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.

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.

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.

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.

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.

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.

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.

Walt Disney's 1957 corporate strategy document

From TV to music to amusement parks, Disney is widely regarded as one of the most successful American companies of all time. That's partly because Walt Disney was carefully building a corporate strategy from day one that accounted for the company's publications, merchandise licensing, comic strips, and more. See his 1957 corporate strategy document for yourself (spoiler alert, it's covered in Mickey Mouse illustrations).

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...

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.

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.

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.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

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.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

COBOL was partly derived from Grace Hopper's FLOW-MATIC programming language

The Common Business-Oriented Language was developed for business data processing, supporting precise decimal calculations and an English-like syntax. Able to work across operating systems and hardware environments, COBOL and its newer versions support 80% of in-person credit card transactions and 95% of all ATM transactions.

Learn about the Black Bear Sports Group—a hockey conglomerate changing the ice rink industry

Ice rinks are notoriously difficult to operate, due to the complex cooling systems required to maintain the ice itself, and have an average operating lifespan of 25 years. However, Black Bear Sports Group has made millions by buying up failing ice rinks and running robust youth sports programming.

McDonald's intentionally avoids using the word 'milkshake'

The restaurant's US menus use an abbreviated term: the simple "shake." Conspiracy theorists suggest this means the chain doesn't use actual milk, but the truth is a bit more complicated and—much to their displeasure—mostly related to dairy regulations.

Al Capone's business structure kept him from ever getting charged for bootlegging

During the Prohibition era, Al Capone sold then-illegal alcohol through people who funneled cash and held bank accounts for him. His name never showed up on any paperwork, meaning it was impossible to actually charge him with bootlegging or any of his violent crimes. But no paper trail for his lavish lifestyle also meant he wasn't paying taxes, which is how prosecutors ultimately put Capone in jail.

Prosecco—Italy's sparkling wine—is produced using the tank method

Italy’s best-known sparkling wine, Prosecco, has many similarities to Champagne. However, Prosecco performs its secondary fermentation in a different manner. Rather than taking place in the bottle using the French method, fermentation of Prosecco takes place in large, pressurized steel tanks, making it easier to produce on a large scale. The technique results in light, fresh flavors and plenty of bubbles.

Netflix's original movies are intended to be in the background

Netflix's original content follows "taste clusters," those wildly specific tags for content, like "cerebral Southwestern murder mystery." The low-budget films and shows designed for these genre buckets are written with abundant exposition to remind casual viewers where they are in the story.

The ins and outs of oil refining

The oil industry is broken up into the upstream, midstream, and downstream segments, and oil refining is part of the latter. “Downstream” refers to companies like Standard Oil that are converting crude oil into a finished product.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

Budweiser stores yeast derived from the original 1800s strain in a secret bunker, which only the Head of Yeast Management can access—not even the CEO

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

Watch this video that uses Lego bricks to explain how venture capital works.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

A vending machine run with Anthropic's AI went out of business after it was convinced to give away items for free and sell a video game console.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

Mid-century modern graphic designers, known for their bright colors and bold lines in advertising, also found success with children's books.

Objects can be 3D printed with light by projecting 2D computerized tomography (CT) scans onto rotating cylinders of resin, which solidify upon exposure.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

Fast-casual restaurant Chili's is experiencing a resurgence, with its parent company recently reporting a nearly 32% increase in sales, thanks to passionate Gen Z fans on TikTok.

US intelligence allegedly pursued more than 600 schemes to assassinate Cuban revolutionary Fidel Castro.

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

Corals are themselves not coral reefs—the term refers to the tiny marine invertebrates that build the rigid reef.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

The syncytiotrophoblast is the outer layer of the placenta and the largest human cell, spanning an area about twice that of a king-sized bedsheet.

Alzheimer's can lead to brain shrinkage, with an average of around 2% of volume reduction per year

Pure water does not conduct electricity because this flow of energy requires the movement of charged particles, and water is a neutral molecule.

A small portion of The Winstons' 'Amen, Brother,' an obscure '60s gospel record, is the basis for thousands of hip-hop tracks, making it one of the most sampled records ever that's informally known as 'the Amen break.'