Coca-Cola Reports Fourth Quarter and Full-Year 2022 Results

Global Unit Case Volume Declined 1% for the Quarter and Grew 5% for the Full Year

Net Revenues Grew 7% for the Quarter and 11% for the Full Year;
Organic Revenues (Non-GAAP) Grew 15% for the Quarter and 16% for the Full Year

Operating Income Grew 24% for the Quarter and 6% for the Full Year;
Comparable Currency Neutral Operating Income (Non-GAAP) Grew 21% for the Quarter and
19% for the Full Year

Fourth Quarter EPS Declined 16% to $0.47, and Comparable EPS (Non-GAAP) Was Even at $0.45;
Full-Year EPS Declined 3% to $2.19, and Comparable EPS (Non-GAAP) Grew 7% to $2.48

Cash Flow from Operations Was $11.0 Billion for the Full Year, Down 13%;
Full-Year Free Cash Flow (Non-GAAP) Was $9.5 Billion, Down 15%

Company Provides 2023 Financial Outlook

ATLANTA, Feb. 14, 2023 – The Coca-Cola Company today reported strong fourth quarter and full-year 2022
results. “While 2022 brought many challenges, we are proud of our overall results in a dynamic operating
environment,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “As we begin 2023, we
continue to invest in our capabilities and strengthen alignment with our bottling partners to maintain flexibility. We
are keeping consumers at the center of our innovation and marketing investments, while also leveraging our
expertise in revenue growth management and execution. Our growth culture is leading to new approaches, more
experimentation, and improved agility to drive growth and value for our stakeholders.”

Highlights

Quarterly / Full-Year Performance

• Revenues: For the quarter, net revenues were strong, growing 7% to $10.1 billion. Organic revenues (non-GAAP)
grew 15%. Organic revenue (non-GAAP) performance was strong across operating segments and included 12%
growth in price/mix and 2% growth in concentrate sales. The quarter included one additional day, which resulted in
a 1-point tailwind to revenue growth. The quarter also benefited from the timing of concentrate shipments. For the
full year, net revenues grew 11% to $43.0 billion, and organic revenues (non-GAAP) grew 16%. This performance
was driven by 11% growth in price/mix and 5% growth in concentrate sales.

• Operating margin: For the quarter, operating margin, which included items impacting comparability, was 20.5%
versus 17.7% in the prior year, while comparable operating margin (non-GAAP) was 22.7% versus 22.1% in the

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 prior year. For the full year, operating margin, which included items impacting comparability, was 25.4% versus
26.7% in the prior year, while comparable operating margin (non-GAAP) was 28.7% in both the current year and
the prior year. For both the quarter and the full year, operating margin benefited from strong topline growth but was
unfavorably impacted by the BODYARMOR acquisition, higher operating costs, an increase in marketing
investments versus the prior year, currency headwinds and items impacting comparability.

• Earnings per share: For the quarter, EPS declined 16% to $0.47, and comparable EPS (non-GAAP) was even at
$0.45. EPS performance included the impact of a 12-point currency headwind, while comparable EPS (non-GAAP)
performance included the impact of an 11-point currency headwind. For the full year, EPS declined 3% to $2.19,
and comparable EPS (non-GAAP) grew 7% to $2.48. EPS performance included the impact of an 11-point
currency headwind, while comparable EPS (non-GAAP) performance included the impact of a 10-point currency
headwind.

• Market share: For both the quarter and the full year, the company gained value share in total nonalcoholic ready-
to-drink (“NARTD”) beverages, which included share gains in both at-home and away-from-home channels.

• Cash flow: Cash flow from operations was $11.0 billion for the full year, a decline of $1.6 billion versus the prior
year, as strong business performance was more than offset by the deliberate buildup of inventory in the face of a
volatile commodity environment, cycling working capital benefits from the prior year, and higher tax payments and
annual incentive payments in 2022. Free cash flow (non-GAAP) was $9.5 billion, a decline of $1.7 billion versus
the prior year.

Company Updates

• Evolving company leadership to fuel growth: The company continues to focus on having the right leaders and
organizational structure to deliver on its growth strategy, while also developing talent for the future. Through recent
leadership appointments, the company continued to optimize its organizational design, connecting functions end-
to-end while identifying key opportunities to drive meaningful growth over the long term. During the quarter, John
Murphy began an expanded role as President and Chief Financial Officer, and added oversight of Global Ventures,
Bottling Investments, Platform Services, customer and commercial leadership, and online-to-offline digital
transformation. The company also named Henrique Braun to the newly created role of President, International
Development to oversee seven of the company’s nine operating units. Braun will steward growth of the consumer
base across developing and emerging markets as well as developed markets. Braun will partner with Nikos
Koumettis, President of the Europe operating unit, and Jennifer Mann, President of the North America operating
unit, on global operational strategy in order to scale best practices and help ensure the company captures growth
opportunities across all of its markets.

• Leveraging digital engagement to connect with more consumers: By linking consumption occasions with
consumer passion points, the company is building deeper connections with consumers and reaching them in new
and unique ways. The company successfully executed on the Coca-Cola® “Believing is Magic” global campaign for
FIFA World Cup Qatar 2022 by creating end-to-end, digitally driven experiences. The company developed its own
digital platform, the Coca-Cola Fan Zone, which was activated in 41 markets and featured social experiences for
soccer fans. Approximately 5 million consumers interacted with this platform. Through an exclusive partnership
with Panini, the official licensed sticker album of FIFA World Cup Qatar 2022, soccer fans were able to trade
physical and digital stickers, which drove approximately 28 million product label scans, up approximately 400%
versus the 2018 FIFA World Cup.

• Progressing on ambitious packaging goals: The company continues to collaborate with partners to address
challenges and create a circular economy for packaging. The company has built a broad spectrum of partnerships
to help accelerate progress toward our 2030 packaging collection goal. In India, the company partnered with the
grocery delivery service Zepto for a “return and recycle” initiative for PET bottles. Consumers can access the

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 “Return PET Bottles” feature on the Zepto app, where they can opt to return four empty PET bottles, to be collected
by Zepto riders. This initiative establishes an organized process of PET bottle collection with full traceability to help
ensure effective plastic waste management. In Latin America, the company partnered with the food aggregator
Rappi to collect empty PET bottles. In the Philippines, the company is transitioning the existing PET packaging of
some of its brands to 100% recycled PET, excluding caps and labels, utilizing new sources of recycled PET from
the joint venture investment PETValue, the first bottle-to-bottle recycling facility in the country. The new packaging
formats for Coca-Cola® Original Taste and Wilkins® Pure will expand the company’s lineup in recycled plastic
packaging in the country. The company also has approximately 50% of its portfolio in the country in returnable
glass bottles.

• Building a fit-for-purpose balance sheet: The company is focused on having a balance sheet that supports
sustainable value creation. In 2022, the company completed the refranchising of company-owned bottling
operations in Cambodia to Swire Coca-Cola Limited, a subsidiary of Swire Pacific Limited, and completed the sale
of its stake in the bottler in Egypt to Coca-Cola HBC AG. The company also announced the refranchising of
company-owned bottling operations in Vietnam, which was completed in January 2023, and the company agreed
to sell its stake in the bottler in Pakistan. Additionally, once market conditions become more favorable, the
company intends to list Coca-Cola Beverages Africa as a publicly traded company via an initial public offering,
which we believe will occur subsequent to 2023. The company continually evaluates the most effective use of
capital to align with its objective of focusing resources on building consumer-loved brands and driving growth.

• Update on ongoing tax litigation with the IRS: In November 2020, the U.S. Tax Court (“Tax Court”) issued an
opinion in the company’s 2015 transfer pricing litigation with the Internal Revenue Service (“IRS”), in which the Tax
Court predominantly sided with the IRS. The company intends to assert its claims on appeal and vigorously defend
its position. In this opinion, the Tax Court reserved ruling on the effect of Brazilian legal restrictions on the payment
of royalties by the company’s licensee in Brazil until after the Tax Court issued its opinion in a separate case
involving the 3M Company. The Tax Court issued that opinion in the 3M case on February 9, 2023. As previously
disclosed, the company expects that the Tax Court will now proceed to consider the impact of the 3M opinion on
the company’s case and ultimately issue a final decision in the company’s case. The potential impact of the 3M
decision for the payment of royalties in the company’s case is already reflected in the company’s previously
disclosed estimates of the amounts of potential additional tax and interest that could become due if the IRS were
ultimately to prevail in the courts.

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 Operating Review – Three Months Ended December 31, 2022

Revenues and Volume

Acquisitions,
Divestitures
Concentrate Currency and Structural Reported Net Organic Unit Case
Percent Change Sales1 Price/Mix Impact Changes, Net Revenues Revenues2 Volume3
Consolidated 2 12 (8) 1 7 15 (1)
Europe, Middle East & Africa (6) 15 (16) 0 (7) 9 (5)
Latin America 6 26 (7) 0 25 32 2
North America 1 12 0 1 14 12 0
Asia Pacific 8 7 (14) 2 3 15 (1)
Global Ventures4 3 5 (13) 0 (5) 8 8
Bottling Investments 2 14 (12) 0 4 16 1

Operating Income and EPS

Comparable
Reported Currency Neutral
Operating Items Impacting Operating
Percent Change Income Comparability Currency Impact Income2
Consolidated 24 13 (10) 21
Europe, Middle East & Africa (18) 4 (17) (5)
Latin America 22 (2) (10) 34
North America 6 (6) 0 12
Asia Pacific 6 (6) (9) 22
Global Ventures (71) (17) 0 (55)
Bottling Investments (15) 10 (7) (18)

Comparable
Items Impacting Currency Neutral
Percent Change Reported EPS Comparability Currency Impact EPS2
Consolidated (16) (16) (11) 11

Note: Certain rows may not add due to rounding.

1
For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume
computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural
changes, if any.
2
Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures.
Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
3
Unit case volume is computed based on average daily sales.
4
Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and
price/mix may fluctuate materially from period to period. Therefore, the company places greater focus on revenue growth as the best indicator
of underlying performance of the Global Ventures operating segment.

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 Operating Review – Year Ended December 31, 2022
Revenues and Volume

Acquisitions,
Divestitures
Concentrate Currency and Structural Reported Net Organic Unit Case
Percent Change Sales1 Price/Mix Impact Changes, Net Revenues Revenues2 Volume
Consolidated 5 11 (7) 2 11 16 5
Europe, Middle East & Africa 2 16 (14) 0 5 18 3
Latin America 7 17 (5) 0 19 24 6
North America 1 12 0 6 19 13 2
Asia Pacific 8 3 (9) 0 3 11 6
Global Ventures 3
13 0 (11) 0 1 13 13
Bottling Investments 12 7 (9) 0 10 19 12

Operating Income and EPS

Comparable
Reported Currency Neutral
Operating Items Impacting Operating
Percent Change Income Comparability Currency Impact Income2
Consolidated 6 (5) (8) 19
Europe, Middle East & Africa 6 3 (15) 18
Latin America 13 0 (6) 19
North America 12 (5) 0 18
Asia Pacific (1) (2) (8) 9
Global Ventures (37) (1) (2) (33)
Bottling Investments 3 (7) (9) 19

Comparable
Items Impacting Currency Neutral
Percent Change Reported EPS Comparability Currency Impact EPS2
Consolidated (3) (9) (10) 17

Note: Certain rows may not add due to rounding.

1
For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after
considering the impact of structural changes, if any.
2
Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures.
Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
3
Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and
price/mix may fluctuate materially from period to period. Therefore, the company places greater focus on revenue growth as the best indicator
of underlying performance of the Global Ventures operating segment.

In addition to the data in the preceding tables, operating results included the following:

Consolidated

• Unit case volume declined 1% for the quarter. When compared to 2019 volume levels, fourth quarter unit case
volume growth was in line with the third quarter. For the fourth quarter, strong growth in Brazil, India, Great
Britain and Mexico was more than offset by the suspension of business in Russia. For the full year, unit case
volume grew 5% as broad-based growth across all operating segments was driven by strength in away-from-
home channels and ongoing investments in the marketplace. Developed markets grew low single digits for the
quarter and mid single digits for the year, driven by growth across most markets. Developing and emerging
markets declined low single digits for the quarter and grew mid single digits for the year. This performance
benefited from strong growth in India and Brazil and was unfavorably impacted by the suspension of business in
Russia.

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 Unit case volume performance included the following:

◦ Sparkling soft drinks were even for the quarter and grew 4% for the year, benefiting from strong
performance in Latin America and Asia Pacific and unfavorably impacted by the suspension of business in
Russia. Trademark Coca-Cola was even for the quarter, as strong performance in Brazil and Philippines
was offset by the suspension of business in Russia, and grew 4% for the year, driven by broad-based
strength across all geographic operating segments. Coca-Cola® Zero Sugar grew 9% for the quarter and
11% for the year, driven by strong growth across developed markets as well as developing and emerging
markets. Sparkling flavors declined 2% for the quarter and grew 5% for the year. This performance
benefited from strong growth in India and the United States and was unfavorably impacted by the
suspension of business in Russia.

◦ Juice, value-added dairy and plant-based beverages declined 7% for the quarter and grew 3% for the year.
This performance benefited from strong growth in developed markets and was unfavorably impacted by the
suspension of business in Russia.

◦ Water, sports, coffee and tea were even for the quarter and grew 6% for the year. Water was even for the
quarter and grew 5% for the year. This performance benefited from strong growth in Latin America and was
unfavorably impacted by a decline in China due to varying levels of pandemic-related mobility restrictions.
Sports drinks grew 1% for the quarter and 8% for the year, driven by strong performance in Latin America
and Europe, Middle East and Africa. Coffee grew 11% for the quarter and 13% for the year, primarily driven
by cycling the impact of pandemic-related Costa® retail store closures in the United Kingdom in the prior
year and the continued expansion of Costa® coffee across markets. Tea declined 9% for the quarter and
grew 1% for the year. This performance benefited from strong growth of Fuze® Tea in Latin America and
was unfavorably impacted by doğadan® performance in Turkey.

• Price/mix grew 12% for the quarter and 11% for the year. This was primarily driven by pricing actions in the
marketplace across operating segments along with favorable channel and package mix. For the quarter,
concentrate sales were 3 points ahead of unit case volume, primarily due to one additional day along with the
timing of concentrate shipments.

• Operating income grew 24% for the quarter and 6% for the year, which included items impacting comparability
and currency headwinds. Comparable currency neutral operating income (non-GAAP) grew 21% for the quarter
and 19% for the year. For both the quarter and the year, this performance was driven by strong organic revenue
(non-GAAP) growth across all operating segments, partially offset by higher operating costs and an increase in
marketing investments versus the prior year.

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Europe, Middle East & Africa

• Unit case volume declined 5% for the quarter, as strong growth in Western Europe was more than offset by the
suspension of business in Russia.

• Price/mix grew 15% for the quarter, driven by pricing actions across operating units along with inflationary
pricing in Turkey. For the quarter, concentrate sales were 1 point behind unit case volume, largely due to the
timing of concentrate shipments.

• For the quarter, operating income declined 18%, which included items impacting comparability and a 27-point
currency headwind. Comparable currency neutral operating income (non-GAAP) declined 5% for the quarter, as
strong organic revenue (non-GAAP) growth across most operating units was more than offset by higher
operating costs and an increase in marketing investments versus the prior year.

• For the year, the company gained value share in total NARTD beverages, led by share gains in France, Spain
and Poland.

Latin America

• Unit case volume grew 2% for the quarter, with solid growth across most categories. Growth was led by Brazil
and Mexico.

• Price/mix grew 26% for the quarter, driven by pricing actions in the marketplace and favorable channel and
package mix, in addition to inflationary pricing in Argentina. For the quarter, concentrate sales were 4 points
ahead of unit case volume, primarily due to one additional day along with cycling the timing of concentrate
shipments in the prior year.

• Operating income grew 22% for the quarter, which included a 12-point currency headwind and items impacting
comparability. Comparable currency neutral operating income (non-GAAP) grew 34% for the quarter, primarily
driven by strong organic revenue (non-GAAP) growth, partially offset by higher operating costs and an increase
in marketing investments versus the prior year.

• For the year, the company lost value share in total NARTD beverages, as share gains in Brazil and Argentina
were more than offset by pressure in sparkling soft drinks in Mexico.

North America

• Unit case volume was even during the quarter, as growth in sparkling soft drinks, juice drinks and value-added
dairy beverages was offset by declines in other beverage categories.

• Price/mix grew 12% for the quarter, primarily driven by pricing actions in the marketplace and the continued
recovery in the fountain business.

• Operating income grew 6% for the quarter, which included items impacting comparability. Comparable currency
neutral operating income (non-GAAP) grew 12% for the quarter, driven by strong organic revenue (non-GAAP)
growth, partially offset by higher operating costs and an increase in marketing investments versus the prior year.

• The company gained value share in total NARTD beverages for the year, driven by the continued recovery in
away-from-home channels along with strong performance in at-home channels for sparkling soft drinks and
value-added dairy beverages.

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Asia Pacific

• Unit case volume declined 1% for the quarter, driven by strong growth in India and Vietnam, which was more
than offset by a decline in China due to varying levels of pandemic-related mobility restrictions.

• Price/mix grew 7% for the quarter, primarily driven by pricing actions in the marketplace, partially offset by
negative geographic mix. For the quarter, concentrate sales were 9 points ahead of unit case volume, primarily
due to the timing of concentrate shipments.

• Operating income grew 6% for the quarter, which included items impacting comparability and a 15-point
currency headwind. Comparable currency neutral operating income (non-GAAP) grew 22% for the quarter,
primarily driven by organic revenue (non-GAAP) growth across all operating units, partially offset by higher
operating costs.

• For the year, the company gained value share in total NARTD beverages, led by share gains in India, Australia,
Japan and South Korea.

Global Ventures

• Net revenues declined 5% and organic revenues (non-GAAP) grew 8% for the quarter. Net revenues included a
13-point currency headwind. Revenue performance benefited from cycling the impact of pandemic-related
Costa retail store closures in the United Kingdom in the prior year.

• Operating income and comparable currency neutral operating income (non-GAAP) both declined for the quarter,
as solid organic revenue (non-GAAP) growth was more than offset by higher operating costs.

Bottling Investments

• Unit case volume grew 1% for the quarter, driven by strength in India and Vietnam.

• Price/mix grew 14% for the quarter, driven by pricing actions across most markets.

• Operating income declined 15% for the quarter, which included items impacting comparability and a 9-point
currency headwind. Comparable currency neutral operating income (non-GAAP) declined 18% for the quarter,
as strong organic revenue (non-GAAP) growth was more than offset by higher operating costs.

Capital Allocation Update

• Reinvesting in the business: The company continued to invest in its various lines of business and spent
$1.5 billion on capital expenditures in 2022, an increase of 9% versus the prior year.

• Continuing to grow the dividend: The company paid dividends totaling $7.6 billion during 2022. The company
has increased its dividend in each of the last 60 years.

• Consumer-centric M&A: In 2022, the company did not make any significant acquisitions. The company
continues to evaluate inorganic growth opportunities through brands and capabilities.

• Share repurchases: In 2022, the company issued $0.8 billion of shares in connection with the exercise of stock
options by employees, and the company purchased $1.4 billion of shares. Consequently, net share repurchases
(non-GAAP) were $0.6 billion. The company’s remaining share repurchase authorization is approximately
$8 billion.

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 Outlook

The 2023 outlook information provided below includes forward-looking non-GAAP financial measures, which
management uses in measuring performance. The company is not able to reconcile full-year 2023 projected organic
revenues (non-GAAP) to full-year 2023 projected reported net revenues, full-year 2023 projected comparable net
revenues (non-GAAP) to full-year 2023 projected reported net revenues, full-year 2023 projected comparable cost
of goods sold (non-GAAP) to full-year 2023 projected reported cost of goods sold, full-year 2023 projected
underlying effective tax rate (non-GAAP) to full-year 2023 projected reported effective tax rate, full-year 2023
projected comparable currency neutral EPS (non-GAAP) to full-year 2023 projected reported EPS, or full-year 2023
projected comparable EPS (non-GAAP) to full-year 2023 projected reported EPS without unreasonable efforts
because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of
acquisitions, divestitures and structural changes throughout 2023; the exact impact of changes in commodity costs
throughout 2023; the exact timing and exact amount of items impacting comparability throughout 2023; and the
exact impact of fluctuations in foreign currency exchange rates throughout 2023. The unavailable information could
have a significant impact on the company’s full-year 2023 reported financial results.
Full Year 2023
The company expects to deliver organic revenue (non-GAAP) growth of 7% to 8%.
For comparable net revenues (non-GAAP), the company expects a 2% to 3% currency headwind based on the
current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from
acquisitions, divestitures and structural changes.
The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of
goods sold (non-GAAP) based on the current rates and including the impact of hedged positions.
The company’s underlying effective tax rate (non-GAAP) is estimated to be 19.5%. This does not include the impact
of ongoing tax litigation with the IRS, if the company were not to prevail.
Given the above considerations, the company expects to deliver comparable currency neutral EPS (non-GAAP)
growth of 7% to 9% and comparable EPS (non-GAAP) growth of 4% to 5%, versus $2.48 in 2022.
Comparable EPS (non-GAAP) percentage growth is expected to include a 3% to 4% currency headwind based on
the current rates and including the impact of hedged positions, in addition to a slight headwind from acquisitions,
divestitures and structural changes.
The company expects to generate free cash flow (non-GAAP) of approximately $9.5 billion through cash flow from
operations of approximately $11.4 billion, less capital expenditures of approximately $1.9 billion. This does not
include any potential payments related to ongoing tax litigation with the IRS.
First Quarter 2023 Considerations
Comparable net revenues (non-GAAP) are expected to include a 5% to 6% currency headwind based on the
current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from
acquisitions, divestitures and structural changes.
Comparable EPS (non-GAAP) percentage growth is expected to include a 6% to 7% currency headwind based on
the current rates and including the impact of hedged positions.

The first quarter has one less day compared to first quarter 2022.

Notes

• All references to growth rate percentages and share compare the results of the period to those of the prior year
comparable period, unless otherwise noted.

• All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All
volume percentage changes are computed based on average daily sales in the fourth quarter, unless otherwise
noted, and are computed on a reported basis for the full year. “Unit case” means a unit of measurement equal to
192 U.S. fluid ounces of finished beverage (24 eight-ounce servings), with the exception of unit case

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 equivalents for Costa non-ready-to-drink beverage products which are primarily measured in number of
transactions. “Unit case volume” means the number of unit cases (or unit case equivalents) of company
beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.

• “Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and
powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished beverages
sold by, the company to its bottling partners or other customers. For Costa non-ready-to-drink beverage
products, “concentrate sales” represents the amount of beverages, primarily measured in number of
transactions (in all instances expressed in unit case equivalents) sold by the company to customers or
consumers. In the reconciliation of reported net revenues, “concentrate sales” represents the percent change in
net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating
segments and the Global Ventures operating segment after considering the impact of structural changes, if any.
For the Bottling Investments operating segment for the fourth quarter, this represents the percent change in net
revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than
average daily sales) in each of the corresponding periods after considering the impact of structural changes, if
any. For the Bottling Investments operating segment for the full year, this represents the percent change in net
revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural
changes, if any. The Bottling Investments operating segment reflects unit case volume growth for consolidated
bottlers only.

• “Price/mix” represents the change in net operating revenues caused by factors such as price changes, the mix
of products and packages sold, and the mix of channels and geographic territories where the sales occurred.

• First quarter 2022 financial results were impacted by one less day as compared to first quarter 2021, and fourth
quarter 2022 financial results were impacted by one additional day as compared to fourth quarter 2021. Unit
case volume results for the quarters are not impacted by the variances in days due to the average daily sales
computation referenced above.

Conference Call
The company is hosting a conference call with investors and analysts to discuss fourth quarter and full-year 2022
operating results today, Feb. 14, 2023, at 8:30 a.m. ET. The company invites participants to listen to a live webcast
of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An
audio replay in downloadable digital format and a transcript of the call will be available on the website within 24
hours following the call. Further, the “Investors” section of the website includes certain supplemental information and
a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be
used during the call when discussing financial results.

Contacts:

Investors and Analysts: Tim Leveridge, [email protected]

Media: Scott Leith, [email protected]

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(In millions except per share data)

Three Months Ended

December 31, December 31, %
2022 2021 Change
Net Operating Revenues $ 10,125 $ 9,464 7
Cost of goods sold 4,513 4,088 10
Gross Profit 5,612 5,376 4
Selling, general and administrative expenses 3,431 3,336 3
Other operating charges 106 368 (71)
Operating Income 2,075 1,672 24
Interest income 143 71 99
Interest expense 304 165 84
Equity income (loss) — net 339 302 12
Other income (loss) — net 247 1,080 (77)
Income Before Income Taxes 2,500 2,960 (16)
Income taxes 444 510 (13)
Consolidated Net Income 2,056 2,450 (16)
Less: Net income (loss) attributable to noncontrolling interests 25 36 (25)
Net Income Attributable to Shareowners of The Coca-Cola Company $ 2,031 $ 2,414 (16)
Basic Net Income Per Share1 $ 0.47 $ 0.56 (16)
Diluted Net Income Per Share1 $ 0.47 $ 0.56 (16)
Average Shares Outstanding 4,326 4,321 0
Effect of dilutive securities 21 26 (19)
Average Shares Outstanding Assuming Dilution 4,347 4,347 0
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1
Calculated based on net income attributable to shareowners of The Coca-Cola Company.

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(In millions except per share data)

Year Ended
December 31, December 31, %
2022 2021 Change
Net Operating Revenues $ 43,004 $ 38,655 11
Cost of goods sold 18,000 15,357 17
Gross Profit 25,004 23,298 7
Selling, general and administrative expenses 12,880 12,144 6
Other operating charges 1,215 846 44
Operating Income 10,909 10,308 6
Interest income 449 276 62
Interest expense 882 1,597 (45)
Equity income (loss) — net 1,472 1,438 2
Other income (loss) — net (262) 2,000 —
Income Before Income Taxes 11,686 12,425 (6)
Income taxes 2,115 2,621 (19)
Consolidated Net Income 9,571 9,804 (2)
Less: Net income (loss) attributable to noncontrolling interests 29 33 (9)
Net Income Attributable to Shareowners of The Coca-Cola Company $ 9,542 $ 9,771 (2)
Basic Net Income Per Share1 $ 2.20 $ 2.26 (3)
Diluted Net Income Per Share1 $ 2.19 $ 2.25 (3)
Average Shares Outstanding 4,328 4,315 0
Effect of dilutive securities 22 25 (10)
Average Shares Outstanding Assuming Dilution 4,350 4,340 0
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1
Calculated based on net income attributable to shareowners of The Coca-Cola Company.

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(In millions except par value)

December 31, December 31,

2022 2021
ASSETS
Current Assets
Cash and cash equivalents $ 9,519 $ 9,684
Short-term investments 1,043 1,242
Total Cash, Cash Equivalents and Short-Term Investments 10,562 10,926
Marketable securities 1,069 1,699
Trade accounts receivable, less allowances of $516 and $516, respectively 3,487 3,512
Inventories 4,233 3,414
Prepaid expenses and other current assets 3,240 2,994
Total Current Assets 22,591 22,545
Equity method investments 18,264 17,598
Other investments 501 818
Other noncurrent assets 6,189 6,731
Deferred income tax assets 1,746 2,129
Property, plant and equipment — net 9,841 9,920
Trademarks with indefinite lives 14,214 14,465
Goodwill 18,782 19,363
Other intangible assets 635 785
Total Assets $ 92,763 $ 94,354
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses $ 15,749 $ 14,619
Loans and notes payable 2,373 3,307
Current maturities of long-term debt 399 1,338
Accrued income taxes 1,203 686
Total Current Liabilities 19,724 19,950
Long-term debt 36,377 38,116
Other noncurrent liabilities 7,922 8,607
Deferred income tax liabilities 2,914 2,821
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 18,822 18,116
Reinvested earnings 71,019 69,094
Accumulated other comprehensive income (loss) (14,895) (14,330)
Treasury stock, at cost — 2,712 and 2,715 shares, respectively (52,601) (51,641)
Equity Attributable to Shareowners of The Coca-Cola Company 24,105 22,999
Equity attributable to noncontrolling interests 1,721 1,861
Total Equity 25,826 24,860
Total Liabilities and Equity $ 92,763 $ 94,354

13
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In millions)

Year Ended
December 31, December 31,
2022 2021
Operating Activities
Consolidated net income $ 9,571 $ 9,804
Depreciation and amortization 1,260 1,452
Stock-based compensation expense 356 337
Deferred income taxes (122) 894
Equity (income) loss — net of dividends (838) (615)
Foreign currency adjustments 203 86
Significant (gains) losses — net (129) (1,365)
Other operating charges 1,086 506
Other items 236 201
Net change in operating assets and liabilities (605) 1,325
Net Cash Provided by Operating Activities 11,018 12,625
Investing Activities
Purchases of investments (3,751) (6,030)
Proceeds from disposals of investments 4,771 7,059
Acquisitions of businesses, equity method investments and nonmarketable securities (73) (4,766)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities 458 2,180
Purchases of property, plant and equipment (1,484) (1,367)
Proceeds from disposals of property, plant and equipment 75 108
Collateral (paid) received associated with hedging activities — net (1,465) —
Other investing activities 706 51
Net Cash Provided by (Used in) Investing Activities (763) (2,765)
Financing Activities
Issuances of debt 3,972 13,094
Payments of debt (4,930) (12,866)
Issuances of stock 837 702
Purchases of stock for treasury (1,418) (111)
Dividends (7,616) (7,252)
Other financing activities (1,095) (353)
Net Cash Provided by (Used in) Financing Activities (10,250) (6,786)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted
Cash Equivalents (205) (159)
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 (200) 2,915
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 10,025 7,110
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year 9,825 10,025
Less: Restricted cash and restricted cash equivalents at end of year 306 341
Cash and Cash Equivalents at End of Year $ 9,519 $ 9,684

14
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments and Corporate
(In millions)

Three Months Ended

Net Operating Revenues1 Operating Income (Loss) Income (Loss) Before Income Taxes
December 31, December 31, % Fav. / December 31, December 31, % Fav. / December 31, December 31, % Fav. /
2022 2021 (Unfav.) 2022 2021 (Unfav.) 2022 2021 (Unfav.)
Europe, Middle East &
Africa $ 1,519 $ 1,638 (7) $ 614 $ 745 (18) $ 626 $ 772 (19)
Latin America 1,289 1,030 25 724 592 22 727 590 23
North America 3,853 3,393 14 764 721 6 766 735 4
Asia Pacific 1,041 1,012 3 297 279 6 295 272 8
Global Ventures 740 775 (5) 23 78 (71) 23 89 (74)
Bottling Investments 1,982 1,904 4 135 159 (15) 431 395 9
Corporate 17 26 (38) (482) (902) 47 (368) 107 —
Eliminations (316) (314) 0 — — — — — —
Consolidated $ 10,125 $ 9,464 7 $ 2,075 $ 1,672 24 $ 2,500 $ 2,960 (16)

Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1
During the three months ended December 31, 2022, intersegment revenues were $146 million for Europe, Middle East & Africa, $1 million for North America,
$167 million for Asia Pacific and $2 million for Bottling Investments. During the three months ended December 31, 2021, intersegment revenues were
$168 million for Europe, Middle East & Africa, $2 million for North America, $141 million for Asia Pacific, $2 million for Bottling Investments and $1 million for
Corporate.

15
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments and Corporate
(In millions)

Year Ended

Net Operating Revenues1 Operating Income (Loss) Income (Loss) Before Income Taxes
December 31, December 31, % Fav. / December 31, December 31, % Fav. / December 31, December 31, % Fav. /
2022 2021 (Unfav.) 2022 2021 (Unfav.) 2022 2021 (Unfav.)
Europe, Middle East &
Africa $ 7,523 $ 7,193 5 $ 3,958 $ 3,735 6 $ 3,952 $ 3,821 3
Latin America 4,910 4,143 19 2,870 2,534 13 2,879 2,542 13
North America 15,674 13,190 19 3,742 3,331 12 3,768 3,140 20
Asia Pacific 5,445 5,291 3 2,303 2,325 (1) 2,320 2,350 (1)
Global Ventures 2,843 2,805 1 185 293 (37) 196 310 (37)
Bottling Investments 7,891 7,203 10 487 473 3 1,743 1,596 9
Corporate 94 85 11 (2,636) (2,383) (11) (3,172) (1,334) (138)
Eliminations (1,376) (1,255) (10) — — — — — —
Consolidated $ 43,004 $ 38,655 11 $ 10,909 $ 10,308 6 $ 11,686 $ 12,425 (6)

Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1
During the year ended December 31, 2022, intersegment revenues were $627 million for Europe, Middle East & Africa, $7 million for North America,
$734 million for Asia Pacific and $8 million for Bottling Investments. During the year ended December 31, 2021, intersegment revenues were $629 million for
Europe, Middle East & Africa, $6 million for North America, $609 million for Asia Pacific, $9 million for Bottling Investments and $2 million for Corporate.

16
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures

The company reports its financial results in accordance with accounting principles generally accepted in the United States
(“GAAP” or referred to herein as “reported”). To supplement our consolidated financial statements reported on a GAAP
basis, we provide the following non-GAAP financial measures: “comparable net revenues,” “comparable currency neutral
net revenues,” “organic revenues,” “comparable cost of goods sold,” “comparable operating margin,” “underlying operating
margin,” “comparable operating income,” “comparable currency neutral operating income,” “comparable EPS,”
“comparable currency neutral EPS,” “underlying effective tax rate,” “free cash flow” and “net share repurchases,” each of
which is defined below. Management believes these non-GAAP financial measures provide investors with additional
meaningful financial information that should be considered when assessing our underlying business performance and
trends. Further, management believes these non-GAAP financial measures also enhance investors’ ability to compare
period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative
for, the company’s reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not
represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to
similarly titled measures reported by other companies. Reconciliations of each of these non-GAAP financial measures to
GAAP information are also included below. Management uses these non-GAAP financial measures in making financial,
operating, compensation and planning decisions and in evaluating the company’s performance. Disclosing these non-
GAAP financial measures allows investors and management to view our operating results excluding the impact of items
that are not reflective of the underlying operating performance.

DEFINITIONS
• “Currency neutral operating results” are determined by dividing or multiplying, as appropriate, our current period
actual U.S. dollar operating results, by the current period actual exchange rates (that include the impact of current
period currency hedging activities), to derive our current period local currency operating results. We then multiply or
divide, as appropriate, the derived current period local currency operating results by the foreign currency exchange
rates (that also include the impact of the comparable prior period currency hedging activities) used to translate the
company’s financial statements in the comparable prior year period to determine what the current period U.S. dollar
operating results would have been if the foreign currency exchange rates had not changed from the comparable
prior year period.
• “Structural changes” generally refer to acquisitions and divestitures of bottling operations, including the impact of
intercompany transactions between our operating segments. In August 2022, the company acquired a controlling
interest in a bottling operation in Malawi. The impact of this acquisition has been included in acquisitions,
divestitures and structural changes in our analysis of net revenues on a consolidated basis as well as for the
Bottling Investments and Europe, Middle East and Africa operating segments. In November 2022, the company
refranchised our bottling operations in Cambodia. The impact of this refranchising has been included in acquisitions,
divestitures and structural changes in our analysis of net revenues on a consolidated basis as well as for the
Bottling Investments and Asia Pacific operating segments.
• “Comparable net revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for
items impacting comparability (discussed further below). “Comparable currency neutral net revenues” is a
non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability
(discussed further below) as well as the impact of fluctuations in foreign currency exchange rates. Management
believes the comparable net revenues (non-GAAP) growth measure and the comparable currency neutral net
revenues (non-GAAP) growth measure provide investors with useful supplemental information to enhance their
understanding of the company’s revenue performance and trends by improving their ability to compare our period-
to-period results. “Organic revenues” is a non-GAAP financial measure that excludes or has otherwise been
adjusted for the impact of acquisitions, divestitures and structural changes, as applicable, and the impact of
fluctuations in foreign currency exchange rates. Management believes the organic revenue (non-GAAP) growth
measure provides users with useful supplemental information regarding the company’s ongoing revenue
performance and trends by presenting revenue growth excluding the impact of foreign exchange as well as the
impact of acquisitions, divestitures and structural changes. The adjustments related to acquisitions, divestitures and
structural changes for the three months and year ended December 31, 2022 included the structural changes
discussed above. Additionally, in November 2021, the company acquired the remaining ownership interest in
BODYARMOR. The impact of acquiring BODYARMOR has been included in acquisitions, divestitures and structural
changes in our analysis of net revenues on a consolidated basis as well as for the North America operating segment

17
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures

for the three months and year ended December 31, 2022. In July 2022, the company also acquired certain brands
in Asia Pacific. The impact of acquiring these brands has been included in acquisitions, divestitures and structural
changes in our analysis of net revenues on a consolidated basis as well as for the Asia Pacific operating segment
for the three months and year ended December 31, 2022.
• “Comparable cost of goods sold” is a non-GAAP financial measure that excludes or has otherwise been adjusted for
items impacting comparability (discussed further below). Management believes comparable cost of goods sold
(non-GAAP) provides users with useful supplemental information regarding the company’s ongoing cost of goods
sold by improving their ability to compare our period-to-period results.
• “Comparable operating income” is a non-GAAP financial measure that excludes or has otherwise been adjusted for
items impacting comparability (discussed further below). “Comparable currency neutral operating income” is a non-
GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed
further below) and the impact of fluctuations in foreign currency exchange rates. “Comparable operating margin” is a
non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability
(discussed further below). “Underlying operating margin” is a non-GAAP financial measure that excludes or has
otherwise been adjusted for items impacting comparability (discussed further below), the impact of fluctuations in
foreign currency exchange rates, and the impact of acquisitions, divestitures and structural changes, as applicable.
Management uses these non-GAAP financial measures to evaluate the company’s performance and make resource
allocation decisions. Further, management believes the comparable operating income (non-GAAP) growth measure,
comparable currency neutral operating income (non-GAAP) growth measure, comparable operating margin (non-
GAAP) measure and underlying operating margin (non-GAAP) measure enhance its ability to communicate the
underlying operating results and provide investors with useful supplemental information to enhance their
understanding of the company’s underlying business performance and trends by improving their ability to compare
our period-to-period financial results.
• “Comparable EPS” and “comparable currency neutral EPS” are non-GAAP financial measures that exclude or have
otherwise been adjusted for items impacting comparability (discussed further below). Comparable currency neutral
EPS (non-GAAP) has also been adjusted for the impact of fluctuations in foreign currency exchange rates.
Management uses these non-GAAP financial measures to evaluate the company’s performance and make resource
allocation decisions. Further, management believes the comparable EPS (non-GAAP) and comparable currency
neutral EPS (non-GAAP) growth measures enhance its ability to communicate the underlying operating results and
provide investors with useful supplemental information to enhance their understanding of the company’s underlying
business performance and trends by improving their ability to compare our period-to-period financial results.
• “Underlying effective tax rate” is a non-GAAP financial measure that represents the estimated annual effective
income tax rate on income before income taxes, which excludes or has otherwise been adjusted for items impacting
comparability (discussed further below).
• “Free cash flow” is a non-GAAP financial measure that represents net cash provided by operating activities less
purchases of property, plant and equipment. Management uses this non-GAAP financial measure to evaluate the
company’s performance and make resource allocation decisions.

• “Net share repurchases” is a non-GAAP financial measure that reflects the net amount of purchases of stock for
treasury after considering proceeds from the issuances of stock, the net change in stock issuance receivables
(related to employee stock options exercised but not settled prior to the end of the period) and the net change in
treasury stock payables (for treasury shares repurchased but not settled prior to the end of the period).

ITEMS IMPACTING COMPARABILITY

The following information is provided to give qualitative and quantitative information related to items impacting
comparability. Items impacting comparability are not defined terms within GAAP. Therefore, our non-GAAP financial
information may not be comparable to similarly titled measures reported by other companies. We determine which items
to consider as “items impacting comparability” based on how management views our business; makes financial,
operating, compensation and planning decisions; and evaluates the company’s ongoing performance. Items such as
charges, gains and accounting changes which are viewed by management as impacting only the current period or the

18
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures

comparable period, but not both, or as pertaining to different and unrelated underlying activities or events across
comparable periods, are generally considered “items impacting comparability.” Items impacting comparability include, but
are not limited to, asset impairments, transaction gains/losses including associated costs, and charges related to
restructuring initiatives, in each case when exceeding a U.S. dollar threshold. Also included are our proportionate share of
similar items incurred by our equity method investees, timing differences related to our economic (non-designated)
hedging activities, and timing differences related to unrealized mark-to-market adjustments of equity securities and trading
debt securities, regardless of size. In addition, we provide the impact that fluctuations in foreign currency exchange rates
had on our financial results (“currency neutral operating results” defined above).
Asset Impairments
During the year ended December 31, 2022, the company recorded an impairment charge of $57 million related to a
trademark in Asia Pacific, which was primarily driven by a change in brand strategy resulting in revised projections of
future operating results for the trademark. Additionally, during the year ended December 31, 2022, the company recorded
an other-than-temporary impairment charge of $96 million related to an equity method investee in Russia.
During the three months and year ended December 31, 2021, the company recorded an impairment charge of $78 million
related to a trademark in Europe, which was driven by a change in our intent to renew the license agreement for a certain
brand.
Equity Investees
During the three months and year ended December 31, 2022, the company recorded a gain of $10 million and a net
charge of $34 million, respectively. During the three months and year ended December 31, 2021, the company recorded
net charges of $8 million and $13 million, respectively. These amounts represent the company’s proportionate share of
significant operating and nonoperating items recorded by certain of our equity method investees.
Transaction Gains/Losses
During the three months and year ended December 31, 2022, the company recorded charges of $29 million and
$1,000 million, respectively, related to the remeasurement of our contingent consideration liability to fair value in
conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020. Additionally, during the three months and year ended
December 31, 2022, the company recognized gains of $94 million and $169 million, respectively, related to the sale of a
portion of our ownership interest in an unconsolidated bottling operation and recognized a net gain of $153 million related
to the refranchising of our bottling operations in Cambodia.
During the year ended December 31, 2022, the company recorded a net loss of $24 million as a result of one of our equity
method investees issuing additional shares of its stock.
During the three months and year ended December 31, 2021, the company recognized a gain of $834 million in
conjunction with our acquisition of the remaining ownership interest in BODYARMOR, which resulted from the
remeasurement of our previously held equity interest in BODYARMOR to fair value. Additionally, during the three months
and year ended December 31, 2021, the company recorded charges of $106 million and $369 million, respectively, related
to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife.
During the three months and year ended December 31, 2021, the company also recognized gains totaling $57 million and
$133 million, respectively, related to the sale of a portion of our ownership interests in certain unconsolidated bottling
operations.
During the year ended December 31, 2021, the company recorded a net gain, including transaction costs, of $694 million
related to the sale of our ownership interest in Coca-Cola Amatil Limited, an equity method investee.
Restructuring
During the three months and year ended December 31, 2022, the company recorded charges of $29 million and
$85 million, respectively. During the three months and year ended December 31, 2021, the company recorded charges of
$44 million and $115 million, respectively. The costs incurred were primarily related to certain initiatives designed to further
simplify and standardize our organization as part of our productivity and reinvestment program.

19
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures

During the three months and year ended December 31, 2022, the company recorded a charge of $38 million, primarily
related to severance costs associated with the restructuring of our North America operating unit.
During the three months and year ended December 31, 2022, the company recorded a gain of $6 million due to a revision
of management’s estimates associated with our strategic realignment initiatives. During the three months and year ended
December 31, 2021, the company recorded net charges of $33 million and $263 million, respectively, primarily related to
severance costs and pension settlement charges associated with our strategic realignment initiatives.
Other Items
Economic (Non-Designated) Hedges
The company uses derivatives as economic hedges primarily to mitigate the foreign exchange risk for certain currencies,
certain interest rate risk, and the price risk associated with the purchase of materials used in our manufacturing processes
as well as the purchase of vehicle fuel. Although these derivatives were not designated and/or did not qualify for hedge
accounting, they are effective economic hedges. The changes in fair values of these economic hedges are immediately
recognized in earnings.
The company excludes the net impact of mark-to-market adjustments for outstanding hedges and realized gains/losses
for settled hedges from our non-GAAP financial information until the period in which the underlying exposure being
hedged impacts our consolidated statement of income. Management believes this adjustment provides meaningful
information related to the impact of our economic hedging activities. During the three months and year ended
December 31, 2022, the net impact of the company’s adjustment related to our economic hedging activities resulted in
increases of $134 million and $170 million, respectively, to our non-GAAP income before income taxes.
During the three months and year ended December 31, 2021, the net impact of the company’s adjustment related to our
economic hedging activities resulted in increases of $37 million and $85 million, respectively, to our non-GAAP income
before income taxes.
Unrealized Gains and Losses on Equity and Trading Debt Securities
The company excludes the net impact of unrealized gains and losses resulting from mark-to-market adjustments on our
equity and trading debt securities from our non-GAAP financial information until the period in which the underlying
securities are sold and the associated gains or losses are realized. Management believes this adjustment provides
meaningful information related to the impact of our investments in equity and trading debt securities. During the three
months and year ended December 31, 2022, the net impact of the company’s adjustment related to unrealized gains and
losses on our equity and trading debt securities resulted in a decrease of $61 million and an increase of $440 million,
respectively, to our non-GAAP income before income taxes.
During the three months and year ended December 31, 2021, the net impact of the company’s adjustment related to
unrealized gains and losses on our equity and trading debt securities resulted in decreases of $85 million and
$362 million, respectively, to our non-GAAP income before income taxes.
Extinguishment of Long-Term Debt
During the year ended December 31, 2021, the company recorded charges of $650 million related to the extinguishment
of long-term debt.
Other
During the three months and year ended December 31, 2022, the company recorded net charges of $5 million and
$36 million, respectively, related to restructuring our manufacturing operations in the United States. Additionally, during the
three months and year ended December 31, 2022, the company recorded net charges of $15 million and $38 million,
respectively, related to the BODYARMOR acquisition in the prior year, which included various transition and transaction
costs, employee retention costs and the amortization of noncompete agreements, net of the reimbursement of distributor
termination fees. During the three months and year ended December 31, 2022, the company also recorded a charge of
$1 million related to tax litigation.
During the three months and year ended December 31, 2021, the company recorded net charges of $10 million and
$318 million, respectively, related to restructuring our manufacturing operations in the United States. Additionally, during

20
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures

the three months and year ended December 31, 2021, the company recorded net charges of $119 million, which included
various transition and transaction costs, distributor termination fees, employee retention costs and the amortization of
noncompete agreements related to the BODYARMOR acquisition. During the three months and year ended December 31,
2021, the company also recorded charges of $1 million and $15 million, respectively, related to tax litigation.
Certain Tax Matters
During the three months and year ended December 31, 2022, the company recorded $6 million and $76 million,
respectively, of excess tax benefits associated with the company’s stock-based compensation arrangements. During the
three months and year ended December 31, 2022, the company also recorded net income tax benefits of $41 million and
$28 million, respectively, for changes to our uncertain tax positions, including interest and penalties, as well as for various
discrete tax items. Additionally, during the three months and year ended December 31, 2022, the company recorded net
income tax benefits of $36 million and $24 million, respectively, associated with return to provision adjustments.
During the three months and year ended December 31, 2021, the company recorded $20 million and $62 million,
respectively, of excess tax benefits associated with the company’s stock-based compensation arrangements. Additionally,
during the three months and year ended December 31, 2021, the company recorded net income tax expense of
$13 million and $134 million, respectively, for changes to our uncertain tax positions, including interest and penalties, as
well as for various discrete tax items, including the tax impact of agreed-upon audit issues, and recorded income tax
expense of $88 million and $111 million, respectively, associated with return to provision adjustments. Additionally, during
the three months and year ended December 31, 2021, the company recorded net income tax expense of $78 million and
$255 million, respectively, related to changes in tax laws in the U.S. and certain foreign jurisdictions.
During the year ended December 31, 2021, the company recorded an income tax benefit of $28 million related to the
reversal of a valuation allowance on an equity method investment.

21
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions except per share data)

Three Months Ended December 31, 2022

Selling,
Net Cost of general and Other
operating goods Gross Gross administrative operating Operating Operating
revenues sold profit margin expenses charges income margin
Reported (GAAP) $ 10,125 $ 4,513 $ 5,612 55.4% $ 3,431 $ 106 $ 2,075 20.5%
Items Impacting Comparability:
Asset Impairments — — — — — —
Equity Investees — — — — — —
Transaction Gains/Losses — — — 4 (29) 25
Restructuring — — — — (61) 61
Other Items 70 (73) 143 — (16) 159
Certain Tax Matters — — — — — —
Comparable (Non-GAAP) $ 10,195 $ 4,440 $ 5,755 56.5% $ 3,435 $ — $ 2,320 22.7%

Three Months Ended December 31, 2021

Selling,
Net Cost of general and Other
operating goods Gross Gross administrative operating Operating Operating
revenues sold profit margin expenses charges income margin
Reported (GAAP) $ 9,464 $ 4,088 $ 5,376 56.8% $ 3,336 $ 368 $ 1,672 17.7%
Items Impacting Comparability:
Asset Impairments — — — — (78) 78
Equity Investees — — — — — —
Transaction Gains/Losses — — — — (106) 106
Restructuring — — — — (64) 64
Other Items 6 (46) 52 — (120) 172
Certain Tax Matters — — — — — —
Comparable (Non-GAAP) $ 9,470 $ 4,042 $ 5,428 57.3% $ 3,336 $ — $ 2,092 22.1%

Selling,
Net Cost of general and Other
operating goods Gross administrative operating Operating
revenues sold profit expenses charges income
% Change — Reported (GAAP) 7 10 4 3 (71) 24
% Currency Impact (8) (6) (10) (8) — (18)
% Change — Currency Neutral (Non-GAAP) 15 16 14 11 — 43

% Change — Comparable (Non-GAAP) 8 10 6 3 — 11

% Comparable Currency Impact (Non-GAAP) (7) (6) (9) (8) — (10)
% Change — Comparable Currency Neutral (Non-GAAP) 15 16 15 11 — 21

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

22
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions except per share data)

Three Months Ended December 31, 2022

Equity Other Income Diluted
income income before net
Interest (loss) (loss) income Income Effective Net income
expense — net — net taxes taxes1 tax rate income3 per share
Reported (GAAP) $ 304 $ 339 $ 247 $ 2,500 $ 444 17.7% $ 2,031 $ 0.47
Items Impacting Comparability:
Asset Impairments — — — — — — —
Equity Investees — (10) — (10) (1) (9) —
Transaction Gains/Losses — — (243) (218) (105) (113) (0.03)
Restructuring — — — 61 16 45 0.01
Other Items 6 — (59) 94 28 66 0.02
Certain Tax Matters — — — — 83 (83) (0.02)
2
Comparable (Non-GAAP) $ 310 $ 329 $ (55) $ 2,427 $ 465 19.1% $ 1,937 $ 0.45

Three Months Ended December 31, 2021

Equity Other Income Diluted
income income before net
Interest (loss) (loss) income Income Effective Net income
expense — net — net taxes taxes1 tax rate income3 per share
Reported (GAAP) $ 165 $ 302 $ 1,080 $ 2,960 $ 510 17.3% $ 2,414 $ 0.56
Items Impacting Comparability:
Asset Impairments — — — 78 16 62 0.01
Equity Investees — 8 — 8 — 8 —
Transaction Gains/Losses — — (891) (785) 22 (807) (0.19)
Restructuring — — 13 77 20 57 0.02
Other Items 6 — (84) 82 38 44 0.01
Certain Tax Matters — — — — (159) 159 0.04
Comparable (Non-GAAP) $ 171 $ 310 $ 118 $ 2,420 $ 447 18.4% $ 1,937 $ 0.45

Equity Other Income Diluted

income income before net
Interest (loss) (loss) income Income Net income
expense — net — net taxes taxes1 income3 per share
% Change — Reported (GAAP) 84 12 (77) (16) (13) (16) (16)
% Change — Comparable (Non-GAAP) 81 6 — 0 4 0 0

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
1
The income tax adjustments are the calculated income tax benefits (charges) at the applicable tax rate for each of the items impacting comparability
with the exception of certain tax matters discussed above.
2
This does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.
3
This represents net income attributable to shareowners of The Coca-Cola Company.

23
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions except per share data)

Year Ended December 31, 2022

Selling,
Net Cost of general and Other
operating goods Gross Gross administrative operating Operating Operating
revenues sold profit margin expenses charges income margin
Reported (GAAP) $ 43,004 $ 18,000 $ 25,004 58.1% $ 12,880 $ 1,215 $ 10,909 25.4%
Items Impacting Comparability:
Asset Impairments — — — — (57) 57
Equity Investees — — — — — —
Transaction Gains/Losses — — — 4 (1,000) 996
Restructuring — — — — (117) 117
Other Items 42 (183) 225 — (41) 266
Certain Tax Matters — — — — — —
Comparable (Non-GAAP) $ 43,046 $ 17,817 $ 25,229 58.6% $ 12,884 $ — $ 12,345 28.7%

Year Ended December 31, 2021

Selling,
Net Cost of general and Other
operating goods Gross Gross administrative operating Operating Operating
revenues sold profit margin expenses charges income margin
Reported (GAAP) $ 38,655 $ 15,357 $ 23,298 60.3% $ 12,144 $ 846 $ 10,308 26.7%
Items Impacting Comparability:
Asset Impairments — — — — (78) 78
Equity Investees — — — — — —
Transaction Gains/Losses — — — (5) (369) 374
Restructuring — — — — (261) 261
Other Items 3 53 (50) — (138) 88
Certain Tax Matters — — — — — —
Comparable (Non-GAAP) $ 38,658 $ 15,410 $ 23,248 60.1% $ 12,139 $ — $ 11,109 28.7%

Selling,
Net Cost of general and Other
operating goods Gross administrative operating Operating
revenues sold profit expenses charges income
% Change — Reported (GAAP) 11 17 7 6 44 6
% Currency Impact (7) (5) (7) (6) — (9)
% Change — Currency Neutral (Non-GAAP) 18 23 15 12 — 15

% Change — Comparable (Non-GAAP) 11 16 9 6 — 11

% Comparable Currency Impact (Non-GAAP) (7) (5) (7) (6) — (8)
% Change — Comparable Currency Neutral (Non-GAAP) 18 21 16 12 — 19

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

24
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions except per share data)

Year Ended December 31, 2022

Equity Other Income Diluted
income income before net
Interest (loss) (loss) income Income Effective Net income
expense — net — net taxes taxes1 tax rate income3 per share
Reported (GAAP) $ 882 $ 1,472 $ (262) $ 11,686 $ 2,115 18.1% $ 9,542 $ 2.19
Items Impacting Comparability:
Asset Impairments — — 96 153 — 153 0.04
Equity Investees — 34 — 34 1 33 0.01
Transaction Gains/Losses — — (294) 702 113 589 0.14
Restructuring — — — 117 30 87 0.02
Other Items 24 — 443 685 158 527 0.12
Certain Tax Matters — — — — 128 (128) (0.03)
2
Comparable (Non-GAAP) $ 906 $ 1,506 $ (17) $ 13,377 $ 2,545 19.0% $ 10,803 $ 2.48

Year Ended December 31, 2021

Equity Other Income Diluted
income income before net
Interest (loss) (loss) income Income Effective Net income
expense — net — net taxes taxes1 tax rate income3 per share
Reported (GAAP) $ 1,597 $ 1,438 $ 2,000 $ 12,425 $ 2,621 21.1% $ 9,771 $ 2.25
Items Impacting Comparability:
Asset Impairments — — — 78 16 62 0.01
Equity Investees — 13 — 13 (10) 23 0.01
Transaction Gains/Losses — — (1,666) (1,292) (163) (1,129) (0.26)
Restructuring — — 117 378 89 289 0.07
Other Items (821) — (84) 825 165 660 0.15
Certain Tax Matters — — — — (410) 410 0.09
Comparable (Non-GAAP) $ 776 $ 1,451 $ 367 $ 12,427 $ 2,308 18.6% $ 10,086 $ 2.32

Equity Other Income Diluted

income income before net
Interest (loss) (loss) income Income Net income
expense — net — net taxes taxes1 income3 per share
% Change — Reported (GAAP) (45) 2 — (6) (19) (2) (3)
% Change — Comparable (Non-GAAP) 17 4 — 8 10 7 7

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
1
The income tax adjustments are the calculated income tax benefits (charges) at the applicable tax rate for each of the items impacting comparability
with the exception of certain tax matters discussed above.
2
This does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.
3
This represents net income attributable to shareowners of The Coca-Cola Company.

25
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
Diluted Net Income Per Share:
Three Months Ended
December 31, 2022
% Change — Reported (GAAP) (16)
% Currency Impact (12)
% Change — Currency Neutral (Non-GAAP) (4)

% Impact of Items Impacting Comparability (Non-GAAP) (16)

% Change — Comparable (Non-GAAP) 0
% Comparable Currency Impact (Non-GAAP) (11)
% Change — Comparable Currency Neutral (Non-GAAP) 11

Year Ended
December 31, 2022
% Change — Reported (GAAP) (3)
% Currency Impact (11)
% Change — Currency Neutral (Non-GAAP) 8

% Impact of Items Impacting Comparability (Non-GAAP) (9)

% Change — Comparable (Non-GAAP) 7
% Comparable Currency Impact (Non-GAAP) (10)
% Change — Comparable Currency Neutral (Non-GAAP) 17

Note: Certain columns may not add due to rounding.

26
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions)

Net Operating Revenues by Operating Segment and Corporate:

Three Months Ended December 31, 2022

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Eliminations Consolidated
Reported (GAAP) $ 1,519 $ 1,289 $ 3,853 $ 1,041 $ 740 $ 1,982 $ 17 $ (316) $ 10,125
Items Impacting Comparability:
Other Items 39 13 2 16 — — — — 70
Comparable (Non-GAAP) $ 1,558 $ 1,302 $ 3,855 $ 1,057 $ 740 $ 1,982 $ 17 $ (316) $ 10,195

Three Months Ended December 31, 2021

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Eliminations Consolidated
Reported (GAAP) $ 1,638 $ 1,030 $ 3,393 $ 1,012 $ 775 $ 1,904 $ 26 $ (314) $ 9,464
Items Impacting Comparability:
Other Items 6 1 — (1) — — — — 6
Comparable (Non-GAAP) $ 1,644 $ 1,031 $ 3,393 $ 1,011 $ 775 $ 1,904 $ 26 $ (314) $ 9,470

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Eliminations Consolidated
% Change — Reported (GAAP) (7) 25 14 3 (5) 4 (38) 0 7
% Currency Impact (16) (7) 0 (14) (13) (12) 0 — (8)
% Change — Currency Neutral
(Non-GAAP) 9 32 14 17 8 16 (37) — 15
% Acquisitions, Divestitures and
Structural Changes 0 0 1 2 0 0 0 — 1
% Change — Organic Revenues
(Non-GAAP) 9 32 12 15 8 16 (37) — 15

% Change — Comparable (Non-GAAP) (5) 26 14 5 (5) 4 (38) — 8

% Comparable Currency Impact
(Non-GAAP) (14) (6) 0 (12) (13) (12) 0 — (7)
% Change — Comparable Currency
Neutral (Non-GAAP) 9 32 14 17 8 16 (37) — 15

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

27
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions)

Net Operating Revenues by Operating Segment and Corporate:

Year Ended December 31, 2022

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Eliminations Consolidated
Reported (GAAP) $ 7,523 $ 4,910 $ 15,674 $ 5,445 $ 2,843 $ 7,891 $ 94 $ (1,376) $ 43,004
Items Impacting Comparability:
Other Items 27 6 2 7 — — — — 42
Comparable (Non-GAAP) $ 7,550 $ 4,916 $ 15,676 $ 5,452 $ 2,843 $ 7,891 $ 94 $ (1,376) $ 43,046

Year Ended December 31, 2021

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Eliminations Consolidated
Reported (GAAP) $ 7,193 $ 4,143 $ 13,190 $ 5,291 $ 2,805 $ 7,203 $ 85 $ (1,255) $ 38,655
Items Impacting Comparability:
Other Items 6 — — (3) — — — — 3
Comparable (Non-GAAP) $ 7,199 $ 4,143 $ 13,190 $ 5,288 $ 2,805 $ 7,203 $ 85 $ (1,255) $ 38,658

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Eliminations Consolidated
% Change — Reported (GAAP) 5 19 19 3 1 10 11 (10) 11
% Currency Impact (14) (5) 0 (9) (11) (9) (2) — (7)
% Change — Currency Neutral
(Non-GAAP) 18 24 19 12 13 19 12 — 18
% Acquisitions, Divestitures and
Structural Changes 0 0 6 0 0 0 0 — 2
% Change — Organic Revenues
(Non-GAAP) 18 24 13 11 13 19 12 — 16

% Change — Comparable (Non-GAAP) 5 19 19 3 1 10 11 — 11

% Comparable Currency Impact
(Non-GAAP) (13) (5) 0 (9) (11) (9) (1) — (7)
% Change — Comparable Currency
Neutral (Non-GAAP) 18 24 19 12 13 19 12 — 18

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

28
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions)

Operating Income (Loss) by Operating Segment and Corporate:

Three Months Ended December 31, 2022

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Consolidated
Reported (GAAP) $ 614 $ 724 $ 764 $ 297 $ 23 $ 135 $ (482) $ 2,075
Items Impacting Comparability:
Asset Impairments — — — — — — — —
Transaction Gains/Losses — — — — — — 25 25
Restructuring (6) — 38 — — — 29 61
Other Items 39 13 68 16 13 (7) 17 159
Comparable (Non-GAAP) $ 647 $ 737 $ 870 $ 313 $ 36 $ 128 $ (411) $ 2,320

Three Months Ended December 31, 2021

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Consolidated
Reported (GAAP) $ 745 $ 592 $ 721 $ 279 $ 78 $ 159 $ (902) $ 1,672
Items Impacting Comparability:
Asset Impairments 78 — — — — — — 78
Transaction Gains/Losses — — — — — — 106 106
Restructuring — — — (1) — — 65 64
Other Items 6 1 53 (1) 1 13 99 172
Comparable (Non-GAAP) $ 829 $ 593 $ 774 $ 277 $ 79 $ 172 $ (632) $ 2,092

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Consolidated
% Change — Reported (GAAP) (18) 22 6 6 (71) (15) 47 24
% Currency Impact (27) (12) 0 (15) 3 (9) 3 (18)
% Change — Currency Neutral (Non-GAAP) 10 34 6 21 (74) (6) 44 43

% Impact of Items Impacting Comparability

(Non-GAAP) 4 (2) (6) (6) (17) 10 12 13
% Change — Comparable (Non-GAAP) (22) 24 12 13 (54) (26) 35 11
% Comparable Currency Impact (Non-GAAP) (17) (10) 0 (9) 0 (7) 4 (10)
% Change — Comparable Currency Neutral
(Non-GAAP) (5) 34 12 22 (55) (18) 31 21

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

29
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions)

Operating Income (Loss) by Operating Segment and Corporate:

Year Ended December 31, 2022

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Consolidated
Reported (GAAP) $ 3,958 $ 2,870 $ 3,742 $ 2,303 $ 185 $ 487 $ (2,636) $ 10,909
Items Impacting Comparability:
Asset Impairments — — — 57 — — — 57
Transaction Gains/Losses — — — — — — 996 996
Restructuring (7) — 38 — — — 86 117
Other Items 27 6 142 7 2 22 60 266
Comparable (Non-GAAP) $ 3,978 $ 2,876 $ 3,922 $ 2,367 $ 187 $ 509 $ (1,494) $ 12,345

Year Ended December 31, 2021

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Consolidated
Reported (GAAP) $ 3,735 $ 2,534 $ 3,331 $ 2,325 $ 293 $ 473 $ (2,383) $ 10,308
Items Impacting Comparability:
Asset Impairments 78 — — — — — — 78
Transaction Gains/Losses — — — — — — 374 374
Restructuring 63 11 14 12 — — 161 261
Other Items 6 — (14) (3) (3) (11) 113 88
Comparable (Non-GAAP) $ 3,882 $ 2,545 $ 3,331 $ 2,334 $ 290 $ 462 $ (1,735) $ 11,109

Europe,
Middle East Latin North Asia Global Bottling
& Africa America America Pacific Ventures Investments Corporate Consolidated
% Change — Reported (GAAP) 6 13 12 (1) (37) 3 (11) 6
% Currency Impact (17) (6) 0 (8) (2) (9) 3 (9)
% Change — Currency Neutral (Non-GAAP) 23 20 12 7 (35) 12 (13) 15

% Impact of Items Impacting Comparability

(Non-GAAP) 3 0 (5) (2) (1) (7) (24) (5)
% Change — Comparable (Non-GAAP) 2 13 18 1 (36) 10 14 11
% Comparable Currency Impact (Non-GAAP) (15) (6) 0 (8) (2) (9) 4 (8)
% Change — Comparable Currency Neutral
(Non-GAAP) 18 19 18 9 (33) 19 10 19

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

30
 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures

Operating Margin:
Three Months Ended Three Months Ended Basis Point
December 31, 2022 December 31, 2021 Growth (Decline)
Reported Operating Margin (GAAP) 20.49 % 17.67 % 282
Items Impacting Comparability (Non-GAAP) (2.26)% (4.43)%
Comparable Operating Margin (Non-GAAP) 22.75 % 22.10 % 65
Comparable Currency Impact (Non-GAAP) (0.47)% 0.00 %
Comparable Currency Neutral Operating Margin (Non-GAAP) 23.22 % 22.10 % 112
Impact of Acquisitions, Divestitures and Structural Changes on
Comparable Currency Neutral Operating Margin (Non-GAAP) (0.18)% 0.02 %
Underlying Operating Margin (Non-GAAP) 23.40 % 22.08 % 132

Year Ended Year Ended Basis Point

December 31, 2022 December 31, 2021 Growth (Decline)
Reported Operating Margin (GAAP) 25.37 % 26.67 % (130)
Items Impacting Comparability (Non-GAAP) (3.31)% (2.07)%
Comparable Operating Margin (Non-GAAP) 28.68 % 28.74 % (6)
Comparable Currency Impact (Non-GAAP) (0.41)% 0.00 %
Comparable Currency Neutral Operating Margin (Non-GAAP) 29.09 % 28.74 % 35
Impact of Acquisitions, Divestitures and Structural Changes on
Comparable Currency Neutral Operating Margin (Non-GAAP) (0.72)% 0.04 %
Underlying Operating Margin (Non-GAAP) 29.81 % 28.70 % 111

Free Cash Flow (In millions):

Year Ended Year Ended
December 31, 2022 December 31, 2021 $ Change
Net Cash Provided by Operating Activities (GAAP) $ 11,018 $ 12,625 $ (1,607)
Purchases of Property, Plant and Equipment (GAAP) (1,484) (1,367) (117)
Free Cash Flow (Non-GAAP) $ 9,534 $ 11,258 $ (1,724)

Net Share Repurchases (In millions):

Year Ended
December 31, 2022
Reported (GAAP):
Issuances of Stock $ 837
Purchases of Stock for Treasury (1,418)
Net Change in Stock Issuance Receivables1 (5)
Net Share Repurchases (Non-GAAP) $ (586)
1
Represents the net change in receivables related to employee stock options exercised but not settled prior to the end of the year.

Projected 2023 Free Cash Flow (In billions):

Year Ending
December 31, 2023
Projected GAAP Net Cash Provided by Operating Activities1 $ 11.4
Projected GAAP Purchases of Property, Plant and Equipment (1.9)
Projected Free Cash Flow (Non-GAAP) $ 9.5
1
Does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.

31
About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries
and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar
brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes
Coca-Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater,
Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Gold Peak and Ayataka. Our juice, value-added dairy and
plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re constantly
transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek
to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling,
sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling
partners, we employ more than 700,000 people, helping bring economic opportunity to local communities
worldwide. Learn more at www.coca-colacompany.com and follow us on Instagram, Facebook and LinkedIn.

32
Forward-Looking Statements
This press release may contain statements, estimates or projections that constitute “forward-looking statements” as
defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,”
“project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in
nature. Forward-looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola
Company’s actual results to differ materially from its historical experience and our present expectations or
projections. These risks include, but are not limited to, unfavorable economic and geopolitical conditions, including
the direct or indirect negative impacts of the conflict between Russia and Ukraine; increased competition; an
inability to be successful in our innovation activities; changes in the retail landscape or the loss of key retail or
foodservice customers; an inability to expand our business in emerging and developing markets; an inability to
successfully manage the potential negative consequences of our productivity initiatives; an inability to attract or
retain a highly skilled and diverse workforce; disruption of our supply chain, including increased commodity, raw
material, packaging, energy, transportation and other input costs; the negative impacts of, and continuing
uncertainties associated with the scope, severity and duration of the global COVID-19 pandemic and the substance
and pace of the post-pandemic economic recovery; an inability to successfully integrate and manage our acquired
businesses, brands or bottling operations or an inability realize a significant portion of the anticipated benefits of our
joint ventures or strategic relationships; failure by our third-party service providers and business partners to
satisfactorily fulfill their commitments and responsibilities; an inability to renew collective bargaining agreements on
satisfactory terms, or we or our bottling partners experience strikes, work stoppages, labor shortages or labor
unrest; obesity and other health-related concerns; evolving consumer product and shopping preferences; product
safety and quality concerns; perceived negative health consequences of certain ingredients, such as non-nutritive
sweeteners and biotechnology-derived substances, and of other substances present in our beverage products or
packaging materials; failure to digitalize the Coca-Cola system; damage to our brand image, corporate reputation
and social license to operate from negative publicity, whether or not warranted, concerning product safety or quality,
workplace and human rights, obesity or other issues; an inability to successfully manage new product launches; an
inability to maintain good relationships with our bottling partners; deterioration in our bottling partners’ financial
condition; an inability to successfully manage our refranchising activities; increases in income tax rates, changes in
income tax laws or the unfavorable resolution of tax matters, including the outcome of our ongoing tax dispute or
any related disputes with the U.S. Internal Revenue Service (“IRS”); the possibility that the assumptions used to
calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable outcome
of the ongoing tax dispute with the IRS could significantly change; increased or new indirect taxes; changes in laws
and regulations relating to beverage containers and packaging; significant additional labeling or warning
requirements or limitations on the marketing or sale of our products; litigation or legal proceedings; conducting
business in markets with high-risk legal compliance environments; failure to adequately protect, or disputes relating
to, trademarks, formulas and other intellectual property rights; changes in, or failure to comply with, the laws and
regulations applicable to our products or our business operations; fluctuations in foreign currency exchange rates;
interest rate increases; an inability to achieve our overall long-term growth objectives; default by or failure of one or
more of our counterparty financial institutions; impairment charges; an inability to protect our information systems
against service interruption, misappropriation of data or cybersecurity incidents; failure to comply with privacy and
data protection laws; failure to achieve our sustainability goals and targets or accurately report our progress due to
operational, financial, legal and other risks, many of which are outside our control and are dependent on the actions
of our bottling partners and other third parties; increasing concerns about the environmental impact of plastic bottles
and other packaging materials; water scarcity and poor quality; increased demand for food products, decreased
agricultural productivity and increased regulation of ingredient sourcing due diligence; climate change and legal or
regulatory responses thereto; adverse weather conditions; and other risks discussed in our filings with the Securities
and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31,
2021 and our subsequently filed Quarterly Reports on Form 10-Q, which filings are available from the SEC. You
should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We
undertake no obligation to publicly update or revise any forward-looking statements.

33