KO · CIK 21344
What The Coca-Cola Company told the SEC could break it.
Coca-Cola's business is overwhelmingly international: 84% of its worldwide unit case volume came from outside the U.S. in 2025, with Mexico, China, Brazil and India alone accounting for 33% — concentrating its growth in a handful of emerging markets and their economic, currency and political conditions. On the supply side, some of the raw materials and packaging it uses come from a limited number of suppliers or a sole supplier (or run short at peak seasonal demand), with aluminum cans specifically available from only a limited set of suppliers. Those inputs also pressure margins: higher commodity costs were a recurring drag on operating income across its segments in 2025, alongside unfavorable foreign exchange, only partly offset by pricing.
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.
Geographic concentration
- 84% of unit case volume outside U.S.; Mexico/China/Brazil/India = 33%medium
84% of Coca-Cola's worldwide unit case volume came from outside the U.S. in 2025, with Mexico, China, Brazil and India together accounting for 33% of worldwide unit case volume — heavy international and emerging-market concentration.
“Unit case volume outside the United States represented 84% of the Company's worldwide unit case volume in 2025. The countries outside the United States in which our unit case volumes were the largest were Mexico, China, Brazil and India, which together accounted for 33% of our worldwide unit case volume.”
SEC filing →As of 2026
Sole-source dependency
- limited-/sole-supplier raw materials; aluminum cans from limited suppliersmedium
Some raw materials and supplies used in Coca-Cola's products are available from a limited number of suppliers, a sole supplier, or are in short supply at peak seasonal demand; certain packaging materials such as aluminum cans are available from a limited number of suppliers.
“Some of the raw materials and supplies used in the production of our products are available from a limited number of suppliers, or from a sole supplier, or are in short supply when seasonal demand is at its peak.”
SEC filing →As of 2026
Commodity & input dependence
- commodity-cost inflation pressuring segment operating incomelow
Higher commodity costs were a recurring drag on operating income across Coca-Cola's segments (North America, Asia Pacific, Bottling Investments) in 2025, alongside unfavorable FX, partially offset by pricing initiatives.
“The decrease in operating income was primarily driven by the impact of refranchising our bottling operations in the Philippines, Bangladesh and certain territories in India, higher commodity costs and an unfavorable foreign currency exchange rate impact of 2%, partially offset by favorable pricing initiatives and lower operating expenses.”
SEC filing →As of 2026
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
“In the U.S. and Canada, we generally grant manufacturing and distribution licenses for our CSDs to bottlers for specific geographic areas that are typically exclusive and long-term. These bottlers may be affiliated with Coca-Cola or with PepsiCo, or they may be independent.”
Cited →“Approximately 85 % of the Company's total bottle/can sales volume to retail customers consists of products of The Coca‑Cola Company, which is the sole supplier of these products or of the concentrates or syrups required to manufacture these products.”
Cited →“We have entered into a multi-year agreement with Coca-Cola ® .”
Cited →
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