一交易对手持有或存放的现金抵押品的影响。现行披露要求规定，披露衍生工具时还必须不反映主净额结算协议和现金抵押品的影响。有关公司衍生工具净额列报及估计公允价值的更多信息，请参阅附注15。我们对这些衍生工具的损益和现金流影响进行分类时，均与相关被套期项目保持一致。作为现金流量套期、公允价值套期和经济套期策略一部分的衍生工具结算，在综合现金流量表中归类为经营活动。指定为境外经营净投资套期的衍生工具结算，在综合现金流量表中归类为投资活动。

衍生工具相关信用风险

我们已制定严格的交易对手信用准则，仅与信用评级达到投资级或更高等级的金融机构进行交易。我们定期监控交易对手风险敞口，并立即审查任何信用评级下调。如果交易对手信用评级下调，我们的条款要求几乎所有交易均须提供抵押品。为降低结算前风险，衍生金融工具期限越长，最低信用标准就越严格。此外，本公司的主净额结算协议允许本公司对与同一交易对手的交易进行净额结算，从而降低信用风险。为尽量降低信用风险集中度，我们与多家金融机构进行衍生品交易。此外，对于某些衍生金融工具，本公司与交易对手签订的协议要求根据工具公允价值的变动交换抵押品。当抵押品账户处于资产状态时，本公司将抵押品支付和收款分类为投资活动现金流；当抵押品账户处于负债状态时，则分类为融资活动现金流。鉴于这些因素，我们认为交易对手违约风险极低。

现金流量套期策略

本公司使用现金流量套期，以尽量降低汇率、商品价格或利率波动导致的资产或负债现金流量以及预测交易现金流量的变动。指定为现金流量套期的衍生品公允价值变动计入累计其他综合收益（亏损）（“AOCI”），并在被套期项目影响收益的同一期间，重分类至合并收益表中记录被套期项目的相应项目。被认定为无效套期的套期工具公允价值变动会立即从 AOCI 重分类至收益。公司对未来现金流量变动风险进行套期的最长期限通常为三年。

本公司实施外币现金流量套期计划，以降低汇率波动对我们在美国境外销售所得的美元净现金流入以及采购活动产生的美元净现金流出的不利影响。我们签订远期合约并购买外币期权和领式期权（主要涉及欧元、英镑和日元），以对冲以外币计价的预测现金流量中的部分风险。当美元兑外币走强时，未来外币现金流量现值的下降会部分被衍生工具公允价值的收益抵消。相反，当美元走弱时，未来外币现金流量现值的上升会部分被衍生工具公允价值的损失抵消。截至 2026 年 10 月 2 日和 2025 年 12 月 31 日，指定并符合本公司外币现金流量套期计划资格的衍生品名义总额分别为 11,041 百万美元和 9,760 百万美元。

本公司使用交叉货币互换，对某些以外币计价的债务及其他货币性资产或负债的现金流因汇率波动而发生的变化进行套期保值。对于该套期保值计划，本公司每期将这些以外币计价的资产和负债因汇率波动导致的账面价值变动计入收益。交叉货币互换衍生工具公允价值的变动计入 AOCI，并立即将归因于汇率波动的公允价值变动重分类至收入。用于对本公司以外币计价的资产和负债进行现金流套期保值且已指定为套期工具的衍生工具名义价值总额，在 2026 年 10 月 2 日和 2025 年 12 月 31 日均为 $557 million。

本公司已签订大宗商品期货合约及其他涉及多种大宗商品的衍生工具，以降低与制造过程中所用材料的预计采购相关的价格风险。这些衍生工具被指定为本公司大宗商品现金流套期保值计划的一部分。该套期保值计划旨在降低未来采购某些大宗商品所涉现金流的变动性。截至 2026 年 10 月 2 日和 2025 年 12 月 31 日，已指定且符合该计划资格的衍生工具名义价值总额分别为 $48 million 和 $53 million。

本公司定期监控短期债务和长期债务的构成。我们通过使用衍生金融工具管理利率波动相关风险。本公司不时签订利率互换协议，并将这些工具指定为本公司利率现金流套期保值计划的一部分。该套期保值计划旨在降低基准利率不利变动对本公司未来利息支付造成的风险。截至 2026 年 10 月 2 日和 2025 年 12 月 31 日，已指定且符合该计划资格的衍生工具名义价值总额分别为 $769 million 和 $1,786 million。

下表列示指定为现金流套期工具的衍生工具公允价值变动对其他综合收益（“OCI”）、AOCI 和收入的税前影响（单位：百万）：


	收益（损失）计入 OCI		受影响的财务报表项目	从 AOCI 重分类至收入的收益（损失）
截至 2026 年 10 月 2 日的三个月
外汇合约	$	63			净营业收入	$	(65)
外汇合约	(1)			销售成本	9
外汇合约	—			利息支出	(1)
外汇合约	4			其他收入（损失）—净额	(10)
大宗商品合约	(7)			销售成本	2
利率合约	42			利息支出	—
总计	$	101				$	(65)
截至 2025 年 9 月 26 日的三个月
外汇合约	$	41			净营业收入	$	(109)
外汇合约	12			销售成本	—
外汇合约	—			利息支出	(1)
外汇合约	(6)			其他收入（亏损）—净额	(1)
商品合同	4			销售成本	—
利率合同	—			利息支出	(1)
总计	$	51				$	(112)


	在其他综合收益中确认的收益（亏损）		受影响的财务报表项目	从累计其他综合收益重分类至收入的收益（亏损）
截至2026年10月2日的九个月
外币合同	$	72			净营业收入	$	(199)
外币合同	17			销售成本	14
外币合同	—			利息支出	(3)
外币合同	1			其他收入（亏损）—净额	(25)
商品合同	39			销售成本	32
利率合同	41			利息支出	(2)
总计	$	170				$	(183)
截至2025年9月26日的九个月
外币合同	$	(729)			净营业收入	$	(137)
外币合约	(6)			销售成本	4
外币合约	—			利息支出	(3)
外币合约	31			其他收入（损失）—净额	67
商品合约	(6)			销售成本	(2)
利率合约	(1)			利息支出	(2)
总计	$	(711)				$	(73)

截至2026年10月 2日，公司预计将在未来12 个月内，随着预期现金流的发生，将记录在AOCI中的税前金额所含净收益71 百万美元重新分类计入收入。

公允价值套期策略

公司使用指定为公允价值套期的利率互换协议，以最大限度地降低基准利率波动导致的固定利率债务公允价值变动风险。公司还使用交叉货币利率互换，对冲外币计价债务公允价值因外汇汇率和基准利率波动而发生的变化。指定为公允价值套期的衍生工具公允价值变动，以及被套期项目公允价值的相应变动，均在收益中确认。因此，任何差额均作为套期无效性反映在收益中。无论出于何种原因，当衍生工具不再被指定为公允价值套期时（包括终止和到期），被套期项目账面价值与该项目面值之间剩余的未摊销差额，将在被套期项目剩余存续期内摊销计入收益；若被套期项目已到期或已清偿，则立即摊销。

截至2026年10月 2日和2025年12月 31日，此类被指定且符合公允价值套期条件的衍生工具名义总额分别为11,875 百万美元和13,674 百万美元。

下表汇总了指定为公允价值套期的衍生工具公允价值变动对收入的税前影响（单位：百万美元）：


套期工具及被套期项目	受影响的财务报表项目	在收入中确认的收益（损失）
三个月期间		九个月期间
2026年10月2日 2026	2025年9月26日 2025		2026年10月2日 2026	2025年9月26日 2025
利率合约	利息费用	$	(165)		$	26		$	(176)	$	274
固定利率债务	利息费用	172		(19)			189	(265)




公允价值套期工具的净影响		$	7		$	7		$	13	$	9

下表汇总了与公允价值套期关系中的被套期项目相关、记录在我们合并资产负债表中的金额（单位：百万）：


			公允价值套期调整累计金额1
	被套期项目的账面价值		计入被套期项目账面价值的金额		已停止使用套期会计的剩余金额
被套期项目的资产负债表列报位置	2026年10月2日	2025年12月31日		2026年10月2日	2025年12月31日		2026年10月2日	2025年12月31日


长期债务的流动部分	$	1,687		$	1,491			$	(16)	$	(10)		$	6	$	—
长期债务	9,450		11,648			(856)		(705)		66		97

1公允价值套期调整累计金额不包括外币汇率波动导致的变动。

境外经营净投资套期策略

公司使用远期合约以及部分以外币计价的债务（一种非衍生金融工具），以保护我们在若干境外经营中的净投资价值。2025年，公司改变了评估指定为净投资套期的衍生金融工具有效性的方法，仅纳入归因于外币即期汇率变动的公允价值变动。衍生金融工具有效部分公允价值的变动计入净外币折算调整（AOCI的组成部分），以抵销被套期净投资价值的变动。被排除组成部分的初始价值及后续公允价值变动在套期工具存续期内摊销计入收益。在截至2026年10月2日的三个月和九个月内，公司因摊销被排除组成部分分别确认净收益8 百万美元和23 百万美元；在截至2025年9月26日的三个月和九个月内，均确认净收益8 百万美元。这些金额在我们的合并收益表中确认为利息费用。对于被指定为境外经营净投资套期且符合套期条件的非衍生金融工具，其指定部分账面价值因外币汇率波动产生的变动计入净外币折算调整。净投资套期的任何无效部分均在变动发生期间从AOCI重新分类至收益。

下表汇总了指定为净投资套期工具的名义价值及公允价值变动对税前损益的影响（单位：百万）：


	名义价值		在其他综合收益中确认的收益（损失）
	截至		截至三个月		截至九个月
	2026年10月2日	2025年12月31日		2026年10月2日	2025年9月26日		2026年10月2日	2025年9月26日
外币合约	$	2,926		$	1,067			$	(4)	$	12		$	(14)	$	11
外币计价债务	12,941		14,998			190		23		586		(1,721)
总计	$	15,867		$	16,065			$	186	$	35		$	572	$	(1,710)

截至2026年10月2日的三个月和九个月，以及截至2025年9月26日的三个月和九个月内，公司未对任何收益或损失进行重新分类。

经济（非指定）套期保值策略

除已指定且符合套期会计条件的衍生工具外，公司还使用某些衍生工具作为外币、利率和大宗商品敞口的经济套期工具。尽管这些衍生工具未被指定为套期工具和/或不符合套期会计条件，但它们是有效的经济套期工具。经济套期工具公允价值的变动立即计入收益。

公司使用外币经济套期工具，以抵消外币汇率波动对以非功能货币计价的某些货币性资产和负债造成的收益影响。用于抵消这些货币性资产和负债的经济套期工具公允价值变动，立即计入我们合并损益表中的“其他收入（损失）—净额”项目。此外，我们还使用外币经济套期工具，以尽量减少与外币汇率波动相关的现金流变动性，包括与某些收购和剥离活动相关的现金流变动性。用于抵消美元净现金流变动性的经济套期工具公允价值变动，根据具体情况，立即计入我们合并损益表中的净营业收入、销售成本或“其他收入（损失）—净额”项目。截至2026年10月2日和2025年12月31日，与我们的外币经济套期工具相关的衍生工具名义总值分别为$12,582 million和$9,744 million。

公司还使用某些衍生工具作为经济套期工具，以降低制造过程中所用材料和车辆燃料采购相关的价格风险。这些经济套期工具的公允价值变动，根据具体情况，立即计入我们合并损益表中的净营业收入、销售成本或销售、一般及行政费用项目。截至2026年10月2日和2025年12月31日，此类经济套期工具相关衍生工具的名义总值分别为$807 million和$482 million。

下表列示未被指定为套期工具的衍生工具公允价值变动对税前收入的影响（单位：百万）：


未被指定为套期工具的衍生工具	受影响的财务报表项目	计入收入的收益（损失）确认
截至三个月
2026年10月2日	2025年9月26日
外币合约	净营业收入	$	4		$	1
外币合约	销售成本	(6)		28
外币合约	其他收入（损失） — 净额	(52)		58


大宗商品合约	销售成本	112		3

其他衍生工具	销售、一般及行政费用	3		4
其他衍生工具	其他收入（损失）— 净额	(2)		—
总计		$	59		$	94


未指定为套期工具的衍生品	受影响的财务报表项目	在损益中确认的收益（损失）
Nine Months Ended
October 2, 2026	September 26, 2025
Foreign currency contracts	Net operating revenues	$	(61)		$	(181)
Foreign currency contracts	Cost of goods sold	29		107
Foreign currency contracts	Other income (loss) — net	6		154


Commodity contracts	Cost of goods sold	144		(3)

Other derivative instruments	Selling, general and administrative expenses	29		16
Other derivative instruments	Other income (loss) — net	(2)		—
Total		$	145		$	93

NOTE 7: SUPPLY CHAIN FINANCE PROGRAM

Our current payment terms with the majority of our suppliers are 120 days. Certain financial institutions offer a voluntary supply chain finance (“SCF”) program, which enables our suppliers, at their sole discretion, to sell their receivables from the Company to these financial institutions on a non-recourse basis at a rate that leverages our credit rating and thus may be more beneficial to them. The SCF program is available to suppliers of goods and services included in cost of goods sold and selling,

general and administrative expenses in our consolidated statement of income. The Company and our suppliers agree on contractual terms for the goods and services we procure, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. The suppliers sell goods or services, as applicable, to the Company and issue the associated invoices to the Company based on the agreed-upon contractual terms. Then, if they are participating in the SCF program, our suppliers sell their invoices to the financial institutions. Our suppliers’ voluntary participation in the SCF program has no bearing on our payment terms. No guarantees are provided by the Company or any of our subsidiaries under the SCF program. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Accordingly, amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable and accrued expenses and liabilities held for sale in our consolidated balance sheet, as applicable. All activity related to amounts due to suppliers that elected to participate in the SCF program is classified within the operating activities section of our consolidated statement of cash flows. As of October 2, 2026 and December 31, 2025, the amount of obligations outstanding that the Company has confirmed as valid to the financial institutions under the SCF program was $1,576 million and $1,363 million, respectively. As of October 2, 2026 and December 31, 2025, these amounts included $155 million and $37 million, respectively, of confirmed obligations outstanding related to our bottling operations in Africa that are currently held for sale. Refer to Note 2.

NOTE 8: 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 October 2, 2026.

NOTE 9: COMMITMENTS AND CONTINGENCIES

Guarantees

As of October 2, 2026, we were contingently liable for guarantees of indebtedness owed by third parties of $807 million, of which $60 million was related to variable interest entities. Our guarantees are primarily related to third-party customers, bottlers and vendors and have arisen through the normal course of business. These guarantees have various terms, and none of these guarantees is individually significant. These amounts represent the maximum potential future payments that we could be required to make under the guarantees. However, management has concluded that the likelihood of any significant amounts being paid by our Company under these guarantees is remote.

Concentrations of Credit Risk

We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations.

Legal Contingencies

The Company is involved in various legal proceedings. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Management has also identified certain other legal matters where we believe an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. Management believes that the total liabilities of the Company that may arise as a result of currently pending legal proceedings (excluding tax audit claims) will not have a material adverse effect on the Company taken as a whole.

Tax Audits

The Company is involved in various tax matters, with respect to some of which the outcome is uncertain. These uncertain tax matters may result in the assessment of additional taxes.

On September 17, 2015, the Company received a Statutory Notice of Deficiency (“Notice”) from the United States Internal Revenue Service (“IRS”) seeking approximately $3.3 billion of additional federal income tax for years 2007 through 2009. In the Notice, the IRS stated its intent to reallocate over $9 billion of income to the U.S. parent company from certain of its foreign affiliates that the U.S. parent company licensed to manufacture, distribute, sell, market and promote its products in certain non-U.S. markets.

The Notice concerned the Company’s transfer pricing between its U.S. parent company and certain of its foreign affiliates. IRS rules governing transfer pricing require arm’s-length pricing of transactions between related parties such as the Company’s U.S. parent and its foreign affiliates.

that dispute (“Closing Agreement”). The Closing Agreement provided that, absent a change in material facts or circumstances or relevant federal tax law, in calculating the Company’s income taxes going forward, the Company would not be assessed penalties by the IRS for using the agreed-upon tax calculation methodology that the Company and the IRS agreed would be used for the 1987 through 1995 tax years.

The IRS audited and confirmed the Company’s compliance with the agreed-upon Closing Agreement methodology in five successive audit cycles for tax years 1996 through 2006.

The September 17, 2015 Notice from the IRS retroactively rejected the previously agreed-upon methodology for the 2007 through 2009 tax years in favor of an entirely different methodology, without prior notice to the Company. Using the new tax calculation methodology, the IRS reallocated over $9 billion of income to the U.S. parent company from its foreign licensees for tax years 2007 through 2009. Consistent with the Closing Agreement, the IRS did not assert penalties, and it has yet to do so.

The IRS designated the Company’s matter for litigation on October 15, 2015. Litigation designation is an IRS determination that forecloses to a company any and all alternative means for resolution of a tax dispute. As a result of the IRS’ designation of the Company’s matter for litigation, the Company was forced to either accept the IRS’ newly imposed tax assessment and pay the full amount of the asserted tax or litigate the matter in the federal courts. The matter remains subject to the IRS’ litigation designation, preventing the Company from any attempt to settle or otherwise mutually resolve the matter with the IRS.

The Company consequently initiated litigation by filing a petition in the U.S. Tax Court (“Tax Court”) in December 2015, challenging the tax adjustments enumerated in the Notice.

Prior to trial, the IRS increased its transfer pricing adjustment by $385 million, resulting in an additional tax adjustment of $135 million. The Company obtained a summary judgment in its favor on a different matter related to Mexican foreign tax credits, which thereafter effectively reduced the IRS’ potential tax adjustment by $138 million.

The trial was held in the Tax Court from March through May 2018, and final post-trial briefs were filed and exchanged in April 2019.

On November 18, 2020, the Tax Court issued an opinion (“Opinion”) in which it predominantly sided with the IRS but agreed with the Company that dividends previously paid by the foreign licensees to the U.S. parent company in reliance upon the Closing Agreement should continue to be allowed to offset royalties, including those that would become payable to the Company in accordance with the Opinion. On November 8, 2023, the Tax Court issued a supplemental opinion (together with the original Tax Court opinion, “Opinions”), siding with the IRS in concluding both that certain U.S. tax regulations (known as the blocked-income regulations) that address the effect of certain Brazilian legal restrictions on royalty payments by the Company’s licensee in Brazil apply to the Company’s operations and that the Tax Court opinion in 3M Co. & Subs. v. Commissioner (February 9, 2023) (“3M case”) controlled as to the validity of those regulations. On October 1, 2025, the U.S. Court of Appeals for the Eighth Circuit issued an opinion reversing the judgment of the Tax Court in the 3M case. In its decision, the court concluded that the blocked-income regulation was inconsistent with Internal Revenue Code (“IRC”) Section 482 and that the IRS therefore could not reallocate income from 3M’s subsidiary in Brazil to 3M in contravention of Brazilian restrictions on the payment of royalties. Further, the U.S. Court of Appeals for the Eighth Circuit specifically rejected the IRS’ argument that the ability of 3M’s subsidiary in Brazil to pay dividends, rather than royalties, meant that royalty income should not be treated as blocked. Both of these conclusions are highly supportive of the Company’s position in its case and reinforce its prior conclusions.

The Company believes that the IRS and the Tax Court misinterpreted and misapplied the applicable regulations in reallocating income earned by the Company’s foreign licensees to increase the Company’s U.S. tax. Moreover, the Company believes that the retroactive imposition of such tax liability using a calculation methodology different from that previously agreed upon by the IRS and the Company, and audited by the IRS for over a decade, is unconstitutional. The Company intends to assert its claims on appeal and vigorously defend its positions. In addition, for its litigation with the IRS and for purposes of its appeal of the Tax Court decision, the Company continues to evaluate the implications of several significant administrative law cases recently decided by the U.S. Supreme Court, most notably Loper Bright v. Raimondo, which overruled Chevron U.S.A., Inc. v. NRDC (“Chevron case”). Since 1984, the Chevron case had required that courts defer to agency interpretations of statutes and agency action. In Ohio v. EPA and Garland v. Cargill, two of the recent decisions, the U.S. Supreme Court demonstrated how courts are to rule on agency interpretations and actions without the deference previously required by the Chevron case.

Company recorded net interest income of $57 million and $155 million, respectively, related to this tax payment. For the three and nine months ended September 26, 2025, the Company recorded net interest income of $55 million and $162 million, respectively, related to this tax payment. These amounts were recorded in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy. The payment of the IRS invoices and the related accrued interest were recorded in the line item other noncurrent assets in our consolidated balance sheets as of October 2, 2026 and December 31, 2025. On October 22, 2024, the Company appealed the Tax Court’s decision to the U.S. Court of Appeals for the Eleventh Circuit. The Company filed its principal appellate brief with the U.S. Court of Appeals for the Eleventh Circuit on March 12, 2025. The IRS filed its appellate brief on July 7, 2025. The Company filed its reply brief on August 27, 2025. The U.S. Court of Appeals for the Eleventh Circuit heard the case on June 25, 2026.

In determining the amount of tax reserve to be recorded as of December 31, 2020, the Company completed the required two-step evaluation process prescribed by Accounting Standards Codification 740, Accounting for Income Taxes. In doing so, we consulted with outside advisors, and we reviewed and considered relevant laws, rules, and regulations, including, but not limited to, the Opinions and relevant caselaw. We also considered our intention to vigorously defend our positions and assert our various well-founded legal claims via every available avenue of appeal. We concluded, based on the technical and legal merits of the Company’s tax positions, that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal. In addition, we considered a number of alternative transfer pricing methodologies, including the methodology asserted by the IRS and affirmed in the Opinions (“Tax Court Methodology”), that could be applied by the courts upon final resolution of the litigation. Based on the required probability analysis, we determined the methodologies we believe the federal courts could ultimately order to be used in calculating the Company’s tax. As a result of this analysis, we recorded a tax reserve of $438 million during the year ended December 31, 2020 related to the application of the resulting methodologies as well as the different tax treatment applicable to dividends originally paid to the U.S. parent company by its foreign licensees, in reliance upon the Closing Agreement, that would be recharacterized as royalties in accordance with the Opinions and the Company’s analysis.

The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of October 2, 2026. However, based on the required probability analysis and the accrual of interest through the current reporting period, we updated our tax reserve as of October 2, 2026 to $538 million.

While the Company strongly disagrees with the IRS’ positions and the portions of the Opinions affirming such positions, it is possible that some portion or all of the adjustments proposed by the IRS and sustained by the Tax Court could ultimately be upheld. In that event, the Company would not receive a refund of the applicable portion or all of the $6.0 billion it paid in response to the IRS invoices issued in September 2024 and the related accrued interest receivable of $589 million as of October 2, 2026. Additionally, the Company would likely be subject to significant additional liabilities for subsequent years, which could have a material adverse impact on the Company’s financial position, results of operations and cash flows.

The Company calculated the potential impact of applying the Tax Court Methodology to reallocate income from foreign licensees potentially covered within the scope of the Opinions for the 2010 through 2025 tax years, assuming such methodology were to be ultimately upheld by the courts, and the IRS were to decide to apply that methodology to subsequent years, with consent of the federal courts. This impact would include taxes and interest accrued through December 31, 2025. The calculations incorporated the estimated impact of correlative adjustments to the previously accrued transition tax payable under the 2017 Tax Cuts and Jobs Act. The Company estimates that the potential aggregate remaining incremental tax and interest liability for the tax years 2010 through 2025 could be approximately $14 billion as of December 31, 2025. Additional income tax and interest on any unpaid potential liabilities for the 2010 through 2025 tax years would continue to accrue until the time any such potential liability, or portion thereof, were to be paid. The Company estimates the impact of the continued application of the Tax Court Methodology for the three and nine months ended October 2, 2026 would increase the potential aggregate incremental tax and interest liability by approximately $450 million and $1.4 billion, respectively. We currently project the continued application of the Tax Court Methodology in 2026, assuming similar facts and circumstances as of December 31, 2025 and reflecting changes enacted under the One Big Beautiful Bill Act effective in 2026, would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately 3.8%.

Risk Management Programs

The Company has numerous global insurance programs in place to help protect the Company from the risk of loss. In general, we are self-insured for large portions of many different types of claims; however, we do use commercial insurance above our self-insured retentions to reduce the Company’s risk of catastrophic loss. Our reserves for the Company’s self-insured losses are estimated using actuarial methods and assumptions of the insurance industry, adjusted for our specific expectations based on our claims history. Our self-insurance reserves totaled $160 million and $155 million as of October 2, 2026 and December 31, 2025, respectively.

NOTE 10: OTHER COMPREHENSIVE INCOME

AOCI attributable to shareowners of The Coca-Cola Company is separately presented in our consolidated balance sheet as a component of shareowners’ equity, which also includes our proportionate share of equity method investees’ AOCI. OCI attributable to noncontrolling interests is allocated to, and included in, our consolidated balance sheet as part of the line item equity attributable to noncontrolling interests.

AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions):


	October 2, 2026	December 31, 2025
Net foreign currency translation adjustments	$	(12,949)		$	(12,673)
Accumulated net gains (losses) on derivatives	(36)		(244)
Unrealized net gains (losses) on available-for-sale debt securities	(47)		(26)
Adjustments to pension and other postretirement benefit liabilities	(1,058)		(1,188)
Accumulated other comprehensive income (loss)	$	(14,090)		$	(14,131)

The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions):


	Nine Months Ended October 2, 2026
	Shareowners of The Coca-Cola Company	Noncontrolling Interests	Total
Consolidated net income	$	12,358		$	102	$	12,460
Other comprehensive income:
Net foreign currency translation adjustments	(276)		(35)		(311)
Net gains (losses) on derivatives1	208		—		208
Net change in unrealized gains (losses) on available-for-sale debt securities2	(21)		—		(21)
Net change in pension and other postretirement benefit liabilities	130		—		130

Total comprehensive income (loss)	$	12,399		$	67	$	12,466

1Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.

The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions):


Three Months Ended October 2, 2026	Before-Tax Amount	Income Tax	After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	(458)		$	83	$	(375)

Gains (losses) on intra-entity transactions that are of a long-term investment nature	(387)		—		(387)
Gains (losses) on net investment hedges arising during the period1	186		(45)		141

Net foreign currency translation adjustments	$	(659)		$	38	$	(621)
Derivatives:
Gains (losses) arising during the period	$	52		$	(25)	$	27
Reclassification adjustments recognized in net income	65		(15)		50
Net gains (losses) on derivatives1	$	117		$	(40)	$	77
Available-for-sale debt securities:
Unrealized gains (losses) arising during the period	$	(4)		$	(4)	$	(8)
Reclassification adjustments recognized in net income	1		—		1
Net change in unrealized gains (losses) on available-for-sale debt securities2	$	(3)		$	(4)	$	(7)
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the period	$	(83)		$	8	$	(75)
Reclassification adjustments recognized in net income	188		(26)		162
Net change in pension and other postretirement benefit liabilities	$	105		$	(18)	$	87
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	$	(440)		$	(24)	$	(464)

1Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.


Nine Months Ended October 2, 2026	Before-Tax Amount	Income Tax	After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	264		$	74	$	338

Gains (losses) on intra-entity transactions that are of a long-term investment nature	(1,048)		—		(1,048)
Gains (losses) on net investment hedges arising during the period1	572		(138)		434

Net foreign currency translation adjustments	$	(212)		$	(64)	$	(276)
Derivatives:
Gains (losses) arising during the period	$	107		$	(38)	$	69
Reclassification adjustments recognized in net income	183		(44)		139
Net gains (losses) on derivatives1	$	290		$	(82)	$	208
Available-for-sale debt securities:
Unrealized gains (losses) arising during the period	$	(24)		$	1	$	(23)
Reclassification adjustments recognized in net income	2		—		2
Net change in unrealized gains (losses) on available-for-sale debt securities2	$	(22)		$	1	$	(21)
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the period	$	(70)		$	5	$	(65)
Reclassification adjustments recognized in net income	231		(36)		195
Net change in pension and other postretirement benefit liabilities	$	161		$	(31)	$	130
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	$	217		$	(176)	$	41

1Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.


Three Months Ended September 26, 2025	Before-Tax Amount	Income Tax	After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	482		$	(96)	$	386
Reclassification adjustments recognized in net income	38		—		38
Gains (losses) on intra-entity transactions that are of a long-term investment nature	(39)		—		(39)
Gains (losses) on net investment hedges arising during the period1	35		(8)		27

Reclassification to noncontrolling interests2	226		—		226
Net foreign currency translation adjustments	$	742		$	(104)	$	638
Derivatives:
Gains (losses) arising during the period	$	80		$	(12)	$	68
Reclassification adjustments recognized in net income	112		(28)		84
Net gains (losses) on derivatives1	$	192		$	(40)	$	152
Available-for-sale debt securities:
Unrealized gains (losses) arising during the period	$	12		$	(4)	$	8
Reclassification adjustments recognized in net income	1		—		1
Net change in unrealized gains (losses) on available-for-sale debt securities3	$	13		$	(4)	$	9
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the period	$	(10)		$	(1)	$	(11)
Reclassification adjustments recognized in net income	24		(6)		18
Net change in pension and other postretirement benefit liabilities	$	14		$	(7)	$	7
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	$	961		$	(155)	$	806

1Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2Refer to Note 11 for additional information related to the noncontrolling interest in our bottling operations in India.

3Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.


Nine Months Ended September 26, 2025	Before-Tax Amount	Income Tax	After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	585		$	(189)	$	396
Reclassification adjustments recognized in net income	72		(2)		70
Gains (losses) on intra-entity transactions that are of a long-term investment nature	2,872		—		2,872
Gains (losses) on net investment hedges arising during the period1	(1,710)		427		(1,283)

Reclassification to noncontrolling interests2	226		—		226
Net foreign currency translation adjustments	$	2,045		$	236	$	2,281
Derivatives:
Gains (losses) arising during the period	$	(679)		$	175	$	(504)
Reclassification adjustments recognized in net income	73		(18)		55
Net gains (losses) on derivatives1	$	(606)		$	157	$	(449)
Available-for-sale debt securities:
Unrealized gains (losses) arising during the period	$	44		$	(14)	$	30
Reclassification adjustments recognized in net income	2		—		2
Net change in unrealized gains (losses) on available-for-sale debt securities3	$	46		$	(14)	$	32
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the period	$	(49)		$	13	$	(36)
Reclassification adjustments recognized in net income	83		(20)		63
Net change in pension and other postretirement benefit liabilities	$	34		$	(7)	$	27
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	$	1,519		$	372	$	1,891

1Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2Refer to Note 11 for additional information related to the noncontrolling interest in our bottling operations in India.

3Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.

The following table presents the amounts and line items in our consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions):


		Amount Reclassified from AOCI into Income
Description of AOCI Component	Financial Statement Line Item Impacted	Three Months Ended October 2, 2026		Nine Months Ended October 2, 2026






Derivatives:
Foreign currency contracts	Net operating revenues	$	65			$	199
Foreign currency and commodity contracts	Cost of goods sold	(11)			(46)
Foreign currency and interest rate contracts	Interest expense	1			5

Foreign currency contracts	Other income (loss) — net	10			25
	Income before income taxes	65			183
	Income taxes	(15)			(44)
	Consolidated net income	$	50			$	139
Available-for-sale debt securities:

Sale of debt securities	Other income (loss) — net	$	1			$	2
	Income before income taxes	1			2
	Income taxes	—			—
	Consolidated net income	$	1			$	2
Pension and other postretirement benefit liabilities:

Settlement loss (gain)1	Other income (loss) — net	$	167			$	167


Amortization of net actuarial loss (gain)	Other income (loss) — net	21			64


	Income before income taxes	188			231
	Income taxes	(26)			(36)
	Consolidated net income	$	162			$	195

1Related to the purchase of a buy-out annuity contract (“buy-out”) for a non-U.S. defined benefit plan. Refer to Note 13.

NOTE 11: 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 October 2, 2026	Common Shares Outstanding	Total	Reinvested Earnings	Accumulated Other Comprehensive Income (Loss)	Common Stock	Capital Surplus	Treasury Stock	Non-controlling Interests
July 3, 2026	4,303		$	38,315		$	84,169		$	(13,626)		$	1,760	$	20,741	$	(56,894)	$	2,165

Comprehensive income (loss)	—		3,545		4,009		(464)		—		—		—	—
Dividends paid/payable to shareowners of The Coca-Cola Company ($0.53 per share)	—		(2,280)		(2,280)		—		—		—		—	—
Dividends paid to noncontrolling interests	—		(4)		—		—		—		—		—	(4)




Purchases of treasury stock	(3)		(238)		—		—		—		—		(238)	—
Impact related to stock-based compensation plans	2		195		—		—		—		153		42	—


October 2, 2026	4,302		$	39,533		$	85,898		$	(14,090)		$	1,760	$	20,894	$	(57,090)	$	2,161


			Shareowners of The Coca-Cola Company
Nine Months Ended October 2, 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)	—		12,466		12,358		41		—		—		—	67
Dividends paid/payable to shareowners of The Coca-Cola Company ($1.59 per share)	—		(6,842)		(6,842)		—		—		—		—	—
Dividends paid to noncontrolling interests	—		(12)		—		—		—		—		—	(12)




Purchases of treasury stock	(10)		(787)		—		—		—		—		(787)	—
Impact related to stock-based compensation plans	10		433		—		—		—		313		120	—


October 2, 2026	4,302		$	39,533		$	85,898		$	(14,090)		$	1,760	$	20,894	$	(57,090)	$	2,161


			Shareowners of The Coca-Cola Company
Three Months Ended September 26, 2025	Common Shares Outstanding	Total	Reinvested Earnings	Accumulated Other Comprehensive Income (Loss)	Common Stock	Capital Surplus	Treasury Stock	Non-controlling Interests
June 27, 2025	4,304		$	30,182		$	78,803		$	(15,758)		$	1,760	$	19,970	$	(56,190)	$	1,597

Comprehensive income (loss)1	—		4,288		3,696		806		—		—		—	(214)
Dividends paid/payable to shareowners of The Coca-Cola Company ($0.51 per share)	—		(2,194)		(2,194)		—		—		—		—	—
Dividends paid to noncontrolling interests	—		(7)		—		—		—		—		—	(7)




Purchases of treasury stock	(3)		(174)		—		—		—		—		(174)	—
Impact related to stock-based compensation plans	1		92		—		—		—		83		9	—
Sale of subsidiary shares1	—		1,080		—		—		—		436		—	644

September 26, 2025	4,302		$	33,267		$	80,305		$	(14,952)		$	1,760	$	20,489	$	(56,355)	$	2,020

1In July 2025, we sold a 40% noncontrolling interest in our bottling operations in India to a local partner for approximately $1.3 billion, which, net of direct costs, resulted in an increase to total equity of $1.1 billion. As a result, 40% of the subsidiary’s equity was allocated to the noncontrolling interest and the remaining amount was recorded in capital surplus. Additionally, $226 million of foreign currency translation adjustments included in AOCI were allocated to the noncontrolling interest.


			Shareowners of The Coca-Cola Company
Nine Months Ended September 26, 2025	Common Shares Outstanding	Total	Reinvested Earnings	Accumulated Other Comprehensive Income (Loss)	Common Stock	Capital Surplus	Treasury Stock	Non-controlling Interests
December 31, 2024	4,302		$	26,372		$	76,054		$	(16,843)		$	1,760	$	19,801	$	(55,916)	$	1,516

Comprehensive income (loss)1	—		12,590		10,836		1,891		—		—		—	(137)
Dividends paid/payable to shareowners of The Coca-Cola Company ($1.53 per share)	—		(6,585)		(6,585)		—		—		—		—	—
Dividends paid to noncontrolling interests	—		(16)		—		—		—		—		—	(16)



Contributions by noncontrolling interests	—		13		—		—		—		—		—	13
Purchases of treasury stock	(8)		(534)		—		—		—		—		(534)	—
Impact related to stock-based compensation plans	8		347		—		—		—		252		95	—
Sale of subsidiary shares1	—		1,080		—		—		—		436		—	644

September 26, 2025	4,302		$	33,267		$	80,305		$	(14,952)		$	1,760	$	20,489	$	(56,355)	$	2,020

NOTE 12: SIGNIFICANT OPERATING AND NONOPERATING ITEMS

Other Operating Charges

During the three months ended October 2, 2026, the Company recorded other operating charges of $10 million. These charges consisted of $6 million related to North America modernization initiatives and $4 million for the amortization of noncompete agreements related to the BA Sports Nutrition, LLC (“BodyArmor”) acquisition in 2021.

During the nine months ended October 2, 2026, the Company recorded other operating charges of $54 million. These charges consisted of $19 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $16 million related to North America modernization initiatives, $11 million for the amortization of noncompete agreements related to the BodyArmor acquisition and $8 million related to tax litigation expense.

During the three months ended September 26, 2025, the Company recorded other operating charges of $58 million. These charges included $27 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $24 million related to the Company’s productivity and reinvestment program, $4 million for the amortization of noncompete agreements related to the BodyArmor acquisition and $3 million related to tax litigation expense.

During the nine months ended September 26, 2025, the Company recorded other operating charges of $202 million. These charges consisted of $47 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020, which brought the total liability to $6,173 million and was paid in March 2025. Additionally, other operating charges included $63 million related to the Company’s productivity and reinvestment program, $35 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $31 million related to the impairment of a trademark that impacted the Latin America operating segment, $11 million for the amortization of noncompete agreements related to the BodyArmor acquisition, $8 million related to tax litigation expense and $7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India.

Refer to Note 2 for additional information on our divestiture activities. Refer to Note 9 for additional information on the tax litigation. Refer to Note 15 for additional information on the impairment charge.

Other Nonoperating Items

Equity Income (Loss) — Net

During the three and nine months ended October 2, 2026, the Company recorded net charges of $8 million and $30 million, respectively. During the three and nine months ended September 26, 2025, the Company recorded a net gain of $7 million and a net charge of $21 million, respectively. These amounts represent the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.

Other Income (Loss) — Net

During the three months ended October 2, 2026, the Company recognized a net gain of $37 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Additionally, the Company recorded charges of $167 million and $25 million for a settlement loss and special termination benefits, respectively, related to a non-U.S. pension plan. The Company also recorded a reduction in the previously recorded impairment charge of $5 million related to our bottling operations in Africa, which are held for sale. This reduction is based on management’s revised estimates.

During the nine months ended October 2, 2026, the Company recognized a net gain of $338 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Additionally, the Company recorded charges of $167 million and $25 million for a settlement loss and special termination benefits, respectively, related to a non-U.S. pension plan. The Company also recorded a reduction in the previously recorded impairment charge of $61 million related to our bottling operations in Africa, which are held for sale. This reduction is based on management’s revised estimates.

During the three months ended September 26, 2025, the Company recognized a net gain of $151 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, a charge of $393 million related to certain operations held for sale in Nigeria and a charge of $8 million related to the refranchising of certain bottling operations in Ghana.

During the nine months ended September 26, 2025, the Company recognized a gain of $331 million related to the sale of a portion of our ownership interest in CCEP, a net gain of $295 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities and a gain of $102 million related to the refranchising of our bottling operations in certain territories in India. The Company also recorded a charge of $393 million related to certain operations held for sale in Nigeria and recorded other-than-temporary impairment charges of $40 million related to an equity method investee in Latin America and $25 million related to a joint venture in Latin America. Additionally, the Company recorded a charge of $36 million related to the refranchising of certain bottling operations in Ghana, and charges of $25 million and $11 million for special termination benefits and a curtailment loss, respectively, related to non-U.S. pension activity.

Refer to Note 2 for additional information on our bottling operations in Africa and our divestiture activities. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 13 for additional information on our pension activities. Refer to Note 15 for additional information on the impairment charges and the bottling operations in Ghana.

NOTE 13: 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
	October 2, 2026	September 26, 2025		October 2, 2026	September 26, 2025
Service cost	$	26		$	26		$	1	$	1
Interest cost	74		76			2	3
Expected return on plan assets1	(94)		(106)			(1)	(1)
Amortization of prior service cost (credit)	1		1			(1)	(1)
Amortization of net actuarial loss (gain)	21		25			—	(1)
Settlement loss (gain)2	167		—			—	—

Special termination benefits3	25		—			—	—

Net periodic benefit cost (income)	$	220		$	22		$	1	$	1

1The 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.

2The settlement loss is related to the buy-out of a non-U.S. defined benefit plan.

3The special termination benefits represent benefit uplifts provided to plan participants included in the buy-out.


	Pension Plans		Other Postretirement Benefit Plans

	Nine Months Ended
	October 2, 2026	September 26, 2025		October 2, 2026	September 26, 2025
Service cost	$	78		$	77		$	2	$	3
Interest cost	225		225			7	8
Expected return on plan assets1	(289)		(314)			(3)	(3)
Amortization of prior service cost (credit)	2		1			(2)	(2)
Amortization of net actuarial loss (gain)	64		76			—	(1)
Settlement loss (gain)2	167		—			—	—
Curtailment loss (gain)3	—		11			—	—
Special termination benefits4	25		25			—	—

Net periodic benefit cost (income)	$	272		$	101		$	4	$	5

2The settlement loss is related to the buy-out of a non-U.S. defined benefit plan.

3The curtailment loss was primarily related to the buy-in annuity purchase (“buy-in”) for a non-U.S. defined benefit plan. The Company intends to convert the buy-in to a buy-out in the future, at which time the insurer would assume full responsibility for the plan obligations.

4The special termination benefits represent benefit uplifts provided to plan participants included in the 2026 buy-out and the 2025 buy-in.

All of the amounts in the tables above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income. During the nine months ended October 2, 2026, the Company contributed $18 million to our pension trusts, offset by a $218 million transfer of surplus non-U.S. plan assets from pension trusts to general assets of the Company. We anticipate making additional contributions of approximately $9 million during the remainder of 2026. The Company contributed $23 million to our pension trusts, offset by a $331 million transfer of surplus non-U.S. plan assets from pension trusts to general assets of the Company during the nine months ended September 26, 2025.

NOTE 14: INCOME TAXES

The Company recorded income taxes of $777 million (16.1% effective tax rate) and $500 million (11.9% effective tax rate) during the three months ended October 2, 2026 and September 26, 2025, respectively. The Company recorded income taxes of $2,459 million (16.5% effective tax rate) and $2,215 million (17.0% effective tax rate) during the nine months ended October 2, 2026 and September 26, 2025, respectively.

The Company’s effective tax rates for the three and nine months ended October 2, 2026 and September 26, 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 Company’s effective tax rates for the three and nine months ended October 2, 2026 included $172 million and $491 million, respectively, of net tax benefits related to various discrete tax items, including net interest income of $57 million and $155 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 Company’s effective tax rates for the three and nine months ended October 2, 2026 also included net tax benefits of $117 million and $298 million, respectively, primarily related to return to provision adjustments.

The Company’s effective tax rates for the three and nine months ended September 26, 2025 included $442 million and $597 million, respectively, of net tax benefits related to various discrete tax items, including net interest income of $55 million and $162 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. Also included were tax benefits of $258 million and $344 million, respectively, related to changes in the Company’s indefinite reinvestment assertion and reassessments of the realizability of deferred tax assets for certain foreign entities.

During the nine months ended October 2, 2026, the Company invested $75 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities. During the three and nine months ended October 2, 2026, the Company received tax credits and other income tax benefits of $193 million and $198 million, respectively, and recognized amortization expense of $176 million and $180 million, respectively, related to all of

our investments of this nature. The amount of non-income tax-related activity and other returns related to these investments was not material during the three and nine months ended October 2, 2026.

During the nine months ended September 26, 2025, the Company invested $271 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities. During the three and nine months ended September 26, 2025, the Company received tax credits and other income tax benefits of $13 million and $168 million, respectively, and recognized amortization expense of $11 million and $153 million, respectively, related to all of our investments of this nature. The amount of non-income tax-related activity and other returns related to these investments was not material during the three and nine months ended September 26, 2025.

As of October 2, 2026 and December 31, 2025, the carrying values of these investments were $70 million and $32 million, respectively. The Company recorded $174 million and $32 million of unfunded commitments related to these investments in the line item accounts payable and accrued expenses in our consolidated balance sheets as of October 2, 2026 and December 31, 2025, respectively.

We are currently in litigation with the IRS for tax years 2007 through 2009. Refer to Note 9.

NOTE 15: FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions):


October 2, 2026	Level 1	Level 2	Level 3		Other3	Netting Adjustment	4	Fair Value Measurements
Assets:
Equity securities with readily determinable values1	$	2,208		$	535		$	92		$	395		$	—		$	3,230
Debt securities1	—		2,718		—			—	—			2,718
Derivatives2	—		767		—			—	(596)		5	171		7
Total assets	$	2,208		$	4,020		$	92		$	395		$	(596)		$	6,119
Liabilities:
Derivatives2	$	2		$	1,186		$	—		$	—		$	(1,171)	6	$	17	7
Total liabilities	$	2		$	1,186		$	—		$	—		$	(1,171)		$	17

1Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities.

2Refer to Note 6 for additional information related to the composition of our derivatives portfolio.

3Certain 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.

4Amounts 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.

5The Company is obligated to return $90 million in cash collateral it has netted against its derivative position.

6The Company has the right to reclaim $657 million in cash collateral it has netted against its derivative position.

7The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $11 million in the line item assets held for sale, $160 million in the line item other noncurrent assets, $2 million in the line item liabilities held for sale and $15 million in the line item other noncurrent liabilities. Refer to Note 6 for additional information related to the composition of our derivatives portfolio.


December 31, 2025	Level 1	Level 2	Level 3		Other3	Netting Adjustment	4	Fair Value Measurements
Assets:
Equity securities with readily determinable values1	$	2,148		$	237		$	61		$	143		$	—		$	2,589
Debt securities1	—		1,824		—			—	—			1,824
Derivatives2	—		441		—			—	(403)		5	38		7
Total assets	$	2,148		$	2,502		$	61		$	143		$	(403)		$	4,451
Liabilities:

Derivatives2	$	9		$	1,040		$	—		$	—		$	(954)	6	$	95	7
Total liabilities	$	9		$	1,040		$	—		$	—		$	(954)		$	95

1Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities.

2Refer to Note 6 for additional information related to the composition of our derivatives portfolio.

5The Company was obligated to return $48 million in cash collateral it had netted against its derivative position.

6The Company had the right to reclaim $597 million in cash collateral it had netted against its derivative position.

7The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $3 million in the line item assets held for sale, $35 million in the line item other noncurrent assets, $5 million in the line item liabilities held for sale and $90 million in the line item other noncurrent liabilities. Refer to Note 6 for additional information related to the composition of our derivatives portfolio.

Excluding the remeasurement of the fairlife contingent consideration liability during the nine months ended September 26, 2025, gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the three and nine months ended October 2, 2026 and September 26, 2025. Refer to Note 12 for additional information on the fairlife contingent consideration liability.

The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period. Gross transfers between levels within the hierarchy were not significant for the three and nine months ended October 2, 2026 and September 26, 2025.

Nonrecurring Fair Value Measurements

The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the following table (in millions):


	Gains (Losses)
	Three Months Ended		Nine Months Ended
	October 2, 2026		September 26, 2025		October 2, 2026		September 26, 2025
Assets held for sale	$	5		1	$	(235)		2	$	61	1	$	(263)	2
Other-than-temporary impairment charges	—			—			—			(65)	3,4
Impairment of intangible assets	—			—			—			(31)	5
Total	$	5			$	(235)			$	61		$	(359)

1During the three and nine months ended October 2, 2026, the Company recorded reductions in the previously recorded impairment charge related to our bottling operations in Africa, which are held for sale, of $5 million and $61 million, respectively, based on Level 3 inputs. These reductions were recorded in the line item other income (loss) — net in our consolidated statements of income. Refer to Note 2.

2The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the agreed-upon sale price. During the three and nine months ended September 26, 2025, the Company recorded a charge of $235 million in the line item other income (loss) — net in our consolidated statements of income. This charge was due to the write-off of assets related to the sale of certain finished product operations in Nigeria and was calculated based on Level 3 inputs. Additionally, during the nine months ended September 26, 2025, the Company recorded a charge of $28 million in the line item other income (loss) — net in our consolidated statement of income. This charge was due to the write-down of assets held for sale related to the refranchising of certain bottling operations in Ghana. This charge, which was calculated based on Level 3 inputs, primarily related to property, plant and equipment. These operations were sold in July 2025, resulting in an additional loss of $8 million.

3During the nine months ended September 26, 2025, the Company recorded an other-than-temporary impairment charge of $40 million related to an equity method investee in Latin America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. This charge was recorded in the line item other income (loss) — net in our consolidated statement of income.

4During the nine months ended September 26, 2025, the Company recorded an other-than-temporary impairment charge of $25 million related to a joint venture in Latin America. This impairment charge was derived using Level 3 inputs and was due to the joint venture’s restructuring and planned liquidation. This charge was recorded in the line item other income (loss) — net in our consolidated statement of income.

5During the nine months ended September 26, 2025, the Company recorded an asset impairment charge of $31 million related to a trademark in Latin America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results and changes in macroeconomic conditions. This charge was recorded in the line item other operating charges in our consolidated statement of income. The remaining carrying value of the trademark is $55 million.

Other Fair Value Disclosures

The carrying values of cash and cash equivalents, short-term investments, trade accounts receivable, accounts payable and accrued expenses, and loans and notes payable approximate their fair values because of the relatively short-term maturities of these financial instruments. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for those instruments. Where quoted prices are not available, the fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt instruments. As of October 2, 2026, the carrying value and fair value of our long-term debt, including the current portion, were $41,546 million and $35,398 million, respectively. As of December 31, 2025, the carrying value and fair value of our long-term debt, including the current portion, were $43,941 million and $39,385 million, respectively.

NOTE 16: 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 Company’s 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 October 2, 2026
Net operating revenues:
Third party	$	2,982		$	1,958		$	5,384		$	1,498	$	1,520		$	13,342	$	38	$	—	$	13,380
Intersegment	122		—		2		65		3		192	—		(192)		—
Total net operating revenues	3,104		1,958		5,386		1,563		1,523		13,534	38		(192)		13,380
Cost of goods sold	768		293		2,565		497		1,038		5,161	(39)		(192)		4,930
Selling, general and administrative expenses	1,165		513		1,049		503		280		3,510	465		—		3,975
Other operating charges	—		—		6		—		—		6	4		—		10
Operating income (loss)	$	1,171		$	1,152		$	1,766		$	563	$	205		$	4,857	$	(392)	$	—	$	4,465
Interest income									224
Interest expense									354
Equity income (loss) — net									653
Other income (loss) — net									(155)
Income before income taxes									$	4,833

Other segment information:
Capital expenditures	$	50		$	—		$	135		$	—	$	90		$	275	$	104	$	—	$	379
Depreciation and amortization	45		9		91		14		85		244	9		—		253
Three Months Ended September 26, 2025
Net operating revenues:
Third party	$	2,818		$	1,572		$	5,249		$	1,438	$	1,344		$	12,421	$	34	$	—	$	12,455
Intersegment	178		1		4		68		2		253	—		(253)		—
Total net operating revenues	2,996		1,573		5,253		1,506		1,346		12,674	34		(253)		12,455
Cost of goods sold	867		281		2,523		471		955		5,097	(47)		(253)		4,797
Selling, general and administrative expenses	1,032		395		1,049		514		334		3,324	294		—		3,618
Other operating charges	—		—		—		—		—		—	58		—		58
Operating income (loss)	$	1,097		$	897		$	1,681		$	521	$	57		$	4,253	$	(271)	$	—	$	3,982
Interest income									185
Interest expense									391
Equity income (loss) — net									644
Other income (loss) — net									(237)
Income before income taxes									$	4,183

Other segment information:
Capital expenditures	$	66		$	—		$	176		$	12	$	105		$	359	$	120	$	—	$	479
Depreciation and amortization	40		8		83		12		78		221	47		—		268


	EMEA	Latin America	North America	Asia Pacific	Bottling Investments	Operating Segments Total	Corporate	Eliminations	Consolidated
Nine Months Ended October 2, 2026
Net operating revenues:
Third party	$	8,876		$	5,475		$	15,680		$	4,411	$	4,683		$	39,125	$	107	$	—	$	39,232
Intersegment	480		—		7		241		7		735	—		(735)		—
Total net operating revenues	9,356		5,475		15,687		4,652		4,690		39,860	107		(735)		39,232
Cost of goods sold	2,345		842		7,556		1,484		3,216		15,443	(193)		(735)		14,515
Selling, general and administrative expenses	3,272		1,266		3,048		1,413		987		9,986	1,181		—		11,167
Other operating charges	—		—		16		—		—		16	38		—		54
Operating income (loss)	$	3,739		$	3,367		$	5,067		$	1,755	$	487		$	14,415	$	(919)	$	—	$	13,496
Interest income									644
Interest expense									1,098
Equity income (loss) — net									1,641
Other income (loss) — net									236
Income before income taxes									$	14,919

Other segment information:
Capital expenditures	$	150		$	—		$	397		$	1	$	255		$	803	$	260	$	—	$	1,063
Depreciation and amortization	144		26		282		37		254		743	40		—		783
Nine Months Ended September 26, 2025
Net operating revenues:
Third party	$	8,307		$	4,636		$	14,636		$	4,227	$	4,214		$	36,020	$	99	$	—	$	36,119
Intersegment	522		1		7		272		6		808	—		(808)		—
Total net operating revenues	8,829		4,637		14,643		4,499		4,220		36,828	99		(808)		36,119
Cost of goods sold	2,521		818		7,034		1,337		2,983		14,693	(211)		(808)		13,674
Selling, general and administrative expenses	2,821		1,030		2,966		1,370		1,002		9,189	1,133		—		10,322
Other operating charges	—		31		—		—		—		31	171		—		202
Operating income (loss)	$	3,487		$	2,758		$	4,643		$	1,792	$	235		$	12,915	$	(994)	$	—	$	11,921
Interest income									553
Interest expense									1,223
Equity income (loss) — net									1,556
Other income (loss) — net									229
Income before income taxes									$	13,036

Other segment information:
Capital expenditures	$	156		$	1		$	445		$	17	$	329		$	948	$	282	$	—	$	1,230
Depreciation and amortization	139		23		245		34		230		671	143		—		814

Effective March 31, 2026, our Company’s chief operating decision maker (“CODM”) is our Chief Executive Officer. Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, our CODM.

During the three and nine months ended October 2, 2026 and September 26, 2025, our operating segments and Corporate were impacted by acquisition and divestiture activities. Refer to Note 2. Additionally, during the three and nine months ended October 2, 2026 and September 26, 2025, our operating segments and Corporate were impacted by certain significant operating and nonoperating items. Refer to Note 12.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

When used in this report, the terms “The Coca-Cola Company,” “Company,” “we,” “us” and “our” mean The Coca-Cola Company and all entities included in our consolidated financial statements.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Recoverability of Equity Method Investments and Indefinite-Lived Intangible Assets

Our Company faces many uncertainties and risks related to various economic, political and regulatory environments in the countries and territories in which we operate, particularly in developing and emerging markets. Refer to the headings “Item 1A. Risk Factors” in Part I and “Our Business — Challenges and Risks” in Part II of our Annual Report on Form 10-K for the year ended December 31, 2025, as well as the heading “Operations Review” below, for additional information related to our present business environment. As a result, management must make numerous assumptions, which involve a significant amount of judgment, when performing impairment tests of equity method investments and indefinite-lived intangible assets in various regions around the world. The performance of impairment tests involves critical accounting estimates. These estimates require significant management judgment and include inherent uncertainties. Factors that management must estimate include, among others, the economic lives of the assets, sales volume, pricing, royalty rates, cost of raw materials, delivery costs, long-term growth rates, discount rates, marketing spending, foreign currency exchange rates, tax rates, capital spending and proceeds from the sale of assets. The variability of these factors depends on a number of conditions, and thus our accounting estimates may change from period to period. These factors are even more difficult to estimate given the highly volatile global financial markets. As these factors are often interdependent and may not change in isolation, we do not believe it is practicable or meaningful to present the impact of changing a single factor.

During the three months ended December 31, 2025, the operating results related to our BodyArmor sports performance and hydration beverage business, combined with lower expectations of future performance compared to the original forecasts, triggered the need to update the Company’s impairment analysis, including a reassessment of the business projections for the trademark. Based on this assessment, the Company concluded that the fair value of the trademark was less than its carrying value and recorded an impairment charge of $960 million. The decrease in fair value was primarily driven by the revised projections of future operating results, including a slowing of the projected long-term growth rate for the category, an intensifying competitive environment, and more focused innovation and international rollout plans. The remaining carrying value of the trademark is $2,440 million. As of October 2, 2026, the fair value of this trademark approximates its carrying value. If the near-term operating results of this trademark do not achieve our revised financial projections, or if the macroeconomic conditions change, causing the discount rate to increase without an offsetting increase in the operating results, it is likely that we would be required to recognize an additional impairment charge. Management will continue to monitor the fair value of this trademark in future periods.

OPERATIONS REVIEW

Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions.

While our operations are primarily local, we remain subject to global trade dynamics, which may impact certain components of our cost structure as well as the cost structures of our bottlers and our customers and may affect consumer sentiment across our markets.

Structural Changes, Acquired Brands and Newly Licensed Brands

In order to continually improve upon the Company’s operating performance, from time to time we engage in buying and selling ownership interests in bottling partners and other manufacturing operations. In addition, we periodically acquire brands and their related operations or enter into license agreements for certain brands to supplement our beverage offerings. These items impact our operating results and certain key metrics used by management in assessing the Company’s performance.

Unit case volume growth is a key metric used by management to evaluate the Company’s performance because it measures demand for our products at the consumer level. The Company’s unit case volume represents the number of unit cases (or unit case equivalents) of Company beverage products directly or indirectly sold by the Company and its bottling partners (collectively, “Coca-Cola system”) to customers or consumers and, therefore, reflects unit case volume for both consolidated and unconsolidated bottlers. Refer to the heading “Beverage Volume” below.

Concentrate sales volume represents the amount of concentrates, syrups, source waters and powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished products sold by, the Company to its bottling partners or other customers. For our Costa non-ready-to-drink beverage products, concentrate sales volume represents the amount of beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents), sold by the Company to customers or consumers. Refer to the heading “Beverage Volume” below.

When we analyze our net operating revenues, we generally consider the following factors: (1) volume growth (concentrate sales volume or unit case volume, as applicable); (2) changes in price/mix; (3) foreign currency exchange rate fluctuations; and (4) acquisitions and divestitures (including structural changes as defined below), as applicable. Refer to the heading “Net Operating Revenues” below. The Company sells concentrates and syrups to both consolidated and unconsolidated bottling partners. The ownership structure of our bottling partners impacts the timing of recognizing concentrate revenue and concentrate sales volume. When we sell concentrates or syrups to our consolidated bottling partners, we do not recognize the concentrate revenue or concentrate sales volume until the bottling partner has sold finished products manufactured from the concentrates or syrups to a third party. When we sell concentrates or syrups to our unconsolidated bottling partners, we recognize the concentrate revenue and concentrate sales volume when the concentrates or syrups are sold to the bottling partner. The subsequent sale of the finished products manufactured from the concentrates or syrups to a third party does not impact the timing of recognizing the concentrate revenue or concentrate sales volume. When we account for an unconsolidated bottling partner as an equity method investment, we eliminate the intercompany profit related to concentrate sales to the extent of our ownership interest, until the equity method investee has sold finished products manufactured from the concentrates or syrups to a third party. We typically report unit case volume when finished products manufactured from the concentrates or syrups are sold to a third party, regardless of our ownership interest in the bottling partner, if any.

We generally refer to acquisitions and divestitures of bottling operations as “structural changes,” which are a component of acquisitions and divestitures. Typically, structural changes do not impact the Company’s unit case volume on a consolidated basis or at the geographic operating segment level. We recognize unit case volume for all sales of Company beverage products, regardless of our ownership interest in the bottling partner, if any. However, the unit case volume reported by our Bottling Investments operating segment is generally impacted by structural changes because it only includes the unit case volume of our consolidated bottling operations. Refer to Note 2 of Notes to Consolidated Financial Statements for additional information on the Company’s acquisitions and divestitures.

“Acquired brands” refers to brands acquired during the past 12 months. Typically, the Company has not reported unit case volume or recognized concentrate sales volume related to acquired brands in periods prior to the closing of a transaction. Therefore, the unit case volume and concentrate sales volume related to an acquired brand are incremental to prior year volume. We generally do not consider the acquisition of a brand to be a structural change.

“Licensed brands” refers to brands not owned by the Company but for which we hold certain rights, generally including, but not limited to, distribution rights, and from which we derive an economic benefit when the related products are sold. Typically, the Company has not reported unit case volume or recognized concentrate sales volume related to a licensed brand in periods prior to the beginning of the term of a license agreement. Therefore, in the year that a license agreement is entered into, the unit case volume and concentrate sales volume related to a licensed brand are incremental to prior year volume. We generally do not consider the licensing of a brand to be a structural change.

In May 2025, the Company refranchised our bottling operations in certain territories in India. The impact of this refranchising has been included as a structural change in our analysis of net operating revenues on a consolidated basis as well as for the Bottling Investments and Asia Pacific operating segments for the nine months ended October 2, 2026. Additionally, in October 2025, the Company sold our finished product operations in Nigeria. The impact of this sale has been included as a divestiture in our analysis of net operating revenues on a consolidated basis as well as for the EMEA operating segment for the three and nine months ended October 2, 2026.

Beverage Volume

We measure the volume of Company beverage products sold in two ways: (1) unit cases of finished products and (2) concentrate sales. As used in this report, “unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings), with the exception of unit case equivalents for Costa non-ready-to-drink beverage products, which are primarily measured in number of transactions; and “unit case volume” means the number of unit cases (or unit case equivalents) of Company beverage products directly or indirectly sold by the Company and its bottling partners to customers or consumers. Unit case volume primarily consists of beverage products bearing Company trademarks. Also included in unit case volume are certain brands licensed to, or distributed by, our Company, and brands owned by Coca-Cola system bottlers for which our Company provides marketing support and from the sale of which we derive an economic benefit. In addition, unit case volume includes sales by certain joint ventures in which the Company has an ownership interest. We believe unit case volume is one of the indicators of the underlying strength of the Coca-Cola system because it measures demand for our products at the consumer level. The unit case volume numbers used in this report are derived based on estimates received by the Company from its bottling partners and distributors. Concentrate sales volume represents the amount of concentrates, syrups, source waters and powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished beverages sold by, the Company to its bottling partners or other customers. For Costa non-ready-to-drink beverage products, concentrate sales volume represents the amount of beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents), sold by the Company to customers or consumers. Unit case volume and concentrate sales volume growth

rates are not necessarily equal during any given period. Factors such as seasonality, bottlers’ inventory practices, supply point changes, timing of price increases, new product introductions and changes in product mix can create differences between unit case volume and concentrate sales volume growth rates. In addition to these items, the impact of unit case volume from certain joint ventures in which the Company has an ownership interest, but to which the Company does not sell concentrates, syrups, source waters or powders/minerals, may give rise to differences between unit case volume and concentrate sales volume growth rates.

Information about our volume growth worldwide and for each of our operating segments is as follows:


	Percent Change 2026 versus 2025
	Three Months Ended October 2, 2026		Nine Months Ended October 2, 2026
	Unit Cases1,2,3		Concentrate Sales4		Unit Cases1,2,3		Concentrate Sales4
Worldwide	5	%		6	%	6	4	%		6	%
EMEA	5			6			3			4
Latin America	6			8			3			6
North America	—			2			2			5
Asia Pacific	6			8			7			10
Bottling Investments	8		5	N/A		5		5	N/A

1Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only.

2Geographic operating segment data reflects unit case volume growth for all bottlers, both consolidated and unconsolidated, and distributors in the applicable geographic areas. Unit case volume growth for Costa retail stores is reflected in the EMEA operating segment data.

3Unit case volume percent change is based on average daily sales. Unit case volume growth based on average daily sales is computed by comparing the average daily sales in each of the corresponding periods. Average daily sales are the unit cases sold during the period divided by the number of days in the period.

4Concentrate sales volume represents the amount of concentrates, syrups, source waters and powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished beverages sold by, the Company to its bottling partners or other customers and is not based on average daily sales. For Costa non-ready-to-drink beverage products, concentrate sales volume represents the amount of beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents), sold by the Company to customers or consumers and is not based on average daily sales. Each of our quarters, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. As a result, the first quarter of 2026 had six additional days when compared to the first quarter of 2025, and the fourth quarter of 2026 will have six fewer days when compared to the fourth quarter of 2025.

5After considering the impact of structural changes, unit case volume for Bottling Investments for the three and nine months ended October 2, 2026 increased 10% and 7%, respectively.

6After considering the impact of divestiture activities, worldwide concentrate sales volume for the three months ended October 2, 2026 increased 7%.

Unit Case Volume

Although a significant portion of our Company’s net operating revenues is not based directly on unit case volume, we believe unit case volume performance is one of the indicators of the underlying strength of the Coca-Cola system because it measures demand for our products at the consumer level.

Three Months Ended October 2, 2026 versus Three Months Ended September 26, 2025

Unit case volume in EMEA increased 5%, which included 6% growth in Trademark Coca-Cola, 5% growth in water, sports, coffee and tea, 3% growth in sparkling flavors, as well as growth in energy drinks, partially offset by an 8% decline in juice, value-added dairy and plant-based beverages, which was driven by the impact of the sale of our finished product operations in Nigeria in 2025. The operating segment’s volume performance included an increase in unit case volume of 8% in the Eurasia and Middle East operating unit, 7% in the Africa operating unit and 2% in the Europe operating unit.

Unit case volume in Latin America increased 6%, which included 6% growth in Trademark Coca-Cola, 7% growth in water, sports, coffee and tea, 6% growth in sparkling flavors, 2% growth in juice, value-added dairy and plant-based beverages, as well as growth in energy drinks. The operating segment’s volume performance included 3% growth in Mexico, 6% growth in Brazil, 26% growth in Peru and 17% growth in Colombia.

Unit case volume in North America was even, which included 2% growth in Trademark Coca-Cola, 1% growth in juice, value-added dairy and plant-based beverages, as well as growth in energy drinks, offset by a 4% decline in water, sports, coffee and tea as well as a 2% decline in sparkling flavors.

Unit case volume in Asia Pacific increased 6%, which included 7% growth in both Trademark Coca-Cola and water, sports, coffee and tea, 4% growth in sparkling flavors, 3% growth in juice, value-added dairy and plant-based beverages, as well as growth in energy drinks. The operating segment’s volume performance included 17% growth in the India and Southwest Asia operating unit, 6% growth in both the Greater China and Mongolia and the ASEAN and South Pacific operating units, partially offset by a 5% decline in the Japan and South Korea operating unit.

Unit case volume for Bottling Investments increased 8%, primarily driven by growth in India and Africa.

Nine Months Ended October 2, 2026 versus Nine Months Ended September 26, 2025

Unit case volume in EMEA increased 3%, which included 3% growth in Trademark Coca-Cola, 5% growth in water, sports, coffee and tea, 2% growth in sparkling flavors, as well as growth in energy drinks, partially offset by an 11% decline in juice, value-added dairy and plant-based beverages, which was driven by the impact of the sale of our finished product operations in Nigeria. The operating segment’s volume performance included an increase in unit case volume of 5% in both the Eurasia and Middle East and Africa operating units and 2% growth in the Europe operating unit.

Unit case volume in Latin America increased 3%, which included 3% growth in Trademark Coca-Cola, 4% growth in water, sports, coffee and tea, 3% growth in sparkling flavors, 1% growth in juice, value-added dairy and plant-based beverages, as well as growth in energy drinks. The operating segment’s volume performance included 5% growth in Brazil, 16% growth in Peru, 15% growth in Colombia and 1% growth in Mexico, partially offset by a decline of 4% in Argentina.

Unit case volume in North America increased 2%, which included 4% growth in Trademark Coca-Cola, 2% growth in juice, value-added dairy and plant-based beverages, as well as growth in energy drinks. Unit case volume in both sparkling flavors and water, sports, coffee and tea was even.

Unit case volume in Asia Pacific increased 7%, which included 7% growth in Trademark Coca-Cola, 8% growth in water, sports, coffee and tea, 6% growth in sparkling flavors, 4% growth in juice, value-added dairy and plant-based beverages, as well as growth in energy drinks. The operating segment’s volume performance included 11% growth in the India and Southwest Asia operating unit, 7% growth in the Greater China and Mongolia operating unit and 6% growth in the ASEAN and South Pacific operating unit. Unit case volume in the Japan and South Korea operating unit was even.

Unit case volume for Bottling Investments increased 5%, primarily driven by growth in India and Africa, partially offset by the impact of refranchising certain territories of our bottling operations in India.

Concentrate Sales Volume

During the three months ended October 2, 2026, worldwide concentrate sales volume increased 6% and unit case volume increased 5% compared to the three months ended September 26, 2025. During the nine months ended October 2, 2026, worldwide concentrate sales volume increased 6% and unit case volume increased 4% compared to the nine months ended September 26, 2025. Concentrate sales volume growth is calculated based on the amount sold during the reporting periods, which is impacted by the number of days. Conversely, unit case volume growth is calculated based on average daily sales, which is not impacted by the number of days in the reporting periods. The first quarter of 2026 had six additional days when compared to the first quarter of 2025, which contributed to the differences between concentrate sales volume and unit case volume growth rates on a consolidated basis and for the individual operating segments during the nine months ended October 2, 2026. Additionally, the differences between concentrate sales volume and unit case volume growth rates for the operating segments were impacted by the timing of concentrate shipments. We generally expect the differences between concentrate sales volume and unit case volume growth rates to be minimal on a full year basis; however, for the full year 2026 we currently expect worldwide concentrate sales volume growth to be slightly behind unit case volume growth.

Net Operating Revenues

Three Months Ended October 2, 2026 versus Three Months Ended September 26, 2025

During the three months ended October 2, 2026, net operating revenues were $13,380 million, compared to $12,455 million during the three months ended September 26, 2025, an increase of $925 million, or 7%.

The following table illustrates, on a percentage basis, the estimated impact of the factors resulting in the increase (decrease) in net operating revenues on a consolidated basis and for each of our operating segments:


	Percent Change 2026 versus 2025
	Volume1	Price/Mix	Foreign Currency Fluctuations	Acquisitions & Divestitures2		Total
Consolidated	7	%	1	%	1	%	(1)	%	7	%
EMEA	6		1		—		(3)		4
Latin America	8		7		9		—		25
North America	2		1		—		—		3
Asia Pacific	8		(2)		(3)		—		4
Bottling Investments	10		3		1		—		13

Note: Certain rows may not add due to rounding.

1Represents the percent change in net operating revenues attributable to the increase (decrease) in concentrate sales volume for our geographic operating segments (expressed in unit case equivalents) after considering the impact of acquisitions and divestitures, if any. For our Bottling Investments operating segment, this represents the percent change in net operating revenues attributable to the increase (decrease) in unit case volume computed by comparing the total sales (rather than the average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. Our Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only after considering the impact of structural changes, if any. Refer to the heading “Beverage Volume” above.

2Includes structural changes, if any. Refer to the heading “Structural Changes, Acquired Brands and Newly Licensed Brands” above.

Refer to the heading “Beverage Volume” above for additional information related to changes in our unit case and concentrate sales volumes.

“Price/mix” refers to the change in net operating revenues caused by factors such as pricing actions taken by the Company and, where applicable, our bottling partners; the mix of categories, products and packages sold; and the mix of channels and geographic territories where the sales occurred. Management believes that providing investors with price/mix enhances their understanding about the combined impact that these items had on the Company’s net operating revenues. The impact of price/mix is calculated by subtracting the change in net operating revenues resulting from volume increases or decreases, fluctuations in foreign currency exchange rates, and acquisitions and divestitures from the total change in net operating revenues. Management uses this measure in making financial, operating and planning decisions and in evaluating the Company’s performance.

Price/mix had a 1% favorable impact on our consolidated net operating revenues. Price/mix was impacted by a variety of factors and events, including, but not limited to, the following:

•EMEA — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix;

•Latin America — favorable pricing initiatives, including inflationary pricing, and favorable mix;

•North America — favorable pricing initiatives, partially offset by unfavorable mix;

•Asia Pacific — unfavorable mix; and

•Bottling Investments — favorable pricing initiatives, partially offset by unfavorable mix.

Fluctuations in foreign currency exchange rates, including the effects of our hedging activities, favorably impacted our consolidated net operating revenues by 1%. Net operating revenues were favorably impacted by a weaker U.S. dollar compared to certain foreign currencies, including the Mexican peso, Brazilian real, South African rand and Chinese yuan, which had a favorable impact on our Latin America, EMEA, Asia Pacific and Bottling Investments operating segments. The favorable impact of a weaker U.S. dollar compared to the currencies listed above was partially offset by the impact of a stronger U.S. dollar compared to certain other foreign currencies, including the Japanese yen, Indian rupee, euro and Turkish lira, which had an unfavorable impact on our Asia Pacific, EMEA and Bottling Investments operating segments. Refer to the heading “Liquidity, Capital Resources and Financial Position — Foreign Exchange” below.

“Acquisitions and divestitures” generally refers to acquisitions and divestitures of brands or businesses, some of which the Company considers to be structural changes. The impact of acquisitions and divestitures is the difference between the change in net operating revenues and the change in what our net operating revenues would have been if we removed the net operating revenues associated with an acquisition or a divestiture from either the current year or the prior year, as applicable. Management believes that quantifying the impact that acquisitions and divestitures had on the Company’s net operating revenues provides investors with useful information to enhance their understanding of the Company’s net operating revenue performance by improving their ability to compare our period-to-period results. Management considers the impact of acquisitions and divestitures when evaluating the Company’s performance. Refer to the heading “Structural Changes, Acquired Brands and Newly Licensed Brands” above for additional information related to acquisitions and divestitures.

Nine Months Ended October 2, 2026 versus Nine Months Ended September 26, 2025

During the nine months ended October 2, 2026, net operating revenues were $39,232 million, compared to $36,119 million during the nine months ended September 26, 2025, an increase of $3,113 million, or 9%.


	Percent Change 2026 versus 2025
	Volume1	Price/Mix	Foreign Currency Fluctuations	Acquisitions & Divestitures2		Total
Consolidated	6	%	1	%	2	%	(1)	%	9	%
EMEA	4		2		3		(3)		6
Latin America	6		4		8		—		18
North America	5		2		—		—		7
Asia Pacific	10		(6)		(1)		—		3
Bottling Investments	10		1		2		(1)		11

Note: Certain rows may not add due to rounding.

2Includes structural changes, if any. Refer to the heading “Structural Changes, Acquired Brands and Newly Licensed Brands” above.

Refer to the heading “Beverage Volume” above for additional information related to changes in our unit case and concentrate sales volumes.

Price/mix had a 1% favorable impact on our consolidated net operating revenues. Price/mix was impacted by a variety of factors and events, including, but not limited to, the following:

•EMEA — favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix;

•Latin America — favorable pricing initiatives, including inflationary pricing, and favorable mix;

•North America — favorable pricing initiatives, partially offset by unfavorable mix;

•Asia Pacific — unfavorable mix, including affordability initiatives; and

•Bottling Investments — favorable pricing initiatives, partially offset by unfavorable mix.

Fluctuations in foreign currency exchange rates, including the effects of our hedging activities, favorably impacted our consolidated net operating revenues by 2%. Net operating revenues were favorably impacted by a weaker U.S. dollar compared to certain foreign currencies, including the Mexican peso, Brazilian real, South African rand and euro, which had a favorable impact on our Latin America, EMEA and Bottling Investments operating segments. The favorable impact of a weaker U.S. dollar compared to the currencies listed above was partially offset by the impact of a stronger U.S. dollar compared to certain other foreign currencies, including the Indian rupee, Japanese yen, Turkish lira and Argentine peso, which had an unfavorable impact on our Asia Pacific, EMEA, Latin America and Bottling Investments operating segments. Refer to the heading “Liquidity, Capital Resources and Financial Position — Foreign Exchange” below.

Net operating revenue growth rates are impacted by sales volume; price/mix; foreign currency exchange rate fluctuations; and acquisitions and divestitures. The size and timing of acquisitions and divestitures are not consistent from period to period. Based on current spot rates and our hedging coverage in place, we expect foreign currency exchange rate fluctuations will have a favorable impact on our full year 2026 net operating revenues.

Gross Profit Margin

Gross profit margin is a ratio calculated by dividing gross profit by net operating revenues. Management believes gross profit margin provides investors with useful information related to the profitability of our business prior to considering all of the selling, general and administrative expenses and other operating charges incurred. Management uses this measure in making financial, operating and planning decisions and in evaluating the Company’s performance.

Our gross profit margin increased to 63.2% for the three months ended October 2, 2026, compared to 61.5% for the three months ended September 26, 2025. Our gross profit margin increased to 63.0% for the nine months ended October 2, 2026, compared to 62.1% for the nine months ended September 26, 2025. The increases were primarily due to the favorable impact of pricing initiatives and foreign currency exchange rate fluctuations, commodity cost stabilization, as well as the impact of the sale of our finished product operations in Nigeria.

Selling, General and Administrative Expenses

During the three months ended October 2, 2026, selling, general and administrative expenses were $3,975 million, compared to $3,618 million during the three months ended September 26, 2025, an increase of $357 million, or 10%. The increase was primarily due to increased marketing spending and increased annual incentive expense due to timing.

During the nine months ended October 2, 2026, selling, general and administrative expenses were $11,167 million, compared to $10,322 million during the nine months ended September 26, 2025, an increase of $845 million, or 8%. The increase was primarily due to increased marketing spending, partially offset by lower annual incentive expense. Additionally, during the nine months ended October 2, 2026, foreign currency exchange rate fluctuations increased selling, general and administrative expenses by 2%.

Advertising expenses for the three months ended October 2, 2026 and September 26, 2025 were $1,777 million and $1,523 million, respectively. Advertising expenses for the nine months ended October 2, 2026 and September 26, 2025 were $4,719 million and $3,940 million, respectively.

Other Operating Charges

Other operating charges incurred by our operating segments and Corporate were as follows (in millions):


	Three Months Ended		Nine Months Ended
	October 2, 2026	September 26, 2025		October 2, 2026	September 26, 2025
EMEA	$	—		$	—		$	—	$	—
Latin America	—		—			—	31
North America	6		—			16	—
Asia Pacific	—		—			—	—
Bottling Investments	—		—			—	—
Corporate	4		58			38	171
Total	$	10		$	58		$	54	$	202

During the nine months ended September 26, 2025, the Company recorded other operating charges of $202 million. These charges consisted of $47 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife in 2020, which brought the total liability to $6,173 million and was paid in March 2025. Additionally, other operating charges included $63 million related to the Company’s productivity and reinvestment program, $35 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $31 million related to the impairment of a trademark in Latin America, $11 million for the amortization of noncompete agreements related to the BodyArmor acquisition, $8 million related to tax litigation expense and $7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India.

Refer to Note 2 of Notes to Consolidated Financial Statements for additional information on our divestiture activities. Refer to Note 9 of Notes to Consolidated Financial Statements for additional information on the tax litigation. Refer to Note 15 of Notes to Consolidated Financial Statements for additional information on the impairment charge.

Operating Income and Operating Margin

Information about our operating income contribution by operating segment and Corporate on a percentage basis is as follows:


	Three Months Ended		Nine Months Ended
	October 2, 2026	September 26, 2025		October 2, 2026	September 26, 2025
EMEA	26.2	%	27.5	%		27.7	%	29.3	%
Latin America	25.8		22.5			25.0		23.1
North America	39.6		42.2			37.5		38.9
Asia Pacific	12.6		13.2			13.0		15.0
Bottling Investments	4.6		1.4			3.6		2.0
Corporate	(8.8)		(6.8)			(6.8)		(8.3)
Total	100.0	%	100.0	%		100.0	%	100.0	%

Operating margin is a ratio calculated by dividing operating income by net operating revenues. Management believes operating margin provides investors with useful information related to the profitability of our business after considering all of the selling, general and administrative expenses and other operating charges incurred. Management uses this measure in making financial, operating and planning decisions and in evaluating the Company’s performance.

Information about our operating margin on a consolidated basis and for each of our operating segments and Corporate is as follows:


	Three Months Ended		Nine Months Ended
	October 2, 2026	September 26, 2025		October 2, 2026	September 26, 2025
Consolidated	33.4	%	32.0	%		34.4	%	33.0	%
EMEA	39.3		38.9			42.1		42.0
Latin America	58.9		57.1			61.5		59.5
North America	32.8		32.0			32.3		31.7
Asia Pacific	37.6		36.3			39.8		42.4
Bottling Investments	13.4		4.2			10.4		5.6
Corporate	*	*		*	*

* Calculation is not meaningful.

Three Months Ended October 2, 2026 versus Three Months Ended September 26, 2025

During the three months ended October 2, 2026, operating income was $4,465 million, compared to $3,982 million during the three months ended September 26, 2025, an increase of $483 million, or 12%. The increase was primarily driven by an increase in concentrate sales volume of 7%, favorable price/mix, lower commodity costs, lower other operating charges and a favorable foreign currency exchange rate impact of 3%, partially offset by increased marketing spending and higher operating expenses.

Fluctuations in foreign currency exchange rates, including the effects of our hedging activities, favorably impacted consolidated operating income by 3% due to a weaker U.S. dollar compared to certain foreign currencies, including the Mexican peso and Brazilian real, which had a favorable impact on our Latin America operating segment. The favorable impact of a weaker U.S. dollar compared to the currencies listed above was partially offset by the impact of a stronger U.S. dollar compared to certain

other foreign currencies, including the Japanese yen and euro, which had an unfavorable impact on our Asia Pacific and EMEA operating segments. Refer to the heading “Liquidity, Capital Resources and Financial Position — Foreign Exchange” below.

The EMEA operating segment reported operating income of $1,171 million and $1,097 million for the three months ended October 2, 2026 and September 26, 2025, respectively. The increase in operating income was primarily driven by an increase in concentrate sales volume of 6%, favorable price/mix and lower commodity costs, partially offset by increased marketing spending and higher operating expenses.

Latin America reported operating income of $1,152 million and $897 million for the three months ended October 2, 2026 and September 26, 2025, respectively. The increase in operating income was primarily driven by an increase in concentrate sales volume of 8%, favorable price/mix, lower commodity costs, lower operating expenses and a favorable foreign currency exchange rate impact of 14%, partially offset by increased marketing spending.

Operating income for North America for the three months ended October 2, 2026 and September 26, 2025 was $1,766 million and $1,681 million, respectively. The increase in operating income was primarily driven by an increase in concentrate sales volume of 2%, favorable price/mix and decreased marketing spending partly due to timing, partially offset by higher commodity costs, higher operating expenses and higher other operating charges.

Asia Pacific’s operating income for the three months ended October 2, 2026 and September 26, 2025 was $563 million and $521 million, respectively. The increase in operating income was primarily driven by an increase in concentrate sales volume of 8%, partially offset by unfavorable price/mix and an unfavorable foreign currency exchange rate impact of 6%.

Bottling Investments’ operating income for the three months ended October 2, 2026 and September 26, 2025 was $205 million and $57 million, respectively. The increase in operating income was primarily driven by an increase in unit case volume of 10%, favorable price/mix, lower commodity costs and lower operating expenses, partially offset by an unfavorable foreign currency exchange rate impact of 2%.

Corporate’s operating loss for the three months ended October 2, 2026 and September 26, 2025 was $392 million and $271 million, respectively. This increase is primarily a result of higher annual incentive expense due to timing and increased marketing expenses, partially offset by lower other operating charges.

Nine Months Ended October 2, 2026 versus Nine Months Ended September 26, 2025

During the nine months ended October 2, 2026, operating income was $13,496 million, compared to $11,921 million during the nine months ended September 26, 2025, an increase of $1,575 million, or 13%. The increase was primarily driven by an increase in concentrate sales volume of 6%, favorable price/mix, lower operating expenses, lower other operating charges and a favorable foreign currency exchange rate impact of 4%, partially offset by higher commodity costs and increased marketing spending.

Fluctuations in foreign currency exchange rates, including the effects of our hedging activities, favorably impacted consolidated operating income by 4% due to a weaker U.S. dollar compared to certain foreign currencies, including the Mexican peso, Brazilian real and euro, which had a favorable impact on our Latin America and EMEA operating segments. The favorable impact of a weaker U.S. dollar compared to the currencies listed above was partially offset by the impact of a stronger U.S. dollar compared to certain other foreign currencies, including the Argentine peso, Japanese yen, Indian rupee and Turkish lira, which had an unfavorable impact on our Latin America, Asia Pacific, EMEA and Bottling Investments operating segments. Refer to the heading “Liquidity, Capital Resources and Financial Position — Foreign Exchange” below.

The EMEA operating segment reported operating income of $3,739 million and $3,487 million for the nine months ended October 2, 2026 and September 26, 2025, respectively. The increase in operating income was primarily driven by an increase in concentrate sales volume of 4%, favorable price/mix, lower commodity costs and a favorable foreign currency exchange rate impact of 3%, partially offset by increased marketing spending and higher operating expenses.

Latin America reported operating income of $3,367 million and $2,758 million for the nine months ended October 2, 2026 and September 26, 2025, respectively. The increase in operating income was primarily driven by an increase in concentrate sales volume of 6%, favorable price/mix, lower commodity costs, lower operating expenses, lower other operating charges and a favorable foreign currency exchange rate impact of 12%, partially offset by increased marketing spending.

Operating income for North America for the nine months ended October 2, 2026 and September 26, 2025 was $5,067 million and $4,643 million, respectively. The increase in operating income was primarily driven by an increase in concentrate sales volume of 5%, favorable price/mix and lower operating expenses, partially offset by higher commodity costs, increased marketing spending and higher other operating charges.

Asia Pacific’s operating income for the nine months ended October 2, 2026 and September 26, 2025 was $1,755 million and $1,792 million, respectively. The decrease in operating income was primarily driven by unfavorable price/mix, higher

commodity costs and increased marketing spending, partially offset by an increase in concentrate sales volume of 10% and lower operating expenses.

Bottling Investments’ operating income for the nine months ended October 2, 2026 and September 26, 2025 was $487 million and $235 million, respectively. The increase in operating income was primarily driven by an increase in unit case volume of 10%, favorable price/mix, lower commodity costs and lower operating expenses, partially offset by increased marketing spending.

Corporate’s operating loss for the nine months ended October 2, 2026 and September 26, 2025 was $919 million and $994 million, respectively. This decrease is primarily a result of lower operating expenses due to lower annual incentive expense and lower other operating charges, partially offset by increased marketing expenses.

Based on current spot rates and our hedging coverage in place, we expect foreign currency exchange rate fluctuations will have a favorable impact on our full year 2026 operating income.

Interest Income

During the three months ended October 2, 2026, interest income was $224 million, compared to $185 million during the three months ended September 26, 2025, an increase of $39 million, or 21%. During the nine months ended October 2, 2026, interest income was $644 million, compared to $553 million during the nine months ended September 26, 2025, an increase of $91 million, or 17%. The increases were primarily driven by higher average investment balances.

Interest Expense

During the three months ended October 2, 2026, interest expense was $354 million, compared to $391 million during the three months ended September 26, 2025, a decrease of $37 million, or 9%. During the nine months ended October 2, 2026, interest expense was $1,098 million, compared to $1,223 million during the nine months ended September 26, 2025, a decrease of $125 million, or 10%. The decreases were primarily due to lower average short-term debt balances.

Equity Income (Loss) — Net

During the three months ended October 2, 2026, equity income was $653 million, compared to equity income of $644 million during the three months ended September 26, 2025, an increase of $9 million, or 1%. During the nine months ended October 2, 2026, equity income was $1,641 million, compared to equity income of $1,556 million during the nine months ended September 26, 2025, an increase of $85 million, or 5%. These increases reflect, among other items, the impact of more favorable operating results reported by certain of our equity method investees, and a favorable foreign currency exchange rate impact. These favorable impacts were partially offset by the increase of net charges resulting from the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees, and the impact of the sale of our ownership interests in certain equity method investees in 2025.

Other Income (Loss) — Net

Three Months Ended October 2, 2026 versus Three Months Ended September 26, 2025

During the three months ended October 2, 2026, other income (loss) — net was a loss of $155 million. The Company recorded expense of $194 million related to the non-service cost components of net periodic benefit cost, which included charges of $167 million and $25 million for a settlement loss and special termination benefits, respectively, related to a non-U.S. pension plan and foreign currency exchange losses of $29 million. Other income (loss) — net also included $14 million of costs related to our trade accounts receivable factoring program. Additionally, other income (loss) — net included a net gain of $37 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities and dividend income of $44 million. The Company also recorded a $5 million reduction in the previously recorded impairment charge related to our bottling operations in Africa, which are held for sale. This reduction is based on management’s revised estimates.

During the three months ended September 26, 2025, other income (loss) — net was a loss of $237 million. The Company recorded a charge of $393 million related to certain operations held for sale in Nigeria, $13 million of costs related to our trade accounts receivable factoring program, net foreign currency exchange losses of $11 million and a charge of $8 million related to the refranchising of certain bottling operations in Ghana. Additionally, the Company recognized a net gain of $151 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and dividend income of $36 million. Other income (loss) — net also included income of $4 million related to the non-service cost components of net periodic benefit cost.

Refer to Note 2 of Notes to Consolidated Financial Statements for additional information on our bottling operations in Africa and our divestiture activities. Refer to Note 4 of Notes to Consolidated Financial Statements for additional information on equity and debt securities. Refer to Note 13 of Notes to Consolidated Financial Statements for additional information on net periodic benefit cost or income. Refer to Note 15 of Notes to Consolidated Financial Statements for additional information on the impairment charges and the bottling operations in Ghana.

Nine Months Ended October 2, 2026 versus Nine Months Ended September 26, 2025

During the nine months ended October 2, 2026, other income (loss) — net was income of $236 million. The Company recognized a net gain of $338 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities and dividend income of $115 million. Additionally, other income (loss) — net included expense of $196 million related to the non-service cost components of net periodic benefit cost, which included charges of $167 million and $25 million for a settlement loss and special termination benefits, respectively, related to a non-U.S. pension plan. The Company also recorded net foreign currency exchange losses of $36 million and a $61 million reduction in the previously recorded impairment charge related to our bottling operations in Africa, which are held for sale. This reduction is based on management’s revised estimates. Other income (loss) — net also included $41 million of costs related to our trade accounts receivable factoring program.

During the nine months ended September 26, 2025, other income (loss) — net was income of $229 million. The Company recognized a gain of $331 million related to the sale of a portion of our ownership interest in CCEP, a net gain of $295 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, dividend income of $127 million and a gain of $102 million related to the refranchising of our bottling operations in certain territories in India. Additionally, the Company recorded a charge of $393 million related to certain operations held for sale in Nigeria as well as other-than-temporary impairment charges of $40 million related to an equity method investee in Latin America and $25 million related to a joint venture in Latin America. Other income (loss) — net also included $49 million of costs related to our trade accounts receivable factoring program, a charge of $36 million related to the refranchising of certain bottling operations in Ghana, net foreign currency exchange losses of $31 million and expense of $26 million related to the non-service cost components of net periodic benefit cost, which included charges of $25 million and $11 million for special termination benefits and a curtailment loss, respectively, related to non-U.S. pension activity.

Refer to Note 2 of Notes to Consolidated Financial Statements for additional information on our bottling operations in Africa and our divestiture activities. Refer to Note 4 of Notes to Consolidated Financial Statements for additional information on equity and debt securities. Refer to Note 13 of Notes to Consolidated Financial Statements for additional information on our pension activities. Refer to Note 15 of Notes to Consolidated Financial Statements for additional information on the impairment charges and the bottling operations in Ghana.

Income Taxes

The Company’s effective tax rates for the three and nine months ended October 2, 2026 and September 26, 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 of Notes to Consolidated Financial Statements, 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.

We are currently in litigation with the IRS for tax years 2007 through 2009. Refer to Note 9 of Notes to Consolidated Financial Statements for additional information on the tax litigation.

At the end of each quarter, we make our best estimate of the effective tax rate expected to be applicable for the full fiscal year. This estimate reflects, among other items, our best estimate of operating results and foreign currency exchange rates. Based on current tax laws, including the impact of several countries enacting global minimum tax regulations, the Company’s effective tax rate in 2026 is expected to be approximately 19.7% before considering the potential impact of any significant operating and nonoperating items that may affect our effective tax rate. This rate does not include the impact of the ongoing tax litigation with the IRS, if the Company were not to prevail.

Many jurisdictions have enacted legislation and adopted policies resulting from the Organization for Economic Co-operation and Development’s (“OECD”) Anti-Base Erosion and Profit Shifting project. The OECD is currently coordinating a two-pillared project on behalf of the Group of Twenty (G20) and other participating countries which would grant additional taxing rights over profits earned by multinational enterprises to the countries in which their products are sold and services rendered. Pillar One would allow countries to reallocate a portion of profits earned by multinational businesses with an annual global revenue exceeding €20 billion and a profit margin of over 10% to applicable market jurisdictions. While the OECD issued draft language for the international implementation of Pillar One in October 2023, both the substantive rules and implementation process remain under discussion at the OECD, so the timetable for any implementation remains uncertain.

In December 2021, the OECD issued Pillar Two model rules, which would establish a global per-country minimum tax of 15%, and the European Union has approved a directive requiring member states to incorporate similar provisions into their respective domestic laws. The directive requires, with certain limited exceptions, the rules to initially become effective for fiscal years starting on or after December 31, 2023. Numerous countries have enacted legislation that implemented certain aspects of Pillar Two effective January 1, 2024, or adopted legislation that became effective in 2025, while additional jurisdictions may enact similar legislation in the future. In June 2025, the Group of Seven (G7) released a statement announcing an understanding of a potential side-by-side system approach to the Pillar Two framework that would exclude U.S.-parented groups from certain Pillar Two provisions in recognition of existing U.S. minimum tax rules. In January 2026, the OECD issued further administrative guidance introducing a side‑by‑side framework under Pillar Two, largely exempting U.S.-headquartered companies from the application of Pillar Two. The OECD and implementing countries are expected to continue to make further revisions to their legislation and release additional guidance intended to adopt this side-by-side framework into law in each of the member countries. The Company will continue to monitor developments to determine any potential impact in the countries in which we operate.

LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION

We believe our ability to generate cash flows from operating activities is one of the fundamental strengths of our business. Refer to the heading “Cash Flows from Operating Activities” below. The Company does not typically raise capital through the issuance of stock. Instead, we use debt financing to lower our overall cost of capital and increase our return on shareowners’ equity. Refer to the heading “Cash Flows from Financing Activities” below. We have a history of borrowing funds both domestically and internationally at reasonable interest rates, and we expect to be able to continue to borrow funds at reasonable rates over the long term. Our debt financing also includes the use of a commercial paper program. We currently have the ability to borrow funds in this market at levels that are consistent with our debt financing strategy, and we expect to continue to be able to do so in the future. The Company regularly reviews its optimal mix of short-term and long-term debt.

The Company’s cash, cash equivalents, short-term investments and marketable securities totaled $16.6 billion as of October 2, 2026. In addition to these funds, our commercial paper program, and our ability to issue long-term debt, we had $6.6 billion in unused backup lines of credit for general corporate purposes as of October 2, 2026. These backup lines of credit expire at various times through 2031.

Our current payment terms with the majority of our suppliers are 120 days. Certain financial institutions offer a voluntary supply chain finance program which enables our suppliers, at their sole discretion, to sell their receivables from the Company to these financial institutions on a non-recourse basis at a rate that leverages our credit rating and thus may be more beneficial to them. We do not believe there is a risk that our payment terms will be shortened in the near future. Refer to Note 7 of Notes to Consolidated Financial Statements for additional information.

The Company has a trade accounts receivable factoring program in certain countries. Under this program, we can elect to sell trade accounts receivables to unaffiliated financial institutions at a discount. In these factoring arrangements, for ease of administration, the Company collects customer payments related to the factored receivables and remits those payments to the financial institutions. The Company sold $10,629 million and $11,822 million of trade accounts receivables under this program during the nine months ended October 2, 2026 and September 26, 2025, respectively. The costs of factoring such receivables were $41 million and $49 million for the nine months ended October 2, 2026 and September 26, 2025, respectively. The cash received from the financial institutions is reflected within the operating activities section of our consolidated statement of cash flows.

Our current capital allocation priorities are as follows: investing wisely to support our business operations, continuing to grow our dividend payment, enhancing our beverage portfolio and capabilities through consumer-centric acquisitions and using excess cash to repurchase shares over time. We currently expect 2026 capital expenditures to be approximately $2.2 billion. During 2026, we expect to repurchase shares to offset dilution resulting from employee stock-based compensation.

We are currently in litigation with the IRS for tax years 2007 through 2009. On November 18, 2020, the Tax Court issued the Opinion in which it predominantly sided with the IRS. On November 8, 2023, the Tax Court issued a supplemental opinion, siding with the IRS in concluding both that certain U.S. tax regulations (known as the blocked-income regulations) that address the effect of certain Brazilian legal restrictions on royalty payments by the Company’s licensee in Brazil apply to the Company’s operations and that the Tax Court opinion in the 3M case controlled as to the validity of those regulations. On October 1, 2025, the U.S. Court of Appeals for the Eighth Circuit issued an opinion reversing the judgment of the Tax Court in the 3M case. In its decision, the court concluded that the blocked-income regulation was inconsistent with IRC Section 482 and that the IRS therefore could not reallocate income from 3M’s subsidiary in Brazil to 3M in contravention of Brazilian restrictions on the payment of royalties. Further, the U.S. Court of Appeals for the Eighth Circuit specifically rejected the IRS’ argument that the ability of 3M’s subsidiary in Brazil to pay dividends, rather than royalties, meant that royalty income should not be treated as blocked. Both of these conclusions are highly supportive of the Company’s position in its case and reinforce its prior conclusions.

On August 2, 2024, the Tax Court entered a decision reflecting additional federal income tax of $2.7 billion for the 2007 through 2009 tax years. With applicable interest, the total liability for the 2007 through 2009 tax years resulting from the Tax Court’s decision is $6.0 billion, for which the IRS issued the Company invoices on September 3, 2024. The Company paid the IRS Tax Litigation Deposit on September 10, 2024, which stopped interest from accruing on the additional tax due for the 2007 through 2009 tax years. That amount, plus interest earned, would be refunded in full or in part if the Company’s tax positions are ultimately sustained on appeal. For the three and nine months ended October 2, 2026, the Company recorded net interest income of $57 million and $155 million, respectively, and for the three and nine months ended September 26, 2025, the Company recorded net interest income of $55 million and $162 million, respectively, related to this tax payment in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy. The payment of the IRS invoices and the related accrued interest were recorded in the line item other noncurrent assets in our consolidated balance sheets as of October 2, 2026 and December 31, 2025. On October 22, 2024, the Company appealed the Tax Court’s decision to the U.S. Court of Appeals for the Eleventh Circuit. The Company filed its principal appellate brief with the U.S. Court of Appeals for the Eleventh Circuit on March 12, 2025. The IRS filed its appellate brief on July 7, 2025. The Company filed its reply brief on August 27, 2025. The U.S. Court of Appeals for the Eleventh Circuit heard the case on June 25, 2026.

The Company strongly disagrees with the IRS’ positions and the portions of the Opinions affirming such positions and intends to vigorously defend our positions utilizing every available avenue of appeal. While the Company believes that it is more likely than not that we will ultimately prevail in this litigation upon appeal, it is possible that all, or some portion of, the adjustments proposed by the IRS and sustained by the Tax Court could ultimately be upheld. In that event, the Company would not receive a refund of the applicable portion or all of the $6.0 billion it paid in response to the IRS invoices issued in September 2024 and the related accrued interest receivable of $589 million as of October 2, 2026. Additionally, the Company would likely be subject to significant additional liabilities for subsequent years, which could have a material adverse impact on the Company’s financial position, results of operations and cash flows. The Company estimates that the potential aggregate remaining incremental tax and interest liability for the tax years 2010 through 2025 could be approximately $14 billion as of December 31, 2025. Additional income tax and interest on any unpaid potential liabilities for the 2010 through 2025 tax years would continue to accrue until the time any such potential liability, or portion thereof, were to be paid. The Company estimates the impact of the continued application of the methodology asserted by the IRS and affirmed in the Opinions for the three and nine months ended October 2, 2026 would increase the potential aggregate incremental tax and interest liability by approximately $450 million and $1.4 billion, respectively. Refer to Note 9 of Notes to Consolidated Financial Statements for additional information on the tax litigation.

While we believe it is more likely than not that we will prevail in the tax litigation discussed above, we are confident that, between our ability to generate cash flows from operating activities and our ability to borrow funds at reasonable interest rates, we can manage the range of possible outcomes in the final resolution of the matter.

Based on all of the aforementioned factors, the Company believes its current liquidity position is strong and will continue to be sufficient to fund our operating activities and cash commitments for investing and financing activities for the foreseeable future.

Cash Flows from Operating Activities

Net cash provided by operating activities during the nine months ended October 2, 2026 and September 26, 2025 was $12,471 million and $3,652 million, respectively. The increase was primarily driven by strong cash operating results, a benefit of the trade accounts receivable factoring program in the current year, lower income tax payments, a favorable impact due to foreign currency exchange rate fluctuations, timing of working capital initiatives, lower net interest payments and lower annual incentive payments. These items were partially offset by higher prior year transfers of surplus non-U.S. plan assets from pension trusts to general assets of the Company, higher restructuring payments and unfavorable hedging activity.

Additionally, the activity in 2025 included $6,069 million of the $6,173 million final milestone payment for fairlife that was made during the nine months ended September 26, 2025. Refer to Note 12 of Notes to Consolidated Financial Statements for additional information on our milestone payment for fairlife.

Cash Flows from Investing Activities

Net cash provided by investing activities during the nine months ended October 2, 2026 and September 26, 2025 was $1,161 million and $977 million, respectively.

Purchases of Investments and Proceeds from Disposals of Investments

During the nine months ended October 2, 2026, purchases of investments were $3,706 million and proceeds from disposals of investments were $5,952 million, resulting in a net cash inflow of $2,246 million. During the nine months ended September 26, 2025, purchases of investments were $3,292 million and proceeds from disposals of investments were $4,300 million, resulting in a net cash inflow of $1,008 million. This activity primarily represents the purchases of, and proceeds from the disposals of, investments in marketable securities and short-term investments that were made as part of the Company’s overall cash management strategy. Also included in this activity are purchases of, and proceeds from the disposals of, investments held by our captive insurance companies. Refer to Note 4 of Notes to Consolidated Financial Statements for additional information on our investments.

Acquisitions of Businesses, Equity Method Investments and Nonmarketable Securities

During the nine months ended October 2, 2026 and September 26, 2025, the Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $204 million and $356 million, respectively. The activity during the nine months ended October 2, 2026 and September 26, 2025 included additional investments of $112 million and $54 million, respectively, in an equity method investee in Japan. The activity during the nine months ended October 2, 2026 and September 26, 2025 also included $75 million and $271 million, respectively, of investments in alternative energy limited partnerships. Refer to Note 14 of Notes to Consolidated Financial Statements for additional information on these investments.

Proceeds from Disposals of Businesses, Equity Method Investments and Nonmarketable Securities

During the nine months ended October 2, 2026 and September 26, 2025, proceeds from disposals of businesses, equity method investments and nonmarketable securities were $1 million and $1,020 million, respectively. The activity during the nine months ended September 26, 2025 primarily related to the sale of a portion of our ownership interest in CCEP and the refranchising of certain of our bottling operations. Refer to Note 2 of Notes to Consolidated Financial Statements.

Purchases of Property, Plant and Equipment

Purchases of property, plant and equipment during the nine months ended October 2, 2026 and September 26, 2025 were $1,063 million and $1,230 million, respectively.

Other Investing Activities

During the nine months ended October 2, 2026 and September 26, 2025, the total cash inflow was $271 million and $214 million, respectively. The activity during the nine months ended October 2, 2026 included the return of an advance payment of $184 million to acquire additional shares in an equity method investee in Japan. The activity during the nine months ended September 26, 2025 included $139 million related to the reimbursement of advance payments made to finance the construction of leased assets.

Cash Flows from Financing Activities

Net cash used in financing activities during the nine months ended October 2, 2026 and September 26, 2025 was $10,546 million and $3,088 million, respectively.

Loans, Notes Payable and Long-Term Debt

The Company made payments of debt of $3,165 million during the nine months ended October 2, 2026, which consisted of $1,031 million of payments related to commercial paper and short-term debt with maturities of 90 days or less, $500 million of payments related to commercial paper and short-term debt with maturities greater than 90 days and payments of long-term debt of $1,634 million.

During the nine months ended September 26, 2025, the Company had issuances of debt of $4,854 million, which consisted of $764 million of net issuances of commercial paper and short-term debt with maturities of 90 days or less, $3,442 million of issuances of commercial paper and short-term debt with maturities greater than 90 days and long-term debt issuances of $648 million, net of related discounts and issuance costs.

The Company made payments of debt of $4,166 million during the nine months ended September 26, 2025, which consisted of $3,427 million of payments related to commercial paper and short-term debt with maturities greater than 90 days and payments of long-term debt of $739 million.

Issuances of Stock

The issuances of stock during the nine months ended October 2, 2026 and September 26, 2025 were related to the exercise of stock options by employees.

Purchases of Stock for Treasury

During the nine months ended October 2, 2026, the total cash outflow for treasury stock purchases was $900 million. The Company repurchased 10.0 million shares of common stock under the share repurchase plan authorized by our Board of Directors. These shares were repurchased at an average cost of $78.77 per share, for a total cost of $787 million. In addition to shares repurchased under the share repurchase plan, the Company’s treasury stock activity included shares surrendered to the Company to pay the exercise price and/or to satisfy tax withholding obligations in connection with stock swap exercises of employee stock options and/or the vesting of restricted stock issued to employees. The net impact of the Company’s issuances of stock and share repurchases during the nine months ended October 2, 2026 resulted in a net cash outflow of $545 million.

During the nine months ended September 26, 2025, the total cash outflow for treasury stock purchases was $644 million. The Company repurchased 8.0 million shares of common stock under the share repurchase plan authorized by our Board of Directors. These shares were repurchased at an average cost of $67.14 per share, for a total cost of $534 million. In addition to shares repurchased under the share repurchase plan, the Company’s treasury stock activity included shares surrendered to the Company to pay the exercise price and/or to satisfy tax withholding obligations in connection with stock swap exercises of employee stock options and/or the vesting of restricted stock issued to employees. The net impact of the Company’s issuances of stock and share repurchases during the nine months ended September 26, 2025 resulted in a net cash outflow of $401 million.

Dividends

During the nine months ended October 2, 2026 and September 26, 2025, the Company paid dividends of $6,842 million and $4,391 million, respectively. As a result of the timing of our quarterly reporting periods as well as our dividend payment dates, the Company paid all of the 2026 third quarterly dividend in the third quarter and paid substantially all of the 2025 third quarterly dividend in the fourth quarter.

Our Board of Directors approved the Company’s regular quarterly dividend of $0.53 per share at its October 2026 meeting. This dividend is payable on December 15, 2026 to shareowners of record as of the close of business on December 1, 2026.

Proceeds from Sale of a Noncontrolling Interest

During the nine months ended September 26, 2025, the Company received proceeds of $1,277 million from the sale of a noncontrolling interest. Refer to Note 11 of Notes to Consolidated Financial Statements for additional information.

Other Financing Activities

During the nine months ended October 2, 2026 and September 26, 2025, the total cash outflow for other financing activities was $13 million and $261 million, respectively. The cash outflow during the nine months ended September 26, 2025 included $149 million of withholding taxes and other direct costs related to the sale of a noncontrolling interest. Refer to Note 11 of Notes to Consolidated Financial Statements for additional information. Additionally, the cash outflow during the nine months ended September 26, 2025 included $104 million of the $6,173 million final milestone payment for fairlife.

Foreign Exchange

Our international operations are subject to certain opportunities and risks, including currency fluctuations and governmental actions. We closely monitor our operations in each country and seek to adopt appropriate strategies that are responsive to changing economic and political environments as well as to fluctuations in currencies.

Due to the geographic diversity of our operations, weakness in some currencies may be offset by strength in other currencies over time. Our hedging activities are designed to mitigate, over time, a portion of the impact of exchange rate fluctuations on our net income. Taking into account the effects of our hedging activities, the impact of fluctuations in foreign currency exchange rates increased our operating income for the three and nine months ended October 2, 2026 by 3% and 4%, respectively.

Based on current spot rates and our hedging coverage in place, we expect foreign currency exchange rate fluctuations will have a favorable impact on operating income and cash flows from operating activities through the end of the year.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We have no material changes to the disclosures on this matter made in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company, under the supervision and with the participation of its management, including the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of October 2, 2026.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the quarter ended October 2, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II. Other Information

Item 1. Legal Proceedings

Information regarding reportable legal proceedings is contained in Part I, “Item 3. Legal Proceedings” in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in Part II, “Item 1. Legal Proceedings” in our Quarterly Report on Form 10-Q for the quarter ended April 3, 2026, and as further updated in Part II, “Item 1. Legal Proceedings” in our Quarterly Report on Form 10-Q for the quarter ended July 3, 2026. The following updates and restates the description of the previously reported U.S. Federal Income Tax Dispute matter and provides updates to a previously reported environmental matter. Management believes that, except as disclosed in “U.S. Federal Income Tax Dispute” below, the total liabilities of the Company that may arise as a result of currently pending legal proceedings will not have a material adverse effect on the Company taken as a whole.

U.S. Federal Income Tax Dispute

On September 17, 2015, the Company received a Notice from the IRS seeking approximately $3.3 billion of additional federal income tax for years 2007 through 2009. In the Notice, the IRS stated its intent to reallocate over $9 billion of income to the U.S. parent company from certain of its foreign affiliates that the U.S. parent company licensed to manufacture, distribute, sell, market and promote its products in certain non-U.S. markets.

To resolve the same transfer pricing issue for the tax years 1987 through 1995, the Company and the IRS had agreed in 1996 on an arm’s-length methodology for determining the amount of U.S. taxable income that the U.S. parent company would report as compensation from its foreign licensees. The Company and the IRS memorialized this accord in the Closing Agreement resolving that dispute. The Closing Agreement provided that, absent a change in material facts or circumstances or relevant federal tax law, in calculating the Company’s income taxes going forward, the Company would not be assessed penalties by the

IRS for using the agreed-upon tax calculation methodology that the Company and the IRS agreed would be used for the 1987 through 1995 tax years.

The IRS audited and confirmed the Company’s compliance with the agreed-upon Closing Agreement methodology in five successive audit cycles for tax years 1996 through 2006.

The Company consequently initiated litigation by filing a petition in the Tax Court in December 2015, challenging the tax adjustments enumerated in the Notice.

The trial was held in the Tax Court from March through May 2018, and final post-trial briefs were filed and exchanged in April 2019.

On November 18, 2020, the Tax Court issued the Opinion in which it predominantly sided with the IRS but agreed with the Company that dividends previously paid by the foreign licensees to the U.S. parent company in reliance upon the Closing Agreement should continue to be allowed to offset royalties, including those that would become payable to the Company in accordance with the Opinion. On November 8, 2023, the Tax Court issued a supplemental opinion, siding with the IRS in concluding both that certain U.S. tax regulations (known as the blocked-income regulations) that address the effect of certain Brazilian legal restrictions on royalty payments by the Company’s licensee in Brazil apply to the Company’s operations and that the Tax Court opinion in the 3M case controlled as to the validity of those regulations. On October 1, 2025, the U.S. Court of Appeals for the Eighth Circuit issued an opinion reversing the judgment of the Tax Court in the 3M case. In its decision, the court concluded that the blocked-income regulation was inconsistent with IRC Section 482 and that the IRS therefore could not reallocate income from 3M’s subsidiary in Brazil to 3M in contravention of Brazilian restrictions on the payment of royalties. Further, the U.S. Court of Appeals for the Eighth Circuit specifically rejected the IRS’ argument that the ability of 3M’s subsidiary in Brazil to pay dividends, rather than royalties, meant that royalty income should not be treated as blocked. Both of these conclusions are highly supportive of the Company’s position in its case and reinforce its prior conclusions.

The Company believes that the IRS and the Tax Court misinterpreted and misapplied the applicable regulations in reallocating income earned by the Company’s foreign licensees to increase the Company’s U.S. tax. Moreover, the Company believes that the retroactive imposition of such tax liability using a calculation methodology different from that previously agreed upon by the IRS and the Company, and audited by the IRS for over a decade, is unconstitutional. The Company intends to assert its claims on appeal and vigorously defend its positions. In addition, for its litigation with the IRS and for purposes of its appeal of the Tax Court decision, the Company continues to evaluate the implications of several significant administrative law cases recently decided by the U.S. Supreme Court, most notably Loper Bright v. Raimondo, which overruled the Chevron case. Since 1984, the Chevron case had required that courts defer to agency interpretations of statutes and agency action. In Ohio v. EPA and Garland v. Cargill, two of the recent decisions, the U.S. Supreme Court demonstrated how courts are to rule on agency interpretations and actions without the deference previously required by the Chevron case.

On August 2, 2024, the Tax Court entered a decision reflecting additional federal income tax of $2.7 billion for the 2007 through 2009 tax years. With applicable interest, the total liability for the 2007 through 2009 tax years resulting from the Tax Court’s decision is $6.0 billion, for which the IRS issued the Company invoices on September 3, 2024. The Company paid the IRS Tax Litigation Deposit on September 10, 2024, which stopped interest from accruing on the additional tax due for the 2007 through 2009 tax years. That amount, plus interest earned, would be refunded in full or in part if the Company’s tax positions are ultimately sustained on appeal. For the three and nine months ended October 2, 2026, the Company recorded net interest income of $57 million and $155 million, respectively, related to this tax payment. For the three and nine months ended September 26, 2025, the Company recorded net interest income of $55 million and $162 million, respectively, related to this tax payment. These amounts were recorded in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy. The payment of the IRS invoices and the related accrued interest were recorded in the line item

other noncurrent assets in our consolidated balance sheets as of October 2, 2026 and December 31, 2025. On October 22, 2024, the Company appealed the Tax Court’s decision to the U.S. Court of Appeals for the Eleventh Circuit. The Company filed its principal appellate brief with the U.S. Court of Appeals for the Eleventh Circuit on March 12, 2025. The IRS filed its appellate brief on July 7, 2025. The Company filed its reply brief on August 27, 2025. The U.S. Court of Appeals for the Eleventh Circuit heard the case on June 25, 2026.

In determining the amount of tax reserve to be recorded as of December 31, 2020, the Company completed the required two-step evaluation process prescribed by Accounting Standards Codification 740, Accounting for Income Taxes. In doing so, we consulted with outside advisors, and we reviewed and considered relevant laws, rules, and regulations, including, but not limited to, the Opinions and relevant caselaw. We also considered our intention to vigorously defend our positions and assert our various well-founded legal claims via every available avenue of appeal. We concluded, based on the technical and legal merits of the Company’s tax positions, that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal. In addition, we considered a number of alternative transfer pricing methodologies, including the Tax Court Methodology, that could be applied by the courts upon final resolution of the litigation. Based on the required probability analysis, we determined the methodologies we believe the federal courts could ultimately order to be used in calculating the Company’s tax. As a result of this analysis, we recorded a tax reserve of $438 million during the year ended December 31, 2020 related to the application of the resulting methodologies as well as the different tax treatment applicable to dividends originally paid to the U.S. parent company by its foreign licensees, in reliance upon the Closing Agreement, that would be recharacterized as royalties in accordance with the Opinions and the Company’s analysis.

Environmental Matter

On June 20, 2024, the Mayor and City Council of Baltimore filed a lawsuit against the Company and several unrelated parties in the Circuit Court for Baltimore City, Maryland (“Baltimore Circuit Court”), concerning the environmental impacts of plastic packaging on the city’s lands and waterways. The complaint asserts claims for (a) violations of various state statutes and local ordinances that prohibit littering or improper dumping of waste on public or private property; (b) unfair, abusive or deceptive trade practices; (c) trespass upon city property; (d) design defects; (e) public nuisance; (f) failure to warn; and (g) negligence. The complaint seeks injunctive relief, compensatory damages and punitive damages but does not specify an amount of damages sought. The Company believes it has strong defenses to the claims. On July 21, 2025, the Baltimore Circuit Court granted in part the Company’s Motion to Dismiss, dismissing with prejudice all claims except the public nuisance claim. On July 22, 2026, the court dismissed the remaining public nuisance claim, and on August 18, 2026, the plaintiff filed a notice of appeal as to all claims. The appeal will proceed before the Appellate Court of Maryland.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition or future results. The risks described in this report and in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, could also materially adversely affect our business, financial condition or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table presents information with respect to purchases of common stock of the Company made during the three months ended October 2, 2026 by the Company or any “affiliated purchaser” of the Company as defined in Rule 10b-18(a)(3) under the Exchange Act:


Period	Total Number of Shares Purchased1	Average Price Paid Per Share	Total Number of Shares Purchased as Part of the Publicly Announced Plan2	Maximum Number of Shares That May Yet Be Purchased Under the Publicly Announced Plan
July 4, 2026 through July 31, 2026	538,615		$	83.86		536,300		59,148,814
August 1, 2026 through August 28, 2026	1,085,783		88.60		1,085,783		58,063,031
August 29, 2026 through October 2, 2026	1,110,655		87.94		1,110,145		56,952,886
Total	2,735,053		$	87.40		2,732,228

1The total number of shares purchased includes: (1) shares purchased, if any, pursuant to the plan described in footnote 2 below and (2) shares surrendered, if any, to the Company to pay the exercise price and/or to satisfy tax withholding obligations in connection with stock swap exercises of employee stock options and/or the vesting of restricted stock issued to employees.

2In February 2019, the Company publicly announced that our Board of Directors had authorized a plan (“2019 Plan”) for the Company to purchase up to 150 million shares of our common stock. This column discloses the number of shares purchased, if any, pursuant to the 2019 Plan during the indicated time periods (including shares purchased pursuant to the terms of preset trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act).

Item 5. Other Information

During the fiscal quarter ended October 2, 2026, none of our Directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, except as follows:

Henrique Braun, Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement on August 28, 2026 for the potential exercise of vested stock options and the associated sale of up to 136,968 shares of common stock of the Company, subject to certain conditions. The arrangement’s expiration date is August 28, 2028, or such earlier date upon which all transactions are completed. His trading plan was adopted during an open trading window.

Item 6. Exhibits

In reviewing the agreements included as exhibits to this report, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements contain representations, warranties, covenants and conditions by or of each of the parties to the applicable agreement. These representations, warranties, covenants and conditions have been made solely for the benefit of the other parties to the applicable agreement and:

•should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

•may have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

•may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

•were made only as of the date of the applicable agreement, or such other date or dates as may be specified in the agreement, and are subject to more recent developments.

Accordingly, these representations, warranties, covenants and conditions may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this report and

the Company’s other public filings, which are available without charge through the Securities and Exchange Commission’s website at http://www.sec.gov.


EXHIBIT INDEX
Exhibit No.
(With regard to applicable cross-references in the list of exhibits below, the Company’s Current, Quarterly and Annual Reports are filed with the Securities and Exchange Commission (“SEC”) under File No. 001-02217; and Coca-Cola Refreshments USA, LLC’s (formerly known as Coca-Cola Refreshments USA, Inc. and Coca-Cola Enterprises Inc.) Current, Quarterly and Annual Reports are filed with the SEC under File No. 001-09300.)
3.1	Certificate of Incorporation of the Company, including Amendment of Certificate of Incorporation, dated July 27, 2012 — incorporated herein by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 28, 2012.
3.2	By-Laws of the Company, as amended and restated through October 19, 2023 — incorporated herein by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on October 20, 2023.
4.1	As permitted by the rules of the SEC, the Company has not filed certain instruments defining the rights of holders of long-term debt of the Company or consolidated subsidiaries under which the total amount of securities authorized does not exceed 10% of the total assets of the Company and its consolidated subsidiaries. The Company agrees to furnish to the SEC, upon request, a copy of any omitted instrument.
4.2	Amended and Restated Indenture, dated as of April 26, 1988, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on May 25, 2017.
4.3	First Supplemental Indenture, dated as of February 24, 1992, to Amended and Restated Indenture, dated as of April 26, 1988, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 25, 2017.
4.4	Second Supplemental Indenture, dated as of November 1, 2007, to Amended and Restated Indenture, dated as of April 26, 1988, as amended, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on May 25, 2017.
4.5	Form of Note for 1.125% Notes due 2027 — incorporated herein by reference to Exhibit 4.7 to the Company’s Registration Statement on Form 8-A filed on March 6, 2015.
4.6	Form of Note for 1.625% Notes due 2035 — incorporated herein by reference to Exhibit 4.8 to the Company’s Registration Statement on Form 8-A filed on March 6, 2015.
4.7	Form of Note for 1.100% Notes due 2036 — incorporated herein by reference to Exhibit 4.4 to the Company’s Registration Statement on Form 8-A filed on September 2, 2016.
4.8	Form of Note for 2.900% Notes due 2027 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on May 25, 2017.
4.9	Form of Note for 1.250% Notes due 2031 — incorporated herein by reference to Exhibit 4.7 to the Company’s Current Report on Form 8-K filed on March 8, 2019.
4.10	Form of Note for 2.125% Notes due 2029 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on September 9, 2019.
4.11	Form of Note for 3.375% Notes due 2027 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on March 25, 2020.
4.12	Form of Note for 3.450% Notes due 2030 — incorporated herein by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K filed on March 25, 2020.
4.13	Form of Note for 4.125% Notes due 2040 — incorporated herein by reference to Exhibit 4.7 to the Company’s Current Report on Form 8-K filed on March 25, 2020.
4.14	Form of Note for 4.200% Notes due 2050 — incorporated herein by reference to Exhibit 4.8 to the Company’s Current Report on Form 8-K filed on March 25, 2020.
4.15	Form of Note for 1.450% Notes due 2027 — incorporated herein by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on May 4, 2020.
4.16	Form of Note for 1.650% Notes due 2030 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on May 4, 2020.
4.17	Form of Note for 2.500% Notes due 2040 — incorporated herein by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K filed on May 4, 2020.
4.18	Form of Note for 2.600% Notes due 2050 — incorporated herein by reference to Exhibit 4.7 to the Company’s Current Report on Form 8-K filed on May 4, 2020.
4.19	Form of Note for 2.750% Notes due 2060 — incorporated herein by reference to Exhibit 4.8 to the Company’s Current Report on Form 8-K filed on May 4, 2020.


4.20	Form of Note for 0.125% Notes due 2029 — incorporated herein by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on September 18, 2020.
4.21	Form of Note for 0.375% Notes due 2033 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on September 18, 2020.
4.22	Form of Note for 0.800% Notes due 2040 — incorporated herein by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K filed on September 18, 2020.
4.23	Form of Note for 1.000% Notes due 2028 — incorporated herein by reference to Exhibit 4.7 to the Company’s Current Report on Form 8-K filed on September 18, 2020.
4.24	Form of Note for 1.375% Notes due 2031 — incorporated herein by reference to Exhibit 4.8 to the Company’s Current Report on Form 8-K filed on September 18, 2020.
4.25	Form of Note for 2.500% Notes due 2051 — incorporated herein by reference to Exhibit 4.9 to the Company’s Current Report on Form 8-K filed on September 18, 2020.
4.26	Form of Note for 1.500% Notes due 2028 — incorporated herein by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on March 5, 2021.
4.27	Form of Note for 2.000% Notes due 2031 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on March 5, 2021.
4.28	Form of Note for 0.125% Notes due 2029 — incorporated herein by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on March 9, 2021.
4.29	Form of Note for 0.500% Notes due 2033 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on March 9, 2021.
4.30	Form of Note for 1.000% Notes due 2041 — incorporated herein by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K filed on March 9, 2021.
4.31	Form of Note for 2.250% Notes due 2032 — incorporated herein by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on May 5, 2021.
4.32	Form of Note for 2.875% Notes due 2041 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on May 5, 2021.
4.33	Form of Note for 3.000% Notes due 2051 — incorporated herein by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K filed on May 5, 2021.
4.34	Form of Note for 0.950% Notes due 2036 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on May 6, 2021.
4.35	Form of Note for 0.400% Notes due 2030 — incorporated herein by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on May 17, 2021.
4.36	Form of Note for 5.000% Notes due 2034 — incorporated herein by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on May 13, 2024.
4.37	Form of Note for 5.300% Notes due 2054 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on May 13, 2024.
4.38	Form of Note for 5.400% Notes due 2064 — incorporated herein by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K filed on May 13, 2024.
4.39	Form of Note for 3.125% Notes due 2032 — incorporated herein by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on May 14, 2024.
4.40	Form of Note for 3.500% Notes due 2044 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on May 14, 2024.
4.41	Form of Note for 4.650% Notes due 2034 — incorporated herein by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on August 14, 2024.
4.42	Form of Note for 5.200% Notes due 2055 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on August 14, 2024.
4.43	Form of Note for 3.375% Notes due 2037 — incorporated herein by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on August 15, 2024.
4.44	Form of Note for 3.750% Notes due 2053 — incorporated herein by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on August 15, 2024.
4.45	Indenture, dated as of July 30, 1991, between Coca-Cola Refreshments USA, Inc. and Deutsche Bank Trust Company Americas, as trustee — incorporated herein by reference to Exhibit 4.1 to Coca-Cola Refreshments USA, Inc.’s Current Report on Form 8-K dated July 30, 1991.
4.46	First Supplemental Indenture, dated as of January 29, 1992, to the Indenture, dated as of July 30, 1991, between Coca-Cola Refreshments USA, Inc. and Deutsche Bank Trust Company Americas, as trustee — incorporated herein by reference to Exhibit 4.01 to Coca-Cola Refreshments USA, Inc.’s Current Report on Form 8-K dated January 29, 1992.


4.47	Second Supplemental Indenture, dated as of June 22, 2017, to the Indenture, dated as of July 30, 1991, as amended, among Coca-Cola Refreshments USA, Inc., the Company and Deutsche Bank Trust Company Americas, as trustee — incorporated herein by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on June 23, 2017.
4.48	Third Supplemental Indenture, dated as of July 5, 2017, to the Indenture, dated as of July 30, 1991, as amended, among Coca-Cola Refreshments USA, Inc., the Company and Deutsche Bank Trust Company Americas, as trustee — incorporated herein by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on July 6, 2017.
10.1	Letter, dated September 4, 2026, from the Company to Rob Gehring.
10.2	Deferred Cash Agreement between the Company and Rob Gehring , dated September 8, 2026 .
31.1	Rule 13a-14(a)/15d-14(a) Certification, executed by Henrique Braun, Chief Executive Officer of The Coca-Cola Company.
31.2	Rule 13a-14(a)/15d-14(a) Certification, executed by John Murphy, President and Chief Financial Officer of The Coca-Cola Company.
32.1	Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350), executed by Henrique Braun, Chief Executive Officer of The Coca-Cola Company, and by John Murphy, President and Chief Financial Officer of The Coca-Cola Company.
101	The following financial information from The Coca-Cola Company’s Quarterly Report on Form 10-Q for the quarter ended October 2, 2026, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Statements of Income for the three and nine months ended October 2, 2026 and September 26, 2025; (ii) Consolidated Statements of Comprehensive Income for the three and nine months ended October 2, 2026 and September 26, 2025; (iii) Consolidated Balance Sheets as of October 2, 2026 and December 31, 2025; (iv) Consolidated Statements of Cash Flows for the nine months ended October 2, 2026 and September 26, 2025; and (v) Notes to Consolidated Financial Statements.
104	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the iXBRL document and included in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		THE COCA-COLA COMPANY (Registrant)

		/s/ ERIN L. MAY
Date:	October 28, 2026	Erin L. May Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)

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