Over the past year, Coca-Cola generated nearly $50 billion in revenue and $12.5 billion in free cash flow, and paid out nearly $11 billion in dividends to shareholders. It raised its dividend 3.9% in February, marking 64 straight years of increases.

Despite high inflation hurting consumer spending, the company has reported 20 consecutive quarters of market share gains. This is a testament to its brand strength, with 32 brands contributing $1 billion in annual revenue.

However, one risk to watch is Coca-Cola stretching itself too thin. It manages over 200 brands. The upside of this strategy is that it can make it easier for management to meet demand across many occasions and price points, thereby maintaining steady revenues. The downside, however, is that it risks diluting its best-performing brands and returns on capital in the long run.

That said, the beverage industry is fairly resilient to broader macroeconomic headwinds. Coca-Cola owns dozens of valuable brands that are contributing to its free cash flows and growing dividends. The stock's above-average yield indicates solid value for income investors.

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