Concentrates & syrups · Finished beverages
The Coca-Cola Company
Coca-Cola is the world's largest beverage company, selling concentrate and syrups to bottlers across more than 200 countries rather than making finished drinks itself. Its 2024 revenue was $47.1 billion, with the high-margin concentrate business making up 59% of revenue. A dividend king that has raised its dividend for over 60 years, it has essentially no AI exposure and moves only on the clock of consumer demand, foreign exchange and commodities.
KO Updated Sep 12, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, The Coca-Cola Company is directly linked to 8 companies (3 supply, 5 revenue, 1 investment relationships) and reaches 16 companies within two hops; the links are backed by 16 dated sources, 4 of them primary filings (as of 2026-09-12).
Annual return · 2026-09-04'21+11.4%'22+10.6%'23-4.4%'24+8.9%'25+15.6%YTD+27.7%
Money in ▸Monster Beverage Corporation●Amount $26M보틀러 (농축액·시럽 판매)●Market share 59%소비자·완제품 (직접 판매)●Market share 41%McDonald's (exclusive fountain channel)●Costco Wholesale◐Royal Caribbean Cruises Ltd.◐E-mart Inc.○
The Coca-Cola Company2025 net revenue $47.9B
▸ Money outLive Nation Entertainment, Inc.●감미료 (설탕·고과당옥수수시럽)◐포장·물류 (알루미늄·PET·운송)◐Adobe Inc.◐Ecolab Inc.◐
Financials & Segments
- Total revenue · 2025 net revenue $47.9B (+2%, +5% organic; price/mix +4%, concentrate +1%). Concentrate ~59%, finished ~41%
- Customer concentration · A brand-driven defensive dividend stock with essentially no AI exposure. It returned $8.4B in dividends in 2024 and has raised the dividend for over 60 years. Revenue moves on consumer and pricing, foreign exchange and commodity cycles.
- Segments · Concentrate operations · Finished product operations · Geographic segments
Revenue from
- Monster Beverage Corporation High confidence· Amount $26M · FY2025 · FY2025 concentrate purchases from The Coca-Cola Company
Coca-Cola sells concentrates to Monster, which resells them to certain bottlers and distributors, and Monster's FY2025 concentrate purchases totaled $25.8 million. - 보틀러 (농축액·시럽 판매) High confidence· Market share 59% · FY2025 · concentrate operations share of revenue
The core of Coca-Cola's revenue is selling concentrate and syrups to bottlers worldwide such as Coca-Cola Europacific Partners, Coca-Cola FEMSA, Arca Continental and Coca-Cola Consolidated; concentrate operations were 59% of 2024 revenue.Confirms EN The Coca-Cola Company Published Feb 10, 2026: Coca-Cola Reports Fourth Quarter and Full Year 2025 ResultsMentions EN Analyst consensus (via MarketScreener) Published Feb 10, 2026: Coca-Cola analyst consensus (Buy): defensive dividend king, resilient pricingConfirms EN SEC (Coca-Cola 10-K) Published Feb 20, 2025: The Coca-Cola Company FY2024 Annual Report (10-K)Confirms EN The Coca-Cola Company Published Feb 11, 2025: Coca-Cola Reports Fourth Quarter and Full Year 2024 Results - 소비자·완제품 (직접 판매) High confidence· Market share 41% · FY2025 · finished product operations share of revenue
Coca-Cola also sells finished drinks directly to consumers via Bottling Investments and Global Ventures, which were 41% of 2024 revenue. Demand is defensive and brand-driven, and it is a dividend king that has raised its payout for over 60 years.Confirms KO Investing.com Published Feb 21, 2025: Coca-Cola raises dividend for the 63rd consecutive year - McDonald's (exclusive fountain channel) High confidence
A 70-year channel supplying McDonald's its exclusive soft drink since 1955 — a customer large enough to have a dedicated division at Coca-Cola HQ. - Costco Wholesale Medium confidence
Costco is a major warehouse-club channel for Coca-Cola branded beverages, and Coca-Cola has called Costco 'an important customer.'Confirms EN Fox Business Published Jul 19, 2025: Bye, Pepsi!: Costco locations begin to make the switch to Coca-Cola at food courts - Royal Caribbean Cruises Ltd. Medium confidence
The Coca-Cola Company is the named brand behind the Coca-Cola Freestyle machines and dedicated cups that Royal Caribbean uses in onboard beverage packages across much of its fleet, but Royal Caribbean has not disclosed whether the contracting supplier is The Coca-Cola Company or a regional bottler, nor the procurement value.Mentions EN Cruise Critic Published Mar 2, 2026: Royal Caribbean Removes Coca-Cola Souvenir Cup From Two Beverage Packages - E-mart Inc. Low confidence
E-mart buys Coca-Cola products and sells them across its hypermarkets and online mall. For Coca-Cola, E-mart is a Korean retail revenue source.
Pays to
- Live Nation Entertainment, Inc. High confidence
The Coca-Cola Company is a major brand customer of Live Nation under a multi-year, multi-festival sponsorship, and Live Nation's 2025 filing confirmed that the expanded relationship remained active.Confirms EN SEC EDGAR Published Feb 20, 2025: Live Nation Entertainment Fourth Quarter and Full Year 2024 Results, Form 8-K - 감미료 (설탕·고과당옥수수시럽) Medium confidence
The key raw materials behind the drinks are sweeteners such as sugar and high-fructose corn syrup; most of that commodity cost is borne by bottlers, leaving Coca-Cola's concentrate business relatively less exposed.Mentions EN SEC (Coca-Cola 10-K) Published Feb 20, 2025: The Coca-Cola Company FY2024 Annual Report (10-K) - 포장·물류 (알루미늄·PET·운송) Medium confidence
Aluminum for cans, PET resin for bottles and freight are the main packaging and logistics costs of the beverage chain, again mostly carried by bottlers.Mentions EN SEC (Coca-Cola 10-K) Published Feb 20, 2025: The Coca-Cola Company FY2024 Annual Report (10-K) - Adobe Inc. Medium confidence
The Coca-Cola Company uses Adobe Experience Cloud as a global marketing-technology standard and operates Journey Optimizer, Commerce, Real-Time CDP, and Customer Journey Analytics, while the customer-specific contract value is not disclosed.Confirms EN Adobe and Econsultancy Published Feb 19, 2025: 2025 AI and Digital Trends: Data and InsightsConfirms KO Adobe Korea Published Dec 10, 2024: Coca-Cola Personalizes Experiences with Adobe Journey Optimizer - Ecolab Inc. Medium confidence
The Coca-Cola Company purchases Ecolab products as a food and beverage customer, with Ecolab's customer-level emissions allocation confirming the purchasing relationship while neither revenue nor revenue share is disclosed.
Investments
- Monster Beverage Corporation High confidence
Coca-Cola owned about 20.9% of Monster's common stock and had nominated one director as of February 13, 2026, and Korean brokerage research also confirms its 2014 equity investment that launched the strategic partnership.Confirms KO Eugene Investment & Securities Research Center Published Sep 1, 2021: Monster Beverage (MNST.US): Fast-Growing No. 2 Energy Drink Company Targeting Millennials and Gen Z
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Keurig Dr Pepper Inc. | lead2 | +17.5 | -1.2 | -4.2 | -1.1 | -10.1 | +19.2 |
| Coca-Cola Europacific Partners | lead2 | +15.6 | +2.3 | +24.5 | +18.4 | +21.2 | +17.8 |
| Monster Beverage Corporation | lead1 | +3.8 | +5.7 | +13.5 | -8.8 | +45.9 | +14.3 |
| Costco Wholesale | lead1 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.7 |
| Royal Caribbean Cruises Ltd. | lead1 | +3 | -35.7 | +162 | +79 | +22.5 | -3.9 |
| McDonald's | lead1 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -14.7 |
| E-mart Inc. | lead1 | -18.4 | -19.5 | -25.3 | -14.6 | +44.7 | -17.1 |
| The Coca-Cola Company | node | +11.4 | +10.6 | -4.4 | +8.9 | +15.6 | +27.7 |
| Live Nation Entertainment, Inc. | benef1 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Monster Beverage Corporation | benef1 | +3.8 | +5.7 | +13.5 | -8.8 | +45.9 | +14.3 |
| Ecolab Inc. | benef1 | +9.4 | -37.1 | +37.9 | +19.3 | +13.2 | +7 |
| Adobe Inc. | benef1 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Dow Inc. | benef2 | +6.8 | -6.6 | +14.7 | -22.8 | -37.4 | +30.2 |
| Ball Corporation | benef2 | +4.1 | -46.2 | +14.1 | -3 | -2.4 | +19.5 |
| Ford Motor Company | benef2 | +137.5 | -42.2 | +15.8 | -13.1 | +42.3 | +15.3 |
| Amazon | benef2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Microsoft | benef2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| JYP Entertainment | benef2 | +27.1 | +77.8 | +4.5 | +0.4 | -1.6 | -46 |
YTD as of 2026-09-04 · source: Yahoo Finance
The Coca-Cola Company operates across S&P 500, beverages, defensive dividend king. It is +27.7% in 2026. The stock (+27.7%) and its demand side (avg -8.4%) are moving in step. Among connected nodes the furthest ahead is Costco Wholesale (+6.7%) and the furthest behind is E-mart Inc. (-17.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A dividend king that has raised its dividend for over 60 years, it has essentially no AI exposure and moves only on the clock of consumer demand, foreign exchange and commodities.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $88 · Price $88.07 (09-04) · Upside +0%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley · Dara Mohsenian | Overweight | $89 | Jun 10, 2026 | Report ↗ |
| Barclays | Overweight | $89 | May 21, 2026 | Report ↗ |
| JPMorgan | Overweight | $85 | Apr 29, 2026 | Report ↗ |
Buy consensus holds with average targets around $87-88, as Morgan Stanley and Barclays raised targets to $89 citing 2026 earnings visibility, pricing power and sustained share gains.
Analyses covering this node
- Consumption does not run on one clock: staples, discretionary, luxury diverge Jul 5, 2026
- AI money stays inside the chain: consumption and capital run on other clocks Jul 5, 2026