Signal
Coke sells syrup, not soda
Coca-ColaSeptember 26, 2026
Coca-Cola’s business is built on a concentrate model, where the company sells the high-margin ingredient and lets bottlers handle the heavy lifting.
The Crackback
By offloading production, packaging, and much of distribution, Coca-Cola keeps the most profitable part of the value chain and leaves the capital-heavy work to someone else.