Coca-Cola Full-Year Report 2022

Quarterly Performance

• Revenues: For the quarter, net revenues were strong, growing 7% to $10.1 billion. Organic revenues (non-GAAP)
grew 15%. Organic revenue (non-GAAP) performance was strong across operating segments and included 12%
growth in price/mix and 2% growth in concentrate sales. The quarter included one additional day, which resulted in
a 1-point tailwind to revenue growth. The quarter also benefited from the timing of concentrate shipments. For the
full year, net revenues grew 11% to $43.0 billion, and organic revenues (non-GAAP) grew 16%. This performance
was driven by 11% growth in price/mix and 5% growth in concentrate sales.

• Operating margin: For the quarter, operating margin, which included items impacting comparability, was 20.5%
versus 17.7% in the prior year, while comparable operating margin (non-GAAP) was 22.7% versus 22.1% in the prior year. For the full year, operating margin, which included items impacting comparability, was 25.4% versus 26.7% in the prior year, while comparable operating margin (non-GAAP) was 28.7% in both the current year and the prior year. For both the quarter and the full year, operating margin benefited from strong topline growth but was unfavorably impacted by the BODYARMOR acquisition, higher operating costs, an increase in marketing investments versus the prior year, currency headwinds and items impacting comparability.

• Price/mix grew 12% for the quarter and 11% for the year. This was primarily driven by pricing actions in the
marketplace across operating segments along with favorable channel and package mix. For the quarter,
concentrate sales were 3 points ahead of unit case volume, primarily due to one additional day along with the
timing of concentrate shipments.