Few companies have shaped modern culture quite like Coca-Cola (KO). Its clever advertising jingles introduced billions of thirsty drinkers to its sweet, fizzy beverages, helping to popularize the refreshment around the world.
Coke even had a hand in shaping the image of Santa Claus — that jolly, red-suited figure we know around the world today.
It’s true. In 1931, Coca-Cola commissioned illustrator Haddon Sundblom to paint images of Santa Claus for its holiday ads. Sundblom depicted him as a kind, bearded figure dressed all in red.
Before that, Santa had been drawn in all different shapes and styles: as an elf, or a huntsman, wearing green or gold; sometimes cheerful, othertimes stern.
Coca-Cola then used its marketing power to run Sundblom’s Santa ads for decades, helping to shape our perception of St. Nicholas, selling a ton of soft drinks in the process, and turning the soda into a symbol of holiday cheer.
That kind of influence helps explain why Coca-Cola has remained one of the world’s most popular brands for over 140 years. Its staying power has also helped the company mint generations of consistent profits and cash flow — and return billions of dollars to its shareholders through dividends and share buybacks.
Here’s a look at Coca-Cola’s share repurchase history and how much stock the company is buying back in 2026 — as well as what that means for investors.
What is Coca-Cola’s latest stock buyback plan?
Share repurchases are a consistent part of Coca-Cola’s capital return strategy. Its most recent share reauthorization program dates to 2019, when the company announced it would buy back an additional 150 million shares of its common stock, representing 3.5% of its outstanding shares at the time.
@therealoshow Santa wasn’t always red. For centuries, St. Nicholas and Father Christmas were drawn in green, brown, & blue. Basically every color imaginable. Even Thomas Nast, the illustrator who shaped the modern Santa, switched between outfits. Then in 1931, Coca-Cola hired artist Haddon Sundblom to paint a warm, friendly Santa for their holiday ads. He dressed him in bright Coca-Cola red and Coke blasted that image across magazines, newspapers, and billboards worldwide. By the 1950s, all the old versions disappeared. Not because they were wrong but because Coke’s campaign became the global default. The Santa we picture today isn’t ancient tradition. He’s one of the most successful branding wins in history.
Coca-Cola’s stock buyback history
Coca-Cola has been buying back its own stock for more than four decades. Since launching its share repurchase program in 1984, the company has repurchased 3.6 billion shares at an average price of just $18.43 per share.
In 2020, however, Coca-Cola did not repurchase any common stock. The company ended the year posting net revenues of just $33 billion, an 11% year-over-year decline and its sharpest drop since the 1940s, due to COVID-19-related lockdowns that shuttered restaurants and bars.
But its then-CEO James Quincey remained positive. He stated, “We’ve been through challenging times before as a company, and we believe we’re well positioned to manage through and emerge stronger.”
Related: Does Coca-Cola pay dividends? Its yield and payout explained
In 2021, the company did not repurchase any shares either, again choosing to conserve its cash amid uncertainty. It ended that year with approximately $10 billion in share repurchase authorization.
By 2022, however, the buyback machine was back on. Coke reported that its business had recovered from pandemic-related disruptions and announced it would resume its share repurchases. By year’s end, Coke had repurchased $0.6 billion in net shares.
The company accelerated its buybacks in 2023, making $1.7 billion in net share repurchases. Since then, however, Coke has taken its foot off the gas. Net share repurchases fell to $1.1 billion in 2024 and just $0.4 billion in 2025.
Its measured pacing has continued into 2026. Coca-Cola entered the year with approximately $5.2 billion remaining under its authorization. It didn’t repurchase any common stock during the first quarter but bought back approximately 7.3 million shares for $549 million in the second quarter.
So, even though Coca-Cola still has billions available for future buybacks, its recent activity demonstrates that management is not in a hurry.
For shareholders, Coke’s restraint could actually prove beneficial.
What do Coca-Cola’s stock buybacks mean for investors?
Share buybacks can benefit investors because they reduce the number of shares outstanding. And so long as the company continues to grow its earnings, fewer shares often translate into higher earnings per share for shareholders.
But Coca-Cola has another shareholder priority, too: its dividend. The company expects to generate roughly $12.4 billion in free cash flow in 2026, which gives it plenty of financial firepower. However, with a payout ratio of roughly 62%–77%, a significant portion of its profits is already being directed towards dividend payouts.
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That could help explain why Coke isn’t rushing to exhaust its remaining buyback authorization balance. Unlike dividends, which shareholders have come to consistently expect each year, share repurchases give management flexibility to return additional cash when conditions are right.
So while it might not be quite as jolly as its iconic Santa Claus ads, Coca-Cola’s disciplined approach to capital allocation could still give shareholders plenty to smile about down the line.
Related: Where is Coca-Cola’s headquarters? All about its Atlanta, GA base
