Coca-Cola Earnings Preview: Sometimes Boring Is Good, Weaker Dollar Will Help


  • The strong dollar was a headwind in ’22, although its real impact is on KO margins from cost-of-goods-sold (COGS) impact.
  • The valuation on KO is always rich, i.e., fully-valued.
  • No question, free-cash-flow generation has improved, possibly as a function of the bottling ops divestiture.
  • KO’s quality of earnings could be better.

Moscow, Russia, May 8, 2019. Coca-Cola advertising on the roof of a building in the city center

Georgiy Datsenko

Coca-Cola (NYSE:KO) the soft-drink giant is scheduled to report its calendar Q4 ’22 financial results prior to the opening bell on Tuesday, February 14th, 2023.

Wall Street consensus is expecting $0.45 in earnings per share on $9.9 to $10.0 billion in


KO vs SPY total return 2000 through 2022 (YCharts)


KO monthly chart (Worden )


KO forward EPS estimate revisions (IBES Data by Refinitiv)


KO forward revenue est’s and revisions (IBES data by Refinitiv )

Trailing free-cash generation FCF growth
4 qtr (1-yr) avg $11.9 bl 8%
12 qtr (3-yr) avg $11.0 bl 15%
20 qtr (5-yr) avg $9.6 bl -1%
40 qtr (10-yr) avg $9.7 bl


KO’s quality of earnings test (Valuation spreadsheet )

Disclosure: I/we have a beneficial long position in the shares of KO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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