COKEHIGH SIGNALFINANCIAL10-K

Coca-Cola Consolidated shows a dramatic deterioration in liquidity with cash declining 75% while debt increased 56%, coupled with substantially reduced dividend payments.

The severe cash position decline from $1.1B to $282M combined with meaningfully higher debt levels suggests potential liquidity stress or major capital deployment that wasn't funded through operations. The substantially reduced dividend payments further reinforce concerns about cash flow pressures and management's need to preserve capital.

Comparing 2026-02-18 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

The company's balance sheet shows signs of financial stress with cash and equivalents falling dramatically while total debt grew meaningfully to $2.8B. Current assets declined substantially even as accounts receivable increased notably, suggesting collection or operational challenges. The sharp reduction in dividend payments indicates management is prioritizing cash preservation, which combined with the deteriorated liquidity position, signals potential financial difficulties or major strategic capital deployment that has strained the balance sheet.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-75.2%
$1.1B$281.9M

Cash declined 75.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Debt
Balance Sheet
+56%
$1.8B$2.8B

Debt increased 56% — substantial leverage increase; assess whether deployed for growth or covering losses.

Dividends Paid
Cash Flow
-53.3%
$185.6M$86.7M

Dividends cut 53.3% — significant signal of cash flow stress or capital reallocation priorities.

Accounts Receivable
Balance Sheet
+46.4%
$125.7M$184.0M

Receivables surged 46.4% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
-44%
$2.5B$1.4B

Current assets declined 44% — monitor working capital adequacy and short-term liquidity.

Total Liabilities
Balance Sheet
+29.4%
$3.9B$5.0B

Liabilities increased 29.4% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
-19%
$5.3B$4.3B

Total assets contracted 19% — asset sales, write-downs, or balance sheet optimization underway.

Current Liabilities
Balance Sheet
-14.1%
$1.3B$1.1B

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-20
ADDED
We also distribute products for several other beverage companies, including Monster Energy Company ( Monster Energy ) and Keurig Dr Pepper Inc.
The following table sets forth some of our principal products, including products of The Coca Cola Company and products licensed to us by other beverage companies: Sparkling Beverages Still Beverages The Coca-Cola Company Products: Barqs Root Beer Fresca BODYARMOR Minute Maid Barqs Zero Sugar Mello Yello Core Power POWERade Coca-Cola Mr.
Sales of beverages under these agreements with other beverage companies represented approximately 15% of our total bottle/can sales volume to retail customers in 2025, 2024 and 2023.
3 Regions Served and Facilities We serve approximately 60 million consumers within our territories, which are comprised of four principal regions.
Previously, these four principal regions were organized into five market units.
Charlotte, NC 17 Mid-Atlantic The entire state of Maryland, the majority of Virginia, West Virginia and Delaware, the District of Columbia, a portion of south-central Pennsylvania, a portion of northeastern Kentucky and a portion of southern Ohio, including Easton, Salisbury, Capitol Heights, Baltimore, Hagerstown and Cumberland, Maryland, Norfolk, Staunton, Alexandria, Roanoke, Richmond, Yorktown and Fredericksburg, Virginia, Beckley, Bluefield, Clarksburg, Elkins, Parkersburg, Craigsville and Charleston, West Virginia, Pikeville, Kentucky, Portsmouth, Ohio and surrounding areas.
West Memphis, AR Nashville, TN 10 Mid-West A significant portion of Indiana and Ohio, a portion of northeastern Kentucky and a portion of southeastern Illinois, including Anderson, Whitestown, Evansville, Fort Wayne, Indianapolis and South Bend, Indiana, Lexington and Louisville, Kentucky, Akron, Cincinnati, Columbus, Dayton, Elyria, Lima, Mansfield, Toledo, Willoughby and Youngstown, Ohio and surrounding areas.
The Company also distributes its products using alternative routes to market ( ARTM ), which include distribution by third-party distributors, the manufacturer of the product or the customer s supply chain infrastructure.
We receive a fee in connection with the sale of products distributed via ARTM within our territories; however, the sale of such products is not included in the reported product volume sold by the Company.
Recent and upcoming introductions include Sprite + Tea, POWERade Powerwater, new flavors and packages of BODYARMOR, POWERade, Monster and Topo Chico and the relaunch of Mr.
REMOVED
We also distribute products for several other beverage companies, including Keurig Dr Pepper Inc.
As of December 31, 2024, The Coca Cola Company owned shares of Common Stock representing approximately 7% of the total voting power of the outstanding Common Stock and Class B Common Stock on a consolidated basis.
The number of shares of Common Stock currently held by The Coca Cola Company gives it the right to have a designee proposed by the Company for nomination to the Company s Board of Directors in the Company s annual proxy statement.
Frank Harrison, III and the trustees of certain trusts established for the benefit of certain relatives of the late J.
have agreed to vote the shares of Common Stock and Class B Common Stock that they control in favor of such designee.
The Coca Cola Company does not own any shares of Class B Common Stock.
Sales of beverages under these agreements with other beverage companies represented approximately 15%, 15% and 14% of our total bottle/can sales volume to retail customers in 2024, 2023 and 2022, respectively.
3 Markets Served and Facilities As of December 31, 2024, we served approximately 60 million consumers within our territories, which comprised five principal markets.
Charlotte, NC 17 Central A significant portion of northeastern Kentucky, the majority of West Virginia and portions of southern Ohio, southeastern Indiana and southwestern Pennsylvania, including Lexington, Louisville and Pikeville, Kentucky, Beckley, Bluefield, Clarksburg, Elkins, Parkersburg, Craigsville and Charleston, West Virginia, Cincinnati and Portsmouth, Ohio and surrounding areas.
Cincinnati, OH 12 Mid-Atlantic The entire state of Maryland, the majority of Virginia and Delaware, the District of Columbia and a portion of south-central Pennsylvania, including Easton, Salisbury, Capitol Heights, Baltimore, Hagerstown and Cumberland, Maryland, Norfolk, Staunton, Alexandria, Roanoke, Richmond, Yorktown and Fredericksburg, Virginia and surrounding areas.
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