THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

Organic Revenues:
Less: Adjustments to Reported Net Revenues
Impact of
Reported Acquisitions, Indexed
Net Divestitures Impact of Organic Indexed Organic
Revenues Currency and Structural Accounting Revenues Reported Revenues
Percent Change (GAAP) Impact Changes, Net Changes1 (Non-GAAP) Net Revenues (Non-GAAP)
2017 100 100
2018 (5) (1) (11) 2 5 95 105
2019 9 (4) 7 0 6 104 111
2020 (11) (2) 0 0 (9) 92 101
2021 17 1 0 0 16 108 117
2022 11 (7) 2 0 16 120 136

Average Percent Change 4 7

Note:  Certain rows may not add due to rounding.
1
 Represents the impact of adoption of revenue recognition accounting standard (ASC 606).

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)

Operating Income:
Less: Adjustments to Reported Operating Income
Comparable Currency
Reported Items Impacting Neutral Operating Income
Percent Change Operating Income (GAAP) Comparability Currency Impact (Non-GAAP)
2018 18 15 (5) 7
2019 10 5 (8) 13
2020 (11) (5) (6) 0
2021 15 1 2 12
2022 6 (5) (8) 19

Average Percent Change 8 10

Note:  Certain rows may not add due to rounding.

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)

Earnings Per Share:

Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022
Reported (GAAP) $ 1.50 $ 2.07 $ 1.79 $ 2.25 $ 2.19
Items Impacting Comparability    0.59    0.04    0.16    0.07    0.30
Comparable (Non-GAAP) $    2.08 $    2.11 $    1.95 $    2.32 $    2.48

Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021
Reported (GAAP) $ 0.29 $ 1.50 $ 2.07 $ 1.79 $ 2.25
Items Impacting Comparability    1.64    0.59    0.04    0.16    0.07
Comparable (Non-GAAP) $    1.92 $    2.08 $    2.11 $    1.95 $    2.32

Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022
Percent Change — Reported EPS 419 38 (13) 26 (3)
Percent Change — Comparable EPS (Non-GAAP) 9 1 (8) 19 7

Five-Year Average Percent Change — Reported EPS 93

Five-Year Average Percent Change — Comparable EPS 
(Non-GAAP) 6

Note: Certain columns may not add due to rounding.  Certain percentages may not recalculate using the rounded dollar amounts provided.

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)

Free Cash Flow:

Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022
Net Cash Provided by Operating Activities (GAAP) $ 7,627 $ 10,471 $ 9,844 $ 12,625 $ 11,018
Purchases of Property, Plant and Equipment (GAAP) (1,548) (2,054) (1,177) (1,367) (1,484)

Free Cash Flow (Non-GAAP) $     6,079 $     8,417 $     8,667 $     11,258 $     9,534

Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021
Net Cash Provided by Operating Activities (GAAP) $ 7,041 $ 7,627 $ 10,471 $ 9,844 $ 12,625
Purchases of Property, Plant and Equipment (GAAP) (1,750) (1,548) (2,054) (1,177) (1,367)

Free Cash Flow (Non-GAAP) $     5,291 $     6,079 $     8,417 $     8,667 $     11,258

Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022
Percent Change — Net Cash Provided by Operating Activities 8 37 (6) 28 (13)
Percent Change — Free Cash Flow (Non-GAAP) 15 38 3 30 (15)

Five-Year Average Percent Change — Net Cash Provided by

Operating Activities 11
Five-Year Average Percent Change — Free Cash Flow (Non-GAAP) 14

Note: Certain percentages may not recalculate using the rounded dollar amounts provided.

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)

Operating Margin:
Year Ended Year Ended
Basis Point Growth
December 31, 2022 December 31, 2017
Reported Operating Margin (GAAP) 25.37% 21.42% 395
Items Impacting Comparability (Non-GAAP)   (3.31%)   (5.10%)
Comparable Operating Margin (Non-GAAP) 28.68% 26.52% 216

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)

Net Operating Profit After Taxes (NOPAT):

Year Ended
December 31, 2015
Operating income $ 8,787
Equity income (loss) — net 489
Net operating profit (Non-GAAP) 9,276
Items impacting comparability    1,556
Comparable net operating profit (Non-GAAP) $    10,832

Comparable effective tax rate (Non-GAAP) 22.5%

Comparable net operating profit after taxes (NOPAT) (Non-GAAP) $    8,395

Invested Capital:
2015 Two-Year As of As of
Average December 31, 2014 December 31, 2015
Loans and notes payable $ 16,130 $ 19,130 $ 13,129
Current maturities of long-term debt 3,113 3,550 2,676
Long-term debt 23,661 19,010 28,311
Total debt (Non-GAAP) 42,903 41,690 44,116
Total equity 28,163 30,561 25,764
Less:
Total cash, cash equivalents and short-term investments 16,821 18,010 15,631
Marketable securities 3,967 3,665 4,269
Invested capital (Non-GAAP) $    50,278 $    50,576 $    49,980

2015 Return on Invested Capital (ROIC):

Return on invested capital (ROIC) (Non-GAAP) 1 16.7%

1
 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital.

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)

Net Operating Profit After Taxes (NOPAT):

Year Ended
December 31, 2022
Operating income $ 10,909
Equity income (loss) — net 1,472
Net operating profit (Non-GAAP) 12,381
Items impacting comparability    1,470
Comparable net operating profit (Non-GAAP) $    13,851

Comparable effective tax rate (Non-GAAP) 19.0%

Comparable net operating profit after taxes (NOPAT) (Non-GAAP) $    11,216

Invested Capital:
2022 Two-Year As of As of
Average December 31, 2021 December 31, 2022
Loans and notes payable $ 2,840 $ 3,307 $ 2,373
Current maturities of long-term debt 869 1,338 399
Long-term debt 37,247 38,116 36,377
Total debt (Non-GAAP) 40,955 42,761 39,149
Total equity 25,343 24,860 25,826
Less:
Total cash, cash equivalents and short-term investments 10,744 10,926 10,562
Marketable securities 1,384 1,699 1,069
Invested capital (Non-GAAP) $    54,170 $    54,996 $    53,344

2022 Return on Invested Capital (ROIC):

Return on invested capital (ROIC) (Non-GAAP) 1 20.7%

1
 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital.

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)

Free Cash Flow and Adjusted Free Cash Flow Conversion Ratio:
Year Ended Year Ended Year Ended
December 31, 2022 December 31, 2021 December 31, 2020
Net Cash Provided by Operating Activities $ 11,018 $ 12,625 $ 9,844
Purchases of Property, Plant and Equipment (1,484) (1,367) (1,177)
Free Cash Flow (Non-GAAP)   9,534   11,258   8,667
Plus: Cash Payments for Pension Plan Contributions — — —
Adjusted Free Cash Flow (Non-GAAP) $    9,534 $    11,258 $    8,667

Net Income Attributable to Shareowners of The Coca-Cola Company $ 9,542 $ 9,771 $ 7,747
Noncash Items Impacting Comparability:
Asset Impairments   153   62   493
Equity Investees   33   23   216
Transaction Gains/Losses   589   (1,109)   (933)
Other Items   526   555   291
Certain Tax Matters   (128)   410   207
Adjusted Net Income Attributable to Shareowners of The Coca-Cola Company (Non-GAAP) $    10,715 $    9,712 $    8,021

Cash Flow Conversion Ratio 1 115% 129% 127%

 2
Adjusted Free Cash Flow Conversion Ratio (Non-GAAP) 89% 116% 108%

Three-Year Average Adjusted Free Cash Flow Conversion Ratio (Non-GAAP) 104%

1
 Cash flow conversion ratio is calculated by dividing net cash provided by operating activities by net income attributable to shareowners of The Coca-Cola Company.
2
 Adjusted free cash flow conversion ratio is calculated by dividing adjusted free cash flow by adjusted net income attributable to shareowners of The Coca-Cola Company.

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except net debt leverage)

Gross Debt and Net Debt:

As of
December 31, 2022
Cash and cash equivalents $ 9,519
Short-term investments 1,043
Marketable securities 1,069
Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP) $    11,631

Loans and notes payable $ 2,373

Current maturities of long-term debt 399
Long-term debt 36,377
Gross debt (Non-GAAP) $    39,149

Net debt (Non-GAAP) 1 $    27,518

1
Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross debt.

EBITDA:
Year Ended
December 31, 2022
Income before income taxes $ 11,686
Less income items:
Interest income 449
Other income (loss) — net (262)
Add expense items:
Interest expense 882
Depreciation and amortization 1,260
Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) $    13,641
Items impacting comparability 1,470
Comparable EBITDA (Non-GAAP) $    15,111

Net Debt Leverage:

As of and Year Ended
December 31, 2022
Net debt (Non-GAAP) $    27,518
Comparable EBITDA (Non-GAAP) $    15,111
Net debt leverage (Non-GAAP) 1.8

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In billions)

Projected 2023 Free Cash Flow:

Year Ending
December 31, 2023
1
Projected GAAP Net Cash Provided by Operating Activities $ 11.4
Projected GAAP Purchases of Property, Plant and Equipment (1.9)
Projected Free Cash Flow (Non-GAAP) $    9.5

1
 Does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.

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 THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)

Net Operating Revenues by Operating Segment:

Year Ended December 31, 2022

Europe, 
Middle East  Latin  North  Asia 
& Africa America America Pacific Consolidated
Reported (GAAP) $ 7,523 $ 4,910 $ 15,674 $ 5,445 $ 43,004
Items Impacting Comparability:
Other Items   27   6   2   7   42
Comparable (Non-GAAP) $    7,550 $    4,916 $    15,676 $    5,452 $    43,046

Operating Income (Loss) by Operating Segment:

Year Ended December 31, 2022

Europe, 
Middle East  Latin  North  Asia 
& Africa America America Pacific Consolidated
Reported (GAAP) $ 3,958 $ 2,870 $ 3,742 $ 2,303 $ 10,909
Items Impacting Comparability:
Asset Impairments   -   -   -   57   57
Transaction Gains/Losses   -   -   -   -   996
Restructuring   (7)   -   38 -  117
 
Other Items   27   6   142  7                   266
Comparable (Non-GAAP) $    3,978 $    2,876 $    3,922 $    2,367 $    12,345

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