Coca-Cola (KO) FY2020 results: revenue $33.0 billion, down 11.4% on the year
Coca-Cola Co. (KO) reported revenue of $33.0 billion for fiscal 2020, the year ended 31 December 2020, down 11.4% on the year before. Net income was $7.7 billion, down 13.2%, and diluted earnings per share $1.79. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$33.0 billion
-11.4% on the year
FY2013FY2020
Operating margin
27.3%
27.1% a year earlier
FY2013FY2020
Net income
$7.7 billion
-13.2% on the year
FY2013FY2020
Diluted EPS
$1.79
-13.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
33,014
37,266
34,300
-11.4%
Cost of revenue
13,433
14,619
13,067
-8.1%
Gross profit
19,581
22,647
21,233
-13.5%
Gross margin
59.3%
60.8%
61.9%
Selling, general and administrative
9,731
12,103
11,002
-19.6%
Operating income
8,997
10,086
9,152
-10.8%
Operating margin
27.3%
27.1%
26.7%
Interest expense
1,437
946
950
+51.9%
Pre-tax income
9,749
10,786
8,225
-9.6%
Income tax
1,981
1,801
1,749
+10.0%
Effective tax rate
20.3%
16.7%
21.3%
Net income
7,747
8,920
6,434
-13.2%
Net margin
23.5%
23.9%
18.8%
Diluted EPS
$1.79
$2.07
$1.50
-13.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
9,844
10,471
7,627
-6.0%
Capital expenditure
1,177
2,054
1,548
-42.7%
Free cash flow
8,667
8,417
6,079
+3.0%
Free cash flow margin
26.3%
22.6%
17.7%
Cash from investing
-1,477
-3,976
5,927
Cash from financing
-8,070
-9,004
-10,347
Depreciation and amortisation
1,536
1,365
1,086
+12.5%
Share-based compensation
126
201
225
-37.3%
Buybacks
118
1,103
1,912
-89.3%
Dividends paid
7,047
6,845
6,644
+3.0%
Dividend per share
$1.64
$1.60
$1.56
+2.5%
Diluted shares, weighted
4,323m
4,314m
4,299m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
19,299
18,981
16,981
+1.7%
Non-controlling interest
1,985
2,117
2,077
-6.2%
Debt
42,793
42,763
44,214
+0.1%
Operating lease liabilities
1,300
1,111
n/a
+17.0%
Other liabilities
21,919
21,409
19,944
+2.4%
Total liabilities and equity
87,296
86,381
83,216
+1.1%
Fixed assets
10,777
10,838
9,598
-0.6%
Goodwill
17,506
16,764
14,109
+4.4%
Intangible assets
424
517
639
-18.0%
Investments
2,348
3,228
5,013
-27.3%
Trading assets
2,374
n/a
n/a
Cash and equivalents
6,795
6,480
9,077
+4.9%
Receivables
3,144
3,971
3,685
-20.8%
Inventory
3,266
3,379
3,071
-3.3%
Other assets
40,662
41,204
38,024
-1.3%
Total assets
87,296
86,381
83,216
+1.1%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.