Coca-Cola (KO) is the world's leading beverage company.  The company has a market cap of $192 billion, $44 billion larger than rival PepsiCo (PEP).  Coca-Cola is more than its flagship Coca-Cola brand.  In total, the company controls 17 brands that sell over $1 billion per year.  Eleven of these 17 brands are non carbonated.  The table below shows Coca-Cola's 17 billion dollar brands.

Brand Date Started Type Acquisition Date Schweppes 1783 Sparkling 1998 Coca-Cola 1886 Sparkling N/A Fanta 1940 Sparkling N/A Minute Maid 1945 Still 1960 Del Valle 1947 Still 2007 Sprite 1961 Sparkling N/A Georgia 1975 Still N/A Diet Coke 1982 Sparkling N/A Aquarius 1982 Still N/A Powerade 1988 Still N/A BonAqua 1988 Still N/A Sokenbicha 1993 Still N/A Dasani 1999 Still N/A Vitamin Water 2000 Still 2007 Simply Orange 2001 Still N/A Minute Maid Pulpy 2004 Still N/A Coca-Cola Zero 2005 Sparkling N/A

Eight of Coca-Cola's 10 most recent billion dollar brands have been non-carbonated products. The company has been cognizant of slow shifts in consumer preferences away from soda and toward waters, juices, and teas for some time and has invested accordingly.

Coca-Cola has a long history of EPS growth and dividend growth. The company has increased its dividend payments for 52 consecutive years, one of the longest active streaks. Coca-Cola is analyzed in detail in part 53 of the 54 part Dividend Aristocrats In Focus series.

Business Overview

Coca-Cola divides its beverage operations into 5 geographic segments. The company also has a Bottling investments segment that is separate from its 5 geographic beverage segments. Coca-Cola's 6 segments are shown below along with percent of total operating income contributed through the first 9 months of fiscal 2014:

Eurasia & Africa: 9.3% of total operating income

Europe: 25.5% of total operating income

Latin America: 21.1% of total operating income

North America: 21.8% of total operating income

Asia Pacific: 22.0% of total operating income

Bottling Investments: 0.3% of total operating income

Coca-Cola is extremely well diversified geographically. It generates nearly equal amounts of operating income in Europe, Latin America, North America, and the Asia Pacific regions. The company's Bottling Investments segment is inconsequential to overall operating income, generating just 0.3% of the total. Coca-Cola is planning to refranchise several of its bottling investments in the US in an attempt to decentralize its organization and spread bottling risk outside the company.