Investor Relations


Confident In Our Long-Term Targets

At The Coca-Cola Company, our strengths give us confidence in our ability to deliver long-term, sustainable shareowner value. Our long-term targets consist of solid revenue growth of 4% to 6%, strong operating leverage driving 6% to 8% operating income growth, delivering meaningful EPS growth and improving on our free cash flow conversion. Our focal points remain the two flywheels that drive our Beverages for Life Strategy – enabling us to convert the top line to value creation. Our Emerging Stronger priorities and the acceleration of our transformation have been designed to get us back to this long-term growth algorithm as fast as possible.

Long-Term Targets

* Non-GAAP
** Comparable currency neutral (non-GAAP)
Note: Adjusted free cash flow conversion ratio = FCF adjusted for pension contributions / GAAP net income adjusted for non-cash items impacting comparability

Capital Allocation

Balancing Financial Flexibility & Efficient Capital Structure

Our capital allocation strategy supports both our growth ambitions and returning cash to shareowners.

Cash from Operations


Topline Growth

Driving Ongoing Topline Growth at the High End of Our Target

Our confidence stems from the fact that we operate in an industry that will enjoy growth for a long time to come driven by the macro social, economic, and behavioral factors you see here. On top of this we have some category related headwind while we expect a tailwind from emerging markets.

Our global system is fitter than ever before with a ruthless focus on a few strategic initiatives. This gives us the confidence to believe 5% to 6% top-line growth is very much in reach.

Top-Line Growth

Leveraging the Strategy - Investing for Growth

We are focused on leveraging the growth strategy to drive bottom-line profitability and maximize returns, while continuing to invest for growth through resource allocation, margin expansion, and asset optimization – ultimately leading to strong cash flow generation.

Investing for Growth


Driving Topline... While Expanding Underlying Margin

For our flywheels to work in tandem, we are driving a granular understanding of the sources and drivers of value across each line of business. Each of these businesses have different margin profiles and different opportunities to be captured ahead. Each platform has its own margin characteristics and drivers, as well as different routes to market, many of which are being activated with our bottling partners.

Driving Top-line... While Expanding Underlying Margin

Managing Margins While Expanding the Portfolio

Margins are not dictated necessarily by the category in which you play in, but more by how you choose to play and your leadership position within a category. We believe we can grow our portfolio offerings while expanding margins through disciplined portfolio growth.

Disciplined portfolio growth will help drive margin expansion in the long term...

  • Category Expansion
  • Gain Scale in Non-Sparkling
  • Drive Profitability in Sparkling (RGM)
  • Benefit from Geographic Mix
  • Productivity & Disciplined Growth
  • Long-Term Operating Margin the short term, non-sparkling categories are lower margin, but generate solid dollar profits

Gross Margin

*2018 core gross margin and gross profit dollars per case, excluding gross profit inventory elimination adjustments (non-GAAP). Note: Charts are not on scale with each other.

Resource Allocation

Balanced Resource Allocation Fuels a Growth & Productivity Culture

We are taking a surgical approach to how we allocate our resources from a product and portfolio perspective in addition to market, channel, and customer considerations. We’ll do this while stretching our dollars further and leveraging the power of the organization to drive synergies across the globe.

Resource Allocation

Asset Optimization

Asset “Right” Model - Built for the Future

We're viewing asset optimization through a holistic lens. Whether that is driving strong performance and value creation in our company-owned bottling operations today or challenging all investments on the balance sheet to ensure we are generating the right return on that capital, we are looking at everything.

Focused on Maximizing Free Cash Flow Conversion

On cash flow, we have made great progress in the past two years driven by the execution of a comprehensive program we have put in place since 2019. But, it is very much a continuous process and we know there are still opportunities ahead for us to reach. We will continue to focus on strong free cash flow generation through working capital management, optimal levels of capital investment and further reduction in productivity and reinvestment costs.

Maximizing Cash Flow Chart

*Non-GAAP; adjusted free cash flow conversion ratio = FCF adjusted for pension contributions / GAAP net income adjusted for non-cash items impacting comparability

Non-GAAP Reconciliations

Financial metrics referenced on this page are from Coca-Cola's CAGNY 2021 Conference. View the reconciliation of Non-GAAP Financial Measures for more information.