Coca-Cola Slows Down Stock Buybacks, Keeps $5.2 Billion in Reserve

Coca-Cola's stock buybacks have been a consistent part of its capital return strategy. The company has been buying back its own stock for over four decades, since launching its share repurchase program in 1984.

Between 1984 and 2026, Coca-Cola has repurchased 3.6 billion shares at an average price of $18.43 per share. However, in 2020, the company did not repurchase any common stock due to COVID-19-related lockdowns that shuttered restaurants and bars.

By 2022, the buyback machine was back on, with Coca-Cola reporting that its business had recovered from pandemic-related disruptions. The company announced it would resume its share repurchases, buying back $0.6 billion in net shares by year's end.

In 2023, Coca-Cola accelerated its buybacks, making $1.7 billion in net share repurchases. However, the company took its foot off the gas in 2024 and 2025, with net share repurchases falling to $1.1 billion and then $0.4 billion.

As of 2026, Coca-Cola has approximately $5.2 billion remaining under its authorization. The company's restraint could actually prove beneficial for shareholders, as it gives management flexibility to return additional cash when conditions are right.