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The Coca-Cola Company owns or licenses beverage brands including Coca-Cola, Sprite and Fanta. Bottling partners buy its concentrates and syrups, mix them with water and, where needed, sweeteners, then package and sell the drinks to retailers. Their agreements authorize them to sell designated beverages in specified territories and require them to obtain the concentrates or syrups from Coca-Cola or its authorized suppliers. These concentrate operations provide most of the company’s revenue.
Coca-Cola also earns a substantial share of revenue by selling finished drinks through its own bottling and distribution operations and other finished-product businesses. Retailers, distributors and wholesalers pay for these drinks; consumers also pay directly at Costa stores. Finished-product operations generally have lower gross profit margins than concentrate operations.
The business relies on independent bottlers in most markets to get drinks into stores. One bottler supplies a significant share of company revenue. Concentrate prices in most markets reflect bottlers’ selling prices, sales channels and package mix, so earnings depend on more than the amount of beverage sold. Competition and bottlers’ ability to pass price increases on to their customers limit Coca-Cola’s practical ability to raise its own prices.
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Coca-Cola’s worldwide beverage volumes and local pricing also depend on major bottlers absent from this list: Coca-Cola HBC, Arca Continental and Swire Coca-Cola.
PepsiCo competes with Coca-Cola for consumers and retail shelf space worldwide through Pepsi, Mountain Dew and Gatorade. Watch its soft-drink and sports-drink sales rather than its food businesses for signs of competitive pressure on Coca-Cola.
Keurig Dr Pepper competes with Coca-Cola for the same U.S. bottlers, restaurants and retailers, selling ingredients they mix into drinks—concentrates and fountain syrups—as well as packaged soft drinks. Dr Pepper supplies most of its fountain-channel volume, making restaurant drink sales a useful area to watch.
Coca-Cola Europacific Partners turns Coca-Cola’s concentrates and syrups into beverages and sells them to customers and vending partners across its franchise markets, linking local sales to Coca-Cola’s ingredient revenue. Watch beverage volume and revenue per case: local pricing, sales channels and package mix also affect what Coca-Cola charges for concentrate.
Coca-Cola FEMSA buys Coca-Cola concentrate, makes branded beverages and sells them through its retail network; its 2025 volume represented about 12.3% of worldwide Coca-Cola system volume. Its Latin American beverage volumes therefore offer a substantial window into demand for Coca-Cola products.
Coca-Cola Consolidated makes and distributes Coca-Cola beverages across 14 U.S. states and Washington, D.C., connecting retail demand there to Coca-Cola’s business. Coca-Cola products account for approximately 85% of its bottle-and-can volume sold to retailers, making that volume more relevant than sales of its other brands.
Monster Beverage sells energy drinks to Coca-Cola system bottlers for distribution, while Coca-Cola earns fees for coordinating that distribution. Watch Monster Energy sales through those bottlers for evidence of demand moving through Coca-Cola’s network, rather than treating Monster as another Coca-Cola soft-drink brand.
Embotelladora Andina buys concentrate from Coca-Cola affiliates to make and distribute Coca-Cola brands in its territories in Chile, Brazil and Argentina, and throughout Paraguay. Its beverage volumes show local demand reaching Coca-Cola’s concentrate business; watch each country separately rather than relying only on the combined sales figure.
FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V. is tied to Coca-Cola through its consolidated Coca-Cola FEMSA business, which buys concentrate and bottles Coca-Cola brands for sale. That business contributed roughly one-third of FEMSA’s 2025 consolidated revenue, so its beverage results are the relevant signal, not FEMSA’s total revenue alone.
Primo Brands competes with Coca-Cola’s Dasani and other water brands for U.S. retail bottled-water purchases through brands including Poland Spring and Pure Life. Its retail bottled-water performance is the relevant comparison, rather than its delivery, refill or filtration services.
Ambev competes with Coca-Cola in Brazilian soft drinks and identifies Coca-Cola as its main nonalcoholic-beverage rival there. Watch its Brazilian nonalcoholic beverage business rather than beer: carbonated soft drinks accounted for approximately 94% of that business’s unit volume in 2025.
McDonald’s restaurant traffic connects to Coca-Cola syrup demand because its restaurant system buys and serves Coca-Cola fountain beverages at global scale.
Ball supplies aluminum beverage packaging to Coca-Cola’s bottler procurement network, linking its business to the system’s canned-drink demand and packaging needs. Coca-Cola Bottlers’ Sales & Services Company and its affiliates accounted for 14% of Ball’s consolidated net sales in 2025; watch can supply and pricing as inputs to bottler costs.
Crown supplies beverage cans to Coca-Cola and its independent bottlers, so their packaging purchases feed Crown’s sales while can availability matters to Coca-Cola’s operations. Watch Crown’s can capacity and supply news, but do not read its whole beverage-can business as Coca-Cola demand: it also serves other major drink makers.
Coca-Cola Company earningsThis company
Coca-Cola’s report will show whether more beverages moving through its system are driving growth, or whether pricing is carrying it while higher prices risk weighing on volume.
Read worldwide unit-case volume alongside net revenue, and look at concentrate operations versus finished-product operations. If volume and revenue rise together, consumers are buying more and bottlers are purchasing concentrate for more drinks. If revenue grows while volume stalls or falls, pricing or package mix is carrying the figure, leaving consumers’ ability to absorb higher prices and bottler demand in question.
Coca-Cola FEMSA, S.A.B DE C.V earningsKOF
Coca-Cola FEMSA’s report will show beverage volumes by country, revealing whether Latin American demand for Coca-Cola products is translating into bottling and concentrate purchases.
Read Coca-Cola FEMSA’s beverage volumes country by country, not just as a total. Growth across several markets means more Coca-Cola products are moving through this major bottler and points to stronger concentrate demand; declines confined to particular countries indicate weaker local demand, not necessarily a slowdown across Coca-Cola’s whole system.
Coca-Cola Consolidated, Inc. earningsCOKE
Coca-Cola Consolidated’s report will show sales volume of Coca-Cola bottled and canned drinks in its U.S. territory, offering a read on local retail demand.
Focus on Coca-Cola Consolidated’s bottle-and-can volume sold to retailers, not its other brands as a measure of Coca-Cola demand. Rising volume means retailers in its territory are moving more Coca-Cola products and the bottler needs more concentrate; falling volume points to softer local demand, but does not establish the trend across the whole U.S. market.
AMBEV S.A. earningsABEV
Ambev’s report will show how its Brazilian nonalcoholic beverage business is doing, indicating whether Coca-Cola faces stronger or weaker soft-drink competition there.
Watch volume in Ambev’s Brazilian nonalcoholic beverage business, especially carbonated soft drinks, rather than its beer results. Stronger volume means Coca-Cola faces a tougher fight for Brazilian consumers; weaker volume suggests less competitive pressure, but does not prove Coca-Cola’s own sales have grown.
Keurig Dr Pepper Inc. earningsKDP
Keurig Dr Pepper’s report will show how its fountain business is doing, helping gauge competition for U.S. restaurant drink sales that Coca-Cola also serves.
Watch Keurig Dr Pepper’s restaurant fountain business separately from packaged drinks. A stronger fountain business means it has more momentum in the restaurant drink sales it contests with Coca-Cola, potentially crowding Coca-Cola’s syrup sales; weakness would mean less pressure in that channel, not a verdict on Coca-Cola’s overall volume.
McDonald's Corporation earningsMCD
McDonald’s report will show restaurant traffic and activity, helping gauge the dining occasions that support Coca-Cola fountain-syrup demand.
Read McDonald’s sales at established restaurants or traffic alongside its broader results; established-restaurant sales track locations open long enough to compare. Steady traffic and sales mean customers are still visiting a major restaurant channel, supporting occasions to sell Coca-Cola fountain drinks; weakness could mean fewer such occasions, though McDonald’s does not separately report Coca-Cola drink sales.
Monster Beverage Corporation earningsMNST
Monster Beverage’s report will show sales through Coca-Cola system bottlers, indicating how much energy-drink demand is moving through that distribution network.
Watch Monster Beverage sales through Coca-Cola system bottlers, not as sales of Coca-Cola’s own soft-drink brands. Stronger sales mean more energy drinks are reaching consumers through that network and support Coca-Cola’s related distribution-fee income; weaker sales mean less demand is moving through this channel.
Primo Brands Corporation earningsPRMB
Primo Brands’ report will show its U.S. retail bottled-water performance, helping gauge shelf competition for Coca-Cola’s water brands.
Focus on Primo Brands’ retail bottled-water sales, not delivery, refill or filtration services. Stronger retail bottle sales mean more competition for Coca-Cola brands such as Dasani on store shelves and for consumers’ choices; weaker sales ease that pressure but do not prove Coca-Cola’s own water volume has increased.
