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People Think Coca-Cola Only Makes Money From Coca-Cola Beverages, but Half of Its Business Comes From Somewhere You Might Not Expect

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People Think Coca-Cola Only Makes Money From Coca-Cola Beverages, but Half of Its Business Comes From Somewhere You Might Not Expect

Coca-Cola (KO 0.20%) has some of the greatest brand prestige in the world. That’s one reason why Warren Buffett has said that he will never sell its stock, and it’s the reason the company can charge premium prices for drinks that are similar to those sold by its competitors.

But if you think Coca-Cola makes most of its business from selling Coke-branded beverages, you’d be mistaken.

Much more than Coke

Coca-Cola’s core brand is the Coca-Cola in the red-labeled bottles or cans that you’re certainly familiar with. It offers various takes on that trademark brand, such as Diet Coke and Cherry Coke, and it often comes up with new and limited-time flavors. These Coke products account for a large percentage of the company’s total volume — but not a majority.

People Think Coca-Cola Only Makes Money From Coca-Cola Beverages, but Half of Its Business Comes From Somewhere You Might Not Expect

People Think Coca-Cola Only Makes Money From Coca-Cola Beverages, but Half of Its Business Comes From Somewhere You Might Not Expect

So where does the majority of its business come from? Coca-Cola actually owns about 200 brands. It had owned about double that amount before the pandemic, but in recent years, it restructured and cut out a raft of underperforming brands that were eating up resources while accounting for low sales volumes.

Unlike rival PepsiCo, which has categories besides beverages, Coca-Cola deals strictly with drinks. However, Coca-Cola has several beverage categories: trademark Coca-Cola; other sparkling drinks; water, sports, coffee, and tea; and juice, value-added dairy, and plant-based drinks. It also has an “emerging beverages” category.

It would be easy for consumers to overlook that Coca-Cola owns so many of the brands that are going into their shopping carts. Among the other carbonated beverage brands in its portfolio are Fanta, Sprite, and Fresca. Vitamin Water and Powerade are some of its water and sports drink brands, and its juice and dairy names include Minute Maid and Fairlife. Among these brands, 26 are powerhouses in their own rights, each bringing in more than $1 billion in revenue annually.

A cola by any other name

The company doesn’t break down those categories’ sales by revenue, but by unit volume. Management explains in its filings that although total revenue isn’t directly based on unit volume, it’s an important indicator because it provides a clearer picture of consumer demand. In other words, total revenue is partially determined by pricing and partially by volume. The volume piece is the one that tells you what customers are buying.

In total, trademark Coca-Cola accounted for 46% of unit volume in 2022, and only 44% in the U.S.

Coca-Cola North American segment market share. View pictures in App save up to 80% data.
Image source: Coca-Cola.

Taken together, the other brands account for the majority of total unit volume. As strong as the Coke brand is, the company still relies on drinks like Fresca and Dasani to support its high sales volume and maintain its position as the top global beverage company.

But don’t underestimate the importance of pricing power. Coca-Cola reported an 8% year-over-year sales increase in 2023’s third quarter, but its unit case volume was only up 2%. Many companies reported similar revenue increases in the same period as they raised prices to compensate for rising costs.

Trademark Coca-Cola likely accounted for a high percentage of the revenue increase. Since the company can charge premium prices for this brand, it could still account for half or more of total revenue.

Why this is good for business

Coca-Cola puts a lot of effort into maintaining its trademark brand power, but it needs these other brands to keep its dominant position in the beverage market. In some regions, Coca-Cola enjoys extremely high brand recognition and accounts for more of the volume mix. In Latin America, for example, it’s 57%. However, it only accounts for 33% in the Asia Pacific region.

Some of its newer brands are generating its highest growth. For example, Fairlife volumes increased by double-digit percentages annually for the past eight years. Coca-Cola identifies acquisition targets that will diversify its portfolio of brands and allow it to reach more customers in regions where people are looking for different kinds of beverages. The company can usually absorb new brands with high efficiency by leveraging its vast, unmatched distribution network. That brings in more sales with strong margins.

It’s a robust business cycle. Sales of its core trademark Coca-Cola drinks bring in tons of reliable cash, and the company uses that cash to purchase higher-growth brands whose sales trickle down to strengthen the bottom line. It also uses a large portion of its cash to reward shareholders with its storied dividend, creating shareholder satisfaction and confidence. It’s no wonder Warren Buffett is such a huge fan.

The Business Diary magazine is a comprehensive publication that centers around business and economic development news. It covers a wide range of topics including finance, mining, technology, environment, climate finance, and agriculture. With its focus on providing valuable insights and updates, the magazine caters to readers who are interested in staying informed about the latest developments and trends in the business and economic landscape of Zimbabwe.

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ZSE and NVCCZ Forge Strategic Partnership to Build Venture-Backed SME Pipeline for ZEEX

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ZSE and NVCCZ Forge Strategic Partnership to Build Venture-Backed SME Pipeline for ZEEX

Harare, Zimbabwe – June 2026 – In a significant development for Zimbabwe’s entrepreneurial and capital markets ecosystem, the Zimbabwe Stock Exchange (ZSE) and the National Venture Capital Company of Zimbabwe (NVCCZ) have signed a Memorandum of Understanding (MOU) aimed at creating a structured pathway for startups and small-to-medium enterprises (SMEs) to access capital markets through the Zimbabwe Entrepreneurship Exchange (ZEEX).

The partnership marks a major step toward bridging the gap between venture capital financing and public market participation, providing entrepreneurs with a clear roadmap from startup funding to long-term growth and investment opportunities.

Creating a Growth Journey for Zimbabwean Enterprises

Historically, venture capital funding and capital markets have operated independently, leaving many promising businesses without a clear route to scale beyond their initial funding stages. Through this partnership, ZSE and NVCCZ seek to change that by establishing a continuum of support that combines financing, governance, compliance readiness, and market access.

The collaboration will focus on identifying high-potential startups and SMEs already supported by NVCCZ and preparing them for eventual participation on ZEEX, Zimbabwe’s newly approved digital capital market platform.

Key Areas of Collaboration

1. Pipeline Development

The two institutions will jointly identify venture-backed businesses with strong growth potential and develop structured graduation pathways that guide them from early-stage financing to public capital market participation. Clear eligibility standards and quality benchmarks will be established to support this transition.

2. Co-Financing and Blended Finance

The partnership will explore innovative financing models that combine venture capital and public market funding. This includes co-investment opportunities and blended finance mechanisms that leverage both public and private sector capital to accelerate business growth.

3. Capacity Building

Recognising that access to capital alone is not enough, the partners will offer training programmes focusing on corporate governance, financial reporting, investor readiness, and compliance with ZEEX listing requirements. Selected enterprises will also receive advisory support to strengthen their readiness for market participation.

4. Market Development

Joint awareness campaigns, investor roadshows, SME financing conferences, and sector-specific financing platforms will be developed to deepen understanding of capital market opportunities among entrepreneurs and investors alike.

5. Product Innovation

The agreement also opens the door for the development of innovative financial products tailored to growth-stage businesses, including SME bond programmes, sustainability-linked instruments, structured SME funds, and alternative digital listing platforms.

Strengthening Zimbabwe’s Entrepreneurial Ecosystem

Speaking on the partnership, ZSE Holdings Group CEO Justin Bgoni highlighted the importance of creating a structured connection between venture capital and public markets.

He noted that entrepreneurs receiving venture capital support can now see a credible pathway toward public market participation from the outset, providing greater certainty and long-term planning opportunities.

NVCCZ Chief Executive Officer Tinotenda Kambasha described the partnership as a milestone for Zimbabwe’s innovation ecosystem, emphasizing that successful venture investing requires support throughout the entire growth journey of a business.

According to Kambasha, the collaboration will provide venture-backed enterprises with strategic exit opportunities while promoting investor participation, improving liquidity, and enabling the recycling of capital into future generations of innovative Zimbabwean businesses.

What This Means for Zimbabwe

The partnership arrives at a critical time when Zimbabwe is seeking new ways to stimulate entrepreneurship, attract investment, create employment, and accelerate economic growth.

By connecting startups, SMEs, investors, venture capital providers, and the capital markets through ZEEX, the initiative is expected to strengthen financial inclusion, support business formalisation, and create sustainable pathways for enterprise growth.

As ZEEX moves closer to full operationalisation, the growing number of institutional partnerships being secured by ZSE demonstrates increasing confidence in the platform’s potential to transform how Zimbabwean businesses raise capital and how investors participate in the country’s economic development.

For entrepreneurs and investors alike, the ZSE-NVCCZ partnership represents an important step toward building a more vibrant, innovative, and investment-ready Zimbabwean economy.

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A Leader’s Next Chapter: Justice Matsatsira Appointed to the Board of Directors of Manica Diamonds Football Club

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A Leader's Next Chapter: Justice Matsatsira Appointed to the Board of Directors of Manica Diamonds Football Club

The Business Diary proudly celebrates a significant milestone in the professional journey of its Chief Executive Officer and Publisher, Justice Matsatsira, following his appointment to the Board of Directors of Manica Diamonds Football Club.

This prestigious appointment reflects Mr. Matsatsira’s growing influence as a business leader, strategist, and advocate for sustainable institutional growth. It is a recognition of his unwavering commitment to excellence, visionary leadership, and his continued contribution to Zimbabwe’s economic and social development.

Over the years, Justice Matsatsira has established himself as a respected voice within Zimbabwe’s business community. Through his leadership of The Business Diary, he has played a pivotal role in promoting entrepreneurship, fostering dialogue on economic development, and providing a platform that highlights business opportunities, innovation, and thought leadership across various sectors.

His appointment to the Manica Diamonds Football Club Board comes at a time when football clubs are increasingly embracing professional governance structures and strategic leadership to drive long-term success both on and off the field. Mr. Matsatsira brings with him extensive experience in business development, corporate communications, stakeholder engagement, and strategic management—qualities that will undoubtedly add value to the club’s vision and future aspirations.

Speaking on the significance of leadership, Justice Matsatsira often emphasizes that true leadership is measured not by title, but by impact.

“Leadership is not about position. It is about impact, influence and inspiration.”

This philosophy has guided his professional journey and continues to shape the way he approaches business, community development, and organizational growth.

At The Business Diary, we view this appointment as more than a personal achievement. It is a reflection of the confidence that institutions place in leaders who consistently demonstrate integrity, professionalism, and the ability to deliver meaningful results. We are confident that Justice Matsatsira’s strategic insight and commitment to excellence will contribute significantly to the continued growth and success of Manica Diamonds Football Club.

As he embarks on this exciting new chapter, we extend our heartfelt congratulations and best wishes. We celebrate not only the achievement itself, but the leadership, dedication, and vision that made it possible.

Congratulations, Justice Matsatsira, on your appointment to the Board of Directors of Manica Diamonds Football Club. May this new role bring continued success and create even greater opportunities to inspire positive change.

 

The Business Diary

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69 Samora Machel Avenue
Harare, Zimbabwe

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NESZ 2026: A Convergence of Visionary Leaders Shaping the Future of Education in Zimbabwe

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NESZ 2026: A Convergence of Visionary Leaders Shaping the Future of Education in Zimbabwe

Zimbabwe stands at a defining moment in its education and development journey.

As the nation accelerates toward a knowledge-driven, innovation-led economy, the National Education Summit Zimbabwe (NESZ) 2026 emerges as a critical platform where policy, practice, and progress converge. Scheduled for 27–30 May 2026 at the Zimbabwe International Trade Fair (ZITF) Grounds in Bulawayo, this year’s summit promises to be the most impactful yet.

Under the theme

“From Policy to Practice: Driving Innovation & Investment in Zimbabwe’s Education System,”
NESZ 2026 brings together an exceptional lineup of speakers—leaders whose influence spans government, academia, industry, and global institutions.

A Powerhouse Line-Up of Speakers

This year’s summit features a distinguished assembly of policymakers and thought leaders at the forefront of Zimbabwe’s transformation agenda.

From government, the summit will host senior leaders responsible for shaping the country’s economic, education, and digital future, including:

  • Hon. Prof. Mthuli Ncube – Minister of Finance, Economic Development and Investment Promotion
  • Hon. Dr. Tatenda Mavetera – Minister of ICT, Postal and Courier Services
  • Hon. Prof. Paul Mavima – Minister of Skills Audit and Development
  • Hon. Edgar Moyo – Minister of Public Service, Labour and Social Welfare
  • Hon. Mangaliso Ndlovu – Minister of Industry and Commerce
  • Hon. Supa Mandiwanzira – Chairperson, Parliamentary Portfolio Committee on Primary and Secondary Education

Adding to this powerful policy voice is Hon. Dr. Frederick Shava, a seasoned diplomat and ambassador, bringing global perspective to Zimbabwe’s development discourse.

Leaders in Education, Innovation, and Human Development

Beyond government, NESZ 2026 features influential educationists, institutional leaders, and changemakers whose work continues to shape learning ecosystems:

  • Sr. Dr. Annah Theresa Nyadombo – Global safeguarding expert and education leader
  • Dr. Anna Moyo – Dean of Education, Midlands State University
  • Mr. Canaan Mpala – General Manager, TelOne Centre for Learning
  • Mr. Amos Guy Ngwarati – Headmaster, Wise Owl High School
  • Mr. Tim Middleton – Executive Director, Association of Trust Schools (ATS)

From grassroots education to higher learning and institutional leadership, these speakers bring a holistic perspective on the challenges and opportunities within Zimbabwe’s education system.

Champions of Empowerment and Enterprise

The summit also highlights leaders driving inclusive economic participation and community transformation:

  • Hon. Getrude Mutandi – Member of Parliament and Chairperson of the Parliamentary Portfolio Committee on Women Affairs, Community and SME Development

Her work, alongside others, underscores the critical link between education, entrepreneurship, and sustainable socio-economic growth.

What to Expect at NESZ 2026

NESZ 2026 is not just a conference—it is a strategic platform for action.

Participants can expect:

  • Policy-to-Practice Conversations

Engage directly with policymakers and decision-makers on how national education policies are being translated into real-world impact.

  • Innovation and Technology Showcases

Experience cutting-edge solutions in education, STEM, and digital transformation aligned with Zimbabwe’s Education 5.0 agenda.

  • Investment and Partnership Opportunities

Connect with investors, corporates, and development partners shaping the future of education and skills development.

  • Thought Leadership and Insight

Gain valuable perspectives from leading voices across education, government, and industry.

  • Networking and Collaboration

Build meaningful connections with educators, innovators, entrepreneurs, and policymakers from across Zimbabwe and beyond.

Why NESZ 2026 Matters

At its core, NESZ is about one thing: transformation.

It is about moving beyond conversations and into implementation.
It is about aligning education with industry, innovation, and national development.
It is about building a system that equips Zimbabweans not just to learn—but to create, lead, and compete globally.

With a speaker lineup of this calibre, NESZ 2026 is poised to spark the ideas, partnerships, and actions that will shape the next chapter of Zimbabwe’s education story.

Be Part of the Movement

📍 Zimbabwe International Trade Fair Grounds, Bulawayo
📅 27–30 May 2026

This is where education meets innovation.
This is where policy meets action.
This is where the future is built.

Register. Participate. Exhibit.

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