The Revenue LinesWide moat

Coca-Cola (KO) — moat facet

Latin America earns a quarter of the profit on an eighth of the sales; what Coca-Cola still bottles itself earns almost nothing.

Coca-Cola reports four geographic segments and one that holds the bottlers it still owns, and the five earn money in very different proportions. In 2025 North America brought in $19,579 million of revenue from third parties, EMEA $10,833 million, Latin America $6,331 million, Asia Pacific $5,328 million and Bottling Investments $5,726 million, with Corporate adding $144 million to a total of $47,941 million.1

Share of 2025 segment operating income (%), share of revenue in bracketsNorth America (40.8%)32.5%EMEA (22.6%)27.6%Latin America (13.2%)24.0%Asia Pacific (11.1%)13.1%Owned bottlers (11.9%)2.7%Coca-Cola Form 10-K FY2025, segment note; Corporate excluded
Latin America earns almost twice its share of revenue; the owned bottlers earn a quarter of theirs.

Operating income was $5,070 million, $4,298 million, $3,742 million, $2,042 million and $426 million.2 So Latin America earned about 24.0% of the segments' combined operating income on 13.2% of the revenue, while North America earned 32.5% on 40.8%, and Bottling Investments 2.7% on 11.9%.3

The reason is what each segment sells. Where Coca-Cola sells concentrate to a bottler it does not own, cost of goods is small: 17.5% of Latin America's segment revenue in 2025. Where it makes and ships the finished drink itself, cost of goods is most of the revenue: 48.2% in North America, where fairlife and BodyArmor sit, and 68.8% in Bottling Investments.45 The segments are really one question asked five times: how much of this market does Coca-Cola still bottle itself?

The latest quarter moved them apart. In the three months to 3 July 2026 third-party revenue grew about 15.9% in Latin America, 7.5% in North America, 2.6% in EMEA and 1.6% in Asia Pacific, and operating income rose 23.0% in Latin America while it fell 1.2% in EMEA.67

These pages take the five segments in the order of the revenue chart. Corporate is not given a page: its $144 million of revenue is small, and its $1,816 million operating loss in 2025 is mostly head-office cost and one-off charges.8 The case for the concentrate model is argued under The Moat and the bottlers' role under The Bottling & Distribution System; the pages here carry each segment's own series.

The figure that ties the five together is the share of segment operating income earned outside North America and Bottling Investments: about 64.7% in 2025.9 If it rises, the high-margin concentrate markets are doing the growing; if it falls, growth is coming from the parts of the company that make and move liquid.

Moat trajectory: Holding steady

Operating income rose in Latin America and North America in the latest quarter and fell in EMEA; the mix of profit barely moved.

The number that tests this moat
Moat Explorer calc
Share of segment operating income from EMEA, Latin America and Asia Pacific
About 64.7% in 2025

A rising share means the concentrate markets are doing the growing; a falling one means growth comes from the parts that make and move liquid.

How it's calculated: (4,298 + 3,742 + 2,042) / 15,578, the five segments' combined operating income.
Source: Coca-Cola Form 10-K FY2025 (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
North America
The largest segment and the least Coke-like: a finished-drinks maker earning 26% on revenue that tripled in nine years.
DIG DEEPER 02
EMEA
A concentrate business with a coffee chain folded in, whose dollar profit has grown under 2% a year for nine years.
DIG DEEPER 03
Latin America
The richest margin in the company, 59%, earned mostly on price in inflationary currencies.
DIG DEEPER 04
Asia Pacific
The one geographic segment earning less than it did in 2016.
DIG DEEPER 05
Bottling Investments
A segment judged by how fast it disappears: 12% of revenue, under 3% of the profit.
References
  1. ReportedIn 2025 North America brought in $19,579 million of revenue from third parties, EMEA $10,833 million, Latin America $6,331 million, Asia Pacific $5,328 million and Bottling Investments $5,726 million, with Corporate adding $144 million to a total of $47,941 million.
    Coca-Cola Form 10-K FY2025 - segment note 2023-2025 (third-party revenue, intersegment revenue, cost of goods sold, operating income by segment; 2025: EMEA $10,833M/$4,298M, Latin America $6,331M/$3,742M, North America $19,579M/$5,070M, Asia Pacific $5,328M/$2,042M, Bottling Investments $5,726M/$426M, Corporate $144M/-$1,816M); Global Ventures sunset from 1 January 2025 with Costa, innocent and dogadan moved into EMEA; BodyArmor trademark impairments $760M (2024) and $960M (2025), carrying value $2,440M; $1,274M charge on the African bottling operations held for sale; unit case volume and operating income drivers by segment; refranchising in the Philippines, Bangladesh and India — FY2023-FY2025 · publ. February 2026 · source ↗
  2. ReportedOperating income was $5,070 million, $4,298 million, $3,742 million, $2,042 million and $426 million.
    Coca-Cola Form 10-K FY2025 - segment note 2023-2025 (third-party revenue, intersegment revenue, cost of goods sold, operating income by segment; 2025: EMEA $10,833M/$4,298M, Latin America $6,331M/$3,742M, North America $19,579M/$5,070M, Asia Pacific $5,328M/$2,042M, Bottling Investments $5,726M/$426M, Corporate $144M/-$1,816M); Global Ventures sunset from 1 January 2025 with Costa, innocent and dogadan moved into EMEA; BodyArmor trademark impairments $760M (2024) and $960M (2025), carrying value $2,440M; $1,274M charge on the African bottling operations held for sale; unit case volume and operating income drivers by segment; refranchising in the Philippines, Bangladesh and India — FY2023-FY2025 · publ. February 2026 · source ↗
  3. Moat Explorer calcSo Latin America earned about 24.0% of the segments' combined operating income on 13.2% of the revenue, while North America earned 32.5% on 40.8%, and Bottling Investments 2.7% on 11.9%.
    Moat Explorer calculation from Coca-Cola's Forms 10-K FY2018, FY2021 and FY2025 and the Q2 2026 10-Q: segment shares of revenue and operating income, operating margins on segment revenue, cost of goods sold as a share of segment revenue, growth rates and compound growth — FY2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  4. ReportedWhere it makes and ships the finished drink itself, cost of goods is most of the revenue: 48.2% in North America, where fairlife and BodyArmor sit, and 68.8% in Bottling Investments.
    Coca-Cola Form 10-K FY2025 - segment note 2023-2025 (third-party revenue, intersegment revenue, cost of goods sold, operating income by segment; 2025: EMEA $10,833M/$4,298M, Latin America $6,331M/$3,742M, North America $19,579M/$5,070M, Asia Pacific $5,328M/$2,042M, Bottling Investments $5,726M/$426M, Corporate $144M/-$1,816M); Global Ventures sunset from 1 January 2025 with Costa, innocent and dogadan moved into EMEA; BodyArmor trademark impairments $760M (2024) and $960M (2025), carrying value $2,440M; $1,274M charge on the African bottling operations held for sale; unit case volume and operating income drivers by segment; refranchising in the Philippines, Bangladesh and India — FY2023-FY2025 · publ. February 2026 · source ↗
  5. Moat Explorer calcWhere it makes and ships the finished drink itself, cost of goods is most of the revenue: 48.2% in North America, where fairlife and BodyArmor sit, and 68.8% in Bottling Investments.
    Moat Explorer calculation from Coca-Cola's Forms 10-K FY2018, FY2021 and FY2025 and the Q2 2026 10-Q: segment shares of revenue and operating income, operating margins on segment revenue, cost of goods sold as a share of segment revenue, growth rates and compound growth — FY2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  6. ReportedIn the three months to 3 July 2026 third-party revenue grew about 15.9% in Latin America, 7.5% in North America, 2.6% in EMEA and 1.6% in Asia Pacific, and operating income rose 23.0% in Latin America while it fell 1.2% in EMEA.
    Coca-Cola Form 10-Q for the quarter ended July 3, 2026 - segment third-party revenue and operating income for the three and six months (Q2 2026: EMEA $3,087M/$1,309M, Latin America $1,839M/$1,177M, North America $5,405M/$1,695M, Asia Pacific $1,487M/$656M, Bottling Investments $1,525M/$91M; six months operating income $2,568M/$2,215M/$3,301M/$1,192M/$282M against $2,390M/$1,861M/$2,962M/$1,271M/$178M); unit case volume growth by segment — Q2 2026 · publ. July 2026 · source ↗
  7. Moat Explorer calcIn the three months to 3 July 2026 third-party revenue grew about 15.9% in Latin America, 7.5% in North America, 2.6% in EMEA and 1.6% in Asia Pacific, and operating income rose 23.0% in Latin America while it fell 1.2% in EMEA.
    Moat Explorer calculation from Coca-Cola's Forms 10-K FY2018, FY2021 and FY2025 and the Q2 2026 10-Q: segment shares of revenue and operating income, operating margins on segment revenue, cost of goods sold as a share of segment revenue, growth rates and compound growth — FY2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  8. ReportedCorporate is not given a page: its $144 million of revenue is small, and its $1,816 million operating loss in 2025 is mostly head-office cost and one-off charges.
    Coca-Cola Form 10-K FY2025 - segment note 2023-2025 (third-party revenue, intersegment revenue, cost of goods sold, operating income by segment; 2025: EMEA $10,833M/$4,298M, Latin America $6,331M/$3,742M, North America $19,579M/$5,070M, Asia Pacific $5,328M/$2,042M, Bottling Investments $5,726M/$426M, Corporate $144M/-$1,816M); Global Ventures sunset from 1 January 2025 with Costa, innocent and dogadan moved into EMEA; BodyArmor trademark impairments $760M (2024) and $960M (2025), carrying value $2,440M; $1,274M charge on the African bottling operations held for sale; unit case volume and operating income drivers by segment; refranchising in the Philippines, Bangladesh and India — FY2023-FY2025 · publ. February 2026 · source ↗
  9. Moat Explorer calcThe figure that ties the five together is the share of segment operating income earned outside North America and Bottling Investments: about 64.7% in 2025.
    Moat Explorer calculation from Coca-Cola's Forms 10-K FY2018, FY2021 and FY2025 and the Q2 2026 10-Q: segment shares of revenue and operating income, operating margins on segment revenue, cost of goods sold as a share of segment revenue, growth rates and compound growth — FY2016 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026