Coca-Cola Company

Tax and financial reporting · Financial reporting and accounting standards

We use information systems to process financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting and legal and tax requirements.

Industry regulation · Safety and environmental regulations

Increased or additional regulations to limit and/or report carbon dioxide and other greenhouse gas emissions as a result of concern over climate change; to discourage the use of plastic materials, including regulations relating to recovery and/or disposal of plastic bottles and other packaging materials due to environmental concerns.

Data and privacy · Consumer privacy and consent

Our security controls over personal data, the training of employees and vendors on data privacy and data security, and the policies, procedures and practices we have implemented or may implement in the future may not prevent the improper disclosure of personal data by us or the third-party service providers.

Digital transformation and innovation · Digital transformation and modernization

If we fail to address changes in consumer product and shopping preferences, do not successfully anticipate and prepare for future changes in such preferences, or are ineffective or slow in developing and implementing appropriate digital transformation initiatives, our share of sales, revenue growth and overall financial results could be negatively affected.

Digital transformation and innovation · Technology implementation and upgrades

If we are not successful in our efforts to digitalize the Coca-Cola system, our financial results could be negatively affected. We believe our future success will depend in part on our ability to adapt to and thrive in the digital environment and expand our digital capabilities.

Technology infrastructure · Disaster recovery and business continuity

If our information systems or third-party information systems on which we rely suffer severe damage, disruption or shutdown and our business continuity plans do not effectively resolve the issues in a timely manner, we could experience delays in reporting our financial results and lose revenue and profits.

Stakeholder relations · Customer satisfaction and loyalty

If we fail to address changes in consumer product and shopping preferences, our share of sales, revenue growth and overall financial results could be negatively affected.

Reputation and brand · Product recalls and public safety

Product safety or quality issues, actual or perceived, or allegations of product contamination, even when false or unfounded, could tarnish the image of the affected brands and may cause consumers to choose other products.

Stakeholder relations · Employee engagement and culture

Failure to maintain a corporate culture that fosters innovation, collaboration and inclusion could disrupt our operations and adversely affect our business and our future success.

Economic and market conditions · Consumer spending and confidence

Under difficult economic conditions, consumers may seek to reduce discretionary spending by forgoing purchases of our products or by shifting away from our beverages to lower-priced products offered by other companies, including private-label brands, which could reduce our profitability and negatively affect our overall financial performance.

Geopolitical and trade · Political instability and government changes

Other financial uncertainties in our major markets and unstable geopolitical conditions or events in certain markets, including international conflicts, civil unrest, acts of war, terrorism, governmental changes, or changes in international relations, could undermine global consumer confidence.

Economic and market conditions · Market volatility and financial crises

Global events, including political instability, international conflicts, trade disputes, tariffs, economic sanctions, inflation, increasing interest rates and emerging market volatility could affect our business.

Social and demographic · Stakeholder activism and pressure

Campaigns by activists or others connecting us, or our bottling system or supply chain, with issues related to workplace policies and initiatives, or human rights or animal welfare, whether actual or perceived, could adversely impact our corporate image and reputation.

Natural and catastrophic events · Ecosystem and biodiversity collapse

Increased demand for food products; decreased agricultural productivity in certain regions of the world as a result of changing weather patterns; loss of biodiversity; increased agricultural regulations may limit the availability and/or increase the cost of such agricultural commodities.

Supply chain and procurement · Transportation and logistics disruption

We and our independent bottlers operate a large fleet of trucks and other motor vehicles to distribute beverage products to customers. Increases in energy demand have in the past resulted, and could in the future result, in higher energy prices, impacting us and our independent bottlers.

Core operations · Operational disruption and business continuity

At times, we have experienced, and could continue to experience, disruptions in our manufacturing operations and supply chain. Strikes, work stoppages or other forms of labor unrest at any of our major manufacturing facilities or at our bottling operations could impair our ability to supply concentrates and syrups.

Customer and revenue · Customer concentration and key customer dependence

Our success depends in part on our ability to maintain good relationships with key customers. The loss of one or more of our key customers could have an adverse effect on our financial performance.

Customer and revenue · Revenue concentration in specific products or segments

For the year ended December 31, 2025, one bottler accounted for 10% of our net operating revenues, which are reflected in our EMEA and Asia Pacific operating segments.

Strategic execution · Geographic expansion and market entry

Our success depends in part on our ability to grow our business in emerging and developing markets, which in turn depends on economic and political conditions in those markets and on our ability to work with local bottlers to make necessary infrastructure enhancements to production facilities, distribution networks, sales equipment and technology.

International and currency · Foreign exchange and currency exposure

We earn revenues, pay expenses, own assets and incur liabilities in countries using many currencies other than the U.S. dollar. In 2025, we derived $28.8 billion of net operating revenues from operations outside the United States. Fluctuations in foreign currency exchange rates could materially affect our financial results.