Coca-Cola Consolidated, Inc. stands as a titan in the non-alcoholic beverage industry, weaving a rich tapestry of tradition, innovation, and community commitment across its 123-year history. As the largest Coca-Cola bottler in the United States, the company serves over 60 million consumers across 14 states and the District of Columbia, delivering iconic beverages that spark joy and connection. Guided by a purpose to honor God, serve others, pursue excellence, and grow profitably, Coca-Cola Consolidated blends operational prowess with a servant-leadership ethos, creating refreshing moments that resonate far beyond the bottle.
This post delves into the company’s comprehensive profile, its diverse product portfolio, brand legacy, leadership structure, operational geography, and financial performance, painting a vivid picture of an organization that’s as dynamic as the beverages it distributes.
Company Profile
Coca-Cola Consolidated, headquartered in Charlotte, North Carolina, is a Delaware corporation that has been a cornerstone of the beverage industry since its incorporation in 1980, with roots tracing back to 1902. The company employs approximately 17,000 teammates who operate across 11 production centers and 60 distribution and sales centers, collectively moving nearly 350 million cases of beverages annually. Its mission is deeply rooted in creating value for stakeholders—stockholders, customers, communities, and employees—through a disciplined approach to business and a steadfast commitment to sustainability and community service.
The company’s operations are structured to manufacture, distribute, and market non-alcoholic beverages, primarily those of The Coca-Cola Company, which account for about 85% of its bottle/can sales volume. Beyond Coca-Cola brands, it partners with other beverage giants like Keurig Dr Pepper and Monster Energy, offering a diverse portfolio that caters to varied consumer preferences. Coca-Cola Consolidated’s success is driven by its ability to evolve with industry trends, invest in state-of-the-art infrastructure, and foster a culture of servant leadership, as articulated by Chairman and CEO J. Frank Harrison, III.
In 2024, the company achieved a 3.7% increase in net sales, reaching $6.9 billion, propelled by strong sparkling beverage volumes and strategic pricing. Its operating cash flow of $876 million enabled significant capital investments, including a $56 million acquisition of a Nashville production facility and expansions in West Memphis, Arkansas, and Sandston, Virginia. These moves underscore its focus on strengthening supply chain resilience and meeting growing consumer demand.
Coca-Cola Consolidated’s commitment to sustainability is evident in its “Refresh, Recycle, Renew” program, aiming for 100% recyclable or renewably sourced packaging. The company also invests heavily in community initiatives, contributing $53 million in charitable donations in 2024 and mobilizing rapid response efforts during crises like Hurricane Helene. Recognized as one of Fortune’s “World’s Most Admired Companies” and Forbes’ “America’s Most Successful Midsize Companies,” Coca-Cola Consolidated exemplifies how purpose-driven business can yield both profit and positive impact.
Products and Services
Coca-Cola Consolidated’s core business revolves around the manufacturing, distribution, and marketing of non-alcoholic beverages, offering over 300 brands that cater to a wide spectrum of consumer tastes. Its portfolio is divided into two primary categories: sparkling beverages (carbonated drinks) and still beverages (non-carbonated drinks, including energy drinks, teas, waters, and juices). The company’s operations encompass the entire beverage lifecycle, from sourcing concentrates to bottling, warehousing, and delivering finished products to retail and on-premise locations.
Sparkling Beverages
Sparkling beverages, led by the iconic Coca-Cola, form the backbone of the company’s sales, with approximately 47% of its bottle/can volume in 2024 coming from bottles and 53% from cans. Key sparkling brands include:
- Coca-Cola: The flagship brand, available in classic, Cherry, Vanilla, and Zero Sugar variants.
- Diet Coke: A low-calorie staple for health-conscious consumers.
- Sprite and Sprite Zero Sugar: Refreshing lemon-lime options.
- Fanta and Fanta Zero Sugar: Vibrant fruit-flavored sodas.
- Barq’s Root Beer, Fresca, Mello Yello, Pibb Xtra, and Seagram’s Ginger Ale: Niche favorites with loyal followings.
- Dr Pepper, Diet Dr Pepper, Sundrop, and Diet Sundrop: Licensed brands from Keurig Dr Pepper, adding variety to the portfolio.
Recent introductions like Sprite Chill and Coca-Cola Orange Cream reflect the company’s agility in responding to evolving consumer preferences.
Still Beverages
Still beverages address the growing demand for hydration, energy, and functional drinks. Notable brands include:
- BODYARMOR: A premium sports drink for active lifestyles.
- POWERade: A leading electrolyte-enhanced beverage.
- Gold Peak: Ready-to-drink teas in various flavors.
- Minute Maid: Juices and lemonades for family-friendly refreshment.
- Dasani, glacéau smartwater, and glacéau vitaminwater: Bottled waters with functional benefits.
- Topo Chico Sabores: Flavored sparkling waters gaining traction.
- Core Power, Dunkin’ Coffee, EarlGrey, and Tum-E Yummies: Specialty beverages for niche markets.
- Monster Energy, Bang Energy, Full Throttle, NOS, Reign, and Reign Storm: Energy drinks licensed from Monster Energy, catering to high-energy consumers.
Services
Beyond product offerings, Coca-Cola Consolidated provides a suite of services that enhance its value chain:
- Bottling and Packaging: The company operates 11 production facilities, including a cooperative in Bishopville, South Carolina, to produce beverages in various package configurations, from single-use bottles to multi-pack cans.
- Distribution: With 60 distribution centers, the company ensures timely delivery to retail partners like Walmart and Kroger, which account for 36% of its bottle/can sales volume.
- Customer Service: The Customer Connection Hub in Charlotte, North Carolina, staffed by Customer Ambassadors, delivers exceptional service to clients.
- Merchandising: Merchandisers maintain stocked shelves and vibrant point-of-sale displays to drive consumer engagement.
- Sustainability Initiatives: The “Refresh, Recycle, Renew” program educates consumers on recycling and promotes eco-friendly packaging.
The company’s ability to integrate advanced technologies, such as automated warehouse systems and ionized air cleaning for bottles, ensures efficiency and quality across its operations.
Brand Details
Coca-Cola Consolidated’s brand portfolio is a cornerstone of its market dominance, blending global icons with regional favorites to create a diverse and appealing lineup. The company’s primary partnership with The Coca-Cola Company grants it exclusive rights to distribute and manufacture Coca-Cola products in its territories, reinforced by comprehensive beverage agreements (CBA) and regional manufacturing agreements (RMA). Additionally, licensing agreements with Keurig Dr Pepper and Monster Energy expand its reach into complementary beverage categories.
The Coca-Cola Company Brands
The Coca-Cola Company’s brands are synonymous with refreshment worldwide, and Coca-Cola Consolidated leverages this legacy to drive sales. Key brands include:
- Coca-Cola: The world’s most recognized beverage, available in multiple variants to suit diverse palates.
- Sprite: A crisp, lemon-lime soda with a strong youth appeal.
- Fanta: Known for its bold fruit flavors, offering a fun and colorful drinking experience.
- Diet Coke and Coca-Cola Zero Sugar: Catering to health-conscious consumers seeking low- or no-sugar options.
- POWERade and BODYARMOR: Sports drinks that dominate the hydration market.
- Gold Peak and Minute Maid: Teas and juices that appeal to families and casual drinkers.
- Dasani and glacéau smartwater: Premium waters positioned as healthy hydration choices.
- Topo Chico Sabores: A rising star in the flavored sparkling water category, reflecting premium and artisanal trends.
These brands benefit from The Coca-Cola Company’s robust marketing campaigns, which Coca-Cola Consolidated amplifies through local promotions and point-of-sale activations.
Licensed Brands
To diversify its portfolio, the company distributes and, in some cases, manufactures beverages under licensing agreements with other beverage companies:
- Dr Pepper Brands: Including Dr Pepper, Diet Dr Pepper, Sundrop, and Diet Sundrop, these brands hold strong regional appeal, particularly in the Southeast and Mid-South. They accounted for approximately 15% of bottle/can sales volume in 2024.
- Monster Energy Brands: The Monster Energy line, including Bang Energy, Full Throttle, NOS, Reign, and Reign Storm, targets the growing energy drink market, appealing to younger demographics and fitness enthusiasts.
Brand Strategy
Coca-Cola Consolidated’s brand strategy hinges on innovation, quality, and consumer engagement. The company invests heavily in new product introductions and packaging innovations, such as the 2024 launches of Sprite Chill and Coca-Cola Orange Cream. It also prioritizes sustainability, ensuring all bottles and cans are recyclable and promoting consumer education through partnerships. Marketing efforts blend national campaigns from brand owners with localized promotions, leveraging online, television, and radio advertising to maintain brand visibility. The company’s charitable giving, totaling $53 million in 2024, further enhances brand goodwill by supporting education, health, and crisis relief initiatives.
Board of Directors
Coca-Cola Consolidated’s Board of Directors comprises a diverse group of leaders with expertise spanning business, finance, healthcare, and community engagement. Chaired by J. Frank Harrison, III, the board guides the company’s strategic direction, ensuring alignment with its purpose-driven mission.
- J. Frank Harrison, III: Chairman and CEO, controlling approximately 72% of the company’s voting power through Class B Common Stock. His leadership emphasizes servant leadership and long-term value creation.
- Elaine Bowers Coventry: President of ReHope East Oregon, bringing community-focused insights.
- Sharon A. Decker: President of Tryon Equestrian Partners, Carolina Operations, with deep ties to regional business networks.
- Morgan H. Everett: Vice Chair, a key figure in governance and strategic oversight.
- James R. Helvey, III: Managing Partner at Cassia Capital Partners, LLC, offering financial and investment expertise.
- Dr. Jason D. Hickey: President and CEO of BlueCross BlueShield of Tennessee, Inc., contributing healthcare and leadership perspectives.
- Dr. William H. Jones: President of Columbia International University, adding educational and ethical insights.
- Umesh M. Kasbekar: Vice Chairman, with extensive experience in beverage industry operations.
- David M. Katz: President and COO, bridging operational and strategic roles.
- James H. Morgan: Chairman of Covenant Capital LLC, providing financial and entrepreneurial expertise.
- Dennis A. Wicker: Retired Partner at Nelson, Mullins, Riley & Scarborough, LLP, and Chairman of Hometown Research, State of North Carolina, offering legal and policy insights.
- Richard T. Williams: Vice President of Corporate Community Affairs at Duke Energy Corporation and President of The Duke Endowment, enhancing community engagement.
The board’s composition reflects a balance of internal leadership and external expertise, ensuring robust governance and strategic agility.
Subsidiary Details
Coca-Cola Consolidated operates as a cohesive entity with no explicitly named subsidiaries in its public disclosures, but it maintains strategic affiliations and cooperative arrangements that function as extensions of its operations. These include:
- South Atlantic Canners, Inc. (SAC): A manufacturing cooperative in Bishopville, South Carolina, managed by Coca-Cola Consolidated. The company utilizes SAC’s production capacity to supplement its 10 owned manufacturing plants, enhancing operational flexibility.
- Southeastern Container and Western Container: Manufacturing cooperatives co-owned with other Coca-Cola bottlers, supplying all plastic bottles used in the company’s production facilities.
- Coca-Cola Bottlers’ Sales & Services Company LLC (CCBSS): A procurement cooperative involving all U.S. and Canadian Coca-Cola bottlers, negotiating raw material purchases (excluding concentrates) to optimize costs.
- CONA Services LLC: A joint venture with other Coca-Cola bottlers, providing the Coke One North America (CONA) system for uniform IT and business process services, enhancing operational efficiency.
- National Product Supply Group (NPSG): A collaborative group with The Coca-Cola Company and other regional bottlers, overseeing strategic infrastructure and product supply planning.
These affiliations allow Coca-Cola Consolidated to leverage shared resources, reduce costs, and maintain a competitive edge without the complexities of traditional subsidiaries.
Geography Details
Coca-Cola Consolidated operates across a vast territory spanning 14 states and the District of Columbia, serving approximately 60 million consumers. Its operations are organized into five principal markets, each supported by manufacturing plants and distribution centers tailored to regional needs.
Markets and Facilities
- Carolinas:
- Coverage: Most of North Carolina, South Carolina, and southern Virginia, including cities like Charlotte, Raleigh, Greensboro, and Charleston.
- Facilities: Manufacturing plant in Charlotte, NC; 17 distribution centers.
- Significance: The company’s home base, with deep community ties and a robust distribution network.
- Central:
- Coverage: Northeastern Kentucky, most of West Virginia, southern Ohio, southeastern Indiana, and southwestern Pennsylvania, including Lexington, Charleston, and Cincinnati.
- Facilities: Manufacturing plant in Cincinnati, OH; 12 distribution centers.
- Significance: A key region for industrial and rural markets, leveraging strategic logistics.
- Mid-Atlantic:
- Coverage: Maryland, most of Virginia, Delaware, the District of Columbia, and south-central Pennsylvania, including Baltimore, Richmond, and Norfolk.
- Facilities: Manufacturing plants in Baltimore, MD, Silver Spring, MD, Roanoke, VA, and Sandston, VA; 11 distribution centers.
- Significance: A densely populated region with high urban demand, supported by recent expansions like the $50 million Sandston project.
- Mid-South:
- Coverage: Central and southern Arkansas, Tennessee, western Kentucky, and northwestern Mississippi, including Memphis, Little Rock, and Nashville.
- Facilities: Manufacturing plants in West Memphis, AR, and Nashville, TN; 10 distribution centers.
- Significance: A growing market with investments like the $25 million West Memphis facility upgrade.
- Mid-West:
- Coverage: Most of Indiana, Ohio, and southeastern Illinois, including Indianapolis, Cleveland, and Toledo.
- Facilities: Manufacturing plants in Indianapolis, IN, and Twinsburg, OH; 10 distribution centers.
- Significance: A competitive market with strong retail partnerships, such as Walmart and Kroger.
Operational Reach
The company’s 11 production centers and 60 distribution centers enable it to distribute nearly 350 million cases annually, with iconic red delivery trucks ensuring products reach customers within two business days of ordering. Its strategic investments in facilities, such as the Nashville plant acquisition and Sandston expansion, enhance capacity and efficiency, positioning Coca-Cola Consolidated to meet future demand across its diverse geography.
Financial Performance
Coca-Cola Consolidated’s financial performance in 2024 reflects its operational strength and strategic investments. Below is a detailed overview of its consolidated profit and loss (P&L), balance sheet, and cash flow statement, synthesized from available data.
Consolidated Profit and Loss (P&L)
- Net Sales: $6.9 billion, up 3.7% from 2023, driven by sparkling beverage volume growth and pricing strategies.
- Cost of Sales: Approximately $4.2 billion, reflecting raw material costs (aluminum, PET resin, high-fructose corn syrup) and production expenses.
- Gross Profit: Estimated at $2.7 billion, with a gross margin of around 39%, supported by efficient supply chain management.
- Operating Expenses: Approximately $1.8 billion, including marketing, distribution, and administrative costs, offset partially by marketing funding from brand partners.
- Operating Income: Roughly $900 million, reflecting strong operational discipline.
- Net Income: Estimated at $600 million, bolstered by consistent cash flow and tax efficiencies.
- Key Drivers: Growth in sparkling beverages, new partnerships (e.g., Skyline Chili, Memphis Grizzlies), and cost management mitigated challenges in still beverage volumes.
Balance Sheet
- Assets:
- Total Assets: Approximately $4.5 billion.
- Current Assets: $1.2 billion, including cash, receivables, and inventories.
- Property, Plant, and Equipment: $1.8 billion, reflecting investments like the $56 million Nashville facility purchase and $371 million in capital expenditures.
- Intangible Assets: $1.0 billion, primarily distribution rights under the CBA and RMA.
- Liabilities:
- Total Liabilities: $2.8 billion.
- Current Liabilities: $800 million, including accounts payable and short-term debt.
- Long-Term Debt: $1.5 billion, supporting capital investments.
- Equity: $1.7 billion, with retained earnings bolstered by strong profitability and $53 million in charitable contributions.
Cash Flow Statement
- Operating Cash Flow: $876 million, driven by robust sales and operational efficiency.
- Investing Cash Flow: ($371 million), reflecting capital expenditures, including:
- $56 million for the Nashville facility acquisition.
- $25 million for West Memphis equipment upgrades.
- $50 million for the Sandston expansion.
- Financing Cash Flow: ($300 million), including dividend payments and debt servicing.
- Net Cash Increase: Approximately $200 million, strengthening liquidity.
Financial Highlights
- Customer Concentration: Walmart (17%) and Kroger (12%) accounted for 29% of net sales, highlighting key retail partnerships.
- Charitable Contributions: $53 million, supporting community initiatives and brand goodwill.
- Valuation and Qualifying Accounts:
- Allowance for Doubtful Accounts: $14.7 million (down from $16.1 million in 2023).
- Deferred Tax Valuation Allowance: $5.5 million (up from $4.1 million in 2023).
- Market Value: As of June 28, 2024, the market value of common equity held by non-affiliates was $6.57 billion, reflecting strong investor confidence.
Conclusion
Coca-Cola Consolidated, Inc. is more than a beverage company—it’s a legacy of refreshment, purpose, and community impact. With a robust portfolio of over 300 brands, a dedicated workforce of 17,000, and a sprawling operational footprint across 14 states, the company continues to set the standard for excellence in the non-alcoholic beverage industry. Its strategic investments, from cutting-edge production facilities to sustainability initiatives, position it for sustained growth, while its servant-leadership ethos fosters deep community ties. Financially sound with $6.9 billion in net sales and $876 million in operating cash flow, Coca-Cola Consolidated balances profitability with purpose, delivering refreshing moments that resonate with millions. As it looks to the future, the company remains poised to innovate, serve, and inspire, one sip at a time.
