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OPERATING SEGMENTS (Tables) | 9 Months Ended
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Sep. 26, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Information about our Company’s operations by operating segment and Corporate is as follows (in millions):
| Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated
Three Months Ended September 26, 2025 |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |
Third party | $ | 2,818 |  | $ | 1,572 |  | $ | 5,249 |  | $ | 1,438 |  | $ | 1,344 |  | $ | 34 |  | $ | — |  | $ | 12,455 |
Intersegment | 178 |  | 1 |  | 4 |  | 68 |  | 2 |  | — |  | (253) |  | — |
Total net operating revenues | 2,996 |  | 1,573 |  | 5,253 |  | 1,506 |  | 1,346 |  | 34 |  | (253) |  | 12,455 |
Cost of goods sold | 867 |  | 281 |  | 2,523 |  | 471 |  | 955 |  | (47) |  | (253) |  | 4,797 |
Selling, general and administrative expenses | 1,032 |  | 395 |  | 1,049 |  | 514 |  | 334 |  | 294 |  | — |  | 3,618 |
Other operating charges | — |  | — |  | — |  | — |  | — |  | 58 |  | — |  | 58 |
Operating income (loss) | $ | 1,097 |  | $ | 897 |  | $ | 1,681 |  | $ | 521 |  | $ | 57 |  | $ | (271) |  | $ | — |  | $ | 3,982 |
Interest income |  |  |  |  |  |  |  | 185 |
Interest expense |  |  |  |  |  |  |  | 391 |
Equity income (loss) — net |  |  |  |  |  |  |  | 644 |
Other income (loss) — net |  |  |  |  |  |  |  | (237) |
Income before income taxes |  |  |  |  |  |  |  | $ | 4,183 |
Other segment information: |  |  |  |  |  |  |  |
Capital expenditures | $ | 66 |  | $ | — |  | $ | 176 |  | $ | 12 |  | $ | 105 |  | $ | 120 |  | $ | — |  | $ | 479 |
Depreciation and amortization | 40 |  | 8 |  | 83 |  | 12 |  | 78 |  | 47 |  | — |  | 268 |
Three Months Ended September 27, 2024 |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |
Third party | $ | 2,555 |  | $ | 1,642 |  | $ | 5,037 |  | $ | 1,285 |  | $ | 1,314 |  | $ | 21 |  | $ | — |  | $ | 11,854 |
Intersegment | 172 |  | — |  | 1 |  | 77 |  | 2 |  | — |  | (252) |  | — |
Total net operating revenues | 2,727 |  | 1,642 |  | 5,038 |  | 1,362 |  | 1,316 |  | 21 |  | (252) |  | 11,854 |
Cost of goods sold | 784 |  | 254 |  | 2,541 |  | 452 |  | 929 |  | (44) |  | (252) |  | 4,664 |
Selling, general and administrative expenses | 945 |  | 364 |  | 1,041 |  | 448 |  | 344 |  | 494 |  | — |  | 3,636 |
Other operating charges | — |  | 87 |  | — |  | — |  | — |  | 957 |  | — |  | 1,044 |
Operating income (loss) | $ | 998 |  | $ | 937 |  | $ | 1,456 |  | $ | 462 |  | $ | 43 |  | $ | (1,386) |  | $ | — |  | $ | 2,510 |
Interest income |  |  |  |  |  |  |  | 263 |
Interest expense |  |  |  |  |  |  |  | 425 |
Equity income (loss) — net |  |  |  |  |  |  |  | 541 |
Other income (loss) — net |  |  |  |  |  |  |  | 491 |
Income before income taxes |  |  |  |  |  |  |  | $ | 3,380 |
Other segment information: |  |  |  |  |  |  |  |
Capital expenditures | $ | 54 |  | $ | — |  | $ | 144 |  | $ | 5 |  | $ | 150 |  | $ | 116 |  | $ | — |  | $ | 469 |
Depreciation and amortization | 47 |  | 8 |  | 78 |  | 11 |  | 74 |  | 50 |  | — |  | 268 |
| Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated
Nine Months Ended September 26, 2025 |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |
Third party | $ | 8,307 |  | $ | 4,636 |  | $ | 14,636 |  | $ | 4,227 |  | $ | 4,214 |  | $ | 99 |  | $ | — |  | $ | 36,119 |
Intersegment | 522 |  | 1 |  | 7 |  | 272 |  | 6 |  | — |  | (808) |  | — |
Total net operating revenues | 8,829 |  | 4,637 |  | 14,643 |  | 4,499 |  | 4,220 |  | 99 |  | (808) |  | 36,119 |
Cost of goods sold | 2,521 |  | 818 |  | 7,034 |  | 1,337 |  | 2,983 |  | (211) |  | (808) |  | 13,674 |
Selling, general and administrative expenses | 2,821 |  | 1,030 |  | 2,966 |  | 1,370 |  | 1,002 |  | 1,133 |  | — |  | 10,322 |
Other operating charges | — |  | 31 |  | — |  | — |  | — |  | 171 |  | — |  | 202 |
Operating income (loss) | $ | 3,487 |  | $ | 2,758 |  | $ | 4,643 |  | $ | 1,792 |  | $ | 235 |  | $ | (994) |  | $ | — |  | $ | 11,921 |
Interest income |  |  |  |  |  |  |  | 553 |
Interest expense |  |  |  |  |  |  |  | 1,223 |
Equity income (loss) — net |  |  |  |  |  |  |  | 1,556 |
Other income (loss) — net |  |  |  |  |  |  |  | 229 |
Income before income taxes |  |  |  |  |  |  |  | $ | 13,036 |
Other segment information: |  |  |  |  |  |  |  |
Capital expenditures | $ | 156 |  | $ | 1 |  | $ | 445 |  | $ | 17 |  | $ | 329 |  | $ | 282 |  | $ | — |  | $ | 1,230 |
Depreciation and amortization | 139 |  | 23 |  | 245 |  | 34 |  | 230 |  | 143 |  | — |  | 814 |
Nine Months Ended September 27, 2024 |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |
Third party | $ | 7,863 |  | $ | 4,824 |  | $ | 14,131 |  | $ | 3,946 |  | $ | 4,666 |  | $ | 87 |  | $ | — |  | $ | 35,517 |
Intersegment | 524 |  | — |  | 7 |  | 419 |  | 6 |  | — |  | (956) |  | — |
Total net operating revenues | 8,387 |  | 4,824 |  | 14,138 |  | 4,365 |  | 4,672 |  | 87 |  | (956) |  | 35,517 |
Cost of goods sold | 2,333 |  | 820 |  | 7,166 |  | 1,287 |  | 3,290 |  | (229) |  | (956) |  | 13,711 |
Selling, general and administrative expenses | 2,694 |  | 1,114 |  | 2,883 |  | 1,313 |  | 1,085 |  | 1,447 |  | — |  | 10,536 |
Other operating charges | — |  | 87 |  | 760 |  | — |  | — |  | 3,140 |  | — |  | 3,987 |
Operating income (loss) | $ | 3,360 |  | $ | 2,803 |  | $ | 3,329 |  | $ | 1,765 |  | $ | 297 |  | $ | (4,271) |  | $ | — |  | $ | 7,283 |
Interest income |  |  |  |  |  |  |  | 784 |
Interest expense |  |  |  |  |  |  |  | 1,225 |
Equity income (loss) — net |  |  |  |  |  |  |  | 1,432 |
Other income (loss) — net |  |  |  |  |  |  |  | 2,006 |
Income before income taxes |  |  |  |  |  |  |  | $ | 10,280 |
Other segment information: |  |  |  |  |  |  |  |
Capital expenditures | $ | 156 |  | $ | 1 |  | $ | 361 |  | $ | 15 |  | $ | 478 |  | $ | 250 |  | $ | — |  | $ | 1,261 |
Depreciation and amortization | 137 |  | 22 |  | 237 |  | 32 |  | 243 |  | 128 |  | — |  | 799 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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