The Coca-Cola Company

The three scores that are on file agree on the screening picture but measure different things. The Beneish M-Score for 2025 is -2.320; the label places it below -1.78 and not in the elevated manipulation-risk zone, which means this model's accrual and earnings-quality inputs did not raise a screening flag. That is not proof the statements are accurate. The Altman Z″-Score is 4.46, in the safe zone, a rough gauge of balance-sheet resilience rather than a prediction of distress. Operating cash flow divided by net income is 0.57 for 2025, meaning about 57 cents of operating cash came in for each dollar of reported net income. This ratio is not a forensic flag, but it most directly reflects the cash tension described above, and readers may want to compare it with the full annual cash flow statement in the 10-K. The filings provided do not include a Piotroski F-Score or a Fog Index, so this synthesis does not characterize either. The risk-factor excerpt actually contains the 10-Q financial statements rather than risk-factor narrative, so readers may want to look at the 10-K Item 1A directly. The 10-Q balance sheet shows total assets of $106.045 billion at September 26, 2025, up from $100.549 billion at December 31, 2024, with equity method investments rising to $20.323 billion from $18.087 billion. Nine-month other income was $229 million in 2025 against $2.006 billion in 2024, so the 2024 comparison base included large non-operating items that readers may want to weigh when reading 2025 net income. The alcohol and bottler passages in the 10-K describe growth options and dependence on partners, but the excerpt contains no legal proceedings text.

Catalyst.The 2025 Form 10-K excerpt describes a broad brand portfolio sold in more than 200 countries and territories, with 84% of 2025 worldwide unit case volume outside the United States. Unit case volume reached 33.8 billion in 2025 versus 33.7 billion in 2024, and revenue rose to $47.94 billion from $47.06 billion, or 1.9%. The excerpt highlights expansion into alcohol ready-to-drink through pre-mixed cocktails, flavored alcohol beverages and hard seltzers, and names fairlife, BODYARMOR and Costa among owned brands. Operating income rose to $13.76 billion from $9.99 billion. The MD&A operations review that explains the drivers was not included in the excerpt.

Hidden risk.The most easily missed tension is cash conversion. Operating cash flow was $7.41 billion in 2025 against net income of $13.11 billion, a ratio of 0.57, compared with $6.8 billion against $10.63 billion in 2024. The nine-month 2025 10-Q cash flow statement shows an $8.04 billion outflow from net change in operating assets and liabilities, so reported earnings ran well ahead of operating cash in that period. Separately, the Company sells concentrate to independent bottling partners, which the 10-K describes as independent contractors and not agents. Five of them represented 44% of 2025 worldwide unit case volume, so a large share of the system depends on contracts the Company does not fully control.