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.

Key Strengths

* 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.

Investing for Growth

1. Reinvest in the Business

Capital and other investments to support the growth agenda.

2. Consumer-Centric M&A

Striking the right balance between strategic rationale, financial returns, and risk profile.

Return to Shareowners

3. Continue to Grow

Continue to grow dividend with a target of 75% free cash flow* payout over time.

4. Net Share Repurchase

Return excess cash over time.



Topline Growth

Our topline has begun responding to our strategic initiatives around the world, delivering sustainable, balanced revenue growth.

Strategic Actions:
  • Greater Focus on Value over Volume
  • Improving Brand-Building
  • Accelerating the Innovation Pipeline
  • Integrated Execution



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.


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


Focus on Margin Expansion in All Three Areas of Business

As we move forward, we are focused on driving margin expansion across all three areas of the business through topline growth and productivity.

Areas of opportunity

Managing Margins While Expanding the Portfolio

Margins are not dictated necessarily by the category in which you play in, but more how you chose to play and your leadership position within a category. We believe we can grow our portfolio offering 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.

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.

Asset Optimization

Cash Flow Generation Is The Catalyst For Future Growth

Our 2019 progress on cash is a good example of when the organization is clear on the opportunity, and the drivers to achieve it, the result can sometimes well exceed expectations. 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.

Cash Flow

*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 2020 Conference. View the reconciliation of Non-GAAP Financial Measures for more information.