Coca-Cola’s system sold 33.8 billion unit cases in 2025, about 16% above 2015, while its dividend per share rose 61% to $2.12. The article credits bottling refranchising and higher margins, alongside pricing and product mix, for the faster payout growth.
From 2016 to 2018, Coca-Cola transferred most bottling operations to independent bottlers, retaining concentrate sales and brand economics. Its operating margin expanded to about 29% in 2025 from about 20% in 2015, while operating income rose from $8.7 billion to $13.8 billion. The February increase was the 64th consecutive annual raise.
Coca-Cola paid $8.8 billion in dividends in 2025. Free cash flow was $5.3 billion, or $11.4 billion excluding a large one-time payment tied to its fairlife acquisition. Management forecast about $12.4 billion in 2026 free cash flow against a dividend bill slightly above $9 billion. The article said shares at about $88 traded at roughly 25 times earnings and yielded 2.4%, arguing that the valuation already priced in the company’s dependability.
