Coca-Cola Consolidated, Inc.

COKE
HISTORICAL
(in thousands, except per share data) 3/31/2019 3/31/2020

Land
Opening 659
Purchase- capex 17
(Sales) 0
Closing 659 676

Capex % in a year 1.27%

Buildings and improvements

Opening 4576
Purchase- capex 206
(Sales) 0
Closing 4,576 4,782

Capex % in a year 2.20%

Machinery and equipment

Opening 13686
Purchase- capex 556
(Sales) 0
Closing 13,686 14,242

Capex % in a year 1.99%

Property, plant and equipment — cost 18,921 19,700

Total Capex 779

Purchase 779
Sales 0

Less: Accumulated depreciation

Opening Accumulated depreciation 8083
Accumulated depreciation during the year 840
Closing Accumulated depreciation 8,083 8,923

Accumulated depreciation % during the year 7.23%

Property, plant and equipment — net 10,838 10,777

HISTORICAL
3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025

676 652 611 -225 -1,086

-24 -41 -836 -861 -887
0 0
652 611 -225 -1,086 -1,973

-1.81% -3.25% -3.25% -3.25% -3.25%

4782 4,349 4,434 4,683 4,940

-433 85 249 257 264
0 0
4,349 4,434 4,683 4,940 5,204

-4.74% 0.97% 0.97% 0.97% 0.97%

14242 13,861 14,030 14,186 14,347

-381 169 156 161 166
0 0
13,861 14,030 14,186 14,347 14,512

-1.36% 0.61% 0.61% 0.61% 0.61%

18,862 19,075 18,644 18,201 17,744

-838 213 -431 -444 -457

-838 213 -431 -444 -457
0 0 0 0 0

8923 8,942 9,234 9,505 9,756

19 292 271 251 230
8,942 9,234 9,505 9,756 9,986

0.19% 2.88% 2.88% 2.88% 2.88%

9,920 9,841 9,139 8,445 7,758

Coca-Cola Consolidated, Inc. COKE
HISTORICAL
(in thousands, except per share data) 3/31/2019 3/31/2020
HISTORICAL
3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025
COMPANY NAME Coca-Cola Consolidated, Inc. COKE

TICKER COKE

CURRENCY (in thousands, except per share data)

LHY 31-Mar-22
Coca-Cola Consolidated, Inc. COKE
HISTORICAL
(in thousands, except per share data) 3/31/2019 3/31/2020

Net Operating Revenues 33,014

Cost of goods sold 13,433
Gross Profit 19,581
Selling, general and administrative expenses 9,731
Other operating charges 853
Operating Income 8,997
Interest income 370
Interest expense 1,437
Equity income (loss) — net 978
Other income (loss) — net 841
Income Before Income Taxes 9,749
Income taxes 1,981
Consolidated Net Income 7,768
Less: Net income (loss) attributable to noncontrolling interests 21
Net Income Attributable to Shareowners of The Coca-Cola Company 7,747
Basic Net Income Per Share1 1.80
Diluted Net Income Per Share1 1.79
Average Shares Outstanding — Basic 4,295
Effect of dilutive securities 28
Average Shares Outstanding — Diluted 4,323
HISTORICAL
3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025

38,655 43,004 44,294 45,623 46,992

15,357 18,000 18,540 19,096 19,669
23,298 25,004 25,754 26,527 27,323
12,144 12,880 13,266 13,664 14,074
846 1,215 1,251 1,289 1,328
10,308 10,909 11,236 11,573 11,921
276 449 462 476 491
1,597 882 908 936 964
1,438 1,472 1,516 1,562 1,608
2,000 -262 -270 -278 -286
12,425 11,686 13,854 14,269 14,697
2,621 2,115 2,178 2,244 2,311
9,804 9,571 11,675 12,025 12,386
33 29 30 31 32
9,771 9,542 11,645 11,995 12,354
2.26 2.2
2.25 2.19
4,315 4,328
25 22
4,340 4,350
Coca-Cola Consolidated, Inc. COKE
HISTORICAL
(in thousands, except per share data) 3/31/2019 3/31/2020

ASSETS
Current Assets
Cash and cash equivalents 6,480 6,795
Short-term investments 1,467 1,771
Total Cash, Cash Equivalents and Short-Term Investments 7,947 8,566
Marketable securities 3,228 2,348
Trade accounts receivable, less allowances of $516 and $516, respectively 3,971 3,144
Inventories 3,379 3,266
Prepaid expenses and other current assets 1,886 1,916
Total Current Assets 20,411 19,240
Equity method investments 19,025 19,273
Other investments 854 812
Other noncurrent assets 6,075 6,184
Deferred income tax assets 2,412 2,460
Property, plant and equipment — net 10,838 10,777
Trademarks with indefinite lives 9,266 10,395
Goodwill 16,764 17,506
Other intangible assets 736 649
Total Assets 86,381 87,296
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses 11,312 11,145
Loans and notes payable 10,994 2,183
Current maturities of long-term debt 4,253 485
Accrued income taxes 414 788
Total Current Liabilities 26,973 14,601
Long-term debt 27,516 40,125
Other noncurrent liabilities 8,510 9,453
Deferred income tax liabilities 2,284 1,833
The Coca-Cola Company Shareowners’ Equity
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 1,760
shares 1,760
Capital surplus 17,154 17,601
Reinvested earnings 65,855 66,555
Accumulated other comprehensive income (loss) -13,544 -14,601
Treasury stock, at cost — 2,712 and 2,715 shares, respectively -52,244 -52,016
Equity Attributable to Shareowners of The Coca-Cola Company 18,981 19,299
Equity attributable to noncontrolling interests 2,117 1,985
Total Equity 21,098 21,284
Total Liabilities and Equity 86,381 87,296
BALANCE SHEET TALLY 0 0
HISTORICAL
3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025

9,684 9,519 21,151 33,104 45,387

1,242 1,043 1,074 1,107 1,140
10,926 10,562 22,226 34,210 46,527
1,699 1,069 1,101 1,134 1,168
3,512 3,487 3,592 3,699 3,810
3,414 4,233 4,360 4,491 4,626
2,994 3,240 3,337 3,437 3,540
22,545 22,591 34,616 46,972 59,671
17,598 18,264 18,812 19,376 19,958
818 501 516 532 547
6,731 6,189 6,375 6,566 6,763
2,129 1,746 1,798 1,852 1,908
9,920 9,841 9,139 8,445 7,758
14,465 14,214 14,640 15,080 15,532
19,363 18,782 18,782 18,782 18,782
785 635 635 635 635
94,354 92,763 105,313 118,240 131,554

`
14,619 15,749 16,221 16,708 17,209
3,307 2,373 2,444 2,518 2,593
1,338 399 399 399 399
686 1,203 1,239 1,276 1,315
19,950 19,724 20,304 20,901 21,516
38,116 36,377 36,377 36,377 36,377
8,607 7,922 8,160 8,404 8,657
2,821 2,914 3,001 3,091 3,184

1,760 1,760 1,760 1,760 1,760

18,116 18,822 18,822 18,822 18,822
69,094 71,019 82,664 94,659 107,013
-14,330 -14,895 -14,895 -14,895 -14,895
-51,641 -52,601 -52,601 -52,601 -52,601
22,999 24,105 35,750 47,745 60,099
1,861 1,721 1,721 1,721 1,721
24,860 25,826 37,471 49,466 61,820
94,354 92,763 105,313 118,240 131,554
0 0 0 0 0
December 31, 2019 2020 2021 2022
Land 659 676 652 611
Buildings and improvements 4,576 4,782 4,349 4,434
Machinery and equipment 13,686 14,242 13,861 14,030

Property, plant and equipment — cost 18,921 19,700 18,862 19,075

Less: Accumulated depreciation 8,083 8,923 8,942 9,234
Property, plant and equipment — net 10,838 10,777 9,920 9,841
Coca-Cola Consolidated, Inc. COKE

(in thousands, except per share data)

Operating Activities
Consolidated net income
Depreciation and amortization
Stock-based compensation expense
Deferred income taxes
Equity (income) loss — net of dividends
Foreign currency adjustments
Significant (gains) losses — net
Other operating charges
Other items
Net change in operating assets and liabilities
Net Cash Provided by Operating Activities
Investing Activities
Purchases of investments
Proceeds from disposals of investments
Acquisitions of businesses, equity method investments and nonmarketable securities
Proceeds from disposals of businesses, equity method investments and nonmarketable securities
Purchases of property, plant and equipment
Proceeds from disposals of property, plant and equipment
Collateral (paid) received associated with hedging activities — net
Other investing activities
Net Cash Provided by (Used in) Investing Activities
Financing Activities
Issuances of debt
Payments of debt
Issuances of stock
Purchases of stock for treasury
Dividends
Other financing activities
Net Cash Provided by (Used in) Financing Activities
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and
Restricted Cash Equivalents
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash
equivalents during the year
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year
Less: Restricted cash and restricted cash equivalents at end of year
Cash and Cash Equivalents at End of Year
 HISTORICAL
3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025

7,768 9,804 9,571 11,645 11,995 12,354

1,536 1,452 1,260 271 251 230
126 337 356
-18 894 -122
-511 -615 -838
-88 86 203
-914 -1,365 -129
556 506 1,086
699 201 236
690 1,325 -605
9,844 12,625 11,018 11,916 12,245 12,585

-13,583 -6,030 -3,751 -46 -48 -49

13,835 7,059 4,771
-1,052 -4,766 -73 -548 -564 -581
189 2,180 458
-1,177 -1,367 -1,484 431 444 457
189 108 75
— — -1,465
122 51 706 905 932 960
-1,477 -2,765 -763 741 764 786

26,934 13,094 3,972

-28,796 -12,866 -4,930
647 702 837
-118 -111 -1,418
-7,047 -7,252 -7,616
310 -353 -1,095 -1,025 -1,056 -1,088
-8,070 -6,786 -10,250 -1,025 -1,056 -1,088
76 -159 -205

373 2,915 -200 11,632 11,953 12,283

6,737 7,110 10,025 9,519 21,151 33,104

7,110 10,025 9,825 21,151 33,104 45,387
315 341 306
6,795 9,684 9,519 21,151 33,104 45,387
Year Ended December 31, 2020
Net Operating Revenues 33,014
Cost of goods sold 13,433
Gross Profit 19,581
Selling, general and administrative expenses 9,731
Other operating charges 853
Operating Income 8,997
Interest income 370
Interest expense 1,437
Equity income (loss) — net 978
Other income (loss) — net 841
Income Before Income Taxes 9,749
Income taxes 1,981
Consolidated Net Income 7,768
Less: Net income (loss) attributable to noncontrolling interests 21
Net Income Attributable to Shareowners of The Coca-Cola Company 7,747
Basic Net Income Per Share1 1.80
Diluted Net Income Per Share1 1.79
Average Shares Outstanding — Basic 4,295
Effect of dilutive securities 28
Average Shares Outstanding — Diluted 4,323

December 31, 2019 2020

ASSETS
Current Assets
Cash and cash equivalents 6,480 6,795
Short-term investments 1,467 1,771
Total Cash, Cash Equivalents and Short-Term Investments 7,947 8,566
Marketable securities 3,228 2,348
Trade accounts receivable, less allowances of $516 and $516, respectively 3,971 3,144
Inventories 3,379 3,266
Prepaid expenses and other current assets 1,886 1,916
Total Current Assets 20,411 19,240
Equity method investments 19,025 19,273
Other investments 854 812
Other noncurrent assets 6,075 6,184
Deferred income tax assets 2,412 2,460
Property, plant and equipment — net 10,838 10,777
Trademarks with indefinite lives 9,266 10,395
Goodwill 16,764 17,506
Other intangible assets 736 649
Total Assets 86,381 87,296
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses 11,312 11,145
Loans and notes payable 10,994 2,183
Current maturities of long-term debt 4,253 485
Accrued income taxes 414 788
Total Current Liabilities 26,973 14,601
Long-term debt 27,516 40,125
Other noncurrent liabilities 8,510 9,453
Deferred income tax liabilities 2,284 1,833
The Coca-Cola Company Shareowners’ Equity
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 shares 1,760 1,760
Capital surplus 17,154 17,601
Reinvested earnings 65,855 66,555
Accumulated other comprehensive income (loss) -13,544 -14,601
Treasury stock, at cost — 2,712 and 2,715 shares, respectively -52,244 -52,016
Equity Attributable to Shareowners of The Coca-Cola Company 18,981 19,299
Equity attributable to noncontrolling interests 2,117 1,985
Total Equity 21,098 21,284
Total Liabilities and Equity 86,381 87,296

Year Ended December 31, 2020

Operating Activities
Consolidated net income 7,768
Depreciation and amortization 1,536
Stock-based compensation expense 126
Deferred income taxes -18
Equity (income) loss — net of dividends -511
Foreign currency adjustments -88
Significant (gains) losses — net -914
Other operating charges 556
Other items 699
Net change in operating assets and liabilities 690
Net Cash Provided by Operating Activities 9,844
Investing Activities
Purchases of investments -13,583
Proceeds from disposals of investments 13,835
Acquisitions of businesses, equity method investments and nonmarketable securities -1,052
Proceeds from disposals of businesses, equity method investments and nonmarketable securities 189
Purchases of property, plant and equipment -1,177
Proceeds from disposals of property, plant and equipment 189
Collateral (paid) received associated with hedging activities — net —
Other investing activities 122
Net Cash Provided by (Used in) Investing Activities -1,477
Financing Activities
Issuances of debt 26,934
Payments of debt -28,796
Issuances of stock 647
Purchases of stock for treasury -118
Dividends -7,047
Other financing activities 310
Net Cash Provided by (Used in) Financing Activities -8,070
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and 76
Restricted Cash Equivalents
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash 373
equivalents during the year
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 6,737
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year 7,110
Less: Restricted cash and restricted cash equivalents at end of year 315
Cash and Cash Equivalents at End of Year 6,795
 2021 2022
38,655 43,004
15,357 18,000
23,298 25,004
12,144 12,880
846 1,215
10,308 10,909
276 449
1,597 882
1,438 1,472
2,000 -262
12,425 11,686
2,621 2,115
9,804 9,571
33 29
9,771 9,542
2.26 2.20
2.25 2.19
4,315 4,328
25 22
4,340 4,350

2021 2022

9,684 9,519
1,242 1,043
10,926 10,562
1,699 1,069
3,512 3,487
3,414 4,233
2,994 3,240
22,545 22,591
17,598 18,264
818 501
6,731 6,189
2,129 1,746
9,920 9,841
14,465 14,214
19,363 18,782
785 635
94,354 92,763

14,619 15,749
3,307 2,373
1,338 399
686 1,203
19,950 19,724
38,116 36,377
8,607 7,922
2,821 2,914

1,760 1,760
18,116 18,822
69,094 71,019
-14,330 -14,895
-51,641 -52,601
22,999 24,105
1,861 1,721
24,860 25,826
94,354 92,763

2021 2022

9,804 9,571
1,452 1,260
337 356
894 -122
-615 -838
86 203
-1,365 -129
506 1,086
201 236
1,325 -605
12,625 11,018

-6,030 -3,751
7,059 4,771
-4,766 -73
2,180 458
-1,367 -1,484
108 75
— -1,465
 51 706
-2,765 -763

13,094 3,972
-12,866 -4,930
702 837
-111 -1,418
-7,252 -7,616
-353 -1,095
-6,786 -10,250
-159 -205

2,915 -200

7,110 10,025
10,025 9,825
341 306
9,684 9,519