How much does Warren Buffett make from Coca-Cola dividends per year?

Berkshire Hathaway's 400 million Coca-Cola shares pay roughly $824M per year in cash dividends, equivalent to about $26.11/sec.

When did Warren Buffett buy Coca-Cola stock?

Buffett began accumulating Coca-Cola in 1988, added through 1989, and finished building the 100 million-share position (pre-split) in 1994 at a total cost of $1.299B. Berkshire has not sold a share since.

How many Coca-Cola shares does Berkshire Hathaway own?

Berkshire Hathaway owns 400 million split-adjusted shares of Coca-Cola — roughly 9% of the company.

What is Buffett's yield on cost for Coca-Cola?

Buffett's average split-adjusted cost per share is about $3.25. With KO paying ~$2.04 per share annually, his yield on cost is around 63.4% — orders of magnitude above the ~3% yield a new investor would receive today.

Has Warren Buffett ever sold Coca-Cola stock?

No. Berkshire has not sold a single share of Coca-Cola since completing the position in 1994. In his letters Buffett has repeatedly said his "favorite holding period is forever" for businesses like KO.

How much has Berkshire received in total Coca-Cola dividends since 1988?

Cumulative cash dividends paid to Berkshire from Coca-Cola since 1988 are approximately $12.65B, several times the original $1.299B cost basis.

When did Buffett's dividends pay back his original Coca-Cola investment?

Cumulative dividends crossed Berkshire's $1.299B cost basis around 2002. Every dividend received since then is pure profit on top of an unrealized capital gain measured in tens of billions.

Why doesn't Buffett sell Coca-Cola stock?

Berkshire would face large corporate capital-gains tax on a sale, and the dividends qualify for the Dividends Received Deduction (DRD) which makes 50% of US corporate dividends tax-free for corporate holders. Holding compounds tax-efficient income while a sale crystallises a tax bill.

Did Coca-Cola really survive 14 years of no price growth (1998-2012)?

Yes. KO's share price went largely sideways from 1998 to 2012, but the dividend per share grew every single year through that stretch. Buffett's annual cash from KO almost tripled while the stock chart looked flat.

Is Coca-Cola Buffett's best investment?

By yield on cost and total cumulative dividends, Coca-Cola is one of Buffett's most successful long-term investments. Apple eventually surpassed it in dollar terms, but KO remains the textbook example of the dividend-compounding playbook Buffett describes in his letters.

Investor Spotlight · Warren Buffett

Warren Buffett's Coca-Cola Dividend Machine

35 years · 400M shares · one position, never sold

Between 1988 and 1994 Berkshire Hathaway paid $1.299 billion for what would become 400 million split-adjusted shares of The Coca-Cola Company. Buffett has not sold a single share since. The position now pays Berkshire roughly $824M a year in cash dividends — about $26.11 every second of every day.

Sources: Berkshire 1988 / 1989 / 1994 letters · KO dividends & price via FMP · prices as of Apr 29, 2026

Buffett called Coca-Cola "the kind of business I understand" — a global brand, durable pricing power, and a dividend that has compounded for 35+ years.

Buffett's slice of every Coca-Cola sold (live)

since you opened this page

Coca-Cola Company sells ≈ 2.2B servings worldwide every day. Berkshire owns about 9.3% of the company — which works out to ~2,362 servings and $26.11 in dividend cash accruing to Berkshire every second.

Servings consumed

Dividend cash accrued

$0.00

Counter persists for the duration of your session so refreshing or scrolling away doesn't reset it.

1995 (then)

$88M

annual cash to Berkshire

2026 (TTM)

$824M

annual cash to Berkshire

Growth · 31 yrs

9.4×

dividend per year, same shares, same cost basis · ≈ 7.5% CAGR

Annual dividend (TTM)

$824M

≈ $2,257,534 per day

Cumulative dividends received

$12.65B

9.7× the original cost basis · cost recovered ~2002

Current market value

$31.55B

24.3× cost basis · as of Apr 29, 2026

Current shares held

400,000,000

split-adjusted (4 KO splits since 1988)

Ownership of KO

9.27%

derived from KO diluted shares outstanding

Total cost basis

$1.30B

1988 + 1989 + 1994 purchases

Yield on cost

63.4%

vs ~2.6% if you bought today

YoC over time1995 → 2026

6.8%63.4%

Buffett didn't buy a 60% yield. He bought a ~3% yield and let the dividend grow underneath an unchanging cost basis for 35 years.

($2.06 ÷ $3.25) × 100 ≈ 63.4%

Buffett's KO dividends, per period

Per second	$26.11
Per minute	$1,566.66
Per hour	$93,999.54
Per day	$2,255,989.05
Per week	$15,791,923.34
Per month	$68,666,666.67
Per year	$824,000,000

The 7-year accumulation (1988-1994)

Verified purchase events (Berkshire annual letters)

When	Shares (raw)	Shares (split-adj)	Cost	$/share (raw)	$/share (split-adj)	From the letter
Q4 1988	14,172,500	226,760,000	$593M	$41.81	$2.61	“We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”
Q4 1989	9,177,500	146,840,000	$431M	$47.01	$2.94	“We continue to concentrate our investments in a very few companies that we try to understand well. There are only a small number of businesses in which we have strong long-term confidence.”
Q4 1994	1,650,000	26,400,000	$275M	$166.67	$10.42	“In 1988 and 1989 Berkshire bought 23.35 million shares of Coca-Cola... A few years ago we paid $1.3 billion for our Coca-Cola shares, which we could now sell for about $5 billion. Were we to sell, the company that has earned over $1 billion would not exist for us.”
Total / avg	25,000,000	400,000,000	$1.30B	$51.96	$3.25

Q4 1988

Shares (raw): 14,172,500
Shares (split-adj): 226,760,000
Cost: $593M
$/share (raw): $41.81
$/share (split-adj): $2.61
From the letter: “We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”

Q4 1989

Shares (raw): 9,177,500
Shares (split-adj): 146,840,000
Cost: $431M
$/share (raw): $47.01
$/share (split-adj): $2.94
From the letter: “We continue to concentrate our investments in a very few companies that we try to understand well. There are only a small number of businesses in which we have strong long-term confidence.”

Q4 1994

Shares (raw): 1,650,000
Shares (split-adj): 26,400,000
Cost: $275M
$/share (raw): $166.67
$/share (split-adj): $10.42
From the letter: “In 1988 and 1989 Berkshire bought 23.35 million shares of Coca-Cola... A few years ago we paid $1.3 billion for our Coca-Cola shares, which we could now sell for about $5 billion. Were we to sell, the company that has earned over $1 billion would not exist for us.”

Total

Shares (raw): 25,000,000
Shares (split-adj): 400,000,000
Cost: $1.30B

Annual cheque to Berkshire (1988-2026)

Calculated as adj_dividend × shares held on each ex-date — accounts for the 7-year accumulation window so 1988-1994 reflects a smaller share count.* Current calendar year = cash paid year-to-date only (not a full year); the shorter bar is not a dividend cut.

Breaking the zero barrier — cumulative dividends vs $1.299B cost basis

Once the red line crosses the dashed line, every dollar of dividend is pure profit on top of the original investment.

Dividend payback calendar

Cost basis: $1.30B. Cumulative dividends today: $12.65B. Cost was fully recouped in 2002; everything since is pure profit.

25% of cost basis1995 · $0.32B
50% of cost basis1998 · $0.65B
100% of cost basis2002 · $1.30B
Today · 974% of cost basis2026 · $12.65B

The forgotten 14 years (1998–2012)

Red — dividend per share (climbs every year). Slate — split-adjusted year-end price: choppy with little net progress vs the dividend curve — the "sideways" decade for shareholders who only watched the quote.

Drawdowns vs the dividend

Event	Years	KO drawdown	Dividend per share	Recovery to new ATH	Notes
Dot-com bust	2000-2002	-30%	+27%	≈ 11 yrs to new ATH (2013)	Annual dividend per share grew from $0.68 to $0.80.
Global Financial Crisis	2007-2009	-40%	+24%	≈ 19 mo to new ATH	KO raised the dividend in both 2008 and 2009.
COVID crash	Mar-Apr 2020	-25%	+2%	≈ 14 mo to new ATH	KO declared its 58th consecutive annual dividend increase.

Dot-com bust

Years: 2000-2002
KO drawdown: -30%
Dividend per share: +27%
Recovery: ≈ 11 yrs to new ATH (2013)
Notes: Annual dividend per share grew from $0.68 to $0.80.

Global Financial Crisis

Years: 2007-2009
KO drawdown: -40%
Dividend per share: +24%
Recovery: ≈ 19 mo to new ATH
Notes: KO raised the dividend in both 2008 and 2009.

COVID crash

Years: Mar-Apr 2020
KO drawdown: -25%
Dividend per share: +2%
Recovery: ≈ 14 mo to new ATH
Notes: KO declared its 58th consecutive annual dividend increase.

What if you'd bought with Buffett?

Mirror calculator: what if you'd invested with Buffett?

Approximated using Buffett's average split-adjusted cost ($3.25/share). "Total received" adds today's value of those shares to actual per-payment dividends since your start date (each payment × Berkshire shares held that day, scaled by your investment ÷ Buffett's total cost).

Amount (USD)Start date

Shares bought

308

@ $3.25 / share

Today's value

$24,286

Annual dividend

$634

Total received (est.)

$34,028

$9,741 dividends + $24,286 value

Cash-out vs DRIP

Berkshire's actual share count (cash) vs a hypothetical reinvestment of every dividend back into KO once Buffett finished buying (1995+), priced at each year's split-adjusted close.

Cash-out path · today

400M shares

Buffett's actual share count

DRIP scenario · today

1.22B shares

Same 400M base + every dividend reinvested from 1995

Extra shares from reinvestment

+818M (+205%)

≈ +$64.5B at today's price

DRIP simulation uses each calendar year's split-adjusted close as the reinvestment price (a real DRIP plan would buy at every ex-date — the difference is small but slightly favors the chart). Buffett deliberately chose cash dividends: Berkshire prefers redeploying capital into new businesses and benefits from the corporate Dividends Received Deduction.

In today's dollars

Using CPI from 1988 → today (×2.50).

Nominal cost basis

$1.30B

Inflation-adjusted cost

$3.25B

Annual dividend covers

25% of inflation-adjusted cost / year

Even after adjusting for 35+ years of inflation, Berkshire's annual KO dividend ($824M) still pays back a meaningful slice of the inflation-adjusted cost every year.

Buffett vs the alternatives

Buffett's KO yield on cost vs the 10-year Treasury

Once Coca-Cola's dividend grew enough, Buffett's annual cash yield on the original $3.25 cost basis surpassed the 10Y Treasury — and kept rising. For the current calendar year, the Buffett line uses the same trailing-twelve-month rate as the headline cards (not cash paid year-to-date only).

Buffett (1988 cost basis)

63.4%

yield on cost, today

You (today's price)

2.6%

starting yield if you buy KO now

What changes that?

~47 yrs

of 7% dividend CAGR to reach Buffett's YoC, doing nothing

The lesson isn't "buy a 60% yield" — that yield doesn't exist on the open market. It's that a modest 3% starting yield, paid by a business that grows its dividend for decades, can compound into something extraordinary if you simply do nothing.

Compare

Coca-Cola vs PepsiCo dividends

How does the company Buffett owns stack up against its forever-rival? Side-by-side yield, growth streak, and payout-ratio dive — including who has the longer consecutive-raise record.

Open KO vs PEP comparison →

KODPS · 18 yrs

2008: $0.76 → 2025: $2.04

PEPDPS · 18 yrs

2008: $1.65 → 2025: $5.62

Buffett's slice of every Coca-Cola sold

Share of the world

For every Coca-Cola sold worldwide, Berkshire economically owns ≈ 9.3¢ of the company that made it.

Per second

2,362 servings

$26.11 dividend

Per minute

141,690 servings

$1,567 dividend

Per day

204,034,315 servings

$2,257,534 dividend

Computed as 400M / KO diluted shares outstanding (4.31B diluted shares per latest annual report).Buffett's stake of 400,000,000 shares is one of the most concentrated public-market positions any global investor has held for this long.

FAQ

How much does Warren Buffett make from Coca-Cola dividends per year?: Berkshire Hathaway's 400 million Coca-Cola shares pay roughly $824M per year in cash dividends, equivalent to about $26.11/sec.
When did Warren Buffett buy Coca-Cola stock?: Buffett began accumulating Coca-Cola in 1988, added through 1989, and finished building the 100 million-share position (pre-split) in 1994 at a total cost of $1.299B. Berkshire has not sold a share since.
How many Coca-Cola shares does Berkshire Hathaway own?: Berkshire Hathaway owns 400 million split-adjusted shares of Coca-Cola — roughly 9% of the company.
What is Buffett's yield on cost for Coca-Cola?: Buffett's average split-adjusted cost per share is about $3.25. With KO paying ~$2.04 per share annually, his yield on cost is around 63.4% — orders of magnitude above the ~3% yield a new investor would receive today.
Has Warren Buffett ever sold Coca-Cola stock?: No. Berkshire has not sold a single share of Coca-Cola since completing the position in 1994. In his letters Buffett has repeatedly said his "favorite holding period is forever" for businesses like KO.
How much has Berkshire received in total Coca-Cola dividends since 1988?: Cumulative cash dividends paid to Berkshire from Coca-Cola since 1988 are approximately $12.65B, several times the original $1.299B cost basis.
When did Buffett's dividends pay back his original Coca-Cola investment?: Cumulative dividends crossed Berkshire's $1.299B cost basis around 2002. Every dividend received since then is pure profit on top of an unrealized capital gain measured in tens of billions.
Why doesn't Buffett sell Coca-Cola stock?: Berkshire would face large corporate capital-gains tax on a sale, and the dividends qualify for the Dividends Received Deduction (DRD) which makes 50% of US corporate dividends tax-free for corporate holders. Holding compounds tax-efficient income while a sale crystallises a tax bill.
Did Coca-Cola really survive 14 years of no price growth (1998-2012)?: Yes. KO's share price went largely sideways from 1998 to 2012, but the dividend per share grew every single year through that stretch. Buffett's annual cash from KO almost tripled while the stock chart looked flat.
Is Coca-Cola Buffett's best investment?: By yield on cost and total cumulative dividends, Coca-Cola is one of Buffett's most successful long-term investments. Apple eventually surpassed it in dollar terms, but KO remains the textbook example of the dividend-compounding playbook Buffett describes in his letters.