Coca-Cola Consolidated (COKE) DIvidends Date & History

Key Takeaways

• Coca-Cola Consolidated pays a quarterly dividend of $0.25 per share, equating to an annual dividend of $1.00 per share and a dividend yield of approximately 0.53%.
• The payout ratio stands at roughly 13.6% of earnings and about 10% of free cash flow, signaling exceptional dividend sustainability and significant room for future increases.
• Despite the modest yield, the company has delivered a 3-year dividend compound annual growth rate (CAGR) of over 71%, reflecting a dramatic ramp-up in per-share payouts since 2023.
• An aggressive share buyback program — with a buyback yield exceeding 11% — pushes the total shareholder yield above 12%, underscoring management's commitment to returning capital.
• The stock appeals primarily to dividend growth and total-return investors rather than those seeking high current income.

Dividend Overview

Coca-Cola Consolidated, Inc. (COKE), the largest Coca-Cola bottler in the United States, maintains a quarterly dividend policy that currently delivers $0.25 per share each quarter. That translates to an annual dividend of $1.00 per share. Based on the stock's recent trading range, the dividend yield hovers around 0.53% — well below the broader consumer staples sector average of roughly 2.5%. The most recent ex-dividend date was April 24, 2026, with payment made on May 8, 2026. The next quarterly distribution is expected to follow a similar schedule in late July. While the current yield is modest by any conventional standard, COKE is best understood not as a high-yield stock but as an emerging dividend growth story, where the headline yield understates the pace and trajectory of capital returned to shareholders.

Dividend History and Growth

COKE has paid dividends consistently for decades — 164 declared dividends since 1985 — but the per-share amount remained largely static for many years. From 2010 through early 2022, the quarterly dividend sat at just $0.025 per share ($0.10 annually). A shift began in 2023, when the quarterly rate doubled to $0.05. Then, in the second half of 2024, the board approved a significant increase, bringing the quarterly dividend to $0.25 per share. This trajectory has produced a 3-year dividend CAGR of approximately 71% and a 5-year CAGR of roughly 58%, placing COKE among the fastest dividend growers in the non-alcoholic beverage industry over that window. The company has also periodically distributed special dividends, including a $1.65 per share special payment in January 2024, supplementing the regular quarterly payout. While the dividend growth streak stands at two consecutive years in terms of annual increases, the magnitude of recent raises distinguishes COKE from many slower-moving dividend payers.

Dividend Sustainability and Payout Ratio

The most striking feature of COKE's dividend profile is its remarkably low payout ratio. Based on trailing earnings per share (EPS) of approximately $6.81, the $1.00 annual dividend represents a payout ratio of roughly 13.6%. Measured against free cash flow — which totaled approximately $620 million in fiscal 2025 — the dividend consumes roughly 10% of available free cash flow. These metrics rank among the lowest in the entire consumer staples universe and provide an enormous margin of safety. Even in a severe earnings downturn, the dividend would face minimal risk of reduction. The company generated $7.23 billion in revenue and $571 million in net income in 2025, supported by an operating cash flow of $932 million. With a strong balance sheet, consistent cash generation, and a capital-allocation strategy that emphasizes both dividends and buybacks, COKE appears well-positioned to sustain and potentially grow its dividend for the foreseeable future.

Dividend Compared to Industry Peers

Within the non-alcoholic beverage sector, COKE's dividend yield of approximately 0.53% sits at the low end of the spectrum. For context, KO (The Coca-Cola Company) offers a yield of roughly 2.6%, backed by 64 consecutive years of dividend increases. PEP (PepsiCo) yields approximately 4.2% with 54 years of consecutive growth. CCEP (Coca-Cola Europacific Partners) provides a yield around 2.4%. FIZZ (National Beverage) pays variable dividends with a yield closer to 1.3%. What sets COKE apart is not its yield but its payout ratio: at roughly 13.6%, it is dramatically lower than KO's approximately 67% or PEP's roughly 93%, leaving substantially more room for dividend acceleration. Additionally, COKE's combined shareholder yield — dividends plus buybacks — exceeds 12%, making it one of the most aggressive capital return stories in the beverage industry.

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Is This Stock Attractive for Dividend Investors?

COKE is unlikely to appeal to traditional income investors who depend on high current yields to meet near-term cash flow needs — a sub-1% yield simply cannot compete with bonds, money market funds, or higher-yielding consumer staples names. However, the stock may hold considerable appeal for dividend growth investors and total-return-oriented investors. The ultra-low payout ratio signals both safety and significant capacity for future dividend increases. The explosive 3-year and 5-year dividend growth rates suggest a management team increasingly committed to sharing profits directly with shareholders. When combined with the aggressive share buyback program — which retired a substantial portion of outstanding shares in 2025 — the total capital return picture becomes far more compelling than the dividend yield alone would suggest. Long-term investors who prioritize dividend growth trajectory and total shareholder returns over current income may find COKE worth closer examination, though the stock's low yield means it is best suited as part of a diversified portfolio rather than a standalone income position.

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