Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-07

Coca-Cola Consolidated (COKE)

CEO J. Frank Harrison, III was paid $16,712,541 in fiscal year 2025, ↓ down 12.2% from fiscal year 2024, the 82nd percentile of its disclosed peer group (SEC filing 0001628280-26-020505 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$16,712,541 ↓
J. Frank Harrison, III total, FY2025
82nd
CEO pay percentile vs peers
288:1
CEO-to-median pay ratio
99.41%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- J. Frank Harrison, III (Chairman of the Board and Chief Executive Officer), FY2025 total compensation $16,712,541 (base salary $1,406,368) [exec_comp, SEC accession 0001628280-26-020505, filed 2026-03-23]

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COKE's next annual pay disclosure, estimated March 22, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
J. Frank Harrison, III$1,406,368$0$0$0$12,905,305$2,020,835$380,033$16,712,541
Chairman of the Board and Chief Executive Officer
David Katz1,062,8210004,022,840328,553792,1626,206,376
President and Chief Operating Officer
E. Beauregarde Fisher III692,4440001,623,8780556,0802,872,402
Chief Legal and Administrative Officer and Corporate Secretary
Matthew Blickley464,651000889,699098,7811,453,130
Chief Financial Officer and Chief Accounting Officer
F. Scott Anthony219,317000708,8310273,6791,201,827
Former Executive Vice President and Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
J. Frank Harrison, III$16,712,541$19,033,392$19,781,001↓ −2,320,851
David Katz6,206,3767,007,0626,748,231↓ −800,686
E. Beauregarde Fisher III2,872,4023,091,3712,977,122↓ −218,969
Matthew Blickley1,453,130———
F. Scott Anthony1,201,8272,850,8452,686,599↓ −1,649,018

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against COKE
4 companies name COKE as a compensation peer

Each company listed discloses COKE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named COKE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
E. Beauregarde Fisher IIIGeneral Counsel$2,872,402
J. Frank Harrison, IIICEO$16,712,541
Matthew BlickleyCFO$1,453,130
David KatzPresident$6,206,376
F. Scott AnthonyExecutive$1,201,827
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Dennis A. WickerIndependent Director$273,700
Elaine Bowers CoventryFormer director (through FY2025)$220,000
Ellison C. GlennDirector—
James H. MorganIndependent Director$256,200
James R. Helvey, IIILead Independent Director$226,400
Jason D. (J.D.) HickeyIndependent Director$221,600
Morgan H. EverettDirector—
Richard T. WilliamsIndependent Director$223,200
Sharon A. DeckerIndependent Director$229,600
Umesh M. KasbekarDirector$620,000
William H. JonesIndependent Director$226,400
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

05

Incentive-plan design — the Compensation Discussion & Analysis

The Committee does not set specific targets or benchmarks for overall compensation or for allocations between different elements and types of compensation. However, the Committee does assess whether the compensation for each of the executive officers is within a reasonably competitive range between the 50th and 75th percentiles

CEO STI target (% of salary)100%
CEO LTI target (% of salary)—
Independent consultantKorn Ferry
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-12234,374,5461,288,975109,17499.41%Passed
20232023-05-0926,020,02395,53522,44199.55%Passed
20202020-05-1249,921,584506,47916,09998.96%Passed
20172017-05-0948,700,219885,76720,59598.17%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1299.41%a
20232023-05-0999.55%b
20202020-05-1298.96%c

a. Approved under the standard stated in the filing — “Abstentions will be counted as votes present in person or represented by proxy at the Annual Meeting and entitled to vote on these proposals and will therefore have the same effect as votes "against" these proposals, and broker non-votes will not be considered entitled to vote on these proposals and will therefore have no effect on their outcome.”.

b. Approved under the standard stated in the filing — “For Proposals 2 and 4, the advisory vote to approve Coca‑Cola Consolidated's named executive officer compensation in fiscal 2022 and the ratification of the appointment of PricewaterhouseCoopers LLP to serve as Coca‑Cola Consolidated's independent registered public accounting firm for fiscal 2023, respectively, abstentions will be counted as votes present in person or represented by proxy at the Annual Meeting and entitled to vote on these proposals and will therefore have the same effect as votes "against" these proposals, and broker non-votes will not be considered entitled to vote on these proposals and will therefore have no effect on their outcome.”.

c. Approved under the standard stated in the filing — “An abstention will be counted as a vote present in person or represented by proxy at the Annual Meeting and entitled to vote on the proposals and will have the same effect as a vote “against” these proposals, and a broker non-vote will not be considered entitled to vote on these proposals and will therefore have no effect on their outcome.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)288 : 1
CEO total compensation$16,712,541
Median employee compensation$58,093
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Umesh M. KasbekarNot independent · Not standing for re-election$220,000$0$0$0$400,000$620,000
Dennis A. WickerIndependent · Compensation (Chair) · Executive273,700000—273,700
James H. MorganIndependent · Audit (Chair) · Compensation · Executive256,200000—256,200
Sharon A. DeckerIndependent · Audit · Compensation229,600000—229,600
William H. JonesIndependent · Compensation226,400000—226,400
James R. Helvey, IIIIndependent · Lead Independent Director · Audit226,400000—226,400
Richard T. WilliamsIndependent · Audit223,200000—223,200
Jason D. (J.D.) HickeyIndependent · Audit221,600000—221,600
Elaine Bowers CoventryIndependent · Departed during FY220,000000—220,000
Ellison C. GlennEmployee director · Newly elected000—00
Morgan H. EverettEmployee director · Executive000—00
David M. KatzEmployee director · Executive000—00
J. Frank Harrison, IIIEmployee director · Board Chair · Executive000—00
09

Board fee structure and ownership guideline

Annual cash retainer—
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 17,500
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$2,097,100
Equity awards (grant-date value)$0
All other compensation$400,000
Total cost of the board$2,497,100

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Coca-Cola Consolidated names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Coca-Cola Consolidated.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Monster Beverage Corporation2025Hilton Schlosberg$1,250,000$10,687,460$3,493,351$3,750,000$19,282,630
2The Hershey Company2025Kirk Tanner456,73114,674,11301,358,05216,806,399
3Coca-Cola Consolidated2025J. Frank Harrison, III1,406,3680012,905,30516,712,541
4Post Holdings, Inc.2025Robert Vitale1,281,25014,811,2950016,621,445
5Constellation Brands, Inc.2026William Newlands1,449,03810,767,74901,564,38214,209,126
6Campbell Soup Company2026Mick Beekhuizen1,233,0008,043,56301,226,61010,965,019
7McCormick & Company, Incorporated2025Brendan Foley1,139,0848,600,1050720,13010,831,581
8TreeHouse Foods, Inc.2024Steven Oakland1,102,0007,069,378008,305,103
9Keurig Dr Pepper Inc.2025Timothy Cofer1,331,9235,125,51401,719,2348,217,032
10Flowers Foods, Inc.2025A. Ryals McMullian1,041,7305,735,8420733,5247,776,698
11The Hain Celestial Group, Inc.2025Wendy Davidson789,8083,530,682004,546,417
12Molson Coors Beverage Company2025Rahul Goyal640,4223,121,212200,98639,1224,134,901
—Brown-Forman Corporation——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Coca-Cola Consolidated170%Cash LTI 100NoKorn Ferry
Brown-Forman Corporationnot disclosednot disclosednot disclosednot disclosed
Campbell Soup Companynot disclosedRSU 40 · PRSU 30not disclosedFW Cook
Constellation Brands, Inc.54%RSU 50 · PSU 50Yes — Relative TSRFW Cook
Flowers Foods, Inc.56.3%PSU 70 · RSU 30Yes — TSR vs. Peer GroupMeridian Compensation Partners, LLC
Keurig Dr Pepper Inc.86%RSU 75 · PSU 25NoFW Cook
McCormick & Company, Incorporated40.4%PSU 50 · RSU 50Yes — McCormick's TSR relative to the TSR generated by our Peer Group companiesWTW (Willis Towers Watson)
Molson Coors Beverage Company6%PSU 50 · RSU 25 · Options 25Yes — Relative TSRCompensation Consultant (independent, unnamed firm referenced generically in text)
Monster Beverage Corporationnot disclosedPSU 50 · Option 25 · RSU 25not disclosedFrederic W. Cook & Co., Inc.
Post Holdings, Inc.124.4%PSU 50 · RSU 50Yes — Negative three-year TSRAon
The Hain Celestial Group, Inc.not disclosedRSU 50 · PSU 50Yes — Relative TSR versus the S&P Food & Beverage Select Industry IndexClearBridge Compensation Group, LLC
The Hershey Companynot disclosedPSU 65 · RSU 35NoF.W. Cook
TreeHouse Foods, Inc.not disclosedRSU 50 · PSU 50not disclosedPay Governance LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Coca-Cola Consolidated in fiscal 2025?
As disclosed, J. Frank Harrison, III (Chairman of the Board and Chief Executive Officer) was the highest-paid executive at Coca-Cola Consolidated in fiscal 2025, with total compensation of $16,712,541.
How does Coca-Cola Consolidated's chief executive pay compare to its disclosed peer group?
As disclosed, J. Frank Harrison, III's total compensation ranked at the 82nd percentile of Coca-Cola Consolidated's disclosed peer group.
What is Coca-Cola Consolidated's CEO-to-median employee pay ratio?
As disclosed, Coca-Cola Consolidated's CEO-to-median employee pay ratio was 288:1.
How did shareholders vote on Coca-Cola Consolidated's executive compensation?
As disclosed, 99.41% of shareholders supported Coca-Cola Consolidated's executive compensation in the latest say-on-pay vote.
How much does Coca-Cola Consolidated spend in total on board compensation for fiscal 2025?
As disclosed, Coca-Cola Consolidated reported total board compensation of $2,497,100 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, J. Frank Harrison, IIIDEF 14A2026-03-230001628280-26-020505Section “I. 2025 Summary Compensation Table”. As printed: 16,712,541. Filing ↗machine: t33 · r2 · c19 · span 601035–601045
2Section 01, David KatzDEF 14A2026-03-230001628280-26-020505Section “I. 2025 Summary Compensation Table”. As printed: 6,206,376. Filing ↗machine: t33 · r8 · c19 · span 614929–614938
3Section 01, E. Beauregarde Fisher IIIDEF 14A2026-03-230001628280-26-020505Section “I. 2025 Summary Compensation Table”. As printed: 2,872,402. Filing ↗machine: t33 · r14 · c20 · span 632149–632158
4Section 01, Matthew BlickleyDEF 14A2026-03-230001628280-26-020505Section “I. 2025 Summary Compensation Table”. As printed: 1,453,130. Filing ↗machine: t33 · r5 · c20 · span 610057–610066
5Section 01, F. Scott AnthonyDEF 14A2026-03-230001628280-26-020505Section “I. 2025 Summary Compensation Table”. As printed: 1,201,827. Filing ↗machine: t33 · r17 · c20 · span 641239–641248
6Section 07, pay ratioDEF 14A2026-03-230001628280-26-020505Section “CEO Pay Ratio”. As printed: 288 : 1. Filing ↗machine: t44 · r1 · c2 · span 900575–900589
7Section 08, Umesh M. KasbekarDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 620,000. Filing ↗machine: t14 · r7 · c6 · span 378813–379052
8Section 08, Dennis A. WickerDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 273,700. Filing ↗machine: t14 · r9 · c2 · span 380548–380787
9Section 08, James H. MorganDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 256,200. Filing ↗machine: t14 · r8 · c2 · span 379372–379611
10Section 08, Sharon A. DeckerDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 229,600. Filing ↗machine: t14 · r3 · c2 · span 373293–373532
11Section 08, William H. JonesDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 226,400. Filing ↗machine: t14 · r6 · c2 · span 376831–377070
12Section 08, James R. Helvey, IIIDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 226,400. Filing ↗machine: t14 · r4 · c2 · span 374473–374712
13Section 08, Richard T. WilliamsDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 223,200. Filing ↗machine: t14 · r10 · c2 · span 381727–381966
14Section 08, Jason D. (J.D.) HickeyDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 221,600. Filing ↗machine: t14 · r5 · c2 · span 375655–375894
15Section 08, Elaine Bowers CoventryDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 220,000. Filing ↗machine: t14 · r2 · c2 · span 372039–372304
16Section 08, Ellison C. GlennDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Morgan H. EverettDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 0. Filing ↗
18Section 08, David M. KatzDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 0. Filing ↗
19Section 08, J. Frank Harrison, IIIDEF 14A2026-03-230001628280-26-020505Section “Director Compensation”. As printed: 0. Filing ↗
20Section 06, 2026 voteForm 8-K2026-05-130001628280-26-034592Item 5.07 · say-on-pay result. As reported: 99.41% (votes for as printed: 234,374,546). Filing ↗
21Section 06, 2023 voteForm 8-K2023-05-120000317540-23-000035Item 5.07 · say-on-pay result. As reported: 99.55% (votes for as printed: 26,020,023). Filing ↗
22Section 06, 2020 voteForm 8-K2020-05-130000317540-20-000012Item 5.07 · say-on-pay result. As reported: 98.96%. Filing ↗
23Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
24Section 09b board cost (computed)Computed——Cash 2,097,100 + equity 0 + all other 400,000 = 2,497,100, summed across the director compensation table rows.machine: formula: Σ = 2,497,100
25Monster Beverage Corporation, Section 10b CEO totalDEF 14A2026-03-270001104659-26-035990CEO total compensation as printed in Monster Beverage Corporation's own proxy. As printed: 19,282,630. Filing ↗
26The Hershey Company, Section 10b CEO totalDEF 14A2026-03-250001628280-26-021065CEO total compensation as printed in The Hershey Company's own proxy. As printed: 16,806,399. Filing ↗
27Coca-Cola Consolidated (subject), Section 10b CEO totalDEF 14A2026-03-230001628280-26-020505CEO total compensation as printed in Coca-Cola Consolidated's own proxy. As printed: 16,712,541. Filing ↗machine: t33 · r2 · c19 · span 601035–601045
28Post Holdings, Inc., Section 10b CEO totalDEF 14A2025-12-150001530950-25-000284CEO total compensation as printed in Post Holdings, Inc.'s own proxy. As printed: 16,621,445. Filing ↗machine: r2 · c54 · span 657892–657902
29Constellation Brands, Inc., Section 10b CEO totalDEF 14A2026-06-080000016918-26-000023CEO total compensation as printed in Constellation Brands, Inc.'s own proxy. As printed: 14,209,126. Filing ↗machine: r2 · c24 · span 851965–851976
30Campbell Soup Company, Section 10b CEO totalDEF 14A2026-10-070000016732-26-000031CEO total compensation as printed in Campbell Soup Company's own proxy. As printed: 10,965,019. Filing ↗machine: r2 · c40 · span 1041407–1041417
31McCormick & Company, Incorporated, Section 10b CEO totalDEF 14A2026-02-180000063754-26-000140CEO total compensation as printed in McCormick & Company, Incorporated's own proxy. As printed: 10,831,581. Filing ↗machine: r2 · c24 · span 970218–970228
32TreeHouse Foods, Inc., Section 10b CEO totalDEF 14A2025-03-130001320695-25-000030CEO total compensation as printed in TreeHouse Foods, Inc.'s own proxy. As printed: 8,305,103. Filing ↗machine: r4 · c27 · span 993489–993498
33Keurig Dr Pepper Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177266CEO total compensation as printed in Keurig Dr Pepper Inc.'s own proxy. As printed: 8,217,032. Filing ↗machine: r4 · c27 · span 672692–672701
34Flowers Foods, Inc., Section 10b CEO totalDEF 14A2026-04-140001104659-26-043025CEO total compensation as printed in Flowers Foods, Inc.'s own proxy. As printed: 7,776,698. Filing ↗machine: r1 · c48 · span 1362376–1362385
35The Hain Celestial Group, Inc., Section 10b CEO totalDEF 14A2025-09-180001193125-25-207370CEO total compensation as printed in The Hain Celestial Group, Inc.'s own proxy. As printed: 4,546,417. Filing ↗machine: t83 · r14 · c38 · span 1813238–1813247
36Molson Coors Beverage Company, Section 10b CEO totalDEF 14A2026-03-250001104659-26-034154CEO total compensation as printed in Molson Coors Beverage Company's own proxy. As printed: 4,134,901. Filing ↗machine: span 1731683–1731692
37Section 10a, Monster Beverage Corporation reciprocityDEF 14A—0001104659-26-035990Monster Beverage Corporation's most recent proxy was read; its disclosed peer group does not include Coca-Cola Consolidated. Filing ↗
38Section 10a, Post Holdings, Inc. reciprocityDEF 14A—0001530950-25-000284Post Holdings, Inc. names Coca-Cola Consolidated in its own disclosed peer group (read from its most recent proxy). Filing ↗
39Section 10a, McCormick & Company, Incorporated reciprocityDEF 14A—0000063754-26-000140McCormick & Company, Incorporated's most recent proxy was read; its disclosed peer group does not include Coca-Cola Consolidated. Filing ↗
40Section 10a, Campbell Soup Company reciprocityDEF 14A—0000016732-26-000031Campbell Soup Company's most recent proxy was read; its disclosed peer group does not include Coca-Cola Consolidated. Filing ↗
41Section 10a, The Hain Celestial Group, Inc. reciprocityDEF 14A—0001193125-25-207370The Hain Celestial Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Coca-Cola Consolidated. Filing ↗
42Section 10a, Constellation Brands, Inc. reciprocityDEF 14A—0000016918-26-000023Constellation Brands, Inc.'s most recent proxy was read; its disclosed peer group does not include Coca-Cola Consolidated. Filing ↗
43Section 10a, Flowers Foods, Inc. reciprocityDEF 14A—0001104659-26-043025Flowers Foods, Inc.'s most recent proxy was read; its disclosed peer group does not include Coca-Cola Consolidated. Filing ↗
44Section 10a, Keurig Dr Pepper Inc. reciprocityDEF 14A—0001193125-26-177266Keurig Dr Pepper Inc.'s most recent proxy was read; its disclosed peer group does not include Coca-Cola Consolidated. Filing ↗
45Section 10a, The Hershey Company reciprocityDEF 14A—0001628280-26-021065The Hershey Company's most recent proxy was read; its disclosed peer group does not include Coca-Cola Consolidated. Filing ↗
46Section 10a, TreeHouse Foods, Inc. reciprocityDEF 14A—0001320695-25-000030TreeHouse Foods, Inc.'s most recent proxy was read; its disclosed peer group does not include Coca-Cola Consolidated. Filing ↗
47Section 10a, Molson Coors Beverage Company reciprocityDEF 14A—0001104659-26-034154Molson Coors Beverage Company names Coca-Cola Consolidated in its own disclosed peer group (read from its most recent proxy). Filing ↗

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