NASDAQ Shariah screener · October 2026

Is Coca-Cola Consolidated, Inc. (COKE) Halal?

PASS

Coca-Cola Consolidated, Inc. · NASDAQ: COKE · Consumer Staples

The short answer

Coca-Cola Consolidated passes all three Shariah gates: it is the largest US Coca-Cola bottler (nonalcoholic beverages only, no alcohol in its filings), carries $2,786.0 million of interest-bearing debt (21.9% of its ~$12.72 billion market cap), and interest income is negligible (not separately disclosed; Zoya cites $0 for FY2025) — far under the 5% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Coca-Cola Consolidated, Inc., per its FY2025 results (8-K Exhibit 99.1, filed February 2026), 'distributes, markets and manufactures nonalcoholic beverages in territories spanning 14 states and the District of Columbia.' About 85% of bottle/can sales volume is products of The Coca-Cola Company (Coca-Cola, Sprite, Fanta, Diet Coke, Dasani, Minute Maid, Powerade, etc.); it also distributes licensed products from Keurig Dr Pepper and Monster Energy.

No alcohol manufacturing, distribution, or retail appears anywhere in the filings, and there are no tobacco, gambling, pork, weapons, conventional banking or insurance segments. Beverage bottling is a permissible business activity. The business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (21.9%, ceiling 33%). Per the FY2025 balance sheet (December 31, 2025, via the official 8-K Exhibit 99.1 results), current portion of debt was $100.0 million and long-term debt was $2,686.0 million — $2,786.0 million of interest-bearing debt in total. The $760.4M acquisition-related contingent consideration liability (long-term sub-bottling payments) is not debt and is excluded.

$2,786.0 million against a live market capitalization of about $12.72 billion (Finnhub, October 2, 2026; $187.11 per share) is about 21.9% — under the 33% ceiling. (For context: debt rose ~56% year-over-year because The Coca-Cola Company sold all 18.8M of its COKE shares back to the company in November 2025 for about $2.4B, partly debt-funded; it now holds zero equity. The company repaid $275M of term debt early in H1 2026.) Cash and cash equivalents of $281.9 million at December 31, 2025 represent about 2.2% of market cap (short-term investments were fully disposed in 2025).

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (under the 5% ceiling). Interest income is not separately disclosed in Coca-Cola Consolidated's FY2025 statements: the income statement carries a single combined line, 'Interest expense, net' of $42.7 million against net sales of $7,228.1 million (about 0.59%). Zoya's COKE page cites FY2025 interest income of $0 against $7,228,055,000 revenue.

Even conservatively — treating the entire $42.7M net interest line as if it were non-compliant income — it would be 0.59% of revenue, far under the 5% ceiling. Gate 3 passes.

Key figures used

Business: largest US Coca-Cola bottler — manufactures, distributes, and markets nonalcoholic beverages in 14 states + DC; ~85% of volume is Coca-Cola Company brands; also distributes Keurig Dr Pepper and Monster Energy licensed products
Haram assessment: none identified — no alcohol manufacturing/distribution/retail in filings; no tobacco/gambling/pork/weapons/banking/insurance; beverage bottling is a permissible activity
Debt: $2,786.0M interest-bearing debt at Dec 31, 2025 ($100.0M current + $2,686.0M long-term); 21.9% of ~$12.72B market cap (Finnhub, Oct 2, 2026) — under the 33% ceiling (excludes $760.4M contingent consideration liability, not debt)
Cash: $281.9M cash & equivalents at Dec 31, 2025 (~2.2% of market cap); short-term investments fully disposed in 2025 (were $301.2M at Dec 31, 2024)
Interest income: not separately disclosed in FY2025 statements — only 'Interest expense, net' $42.7M (0.59% of net sales); Zoya cites $0 interest income for FY2025 — far under the 5% ceiling
Market data: NASDAQ-listed (Global Select); still listed (confirmed October 2, 2026; live quotes, no delisting); 10-for-1 forward stock split effective May 16, 2025; The Coca-Cola Company sold all 18.8M COKE shares back Nov 7, 2025 (~$2.4B, ~$127/share, partly debt-funded, ~$275M repaid early in H1 2026); stockholders' deficit of $(739.7)M at Dec 31, 2025 after the buyback
Third-party: Zoya publishes a COKE page (FY2025 revenue $7,228,055,000, interest income $0 cited) but its rating did not render; no verifiable Musaffa or ShariaPortfolio rating found

Frequently asked questions

What does Coca-Cola Consolidated do?

Coca-Cola Consolidated, Inc. (NASDAQ: COKE) is the largest Coca-Cola bottler in the United States. Per its FY2025 results (8-K Exhibit 99.1, filed February 2026), it 'distributes, markets and manufactures nonalcoholic beverages in territories spanning 14 states and the District of Columbia.' About 85% of bottle/can sales volume is products of The Coca-Cola Company (Coca-Cola, Sprite, Fanta, Diet Coke, Dasani, Minute Maid, Powerade, etc.); it also distributes licensed products from Keurig Dr Pepper and Monster Energy. Headquarters: Charlotte, North Carolina.

Is Coca-Cola Consolidated's business Shariah compliant?

Yes, on this screener's first gate. Coca-Cola Consolidated is a nonalcoholic beverage bottler and distributor - no alcohol manufacturing, distribution, or retail anywhere in its filings, and no tobacco, gambling, pork, weapons, conventional banking or insurance segments. Beverage bottling is a permissible business activity. Assessed on the filed numbers, the business passes this screener's first gate.

How much interest-bearing debt does Coca-Cola Consolidated have?

Coca-Cola Consolidated's FY2025 balance sheet (December 31, 2025, via the official 8-K Exhibit 99.1 results) shows current portion of debt of $100.0 million and long-term debt of $2,686.0 million - $2,786.0 million of interest-bearing debt in total. (The $760.4M acquisition-related contingent consideration liability for sub-bottling payments is not debt and is excluded.) Against a live market capitalization of about $12.72 billion (Finnhub, October 2, 2026), $2,786.0 million is about 21.9% - under the 33% ceiling, so gate 2 passes. Note: The Coca-Cola Company sold all of its COKE shares back to the company in November 2025 (18.8M shares for about $2.4B, partly debt-funded) and now holds zero equity - bottling agreements continue.

How much interest income does Coca-Cola Consolidated earn?

Interest income is not separately disclosed in Coca-Cola Consolidated's FY2025 statements - the income statement shows a single combined line, 'Interest expense, net' of $42.7 million against net sales of $7,228.1 million (about 0.59%). Zoya's COKE page cites FY2025 interest income of $0 against $7,228,055,000 revenue. Even conservatively, any interest-income component is far under the 5% non-compliant income ceiling, so gate 3 passes.

What do third-party Shariah screeners say about Coca-Cola Consolidated?

Zoya publishes a COKE page (https://zoya.finance/stocks/coke) citing FY2025 revenue of $7,228,055,000 and interest income of $0, but the compliance rating did not render on the fetched page (the status field and its date were blank), so its current rating could not be verified from public sources. I could not verify a Musaffa rating page for COKE or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).