The Coca-Cola Company

Background

The drink that became Coca-Cola was created on May 8, 1886 by John S. Pemberton, an Atlanta-based pharmacist, who sold the first glass at Jacobs’ Pharmacy in downtown Atlanta, Georgia. The original formula contained cocaine derived from coca leaves and caffeine from kola nuts, which together gave the beverage both its name and its initial marketing as a health tonic. Cocaine was removed from the formula around 1903. ^{5  6}

Pemberton sold the rights to the formula in pieces before his death in 1888; Atlanta businessman Asa Griggs Candler completed his acquisition of full ownership for a total outlay of roughly $2,300 and incorporated “The Coca-Cola Company” as a Georgia business in 1892. By 1895, Candler reported that the drink was sold and consumed in every state and territory of the United States. In 1899, the company adopted its franchise-bottling model, under which it would license independent bottlers to bottle and distribute the product using syrup manufactured and sold by the corporation. ^{5  6}

In 1919, the company was purchased by an Atlanta-based investment group led by Ernest Woodruff for $25 million. Woodruff’s son, Robert W. Woodruff, was elected president of the company in 1923 and was involved in its leadership for more than 60 years. ^{6  5}

As of April 2026, The Coca-Cola Company was one of the largest companies in the world, with $328.32 billion in market capitalization. In 2025, the company reported over $47 billion in revenue, and over $13 billion in normalized net profit. ^{1  7}

As of June 2024, the company’s flagship drink Coca-Cola held the largest market specific-drink share in the soft-drink beverage market, followed by Dr. Pepper and Pepsi. ⁸

Financials

For 2025, The Coca-Cola Company reported over $47 billion in revenue, $14 billion in expenses, and over $13 billion in normalized net profit. It possessed $32 billion in net assets or stockholders’ equity. ¹

Lobbying and Advocacy

The Coca-Cola Company maintains an active federal lobbying operation. According to OpenSecrets (published by Center for Responsive Politics), the company spent $3.94 million in 2023 and $4.93 million on federal lobbying in 2024. ⁹

A significant portion of the company’s lobbying has focused on opposing taxes on sugar-sweetened beverages. Between 2011 and 2015, Coca-Cola spent an average of $6 million per year on federal lobbying, a period coinciding with numerous municipal and proposed federal soda tax efforts. In 2016, the New York Times reported that Coca-Cola had spent over $120 million in partnerships with health organizations and research related to reducing obesity as part of its general public advocacy.  ^{10  3}

The company has also lobbied through the American Beverage Association, which represents Coca-Cola, PepsiCo, and other non-alcoholic drink makers. In the first half of 2025, the American Beverage Association more than doubled its lobbying spending compared to the same period in 2024, in part to oppose proposed restrictions on the use of federal food assistance benefits to purchase soft drinks. ²

Controversy

In February 2021, a controversy erupted after it was revealed that The Coca-Cola Company was using an employee-diversity curriculum designed to promote workplace “inclusion” that urged employees to “be less white,” with so-called whiteness characterized as arrogance, certainty, and a belief in white superiority. The course also encouraged white employees to “break with white solidarity.” ^{11  12}

Coca-Cola confirmed that the course was part of the company’s learning plan, but contended that it was publicly available on the LinkedIn Learning platform and that it was not the focus of the company’s training. The course was removed from LinkedIn Learning within a few days of the controversy erupting. ⁴

Leadership

Henrique Braun became chief executive officer of The Coca-Cola Company on March 31, 2026, succeeding James Quincey, who transitioned to the role of executive chairman. Braun was born in 1967 in California and raised in Brazil, and joined Coca-Cola in 1996. He held a series of international roles before being named president of international development in 2022 and chief operating officer in January 2025. ^{13  14}