KDP · Keurig Dr Pepper Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $16.60B | $15.35B | $14.81B | $14.06B | $12.68B | $11.62B |
| Cost of Revenue | $7.60B | $6.82B | $6.73B | $6.73B | $5.71B | $5.13B |
| Gross Profit | $9.00B | $8.53B | $8.08B | $7.32B | $6.98B | $6.49B |
| R&D | $70.00M | $70.00M | $66.00M | $65.00M | $66.00M | $69.00M |
| SG&A | $5.35B | $5.01B | $4.91B | $4.64B | $4.15B | $3.98B |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $455.00M | $422.00M | $402.00M | $399.00M | $410.00M | $362.00M |
| Operating Income | $3.58B | $2.59B | $3.19B | $2.60B | $2.89B | $2.48B |
| Interest Expense | - | - | $496.00M | $604.00M | $500.00M | $604.00M |
| Income Tax | $608.00M | $473.00M | $576.00M | $284.00M | $653.00M | $428.00M |
| Net Income | $2.08B | $1.44B | $2.18B | $1.44B | $2.15B | $1.32B |
| EPS - Basic | $1.53 | $1.06 | $1.56 | $1.01 | $1.52 | $0.94 |
| EPS - Diluted | $1.53 | $1.05 | $1.55 | $1.01 | $1.50 | $0.93 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.03B | $510.00M | $267.00M | $535.00M | $567.00M | $240.00M |
| Accounts Receivable | $1.67B | $1.50B | $1.37B | $1.48B | $1.15B | $1.05B |
| Inventory | $1.73B | $1.30B | $1.14B | $1.31B | $894.00M | $762.00M |
| Accounts Payable | $3.00B | $2.98B | $3.60B | $5.21B | $4.32B | $3.74B |
| Current Assets | $5.27B | $4.00B | $3.38B | $3.80B | $3.06B | $2.39B |
| Total Assets | $55.46B | $53.43B | $52.13B | $51.84B | $50.60B | $49.78B |
| Current Liabilities | $8.29B | $8.09B | $8.92B | $8.08B | $6.49B | $7.69B |
| Long-term Debt | $13.04B | $12.91B | $9.95B | $11.07B | $11.58B | $11.14B |
| Total Liabilities | $29.94B | $29.19B | $26.45B | $26.71B | $25.63B | $25.95B |
| Stockholders' Equity | $25.52B | $24.24B | $25.68B | $25.13B | $24.97B | $23.83B |
| Retained Earnings | $5.62B | $4.79B | $4.56B | $3.54B | $3.20B | $2.06B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.99B | $2.22B | $1.33B | $2.84B | $2.87B | $2.46B |
| Investing Cash Flow | ($573.00M) | ($1.61B) | ($784.00M) | ($1.14B) | $210.00M | ($316.00M) |
| Financing Cash Flow | ($999.00M) | ($223.00M) | ($832.00M) | ($1.73B) | ($2.76B) | ($1.99B) |
| CapEx | $486.00M | $563.00M | $425.00M | $353.00M | $423.00M | $461.00M |
| Free Cash Flow | $1.50B | $1.66B | $904.00M | $2.48B | $2.45B | $2.00B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 54.2% | 55.6% | 54.5% | 52.1% | 55.0% | 55.8% |
| Operating margin | 21.5% | 16.9% | 21.5% | 18.5% | 22.8% | 21.3% |
| EBITDA margin | 24.3% | 19.6% | 24.3% | 21.4% | 26.1% | 24.5% |
| Net margin | 12.5% | 9.4% | 14.7% | 10.2% | 16.9% | 11.4% |
| Free cash flow margin | 9.1% | 10.8% | 6.1% | 17.7% | 19.3% | 17.2% |
| FCF / Net income | 0.72 | 1.15 | 0.41 | 1.73 | 1.14 | 1.51 |
| R&D / Revenue | 0.4% | 0.5% | 0.4% | 0.5% | 0.5% | 0.6% |
| SG&A / Revenue | 32.2% | 32.7% | 33.2% | 33.0% | 32.7% | 34.2% |
| Effective tax rate | 22.6% | 24.7% | 20.9% | 16.5% | 23.3% | 24.4% |
| Return on assets | 3.7% | 2.7% | 4.2% | 2.8% | 4.2% | 2.7% |
| Return on equity | 8.1% | 5.9% | 8.5% | 5.7% | 8.6% | 5.6% |
| Return on invested capital | 7.2% | 5.3% | 7.1% | 6.0% | 6.1% | 5.4% |
| Liquidity | ||||||
| Current ratio | 0.64 | 0.49 | 0.38 | 0.47 | 0.47 | 0.31 |
| Quick ratio | 0.43 | 0.33 | 0.25 | 0.31 | 0.33 | 0.21 |
| Cash ratio | 0.12 | 0.06 | 0.03 | 0.07 | 0.09 | 0.03 |
| Leverage | ||||||
| Debt / Equity | 0.51 | 0.53 | 0.39 | 0.44 | 0.46 | 0.47 |
| Debt / Assets | 0.24 | 0.24 | 0.19 | 0.21 | 0.23 | 0.22 |
| Debt / EBITDA | 3.23 | 4.29 | 2.77 | 3.69 | 3.50 | 3.92 |
| Interest coverage | - | - | 6.4x | 4.3x | 5.8x | 4.1x |
| Equity multiplier | 2.17 | 2.20 | 2.03 | 2.06 | 2.03 | 2.09 |
| Liabilities / Assets | 0.54 | 0.55 | 0.51 | 0.52 | 0.51 | 0.52 |
| Efficiency | ||||||
| Asset turnover | 0.30 | 0.29 | 0.28 | 0.27 | 0.25 | 0.23 |
| Inventory turnover | 4.39 | 5.25 | 5.90 | 5.12 | 6.38 | 6.73 |
| Days sales outstanding | 37d | 36d | 34d | 39d | 33d | 33d |
| Days inventory outstanding | 83d | 70d | 62d | 71d | 57d | 54d |
| Days payable outstanding | 144d | 160d | 195d | 282d | 276d | 266d |
| Cash conversion cycle | -24d | -54d | -99d | -172d | -186d | -179d |
| Valuation | ||||||
| P / E | 18.3x | 30.6x | 21.5x | 35.3x | 24.6x | 34.4x |
| P / B | 1.5x | 1.8x | 1.8x | 2.0x | 2.1x | 1.9x |
| P / S | 2.3x | 2.9x | 3.2x | 3.6x | 4.1x | 3.9x |
| EV / EBITDA | 12.5x | 18.7x | 15.8x | 20.5x | 19.3x | 19.8x |
| Growth | ||||||
| Revenue growth (YoY) | 8.2% | 3.6% | 5.4% | 10.8% | 9.2% | 4.5% |
| Revenue CAGR (3y) | 5.7% | 6.6% | 8.4% | 8.1% | - | 20.2% |
| Revenue CAGR (5y) | 7.4% | 6.7% | - | 16.0% | 14.5% | 13.1% |
| Gross profit growth (YoY) | 5.5% | 5.6% | 10.3% | 5.0% | 7.6% | 2.3% |
| Operating income growth (YoY) | 38.0% | -18.8% | 22.5% | -10.0% | 16.7% | 4.3% |
| Net income growth (YoY) | 44.3% | -33.9% | 51.9% | -33.1% | 62.0% | 5.7% |
| EPS growth (YoY) | 45.7% | -32.3% | 53.5% | -32.7% | 61.3% | 5.7% |
| EPS CAGR (3y) | 14.8% | -11.2% | 18.6% | 4.7% | - | -46.0% |
| EPS CAGR (5y) | 10.5% | 3.6% | - | -29.7% | -19.9% | -25.2% |
| FCF growth (YoY) | -9.1% | 83.2% | -63.6% | 1.3% | 22.9% | -6.9% |
| FCF CAGR (5y) | -5.5% | -5.0% | - | 24.3% | 26.4% | 19.7% |
| Book value growth (YoY) | 5.3% | -5.6% | 2.2% | 0.6% | 4.8% | 2.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$16.60B totalU.S.Refreshment Beverages$10.44B · 62.9%
U.S.Coffee$3.99B · 24.0%
International$2.17B · 13.1%
Product / service
$14.23B totalLRB$10.14B · 71.3%
KCup Pods$3.21B · 22.6%
Appliances$582.00M · 4.1%
Other Net Sales$295.00M · 2.1%
Geographic
$16.60B totalUS$14.50B · 87.3%
Non Us$2.10B · 12.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.90
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Beverages
Comparing Keurig Dr Pepper Inc. against the 5 most active filers in the same SIC group.
Dividends
$0.92/share trailing 12 months · +1.7% YoY
| Ex-date | Per share |
|---|---|
| Mar 27, 2026 | $0.2300 |
| Jan 2, 2026 | $0.2300 |
| Sep 26, 2025 | $0.2300 |
| Jun 27, 2025 | $0.2300 |
| Mar 28, 2025 | $0.2300 |
| Jan 3, 2025 | $0.2300 |
| Sep 27, 2024 | $0.2300 |
| Jun 28, 2024 | $0.2150 |
| Mar 27, 2024 | $0.2150 |
| Jan 4, 2024 | $0.2150 |
| Sep 28, 2023 | $0.2150 |
| Jun 29, 2023 | $0.2000 |
| Mar 30, 2023 | $0.2000 |
| Jan 5, 2023 | $0.2000 |
| Sep 29, 2022 | $0.2000 |
| Jun 30, 2022 | $0.1880 |
| Mar 31, 2022 | $0.1880 |
| Jan 5, 2022 | $0.1880 |
| Sep 30, 2021 | $0.1880 |
| Jun 30, 2021 | $0.1880 |
| Mar 31, 2021 | $0.1500 |
| Jan 7, 2021 | $0.1500 |
| Oct 1, 2020 | $0.1500 |
| Jul 1, 2020 | $0.1500 |