Revenue flow

Margins

Stage	KO	% of rev	COCO	% of rev	Gap · A − B
Revenue	$13.4B	100.00%	$244M	100.00%	KO ×54.88
Gross profit	$8.4B	63.15%	$93M	38.01%	KO +25.1pp
Operating income	$4.5B	33.37%	$45M	18.64%	KO +14.7pp
Pre-tax income	$4.8B	36.12%	$44M	17.89%	KO +18.2pp
Net income	$4.1B	30.31%	$35M	14.36%	KO +16.0pp

Stage	KO	COCO	Gap · A − B
Revenue	$13.4B100.00%	$244M100.00%	KO ×54.88
Gross profit	63.15%$8.4B	38.01%$93M	KO +25.1pp
Operating income	33.37%$4.5B	18.64%$45M	KO +14.7pp
Pre-tax income	36.12%$4.8B	17.89%$44M	KO +18.2pp
Net income