Coca-Cola (KO) 10-K risk factor changes: FY2025 vs FY2024

Many of the jurisdictions in which our products are sold have experienced, and could continue to experience, unfavorable changes in economic conditions, which could negatively affect the affordability of, and consumer demand for, our beverages, and certain markets in which our products are sold experienced [removed: intensified] [added: high rates of] inflation throughout [removed: 2024,] [added: 2025,] which may continue in [removed: 2025.][added: 2026.]

Throughout [removed: 2024,] [added: 2025,] the Company faced disruption to our operations due to international [removed: conflicts, including the conflict between Russia and Ukraine and conflicts in the Middle East.][added: conflicts.]

Restrictions on our ability to transfer earnings or capital across borders; price controls; limitations on profits; the negotiation of new trade agreements; new, expanded or retaliatory [removed: tariffs;] [added: tariffs, including tariffs that increase suppliers’ sourcing costs;] import authorization requirements; and other restrictions on business activities, which have been or may be imposed or expanded as a result of political and economic instability, deterioration of economic relations between countries or otherwise, could impact our profitability.

The success of our innovation activities depends [removed: on] [added: on, among other factors,] our ability to correctly anticipate customer and consumer acceptance and trends; obtain, maintain and enforce necessary intellectual property rights; and avoid infringing on the intellectual property rights of others.

Changes in the retail landscape or the loss of key [removed: retail or foodservice] customers could adversely affect our financial results.

In addition, our success depends in part on our ability to maintain good relationships with key [removed: retail and foodservice customers.][added: customers.The loss of one or more of our key customers could have an adverse effect on our financial performance.]

Some of the actions we may take from time to time in pursuing these opportunities may become a distraction for our managers and employees and may disrupt our ongoing business operations; cause deterioration in employee morale, which may make it more difficult for us to retain or attract qualified managers and employees; disrupt or weaken the internal control structures of the affected business operations; and give rise to [added: negative publicity, which could affect our corporate reputation.]

The success of our business depends on our Company’s and the Coca-Cola system’s ability to attract, [removed: hire, develop, motivate and] retain [added: and inspire] a global workforce of [removed: top] [added: outstanding] talent [removed: with diverse perspectives, experiences] and [removed: backgrounds that reflect the broad range of consumers and markets we serve around the world; and in our ability] to nurture a culture that supports our growth and aligns employees around the Company’s purpose and work that matters most.

Failure to attract, [removed: hire, develop, motivate and] retain [removed: specialized and/or top talent with diverse perspectives, experiences] and [removed: backgrounds that reflect the broad range of consumers and markets we serve around the world;] [added: inspire outstanding talent;] to develop and implement an adequate succession plan for our management team; to maintain a corporate culture that fosters innovation, collaboration and inclusion; or to design and successfully implement work models that meet the expectations of employees and prospective employees could disrupt our operations and adversely affect our business and our future success.

Some of the raw materials and supplies used in the production of our products are available from a limited number of [removed: suppliers] [added: suppliers,] or from a sole [removed: supplier] [added: supplier,] or are in short supply when seasonal demand is at its peak.

In addition, adverse and extreme weather conditions may affect the supply of agricultural commodities from which key ingredients for our products are [removed: derived.][added: derived and manufactured.]

Any sustained or significant disruption to the manufacturing or sourcing of products or materials could increase [removed: our] costs and interrupt product supply, which could adversely impact our business.

The raw materials and other supplies, including ingredients, agricultural commodities, energy, fuel, packaging materials, transportation, labor and other supply chain inputs [removed: that we use] [added: used] for the production and distribution of our products, are subject to price volatility and fluctuations in availability caused by many factors.

These factors include changes in supply and demand; supplier capacity constraints; a deterioration of our or our bottling partners’ relationships with suppliers; international conflicts; political uncertainties; acts of terrorism; governmental instability; inflation; weather conditions (including the effects of climate change); hurricanes, wildfires, floods, droughts and other natural disasters; disease or pests (including the impact of citrus greening disease on the citrus industry); agricultural uncertainty; health epidemics, pandemics or other contagious outbreaks; cattle disease outbreaks (including avian flu); labor shortages, strikes or work stoppages; changes in or the enactment of new laws and regulations; governmental actions or controls or import/export restrictions, such as new, expanded or retaliatory tariffs, [added: including tariffs that increase suppliers’ sourcing costs,] sanctions, quotas or trade barriers; port congestion or delays; transport capacity constraints; cybersecurity incidents or other disruptions; or fluctuations in foreign currency exchange rates.

Many of our raw materials and supplies are purchased in the open market, and the prices [removed: we pay] for such items are subject to fluctuation.

We expect the inflationary pressures on certain input and other costs to continue to impact our business in [removed: 2025.][added: 2026.]

[added: To the extent] that price increases are not sufficient to offset higher costs adequately or in a timely manner, and/or if they result in significant decreases in sales volume, our financial condition or results of operations may be adversely affected.

[added: If these] labor relations are not effectively managed at the local level, they could escalate in the form of corporate campaigns supported by the labor organizations and could negatively affect our Company’s overall reputation and brand image, which in turn could have a negative impact on our products’ acceptance by consumers.

There is [added: ongoing] concern among consumers, public health professionals and government agencies about the health problems associated with obesity and other chronic diseases.

[removed: Ongoing] [added: Continued governmental focus on such initiatives, as well as ongoing] public concern about obesity; other health-related public concerns surrounding consumption of sweetened beverages; the effects or perceived effects of the usage of weight-loss drugs on consumption patterns; potential new or increased taxes on sweetened beverages by government entities to reduce consumption or to raise revenue; potential new or increased governmental regulations on particular ingredients or additives in our beverages and packaging, or on manufacturing processes; additional governmental regulations concerning the advertising, marketing, labeling, packaging or sale of our sweetened beverages; [added: changes in funding for or restrictions on the inclusion of our products in benefit programs, such as the Supplemental Nutrition Assistance Program (SNAP) in the United States;] and negative publicity resulting from actual or threatened legal actions against us or other companies in our industry relating to the marketing, labeling or sale of sweetened beverages may reduce demand for, or increase the cost of, our sweetened beverages, which could adversely affect our profitability.

Consumer product preferences have evolved and continue to evolve as a result of, among other things, health, wellness and nutrition considerations, including concerns regarding caloric intake associated with sweetened beverages and the perceived undesirability of [removed: artificial] [added: processed foods and] ingredients [removed: or processing;] [added: and artificial ingredients;] concerns regarding the perceived health effects of, or location of origin of, ingredients, raw materials or substances in our products or packaging, including due to the results of third-party studies (whether or not scientifically valid); shifting consumer demographics; changes in consumer tastes and needs coupled with a rapid expansion of beverage options and delivery methods; [added: affordability and] changes in consumer [removed: lifestyles;] [added: lifestyles and spending patterns;] concerns regarding the environmental, social and sustainability impact of ingredient sources, the product manufacturing process and our packaging; consumer emphasis on transparency related to ingredients we use in our products and collection and recyclability of, and amount of recycled content contained in, our packaging containers and other materials; concerns about the health and welfare of animals in our dairy supply chain; and competitive product and pricing pressures.

However, despite our strong commitment to product safety and quality, [removed: we or] [added: we,] our bottling partners [added: or contract manufacturers] at times have not met, and may not always meet, these standards, [removed: particularly] [added: including] as we expand our product offerings through innovation or [removed: acquisitions into beverage categories, such as value-added dairy and plant-based beverages, that are beyond our traditional range of beverage products.][added: acquisitions.]

In addition, we or our bottling partners [added: or contract manufacturers] and products have been, and could continue to be, subject to inspection by federal, state and local authorities, which could result in the identification of product quality or safety issues.

A [removed: widespread product] recall [removed: could result] [added: or any decrease] in [removed: significant losses] [added: production resulting from remediation efforts] due to [removed: the costs of a recall, the destruction of product inventory, and] [added: quality or safety issues may also lead to] lost sales due to the unavailability of product for a period of time, and could also subject us to [removed: product] liability [removed: claims and] [added: claims,] negative [removed: publicity,] [added: publicity or changes in consumer demand,] all of which could cause our business to suffer.

Public debate and concern about perceived negative health consequences of processing and of certain ingredients in our beverage products, such as synthetic colors, nutritive (e.g., sugar, HFCS) and non-nutritive sweeteners, biotechnology-derived substances and other additives; substances that are present in our beverage products naturally or that occur as a result of the manufacturing process, such as 4-methylimidazole (4-MEI), a chemical compound that is formed during the manufacturing of [removed: certain types of caramel coloring used in cola-flavored beverages; or substances used in packaging materials, such as bisphenol A (BPA), an odorless, tasteless food-grade chemical commonly used in the food and beverage industries as a component in the coating of the interior of cans, may affect consumers’ preferences and cause them to shift away from some of our beverage]

Such risks may be increased if government officials make public statements about alleged risks purportedly associated with processing, particular ingredients used in our [removed: products,] [added: products] or unintentional contaminants that may be present in the food or water supply.

However, our continuing investment in advertising and marketing and our strong commitment to product safety and quality and [added: respecting] human rights have not always had, and may not in the future always have, the desired impact on our products’ brand image and on consumer preferences.

In addition, if we fail to respect our employees’ and our supply chain workers’ human rights, or inadvertently discriminate against any group of employees or hiring prospects, we could face legal [removed: risks and/or our ability to hire and retain the best talent will be diminished, which could have an adverse impact on our overall business.]

For instance, the Company has directly entered the alcohol beverage category in numerous markets outside the United States, and in the United States, the Company has established a wholly owned, indirect, firewalled subsidiary, which uses third-party manufacturers and distributors to [removed: produce] [added: produce, distribute] and sell alcohol products in [removed: certain regions of] the United States and also authorizes alcohol-licensed third parties to use certain of our trademarks and related intellectual property on alcohol beverages that contain Company beverage bases.

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 [removed: OECD] [added: OECD,] so the timetable for any implementation remains uncertain.

In December 2021, the OECD issued Pillar Two model [removed: rules] [added: 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.

Numerous countries have enacted legislation that implemented certain aspects of Pillar Two effective January 1, 2024, [removed: while many others have indicated their intent to adopt,] or [removed: have adopted,] [added: adopted] legislation [added: that became] effective in [removed: 2025.][added: 2025, while additional jurisdictions may enact similar legislation in the future.]

The OECD and implementing countries are expected to continue to make further revisions to their legislation and release additional [removed: guidance.][added: guidance intended to adopt this side-by-side framework into law in each of the member countries.]

On November 8, 2023, the Tax Court issued a supplemental opinion (together with the original Tax Court opinion, “Opinions”) also siding with the IRS as to the validity of the blocked-income regulations and their application to the Brazilian legal [removed: restrictions.]

In addition, in the past, the U.S. Congress considered imposing a federal excise tax on beverages sweetened with sugar, HFCS or other [added: nutritive sweeteners and may consider similar proposals in the future.]

Consumers’ [removed: increased] [added: ongoing] concerns and changing attitudes about solid waste streams and environmental responsibility and the related publicity could result in the adoption of additional such legislation or regulations in the future.

If these types of requirements become applicable to one or more of our products under current or future [removed: environmental or health] laws or regulations, they may inhibit sales of such products or make it necessary for us to reformulate certain of our products, resulting in adverse effects on our business.

Litigation [added: claims] or legal proceedings could expose us to significant liabilities and damage our reputation.

We are party to various litigation claims and legal proceedings in the ordinary course of business, including, but not limited to, those arising out of our advertising and marketing practices, product claims and labels, competition, distribution and pricing, [added: ingredients or processing,] personal data protection and privacy, intellectual property and commercial disputes, tax disputes, and environmental and employment matters.

Our Company is subject to various laws and regulations in the countries and territories throughout the world in which we do business, including laws and regulations relating to competition, distribution and pricing, product [removed: safety,] [added: safety and quality,] product design, advertising and labeling, container deposits, recycling, recycled content, extended producer responsibility, the protection of the environment, occupational health and safety, employment and labor practices (including human rights), machine learning and artificial intelligence (including generative artificial intelligence), personal data protection and privacy, and data security.

If we are unable to attract, retain and inspire outstanding talent, our business could be negatively affected.

Recent activities and proposals by U.S. federal and state government agencies and initiatives have focused on potential drivers behind the rise in childhood chronic diseases.

The increasing use of data analytics, automation and artificial intelligence across digital platforms is further reshaping how consumers discover, evaluate and engage with brands.

We, our bottling partners or contract manufacturers have recalled, and could in the future recall, products due to product quality or safety issues, including actual or alleged mislabeling, misbranding, spoilage, undeclared allergens, contamination or adulteration by any means, or failure to meet applicable regulatory requirements.

A widespread product recall could result in significant losses due to the costs of a recall and the destruction of product inventory.

certain types of caramel coloring used in cola-flavored beverages; or substances used in packaging materials, such as bisphenol A (BPA), an odorless, tasteless food-grade chemical commonly used in the food and beverage industries as a component in the coating of the interior of cans, may affect consumers’ preferences and cause them to shift away from some of our beverage products.

risks and/or our ability to hire and retain the best talent will be diminished, which could have an adverse impact on our overall business.

For the year ended December 31, 2025, one bottler accounted for 10% of our net operating revenues, which are reflected in our EMEA and Asia Pacific operating segments.

Further, actions by our bottling partners, including related to product quality, safety, marketing practices, labor relations, regulatory compliance, sustainability, or other matters could adversely affect the reputation, consumer perception, or value of our brands, even if we are not directly responsible for such actions.

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.

restrictions.

document requests, the assessment of damages, the imposition of penalties, the suspension of production or distribution, costly changes to equipment or processes due to required corrective action, or the cessation or interruption of operations at our or our bottling partners’ facilities, as well as damage to our or our bottling partners’ image and reputation, all of which could harm our or our bottling partners’ profitability.

whether they are impaired and, if they are, we record appropriate impairment charges.

Data protection laws and regulations around the world often require

in scrutiny, reputational risk, product boycotts, lawsuits or market access restrictions from these parties regarding our sustainability policies, practices or initiatives.

The loss of one or more of our key retail or foodservice customers could have an adverse effect on our financial performance.

negative publicity, which could affect our corporate reputation.

If we are unable to attract or retain specialized talent or top talent with diverse perspectives, experiences and backgrounds that reflect the broad range of consumers and markets we serve around the world, our business could be negatively affected.

To the extent

If these

We and our bottling partners have had, and may in the future need, to recall products if they become contaminated or adulterated by any means, or if they are mislabeled or do not meet applicable regulatory requirements.

products.

nutritive sweeteners and may consider similar proposals in the future.

These incidents may be caused by failures during routine operations, such as system upgrades, or by user errors, as well as network or hardware failures, malicious or disruptive

These laws impose operational requirements

and oceans, as well as inefficient use of resources when packaging materials are not collected and recycled or reused.

sugarcane, corn, sugar beets, citrus and other fruits, coffee and tea, which are important ingredients for our products, and could impact the food security of communities around the world.

- *Operations Review* — an analysis of our consolidated results of operations for [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] and year-to-year comparisons between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

An analysis of our consolidated results of operations for [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] can be found in [removed: MD&A in Part II, Item 7 of] [added: Exhibit 99.1 to] the Company’s [added: Current Report on] Form [removed: 10-K for the year ended December 31, 2023.][added: 8-K filed on June 26, 2025.]

Our bottling partners [removed: either] combine concentrates with still or sparkling water and sweeteners (depending on the product), or combine syrups with still or sparkling water, to produce finished beverages.

Our concentrate operations are included in our geographic operating [removed: segments and our Global Ventures operating segment.][added: segments.]

These operations are generally included in [removed: one of] our geographic operating [removed: segments or our Global Ventures operating segment.][added: segments.]

| Year Ended December 31, | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | |

| Concentrate operations | | | 59 | | % | [removed: 58] [added: 59] | | % |

| Finished product operations | | | 41 | | | [removed: 42] [added: 41] | | |

| Concentrate operations | | | 85 | | % | [removed: 83] [added: 85] | | % |

| Finished product operations | | | 15 | | | [removed: 17] [added: 15] | | |

We are focused on the following [removed: strategic priorities:] [added: growth pillars:] shaping a portfolio of loved brands; transforming our marketing and innovation agenda; optimizing the Coca-Cola ecosystem; building talent and capabilities; and enhancing our license to [removed: operate.][added: win.]

There is [added: ongoing] concern among consumers, public health professionals and governments about the health problems associated with [removed: obesity,] [added: obesity and other chronic diseases,] which may present a challenge to our industry.

[removed: As such, we are resolute in continuing] [added: We remain committed] to [removed: innovate] [added: innovation] and [removed: are committed] to partnering with suppliers to invest in research and development of new noncaloric sweeteners and flavors that help us create [removed: the best] [added: great] tasting beverages, including options with low or no calories.

As a [removed: consequence of these changes,] [added: result,] many consumers want more beverage choices, personalization, a focus on sustainability, and transparency related to our products and packaging.

We are committed to meeting changing consumer needs and to generating growth through our evolving portfolio of beverage brands and products (including numerous low- and no-calorie products); selectively expanding into other profitable categories of the commercial beverage industry; investing in innovative and [added: more] sustainable packaging; and [removed: including] [added: providing] easy-to-access information about our beverages on our website.

[removed: Additionally, the] [added: The] rapidly evolving digital landscape and growth of e-commerce in many markets has led to dramatic shifts in consumer shopping habits and patterns.

We have rigorous product and ingredient [removed: safety and quality] standards designed to [added: help] ensure safety and quality in each of our products, and we drive innovation that provides new beverage options to satisfy consumers’ evolving needs and preferences.

[removed: Additionally,] [added: We,] our [removed: operations,] contract manufacturers and bottling partners [added: are expected to] manufacture and distribute our products according to strict policies, requirements and specifications set forth in an integrated quality management [removed: program that continually measures all operations within the Coca-Cola system against the same stringent standards.][added: program.]

Our quality management program [removed: also identifies] [added: is designed to identify] and [removed: mitigates] [added: mitigate] risks and [removed: drives] [added: drive] improvement.

[removed: We] [added: In our quality laboratories, we measure the quality attributes of ingredients, and we] perform due diligence to [added: help] ensure that product and ingredient safety and quality standards are [removed: maintained in the more than 200 countries and territories where our products are sold.][added: maintained.]

Refer to Note [removed: 12] [added: 11] of Notes to Consolidated Financial Statements.

Factors that management must estimate include, among others, the economic lives of the assets, [removed: sales volume, pricing,] [added: revenues,] 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.

[added: The variability of these factors] depends on a number of conditions, and thus our accounting estimates may change from period to period.

[removed: We consider the assumptions that we believe a market participant would use in] evaluating estimated future cash flows when employing the discounted cash flow or estimates of sales proceeds valuation methodologies.

Our geographic operating segments are generally subdivided into smaller geographic [removed: regions.][added: regions, which are reporting units.]

[removed: As a result,] [added: Based on this assessment,] the Company concluded that the fair value of the trademark was less than its carrying value and recorded an [added: additional] impairment charge of [removed: $760 million.]

[removed: The decrease in fair value was primarily driven by] [added: During] the [added: three months ended March 29, 2024, the Company recorded an impairment charge of $760 million due to] revised projections of future operating results as well as higher discount rates resulting from changes in macroeconomic conditions since the acquisition date.

In [removed: 2024,] [added: 2025,] the Company’s total net periodic pension cost was [removed: $45] [added: $121] million.

In [removed: 2025,] [added: 2026,] we expect our net periodic pension cost to be approximately [removed: $81] [added: $87] million.

As of December 31, [removed: 2024,] [added: 2025,] the U.S. qualified pension plan represented [removed: 64%] [added: 63%] and [removed: 58%] [added: 60%] of the Company’s consolidated projected benefit obligation and pension plan assets, respectively.

For this plan, we estimate that a 50 basis-point decrease in the discount rate would result in a [removed: $7] [added: $9] million increase in our [removed: 2025] [added: 2026] net periodic pension cost, and we estimate that a 50 basis-point decrease in the expected long-term rate of return on plan assets would result in [removed: an $18] [added: a $19] million increase in our [removed: 2025] [added: 2026] net periodic pension cost.

[removed: The amounts associated with the arrangements described above represent variable consideration, an] estimate of which is included in the transaction price as a component of net operating revenues in our consolidated statement of income upon completion of our performance obligations.

[added: Based on the evaluation of all available information, the Company recognizes] future tax benefits, such as net operating loss carryforwards, to the extent that realizing these benefits is considered more likely than not.

Other factors that can influence that determination are local restrictions on remittances (for example, in some countries a central bank application and approval are required in order for the [removed: Company’s local country subsidiary to pay a dividend), economic stability and asset risk.]

Our organizational structure consists of the following operating segments: [removed: Europe, Middle East and Africa;] [added: EMEA;] Latin America; North America; Asia Pacific; [removed: Global Ventures;] and Bottling Investments.

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 [removed: price, product and geographic mix;] [added: price/mix;] (3) foreign currency exchange rate fluctuations; and (4) acquisitions and divestitures (including structural changes as defined below), as applicable.

[removed: 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.

The impact of this [removed: refranchising] [added: sale] has been included as a [removed: structural change] [added: divestiture] in our analysis of net operating revenues on a consolidated basis as well as for the [removed: Bottling Investments and Asia Pacific] [added: EMEA] operating [removed: segments.][added: segment.]

In January, February and December 2024, [added: as well as May 2025,] the Company refranchised our bottling operations in certain territories in India, and in February 2024, the Company refranchised our bottling operations in Bangladesh and the Philippines.

[removed: We] [added: Although a significant portion of our Company’s net operating revenues is not based directly on unit case volume, 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.

These sales are included in our EMEA operating segment, regardless of the physical location of the retail stores.

| Year Ended December 31, | | | 2025 | | | 2024 | | |

*Obesity and Health-Related Concerns*

The increasing use of data analytics, automation and artificial intelligence across digital platforms is further reshaping how consumers discover, evaluate and engage with brands.

We consider the assumptions that we believe a market participant would use in

During the three months ended December 31, 2025, the operating results related to the trademark, 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.

$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.

The decrease in net periodic pension cost is primarily due to special termination benefits and curtailment charges in 2025.

The amounts associated with the arrangements described above represent variable consideration, an

Company’s local country subsidiary to pay a dividend), economic stability and asset risk.

Therefore, in the year that a license agreement is entered into, the unit case

Additionally, in October 2025, the Company sold our finished product operations in Nigeria.

| EMEA | | | 3 | | | | | | 3 | | | 4 | | |

Unit case volume in both the India and Southwest Asia and the Japan and South Korea operating units was even.

The difference between concentrate sales volume and unit case volume growth rates for our Latin America operating segment was primarily due to the timing of concentrate shipments.

| EMEA | | | 4 | | | 2 | | | — | | | (1) | | | 5 | | |

- North America — favorable pricing initiatives and favorable mix;

- Asia Pacific — favorable mix and favorable pricing initiatives;

| Year Ended December 31, | | | 2025 | | | 2024 | | |

| EMEA | | | 22.6 | | % | 21.8 | | % |

| North America | | | 40.8 | | | 40.1 | | |

Selling, general and administrative expenses were $14,521 million in 2025, compared to $14,582 million in 2024, a decrease of $61 million.

This decrease was primarily due to lower contributions to The Coca-Cola Foundation and lower annual incentive expense, partially offset by higher severance costs in 2025 associated with ongoing initiatives to optimize our organization, higher advertising expenses and an asset impairment charge related to certain prototypes in the prior year.

Advertising expenses for 2025 and 2024 were $5.4 billion and $5.1 billion, respectively.

| Year Ended December 31, | | | 2025 | | | 2024 | | |

| EMEA | | | $ | — | | $ | — | |

Additionally, other operating charges included $44 million related to the impairment of a trademark in Latin America, $41 million related to the impairment of a trademark and property, plant and equipment in Asia Pacific and $35 million related to an indemnification

agreement entered into as a part of the refranchising of certain of our bottling operations.

| Year Ended December 31, | | | 2025 | | | 2024 | | |

| EMEA | | | 31.2 | | % | 42.6 | | % |

| Latin America | | | 27.2 | | | 38.0 | | |

| North America | | | 36.8 | | | 45.6 | | |

| Corporate | | | (13.2) | | | (52.7) | | |

| Year Ended December 31, | | | 2025 | | | 2024 | | |

| EMEA | | | 39.7 | | | 41.4 | | |

| Latin America | | | 59.1 | | | 58.6 | | |

| North America | | | 25.9 | | | 24.1 | | |

| Asia Pacific | | | 38.3 | | | 42.1 | | |

These sales are included in our Global Ventures operating segment.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

*Obesity*

Obesity continues to impact individuals, communities and countries worldwide.

The heritage of our Company is to lead, and innovation is critical for leadership.

We want to be a helpful and credible partner in the fight against obesity.

The Coca-Cola system works every day to produce high-quality, safe and refreshing beverages for consumers around the world.

We work to ensure consistent product safety and quality through strong governance and compliance with applicable regulations and standards.

In our quality laboratories, we stringently measure the quality attributes of ingredients as well as samples of our finished products.

The variability of these factors

These geographic regions are our reporting units.

Our Global Ventures operating segment includes the results of our Costa, innocent and doğadan businesses, as well as fees earned pursuant to distribution coordination agreements between the Company and Monster, each of which is its own reporting unit.

During 2021, in conjunction with acquiring the remaining ownership interest, we recognized a noncash gain of $834 million resulting from the remeasurement of our previously held equity interest in BodyArmor to fair value.

The Company allocated $4.2 billion of the $5.6 billion purchase price to the BodyArmor trademark.

During the three months ended March 29, 2024, the operating results related to the trademark were lower than expected.

Therefore, the Company revised its projections of the future operating results related to the trademark, which triggered the need to update its impairment analysis.

As of December 31, 2024, the fair value of this trademark approximates its carrying value.

The increase in net periodic pension cost is primarily due to a lower expected return on assets resulting from a transfer of $523 million of surplus international plan assets from pension trusts to general assets of the Company in 2024.

Based on the evaluation of all available information, the Company recognizes

In January 2023, the Company refranchised our bottling operations in Vietnam.

In May 2023, the Company acquired certain brands in Asia Pacific.

The impact of acquiring these brands has been included in acquisitions and divestitures in our analysis of net operating revenues on a consolidated basis as well as for the Asia Pacific operating segment.

| Europe, Middle East & Africa | | | — | | | | | | (1) | | | | | |

| Global Ventures | | | 2 | | | | | | 4 | | | | | |

Unit case volume performance in the Europe operating unit was even.

Unit case volume in juice, value-added dairy and plant-based beverages was even.

Unit case volume for Global Ventures increased 2%, driven by growth in energy drinks, partially offset by a 6% decline in water, sports, coffee and tea.

The differences between concentrate sales volume and unit case volume growth rates for the operating segments were primarily due to the timing of concentrate shipments and 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.

| Europe, Middle East & Africa | | | (1) | | | 17 | | | (16) | | | — | | | 1 | | |

| Global Ventures | | | 4 | | | (3) | | | 2 | | | — | | | 2 | | |

- Europe, Middle East and Africa — favorable pricing initiatives, including inflationary pricing in Türkiye and Zimbabwe, and favorable geographic mix, partially offset by increased funding for promotional and marketing support;

- North America — favorable pricing initiatives and package and category mix, partially offset by unfavorable channel mix and increased funding for promotional and marketing support;

- Asia Pacific — favorable pricing initiatives and favorable geographic mix, partially offset by unfavorable channel, category and package mix and increased funding for promotional and marketing support;

| Europe, Middle East & Africa | | | 15.8 | | % | 16.2 | | % |

| North America | | | 39.6 | | | 36.6 | | |

| Global Ventures | | | 6.7 | | | 6.7 | | |

The following table sets forth the components of selling, general and administrative expenses (in millions):

| Selling and distribution expenses | | | $ | 2,525 | | $ | 2,599 | |

| Advertising expenses | | | 5,146 | | | 5,010 | | |

In [removed: 2024,] [added: 2025,] we generated [removed: $28.7] [added: $28.8] billion of our net operating revenues from operations outside the United States.

The total notional values of our foreign currency derivatives were [removed: $18,442] [added: $21,128] million and [removed: $17,505] [added: $18,442] million as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

The fair value of foreign currency derivatives that qualified for hedge accounting resulted in a net unrealized gain of [removed: $366] [added: $48] million as of December 31, [removed: 2024,] [added: 2025,] and we estimate that a 10% weakening of the U.S. dollar would have resulted in a [removed: $511] [added: $609] million decrease in fair value.

The fair value of the foreign currency derivatives that did not qualify for hedge accounting resulted in a net unrealized gain of [removed: $62] [added: $57] million as of December 31, [removed: 2024,] [added: 2025,] and we estimate that a 10% weakening of the U.S. dollar would have resulted in a [removed: $325] [added: $123] million decrease in fair value.

Based on the Company’s variable-rate debt and derivative instruments outstanding as of December 31, [removed: 2024,] [added: 2025,] we estimate that a 1 percentage point increase in interest rates would have increased interest expense by [removed: $127] [added: $120] million in [removed: 2024.][added: 2025.]

[removed: Our policy requires these] investments to be investment grade, with the primary objective of minimizing the risk of principal loss.

We estimate that a 1 percentage point increase in interest rates would have resulted in a [removed: $43] [added: $39] million decrease in the fair value of our portfolio of highly liquid debt securities.

The total notional values of our commodity derivatives were [removed: $386] [added: $535] million and [removed: $379] [added: $386] million as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

The fair value of commodity derivatives that qualified for hedge accounting resulted in a net unrealized [removed: gain] [added: loss] of [removed: $2] [added: $9] million as of December 31, [removed: 2024,] [added: 2025,] and we estimate that a 10% decrease in underlying commodity prices would have resulted in [removed: an $8] [added: a $3] million [removed: decrease] [added: increase] in fair value*.* The fair value of the commodity derivatives that did not qualify for hedge accounting resulted in a net loss of [removed: $33] [added: $2] million as of December 31, [removed: 2024,] [added: 2025,] and we estimate that a 10% decrease in underlying commodity prices would have resulted in a [removed: $47] [added: $33] million decrease in fair value.

Our policy requires these

Our vision for [removed: growth] [added: the Company] has three connected pillars:

We grow our business [removed: in ways that] [added: with an aim to] achieve positive change [removed: in the world] and build a more sustainable [removed: future for our planet.][added: future.]

We invest to improve people’s lives, from our employees to [removed: all those who touch] our [removed: business system,] [added: suppliers and customers,] to our investors, [added: and] to the communities we call home.

The Global Ventures operating segment was established [added: in 2019] primarily to oversee the Company’s ownership of Costa Limited (“Costa”), innocent and doğadan, as well as the fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation (“Monster”).

[removed: In November 2024,] [added: Effective January 1, 2025,] we [removed: announced plans to] sunset our Global Ventures operating segment to streamline and simplify our [removed: current] operating structure.

[removed: Effective January 1, 2025, the] [added: The] results of [removed: our] [added: the] Costa (excluding the ready-to-drink business), innocent and doğadan businesses [removed: will report to] [added: are now reported within] the Company’s Europe, Middle East and Africa [added: (“EMEA”)] operating segment.

[added: The results of] Costa’s ready-to-drink business and the fees related to Monster [removed: will be the responsibility of] [added: are now reported within] the [removed: respective] [added: applicable] geographic operating segments.

Likewise, when we use the capitalized word “Trademark” together with the name of one of our other beverage products (such as “Trademark Fanta,” “Trademark Sprite” or “Trademark Simply”), we mean nonalcoholic beverages bearing the indicated trademark (that is, Fanta, Sprite or Simply, respectively) and all its variations and line extensions (such that “Trademark Fanta” includes Fanta Orange, Fanta Zero Orange, Fanta Zero Sugar, Fanta Apple, etc.; [added: “Trademark Sprite” includes Sprite, Sprite Zero Sugar, etc.; and “Trademark Simply” includes Simply Orange, Simply Apple, Simply Grapefruit, etc.).]

Our bottling partners [removed: either] combine concentrates with still or sparkling water and sweeteners (depending on the product), or combine syrups with still or sparkling water, to produce finished [removed: beverages.]

Our concentrate operations are included in our geographic operating [removed: segments and our Global Ventures operating segment.][added: segments.]

These operations are generally included in [removed: one of] our geographic operating [removed: segments or our Global Ventures operating segment.][added: segments.]

- water, sports, coffee and tea: Aquarius, Ayataka, BODYARMOR, Ciel, Costa, Crystal, Dasani, [removed: doğadan,] Fuze Tea, Georgia, glacéau smartwater, glacéau vitaminwater, Gold Peak, I LOHAS, Powerade and Topo Chico; and

- juice, value-added dairy and plant-based beverages: Core Power, Del Valle, fairlife, innocent, Maaza, Minute Maid, Minute Maid [removed: Pulpy] [added: Pulpy, Santa Clara] and Simply.

In the United States, the Company has established a wholly owned, indirect, firewalled subsidiary, which uses third-party manufacturers and distributors to [removed: produce] [added: produce, distribute] and sell alcohol products in [removed: certain regions of] the United States and also authorizes alcohol-licensed third parties to use certain of our trademarks and related intellectual property on alcohol beverages that contain Company beverage bases.

The Coca-Cola system sold [removed: 33.7] [added: 33.8] billion and [removed: 33.3] [added: 33.7] billion unit cases of our products in [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

Sparkling soft drinks represented 69% of our worldwide unit case volume in both [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Trademark Coca-Cola accounted for 47% of our worldwide unit case volume in both [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

In [removed: 2024,] [added: 2025,] unit case volume in the United States represented 16% of the Company’s worldwide unit case volume.

Unit case volume outside the United States represented 84% of the Company’s worldwide unit case volume in [removed: 2024.][added: 2025.]

Of the non-U.S. unit case volume, [removed: 71%] [added: 70%] was attributable to sparkling soft drinks.

Our five largest independent bottling partners based on unit case volume in [removed: 2024] [added: 2025] were as follows:

- Coca-Cola Europacific Partners plc (“CCEP”), which has bottling and distribution operations in Andorra, Australia, Belgium, continental France, Germany, Great Britain, Iceland, Indonesia, Luxembourg, Monaco, the Netherlands, New Zealand and [added: the] Pacific Islands, Norway, Papua New Guinea, the Philippines, Portugal, Spain and Sweden;

- Coca-Cola HBC AG [removed: (“Coca-Cola Hellenic”),] [added: (“CCHBC”),] which has bottling and distribution operations in Armenia, Austria, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, the Czech Republic, Egypt, Estonia, Greece, Hungary, Italy, Latvia, Lithuania, Moldova, Montenegro, Nigeria, North Macedonia, Northern Ireland, Poland, the Republic of Ireland, Romania, Russia, Serbia, Slovakia, Slovenia, Switzerland and Ukraine;

In [removed: 2024,] [added: 2025,] these five bottling partners combined represented 44% of our total worldwide unit case volume.

In such instances, we have authorized certain bottlers to (1) prepare and package Company Trademark Beverages for sale to other [removed: bottlers] [added: bottlers,] or (2) purchase Company Trademark Beverages from other bottlers for sale and distribution throughout their respective designated territories, often on a nonexclusive basis.

We and our bottling partners use various ingredients in our business, such as sucrose, high fructose corn syrup (“HFCS”), aspartame, acesulfame potassium, sucralose, saccharin, cyclamate, steviol glycosides, ascorbic acid, citric acid, phosphoric acid, caffeine, caramel [removed: color] [added: color,] and flavors; other raw materials such as orange and other fruit juices and juice concentrates, milk, coffee and tea; packaging materials such as polyethylene terephthalate (“PET”), bio-based PET and recycled PET for bottles; and aluminum cans, glass bottles and other containers.

Adverse weather conditions may affect the supply of agricultural commodities from which key ingredients for our products are [removed: derived.][added: derived and manufactured.]

In the United States, [removed: we purchase HFCS to meet] our [removed: and our bottlers’ requirements] [added: bottlers,] with the assistance of Coca-Cola Bottlers’ Sales & Services Company LLC [removed: (“CCBSS”).][added: (“CCBSS”) and based on terms that the Company negotiates, purchase HFCS to meet our and our bottlers’ requirements.]

We source our orange juice and orange juice concentrate from Florida and the Southern [removed: Hemisphere (particularly Brazil).][added: Hemisphere, with Brazil representing our primary sourcing location.]

While [removed: we] [added: they] generally purchase these raw materials from multiple suppliers and historically have not experienced significant shortages, certain packaging materials, such as aluminum cans, are available from a limited number of suppliers.

Regulators in the United States and abroad have been expressing concerns about processing and the use of particular ingredients or additives in [added: food and] beverage products.

If these types of requirements become applicable to one or more of our products under current or future [removed: environmental or health] laws or regulations, they may inhibit sales of such products or make it necessary for us to reformulate certain of our products.

All of our Company’s facilities and other operations in the United States and elsewhere around the world are subject to various environmental protection statutes and regulations, including those relating to the use and treatment of water resources, discharge of [removed: wastewater and] [added: wastewater,] air [removed: emissions.][added: emissions, and solid and hazardous waste.]

In addition, [removed: increasing] [added: ongoing] concern over climate change is expected to continue to result in additional legal or regulatory requirements (both inside and outside the United States) designed to reduce or mitigate the effects of carbon dioxide and other greenhouse gas emissions on the environment, to discourage the use of plastic materials, to limit or impose additional costs on commercial water use due to local water scarcity concerns, or to expand disclosure of certain sustainability metrics.

While compliance has not had a material adverse effect on our Company’s capital expenditures, net income or competitive position to date, changes in environmental compliance [removed: requirements] [added: requirements,] along with expenditures necessary to comply with such [added: evolving] requirements or [added: remediation obligations or] that aim to make progress toward achieving our sustainability [removed: goals] [added: goals,] could adversely affect our financial performance.

In addition to California, at least [removed: 18] [added: 19] other states in the United States have passed comprehensive privacy laws similar to the CCPA and the CPRA.

These laws are either in effect or will go into effect during [removed: 2025] [added: 2026] or in the future, and we expect other states to consider adopting similar laws in the future.

The interpretation and application of privacy, data protection and data residency laws are often uncertain and are expanding in the United States and internationally, including in the European Union, Brazil, [removed: China] [added: China, India] and other jurisdictions.

As of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] our Company had approximately [removed: 69,700] [added: 65,900] and [removed: 79,100] [added: 69,700] employees, respectively, of which approximately 8,900 [removed: and 9,000, respectively,] were located in the United States.

The decrease in the total number of employees was primarily due to [removed: 2024 refranchising] [added: 2025 divestiture] activity.

- EMEA

The operating units work closely with the global marketing category leadership teams to stay close to the consumer, accelerate the impact of innovation, and better integrate the business end-to-end across markets.

beverages.

These sales are included in our EMEA operating segment, regardless of the physical location of the retail stores.

For information about geographic and customer data, refer to Note 20 of Notes to Consolidated Financial Statements set forth in Part II, “Item 8.

Financial Statements and Supplementary Data” of this report.

In the United States, the Company has established a wholly owned, indirect, firewalled subsidiary, which uses third-party manufacturers and distributors to produce, distribute and sell alcohol products in the United States and also authorizes alcohol-licensed third parties to use certain of our trademarks and related intellectual property on alcohol beverages that contain Company beverage bases.

We expect continued scrutiny of ingredients or

substances present in certain of our products and/or their packaging, as well as processes used to make them, and it is possible that similar or more restrictive requirements may be proposed or enacted in the future.

These

- Europe, Middle East and Africa

- Global Ventures

The operating units work closely with five global marketing category leadership teams to rapidly scale ideas while staying close to the consumer.

The global marketing category leadership teams primarily focus on innovation as well as marketing efficiency and effectiveness.

“Trademark Sprite” includes Sprite, Sprite Zero Sugar, etc.; and “Trademark Simply” includes Simply Orange, Simply Apple, Simply Grapefruit, etc.).

These sales are included in our Global Ventures operating segment.

agreements.

[added: Two of the insurers, one with a] $15 million policy limit and one with a $25 million policy limit, asserted cross-claims against the Company, alleging that the Company and/or its insurers are responsible for Aqua-Chem’s asbestos liabilities before any obligation is triggered on the part of the cross-claimant insurers to pay for such costs under their policies.

Using the new tax calculation methodology, the IRS reallocated over $9 billion of income to the U.S. parent company from its foreign licensees [added: for tax years 2007 through 2009.]

On November 8, 2023, the Tax Court issued a supplemental [removed: opinion] [added: 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 *3M Co. & Subs.

Commissioner* (February 9, 2023) [added: (“*3M* case”)] controlled as to the validity of those regulations.

In addition, for its litigation with the IRS and for purposes of its appeal of the Tax Court decision, the Company [removed: is currently evaluating] [added: continues to evaluate] the implications of several significant administrative law cases recently decided by the U.S. Supreme Court, most notably *Loper Bright v.

NRDC* [removed: (“*Chevron*”).][added: (“*Chevron* case”).]

Since 1984, [added: the] *Chevron* [added: case] had required that courts defer to agency interpretations of statutes and agency action.

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 [removed: *Chevron*.][added: the *Chevron* case.]

For the [removed: year] [added: years] ended December 31, [added: 2025 and] 2024, the Company recorded net interest income of [removed: $77] [added: $217] million [added: and $77 million, respectively,] related to this tax payment in the line item income taxes in our consolidated [removed: statement] [added: 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 [removed: sheet] [added: sheets] as of December 31, [added: 2025 and December 31,] 2024.

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 [added: 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 December 31, [removed: 2024.][added: 2025.]

However, based on the required probability analysis and the accrual of interest through the current reporting period, we updated our tax reserve as of December 31, [removed: 2024] [added: 2025] to [removed: $474] [added: $512] million.

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 [removed: $103] [added: $385] million as of December 31, [removed: 2024.][added: 2025.]

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 [removed: 2024] [added: 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, [removed: 2024.][added: 2025.]

The Company estimates that the potential aggregate remaining incremental tax and interest liability for the tax years 2010 through [removed: 2024] [added: 2025] could be approximately [removed: $12] [added: $14] billion as of December 31, [removed: 2024.][added: 2025.]

Additional income tax and interest on any unpaid potential liabilities for the 2010 through [removed: 2024] [added: 2025] tax years would continue to accrue until the time any such potential liability, or portion thereof, were to be paid.

We currently project the continued application of the Tax Court Methodology in [removed: 2025,] [added: 2026,] assuming similar facts and circumstances as of December 31, [removed: 2024,] [added: 2025,] would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately 3.5%.

On October 30, 2024, Los Angeles County Counsel filed a lawsuit against the Company, Reyes Coca-Cola Bottling, LLC, as well as other unrelated parties [added: (collectively, “Defendants”)] in the Superior Court for the State of California for the County of Los Angeles [added: (“Superior Court”)] concerning the environmental impacts of plastic packaging on coastal areas and waterways.

The Company removed the action to federal court in December [removed: 2024.][added: 2024, and the case was remanded back to the Superior Court in March 2025.]

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 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.

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.

Proceedings on the public nuisance claim have been stayed pending the outcome of informative Maryland Supreme Court cases.

Defendants’ Motion to Dismiss was denied on September 23, 2025.

The Company continues to evaluate its options in light of the Superior Court’s decision and believes it has strong defenses to the claims.

On April 11, 2025, the Commissioner of the Department of Licensing and Consumer Affairs and the Government of the United

States Virgin Islands (“USVI”) filed a lawsuit against the Company, CC One Virgin Islands, LLC as well as other unrelated parties in the Superior Court of the Virgin Islands, Division of St. Croix, concerning the environmental impacts of plastic packaging in the USVI.

The complaint asserts claims for (a) violations of USVI consumer protection statutes and (b) public nuisance.

The complaint seeks injunctive relief, restitution and civil penalties but does not specify an amount of damages sought.

Two of the insurers, one with a

for tax years 2007 through 2009.

reliance upon the Closing Agreement, that would be recharacterized as royalties in accordance with the Opinions and the Company’s analysis.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

Commission File [removed: Number] [added: Number:] 001-02217

[removed: ][added: ]

Indicate by check mark [removed: if] [added: whether] the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

The aggregate market value of the common equity held by non-affiliates of the Registrant (assuming for these purposes, but without conceding, that all executive officers and Directors are “affiliates” of the Registrant) as of June [removed: 28, 2024,] [added: 27, 2025,] the last business day of the Registrant’s most recently completed second fiscal quarter, was [removed: $272,048,494,989] [added: $300,552,956,545] (based on the closing sale price of the Registrant’s Common Stock on that date as reported on the New York Stock Exchange).

The number of shares outstanding of the Registrant’s Common Stock as of February 18, [removed: 2025] [added: 2026] was [removed: 4,301,000,395.][added: 4,300,723,069.]

Portions of the Company’s Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareowners are incorporated by reference in Part III.

| | | | [Forward-Looking [removed: Statements](#i9dbdca2a3d754daa96efadd0a7b755b5_10)] [added: Statements](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_10)] | | | [removed: [2](#i9dbdca2a3d754daa96efadd0a7b755b5_10)] [added: [2](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_10)] | | |

| [Item [removed: 1.](#i9dbdca2a3d754daa96efadd0a7b755b5_16)] [added: 1.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_16)] | | | [removed: [Business](#i9dbdca2a3d754daa96efadd0a7b755b5_16)] [added: [Business](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_16)] | | | [removed: [2](#i9dbdca2a3d754daa96efadd0a7b755b5_16)] [added: [2](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_16)] | | |

| [Item [removed: 1A.](#i9dbdca2a3d754daa96efadd0a7b755b5_19)] [added: 1A.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_19)] | | | [Risk [removed: Factors](#i9dbdca2a3d754daa96efadd0a7b755b5_19)] [added: Factors](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_19)] | | | [removed: [12](#i9dbdca2a3d754daa96efadd0a7b755b5_19)] [added: [12](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_19)] | | |

| [Item [removed: 1B.](#i9dbdca2a3d754daa96efadd0a7b755b5_22)] [added: 1B.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_22)] | | | [Unresolved Staff [removed: Comments](#i9dbdca2a3d754daa96efadd0a7b755b5_22)] [added: Comments](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_22)] | | | [removed: [26](#i9dbdca2a3d754daa96efadd0a7b755b5_22)] [added: [26](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_22)] | | |

| [Item [removed: 1C.](#i9dbdca2a3d754daa96efadd0a7b755b5_25)] [added: 1C.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_25)] | | | [removed: [Cybersecurity](#i9dbdca2a3d754daa96efadd0a7b755b5_25)] [added: [Cybersecurity](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_25)] | | | [removed: [26](#i9dbdca2a3d754daa96efadd0a7b755b5_25)] [added: [26](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_25)] | | |

| [Item [removed: 2.](#i9dbdca2a3d754daa96efadd0a7b755b5_28)] [added: 2.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_28)] | | | [removed: [Properties](#i9dbdca2a3d754daa96efadd0a7b755b5_28)] [added: [Properties](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_28)] | | | [removed: [27](#i9dbdca2a3d754daa96efadd0a7b755b5_28)] [added: [28](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_28)] | | |

| [Item [removed: 3.](#i9dbdca2a3d754daa96efadd0a7b755b5_31)] [added: 3.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_31)] | | | [Legal [removed: Proceedings](#i9dbdca2a3d754daa96efadd0a7b755b5_31)] [added: Proceedings](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_31)] | | | [removed: [28](#i9dbdca2a3d754daa96efadd0a7b755b5_31)] [added: [28](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_31)] | | |

| [Item [removed: 4.](#i9dbdca2a3d754daa96efadd0a7b755b5_34)] [added: 4.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_34)] | | | [Mine Safety [removed: Disclosures](#i9dbdca2a3d754daa96efadd0a7b755b5_34)] [added: Disclosures](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_34)] | | | [removed: [31](#i9dbdca2a3d754daa96efadd0a7b755b5_34)] [added: [32](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_34)] | | |

| [Item [removed: X.](#i9dbdca2a3d754daa96efadd0a7b755b5_37)] [added: X.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_37)] | | | [Information About Our Executive [removed: Officers](#i9dbdca2a3d754daa96efadd0a7b755b5_37)] [added: Officers](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_37)] | | | [removed: [32](#i9dbdca2a3d754daa96efadd0a7b755b5_37)] [added: [32](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_37)] | | |

| [Item [removed: 5.](#i9dbdca2a3d754daa96efadd0a7b755b5_43)] [added: 5.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_43)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i9dbdca2a3d754daa96efadd0a7b755b5_43)] [added: Securities](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_43)] | | | [removed: [34](#i9dbdca2a3d754daa96efadd0a7b755b5_43)] [added: [34](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_43)] | | |

| [Item [removed: 6.](#i9dbdca2a3d754daa96efadd0a7b755b5_46)] [added: 6.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_46)] | | | [removed: [Reserved](#i9dbdca2a3d754daa96efadd0a7b755b5_46)] [added: [Reserved](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_46)] | | | [removed: [35](#i9dbdca2a3d754daa96efadd0a7b755b5_46)] [added: [35](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_46)] | | |

| [Item [removed: 7.](#i9dbdca2a3d754daa96efadd0a7b755b5_49)] [added: 7.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_49)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i9dbdca2a3d754daa96efadd0a7b755b5_49)] [added: Operations](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_49)] | | | [removed: [35](#i9dbdca2a3d754daa96efadd0a7b755b5_49)] [added: [35](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_49)] | | |

| [Item [removed: 7A.](#i9dbdca2a3d754daa96efadd0a7b755b5_115)] [added: 7A.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_115)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i9dbdca2a3d754daa96efadd0a7b755b5_115)] [added: Risk](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_115)] | | | [removed: [59](#i9dbdca2a3d754daa96efadd0a7b755b5_115)] [added: [58](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_115)] | | |

| [Item [removed: 8.](#i9dbdca2a3d754daa96efadd0a7b755b5_118)] [added: 8.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_118)] | | | [Financial Statements and Supplementary [removed: Data](#i9dbdca2a3d754daa96efadd0a7b755b5_118)] [added: Data](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_118)] | | | [removed: [61](#i9dbdca2a3d754daa96efadd0a7b755b5_118)] [added: [60](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_118)] | | |

| [Item [removed: 9.](#i9dbdca2a3d754daa96efadd0a7b755b5_214)] [added: 9.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_214)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i9dbdca2a3d754daa96efadd0a7b755b5_214)] [added: Disclosure](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_214)] | | | [removed: [124](#i9dbdca2a3d754daa96efadd0a7b755b5_214)] [added: [124](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_214)] | | |

| [Item [removed: 9A.](#i9dbdca2a3d754daa96efadd0a7b755b5_217)] [added: 9A.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_217)] | | | [Controls and [removed: Procedures](#i9dbdca2a3d754daa96efadd0a7b755b5_217)] [added: Procedures](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_217)] | | | [removed: [124](#i9dbdca2a3d754daa96efadd0a7b755b5_217)] [added: [124](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_217)] | | |

| [Item [removed: 9B.](#i9dbdca2a3d754daa96efadd0a7b755b5_220)] [added: 9B.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_220)] | | | [Other [removed: Information](#i9dbdca2a3d754daa96efadd0a7b755b5_220)] [added: Information](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_220)] | | | [removed: [124](#i9dbdca2a3d754daa96efadd0a7b755b5_220)] [added: [124](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_220)] | | |

| [Item [removed: 9C.](#i9dbdca2a3d754daa96efadd0a7b755b5_223)] [added: 9C.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_223)] | | | [Disclosure Regarding Foreign Jurisdictions That Prevent [removed: Inspections](#i9dbdca2a3d754daa96efadd0a7b755b5_223)] [added: Inspections](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_223)] | | | [removed: [124](#i9dbdca2a3d754daa96efadd0a7b755b5_223)] [added: [124](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_223)] | | |

| [Item [removed: 10.](#i9dbdca2a3d754daa96efadd0a7b755b5_229)] [added: 10.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_229)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i9dbdca2a3d754daa96efadd0a7b755b5_229)] [added: Governance](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_229)] | | | [removed: [124](#i9dbdca2a3d754daa96efadd0a7b755b5_229)] [added: [124](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_229)] | | |

| [Item [removed: 11.](#i9dbdca2a3d754daa96efadd0a7b755b5_232)] [added: 11.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_232)] | | | [Executive [removed: Compensation](#i9dbdca2a3d754daa96efadd0a7b755b5_232)] [added: Compensation](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_232)] | | | [removed: [124](#i9dbdca2a3d754daa96efadd0a7b755b5_232)] [added: [124](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_232)] | | |

| [Item [removed: 12.](#i9dbdca2a3d754daa96efadd0a7b755b5_235)] [added: 12.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_235)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i9dbdca2a3d754daa96efadd0a7b755b5_235)] [added: Matters](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_235)] | | | [removed: [124](#i9dbdca2a3d754daa96efadd0a7b755b5_235)] [added: [124](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_235)] | | |

| [Item [removed: 13.](#i9dbdca2a3d754daa96efadd0a7b755b5_238)] [added: 13.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_238)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i9dbdca2a3d754daa96efadd0a7b755b5_238)] [added: Independence](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_238)] | | | [removed: [125](#i9dbdca2a3d754daa96efadd0a7b755b5_238)] [added: [124](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_238)] | | |

| [Item [removed: 14.](#i9dbdca2a3d754daa96efadd0a7b755b5_241)] [added: 14.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_241)] | | | [Principal Accountant Fees and [removed: Services](#i9dbdca2a3d754daa96efadd0a7b755b5_241)] [added: Services](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_241)] | | | [removed: [125](#i9dbdca2a3d754daa96efadd0a7b755b5_241)] [added: [125](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_241)] | | |

| [Item [removed: 15.](#i9dbdca2a3d754daa96efadd0a7b755b5_247)] [added: 15.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_247)] | | | [Exhibits and Financial Statement [removed: Schedules](#i9dbdca2a3d754daa96efadd0a7b755b5_247)] [added: Schedules](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_247)] | | | [removed: [125](#i9dbdca2a3d754daa96efadd0a7b755b5_247)] [added: [125](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_247)] | | |

| [Item [removed: 16.](#i9dbdca2a3d754daa96efadd0a7b755b5_253)] [added: 16.](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_253)] | | | [Form 10-K [removed: Summary](#i9dbdca2a3d754daa96efadd0a7b755b5_253)] [added: Summary](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_253)] | | | [removed: [135](#i9dbdca2a3d754daa96efadd0a7b755b5_253)] [added: [135](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_253)] | | |

| | | | [removed: [Signatures](#i9dbdca2a3d754daa96efadd0a7b755b5_256)] [added: [Signatures](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_256)] | | | [removed: [136](#i9dbdca2a3d754daa96efadd0a7b755b5_256)] [added: [136](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_256)] | | |

All statements that address operating performance, events or developments that we expect or anticipate will occur in the future [removed: — including statements relating to volume growth, share of sales and net income per share growth, cash flow projections, and statements expressing general views about future operating results —] are forward-looking statements.

However, for all consolidated entities, our cybersecurity risk management program is designed to help coordinate the Company’s identification of, response to and recovery [removed: from,] [added: from] cybersecurity incidents and includes processes to triage, assess the severity of, escalate, contain, investigate and remediate incidents, as well as to comply with applicable legal obligations.

In order to oversee and identify risks from cybersecurity threats associated with the Company’s independent bottling partners, distributors, wholesalers, retailers and other business partners, as well as our use of third-party service providers, we maintain a [added: third-party risk management program designed to help protect against the misuse of information technology.]

We do not believe that there are currently any risks from known cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of [removed: operations,] [added: operations] or financial condition.

These programs cover timely and relevant topics, including social engineering, phishing, [removed: deep fakes,] [added: deepfakes,] password protection, confidential data protection, asset use and mobile security, and educate employees on the importance of reporting all incidents promptly to the Company’s centrally managed cyber defense and security operations.

third-party risk management program designed to help protect against the misuse of information technology.

These properties are generally included in the geographic operating segment in which they are located, with the exception of [removed: our Costa retail stores, which are included in the Global Ventures operating segment, and] facilities related to our consolidated bottling and distribution operations, which are included in the Bottling Investments operating [removed: segment.][added: segment, and Costa retail stores, which are included in the EMEA operating segment, regardless of geographic location.]

The following table summarizes our principal production facilities, distribution and storage facilities, and retail stores by operating segment and Corporate as of December 31, [removed: 2024:][added: 2025:]

| Latin America | | | 5 | | | — | | | | | | — | | | — | | | | | | 2 | | | [removed: 5] [added: 3] | | | | | | — | | | — | | |

| North America | | | [removed: 10] [added: 9] | | | — | | | | | | [removed: 6] [added: 7] | | | [removed: 3] [added: 1] | | | | | | — | | | [removed: 29] [added: 28] | | | | | | — | | | [removed: 5] [added: —] | | |

| Asia Pacific | | | 6 | | | 1 | | | | | | [removed: 3] [added: 1] | | | — | | | | | | [removed: 3] [added: 1] | | | [removed: 4] [added: 3] | | | | | | — | | | — | | |

| Bottling Investments | | | — | | | — | | | | | | [removed: 61] [added: 56] | | | [removed: 4] [added: 5] | | | | | | [removed: 51] [added: 53] | | | [removed: 79] [added: 68] | | | | | | — | | | — | | |

| EMEA | | | 6 | | | — | | | | | | 2 | | | — | | | | | | — | | | 7 | | | | | | — | | | 1,379 | | |

| Total | | | 29 | | | 1 | | | | | | 66 | | | 6 | | | | | | 56 | | | 114 | | | | | | — | | | 1,379 | | |

| Europe, Middle East & Africa | | | 5 | | | — | | | | | | 2 | | | — | | | | | | 7 | | | 27 | | | | | | — | | | 13 | | |

| Global Ventures | | | 1 | | | — | | | | | | 2 | | | — | | | | | | — | | | 8 | | | | | | — | | | 1,508 | | |

| Total | | | 30 | | | 1 | | | | | | 74 | | | 7 | | | | | | 63 | | | 157 | | | | | | — | | | 1,526 | | |

The following are the executive officers of our Company as of February 20, [removed: 2025:][added: 2026:]

| Manuel Arroyo | | | | | | [removed: 57] [added: 58] | | | | | | Executive Vice President since January 2024. Global Chief Marketing Officer since January 2020 and, prior to that, President of the Asia Pacific Group from January 2019 to December 2020. President of the Mexico business unit from July 2017 to December 2018, and prior to that, General Manager for Iberia from February 2017. Prior to rejoining the Company in February 2017, Chief Executive Officer of Deoleo, S.A., a Spanish multinational olive oil processing company, from May 2015 to September 2016, and Senior Vice President and President, Asia Pacific, of S.C. Johnson & Son, Inc., a multinational consumer product manufacturer, from September 2014 to May 2015. President of the Company’s ASEAN business unit from 2010 to August 2014. [added: Effective March 31, 2026, Mr. Arroyo will assume the Company’s customer and commercial leadership responsibilities and become Global Chief Marketing and Customer Commercial Officer.] | | |

| Henrique Braun | | | | | | [removed: 56] [added: 57] | | | | | | Chief Operating Officer since January 2025 and Executive Vice President since January 2024. [added: Senior Vice President from July 2023 to December 2023.] President, International Development, with oversight of seven of the Company’s operating units, from January 2023 to December 2024. President of the Latin America operating unit from October 2020 to December 2022. President of the Brazil business unit from September 2016 to September 2020, and President of the Greater China and Korea business unit from April 2013 to August 2016. [added: In December 2025, the Board of Directors elected Mr. Braun to serve as Chief Executive Officer of the Company, effective March 31, 2026. In February 2026, the Board of Directors nominated Mr. Braun to stand for election as a Director at the 2026 Annual Meeting of Shareowners.] | | |

| Lisa Chang | | | | | | [removed: 56] [added: 57] | | | | | | Executive Vice President since January 2024 and Global Chief People Officer since March 2019 when she joined the Company. Senior Vice President from March 2019 to December 2023. Senior Vice President and Chief Human Resources Officer for AMB Group LLC, which is the investment management and shared services arm of The Blank Family of Businesses, from 2014 through 2018. Prior to joining AMB Group LLC, Vice President of Human Resources for International at Equifax Inc. from 2013 through 2014, where she led human resources for all of its global locations. | | |

| Monica Howard Douglas | | | | | | [removed: 52] [added: 53] | | | | | | Executive Vice President since January 2024 and Global General Counsel since April 2021. Senior Vice President from April 2021 to December 2023, and Chief Compliance Officer and Associate General Counsel of the North America operating unit from January 2018 to April 2021. Legal Director for the Southern and East Africa business unit from September 2013 to December 2017, and Vice President of Supply Chain and Consumer Affairs and Senior Managing Counsel, Coca-Cola Refreshments, from 2008 to September 2013. | | |

| Jennifer K. Mann | | | | | | [removed: 52] [added: 53] | | | | | | Executive Vice President since January 2024 and President, North America operating unit since January 2023. Senior Vice President from May 2017 to December 2023. President, Global Ventures from January 2019 to December 2022, Chief People Officer from May 2017 to March 2019, and Chief of Staff for James Quincey, then President and Chief Operating Officer and later Chief Executive Officer, from October 2015 to October 2018. Vice President and General Manager of Coca-Cola Freestyle from June 2012 to October 2015. | | |

| John Murphy | | | | | | [removed: 63] [added: 64] | | | | | | President since October 2022 and Chief Financial Officer since March 2019. Executive Vice President from March 2019 to September 2022, and prior to that, Senior Vice President and Deputy Chief Financial Officer from January 2019 to March 2019. President of the Asia Pacific Group from August 2016 to December 2018, and President of the South Latin business unit from January 2013 to August 2016. | | |

| Beatriz Perez | | | | | | [removed: 55] [added: 56] | | | | | | Executive Vice President since January 2024 and Global Chief Communications, Sustainability and Strategic Partnerships Officer since May 2017. Senior Vice President from May 2017 to December 2023. Served as the Company’s first Chief Sustainability Officer from July 2011 to April 2017, and as Vice President, Global Partnerships and Licensing, Retail and Attractions from July 2016 to April 2017. Chair of The Coca-Cola Foundation, Inc., the Company’s primary international philanthropic arm, since October 2017. | | |

| Bruno Pietracci | | | | | | [removed: 50] [added: 51] | | | | | | President, Latin America operating unit since February 2023, and prior to that, President of the Africa operating unit from January 2021 to January 2023. President of the Africa and Middle East business unit from February 2020 to December 2020, President of the South and East Africa business unit from July 2018 to January 2020, and Vice President of operations for [removed: the Europe, Middle East and Africa Group] [added: EMEA] from November 2016 to June 2018. | | |

| Nancy Quan | | | | | | [removed: 58] [added: 59] | | | | | | Executive Vice President since January 2024, and prior to that, Senior Vice President from January 2019 to December 2023. Global Chief Technical and Innovation Officer since February 2021, Chief Technical Officer from January 2019 to February 2021, and Chief Technical Officer of Coca-Cola North America from July 2016 to December 2018. Global R&D Officer from January 2012 to July 2016. | | |

| James Quincey | | | | | | [removed: 60] [added: 61] | | | | | | Chairman of the Board of Directors since April 2019 and Chief Executive Officer since May 2017. Elected to the Board of Directors in April 2017. President from August 2015 to December 2018, and Chief Operating Officer from August 2015 to April 2017. [added: He will step down as Chief Executive Officer effective March 31, 2026, on which date he will transition to Executive Chairman.] | | |

| Luisa Ortega | | | | | | 55 | | | | | | President, Europe operating unit since September 2025, and prior to that, President of the Africa operating unit from February 2023 to August 2025. President of the central zone of the Latin America operating unit from January 2021 to January 2023. President of the South Latin business unit from August 2020 to December 2020, and prior to that, Deputy President of the South Latin business unit from April 2020 to July 2020. She joined the Company in March 2019 as vice president and general manager of the South Latin business unit. Prior to that, she worked for S.C. Johnson & Son, Inc., a multinational consumer product manufacturer, for more than 14 years in various roles in Europe, the United States and the Asia Pacific region. | | |

| Nikolaos Koumettis | | | | | | 60 | | | | | | President, Europe operating unit since January 2021, and prior to that, President of the Europe, Middle East and Africa Group from January 2019 to December 2020. President of the Central and Eastern Europe business unit from April 2016 to December 2018, and President of the Central and Southern Europe business unit from April 2011 to April 2016. | | |

As of February 18, [removed: 2025,] [added: 2026,] there were [removed: 176,283] [added: 168,055] shareowner accounts of record.

The information under the subheading “Equity Compensation Plan Information” under the principal heading “Compensation” in the Company’s Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareowners (“Company’s [removed: 2025] [added: 2026] Proxy Statement”), to be filed with the SEC, is incorporated herein by reference.

During the year ended December 31, [removed: 2024,] [added: 2025,] no equity securities of the Company were sold by the Company that were not registered under the Securities Act of 1933, as amended.

The following table presents information with respect to purchases of common stock of the Company made during the three months ended December 31, [removed: 2024] [added: 2025] by the Company or any “affiliated purchaser” of the Company as defined in Rule 10b-18(a)(3) under the Exchange Act:

1The total number of shares purchased includes: (1) shares purchased, if any, pursuant to the [removed: 2019 Plan] [added: 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 [removed: so-called] stock swap exercises of employee stock options and/or the vesting of restricted stock issued to employees.

[removed: ][added: ]

| December 31, | | | [removed: 2019 | | |] 2020 | | | 2021 | | | 2022 | | | 2023 | | | [removed: 2024] [added: 2024] | | | [added: 2025 | | |]

| Dow Jones U.S. Food & Beverage Total Return Index | | | 100 | | | [removed: 108] [added: 113] | | | [removed: 123] [added: 122] | | | [removed: 132] [added: 117] | | | [removed: 126] [added: 112] | | | [removed: 121] [added: 113] | | |

The total shareowner return is based on a $100 investment on December 31, [removed: 2019] [added: 2020] and assumes that dividends were reinvested on the day of issuance.

| September 27, 2025 through October 24, 2025 | | | 689,366 | | | | | | $ | 67.43 | | 689,150 | | | | | | 67,706,884 | | |

| October 25, 2025 through November 21, 2025 | | | 400,564 | | | | | | 70.21 | | | 399,940 | | | | | | 67,306,944 | | |

| November 22, 2025 through December 31, 2025 | | | 369,200 | | | | | | 70.50 | | | 358,200 | | | | | | 66,948,744 | | |

| Total | | | 1,459,130 | | | | | | $ | 68.97 | | 1,447,290 | | | | | | | | |

| The Coca-Cola Company | | | $ | 100 | | $ | 111 | | $ | 123 | | $ | 118 | | $ | 128 | | $ | 148 | |

| S&P 500 Index | | | 100 | | | 129 | | | 105 | | | 133 | | | 166 | | | 196 | | |

| September 28, 2024 through October 25, 2024 | | | 3,058,248 | | | | | | $ | 69.56 | | 3,056,900 | | | | | | 81,787,197 | | |

| October 26, 2024 through November 22, 2024 | | | 2,924,986 | | | | | | 64.08 | | | 2,924,986 | | | | | | 78,862,211 | | |

| November 23, 2024 through December 31, 2024 | | | 2,522,395 | | | | | | 63.12 | | | 2,512,232 | | | | | | 76,349,979 | | |

| Total | | | 8,505,629 | | | | | | $ | 65.77 | | 8,494,118 | | | | | | | | |

| The Coca-Cola Company | | | $ | 100 | | $ | 102 | | $ | 114 | | $ | 126 | | $ | 121 | | $ | 131 | |

| S&P 500 Index | | | 100 | | | 118 | | | 152 | | | 125 | | | 158 | | | 197 | | |

| [Consolidated Statements of [removed: Income](#i9dbdca2a3d754daa96efadd0a7b755b5_124)] [added: Income](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_124)] | | | | | | | | | [removed: [62](#i9dbdca2a3d754daa96efadd0a7b755b5_124)] [added: [61](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_124)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i9dbdca2a3d754daa96efadd0a7b755b5_127)] [added: Income](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_127)] | | | | | | | | | [removed: [63](#i9dbdca2a3d754daa96efadd0a7b755b5_127)] [added: [62](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_127)] | | |

| [Consolidated Balance [removed: Sheets](#i9dbdca2a3d754daa96efadd0a7b755b5_130)] [added: Sheets](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_130)] | | | | | | | | | [removed: [64](#i9dbdca2a3d754daa96efadd0a7b755b5_130)] [added: [63](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_130)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i9dbdca2a3d754daa96efadd0a7b755b5_133)] [added: Flows](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_133)] | | | | | | | | | [removed: [65](#i9dbdca2a3d754daa96efadd0a7b755b5_133)] [added: [64](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_133)] | | |

| [Consolidated Statements of Shareowners’ [removed: Equity](#i9dbdca2a3d754daa96efadd0a7b755b5_136)] [added: Equity](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_136)] | | | | | | | | | [removed: [66](#i9dbdca2a3d754daa96efadd0a7b755b5_136)] [added: [65](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_136)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i9dbdca2a3d754daa96efadd0a7b755b5_139)] [added: Statements](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_139)] | | | | | | | | | [removed: [67](#i9dbdca2a3d754daa96efadd0a7b755b5_139)] [added: [66](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_139)] | | |

| | | | [Note [removed: 1](#i9dbdca2a3d754daa96efadd0a7b755b5_142)] [added: 1](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_142)] | | | [Business and Summary of Significant Accounting [removed: Policies](#i9dbdca2a3d754daa96efadd0a7b755b5_142)] [added: Policies](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_142)] | | | [removed: [67](#i9dbdca2a3d754daa96efadd0a7b755b5_142)] [added: [66](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_142)] | | |

| | | | [Note [removed: 2](#i9dbdca2a3d754daa96efadd0a7b755b5_145)] [added: 2](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_145)] | | | [Acquisitions and [removed: Divestitures](#i9dbdca2a3d754daa96efadd0a7b755b5_145)] [added: Divestitures](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_145)] | | | [removed: [74](#i9dbdca2a3d754daa96efadd0a7b755b5_145)] [added: [73](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_145)] | | |

| | | | [Note [removed: 3](#i9dbdca2a3d754daa96efadd0a7b755b5_148)] [added: 3](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_148)] | | | [Net Operating [removed: Revenues](#i9dbdca2a3d754daa96efadd0a7b755b5_148)] [added: Revenues](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_148)] | | | [removed: [75](#i9dbdca2a3d754daa96efadd0a7b755b5_148)] [added: [74](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_148)] | | |

| | | | [Note [removed: 4](#i9dbdca2a3d754daa96efadd0a7b755b5_151)] [added: 4](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_151)] | | | [removed: [Investments](#i9dbdca2a3d754daa96efadd0a7b755b5_151)] [added: [Investments](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_151)] | | | [removed: [77](#i9dbdca2a3d754daa96efadd0a7b755b5_151)] [added: [76](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_151)] | | |

| | | | [Note [removed: 5](#i9dbdca2a3d754daa96efadd0a7b755b5_154)] [added: 5](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_154)] | | | [Hedging Transactions and Derivative Financial [removed: Instruments](#i9dbdca2a3d754daa96efadd0a7b755b5_154)] [added: Instruments](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_154)] | | | [removed: [79](#i9dbdca2a3d754daa96efadd0a7b755b5_154)] [added: [78](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_154)] | | |

| | | | [Note [removed: 6](#i9dbdca2a3d754daa96efadd0a7b755b5_157)] [added: 6](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_157)] | | | [Equity Method [removed: Investments](#i9dbdca2a3d754daa96efadd0a7b755b5_157)] [added: Investments](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_157)] | | | [removed: [85](#i9dbdca2a3d754daa96efadd0a7b755b5_157)] [added: [85](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_157)] | | |

| | | | [Note [removed: 7](#i9dbdca2a3d754daa96efadd0a7b755b5_160)] [added: 7](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_160)] | | | [removed: [Goodwill](#i9dbdca2a3d754daa96efadd0a7b755b5_160)] [added: [Goodwill](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_160)] | | | [removed: [85](#i9dbdca2a3d754daa96efadd0a7b755b5_160)] [added: [86](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_160)] | | |

| | | | [Note [removed: 8](#i9dbdca2a3d754daa96efadd0a7b755b5_163)] [added: 8](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_163)] | | | [Accounts Payable and Accrued [removed: Expenses](#i9dbdca2a3d754daa96efadd0a7b755b5_163)] [added: Expenses](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_163)] | | | [removed: [86](#i9dbdca2a3d754daa96efadd0a7b755b5_163)] [added: [86](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_163)] | | |

| | | | [Note [removed: 9](#i9dbdca2a3d754daa96efadd0a7b755b5_166)] [added: 9](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_166)] | | | [Supply Chain Finance [removed: Program](#i9dbdca2a3d754daa96efadd0a7b755b5_166)] [added: Program](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_166)] | | | [removed: [86](#i9dbdca2a3d754daa96efadd0a7b755b5_166)] [added: [87](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_166)] | | |

| | | | [Note [removed: 10](#i9dbdca2a3d754daa96efadd0a7b755b5_169)] [added: 10](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_169)] | | | [removed: [Leases](#i9dbdca2a3d754daa96efadd0a7b755b5_169)] [added: [Leases](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_169)] | | | [removed: [86](#i9dbdca2a3d754daa96efadd0a7b755b5_169)] [added: [87](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_169)] | | |

| | | | [Note [removed: 11](#i9dbdca2a3d754daa96efadd0a7b755b5_172)] [added: 11](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_172)] | | | [Debt and Borrowing [removed: Arrangements](#i9dbdca2a3d754daa96efadd0a7b755b5_172)] [added: Arrangements](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_172)] | | | [removed: [87](#i9dbdca2a3d754daa96efadd0a7b755b5_172)] [added: [88](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_172)] | | |

| | | | [Note [removed: 12](#i9dbdca2a3d754daa96efadd0a7b755b5_175)] [added: 12](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_175)] | | | [Commitments and [removed: Contingencies](#i9dbdca2a3d754daa96efadd0a7b755b5_175)] [added: Contingencies](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_175)] | | | [removed: [88](#i9dbdca2a3d754daa96efadd0a7b755b5_175)] [added: [89](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_175)] | | |

| | | | [Note [removed: 13](#i9dbdca2a3d754daa96efadd0a7b755b5_178)] [added: 13](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_178)] | | | [Stock-Based Compensation [removed: Plans](#i9dbdca2a3d754daa96efadd0a7b755b5_178)] [added: Plans](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_178)] | | | [removed: [91](#i9dbdca2a3d754daa96efadd0a7b755b5_178)] [added: [92](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_178)] | | |

| | | | [Note [removed: 14](#i9dbdca2a3d754daa96efadd0a7b755b5_181)] [added: 14](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_181)] | | | [Pension and Other Postretirement Benefit [removed: Plans](#i9dbdca2a3d754daa96efadd0a7b755b5_181)] [added: Plans](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_181)] | | | [removed: [94](#i9dbdca2a3d754daa96efadd0a7b755b5_181)] [added: [95](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_181)] | | |

| | | | [Note [removed: 15](#i9dbdca2a3d754daa96efadd0a7b755b5_184)] [added: 15](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_184)] | | | [Income [removed: Taxes](#i9dbdca2a3d754daa96efadd0a7b755b5_184)] [added: Taxes](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_184)] | | | [removed: [100](#i9dbdca2a3d754daa96efadd0a7b755b5_184)] [added: [101](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_184)] | | |

| | | | [Note [removed: 16](#i9dbdca2a3d754daa96efadd0a7b755b5_187)] [added: 16](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_187)] | | | [Other Comprehensive [removed: Income](#i9dbdca2a3d754daa96efadd0a7b755b5_187)] [added: Income](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_187)] | | | [removed: [104](#i9dbdca2a3d754daa96efadd0a7b755b5_187)] [added: [106](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_187)] | | |

| | | | [Note [removed: 17](#i9dbdca2a3d754daa96efadd0a7b755b5_190)] [added: 17](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_190)] | | | [Fair Value [removed: Measurements](#i9dbdca2a3d754daa96efadd0a7b755b5_190)] [added: Measurements](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_190)] | | | [removed: [107](#i9dbdca2a3d754daa96efadd0a7b755b5_190)] [added: [109](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_190)] | | |

| | | | [Note [removed: 18](#i9dbdca2a3d754daa96efadd0a7b755b5_193)] [added: 18](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_193)] | | | [Significant Operating and Nonoperating [removed: Items](#i9dbdca2a3d754daa96efadd0a7b755b5_193)] [added: Items](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_193)] | | | [removed: [112](#i9dbdca2a3d754daa96efadd0a7b755b5_193)] [added: [114](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_193)] | | |

| | | | [Note [removed: 19](#i9dbdca2a3d754daa96efadd0a7b755b5_196)] [added: 19](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_196)] | | | [removed: [Restructuring](#i9dbdca2a3d754daa96efadd0a7b755b5_196)] [added: [Restructuring](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_196)] | | | [removed: [113](#i9dbdca2a3d754daa96efadd0a7b755b5_196)] [added: [115](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_196)] | | |

| | | | [Note [removed: 20](#i9dbdca2a3d754daa96efadd0a7b755b5_199)] [added: 20](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_199)] | | | [Operating [removed: Segments](#i9dbdca2a3d754daa96efadd0a7b755b5_199)] [added: Segments](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_199)] | | | [removed: [114](#i9dbdca2a3d754daa96efadd0a7b755b5_199)] [added: [116](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_199)] | | |

| | | | [Note [removed: 21](#i9dbdca2a3d754daa96efadd0a7b755b5_202)] [added: 21](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_202)] | | | [Net Change in Operating Assets and [removed: Liabilities](#i9dbdca2a3d754daa96efadd0a7b755b5_202)] [added: Liabilities](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_202)] | | | [removed: [118](#i9dbdca2a3d754daa96efadd0a7b755b5_202)] [added: [118](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_202)] | | |

| [Report of [removed: Management](#i9dbdca2a3d754daa96efadd0a7b755b5_205)] [added: Management](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_205)] | | | | | | | | | [removed: [119](#i9dbdca2a3d754daa96efadd0a7b755b5_205)] [added: [119](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_205)] | | |

| [Report of Independent Registered Public Accounting [removed: Fir](#i9dbdca2a3d754daa96efadd0a7b755b5_208)[m](#i9dbdca2a3d754daa96efadd0a7b755b5_208)] [added: Fir](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_208)[m](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_208)] (PCAOB ID: 42) | | | | | | | | | [removed: [121](#i9dbdca2a3d754daa96efadd0a7b755b5_208)] [added: [121](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_208)] | | |

| [Report of Independent Registered Public Accounting Firm on Internal Control Over Financial [removed: Reporting](#i9dbdca2a3d754daa96efadd0a7b755b5_211)] [added: Reporting](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_211)] | | | | | | | | | [removed: [123](#i9dbdca2a3d754daa96efadd0a7b755b5_211)] [added: [123](#ia2cb76fa2c6c4a82a91d7a0d2310cb54_211)] | | |

| Year Ended December 31, | | | [removed: 2024] [added: 2024] | | | [added: | | |] 2023 | | | [removed: 2022] | | |

| Net Operating Revenues | | | $ | [removed: 47,061] [added: 47,941] | | $ | [removed: 45,754] [added: 47,061] | | $ | [removed: 43,004] [added: 45,754] | |

| Cost of goods sold | | | [removed: 18,324] [added: 18,397] | | | [removed: 18,520] [added: 18,324] | | | [removed: 18,000] [added: 18,520] | | |

| Gross Profit | | | [removed: 28,737] [added: 29,544] | | | [removed: 27,234] [added: 28,737] | | | [removed: 25,004] [added: 27,234] | | |

| Selling, general and administrative expenses | | | [removed: 14,582] [added: 14,521] | | | [removed: 13,972] [added: 14,582] | | | [removed: 12,880] [added: 13,972] | | |

| Other operating charges | | | [removed: 4,163] [added: 1,261] | | | [removed: 1,951] [added: 4,163] | | | [removed: 1,215] [added: 1,951] | | |

| Operating Income | | | [removed: 9,992] [added: 13,762] | | | [removed: 11,311] [added: 9,992] | | | [removed: 10,909] [added: 11,311] | | |

| Interest income | | | [removed: 988] [added: 786] | | | [removed: 907] [added: 988] | | | [removed: 449] [added: 907] | | |

| Interest expense | | | [removed: 1,656] [added: 1,654] | | | [removed: 1,527] [added: 1,656] | | | [removed: 882] [added: 1,527] | | |

| Equity income (loss) — net | | | [removed: 1,770] [added: 2,031] | | | [removed: 1,691] [added: 1,770] | | | [removed: 1,472] [added: 1,691] | | |

| Proceeds from sale of a noncontrolling interest | | | 1,338 | | | — | | | — | | |

| Sale of subsidiary shares | | | 420 | | | — | | | — | | |

| Sale of subsidiary shares | | | 644 | | | — | | | — | | |

| Contributions by noncontrolling interests | | | 13 | | | — | | | — | | |

Certain other amounts in the prior years’ consolidated financial statements and notes have been revised to conform to the current year presentation.

Restricted cash and restricted cash equivalents

2Amounts include cash and cash equivalents related to assets held for sale.

segment is its own reporting unit.

*Noncontrolling Interests*

In 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 accumulated other comprehensive income (loss) (“AOCI”) were allocated to the noncontrolling interest.

are expected to reverse.

The activity during 2025 included additional investments of $120 million in an equity method investee in Japan.

In May 2025, the Company refranchised our bottling operations in certain territories in India that were held for sale as of December 31, 2024, for which we received cash proceeds of $218 million and recognized a gain of $102 million.

In October 2025, we sold our finished product operations in Nigeria, which were classified as held for sale, for which we received cash proceeds of $106 million.

In November 2025, we sold our ownership interest in Coke Consolidated, an equity method investee, to Coke Consolidated, for which we received cash proceeds of $2,392 million and recognized a gain of $1,952 million.

In December 2025, we received cash proceeds of $84 million from the substantial liquidation of a joint venture in China, resulting in a gain of $31 million.

During 2025, the Company recognized an additional loss of $14 million related to post-closing adjustments and a corresponding reduction in the outstanding note receivable balance.

In August 2025, the Company’s finished product operations in Nigeria, which were included in the EMEA operating segment, met the criteria to be classified as held for sale.

As there were significant negative net foreign currency translation adjustments that would be reclassified to income upon sale, the carrying amount of the assets held for sale (including the net foreign currency translation adjustments) exceeded the estimated proceeds, which required us to record an impairment loss in excess of the carrying amount of the assets held for sale (excluding the net foreign currency translation adjustments).

As a result, the Company recorded a charge of $393 million, which consisted of a $235 million charge to write off the carrying amount of the assets held for sale (excluding the net foreign currency translation adjustments) and a $158 million charge to accrue the remaining difference between the carrying amount (including the net foreign currency translation adjustments) and the estimated proceeds.

The sale of these operations was completed in October 2025.

In October 2025, the Company entered into a definitive agreement to sell a portion of our interest in our bottling operations in Africa to CCHBC, an equity method investee.

Closing is subject to various regulatory approvals and is expected by the end of 2026, upon which we will deconsolidate these bottling operations.

We have also agreed to a separate option arrangement for CCHBC to acquire the Company’s remaining 25% ownership interest within a six-year period from closing.

As these operations met the criteria to be classified as held for sale, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell based on the estimated proceeds.

Due to the negative net foreign currency translation adjustments that will be reclassified to income upon sale, we were required to reduce the carrying amount of the assets held for sale, which resulted in an impairment charge of $1,274 million, which was recorded in the line item other income (loss) — net in our consolidated statement of income.

| Inventories | | | 466 | | | 23 | | |

| Trademarks with indefinite lives | | | 2 | | | — | | |

| Goodwill | | | 3,350 | | | — | | |

| Allowance for reduction of assets held for sale | | | (1,265) | | | — | | |

| Assets held for sale | | | $ | 5,342 | | $ | 131 | |

| Liabilities held for sale | | | $ | 2,570 | | $ | 3 | |

These sales are included in our EMEA operating segment, regardless of the physical location of the retail stores.

| Finished product operations | | | 10,171 | | | 9,308 | | | 19,479 | | |

| December 31, 2025 | | | | | | | | |

| December 31, 2025 | | | | | | | | | | | | | | |

| Within 1 year | | | $ | 417 | | $ | 415 | | | | | | | | | | |

| After 10 years | | | 179 | | | 166 | | | | | | | | | | | |

| | | | | | | | | | | | |

2Amounts include cash and cash equivalents related to assets held for sale, which are included in the line item prepaid expenses and other current assets in our consolidated balance sheets.

Amortization expense for leasehold improvements totaled $17 million, $14 million and $13 million in 2024, 2023 and 2022, respectively.

These geographic regions are our reporting units.

Our Global Ventures operating segment includes the results of our Costa Limited (“Costa”), innocent and doğadan businesses, as well as fees earned pursuant to distribution coordination agreements

between the Company and Monster Beverage Corporation (“Monster”), each of which is its own reporting unit.

The fair value of performance share units that include a TSR modifier is determined using a Monte Carlo valuation model.

upon one of the following conditions: (1) the tax position is not “more likely than not” to be sustained; (2) the tax position is “more likely than not” to be sustained, but for a lesser amount; or (3) the tax position is “more likely than not” to be sustained, but not in the financial period in which the tax position was originally taken.

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

The expanded annual disclosures are effective for our year ending December 31, 2025.

The Company is currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and whether we will apply the standard prospectively or retrospectively.

We received net cash proceeds of $228 million and recognized a net gain of $153 million as a result of the refranchising.

These assets and liabilities were included in the Bottling Investments operating segment.

The Company refranchised its bottling operations in Bangladesh to Coca-Cola İçecek A.Ş.

The Company refranchised its bottling operations in Vietnam in January 2023 and recognized a net gain of $439 million as a result of the sale, which was recorded in the line item other income (loss) — net in our consolidated statement of income for the year ended December 31, 2023.

| Inventories | | | 23 | | | 299 | | |

| Goodwill | | | — | | | 231 | | |

These sales are included in our Global Ventures operating segment.

| Concentrate operations | | | $ | 7,702 | | $ | 16,369 | | $ | 24,071 | |

| Total | | | $ | 15,413 | | $ | 27,591 | | $ | 43,004 | |

| December 31, 2023 | | | | | | | | |

| December 31, 2023 | | | | | | | | | | | | | | |

| Marketable securities | | | $ | 45 | | $ | 1,260 | | | | | $ | 41 | | $ | 914 | |

| Within 1 year | | | $ | 299 | | $ | 296 | | | | | | | | | | |

| After 10 years | | | 177 | | | 161 | | | | | | | | | | | |

| Total | | | $ | 1,728 | | $ | 1,631 | | | | | | | | | | |

The Company does not view the fair

| 2022 | | | | | | | | | | | | | | | | | | | | |

| 2022 | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Monster Beverage Corporation | | | $ | 10,735 | | $ | 5,186 | | $ | 5,549 | |

| Coca-Cola HBC AG | | | 2,675 | | | 1,147 | | | 1,528 | | |

| Coca-Cola Consolidated, Inc. | | | 2,373 | | | 342 | | | 2,031 | | |

| Coca-Cola İçecek A.Ş. | | | 954 | | | 257 | | | 697 | | |

| Total | | | $ | 28,740 | | $ | 12,795 | | $ | 15,945 | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2023 | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at beginning of year | | | $ | 1,197 | | $ | 203 | | $ | 10,677 | | $ | 412 | | $ | 2,708 | | $ | 3,585 | | $ | 18,782 | |

| Divestitures1 | | | — | | | — | | | — | | | — | | | — | | | (231) | | | (231) | | |

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 December 31, [removed: 2024.][added: 2025.]

The report of management on our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] and the attestation report of our independent registered public accounting firm on our internal control over financial reporting are set forth in Part II, “Item 8.

There have been no changes in the Company’s internal control over financial reporting during the quarter ended December 31, [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

During the fiscal quarter ended December 31, [removed: 2024,] [added: 2025,] 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 [removed: S-K, except as follows:][added: S-K.]

Jennifer K.

Mann, Executive Vice President and President, North America operating unit, adopted a Rule 10b5-1 trading arrangement on November 22, 2024 for the potential exercise of vested stock options and the associated sale of up to 80,820 shares of common stock of the Company, subject to certain conditions.

The arrangement’s expiration date is November 1, 2025, or such earlier date upon which all transactions are completed.

This trading plan was adopted during an open trading window.

The information required by this item is incorporated by reference to the Company’s [removed: 2025] [added: 2026] Proxy Statement to be filed with the [removed: Securities and Exchange Commission (“SEC”)] [added: SEC] within 120 days [added: after the end] of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to the Company’s [removed: 2025] [added: 2026] Proxy Statement to be filed with the SEC within 120 days [added: after the end] of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to the Company’s [removed: 2025] [added: 2026] Proxy Statement to be filed with the SEC within 120 days [added: after the end] of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to the Company’s [removed: 2025] [added: 2026] Proxy Statement to be filed with the SEC within 120 days [added: after the end] of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to the Company’s [removed: 2025] [added: 2026] Proxy Statement to be filed with the SEC within 120 days [added: after the end] of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

Consolidated Statements of Income — Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statements of Comprehensive Income — Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Balance Sheets — December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

Consolidated Statements of Cash Flows — Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statements of Shareowners’ Equity — Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

The schedules for which provision is made in the applicable accounting regulations of the [removed: Securities and Exchange Commission (“SEC”)] [added: SEC] are not required under the related instructions or are inapplicable and, therefore, have been omitted.

| [3.2](https://www.sec.gov/Archives/edgar/data/21344/000002134423000051/ex32-tcccbyxlawseffective1.htm) | | | | | | [By-Laws of the Company, as amended and restated through October 19, 2023 — incorporated herein by reference to Exhibit [removed: 3.2 of the] [added: 3.2](https://www.sec.gov/Archives/edgar/data/21344/000002134423000051/ex32-tcccbyxlawseffective1.htm) [to](https://www.sec.gov/Archives/edgar/data/21344/000002134423000051/ex32-tcccbyxlawseffective1.htm) [the] Company’s Current Report on Form 8-K filed on October 20, 2023.](https://www.sec.gov/Archives/edgar/data/21344/000002134423000051/ex32-tcccbyxlawseffective1.htm) | | | | | |

| [removed: [4.1](https://www.sec.gov/Archives/edgar/data/21344/000002134425000011/a20241231exhibit41.htm)] [added: [4.1](https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/a20251231exhibit41.htm)] | | | | | | [Description of the Company’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of [removed: 1934](https://www.sec.gov/Archives/edgar/data/21344/000002134425000011/a20241231exhibit41.htm)[,] [added: 1934,] as [removed: amended](https://www.sec.gov/Archives/edgar/data/21344/000002134425000011/a20241231exhibit41.htm)[.](https://www.sec.gov/Archives/edgar/data/21344/000002134425000011/a20241231exhibit41.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/a20251231exhibit41.htm)] | | | | | |

| [removed: [4.1](https://www.sec.gov/Archives/edgar/data/21344/000110465917035229/a17-12823_3ex4d5.htm)[0](https://www.sec.gov/Archives/edgar/data/21344/000110465917035229/a17-12823_3ex4d5.htm)] [added: [4.10](https://www.sec.gov/Archives/edgar/data/21344/000110465917035229/a17-12823_3ex4d5.htm)] | | | | | | [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.](https://www.sec.gov/Archives/edgar/data/21344/000110465917035229/a17-12823_3ex4d5.htm) | | | | | |

| [removed: [4.](https://www.sec.gov/Archives/edgar/data/21344/000110465917041338/a17-15589_1ex4d3.htm)[50](https://www.sec.gov/Archives/edgar/data/21344/000110465917041338/a17-15589_1ex4d3.htm)] [added: [4.50](https://www.sec.gov/Archives/edgar/data/21344/000110465917041338/a17-15589_1ex4d3.htm)] | | | | | | [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 [removed: 8-K](https://www.sec.gov/Archives/edgar/data/21344/000110465917041338/a17-15589_1ex4d3.htm) [filed on](https://www.sec.gov/Archives/edgar/data/21344/000110465917041338/a17-15589_1ex4d3.htm) [June] [added: 8-K filed on June] 23, 2017.](https://www.sec.gov/Archives/edgar/data/21344/000110465917041338/a17-15589_1ex4d3.htm) | | | | | |

| [removed: [4.](https://www.sec.gov/Archives/edgar/data/21344/000110465917043873/a17-16896_1ex4d3.htm)[51](https://www.sec.gov/Archives/edgar/data/21344/000110465917043873/a17-16896_1ex4d3.htm)] [added: [4.51](https://www.sec.gov/Archives/edgar/data/21344/000110465917043873/a17-16896_1ex4d3.htm)] | | | | | | [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.](https://www.sec.gov/Archives/edgar/data/21344/000110465917043873/a17-16896_1ex4d3.htm) | | | | | |

| [10.1](https://www.sec.gov/Archives/edgar/data/21344/000155278120000603/e20625_ex10-1.htm) | | | | | | [Performance Incentive Plan of The Coca-Cola Company, as amended and restated as of January 1, 2021 — incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on [removed: December](https://www.sec.gov/Archives/edgar/data/21344/000155278120000603/e20625_ex10-1.htm) [10](https://www.sec.gov/Archives/edgar/data/21344/000155278120000603/e20625_ex10-1.htm)[,] [added: December 10,] 2020.*](https://www.sec.gov/Archives/edgar/data/21344/000155278120000603/e20625_ex10-1.htm) | | | | | |

| [10.5](https://www.sec.gov/Archives/edgar/data/21344/000155278116001315/e00079_ex10-2.htm) | | | | | | [The Coca-Cola Company 2014 Equity [removed: Plan](https://www.sec.gov/Archives/edgar/data/21344/000155278116001315/e00079_ex10-2.htm) [(the](https://www.sec.gov/Archives/edgar/data/21344/000155278116001315/e00079_ex10-2.htm) [“](https://www.sec.gov/Archives/edgar/data/21344/000155278116001315/e00079_ex10-2.htm)[2014 Eq](https://www.sec.gov/Archives/edgar/data/21344/000155278116001315/e00079_ex10-2.htm)[uity Plan](https://www.sec.gov/Archives/edgar/data/21344/000155278116001315/e00079_ex10-2.htm)[”](https://www.sec.gov/Archives/edgar/data/21344/000155278116001315/e00079_ex10-2.htm)[)](https://www.sec.gov/Archives/edgar/data/21344/000155278116001315/e00079_ex10-2.htm)[,] [added: Plan (the “2014 Equity Plan”),] as amended and restated as of February 17, 2016 — incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on February 17, 2016.*](https://www.sec.gov/Archives/edgar/data/21344/000155278116001315/e00079_ex10-2.htm) | | | | | |

| [10.5.17](https://www.sec.gov/Archives/edgar/data/21344/000155278120000603/e20625_ex10-2.htm) | | | | | | [The Coca-Cola Company 2014 Equity Plan, as amended and restated as of January 1, 2021 — incorporated herein by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed on [removed: December](https://www.sec.gov/Archives/edgar/data/21344/000155278120000603/e20625_ex10-2.htm) [10](https://www.sec.gov/Archives/edgar/data/21344/000155278120000603/e20625_ex10-2.htm)[,] [added: December 10,] 2020.*](https://www.sec.gov/Archives/edgar/data/21344/000155278120000603/e20625_ex10-2.htm) | | | | | |

| [10.5.21](https://www.sec.gov/Archives/edgar/data/21344/000002134421000014/rsuagreement2021.htm) | | | | | | [Form of Restricted Stock Unit Agreement for grants under the 2014 Equity Plan, as adopted February 17, [removed: 2021](https://www.sec.gov/Archives/edgar/data/21344/000002134421000014/rsuagreement2021.htm) [—](https://www.sec.gov/Archives/edgar/data/21344/000002134421000014/rsuagreement2021.htm) [incorporated] [added: 2021 — incorporated] herein by reference to](https://www.sec.gov/Archives/edgar/data/21344/000002134421000014/rsuagreement2021.htm) [Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 2, 2021](https://www.sec.gov/Archives/edgar/data/21344/000002134421000014/rsuagreement2021.htm)[.*](https://www.sec.gov/Archives/edgar/data/21344/000002134421000014/rsuagreement2021.htm) | | | | | |

| [10.5.26](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-101.htm) | | | | | | [Form of Performance Share Agreement for grants under the 2014 Equity Plan, as adopted February 15, 2023 — incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form [removed: 10-Q](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-101.htm) [for] [added: 10-Q for] the [removed: quarter](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-101.htm) [ended] [added: quarter ended] March [removed: 31](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-101.htm)[,](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-101.htm) [2023.*](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-101.htm)] [added: 31, 2023.*](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-101.htm)] | | | | | |

| [10.5.27](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-102.htm) | | | | | | [Form of Stock Option Agreement for grants under the 2014 Equity Plan, as adopted February 15, 2023 — incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form [removed: 10-Q](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-102.htm) [for] [added: 10-Q for] the quarter ended March [removed: 31](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-102.htm)[,] [added: 31,] 2023.*](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-102.htm) | | | | | |

| [10.5.28](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-103.htm) | | | | | | [Form of Restricted Stock Unit Agreement for grants under the 2014 Equity Plan, as adopted February 15, 2023 — incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form [removed: 10-Q](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-103.htm) [for] [added: 10-Q for] the quarter ended March [removed: 31](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-103.htm)[,] [added: 31,] 2023.*](https://www.sec.gov/Archives/edgar/data/21344/000002134423000024/a20230331ex-103.htm) | | | | | |

| [10.5.29](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10529.htm) | | | | | | [Form of Performance Share Agreement for grants under the 2014 Equity Plan, as adopted February 14, 2024 — incorporated by reference to Exhibit 10.5.29 to the Company’s Annual Report on Form [removed: 10-K](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10529.htm) [for] [added: 10-K for] the year [removed: ende](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10529.htm)[d] [added: ended] December 31, [removed: 2023](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10529.htm)[.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10529.htm)] [added: 2023.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10529.htm)] | | | | | |

| [10.5.30](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10530.htm) | | | | | | [Form of Restricted Stock Unit Agreement for grants under the 2014 Equity Plan, as adopted February 14, 2024 — incorporated by reference to Exhibit 10.5.30 to the Company’s Annual Report on Form [removed: 10-K](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10530.htm) [for the](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10530.htm) [year end](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10530.htm)[ed] [added: 10-K for the year ended] December 31, [removed: 2023](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10530.htm)[.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10530.htm)] [added: 2023.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10530.htm)] | | | | | |

| [10.5.31](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10531.htm) | | | | | | [Form of Stock Option Agreement for grants under the 2014 Equity Plan, as adopted February 14, 2024 — incorporated by reference to Exhibit 10.5.31 to the Company’s Annual Report on Form [removed: 10-K](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10531.htm) [for] [added: 10-K for] the year ended December 31, [removed: 2023](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10531.htm)[.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10531.htm)] [added: 2023.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit10531.htm)] | | | | | |

| [10.5.32](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-101supplementa.htm) | | | | | | [Supplemental Award Notification — 2022 and 2023 Performance Share Units [removed: under](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-101supplementa.htm) [the](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-101supplementa.htm) [](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-101supplementa.htm)[2014] [added: under the 2014] Equity Plan — incorporated herein by reference to Exhibit 10.1 to the [removed: Company’s Form] [added: Company’s](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-101supplementa.htm) [Current Report on](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-101supplementa.htm) [Form] 8-K filed on August 21, 2024.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-101supplementa.htm) | | | | | |

| [10.5.33](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-102supplementa.htm) | | | | | | [Supplemental Award Notification — 2022 and 2023 Restricted Stock Units [removed: under](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-102supplementa.htm) [the](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-102supplementa.htm) [](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-102supplementa.htm)[2014] [added: under the 2014] Equity Plan — incorporated herein by reference to Exhibit 10.2 to the [removed: Company’s Form] [added: Company’s](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-102supplementa.htm) [Current Report on](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-102supplementa.htm) [Form] 8-K filed on August 21, 2024.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000047/a20240821ex-102supplementa.htm) | | | | | |

| [10.6](https://www.sec.gov/Archives/edgar/data/21344/000155278124000261/e24215_ex10-2.htm) | | | | | | [The Coca-Cola Company 2024 Equity [removed: Plan](https://www.sec.gov/Archives/edgar/data/21344/000155278124000261/e24215_ex10-2.htm) [(the](https://www.sec.gov/Archives/edgar/data/21344/000155278124000261/e24215_ex10-2.htm) [“](https://www.sec.gov/Archives/edgar/data/21344/000155278124000261/e24215_ex10-2.htm)[2024] [added: Plan (the “2024] Equity [removed: Plan](https://www.sec.gov/Archives/edgar/data/21344/000155278124000261/e24215_ex10-2.htm)[”](https://www.sec.gov/Archives/edgar/data/21344/000155278124000261/e24215_ex10-2.htm)[)](https://www.sec.gov/Archives/edgar/data/21344/000155278124000261/e24215_ex10-2.htm) [—] [added: Plan”) —] incorporated herein by reference to Exhibit 10.2 to the [removed: Company’s Form] [added: Company’s](https://www.sec.gov/Archives/edgar/data/21344/000155278124000261/e24215_ex10-2.htm) [Current Report on](https://www.sec.gov/Archives/edgar/data/21344/000155278124000261/e24215_ex10-2.htm) [Form] 8-K filed on May 2, 2024.*](https://www.sec.gov/Archives/edgar/data/21344/000155278124000261/e24215_ex10-2.htm) | | | | | |

| [10.6.2](https://www.sec.gov/Archives/edgar/data/21344/000002134424000044/a20240628ex-104.htm) | | | | | | [Form of Restricted Stock Unit Agreement for grants under the 2024 Equity Plan, as adopted May 1, 2024 — incorporated herein by reference to Exhibit [removed: 10.4](https://www.sec.gov/Archives/edgar/data/21344/000002134424000044/a20240628ex-104.htm) [to] [added: 10.4 to] the Company’s Quarterly Report on Form 10-Q for the quarter ended June 28, 2024.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000044/a20240628ex-104.htm) | | | | | |

| [10.6.3](https://www.sec.gov/Archives/edgar/data/21344/000002134424000044/a20240628ex-105.htm) | | | | | | [Form of Stock Option Agreement for grants under the 2024 Equity Plan, as adopted May 1, 2024 — incorporated herein by reference to Exhibit [removed: 10.5](https://www.sec.gov/Archives/edgar/data/21344/000002134424000044/a20240628ex-105.htm) [to] [added: 10.5 to] the Company’s Quarterly Report on Form 10-Q for the quarter ended June 28, 2024.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000044/a20240628ex-105.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000104746910001476/a2195739zex-10_106.htm)[7](https://www.sec.gov/Archives/edgar/data/21344/000104746910001476/a2195739zex-10_106.htm)] [added: [10.7](https://www.sec.gov/Archives/edgar/data/21344/000104746910001476/a2195739zex-10_106.htm)] | | | | | | [The Coca-Cola Company Supplemental Pension Plan, amended and restated effective January 1, 2010 (the “Supplemental Pension Plan”) — incorporated herein by reference to Exhibit 10.10.6 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009.*](https://www.sec.gov/Archives/edgar/data/21344/000104746910001476/a2195739zex-10_106.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134413000007/a20121231ex-10102.htm)[7](https://www.sec.gov/Archives/edgar/data/21344/000002134413000007/a20121231ex-10102.htm)[.1](https://www.sec.gov/Archives/edgar/data/21344/000002134413000007/a20121231ex-10102.htm)] [added: [10.7.1](https://www.sec.gov/Archives/edgar/data/21344/000002134413000007/a20121231ex-10102.htm)] | | | | | | [Amendment One to the Supplemental Pension Plan, effective December 31, 2012, dated December 6, 2012 — incorporated herein by reference to Exhibit 10.10.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.*](https://www.sec.gov/Archives/edgar/data/21344/000002134413000007/a20121231ex-10102.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134413000017/a20130329ex-1010.htm)[7](https://www.sec.gov/Archives/edgar/data/21344/000002134413000017/a20130329ex-1010.htm)[.2](https://www.sec.gov/Archives/edgar/data/21344/000002134413000017/a20130329ex-1010.htm)] [added: [10.7.2](https://www.sec.gov/Archives/edgar/data/21344/000002134413000017/a20130329ex-1010.htm)] | | | | | | [Amendment Two to the Supplemental Pension Plan, effective April 1, 2013, dated March 19, 2013 — incorporated herein by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2013.*](https://www.sec.gov/Archives/edgar/data/21344/000002134413000017/a20130329ex-1010.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134417000009/a20161231ex-1093.htm)[7](https://www.sec.gov/Archives/edgar/data/21344/000002134417000009/a20161231ex-1093.htm)[.3](https://www.sec.gov/Archives/edgar/data/21344/000002134417000009/a20161231ex-1093.htm)] [added: [10.7.3](https://www.sec.gov/Archives/edgar/data/21344/000002134417000009/a20161231ex-1093.htm)] | | | | | | [Amendment Three to the Supplemental Pension Plan, effective January 1, 2010, dated June 15, 2015 — incorporated herein by reference to Exhibit 10.9.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.*](https://www.sec.gov/Archives/edgar/data/21344/000002134417000009/a20161231ex-1093.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134417000026/a20170630ex-104.htm)[7](https://www.sec.gov/Archives/edgar/data/21344/000002134417000026/a20170630ex-104.htm)[.4](https://www.sec.gov/Archives/edgar/data/21344/000002134417000026/a20170630ex-104.htm)] [added: [10.7.4](https://www.sec.gov/Archives/edgar/data/21344/000002134417000026/a20170630ex-104.htm)] | | | | | | [Amendment Four to the Supplemental Pension Plan, effective June 1, 2017, dated June 29, 2017 — incorporated herein by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2017.*](https://www.sec.gov/Archives/edgar/data/21344/000002134417000026/a20170630ex-104.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134418000023/a20180303ex108.htm)[7](https://www.sec.gov/Archives/edgar/data/21344/000002134418000023/a20180303ex108.htm)[.5](https://www.sec.gov/Archives/edgar/data/21344/000002134418000023/a20180303ex108.htm)] [added: [10.7.5](https://www.sec.gov/Archives/edgar/data/21344/000002134418000023/a20180303ex108.htm)] | | | | | | [Amendment Five to the Supplemental Pension Plan, dated March 23, 2018 — incorporated herein by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2018.*](https://www.sec.gov/Archives/edgar/data/21344/000002134418000023/a20180303ex108.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134421000008/a20201231ex-1086.htm)[7](https://www.sec.gov/Archives/edgar/data/21344/000002134421000008/a20201231ex-1086.htm)[.6](https://www.sec.gov/Archives/edgar/data/21344/000002134421000008/a20201231ex-1086.htm)] [added: [10.7.6](https://www.sec.gov/Archives/edgar/data/21344/000002134421000008/a20201231ex-1086.htm)] | | | | | | [Amendment Six to the Supplemental Pension Plan, dated December 9, 2020 — incorporated herein by reference to Exhibit 10.8.6 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.*](https://www.sec.gov/Archives/edgar/data/21344/000002134421000008/a20201231ex-1086.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134422000034/a20220701ex-102.htm)[7](https://www.sec.gov/Archives/edgar/data/21344/000002134422000034/a20220701ex-102.htm)[.7](https://www.sec.gov/Archives/edgar/data/21344/000002134422000034/a20220701ex-102.htm)] [added: [10.7.7](https://www.sec.gov/Archives/edgar/data/21344/000002134422000034/a20220701ex-102.htm)] | | | | | | [Amendment Seven to the Supplemental Pension Plan, dated June 15, 2022 — incorporated herein by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2022.*](https://www.sec.gov/Archives/edgar/data/21344/000002134422000034/a20220701ex-102.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134422000042/ex106amendmenteighttotcccs.htm)[7](https://www.sec.gov/Archives/edgar/data/21344/000002134422000042/ex106amendmenteighttotcccs.htm)[.8](https://www.sec.gov/Archives/edgar/data/21344/000002134422000042/ex106amendmenteighttotcccs.htm)] [added: [10.7.8](https://www.sec.gov/Archives/edgar/data/21344/000002134422000042/ex106amendmenteighttotcccs.htm)] | | | | | | [Amendment Eight to the Supplemental Pension Plan, dated August 9, 2022 — incorporated herein by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.*](https://www.sec.gov/Archives/edgar/data/21344/000002134422000042/ex106amendmenteighttotcccs.htm) | | | | | |

| [10.7.9](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit1069.htm) | | | | | | [Amendment Nine to the Supplemental Pension Plan, dated December 7, [removed: 2023](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit1069.htm) [— incorporated](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit1069.htm) [herein] [added: 2023 — incorporated herein] by reference to Exhibit 10.6.9 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.*](https://www.sec.gov/Archives/edgar/data/21344/000002134424000009/a20231231exhibit1069.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134412000007/a20111231ex-1011.htm)[8](https://www.sec.gov/Archives/edgar/data/21344/000002134412000007/a20111231ex-1011.htm)] [added: [10.8](https://www.sec.gov/Archives/edgar/data/21344/000002134412000007/a20111231ex-1011.htm)] | | | | | | [The Coca-Cola Company Supplemental 401(k) Plan (f/k/a the Supplemental Thrift Plan of the Company), amended and restated effective January 1, 2012, dated December 17, 2011 — incorporated herein by reference to Exhibit 10.11 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.*](https://www.sec.gov/Archives/edgar/data/21344/000002134412000007/a20111231ex-1011.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134421000008/a20201231ex-1092.htm)[8](https://www.sec.gov/Archives/edgar/data/21344/000002134421000008/a20201231ex-1092.htm)[.2](https://www.sec.gov/Archives/edgar/data/21344/000002134421000008/a20201231ex-1092.htm)] [added: [10.8.2](https://www.sec.gov/Archives/edgar/data/21344/000002134421000008/a20201231ex-1092.htm)] | | | | | | [Amendment Two to The Coca-Cola Company Supplemental 401(k) Plan, dated December 9, 2020 — incorporated herein by reference to Exhibit 10.9.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.*](https://www.sec.gov/Archives/edgar/data/21344/000002134421000008/a20201231ex-1092.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134422000042/ex108amendmentthreetotcccs.htm)[8](https://www.sec.gov/Archives/edgar/data/21344/000002134422000042/ex108amendmentthreetotcccs.htm)[.3](https://www.sec.gov/Archives/edgar/data/21344/000002134422000042/ex108amendmentthreetotcccs.htm)] [added: [10.8.3](https://www.sec.gov/Archives/edgar/data/21344/000002134422000042/ex108amendmentthreetotcccs.htm)] | | | | | | [Amendment Three to The Coca-Cola Company Supplemental 401(k) Plan, dated August 9, 2022 — incorporated herein by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.*](https://www.sec.gov/Archives/edgar/data/21344/000002134422000042/ex108amendmentthreetotcccs.htm) | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/21344/000002134412000007/a20111231ex-1012.htm)[9](https://www.sec.gov/Archives/edgar/data/21344/000002134412000007/a20111231ex-1012.htm)] [added: [10.9](https://www.sec.gov/Archives/edgar/data/21344/000002134412000007/a20111231ex-1012.htm)] | | | | | | [The Coca-Cola Company Supplemental Cash Balance Plan, effective January 1, 2012 (the “Supplemental Cash Balance Plan”) — incorporated herein by reference to Exhibit 10.12 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.*](https://www.sec.gov/Archives/edgar/data/21344/000002134412000007/a20111231ex-1012.htm) | | | | | |

| [1](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm)[0.10.3](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) | | | | | | [T](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm)[he Coca-Cola](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [Company D](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm)[irectors](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm)[’](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [Plan, as amended and restated](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm)[,](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm)[effective June 1, 2025](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [— incorporated herein by reference to Exhibit 10.1](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [to the Company’s](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [Report on Form 10-](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm)[Q](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [for the](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [quarter](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [ended](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) [June 27, 2025](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm)[.*](https://www.sec.gov/Archives/edgar/data/21344/000002134425000061/a20250627ex-101.htm) | | | | | |

| [10.20.1](https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/a20251231exhibit10201.htm) | | | | | | [F](https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/a20251231exhibit10201.htm)[irst Amendment to The Coca-Cola Export Corporation Mobile Employees Retirement Plan, effective](https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/a20251231exhibit10201.htm) [January](https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/a20251231exhibit10201.htm) [](https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/a20251231exhibit10201.htm)[1, 2012, dated November 17](https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/a20251231exhibit10201.htm)[, 2025.*](https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/a20251231exhibit10201.htm) | | | | | |

| [10.45](https://www.sec.gov/Archives/edgar/data/21344/000162828025046054/a20250926ex-101.htm) | | | | | | [Letter, dated July 17, 2025, from the Company to Luisa Ortega — incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 26, 2025.*](https://www.sec.gov/Archives/edgar/data/21344/000162828025046054/a20250926ex-101.htm) | | | | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | Date: | | | February 20, [removed: 2025] [added: 2026] | | | | | |

| Amity Millhiser Director | | | | | | [removed: David B. Weinberg Director] | | |

| February 20, 2026 | | | | | | February 20, 2026 | | |

| February 20, 2026 | | | | | | | | |

| February 20, 2026 | | | | | | February 20, 2026 | | |

| February 20, 2026 | | | | | | February 20, 2026 | | |

| February 20, 2026 | | | | | | February 20, 2026 | | |

| February 20, 2026 | | | | | | February 20, 2026 | | |

| Max Levchin Director | | | | | | David B. Weinberg Director | | |

| February 20, 2026 | | | | | | February 20, 2026 | | |

| * | | | | | | | | |

| February 20, 2026 | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | February 20, 2026 | | |

| February 20, 2025 | | | | | | February 20, 2025 | | |

| February 20, 2025 | | | | | | | | |

| | | | | | | February 20, 2025 | | |