Coca-Cola operates under an asset-light, divided structure

The Coca-Cola Company also owns Sprite, Smartwater, and many more brands

The parent company owns lots of beverage brands, from sodas to water, including Dasani, Minute Maid, Topo-Chico, and more. You can see all of the roughly 200 brands it owns on its website.

The Stepan Company is the only US company with legal permission to import coca leaves

The Stepan Company works closely with Coca-Cola so that the soda giant can continue to use coca leaves for its beverages. Today, the cocaine from the coca leaves is removed before they are used to create Coca-Cola.

Coca-Cola made up roughly 19.2% of US carbonated soft drink market share as of 2023

Separately, Diet Coke made up about 7.8% of US market share that year. Pepsi was responsible for 8.3% of market share, as was Dr. Pepper.

Visualize how Coca-Cola's secret formula has changed over time

Coca-Cola contained small amounts of cocaine until the early 1900s—but that's not the only time Coca-Cola has altered its recipe over the years. For instance, Coca-Cola transitioned from cane sugar to high-fructose corn syrup in the 1980s.

Coca-Cola claims that only two people in the world know the full Coca-Cola formula

They are supposedly two Coca-Cola executives. Over the years, a number of handwritten formulas have surfaced to the public, but Coca-Cola has ruled all of them as inauthentic.

The Coca-Cola bottle was designed to be recognizable even when shattered

The contour bottle, which was designed and patented to prevent copycats in its distributed bottling system in 1915, would soon become one of the most identifiable shapes in commercial culture. The designers also made sure it could be easily identified even in the dark.

Coca-Cola began developing Diet Coke to compete with a diet cola called Tab

Launched in 1963, Tab was successful in part because of its diet-conscious branding, with the name "tab" referring to the idea of "keeping a tab on your weight." Diet Coke made its debut in 1982.

The drink that became Coca-Cola was originally called 'Pemberton's French Wine Coca.'

John Pemberton only sold roughly 25 gallons of Coca-Cola syrup in its first year

That equates to roughly 9 drinks per day. But once he brought it to pharmacies that hooked the syrup up to their soda fountains, sales increased significantly, with roughly 2,000 gallons being sold two years later. This video about Coca-Cola's early history is narrated by actress Jenny Slate for a Comedy Central series called "Drunk History," so not all of it is intended to be entirely factually accurate.

'This American Life' once tried to recreate the original recipe for Coca-Cola

Given that the Coca-Cola formula is one of the company's most closely-guarded secrets, the radio show's team was surprised to come across a 1979 newspaper article with what looked like the original recipe for Coke.

Unlike its Mexican counterpart, American Coca-Cola contains high-fructose corn syrup rather than sugar

There are a few reasons why American Coke turned away from sugar in the 1980s, but none of them are related to consumer health. This Reader's Digest article breaks down the history behind Coke's recipe change, explaining why the company continues using high-fructose cough syrup.

Coca-Cola was created during a patent medicine boom

A "patent medicine" is a proprietary medicine that is ostensibly created and marketed under a patent, and, crucially, is available without prescription.

Coca-Cola and Pepsi have a fierce rivalry

And it's been that way for a long time—both of the sodas were created in the late 1800s in the South. Pepsi was created by Caleb Bradham, and was originally called "Brad's Drink."

Why Coke tastes different at McDonald's

Fans of the sugary soda Coca-Cola have noticed significant differences between its canned variety versus what pours forth from the fountain at McDonald's. Is there anything to the claim? Weird History Food takes a dive into this essential fast-food...

Differences in the ratio of sugars help distinguish Mexican and American Coke

Mexican Coke is sweetened with cane sugar (sucrose), which dissolves into equal amounts of fructose and glucose, whereas American Coke, which uses high-fructose corn syrup, contains more fructose than glucose.

Ozempic parent company Novo Nordisk operates under a 'foundation ownership model'—meaning that a foundation holds the majority of the company's voting power, while most of its equity is owned by public investors.

See how the Coca-Cola bottle's design has changed over the years, including the famous 1910's "hobbleskirt" bottle named for the once-popular tapered women's skirts that narrowed below the knee.

Unlike other franchises, the McDonald's Corporation owns the land and the buildings of individual stores, and franchise owners lease those assets—resulting in McDonald's often being called a real-estate company.

CostCo's low-cost hot dogs: The strategy of 'loss leaders'

Wholesale food distributors like Sam's Club, BJ's, and CostCo place a premium on cutting costs for their consumers to cultivate brand loyalty. Enter CostCo's enduring $1.50 hot dog and soda combo. It's a classic example of a so-called "loss leader," a product a company loses money on but which keeps customers coming back for more. Learn the history of wholesalers and how selling over 200 million hot dogs in a year builds CostCo's brand.

Visualize every brand that AB InBev owns

The giant beverage holding company AB InBev owns many, many more brands than just Budweiser and Bud Light. From Africa to Asia and beyond, this image helps visualize the immense number of brands that AB InBev is responsible for.

Candymaker Haribo focuses on gummies to simplify production

Focusing on a specific kind of candy gives the company expertise on texture, ingredients, factory processes, and more. The company's decentralized production allows for regional specification.

Dual-class stock structures separate equity and decision-making authority

In the past few decades, dual-class stock structures have become an increasingly popular way for companies to raise capital in public markets without allocating traditional shareholder voting rights. Meta, Estée Lauder, and The New York Times are companies that are famously dual-class.

Why is cocaine worth so much?

The global cocaine trade is worth an estimated $100B a year. But, where does that money go, who is spending it, and who is making it? Vice follows the money to understand why the cocaine business functions the way it does. From illicitly growing...

See Walt Disney's corporate strategy document from 1957, complete with a plethora of Mickey Mouse illustrations.

Family CEOs tend to prioritize a non-economic goal: keeping the business in the family

Companies led by family CEOs tend to prioritize corporate social responsibility, but they also tend to invest less in innovation and international growth. They also have more debt on average.

​​Andy Warhol made a Coca-Cola perfume called 'You're In'

The 100 spray-painted bottles were filled with a cheap citrusy perfume, practically begging audiences to ask if they were indeed filled with urine. The Coca-Cola Company sent a cease-and-desist letter shortly after learning of the project. IN 2017, a Japanese fashion brand remade the works without mentioning Coca-Cola.

How Standard Oil created Chevron and ExxonMobil

Standard Oil was eventually ordered to separate into 34 different entities, and over the following years, those 34 companies merged into what is now called the “Big Four” in the oil industry.

Anheuser-Busch sold half of its real estate holdings to survive Prohibition

The Budweiser parent company also created and sold out more than 25 different nonalcoholic products during this time, including but not limited to infant formula, frozen eggs, and specialized coffees and teas.

How energy drink company Red Bull makes money

Red Bull was founded by Dietrich Mateschitz and is one of the world's most successful energy drink companies. The brand's value comes from its aggressive marketing efforts among students, nightlife, and sports figures, equating the consumption of one of its cans with excitement and athleticism.

The 'Big Three' asset managers—Vanguard, State Street, and BlackRock—collectively manage more than $30T in assets and are the largest shareholders in roughly 88% of all the companies listed on the S&P 500.

See an original Coca-Cola coupon—one of the earliest surviving coupons used in America—that helped popularize the soda brand in its early days.

Companies often use different share classes, like Class A or Class B, to structure ownership

Share classes refer to specific types of company stock that are distinguished by the rights they grant, such as voting power and dividend access.

Cocainenomics

How did Pablo Escobar rise up out of the Medellin barrios to become the CEO of a $4 billion business? This immersive look at the global drug trade spawned by the notorious drug lord, who at his peak controlled 80% of the cocaine supply in the US. This deep dive includes visualizations showing how logistics of drug smuggling evolved over the years and traces the economic impact of the industry.

The Lauder family still controls more than 80% of the voting power in Estée Lauder Companies.

Explore the brands owned by Estée Lauder Companies

While Estée Lauder remains the flagship brand and namesake of the cosmetic conglomerate, the company owns more than 20 premier brands. Some of the brands—like Clinique and Origin—were created in-house, but others—like Tom Ford and Jo Malone—are a result of the company's acquisition strategy, which often targets companies with high-end retail products.

Starbucks operates more than 38,000 stores on six continents

The brand started with a single Seattle cafe and grew into an international sensation, thanks to former CEO Howard Schulz’s bold move toward “reigniting the emotional attachment with customers” rather than focusing on expansion.

LVMH's roughly 75 brands are categorized into six distinct business groups

The groups are as follows: Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelry, Selective Retailing, and Other Activities.

Soda is one of the most overpriced items at restaurants

All restaurant food is marked up—that's how they turn profits, after all—but soda is one of the most egregious. Fountain soda is remarkably cheap, with restaurants often paying a few cents for each glass before selling it for a few dollars. Food publication The Takeout estimates that the typical markup is around 1,000%.

Find 36 hidden messages in these household name company logos

America's oldest companies still operating today

Did you know that the Ticonderoga pencil company dates back to 1795? Or that Baker's Chocolate started in 1765? This visualization depicts the oldest American companies that are still in operation today in a timeline—see it here.

From 1989 to 2022, Anheuser-Busch had exclusive alcohol ad rights to the Super Bowl

That meant if an alcohol company was not owned by Anheuser-Busch (and later after the merger, AB InBev), it could not advertise during the Super Bowl. This monopoly was part of how Budweiser became known for its Clydesdale Super Bowl ads.

The 'Two and Twenty' structure allows hedge funds and private equity firms to earn significant returns

With this structure, firms charge limited partners or "LPs" a 2% management fee for overseeing the fund (assets under management or AUM) and take 20% of the fund's overall profits (carried interest). Many private credit funds also operate under this structure.

The winding journey from Standard Oil to the modern oil industry

Standard Oil’s impact on the business world can be clearly seen today in oil giants like Exxon and Chevron. But the journey from the Rockefellers’ trust to the modern firms was a windy road. After the Supreme Court ordered Standard Oil’s break up, the first step saw it separate into many state-based companies like Standard Oil of California and the Ohio Oil Company. Visualize it here.

'Aladdin,' which stands for the asset, liability, debt, and derivative investment network, is BlackRock's central software system that models, forecasts, and provides an operating system.

See every brand that LVMH—the world's largest luxury goods holding company—owns, from luxury fashion and jewelry brands like Tiffany & Co., Fendi, and Louis Vuitton to beauty supply store Sephora and the hotel group Belmond.

Trader Joe's isn't a public company, so it doesn't have to disclose its suppliers

However, when a product is recalled, the US FDA reveals the manufacturer. Business Insider dug into Trader Joe's recalled product history to figure out who is making its food. As it turns out, it's a multitude of suppliers, including big companies that make food for other grocers, such as PepsiCo's Naked Juice and Conagra.

The history and success of the mysterious Mars Inc.

Mars, Incorporated manufactures some of the world’s favorite treats, including M&M’s, Snickers, and Milky Way bars. Despite their success, you’ve probably not heard of them. The privately held company is largely unknown to the world despite being owned by the second-richest family in the US. This podcast discusses the mysterious Mars family and their remarkable entrepreneurial feat. Listen to uncover more.

Total per capita US consumption of beer has dropped 30% since the 1980s

Between 2011 and 2021, AB InBev and MolsonCoors (two of the leading beer parent companies in the US) experienced a combined 17% drop in US market share. Budweiser parent company AB InBev has focused on premiumization and diversifying their product offerings in recent years to combat the losses.

Until late 2024, the company that makes McDonald's ice cream machines held an elusive repair monopoly on them, the culprit behind the frequent outages that fueled widespread social media discourse.

Ray Kroc proposed the idea of franchising McDonald's as a way to sell more of his Multimixers 7 years before buying the McDonald's brothers out of the company for $2.7M.