Coca-Cola HBC AG (ATH:EEE) Operating Income: €1,343 Mil (TTM As of Dec. 2025)

What is Coca-Cola HBC AG Operating Income?

Coca-Cola HBC AG ATH:EEE +1.58% 96 Operating Income is €1,343 Mil as of Dec. 2025. GuruFocus rates ATH:EEE with a GF Score™ of 96/100 and a GF Value™ of €38.56 (Significantly Overvalued). The stock has 5 warning signs investors should review.

Coca-Cola HBC AG's Operating Income for the six months ended in Dec. 2025 was €704 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €1,343 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Coca-Cola HBC AG's Operating Income for the six months ended in Dec. 2025 was €704 Mil. Coca-Cola HBC AG's Revenue for the six months ended in Dec. 2025 was €5,984 Mil. Therefore, Coca-Cola HBC AG's Operating Margin % for the quarter that ended in Dec. 2025 was 11.77%.

Good Sign:

Coca-Cola HBC AG operating margin is expanding. Margin expansion is usually a good sign.

Coca-Cola HBC AG's 5-Year average Growth Rate for Operating Margin % was 1.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Coca-Cola HBC AG's annualized ROC % for the quarter that ended in Dec. 2025 was 10.03%. Coca-Cola HBC AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 41.24%.

Coca-Cola HBC AG (ATH:EEE) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Coca-Cola HBC AG's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

	ROC % (Q: Dec. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2025 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	1408.4 * ( 1 - 28.9% )	/	( (11207.8	+	8754.7)	/ 2 )
=	1001.3724	/	9981.25
=	10.03 %

where

	Invested Capital		(Q: Jun. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	11879	-	0	-	( 2683.9	-	max(0, 4917.4	-	5588.6	+	2683.9	))
=	11207.8

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	11599.3	-	2047.1	-	( 2730.1	-	max(0, 4148.8	-	4946.3	+	2730.1	))
=	8754.7

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Coca-Cola HBC AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2025		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1451.8	/	( ( (3349.2 + max(-770.6, 0))	+	(3691.5 + max(-1337.7, 0)) )	/	2 )
=	1451.8	/	( ( 3349.2	+	3691.5 )	/	2 )
=	1451.8	/	3520.35
=	41.24 %

where Working Capital is:

	Working Capital		(Q: Jun. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1844.4	+	1060.3	+	0)	-	(0	+	0	+	3675.3)
=	-770.6

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(909.3	+	840.3	+	255.9)	-	(2047.1	+	0	+	1296.1)
=	-1337.7

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Coca-Cola HBC AG's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2025 )	/	Revenue (Q: Dec. 2025 )
	=	704.2	/	5984.2
	=	11.77 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Coca-Cola HBC AG Operating Income Related Terms

Coca-Cola HBC AG Operating Income Historical Data

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The historical data trend for Coca-Cola HBC AG's Operating Income can be seen below:

Coca-Cola HBC AG Operating Income Chart

Coca-Cola HBC AG Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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800.40

881.20

959.20

1,177.00

1,342.50

Coca-Cola HBC AG Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Operating Income	Get a 7-Day Free Trial															406.00	559.40	617.60	638.30	704.20

96GF Score

Coca-Cola HBC AG ATH:EEE

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Coca-Cola HBC AG Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was €1,343 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of €1,343 Mil mean?

Coca-Cola HBC AG (ATH:EEE) has a Operating Income of €1,343 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Coca-Cola HBC AG and its competitors.

Is Coca-Cola HBC AG's Operating Income too high?

Coca-Cola HBC AG's current Operating Income is €1,343 Mil. Overall, Coca-Cola HBC AG has a GF Score™ of 96/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Coca-Cola HBC AG's Operating Income compare to KO and PEP?

Coca-Cola HBC AG's Operating Income of €1,343 Mil can be compared against companies in the Beverages - Non-Alcoholic industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Beverages - Non-Alcoholic company?

A good Operating Income depends on the Beverages - Non-Alcoholic industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Coca-Cola HBC AG and its competitors. Coca-Cola HBC AG's current Operating Income is €1,343 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Coca-Cola HBC AG stock overvalued right now?

Based on GuruFocus' analysis, Coca-Cola HBC AG (ATH:EEE) is currently considered Significantly Overvalued. The stock's GF Value™ is €38.56, compared to a current price of €57.90 — trading 50.2% above its estimated fair value. The current Operating Income is €1,343 Mil. Coca-Cola HBC AG's overall GF Score™ is 96/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Coca-Cola HBC AG (ATH:EEE), the current Operating Income is €1,343 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Coca-Cola HBC AG (ATH:EEE) Overvalued in 2026?

Based on GuruFocus' analysis, Coca-Cola HBC AG stock appears to be overvalued. The current stock price of €57.90 is trading 50.2% above its estimated GF Value™ of €38.56. GuruFocus considers Coca-Cola HBC AG to be Significantly Overvalued.

Key valuation signals for ATH:EEE:

Operating Income: €1,343 Mil
GF Value™: €38.56 vs. price of €57.90 (50.2% above fair value)
GF Score™: 96/100 with 5 warning signs

No single metric tells the full story. See the ATH:EEE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Coca-Cola HBC AG Business Description

Industry Consumer Defensive Beverages - Non-Alcoholic

Comparable Companies LSE:CCEP LSE:FEVR LSE:BAG LSE:NICL KO PEP MNST HKSE:09633 KDP COCSF MEX:AC NSE:VBL COKE SHSE:605499 HKSE:02097 PRMB TSE:2587 SHSE:603156 CELH TSE:2267

Other Exchanges CCHGY:USA CCHBF:USA CCHl:UK CCH:UK C0Q:Germany CCH:Austria

Address Turmstrasse 26, Steinhausen, CHE, CH-6312

Website https://www.coca-colahellenic.com

Coca-Cola HBC is the third-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola Femsa and Coca-Cola Europacific Partners. In 2025, CCHBC sold 2.9 billion unit cases of beverages. There is a long tail of Coca-Cola distributors, including brewers and independent operators with very small distribution territories.CCHBC is listed on the London Stock Exchange. Kar-Tess, a Luxembourg-based holding company, owns 23% of the equity of CCHBC, and Coca-Cola holds a further 21%. The remaining 56% is free float.

96GF Score

Get the complete analysis for ATH:EEE

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€57.90

Price

€38.56

GF Value

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