Coca-Cola (KO) FY2019 results: revenue $37.3 billion, up 8.6% on the year
Coca-Cola Co. (KO) reported revenue of $37.3 billion for fiscal 2019, the year ended 31 December 2019, up 8.6% on the year before. Net income was $8.9 billion, up 38.6%, and diluted earnings per share $2.07. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$37.3 billion
+8.6% on the year
FY2012FY2019
Operating margin
27.1%
26.7% a year earlier
FY2012FY2019
Net income
$8.9 billion
+38.6% on the year
FY2012FY2019
Diluted EPS
$2.07
+38.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
37,266
34,300
36,212
+8.6%
Cost of revenue
14,619
13,067
13,721
+11.9%
Gross profit
22,647
21,233
22,491
+6.7%
Gross margin
60.8%
61.9%
62.1%
Selling, general and administrative
12,103
11,002
12,834
+10.0%
Operating income
10,086
9,152
7,755
+10.2%
Operating margin
27.1%
26.7%
21.4%
Interest expense
946
950
853
-0.4%
Pre-tax income
10,786
8,225
6,890
+31.1%
Income tax
1,801
1,749
5,607
+3.0%
Effective tax rate
16.7%
21.3%
81.4%
Net income
8,920
6,434
1,248
+38.6%
Net margin
23.9%
18.8%
3.4%
Diluted EPS
$2.07
$1.50
$0.29
+38.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
10,471
7,627
7,041
+37.3%
Capital expenditure
2,054
1,548
1,750
+32.7%
Free cash flow
8,417
6,079
5,291
+38.5%
Free cash flow margin
22.6%
17.7%
14.6%
Cash from investing
-3,976
5,927
-2,312
Cash from financing
-9,004
-10,347
-7,447
Depreciation and amortisation
1,365
1,086
1,260
+25.7%
Share-based compensation
201
225
219
-10.7%
Buybacks
1,103
1,912
3,682
-42.3%
Dividends paid
6,845
6,644
6,320
+3.0%
Dividend per share
$1.60
$1.56
$1.48
+2.6%
Diluted shares, weighted
4,314m
4,299m
4,324m
+0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
18,981
16,981
17,072
+11.8%
Non-controlling interest
2,117
2,077
1,905
+1.9%
Debt
42,763
44,214
47,685
-3.3%
Operating lease liabilities
1,111
n/a
n/a
Other liabilities
21,409
19,944
21,234
+7.3%
Total liabilities and equity
86,381
83,216
87,896
+3.8%
Fixed assets
10,838
9,598
9,638
+12.9%
Goodwill
16,764
14,109
13,649
+18.8%
Intangible assets
517
639
1,125
-19.1%
Investments
3,228
5,013
5,317
-35.6%
Trading assets
n/a
n/a
407
Cash and equivalents
6,480
9,077
6,102
-28.6%
Receivables
3,971
3,685
3,966
+7.8%
Inventory
3,379
3,071
2,954
+10.0%
Other assets
41,204
38,024
44,738
+8.4%
Total assets
86,381
83,216
87,896
+3.8%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.