CCEP dividend: pay, coverage and yield
CCEP pays dividends, but in 2025 its free cash flow did not cover total shareholder payments. The cash shortfall came as CCEP also returned money through buybacks.
How much does CCEP pay per share?
Base dividends rise to €2.25, €2.46 and €2.63 per share through a 50% payout. The bear case gives €1.80, €1.75 and €1.80 on a 40% payout, reflecting cash pressure. The bull case gives €2.42, €2.68 and €2.96 on a 52% payout. The base follows a dividend that rose every year from €1.40 in 2021 to €2.04 in 2025 and a stated 50% policy.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Dividends per share | 2.25 (1.80 / 2.42) | 2.46 (1.75 / 2.68) | 2.63 (1.80 / 2.96) |
Is CCEP’s dividend covered by its cash?
The 2025 change was the return of buybacks alongside dividends. CCEP generated €1,605 million of free cash flow but paid €1,969 million to shareholders. The €364 million gap came from the balance sheet, while net debt ended at €9,038 million and cash fell.
Free cash flow fell to €1,605 million. After stock-based compensation, which transfers value to employees through shares or future dilution, an economic calculation leaves €1,558 million. CCEP’s own measure was €1,836 million because it includes disposal proceeds and uses net interest paid. Selling property is cash, but it is not cash earned by selling another case of Coca-Cola.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,605 | 1,716 | 1,664 | 2,046 | 1,435 |
| − Dividends paid | 923 | 907 | 841 | 763 | 638 |
| − Share buybacks | 1,046 | 0 | 0 | 0 | 0 |
| = Free cash flow not paid out | 809 | 823 | 1,283 | 735 | |
| = Paid out more than the free cash flow | 364 | ||||
| Paid out, % of free cash flow | 122.7% | 52.9% | 50.5% | 37.3% | 44.5% |
What this means. The company's own net debt is higher because it includes lease obligations and hedging adjustments, while our count leaves those out.
What could change CCEP’s dividend?
For 2026, management guides to comparable, currency-neutral revenue growth of 3.0%–4.0% and operating-profit growth of 7.0%. It expects comparable free cash flow of at least €1,700 million, capital expenditure including leases of 5.0% of revenue, a 50.0% dividend payout ratio and €1,000 million of buybacks.
What is CCEP’s dividend yield today?
| Today (Oct 14, 2026) | |
|---|---|
| Share price | 8,090 |
| Dividend yield (calculated) | 2.1% |
What this means. The whole-business value is higher than the stock-market value because the company has more debt than cash.