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Side-by-side financial comparison of Coca-Cola Company (The) (KO) and Constellation Brands (STZ), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Coca-Cola Company (The) is the larger business by last-quarter revenue ($11.8B vs $2.2B, roughly 5.3× Constellation Brands). Constellation Brands runs the higher net margin — 19.2% vs 22.6%, a 3.4% gap on every dollar of revenue. On growth, Coca-Cola Company (The) posted the faster year-over-year revenue change (2.4% vs -9.8%). Coca-Cola Company (The) produced more free cash flow last quarter ($2.9B vs $370.9M). Over the past eight quarters, Coca-Cola Company (The)'s revenue compounded faster (2.3% CAGR vs 1.9%).
The Coca-Cola Company is an American multinational corporation founded in 1892 headquartered in Atlanta, Georgia. It manufactures, sells and markets soft drinks including Coca-Cola, other non-alcoholic beverage concentrates and syrups, and alcoholic beverages. Its stock is listed on the New York Stock Exchange and is a component of the DJIA and the S&P 500 and S&P 100 indices.
Constellation Brands, Inc. is an American producer and marketer of beer, wine, and spirits. A Fortune 500 company, Constellation is the largest beer import company in the US, measured by sales, and has the third-largest market share of all major beer suppliers. It also has sizable investments in medical and recreational cannabis through its association with Canopy Growth. Based in Rochester, New York, Constellation has about 40 facilities and approximately 9,000 employees.
KO vs STZ — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $11.8B | $2.2B |
| Net Profit | $2.3B | $502.8M |
| Gross Margin | 60.0% | 53.2% |
| Operating Margin | 15.6% | 31.1% |
| Net Margin | 19.2% | 22.6% |
| Revenue YoY | 2.4% | -9.8% |
| Net Profit YoY | 3.5% | -18.4% |
| EPS (diluted) | $0.53 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $11.8B | $2.2B | ||
| Q3 25 | $12.5B | $2.5B | ||
| Q2 25 | $12.5B | $2.5B | ||
| Q1 25 | $11.1B | $2.2B | ||
| Q4 24 | $11.5B | $2.5B | ||
| Q3 24 | $11.9B | $2.9B | ||
| Q2 24 | $12.4B | $2.7B | ||
| Q1 24 | $11.3B | $2.1B |
| Q4 25 | $2.3B | $502.8M | ||
| Q3 25 | $3.7B | $466.0M | ||
| Q2 25 | $3.8B | $516.1M | ||
| Q1 25 | $3.3B | $-375.3M | ||
| Q4 24 | $2.2B | $615.9M | ||
| Q3 24 | $2.8B | $-1.2B | ||
| Q2 24 | $2.4B | $877.0M | ||
| Q1 24 | $3.2B | $392.4M |
| Q4 25 | 60.0% | 53.2% | ||
| Q3 25 | 61.5% | 52.8% | ||
| Q2 25 | 62.4% | 50.4% | ||
| Q1 25 | 62.6% | 51.5% | ||
| Q4 24 | 60.0% | 52.1% | ||
| Q3 24 | 60.7% | 51.8% | ||
| Q2 24 | 61.1% | 52.7% | ||
| Q1 24 | 62.5% | 48.6% |
| Q4 25 | 15.6% | 31.1% | ||
| Q3 25 | 32.0% | 35.2% | ||
| Q2 25 | 34.1% | 28.4% | ||
| Q1 25 | 32.9% | -6.9% | ||
| Q4 24 | 23.5% | 32.2% | ||
| Q3 24 | 21.2% | -42.1% | ||
| Q2 24 | 21.3% | 35.4% | ||
| Q1 24 | 18.9% | 29.4% |
| Q4 25 | 19.2% | 22.6% | ||
| Q3 25 | 29.7% | 18.8% | ||
| Q2 25 | 30.4% | 20.5% | ||
| Q1 25 | 29.9% | -17.3% | ||
| Q4 24 | 19.0% | 25.0% | ||
| Q3 24 | 24.0% | -41.1% | ||
| Q2 24 | 19.5% | 32.9% | ||
| Q1 24 | 28.1% | 18.3% |
| Q4 25 | $0.53 | — | ||
| Q3 25 | $0.86 | — | ||
| Q2 25 | $0.88 | — | ||
| Q1 25 | $0.77 | — | ||
| Q4 24 | $0.50 | — | ||
| Q3 24 | $0.66 | — | ||
| Q2 24 | $0.56 | — | ||
| Q1 24 | $0.74 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.3B | $152.4M |
| Total DebtLower is stronger | $42.1B | $10.3B |
| Stockholders' EquityBook value | $32.2B | $7.7B |
| Total Assets | $104.8B | $21.7B |
| Debt / EquityLower = less leverage | 1.31× | 1.33× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $10.3B | $152.4M | ||
| Q3 25 | $12.7B | $72.0M | ||
| Q2 25 | $9.6B | $73.9M | ||
| Q1 25 | $8.4B | $68.1M | ||
| Q4 24 | $10.8B | $73.7M | ||
| Q3 24 | $13.9B | $64.6M | ||
| Q2 24 | $13.7B | $73.8M | ||
| Q1 24 | $10.4B | $152.4M |
| Q4 25 | $42.1B | $10.3B | ||
| Q3 25 | $43.2B | $10.3B | ||
| Q2 25 | $45.0B | $11.2B | ||
| Q1 25 | $43.5B | $10.7B | ||
| Q4 24 | $42.4B | $10.7B | ||
| Q3 24 | $43.0B | $11.1B | ||
| Q2 24 | $38.1B | $11.1B | ||
| Q1 24 | $36.5B | $11.6B |
| Q4 25 | $32.2B | $7.7B | ||
| Q3 25 | $31.2B | $7.5B | ||
| Q2 25 | $28.6B | $7.3B | ||
| Q1 25 | $26.2B | $6.9B | ||
| Q4 24 | $24.9B | $7.8B | ||
| Q3 24 | $26.5B | $7.9B | ||
| Q2 24 | $25.9B | $10.3B | ||
| Q1 24 | $26.4B | $9.7B |
| Q4 25 | $104.8B | $21.7B | ||
| Q3 25 | $106.0B | $21.4B | ||
| Q2 25 | $104.3B | $22.3B | ||
| Q1 25 | $101.7B | $21.7B | ||
| Q4 24 | $100.5B | $22.8B | ||
| Q3 24 | $106.3B | $23.1B | ||
| Q2 24 | $101.2B | $26.1B | ||
| Q1 24 | $99.4B | $25.7B |
| Q4 25 | 1.31× | 1.33× | ||
| Q3 25 | 1.38× | 1.37× | ||
| Q2 25 | 1.57× | 1.54× | ||
| Q1 25 | 1.66× | 1.55× | ||
| Q4 24 | 1.70× | 1.37× | ||
| Q3 24 | 1.62× | 1.41× | ||
| Q2 24 | 1.47× | 1.08× | ||
| Q1 24 | 1.38× | 1.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.8B | $616.9M |
| Free Cash FlowOCF − Capex | $2.9B | $370.9M |
| FCF MarginFCF / Revenue | 24.3% | 16.7% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 7.5% | 11.1% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.65× | 1.23× |
| TTM Free Cash FlowTrailing 4 quarters | $5.3B | $1.8B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $3.8B | $616.9M | ||
| Q3 25 | $5.0B | $852.1M | ||
| Q2 25 | $3.8B | $637.2M | ||
| Q1 25 | $-5.2B | $594.7M | ||
| Q4 24 | $4.0B | $685.2M | ||
| Q3 24 | $-1.3B | $1.2B | ||
| Q2 24 | $3.6B | $690.5M | ||
| Q1 24 | $528.0M | $433.2M |
| Q4 25 | $2.9B | $370.9M | ||
| Q3 25 | $4.6B | $634.8M | ||
| Q2 25 | $3.4B | $444.4M | ||
| Q1 25 | $-5.5B | $312.1M | ||
| Q4 24 | $3.1B | $456.8M | ||
| Q3 24 | $-1.7B | $854.0M | ||
| Q2 24 | $3.2B | $315.2M | ||
| Q1 24 | $158.0M | $76.0M |
| Q4 25 | 24.3% | 16.7% | ||
| Q3 25 | 36.6% | 25.6% | ||
| Q2 25 | 26.9% | 17.7% | ||
| Q1 25 | -49.5% | 14.4% | ||
| Q4 24 | 27.3% | 18.5% | ||
| Q3 24 | -14.6% | 29.3% | ||
| Q2 24 | 25.6% | 11.8% | ||
| Q1 24 | 1.4% | 3.6% |
| Q4 25 | 7.5% | 11.1% | ||
| Q3 25 | 3.8% | 8.8% | ||
| Q2 25 | 3.5% | 7.7% | ||
| Q1 25 | 2.8% | 13.1% | ||
| Q4 24 | 7.0% | 9.3% | ||
| Q3 24 | 4.0% | 11.2% | ||
| Q2 24 | 3.4% | 14.1% | ||
| Q1 24 | 3.3% | 16.7% |
| Q4 25 | 1.65× | 1.23× | ||
| Q3 25 | 1.36× | 1.83× | ||
| Q2 25 | 1.00× | 1.23× | ||
| Q1 25 | -1.56× | — | ||
| Q4 24 | 1.80× | 1.11× | ||
| Q3 24 | -0.44× | — | ||
| Q2 24 | 1.49× | 0.79× | ||
| Q1 24 | 0.17× | 1.10× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
KO
| Other | $7.0B | 59% |
| Finished Product Operations | $2.4B | 21% |
| Concentrate Operations | $2.4B | 20% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
