Investor Relations


Sustainable Growth

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.

sustainable growth

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

Top-line Growth

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

Strategic Actions:
  • Greater Focus on Value over Volume
  • Revenue Growth Management Initiatives
  • Lift, Shift, and Scale Strategy
  • Accelerating the Innovation Pipeline
  • Improved Marketplace Execution


*Non-GAAP. Q4’18 and Q1’19 figures do not include Coca-Cola Beverages Africa, pending reclassification of those
operations from discontinued operations to continuing operations, as announced on May 20, 2019


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.

Driving Margin

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.

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

Focus on making investments within marketing, innovation, productivity, and capital expenditures.

2. Consumer-Centric M&A

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

Return to Shareowners

3. Continue to Grow Dividend

Continue to grow dividend as a function of free cash flow*, with a 75% payout ratio over time.

4. Net Share Repurchase

At least offset dilution from employee stock-based compensation plans.



Non-GAAP Reconciliations

Financial metrics referenced on this page are from Coca-Cola's 2019 Deutsche Bank Global Consumer Conference. View the reconciliation of Non-GAAP Financial Measures for more information.