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Sankey diagram of The Coca-Cola Company. A complete text table follows the diagram.
Selling formulas and syrups to bottling partners combines with selected finished-product operations to produce a 63% gross margin and 35% operating margin
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All flow values are directly reported. Non-operating income combines reported interest income, equity income and other income; it is shown separately from interest expense to preserve nonnegative Sankey topology.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Concentrate operations | 1 | $7.4B | Formulas, syrups, source waters and powders |
| Finished-product operations | 1 | $5.1B | Company-controlled bottling and direct sales |
| Net operating revenue | 2 | $12.5B | Up 12% year over year |
| Gross profit | 3 | $7.9B | 63.0% gross margin |
| Cost of goods sold | 3 | $4.6B | Ingredients, packaging and finished-product operations |
| Operating income | 4 | $4.4B | 35.0% margin; up 19% |
| Selling, general & administrative | 4 | $3.5B | Includes $1.377B of advertising |
| Other operating charges | 4 | $21M | Refranchising, modernization and other items |
| Interest, equity & other income | 4 | $627M | Investment and bottler-affiliate contribution |
| Income before interest expense | 5 | $5.0B | Operating plus non-operating income |
| Income before tax | 6 | $4.6B | 37.0% of revenue |
| Interest expense | 6 | $375M | Down 3% year over year |
| Consolidated net income | 7 | $4.0B | 31.8% of revenue |
| Income tax | 7 | $645M | 14.0% effective rate |
| Income attributable to Coca-Cola shareowners | 8 | $3.9B | $0.91 diluted EPS |
| Noncontrolling interests | 8 | $42M | Minority ownership claim |
| From | To | Value |
|---|---|---|
| Concentrate operations | Net operating revenue | $7.4B |
| Finished-product operations | Net operating revenue | $5.1B |
| Net operating revenue | Gross profit | $7.9B |
| Net operating revenue | Cost of goods sold | $4.6B |
| Gross profit | Operating income | $4.4B |
| Gross profit | Selling, general & administrative | $3.5B |
| Gross profit | Other operating charges | $21M |
| Operating income | Income before interest expense | $4.4B |
| Interest, equity & other income | Income before interest expense | $627M |
| Income before interest expense | Income before tax | $4.6B |
| Income before interest expense | Interest expense | $375M |
| Income before tax | Consolidated net income | $4.0B |
| Income before tax | Income tax | $645M |
| Consolidated net income | Income attributable to Coca-Cola shareowners | $3.9B |
| Consolidated net income | Noncontrolling interests | $42M |