COKE · CIK 317540
What Coca-Cola Consolidated, Inc. told the SEC could break it.
Coca-Cola Consolidated's risks center on its commodity inputs, aluminum above all. It estimates that a 10% rise in the prices of aluminum, PET resin and high-fructose corn syrup would add roughly $35–40 million in costs over a year, and elevated U.S. aluminum import tariffs already raised its cost of sales in 2025 (within about $135 million of higher input costs), pressuring gross margin in the back half of the year. That exposure is sharpened by supplier concentration: it buys all of its aluminum cans from just two domestic suppliers (and all of its plastic bottles from two co-owned cooperatives) while holding low in-plant raw-material inventory, limiting its cost-negotiation leverage and raising the risk of supply interruptions.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- aluminum, PET resin, high-fructose corn syrup input costsmedium
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.”
Regulatory & policy
- U.S. aluminum import tariffs raising can input costsmedium
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.”
Supplier concentration
- aluminum cans from two domestic suppliers; low in-plant raw material inventorymedium
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.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Approximate percent of the Company's total bottle/can sales volume: Walmart Inc. (1) 21 % 21 % The Kroger Co. (2) 15 % 15 % Total approximate percent of the Company's total bottle/can sales volume 36 % 36 %”
Cited →“Approximate percent of the Company's total bottle/can sales volume: Walmart Inc. (1) 21 % 21 % The Kroger Co. (2) 15 % 15 % Total approximate percent of the Company's total bottle/can sales volume 36 % 36 %”
Cited →
Its suppliers
Western Container
“We purchase all of the plastic bottles used in our manufacturing plants from Southeastern Container and Western Container, two manufacturing cooperatives we co-own with several other Coca‑Cola bottlers, and all of our aluminum cans from two domestic suppliers.”
Cited →
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