The Coca-Cola Company's debt to equity: 5 definitions, 5 answers
Depending on which definition is used, The Coca-Cola Company's debt to equity for FY2025 is anywhere from 1.31 to 2.19. Every one of them is arithmetically correct, and all of them come out of the same filed balance sheet.
Computed from The Coca-Cola Company's 10-K for fiscal 2025, the year ended 2025-12-31, filed 2026-02-20. Accession 0001628280-26-010047 on the SEC archive (opens in a new tab)
The same balance sheet, read 5 ways
| Definition | Formula, in filed line items | Measured over | Value |
|---|---|---|---|
| Long-term debt to equity | longTermDebt / totalStockholdersEquity | One filed fiscal year | 1.31 |
| Borrowings to equity | (shortTermDebt + longTermDebt) / totalStockholdersEquity | One filed fiscal year | 1.41 |
| Total debt to equity | totalDebt / totalStockholdersEquity | One filed fiscal year | 1.47 |
| Total debt to total equity including minority interestsours | totalDebt / totalEquity | One filed fiscal year | 1.38 |
| Total liabilities to equity | totalLiabilities / totalStockholdersEquity | One filed fiscal year | 2.19 |
The lowest of these is 1.31 and the highest is 2.19, a factor of 1.67. All of them are arithmetically correct. They are answers to different questions, and the column above says which question each one answers.
- Long-term debt to equity
- The narrowest of them. It ignores everything due inside a year, so a company that funds itself with commercial paper looks unlevered here. Read from Long-term debt 42.12 bn USD, Total stockholders' equity 32.17 bn USD.
- Borrowings to equity
- Interest-bearing borrowings on both sides of the twelve-month line, and nothing else. Read from Short-term debt 3.32 bn USD, Long-term debt 42.12 bn USD, Total stockholders' equity 32.17 bn USD.
- Total debt to equity
- Total debt as the filer tags it. Where a company reports finance lease obligations, they sit inside this figure and not inside the borrowings line, which is the usual reason the two differ. Read from Total debt 47.16 bn USD, Total stockholders' equity 32.17 bn USD.
- Total debt to total equity including minority interests
- The same numerator over a denominator that also counts the equity outside shareholders hold in consolidated subsidiaries. Identical to the line above where a company has no minority interests, and lower where it has large ones. Read from Total debt 47.16 bn USD, Total equity 34.27 bn USD.
- Total liabilities to equity
- Everything owed to anyone, borrowed or not: payables, deferred revenue, tax. Always the largest of the four and the one most often labelled simply 'debt/equity'. Read from Total liabilities 70.54 bn USD, Total stockholders' equity 32.17 bn USD.
And our own figure. The number this product prints for KO is 1.38, computed as totalDebt divided by total equity, taking totalEquity where the filer reports it and totalStockholdersEquity otherwise. That is the total debt to total equity including minority interests line above.
What this page does not claim
It does not say that a figure you read elsewhere is wrong. Every definition above is a legitimate one in use, and a publisher printing any of them is printing a correct number. What is usually missing from the page you read it on is the sentence saying which of these it is, and that sentence is the whole content of this page. No other publisher's figure is quoted here; all of these were computed by us from the filing linked above.
What this page leaves out
Evaluated over 10 filed fiscal years, FY2016 to FY2025. Accounts filed before this company began tagging its statements in XBRL are not machine-readable and are outside this page. No share price is involved in any figure here, so nothing on this page is limited by the depth of our price archive.
Figures on this page are recomputed from statements filed with the SEC, and each row names the submission it came from. Filings can be mis-tagged upstream and companies restate, so check a number against the filing before you rely on it. To find out whether a company you own can be answered this way at all, use the coverage checker.
Related
- The years a debt to equity rule would have broken on The Coca-Cola Company - the same figure across every filed year, against a threshold.
- Every published reconciliation
- Would this rule have broken?
- How the product picks a definition, everywhere else
This is one figure on one company. Inside the product, every number on screen opens into the formula that produced it, the filed inputs, the fiscal year and the filing date, for the same reason this page exists: a figure whose definition is hidden is not evidence.