What Coca-Cola Consolidated, Inc. told the SEC could break it.

COKE's input costs are sensitive to commodity prices — a 10% rise in aluminum, PET resin and high-fructose corn syrup prices would add an estimated $35–40 million in costs over 12 months.

“The Company estimates a 10% increase in the market prices of its key commodities, including aluminum, PET resin and high-fructose corn syrup, and excluding concentrate, over the current market prices would cumulatively increase costs during the next 12 months by approximately $35 million to $40 million assuming no change in volume.”

Elevated U.S. import tariffs on aluminum raised COKE's cost of sales in 2025 (within ~$135M higher input costs) and pressured gross margin, especially in the second half of the year.

“Higher input costs included an increase in aluminum costs, which were impacted by elevated import tariffs during 2025.”

COKE buys all of its aluminum cans from just two domestic suppliers and keeps low in-plant raw-material inventory, creating concentration that limits cost negotiation and risks supply interruptions (compounded by tariffs on offshore inputs).

“Because some of the limited number of suppliers are located outside the United States, disruptions to the supply chain or tariffs levied on the inputs we purchase may increase input costs. The Company purchases all of the plastic bottles used in its manufacturing plants from Southeastern Container and Western Container, two manufacturing cooperatives the Company co-owns with several other Coca‑Cola bottlers, and all of its aluminum cans from two domestic suppliers.”