Coca-Cola (KO) FY2018 results: revenue $34.3 billion, down 5.3% on the year
Coca-Cola Co. (KO) reported revenue of $34.3 billion for fiscal 2018, the year ended 31 December 2018, down 5.3% on the year before. Net income was $6.4 billion, up 415.5%, and diluted earnings per share $1.50. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$34.3 billion
-5.3% on the year
FY2011FY2018
Operating margin
26.7%
21.4% a year earlier
FY2011FY2018
Net income
$6.4 billion
+415.5% on the year
FY2011FY2018
Diluted EPS
$1.50
+417.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
34,300
36,212
41,863
-5.3%
Cost of revenue
13,067
13,721
16,465
-4.8%
Gross profit
21,233
22,491
25,398
-5.6%
Gross margin
61.9%
62.1%
60.7%
Selling, general and administrative
11,002
12,834
15,370
-14.3%
Operating income
9,152
7,755
8,657
+18.0%
Operating margin
26.7%
21.4%
20.7%
Interest expense
950
853
733
+11.4%
Pre-tax income
8,225
6,890
8,136
+19.4%
Income tax
1,749
5,607
1,586
-68.8%
Effective tax rate
21.3%
81.4%
19.5%
Net income
6,434
1,248
6,527
+415.5%
Net margin
18.8%
3.4%
15.6%
Diluted EPS
$1.50
$0.29
$1.49
+417.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
7,627
7,041
8,796
+8.3%
Capital expenditure
1,548
1,750
2,262
-11.5%
Free cash flow
6,079
5,291
6,534
+14.9%
Free cash flow margin
17.7%
14.6%
15.6%
Cash from investing
5,927
-2,312
-1,004
Cash from financing
-10,347
-7,447
-6,545
Depreciation and amortisation
1,086
1,260
1,787
-13.8%
Share-based compensation
225
219
258
+2.7%
Buybacks
1,912
3,682
3,681
-48.1%
Dividends paid
6,644
6,320
6,043
+5.1%
Dividend per share
$1.56
$1.48
$1.40
+5.4%
Diluted shares, weighted
4,299m
4,324m
4,367m
-0.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
16,981
17,072
23,062
-0.5%
Non-controlling interest
2,077
1,905
158
+9.0%
Debt
44,214
47,685
45,709
-7.3%
Other liabilities
19,944
21,234
18,341
-6.1%
Total liabilities and equity
83,216
87,896
87,270
-5.3%
Fixed assets
9,598
9,638
10,635
-0.4%
Goodwill
14,109
13,649
10,629
+3.4%
Intangible assets
639
1,125
598
-43.2%
Investments
5,013
5,317
4,051
-5.7%
Trading assets
n/a
407
384
Cash and equivalents
9,077
6,102
8,555
+48.8%
Receivables
3,685
3,966
3,856
-7.1%
Inventory
3,071
2,954
2,675
+4.0%
Other assets
38,024
44,738
45,887
-15.0%
Total assets
83,216
87,896
87,270
-5.3%
10-K for the year ended 31 December 2018, filed 21 February 2019: the filing.