Coca-Cola Reports Fourth Quarter and Full-Year 2021 Results

Rhea-AI Summary

The Coca-Cola Company reported strong fourth quarter and full-year results for 2021, with net revenues increasing 10% for the quarter and 17% for the year, reaching $38.7 billion. Organic revenues rose 9% and 16%, respectively. However, operating income declined 28% in Q4 due to increased marketing investments. EPS grew 65% to $0.56 for Q4, while full-year EPS rose 26% to $2.25. The company invested $1.4 billion in capital expenditures and acquired BODYARMOR for $5.6 billion. Cash flow from operations reached $12.6 billion, up 28%.

Positive

• Quarterly net revenues grew 10% to $9.5 billion.
• Full-year net revenues grew 17% to $38.7 billion.
• Organic revenues increased by 9% for Q4 and 16% for the year.
• Cash flow from operations reached $12.6 billion, a 28% increase.
• Full-year EPS rose 26% to $2.25.

Negative

• Operating income declined 28% for the quarter.
• Comparable operating margin fell to 22.1% from 27.3% in the prior year.

Global Unit Case Volume Grew 9% for the Quarter and 8% for the Full Year

Net Revenues Grew 10% for the Quarter and 17% for the Full Year;

Organic Revenues (Non-GAAP) Grew 9% for the Quarter and 16% for the Full Year

Operating Income Declined 28% for the Quarter and Grew 15% for the Full Year;

Comparable Currency Neutral Operating Income (Non-GAAP) Declined 12% for the Quarter and Grew 12% for the Full Year

Fourth Quarter EPS Grew 65% to $0.56, and Comparable EPS (Non-GAAP) Declined 5% to $0.45;

Full-Year EPS Grew 26% to $2.25, and Comparable EPS (Non-GAAP) Grew 19% to $2.32

Cash Flow from Operations Was $12.6 Billion for the Full Year, Up 28%;

Full-Year Free Cash Flow (Non-GAAP) Was $11.3 Billion, Up 30%

Company Provides 2022 Financial Outlook

ATLANTA--(BUSINESS WIRE)-- The Coca-Cola Company today reported fourth quarter and full-year 2021 results, including another quarter of sequential improvement in volume trends compared to 2019. “In 2021, our system demonstrated resilience and flexibility by successfully navigating through another year of uncertainty,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “We focused on our key strategies and emerged stronger. We are confident that progress on our strategic transformation has made us a nimbler total beverage company. While the environment remains dynamic, we will build on the momentum from 2021 to drive topline growth and maximize returns.”

Highlights

Quarterly / Full-Year Performance

• Revenues: For the quarter, net revenues grew 10% to $9.5 billion, resulting in net revenues ahead of 2019, and organic revenues (non-GAAP) grew 9%. Revenue performance included 10% growth in price/mix and a decline of 1% in concentrate sales. The quarter included six fewer days, which resulted in an approximate 6-point headwind to revenue growth. The quarter was also impacted by the timing of concentrate shipments. For the full year, net revenues grew 17% to $38.7 billion, and organic revenues (non-GAAP) grew 16%. This performance was driven by 9% growth in concentrate sales and 6% growth in price/mix.

• Margin: For the quarter, operating margin, which included items impacting comparability, was 17.7% versus 27.2% in the prior year, while comparable operating margin (non-GAAP) was 22.1% versus 27.3% in the prior year. For the full year, operating margin, which included items impacting comparability, was 26.7% versus 27.3% in the prior year, while comparable operating margin (non-GAAP) was 28.7% versus 29.6% in the prior year. For both the quarter and the full year, operating margin compression was primarily driven by a significant increase in marketing investments versus the prior year. Additionally, fourth quarter operating margin was impacted by topline pressure from six fewer days in the quarter along with the timing of concentrate shipments.

• Earnings per share: For the quarter, EPS grew 65% to $0.56, and comparable EPS (non-GAAP) declined 5% to $0.45. For the full year, EPS grew 26% to $2.25, and comparable EPS (non-GAAP) grew 19% to $2.32. Both fourth quarter and full-year comparable EPS (non-GAAP) performance included the impact of a 2-point currency tailwind.

• Market share: For both the quarter and the full year, the company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages, which included share gains in both at-home and away-from-home channels. The company’s value share in total NARTD beverages, and in both at-home and away-from-home channels, remains ahead of 2019.

• Cash flow: Cash flow from operations for the year was $12.6 billion, up $2.8 billion versus the prior year, driven by strong business performance and working capital initiatives. Full-year free cash flow (non-GAAP) was $11.3 billion, up $2.6 billion versus the prior year, driven by strong cash flow from operations.

Company Updates

• Business environment: Compared to 2019, global unit case volume sequentially improved each quarter in 2021, resulting in full-year unit case volume being ahead of 2019. This performance was driven by ongoing, asynchronous recovery in many markets and the company’s ability to better adapt to successive waves of the pandemic. The fourth quarter marked the first quarter in which away-from-home volume was ahead of 2019, while strength in at-home channels also continued. Although reopenings continue to vary across the world, the company is combining the power of scale with the deep knowledge required to win locally and is continuing to invest ahead of the recovery in a targeted way.

• Strengthening a consumer-centric portfolio through strategic acquisitions: During the fourth quarter, the company acquired the remaining 85% ownership interest in BODYARMOR, a line of sports performance and hydration beverages that has significant potential for long-term growth. Since gaining access to the company’s bottling system three years ago, BODYARMOR has driven continuous innovation in hydration products. For full-year 2021, BODYARMOR was the #2 sports drink in the category in measured retail channels in the United States, with retail value growth of approximately 50%. BODYARMOR will continue to be distributed by the company’s U.S. bottling system and will be managed as a separate business within the company’s North America operating unit.

• Transforming and modernizing marketing through one global marketing network partner: After an extensive review in 2021, the company named WPP as its global marketing network partner. WPP will play a key role in executing a new marketing model to drive long-term growth for the company’s global portfolio of brands. The new, integrated agency model is consumer-centric and leverages the power of big, bold ideas and creativity within experiences. The company intends to create end-to-end experiences that are grounded in data-rich consumer insights, optimized in real-time and implemented at scale. WPP, supported by a common data and technology platform that connects marketing teams throughout the company, will work with a strategic roster of approved agencies to provide access to the best creative minds and ideas.

• Further embedding sustainability into the business, including a new packaging target: The company’s environmental, social and governance (ESG) goals are embedded in operations and serve as key drivers of growth. To complement and support its World Without Waste goals, the company announced a new, global goal to reach 25% reusable packaging by 2030. Reusable packaging, including refillable containers for dispensed/fountain along with refillable or returnable glass and plastic bottles, supports the company’s collection goals and contributes to reducing the company’s carbon footprint, while aligning with consumer preferences for sustainable packaging options. Increasing reusable packaging and dispensed options responds to both consumer affordability and sustainability preferences, making it one of several important commercial levers to help achieve the company’s World Without Waste goals and contribute to the circular economy.

   

Operating Review – Three Months Ended December 31, 2021

Revenues and Volume
Percent Change	Concentrate Sales1	Price/Mix	Currency Impact	Acquisitions, Divestitures and Structural Changes, Net	Reported Net Revenues		Organic Revenues2		Unit Case Volume3
Consolidated	(1)	10	(1)	1	10		9		9
Europe, Middle East & Africa	4	13	(2)	0	15		17		11
Latin America	(10)	11	1	0	2		2		5
North America	4	9	0	3	17		14		8
Asia Pacific	4	(8)	(3)	0	(6)		(3)		11
Global Ventures4	10	15	2	0	27		25		19
Bottling Investments	6	(3)	(1)	0	2		3		13

Operating Income and EPS
Percent Change	Reported Operating Income	Items Impacting Comparability	Currency Impact	Comparable Currency Neutral2
Consolidated	(28)	(17)	1	(12)
Europe, Middle East & Africa	1	(7)	0	8
Latin America	0	(1)	4	(3)
North America	(17)	(16)	0	(1)
Asia Pacific	(31)	0	(3)	(29)
Global Ventures	—5	—	—	—
Bottling Investments	(11)	(4)	5	(12)
Percent Change	Reported EPS	Items Impacting Comparability	Currency Impact	Comparable Currency Neutral2
Consolidated EPS	65	70	2	(6)

Note: Certain rows may not add due to rounding.
1	For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.
2	Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
3	Unit case volume is computed based on average daily sales.
4	Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/mix may fluctuate materially on a periodic basis. Therefore, the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segment.
5	Reported operating income for Global Ventures for the three months ended December 31, 2021 was $78 million. Reported operating loss for Global Ventures for the three months ended December 31, 2020 was $9 million. Therefore, the percent change is not meaningful.

Operating Review – Year Ended December 31, 2021

Revenues and Volume
Percent Change	Concentrate Sales1	Price/Mix	Currency Impact	Acquisitions, Divestitures and Structural Changes, Net	Reported Net Revenues		Organic Revenues2		Unit Case Volume
Consolidated	9	6	1	0	17		16		8
Europe, Middle East & Africa	12	6	1	0	19		18		9
Latin America	6	12	0	0	18		19		6
North America	7	7	0	0	15		14		5
Asia Pacific	11	(2)	3	0	12		9		10
Global Ventures3	20	13	7	0	41		34		17
Bottling Investments	11	2	2	0	15		13		11

Operating Income and EPS
Percent Change	Reported Operating Income	Items Impacting Comparability	Currency Impact	Comparable Currency Neutral2
Consolidated	15	1	2	12
Europe, Middle East & Africa	13	(2)	1	13
Latin America	20	1	1	18
North America	35	16	0	19
Asia Pacific	9	1	4	4
Global Ventures	—4	—	—	—
Bottling Investments	53	11	(2)	43
Percent Change	Reported EPS	Items Impacting Comparability	Currency Impact	Comparable Currency Neutral2
Consolidated EPS	26	7	2	17

Note: Certain rows may not add due to rounding.
1	For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes, if any.
2	Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
3	Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/mix may fluctuate materially on a periodic basis. Therefore, the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segment.
4	Reported operating income for Global Ventures for the year ended December 31, 2021 was $293 million. Reported operating loss for Global Ventures for the year ended December 31, 2020 was $123 million. Therefore, the percent change is not meaningful.

In addition to the data in the preceding tables, operating results included the following:

Consolidated

• Unit case volume grew 9% for the quarter and 8% for the year, resulting in volume ahead of 2019. Volume growth was strong across most markets. The volume performance was driven by investments in the marketplace, ongoing recovery in markets where coronavirus-related uncertainty was abating, and the benefit from cycling the impact of the pandemic in the prior year. For both the quarter and the year, growth in developing and emerging markets was led by China, India and Russia, while growth in developed markets was led by the United States, Mexico and the United Kingdom.

Category performance was as follows:

• Sparkling soft drinks grew 8% for the quarter and 7% for the year, resulting in volume ahead of 2019, driven by strong performance across all geographic operating segments. Trademark Coca-Cola grew 7% for both the quarter and the year, resulting in volume ahead of 2019, led by Europe, Middle East & Africa and Asia Pacific. Coca-Cola® Zero Sugar grew double digits for both the quarter and the year. Sparkling flavors grew 9% for both the quarter and the year, led by Europe, Middle East & Africa and Asia Pacific.

• Nutrition, juice, dairy and plant-based beverages grew 11% for the quarter and 12% for the year, resulting in volume ahead of 2019. For both the quarter and the year, there was strong growth across all geographic operating segments.

• Hydration, sports, coffee and tea grew 12% for the quarter and 7% for the year. Hydration grew 11% for the quarter and 5% for the year, with growth across all geographic operating segments. Sports drinks grew 18% for the quarter and 13% for the year, resulting in volume ahead of 2019, primarily driven by strong growth of BODYARMOR in the United States. Tea grew 10% for the quarter and 6% for the year, led by growth in Japan and the United States. Coffee grew 17% for the quarter and 15% for the year, primarily driven by the ongoing reopening of Costa® retail stores in the United Kingdom.

• Price/mix grew 10% for the quarter and 6% for the year, driven by pricing actions in the marketplace along with favorable channel and package mix due to cycling the impact of the pandemic in the prior year. Price/mix for the quarter was further benefited by positive segment mix. For the quarter, concentrate sales were 10 points behind unit case volume. This was primarily attributable to six fewer days in the quarter, which resulted in an approximate 6-point impact on concentrate sales, along with the timing of concentrate shipments. For the full year, concentrate sales were 1 point ahead of unit case volume, primarily due to bottler inventory build to manage near-term supply disruption.

• Operating income declined 28% for the quarter and grew 15% for the year, which included items impacting comparability and currency tailwinds. Comparable currency neutral operating income (non-GAAP) declined 12% for the quarter, driven by a significant increase in marketing investments versus the prior year. Additionally, fourth quarter operating income was impacted by topline pressure from six fewer days in the quarter. Comparable currency neutral operating income (non-GAAP) grew 12% for the full year, driven by strong organic revenue (non-GAAP) growth across all operating segments, partially offset by a significant increase in marketing investments versus the prior year.

Europe, Middle East & Africa

• Unit case volume grew 11% for the quarter, a low single-digit increase versus 2019, driven by ongoing recovery in markets where coronavirus-related uncertainty was abating, along with the benefit from cycling the impact of the pandemic in the prior year. Growth was led by Russia and Spain in Europe, Nigeria in Africa, and Turkey in Eurasia and Middle East.

• Price/mix grew 13% for the quarter, driven by favorable channel and package mix due to cycling the impact of the pandemic in the prior year, along with positive geographic mix. For the quarter, concentrate sales were 7 points behind unit case volume, primarily due to six fewer days in the quarter.

• Operating income grew 1% for the quarter, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 8% for the quarter, primarily driven by solid organic revenue (non-GAAP) growth across all operating units, partially offset by a significant increase in marketing investments versus the prior year.

• For the year, the company gained value share in total NARTD beverages, which included share gains across most categories.

Latin America

• Unit case volume grew 5% for the quarter, a mid single-digit increase versus 2019. Growth was led by Mexico, Argentina and Chile, driven by growth in most categories.

• Price/mix grew 11% for the quarter, driven by pricing actions in the marketplace, favorable channel and package mix, along with the timing of deductions. For the quarter, concentrate sales were 15 points behind unit case volume, primarily due to six fewer days in the quarter and the timing of concentrate shipments.

• Operating income was even for the quarter, which included items impacting comparability and a 3-point currency tailwind. Comparable currency neutral operating income (non-GAAP) declined 3% for the quarter, driven by an increase in marketing investments versus the prior year.

• For the year, the company gained value share in total NARTD beverages, led by share gains in Mexico, Argentina, Brazil and Colombia.

North America

• Unit case volume grew 8% for the quarter, resulting in even performance versus 2019. Growth was driven by recovery in the fountain business as coronavirus-related uncertainty abated. Sparkling soft drinks and sports drinks led the growth during the quarter.

• Price/mix grew 9% for the quarter, primarily driven by pricing actions in the marketplace, recovery in the fountain business and away-from-home channels, and strong growth in premium offerings. For the quarter, concentrate sales were 4 points behind unit case volume, primarily due to six fewer days in the quarter.

• Operating income declined 17% for the quarter, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) declined 1% for the quarter, driven by a significant increase in marketing investments versus the prior year.

• The company gained value share in total NARTD beverages for the year, driven by recovery in away-from-home channels along with strong performance in at-home channels for sparkling flavors, sports drinks and dairy.

Asia Pacific

• Unit case volume grew 11% for the quarter, resulting in a low single-digit increase versus 2019. Growth was driven by China, India and the Philippines, partially offset by pressure in Australia due to the impact of the pandemic. Growth was led by Trademark Coca-Cola and sparkling flavors.

• Price/mix declined 8% for the quarter due to negative channel mix in key markets along with 4 points of negative geographic mix due to growth in emerging and developing markets outpacing developed markets. For the quarter, concentrate sales were 7 points behind unit case volume, primarily due to six fewer days in the quarter.

• Operating income declined 31% for the quarter, which included a 2-point currency headwind. Comparable currency neutral operating income (non-GAAP) declined 29% for the quarter, driven by topline pressure along with a significant increase in marketing investments versus the prior year.

• The company’s value share in total NARTD beverages was even for the year, as strong underlying share gains in most markets were offset by the impact of negative geographic mix in the operating segment.

Global Ventures

• Net revenues grew 27% for the quarter, which included a 2-point currency tailwind. Organic revenues (non-GAAP) grew 25%. Revenue growth was primarily driven by the ongoing reopening of Costa retail stores in the United Kingdom.

• Operating income growth and comparable currency neutral operating income (non-GAAP) growth for the quarter were driven by strong organic revenue (non-GAAP) growth.

Bottling Investments

• Unit case volume grew 13% for the quarter, driven by strong growth in the key markets of India and the Philippines.

• Price/mix declined 3% for the quarter, primarily due to weather-related disruption and negative package mix in South Africa.

• Operating income declined 11% for the quarter, including items impacting comparability and a 5-point tailwind from currency. Comparable currency neutral operating income (non-GAAP) declined 12% for the quarter, driven by an increase in operating expenses versus the prior year.

Capital Allocation Update

• Reinvesting in the business: The company continued to invest in its various lines of business and spent $1.4 billion in capital expenditures in 2021, an increase of 16% versus the prior year.

• Continuing to grow the dividend: The company paid dividends totaling $7.3 billion during 2021. The company has increased its dividend in each of the last 59 years.

• Consumer-centric M&A: The company acquired the remaining 85% ownership interest in BODYARMOR, a line of sports performance and hydration beverages, in November 2021 for $5.6 billion.

• Share repurchases: In 2021, the company did not repurchase any shares under the existing share repurchase authorization. The company’s remaining share repurchase authorization is approximately $10 billion.

Outlook

The 2022 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full-year 2022 projected organic revenues (non-GAAP) to full-year 2022 projected reported net revenues, full-year 2022 projected comparable net revenues (non-GAAP) to full-year 2022 projected reported net revenues, full-year 2022 projected comparable cost of goods sold (non-GAAP) to full-year 2022 projected reported cost of goods sold, full-year 2022 projected underlying effective tax rate (non-GAAP) to full-year 2022 projected reported effective tax rate, full-year 2022 projected comparable currency neutral EPS (non-GAAP) to full-year 2022 projected reported EPS or full-year 2022 projected comparable EPS (non-GAAP) to full-year 2022 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates throughout 2022; the exact timing and amount of acquisitions, divestitures and/or structural changes throughout 2022; the exact timing and amount of items impacting comparability throughout 2022; and the actual impact of changes in commodity costs throughout 2022. The unavailable information could have a significant impact on the company’s full-year 2022 reported financial results.

Full Year 2022

The company expects to deliver organic revenue (non-GAAP) growth of 7% to 8%.

For comparable net revenues (non-GAAP), the company expects a 2% to 3% currency headwind based on the current rates and including the impact of hedged positions, in addition to a 3% tailwind from acquisitions.

The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP), based on the current rates and including the impact of hedged positions.

The company’s underlying effective tax rate (non-GAAP) is estimated to be 20%. This does not include the impact of ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.

Given the above considerations, the company expects to deliver comparable currency neutral EPS (non-GAAP) growth of 8% to 10% and comparable EPS (non-GAAP) growth of 5% to 6%, versus $2.32 in 2021.

Comparable EPS (non-GAAP) percentage growth is expected to include a 3% to 4% currency headwind based on the current rates and including the impact of hedged positions, in addition to a minimal tailwind from acquisitions.

The company expects to generate free cash flow (non-GAAP) of approximately $10.5 billion through cash flow from operations of approximately $12.0 billion, less capital expenditures of approximately $1.5 billion. This does not include any potential payments related to ongoing tax litigation with the U.S. Internal Revenue Service.

First Quarter 2022 Considerations

Comparable net revenues (non-GAAP) are expected to include an approximate 3% currency headwind based on the current rates and including the impact of hedged positions, in addition to a 3% tailwind from acquisitions.

Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 5% currency headwind based on the current rates and including the impact of hedged positions.

The first quarter has one less day compared to first quarter 2021.

Notes

• All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period, unless otherwise noted.

• All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales for the fourth quarter, unless otherwise noted, and are computed on a reported basis for the full year. “Unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings), with the exception of unit case equivalents for Costa non-ready-to-drink beverage products which are primarily measured in number of transactions. “Unit case volume” means the number of unit cases (or unit case equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.

• “Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in equivalent unit cases) sold by, or used in finished beverages sold by, the company to its bottling partners or other customers. For Costa non-ready-to-drink beverage products, “concentrate sales” represents the amount of coffee (in all instances expressed in equivalent unit cases) sold by the company to customers or consumers. In the reconciliation of reported net revenues, “concentrate sales” represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating segments and the Global Ventures operating segment after considering the impact of structural changes, if any. For the Bottling Investments operating segment for the fourth quarter, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. For the Bottling Investments operating segment for the full year, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes, if any. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.

• “Price/mix” represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred.

• First quarter 2021 financial results were impacted by five additional days as compared to first quarter 2020, and fourth quarter 2021 financial results were impacted by six fewer days as compared to fourth quarter 2020. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.

Conference Call

The company is hosting a conference call with investors and analysts to discuss fourth quarter and full-year 2021 operating results today, Feb. 10, 2022, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220210005261/en/

Investors and Analysts: Tim Leveridge, koinvestorrelations@coca-cola.com

Media: Scott Leith, sleith@coca-cola.com

Source: The Coca-Cola Company

FAQ

What was Coca-Cola's revenue growth in Q4 2021?

Coca-Cola's net revenues grew 10% in Q4 2021.

How did Coca-Cola perform in terms of full-year revenue for 2021?

Coca-Cola's full-year net revenues increased by 17% to $38.7 billion.

What was Coca-Cola's EPS for Q4 2021?

Coca-Cola reported an EPS of $0.56 for Q4 2021.

What does the operating income change indicate for Coca-Cola?

Coca-Cola's operating income declined 28% for Q4 2021, indicating cost pressures.

How much did Coca-Cola invest in capital expenditures in 2021?

Coca-Cola invested $1.4 billion in capital expenditures in 2021.

What is the outlook for Coca-Cola in 2022?

The company provided financial outlook guidance for 2022, reflecting its growth strategies.