FirmAtlas
Company handbook · KDP · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
KDP · CIK 1418135 · LATEST FILING: 10-Q JUN '26 · FILED AUG 10, 2026
Keurig Dr Pepper Inc.
$34.62
+0.44 (+1.29%)
Close, Oct 16, 2026 · 52-week $25–35
Last fiscal year
Keurig Dr Pepper Inc. reported revenue of $16.6B for the year ended Dec 31, 2025 (FY25), up 8.2% from FY24. Net income was $2.1B, operating cash flow $2.0B and free cash flow $1.5B. Source: 10-K filed Feb 24, 2026.
Market cap
$47.0B
P/E
33.0
EV/EBITDA
14.9x
P/B
1.9
Div yield
2.66%
ROIC
7.3%
Revenue 1Y
8.2%/yr
EPS 1Y
45.7%/yr
Shares 1Y
+0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOTimothy Cofer
HQFrisco, TX
AuditorDeloitte & Touche LLP
Employees30,600
Year endsDecember
Revenue by segment · FY25
U.S.Refreshment Beverages63%
U.S.Coffee24%
International13%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−8.8%
−0.4%
6.7%
24.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$5.8B deployed
Capex
$1.0B
18.2%
Acquisitions
$1.1B
19.9%
Dividends
$2.4B
42.4%
Buybacks
$1.1B
19.4%
Operating cash flow over the period: $4.2B. Total debt changed by −$7M. R&D of $140M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
15,351
16,603+8.2%
20,090
YoY
+8.2%
Gross profit
8,529
8,999+5.5%
9,923
Gross margin
55.6%
54.2%−1.4 pp
—
Operating income
2,591
3,575+38.0%
3,260
Operating margin
16.9%
21.5%+4.7 pp
—
EBITDA
3,013
4,030+33.8%
—
EBITDA margin
19.6%
24.3%+4.6 pp
—
Interest expense
494
594+20.2%
—
Interest coverage
6.10x
6.78x+0.69x
—
Net income
1,441
2,079+44.3%
1,427
YoY
+44.3%
Net margin
9.4%
12.5%+3.1 pp
—
EPS (diluted, $)
1.05
1.53+45.7%
0.99
YoY
+45.7%
Balance sheet
Total assets
53,430
55,459+3.8%
87,619
Cash & short-term investments
608
1,044+71.7%
—
Accounts receivable
1,502
1,671+11.3%
—
Inventory
1,299
1,733+33.4%
—
Net PP&E
2,964
3,230+9.0%
—
Other assets
47,057
47,781+1.5%
—
Total liabilities
29,187
29,943+2.6%
62,587
Accounts payable
2,985
2,996+0.4%
—
Total debt
13,938
13,931−0.1%
24,817
Other liabilities
12,264
13,016+6.1%
—
Shareholders’ equity
24,243
25,516+5.3%
25,032
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,219
1,991−10.3%
2,527
Net income
1,441
2,079+44.3%
—
Depreciation & amortization
422
455+7.8%
—
Stock-based compensation
98
97−1.0%
—
Working capital & other
258
(640)−348.1%
—
Cash from investing
(1,614)
(573)n/m
—
Capex
(563)
(486)n/m
—
PP&E sold
4
14+250.0%
—
Acquisitions
(1,000)
(149)n/m
—
Other investing
(55)
48n/m
—
Cash from financing
(223)
(999)n/m
—
Debt raised
3,000
2,000−33.3%
—
Debt repaid
(1,150)
(1,029)n/m
—
Dividends
(1,194)
(1,250)n/m
—
Buybacks
(1,110)
(9)n/m
—
Other financing
231
(711)−407.8%
—
Net change in cash
382
419+9.7%
—
Free cash flow (OCF − capex)
1,656
1,505−9.1%
1,970
Where the cash went
Operating cash flow
2,219
1,991−10.3%
2,527
Reinvested in the business
1,563
635−59.4%
—
% of operating cash flow
70.4%
31.9%
Capex
563
486−13.7%
557
Acquisitions
1,000
149−85.1%
—
R&D (memo, already in costs)
70
70+0.0%
—
Free cash flow
1,656
1,505−9.1%
1,970
YoY
−9.1%
Returned to shareholders
2,304
1,259−45.4%
—
% of free cash flow
139.1%
83.7%
Dividends
1,194
1,250+4.7%
—
Buybacks
1,110
9−99.2%
—
Change in total debt
—
(7)
—
Cash left over
—
90
—
FCF conversion (FCF ÷ net income)
114.9%
72.4%−42.5 pp
—
Owner earnings
—
1,456
—
Owner earnings margin
—
8.8%
—
Buyback yield
2.5%
0.0%−2.5 pp
—
Returns & ratios
ROIC (all capital)
5.2%
7.3%+2.1 pp
—
ROIC (operating)
70.2%
86.2%+16.0 pp
—
Net debt / EBITDA
4.42x
3.20x−1.23x
—
Debt / equity
0.57x
0.55x−0.03x
—
Cash conversion cycle (days)
−54
−24+31 d
—
ROE
5.9%
8.1%+2.2 pp
—
ROA
2.7%
3.7%+1.1 pp
—
ROCE
5.7%
7.6%+1.9 pp
—
NOPAT
1,951
2,766+41.8%
—
Invested capital (operating)
2,780
3,638+30.9%
—
Invested capital (all)
37,573
38,403+2.2%
—
Reinvestment rate
—
31.0%
—
Debtor days
36
37+1 d
—
Inventory days
70
83+14 d
—
Days payable
160
144−16 d
—
Net debt is 3.2x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
4,306
4,499
3,976
7,309
vs year-ago quarter
Gross profit
2,340
2,419
2,098
3,066
Gross margin
54.3%
53.8%
52.8%
41.9%
Operating income
995
881
756
628
Net income
662
353
270
142
vs year-ago quarter
Net margin
15.4%
7.8%
6.8%
1.9%
EPS (diluted, $)
0.49
0.26
0.20
0.04
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
54,605
55,459
73,140
87,619
Cash & equivalents
569
1,044
18,716
1,553
Total debt
14,425
13,931
22,886
24,817
Shareholders’ equity
25,324
25,516
25,261
25,032
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
639
712
281
895
Capex
112
148
116
181
Free cash flow
527
564
165
714
vs year-ago quarter