Keurig Dr Pepper (KDP) Financials

$31.10 -4.03 (-11.47%)

Closing price 04:00 PM Eastern

Extended Trading

$31.12 +0.02 (+0.08%)

As of 07:59 PM Eastern

Annual Income Statements for Keurig Dr Pepper

This table shows Keurig Dr Pepper's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/24/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	703	764	849	1,078	586	1,254	1,325	2,146	1,436	2,181	1,441
Consolidated Net Income / (Loss)	703	764	849	1,078	589	1,254	1,325	2,145	1,435	2,181	1,441
Net Income / (Loss) Continuing Operations	702	764	849	1,078	589	1,254	1,325	2,145	1,435	2,181	1,441
Total Pre-Tax Income	1,073	1,184	1,283	1,173	791	1,694	1,753	2,798	1,719	2,757	1,914
Total Operating Income	1,180	1,298	1,433	1,388	1,237	2,378	2,480	2,894	2,605	3,192	2,591
Total Gross Profit	3,630	3,723	3,858	3,995	3,882	6,342	6,486	6,977	7,323	8,080	8,529
Total Revenue	6,121	6,282	6,440	6,690	7,442	11,120	11,618	12,683	14,057	14,814	15,351
Operating Revenue	6,121	6,282	6,440	6,690	7,442	11,120	11,618	12,683	14,057	14,814	15,351
Total Cost of Revenue	2,491	2,559	2,582	2,695	3,560	4,778	5,132	5,706	6,734	6,734	6,822
Operating Cost of Revenue	2,491	2,559	2,582	2,695	3,560	4,778	5,132	5,706	6,734	6,734	6,822
Total Operating Expenses	2,450	2,425	2,425	2,607	2,645	3,964	4,006	4,083	4,718	4,888	5,938
Selling, General & Admin Expense	2,334	2,313	2,329	2,556	2,635	3,962	3,978	4,153	4,645	4,912	5,013
Other Operating Expenses / (Income)	1.00	7.00	-3.00	-51	10	2.00	-39	-70	-105	-26	207
Impairment Charge	-	-	-	-	0.00	0.00	67	0.00	477	2.00	718
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	0.00	-299	0.00	0.00
Total Other Income / (Expense), net	-107	-114	-150	-215	-446	-684	-727	-96	-886	-435	-677
Interest Expense	109	117	178	226	465	665	608	605	217	0.00	0.00
Interest & Investment Income	2.00	2.00	3.00	3.00	-	0.00	0.00	524	-643	-496	-735
Other Income / (Expense), net	0.00	1.00	25	8.00	19	-19	-119	-15	-26	61	58
Income Tax Expense	371	420	434	95	202	440	428	653	284	576	473
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	3.00	0.00	0.00	-1.00	-1.00	0.00	0.00
Basic Earnings per Share	$3.59	$4.00	$4.57	$5.91	$0.54	$0.89	$0.94	$1.52	$1.01	$1.56	$1.06
Weighted Average Basic Shares Outstanding	195.80M	190.90M	185.40M	182M	1.09B	1.41B	1.41B	1.42B	1.42B	1.40B	1.36B
Diluted Earnings per Share	$3.56	$3.97	$4.54	$5.89	$0.53	$0.88	$0.93	$1.50	$1.01	$1.55	$1.05
Weighted Average Diluted Shares Outstanding	197.40M	192.40M	186.60M	182.80M	1.10B	1.42B	1.42B	1.43B	1.43B	1.41B	1.37B
Weighted Average Basic & Diluted Shares Outstanding	195.80M	191M	183.09M	179.74M	1.09B	1.41B	1.41B	1.42B	1.41B	1.39B	1.36B
Cash Dividends to Common per Share	$1.64	$1.92	-	$2.32	-	$0.60	$0.60	$0.71	$0.78	$0.83	$0.89

This table shows Keurig Dr Pepper's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	453	467	503	518	693	454	515	616	-144	517	547
Consolidated Net Income / (Loss)	453	467	503	518	693	454	515	616	-144	517	547
Net Income / (Loss) Continuing Operations	453	467	503	518	693	454	515	616	-144	517	547
Total Pre-Tax Income	558	581	613	664	899	594	672	802	-154	660	718
Total Operating Income	673	584	769	896	943	765	861	902	63	801	898
Total Gross Profit	1,996	1,744	2,041	2,111	2,184	1,940	2,172	2,140	2,277	1,985	2,255
Total Revenue	3,803	3,353	3,789	3,805	3,867	3,468	3,922	3,891	4,070	3,635	4,163
Operating Revenue	3,803	3,353	3,789	3,805	3,867	3,468	3,922	3,891	4,070	3,635	4,163
Total Cost of Revenue	1,807	1,609	1,748	1,694	1,683	1,528	1,750	1,751	1,793	1,650	1,908
Operating Cost of Revenue	1,807	1,609	1,748	1,694	1,683	1,528	1,750	1,751	1,793	1,650	1,908
Total Operating Expenses	1,323	1,160	1,272	1,215	1,241	1,175	1,311	1,238	2,214	1,184	1,357
Selling, General & Admin Expense	1,227	1,165	1,272	1,217	1,258	1,176	1,295	1,245	1,297	1,192	1,356
Other Operating Expenses / (Income)	-70	-5.00	0.00	-4.00	-17	-1.00	16	-7.00	199	-8.00	1.00
Total Other Income / (Expense), net	-115	-3.00	-156	-232	-44	-171	-189	-100	-217	-141	-180
Interest Expense	-570	23	172	237	-432	178	204	106	-488	148	180
Other Income / (Expense), net	8.00	20	16	5.00	20	7.00	15	6.00	30	7.00	0.00
Income Tax Expense	105	114	110	146	206	140	157	186	-10	143	171
Basic Earnings per Share	$0.32	$0.33	$0.36	$0.37	$0.50	$0.33	$0.38	$0.45	($0.10)	$0.38	$0.40
Weighted Average Basic Shares Outstanding	1.42B	1.41B	1.40B	1.40B	1.40B	1.38B	1.36B	1.36B	1.36B	1.36B	1.36B
Diluted Earnings per Share	$0.32	$0.33	$0.36	$0.37	$0.49	$0.33	$0.38	$0.45	($0.11)	$0.38	$0.40
Weighted Average Diluted Shares Outstanding	1.43B	1.42B	1.41B	1.41B	1.41B	1.39B	1.36B	1.36B	1.37B	1.36B	1.36B
Weighted Average Basic & Diluted Shares Outstanding	1.41B	1.40B	1.40B	1.40B	1.39B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B
Cash Dividends to Common per Share	-	$0.20	$0.20	$0.22	-	$0.22	$0.22	$0.23	-	$0.23	$0.23

This table details how cash moves in and out of Keurig Dr Pepper's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/24/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	90	683	880	-1,632	59	-40	150	322	-26	-287	382
Net Cash From Operating Activities	1,022	1,014	961	1,038	1,613	2,474	2,456	2,874	2,837	1,329	2,219
Net Cash From Continuing Operating Activities	1,022	1,014	961	1,038	1,613	2,474	2,456	2,874	2,837	1,329	2,219
Net Income / (Loss) Continuing Operations	703	764	847	1,076	589	1,254	1,325	2,146	1,436	2,181	1,441
Consolidated Net Income / (Loss)	703	764	847	1,076	589	1,254	1,325	2,146	1,436	2,181	1,441
Depreciation Expense	199	192	191	198	233	358	362	410	399	402	422
Amortization Expense	36	35	33	31	201	300	291	298	310	318	311
Non-Cash Adjustments To Reconcile Net Income	69	64	23	43	165	183	355	-292	873	148	799
Changes in Operating Assets and Liabilities, net	15	-41	-133	-310	425	379	123	312	-181	-1,720	-754
Net Cash From Investing Activities	-185	-194	-189	-1,763	-19,131	-150	-316	210	-1,135	-784	-1,614
Net Cash From Continuing Investing Activities	-185	-194	-189	-1,763	-19,131	-150	-316	210	-1,135	-784	-1,614
Purchase of Property, Plant & Equipment	-170	-179	-180	-202	-180	-330	-461	-423	-353	-425	-563
Acquisitions	-20	-21	-23	-1,565	-19,153	-59	-61	-32	-988	-372	-1,066
Sale of Property, Plant & Equipment	8.00	20	6.00	3.00	3.00	247	203	122	168	9.00	4.00
Divestitures	-	0.00	17	4.00	169	0.00	0.00	578	50	0.00	0.00
Other Investing Activities, net	-3.00	1.00	-8.00	-3.00	-5.00	-8.00	3.00	-35	-12	4.00	11
Net Cash From Financing Activities	-747	-137	108	-907	17,577	-2,364	-1,990	-2,762	-1,728	-832	-223
Net Cash From Continuing Financing Activities	-747	-137	108	-907	17,577	-2,364	-1,990	-2,762	-1,728	-832	-223
Repayment of Debt	-65	-10	-911	-567	-5,398	-19,478	-11,589	-9,313	-3,161	1,191	-1,173
Repurchase of Common Equity	-400	-521	-519	-399	-	-	0.00	0.00	-379	-706	-1,110
Payment of Dividends	-317	-355	-386	-414	-214	-844	-846	-955	-1,080	-1,142	-1,194
Issuance of Debt	0.00	751	1,950	482	14,206	18,527	10,638	7,556	3,000	0.00	3,510
Other Financing Activities, net	35	-2.00	-26	-9.00	-17	-569	-193	-190	-108	-175	-256
Cash Interest Paid	-	-	-	-	231	521	515	477	363	443	494
Cash Income Taxes Paid	-	-	-	-	210	433	582	506	686	507	331

This table details how cash moves in and out of Keurig Dr Pepper's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-396	-337	63	-14	1.00	50	141	137	54	145	-192
Net Cash From Operating Activities	739	71	381	580	297	85	657	628	849	209	431
Net Cash From Continuing Operating Activities	739	71	381	580	297	85	657	628	849	209	431
Net Income / (Loss) Continuing Operations	453	467	503	518	693	454	515	616	-144	517	547
Consolidated Net Income / (Loss)	453	467	503	518	693	454	515	616	-144	517	547
Depreciation Expense	98	107	94	98	103	101	106	103	112	106	111
Amortization Expense	81	79	81	79	79	69	99	72	71	57	74
Non-Cash Adjustments To Reconcile Net Income	-222	-76	90	178	-44	12	82	11	694	-57	16
Changes in Operating Assets and Liabilities, net	329	-506	-387	-293	-534	-551	-145	-174	116	-414	-317
Net Cash From Investing Activities	-922	-105	-98	-420	-161	-193	-136	-209	-1,076	-57	-221
Net Cash From Continuing Investing Activities	-922	-105	-98	-420	-161	-193	-136	-209	-1,076	-57	-221
Purchase of Property, Plant & Equipment	-93	-62	-87	-122	-154	-158	-115	-125	-165	-120	-106
Acquisitions	-921	-51	-12	-300	-9.00	-37	-19	-85	-925	-14	-114
Other Investing Activities, net	3.00	1.00	-	1.00	2.00	2.00	-3.00	1.00	11	64	-1.00
Net Cash From Financing Activities	-213	-303	-220	-174	-135	158	-380	-282	281	-7.00	-402
Net Cash From Continuing Financing Activities	-213	-303	-220	-174	-135	158	-380	-282	281	-7.00	-402
Repayment of Debt	509	230	287	125	549	-1,389	-69	44	241	345	-2,045
Repurchase of Common Equity	-291	-231	-226	-	-249	-1,105	-	-	-5.00	0.00	-9.00
Payment of Dividends	-284	-281	-282	-279	-300	-299	-292	-292	-311	-312	-313
Issuance of Debt	-114	34	27	30	-91	3,023	8.00	8.00	471	8.00	2,008
Other Financing Activities, net	-33	-55	-26	-50	-44	-72	-27	-42	-115	-48	-43
Cash Interest Paid	127	39	192	24	188	24	187	97	186	93	184
Cash Income Taxes Paid	120	49	270	94	94	26	179	41	85	60	216

This table presents Keurig Dr Pepper's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/24/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	8,265	8,869	9,791	15,744	48,918	49,518	49,779	50,598	51,837	52,130	53,430
Total Current Assets	1,211	1,817	2,736	1,056	2,159	2,273	2,388	3,057	3,804	3,375	3,997
Cash & Equivalents	237	911	1,787	90	83	75	240	567	535	267	510
Restricted Cash	-	-	0.00	5.00	46	26	15	1.00	-	0.00	80
Accounts Receivable	617	628	646	483	1,150	1,115	1,048	1,148	1,484	1,368	1,502
Inventories, net	204	209	202	384	626	654	762	894	1,314	1,142	1,299
Prepaid Expenses	86	69	101	94	254	403	323	447	471	598	606
Plant, Property, & Equipment, net	1,141	1,156	1,138	790	2,310	2,028	2,212	2,494	2,491	2,699	2,964
Total Noncurrent Assets	5,913	5,896	5,917	13,898	44,449	45,217	45,179	45,047	45,542	46,056	46,469
Long-Term Investments	14	31	23	97	186	151	88	30	1,000	1,387	1,543
Goodwill	2,990	2,988	2,993	9,819	20,011	20,172	20,184	20,182	20,072	20,202	20,053
Intangible Assets	2,684	2,663	2,656	3,834	23,967	24,117	23,968	23,856	23,183	23,287	23,634
Noncurrent Deferred & Refundable Income Taxes	74	64	62	27	26	29	45	42	35	31	39
Other Noncurrent Operating Assets	151	150	183	121	259	748	894	937	1,252	1,149	1,200
Total Liabilities & Shareholders' Equity	8,265	8,869	9,791	15,744	48,918	49,518	49,779	50,598	51,837	52,130	53,430
Total Liabilities	5,971	6,686	7,657	8,081	26,385	26,261	25,949	25,626	26,712	26,454	29,187
Total Current Liabilities	1,038	1,583	1,051	2,018	5,702	6,474	7,694	6,485	8,076	8,916	8,087
Short-Term Debt	3.00	507	10	225	1,458	1,593	2,345	304	895	3,246	2,642
Accounts Payable	289	277	303	1,580	2,300	3,176	3,740	4,316	5,206	3,597	2,985
Accrued Expenses	672	708	670	201	1,012	939	1,040	1,110	1,153	1,242	1,584
Other Current Liabilities	-	-	-	12	932	766	569	755	822	831	876
Total Noncurrent Liabilities	4,933	5,103	6,606	6,063	20,683	19,787	18,255	19,141	18,636	17,538	21,100
Long-Term Debt	2,580	2,875	4,468	3,064	14,201	12,827	11,143	11,578	11,072	9,945	12,912
Noncurrent Deferred & Payable Income Tax Liabilities	801	787	812	1,031	5,923	6,030	5,993	5,986	5,739	5,760	5,435
Other Noncurrent Operating Liabilities	302	260	209	1,871	559	930	1,119	1,577	1,825	1,833	2,753
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,294	2,183	2,134	7,398	22,533	23,257	23,830	24,972	25,125	25,676	24,243
Total Preferred & Common Equity	2,294	2,183	2,134	7,398	22,533	23,257	23,829	24,972	25,126	25,676	24,243
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,294	2,183	2,134	7,398	22,533	23,257	23,829	24,972	25,126	25,676	24,243
Common Stock	660	213	97	6,385	21,485	21,571	21,691	21,799	21,458	20,802	19,726
Retained Earnings	1,771	2,165	2,266	914	1,178	1,582	2,061	3,199	3,539	4,559	4,793
Accumulated Other Comprehensive Income / (Loss)	-137	-195	-229	99	-130	104	77	-26	129	315	-276

This table presents Keurig Dr Pepper's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	51,837	51,660	51,801	51,763	52,130	52,286	52,344	52,718	53,430	53,699	54,368
Total Current Assets	3,804	3,586	3,570	3,406	3,375	3,567	3,819	4,102	3,997	4,346	4,606
Cash & Equivalents	535	204	278	260	267	317	438	552	510	653	509
Restricted Cash	-	-	-	-	0.00	-	-	8.00	80	80	56
Accounts Receivable	1,484	1,451	1,311	1,279	1,368	1,311	1,390	1,448	1,502	1,329	1,498
Inventories, net	1,314	1,391	1,384	1,348	1,142	1,204	1,252	1,351	1,299	1,539	1,741
Prepaid Expenses	471	540	597	519	598	735	739	743	606	745	802
Plant, Property, & Equipment, net	2,491	2,480	2,489	2,527	2,699	2,695	2,680	2,794	2,964	2,951	2,996
Total Noncurrent Assets	45,542	45,594	45,742	45,830	46,056	46,024	45,845	45,822	46,469	46,402	46,766
Long-Term Investments	1,000	1,009	1,019	1,336	1,387	1,438	1,468	1,492	1,543	1,568	1,566
Goodwill	20,072	20,117	20,194	20,122	20,202	20,163	20,081	20,078	20,053	20,062	20,228
Intangible Assets	23,183	23,273	23,344	23,223	23,287	23,251	23,108	23,072	23,634	23,616	23,841
Noncurrent Deferred & Refundable Income Taxes	35	35	32	32	31	44	44	41	39	40	36
Other Noncurrent Operating Assets	1,252	1,160	1,153	1,117	1,149	1,128	1,144	1,139	1,200	1,116	1,095
Total Liabilities & Shareholders' Equity	51,837	51,660	51,801	51,763	52,130	52,286	52,344	52,718	53,430	53,699	54,368
Total Liabilities	26,712	26,558	26,534	26,399	26,454	27,633	27,626	27,749	29,187	29,252	29,383
Total Current Liabilities	8,076	9,127	9,056	8,814	8,916	7,004	7,509	7,699	8,087	9,171	7,221
Short-Term Debt	895	2,310	2,635	2,798	3,246	1,908	2,399	2,472	2,642	3,999	1,976
Accounts Payable	5,206	4,947	4,601	4,090	3,597	3,187	3,099	3,133	2,985	3,154	3,113
Accrued Expenses	1,153	1,046	1,030	1,123	1,242	1,169	1,302	1,288	1,584	1,201	1,324
Other Current Liabilities	822	824	790	803	831	740	709	806	876	817	808
Total Noncurrent Liabilities	18,636	17,431	17,478	17,585	17,538	20,629	20,117	20,050	21,100	20,081	22,162
Long-Term Debt	11,072	9,929	9,934	9,940	9,945	12,929	12,406	12,413	12,912	11,927	13,920
Noncurrent Deferred & Payable Income Tax Liabilities	5,739	5,739	5,736	5,714	5,760	5,784	5,746	5,736	5,435	5,430	5,487
Other Noncurrent Operating Liabilities	1,825	1,763	1,808	1,931	1,833	1,916	1,965	1,901	2,753	2,724	2,755
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	25,125	25,102	25,267	25,364	25,676	0.00	24,718	24,969	24,243	24,447	24,985
Total Preferred & Common Equity	25,126	25,103	25,268	25,364	25,676	24,653	24,718	24,969	24,243	24,447	24,985
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	25,126	25,103	25,268	25,364	25,676	24,653	24,718	24,969	24,243	24,447	24,985
Common Stock	21,458	21,224	21,023	21,028	20,802	19,675	19,697	19,706	19,726	19,725	19,743
Retained Earnings	3,539	3,724	3,948	4,165	4,559	4,721	4,944	5,249	4,793	4,997	5,232
Accumulated Other Comprehensive Income / (Loss)	129	155	297	171	315	257	77	14	-276	-275	10

This table displays calculated financial ratios and metrics derived from Keurig Dr Pepper's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/24/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.07%	2.63%	2.52%	3.88%	11.24%	49.42%	4.48%	9.17%	10.83%	5.39%	3.62%
EBITDA Growth	57.75%	7.84%	10.22%	-3.39%	4.00%	78.52%	-0.10%	19.01%	-8.34%	20.83%	-14.88%
EBIT Growth	77.98%	10.08%	12.24%	-4.25%	-10.03%	87.82%	0.08%	21.94%	-10.42%	26.13%	-18.57%
NOPAT Growth	-35.79%	8.49%	13.22%	34.52%	-27.79%	91.11%	6.49%	18.36%	-1.98%	16.12%	-22.75%
Net Income Growth	12.66%	8.68%	11.13%	26.97%	-45.36%	112.90%	5.66%	61.89%	-33.10%	51.99%	-33.93%
EPS Growth	16.72%	11.52%	14.36%	29.74%	-91.00%	66.04%	5.68%	61.29%	-32.67%	53.47%	-32.26%
Operating Cash Flow Growth	18.01%	-0.78%	-5.23%	8.01%	55.40%	53.38%	-0.73%	17.02%	-1.29%	-53.15%	66.97%
Free Cash Flow Firm Growth	-32.23%	1.39%	-8.48%	-721.30%	-446.07%	108.48%	5.07%	26.38%	-2.18%	-69.76%	72.55%
Invested Capital Growth	-1.22%	-0.06%	3.87%	126.09%	248.87%	-1.19%	-1.20%	-1.94%	-1.93%	4.66%	1.21%
Revenue Q/Q Growth	0.76%	0.59%	0.50%	11.04%	8.29%	1.10%	1.64%	2.18%	3.02%	0.43%	1.34%
EBITDA Q/Q Growth	-0.42%	4.38%	0.60%	3.97%	8.13%	6.68%	0.00%	0.62%	-0.87%	7.73%	-20.44%
EBIT Q/Q Growth	-0.59%	5.35%	0.76%	14.90%	1.78%	7.82%	-0.21%	0.00%	-0.88%	9.49%	-24.72%
NOPAT Q/Q Growth	-0.87%	4.73%	1.32%	51.47%	-22.38%	7.30%	0.70%	0.44%	1.80%	7.57%	-26.80%
Net Income Q/Q Growth	-0.85%	4.80%	-2.08%	66.10%	-35.91%	12.57%	1.69%	23.99%	-21.37%	12.36%	-36.74%
EPS Q/Q Growth	-0.28%	5.59%	-1.52%	95.03%	-87.04%	10.00%	1.09%	23.97%	-21.09%	12.32%	-36.36%
Operating Cash Flow Q/Q Growth	0.29%	3.89%	-3.51%	-34.18%	106.79%	5.14%	5.09%	5.55%	-6.65%	-24.96%	33.11%
Free Cash Flow Firm Q/Q Growth	-2.79%	1.42%	6.71%	29.14%	-5.34%	-9.43%	-8.47%	30.86%	-13.45%	-42.04%	9.55%
Invested Capital Q/Q Growth	0.06%	0.63%	-0.15%	-12.42%	-1.25%	-0.35%	0.26%	-1.59%	-0.28%	1.94%	-0.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.30%	59.26%	59.91%	59.72%	52.16%	57.03%	55.83%	55.01%	52.10%	54.54%	55.56%
EBITDA Margin	23.12%	24.29%	26.12%	24.29%	22.71%	27.13%	25.94%	28.28%	23.39%	26.82%	22.03%
Operating Margin	19.28%	20.66%	22.25%	20.75%	16.62%	21.38%	21.35%	22.82%	18.53%	21.55%	16.88%
EBIT Margin	19.28%	20.68%	22.64%	20.87%	16.88%	21.21%	20.32%	22.70%	18.35%	21.96%	17.26%
Profit (Net Income) Margin	11.49%	12.16%	13.18%	16.11%	7.91%	11.28%	11.40%	16.91%	10.21%	14.72%	9.39%
Tax Burden Percent	65.52%	64.53%	66.17%	91.90%	74.46%	74.03%	75.58%	76.66%	83.48%	79.11%	75.29%
Interest Burden Percent	90.93%	91.15%	88.00%	84.03%	62.98%	71.81%	74.25%	97.19%	66.65%	84.75%	72.25%
Effective Tax Rate	34.58%	35.47%	33.83%	8.10%	25.54%	25.97%	24.42%	23.34%	16.52%	20.89%	24.71%
Return on Invested Capital (ROIC)	16.59%	18.11%	20.12%	16.29%	3.78%	4.68%	5.04%	6.06%	6.06%	6.94%	5.21%
ROIC Less NNEP Spread (ROIC-NNEP)	13.67%	15.03%	16.24%	9.55%	0.20%	1.24%	1.02%	5.46%	-0.76%	3.81%	1.13%
Return on Net Nonoperating Assets (RNNOA)	14.17%	16.02%	19.21%	5.71%	0.12%	0.80%	0.59%	2.73%	-0.33%	1.65%	0.56%
Return on Equity (ROE)	30.76%	34.13%	39.33%	22.01%	3.90%	5.48%	5.63%	8.79%	5.73%	8.59%	5.77%
Cash Return on Invested Capital (CROIC)	17.81%	18.18%	16.32%	-61.04%	-107.11%	5.88%	6.25%	8.02%	8.00%	2.39%	4.01%
Operating Return on Assets (OROA)	14.33%	15.16%	15.63%	10.93%	3.88%	4.79%	4.76%	5.74%	5.04%	6.26%	5.02%
Return on Assets (ROA)	8.54%	8.92%	9.10%	8.44%	1.82%	2.55%	2.67%	4.27%	2.80%	4.20%	2.73%
Return on Common Equity (ROCE)	30.76%	34.13%	39.33%	21.41%	3.87%	5.48%	5.63%	8.79%	5.73%	8.59%	5.77%
Return on Equity Simple (ROE_SIMPLE)	30.65%	35.00%	39.78%	14.57%	2.61%	5.39%	5.56%	8.59%	5.71%	8.49%	5.94%
Net Operating Profit after Tax (NOPAT)	772	838	948	1,276	921	1,760	1,875	2,219	2,175	2,525	1,951
NOPAT Margin	12.61%	13.33%	14.72%	19.07%	12.38%	15.83%	16.13%	17.49%	15.47%	17.05%	12.71%
Net Nonoperating Expense Percent (NNEP)	2.91%	3.08%	3.89%	6.74%	3.58%	3.43%	4.02%	0.60%	6.81%	3.13%	4.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	5.86%	6.50%	4.90%
Cost of Revenue to Revenue	40.70%	40.74%	40.09%	40.28%	47.84%	42.97%	44.17%	44.99%	47.91%	45.46%	44.44%
SG&A Expenses to Revenue	38.13%	36.82%	36.16%	38.21%	35.41%	35.63%	34.24%	32.74%	33.04%	33.16%	32.66%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	40.03%	38.60%	37.66%	38.97%	35.54%	35.65%	34.48%	32.19%	33.56%	33.00%	38.68%
Earnings before Interest and Taxes (EBIT)	1,180	1,299	1,458	1,396	1,256	2,359	2,361	2,879	2,579	3,253	2,649
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,415	1,526	1,682	1,625	1,690	3,017	3,014	3,587	3,288	3,973	3,382
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.79	1.07	1.07	0.33	1.39	1.57	1.74	1.96	1.90	1.76	1.78
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.30	0.37	0.35	0.37	4.20	3.29	3.56	3.86	3.39	3.04	2.82
Price to Earnings (P/E)	2.58	3.07	2.68	2.27	53.40	29.17	31.21	22.82	33.19	20.66	30.02
Dividend Yield	17.59%	15.46%	17.12%	17.09%	466.36%	2.31%	2.04%	1.95%	2.27%	2.53%	2.74%
Earnings Yield	38.79%	32.57%	37.32%	43.99%	1.87%	3.43%	3.20%	4.38%	3.01%	4.84%	3.33%
Enterprise Value to Invested Capital (EV/IC)	0.90	1.04	1.03	0.54	1.23	1.36	1.47	1.66	1.63	1.52	1.50
Enterprise Value to Revenue (EV/Rev)	0.68	0.76	0.77	0.88	6.27	4.56	4.69	4.75	4.13	3.82	3.69
Enterprise Value to EBITDA (EV/EBITDA)	2.93	3.14	2.94	3.64	27.60	16.82	18.08	16.80	17.67	14.25	16.76
Enterprise Value to EBIT (EV/EBIT)	3.51	3.68	3.39	4.23	37.13	21.51	23.09	20.93	22.52	17.40	21.39
Enterprise Value to NOPAT (EV/NOPAT)	5.37	5.71	5.21	4.63	50.63	28.83	29.08	27.16	26.71	22.41	29.05
Enterprise Value to Operating Cash Flow (EV/OCF)	4.05	4.72	5.14	5.69	28.91	20.51	22.19	20.96	20.48	42.59	25.54
Enterprise Value to Free Cash Flow (EV/FCFF)	5.00	5.69	6.43	0.00	0.00	22.94	23.45	20.51	20.22	65.12	37.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.13	1.55	2.10	0.44	0.69	0.62	0.57	0.48	0.48	0.51	0.64
Long-Term Debt to Equity	1.12	1.32	2.09	0.41	0.63	0.55	0.47	0.46	0.44	0.39	0.53
Financial Leverage	1.04	1.07	1.18	0.60	0.61	0.64	0.58	0.50	0.43	0.43	0.50
Leverage Ratio	3.60	3.83	4.32	2.61	2.14	2.15	2.11	2.06	2.04	2.05	2.11
Compound Leverage Factor	3.28	3.49	3.80	2.19	1.35	1.54	1.57	2.00	1.36	1.73	1.53
Debt to Total Capital	52.96%	60.77%	67.73%	30.65%	41.00%	38.27%	36.14%	32.24%	32.26%	33.94%	39.08%
Short-Term Debt to Total Capital	0.06%	9.11%	0.15%	2.04%	3.82%	4.23%	6.28%	0.82%	2.41%	8.35%	6.64%
Long-Term Debt to Total Capital	52.90%	51.66%	67.57%	28.61%	37.18%	34.04%	29.86%	31.42%	29.85%	25.59%	32.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	47.04%	39.23%	32.27%	66.96%	59.00%	61.73%	63.85%	67.76%	67.74%	66.06%	60.92%
Debt to EBITDA	1.83	2.22	2.66	2.08	9.27	4.78	4.48	3.31	3.64	3.32	4.60
Net Debt to EBITDA	1.65	1.60	1.59	1.97	9.08	4.70	4.36	3.15	3.17	2.90	3.97
Long-Term Debt to EBITDA	1.82	1.88	2.66	1.95	8.40	4.25	3.70	3.23	3.37	2.50	3.82
Debt to NOPAT	3.35	4.04	4.72	2.65	17.00	8.19	7.20	5.36	5.50	5.22	7.97
Net Debt to NOPAT	3.02	2.91	2.81	2.50	16.66	8.05	7.01	5.09	4.80	4.57	6.88
Long-Term Debt to NOPAT	3.34	3.43	4.71	2.48	15.42	7.29	5.94	5.22	5.09	3.94	6.62
Altman Z-Score	1.72	1.78	1.86	0.91	0.90	1.16	1.28	1.59	1.50	1.51	1.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	2.70%	0.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.17	1.15	2.60	0.52	0.38	0.35	0.31	0.47	0.47	0.38	0.49
Quick Ratio	0.82	0.97	2.31	0.28	0.22	0.18	0.17	0.26	0.25	0.18	0.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	829	841	769	-4,779	-26,099	2,212	2,325	2,938	2,874	869	1,500
Operating Cash Flow to CapEx	630.86%	637.74%	552.30%	521.61%	911.30%	2,980.72%	951.94%	954.82%	1,533.51%	319.47%	396.96%
Free Cash Flow to Firm to Interest Expense	7.61	7.18	4.32	-21.15	-56.13	3.33	3.82	4.86	13.24	0.00	0.00
Operating Cash Flow to Interest Expense	9.38	8.67	5.40	4.59	3.47	3.72	4.04	4.75	13.07	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	7.89	7.31	4.42	3.71	3.09	3.60	3.62	4.25	12.22	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.74	0.73	0.69	0.52	0.23	0.23	0.23	0.25	0.27	0.29	0.29
Accounts Receivable Turnover	9.88	10.09	10.11	11.85	9.11	9.82	10.74	11.55	10.68	10.39	10.70
Inventory Turnover	12.33	12.39	12.56	9.20	7.05	7.47	7.25	6.89	6.10	5.48	5.59
Fixed Asset Turnover	5.29	5.47	5.61	6.94	4.80	5.13	5.48	5.39	5.64	5.71	5.42
Accounts Payable Turnover	8.90	9.04	8.90	2.86	1.84	1.75	1.48	1.42	1.41	1.53	2.07
Days Sales Outstanding (DSO)	36.94	36.17	36.10	30.80	40.05	37.17	33.98	31.60	34.17	35.14	34.12
Days Inventory Outstanding (DIO)	29.60	29.45	29.05	39.68	51.78	48.89	50.35	52.97	59.84	66.56	65.30
Days Payable Outstanding (DPO)	41.03	40.37	41.00	127.51	198.90	209.16	245.94	257.66	258.06	238.57	176.08
Cash Conversion Cycle (CCC)	25.51	25.26	24.16	-57.03	-107.08	-123.10	-161.61	-173.10	-164.05	-136.88	-76.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,626	4,623	4,802	10,857	37,877	37,425	36,975	36,256	35,557	37,213	37,664
Invested Capital Turnover	1.32	1.36	1.37	0.85	0.31	0.30	0.31	0.35	0.39	0.41	0.41
Increase / (Decrease) in Invested Capital	-57	-3.00	179	6,055	27,020	-452	-450	-719	-699	1,656	451
Enterprise Value (EV)	4,144	4,786	4,943	5,910	46,637	50,748	54,506	60,248	58,091	56,600	56,675
Market Capitalization	1,812	2,346	2,275	2,451	31,293	36,580	41,360	48,964	47,660	45,063	43,254
Book Value per Share	$11.80	$11.56	$11.62	$40.98	$16.22	$16.53	$16.93	$17.61	$17.74	$18.36	$17.87
Tangible Book Value per Share	($17.39)	($18.36)	($19.13)	($34.65)	($15.44)	($14.95)	($14.44)	($13.45)	($12.80)	($12.74)	($14.33)
Total Capital	4,877	5,565	6,612	11,049	38,192	37,677	37,318	36,854	37,092	38,867	39,797
Total Debt	2,583	3,382	4,478	3,386	15,659	14,420	13,488	11,882	11,967	13,191	15,554
Total Long-Term Debt	2,580	2,875	4,468	3,161	14,201	12,827	11,143	11,578	11,072	9,945	12,912
Net Debt	2,332	2,440	2,668	3,194	15,344	14,168	13,145	11,284	10,432	11,537	13,421
Capital Expenditures (CapEx)	162	159	174	199	177	83	258	301	185	416	559
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-61	-170	-92	-832	-2,214	-2,709	-3,216	-3,692	-3,912	-2,562	-2,038
Debt-free Net Working Capital (DFNWC)	176	741	1,695	-737	-2,085	-2,608	-2,961	-3,124	-3,377	-2,295	-1,448
Net Working Capital (NWC)	173	234	1,685	-962	-3,543	-4,201	-5,306	-3,428	-4,272	-5,541	-4,090
Net Nonoperating Expense (NNE)	69	74	99	198	332	506	550	74	740	344	510
Net Nonoperating Obligations (NNO)	2,332	2,440	2,668	3,194	15,344	14,168	13,145	11,284	10,432	11,537	13,421
Total Depreciation and Amortization (D&A)	235	227	224	229	434	658	653	708	709	720	733
Debt-free, Cash-free Net Working Capital to Revenue	-1.00%	-2.71%	-1.43%	-12.44%	-29.75%	-24.36%	-27.68%	-29.11%	-27.83%	-17.29%	-13.28%
Debt-free Net Working Capital to Revenue	2.88%	11.80%	26.32%	-11.02%	-28.02%	-23.45%	-25.49%	-24.63%	-24.02%	-15.49%	-9.43%
Net Working Capital to Revenue	2.83%	3.72%	26.16%	-14.38%	-47.61%	-37.78%	-45.67%	-27.03%	-30.39%	-37.40%	-26.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.59	$4.00	$4.57	$5.91	$0.54	$0.89	$0.94	$1.52	$1.01	$1.56	$1.06
Adjusted Weighted Average Basic Shares Outstanding	195.80M	190.90M	185.40M	182M	1.09B	1.41B	1.41B	1.42B	1.42B	1.40B	1.36B
Adjusted Diluted Earnings per Share	$3.56	$3.97	$4.54	$5.89	$0.53	$0.88	$0.93	$1.50	$1.01	$1.55	$1.05
Adjusted Weighted Average Diluted Shares Outstanding	197.40M	192.40M	186.60M	182.80M	1.10B	1.42B	1.42B	1.43B	1.43B	1.41B	1.37B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$5.91	$0.54	$0.89	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	192.96M	187.35M	183.09M	179.74M	1.41B	1.41B	1.41B	1.42B	1.41B	1.39B	1.36B
Normalized Net Operating Profit after Tax (NOPAT)	772	838	948	1,276	921	1,760	1,925	2,219	2,323	2,527	2,491
Normalized NOPAT Margin	12.61%	13.33%	14.72%	19.07%	12.38%	15.83%	16.57%	17.49%	16.53%	17.06%	16.23%
Pre Tax Income Margin	17.53%	18.85%	19.92%	17.53%	10.63%	15.23%	15.09%	22.06%	12.23%	18.61%	12.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.83	11.10	8.19	6.18	2.70	3.55	3.88	4.76	11.88	0.00	0.00
NOPAT to Interest Expense	7.08	7.16	5.33	5.64	1.98	2.65	3.08	3.67	10.02	0.00	0.00
EBIT Less CapEx to Interest Expense	9.34	9.74	7.21	5.30	2.32	3.42	3.46	4.26	11.03	0.00	0.00
NOPAT Less CapEx to Interest Expense	5.60	5.80	4.35	4.76	1.60	2.52	2.66	3.17	9.17	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.09%	46.47%	45.47%	38.40%	36.33%	67.30%	63.85%	44.52%	75.26%	52.36%	82.86%
Augmented Payout Ratio	101.99%	114.66%	106.60%	75.42%	36.33%	67.30%	63.85%	44.52%	101.67%	84.73%	159.89%

This table displays calculated financial ratios and metrics derived from Keurig Dr Pepper's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.15%	8.93%	6.61%	5.05%	1.68%	3.43%	3.51%	2.26%	5.25%	4.82%	6.14%
EBITDA Growth	-3.26%	-30.27%	30.97%	91.81%	33.14%	19.24%	12.60%	0.46%	-75.90%	3.08%	0.19%
EBIT Growth	-3.27%	-36.49%	40.93%	131.03%	41.41%	27.81%	11.59%	0.78%	-90.34%	4.66%	2.51%
NOPAT Growth	-0.86%	-36.45%	7.79%	81.37%	33.05%	24.56%	4.57%	-0.88%	-93.93%	7.31%	3.68%
Net Income Growth	-46.26%	-20.17%	130.73%	189.39%	52.98%	-2.78%	2.39%	18.92%	-120.78%	13.88%	6.21%
EPS Growth	-45.76%	-19.51%	140.00%	184.62%	53.13%	0.00%	5.56%	21.62%	-122.45%	15.15%	5.26%
Operating Cash Flow Growth	-21.47%	-89.29%	-43.64%	-23.58%	-59.81%	19.72%	72.44%	8.28%	185.86%	145.88%	-34.40%
Free Cash Flow Firm Growth	-1.95%	-40.44%	-68.83%	-109.49%	-174.60%	-225.68%	-202.99%	-304.79%	56.20%	128.41%	-7.34%
Invested Capital Growth	-1.93%	-0.94%	0.62%	2.38%	4.66%	4.45%	2.95%	3.55%	1.21%	0.89%	3.01%
Revenue Q/Q Growth	5.00%	-11.83%	13.00%	0.42%	1.63%	-10.32%	13.09%	-0.79%	4.60%	-10.69%	14.53%
EBITDA Q/Q Growth	53.02%	-8.14%	21.52%	12.29%	6.22%	-17.73%	14.76%	0.19%	-74.52%	251.81%	11.53%
EBIT Q/Q Growth	74.62%	-11.31%	29.97%	14.78%	6.88%	-19.83%	13.47%	3.65%	-89.76%	768.82%	11.14%
NOPAT Q/Q Growth	41.77%	-14.08%	34.43%	10.77%	4.00%	-19.56%	12.85%	5.00%	-93.63%	1,322.79%	9.03%
Net Income Q/Q Growth	153.07%	3.09%	7.71%	2.98%	33.78%	-34.49%	13.44%	19.61%	-123.38%	459.03%	5.80%
EPS Q/Q Growth	146.15%	3.13%	9.09%	2.78%	32.43%	-32.65%	15.15%	18.42%	-124.44%	445.45%	5.26%
Operating Cash Flow Q/Q Growth	-2.64%	-90.39%	436.62%	52.23%	-48.79%	-71.38%	672.94%	-4.41%	35.19%	-75.38%	106.22%
Free Cash Flow Firm Q/Q Growth	-20.65%	-34.68%	-50.09%	-136.70%	-523.49%	-10.03%	59.10%	-44.25%	32.54%	171.38%	-254.54%
Invested Capital Q/Q Growth	-0.28%	1.61%	1.14%	-0.09%	1.94%	1.40%	-0.31%	0.49%	-0.37%	1.08%	1.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.48%	52.01%	53.87%	55.48%	56.48%	55.94%	55.38%	55.00%	55.95%	54.61%	54.17%
EBITDA Margin	22.61%	23.56%	25.34%	28.33%	29.61%	27.16%	27.56%	27.83%	6.78%	26.71%	26.01%
Operating Margin	17.70%	17.42%	20.30%	23.55%	24.39%	22.06%	21.95%	23.18%	1.55%	22.04%	21.57%
EBIT Margin	17.91%	18.01%	20.72%	23.68%	24.90%	22.26%	22.34%	23.34%	2.29%	22.23%	21.57%
Profit (Net Income) Margin	11.91%	13.93%	13.28%	13.61%	17.92%	13.09%	13.13%	15.83%	-3.54%	14.22%	13.14%
Tax Burden Percent	81.18%	80.38%	82.06%	78.01%	77.09%	76.43%	76.64%	76.81%	93.51%	78.33%	76.18%
Interest Burden Percent	81.94%	96.19%	78.09%	73.70%	93.35%	76.94%	76.71%	88.33%	-165.59%	81.68%	79.96%
Effective Tax Rate	18.82%	19.62%	17.94%	21.99%	22.91%	23.57%	23.36%	23.19%	0.00%	21.67%	23.82%
Return on Invested Capital (ROIC)	5.62%	5.53%	6.66%	7.51%	7.65%	6.82%	6.83%	7.26%	0.44%	7.07%	6.78%
ROIC Less NNEP Spread (ROIC-NNEP)	4.76%	5.51%	5.51%	5.84%	7.34%	6.28%	5.64%	6.62%	-1.06%	6.64%	5.75%
Return on Net Nonoperating Assets (RNNOA)	2.07%	2.39%	2.41%	2.51%	3.18%	12.20%	2.73%	3.15%	-0.53%	13.94%	3.09%
Return on Equity (ROE)	7.69%	7.92%	9.07%	10.02%	10.83%	19.01%	9.56%	10.41%	-0.09%	21.01%	9.87%
Cash Return on Invested Capital (CROIC)	8.00%	6.20%	4.88%	4.16%	2.39%	2.80%	4.29%	3.68%	4.01%	4.38%	2.32%
Operating Return on Assets (OROA)	4.91%	5.02%	5.85%	6.77%	7.10%	6.39%	6.46%	6.77%	0.66%	6.51%	6.37%
Return on Assets (ROA)	3.27%	3.88%	3.75%	3.89%	5.11%	3.76%	3.80%	4.59%	-1.03%	4.16%	3.88%
Return on Common Equity (ROCE)	7.69%	7.92%	9.07%	10.02%	10.83%	37.69%	9.56%	10.41%	-0.09%	42.20%	9.87%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.25%	6.34%	7.65%	0.00%	8.79%	8.82%	9.12%	0.00%	6.15%	6.15%
Net Operating Profit after Tax (NOPAT)	546	469	631	699	727	585	660	693	44	627	684
NOPAT Margin	14.37%	14.00%	16.65%	18.37%	18.80%	16.86%	16.82%	17.81%	1.08%	17.26%	16.43%
Net Nonoperating Expense Percent (NNEP)	0.86%	0.02%	1.15%	1.67%	0.31%	0.54%	1.20%	0.64%	1.51%	0.43%	1.03%
Return On Investment Capital (ROIC_SIMPLE)	1.47%	-	-	-	1.87%	-	-	-	0.11%	1.55%	1.67%
Cost of Revenue to Revenue	47.52%	47.99%	46.13%	44.52%	43.52%	44.06%	44.62%	45.00%	44.05%	45.39%	45.83%
SG&A Expenses to Revenue	32.26%	34.75%	33.57%	31.98%	32.53%	33.91%	33.02%	32.00%	31.87%	32.79%	32.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.79%	34.60%	33.57%	31.93%	32.09%	33.88%	33.43%	31.82%	54.40%	32.57%	32.60%
Earnings before Interest and Taxes (EBIT)	681	604	785	901	963	772	876	908	93	808	898
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	860	790	960	1,078	1,145	942	1,081	1,083	276	971	1,083
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.90	1.91	1.69	1.69	1.76	1.73	1.83	2.04	1.78	1.90	1.80
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.39	3.35	2.93	2.91	3.04	2.85	3.01	3.36	2.82	2.99	2.85
Price to Earnings (P/E)	33.19	36.42	26.66	22.14	20.66	19.66	20.77	22.31	30.02	30.87	29.23
Dividend Yield	2.27%	2.31%	2.63%	2.65%	2.53%	2.77%	2.57%	2.33%	2.74%	2.64%	2.78%
Earnings Yield	3.01%	2.75%	3.75%	4.52%	4.84%	5.09%	4.81%	4.48%	3.33%	3.24%	3.42%
Enterprise Value to Invested Capital (EV/IC)	1.63	1.63	1.48	1.48	1.52	1.48	1.55	1.68	1.50	1.58	1.51
Enterprise Value to Revenue (EV/Rev)	4.13	4.12	3.71	3.67	3.82	3.73	3.86	4.20	3.69	3.87	3.72
Enterprise Value to EBITDA (EV/EBITDA)	17.67	20.04	17.03	14.67	14.25	13.50	13.70	14.98	16.76	17.61	17.19
Enterprise Value to EBIT (EV/EBIT)	22.52	26.44	21.95	18.22	17.40	16.28	16.56	18.09	21.39	22.37	21.67
Enterprise Value to NOPAT (EV/NOPAT)	26.71	30.94	26.96	23.05	22.41	21.10	21.79	23.89	29.05	30.09	29.05
Enterprise Value to Operating Cash Flow (EV/OCF)	20.48	26.29	27.70	30.56	42.59	41.47	35.93	38.19	25.54	25.63	27.71
Enterprise Value to Free Cash Flow (EV/FCFF)	20.22	26.22	30.37	36.09	65.12	53.92	36.54	46.50	37.79	36.21	66.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.48	0.49	0.50	0.50	0.51	0.00	0.60	0.60	0.64	0.65	0.64
Long-Term Debt to Equity	0.44	0.40	0.39	0.39	0.39	0.00	0.50	0.50	0.53	0.49	0.56
Financial Leverage	0.43	0.43	0.44	0.43	0.43	1.94	0.48	0.48	0.50	2.10	0.54
Leverage Ratio	2.04	2.03	2.04	2.05	2.05	4.14	2.08	2.08	2.11	4.34	2.15
Compound Leverage Factor	1.68	1.96	1.59	1.51	1.91	3.19	1.60	1.83	-3.50	3.54	1.72
Debt to Total Capital	32.26%	32.78%	33.22%	33.43%	33.94%	100.00%	37.46%	37.35%	39.08%	39.45%	38.88%
Short-Term Debt to Total Capital	2.41%	6.19%	6.96%	7.34%	8.35%	12.86%	6.07%	6.20%	6.64%	9.91%	4.83%
Long-Term Debt to Total Capital	29.85%	26.59%	26.26%	26.09%	25.59%	87.14%	31.39%	31.15%	32.44%	29.54%	34.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.74%	67.23%	66.78%	66.57%	66.06%	166.16%	62.54%	62.65%	60.92%	60.55%	61.12%
Debt to EBITDA	3.64	4.16	3.96	3.45	3.32	3.60	3.49	3.50	4.60	4.67	4.66
Net Debt to EBITDA	3.17	3.74	3.55	3.02	2.90	3.17	3.04	3.02	3.97	3.99	4.03
Long-Term Debt to EBITDA	3.37	3.37	3.13	2.70	2.50	3.13	2.92	2.92	3.82	3.50	4.08
Debt to NOPAT	5.50	6.42	6.27	5.43	5.22	5.62	5.54	5.59	7.97	7.98	7.87
Net Debt to NOPAT	4.80	5.78	5.63	4.75	4.57	4.96	4.83	4.82	6.88	6.83	6.82
Long-Term Debt to NOPAT	5.09	5.21	4.96	4.23	3.94	4.90	4.65	4.66	6.62	5.98	6.89
Altman Z-Score	1.38	1.37	1.28	1.31	1.36	1.31	1.37	1.50	1.22	1.31	1.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-98.22%	0.00%	0.00%	0.00%	-100.84%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.47	0.39	0.39	0.39	0.38	0.51	0.51	0.53	0.49	0.47	0.64
Quick Ratio	0.25	0.18	0.18	0.17	0.18	0.23	0.24	0.26	0.25	0.22	0.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,245	813	406	-149	-929	-1,022	-418	-603	-407	290	-449
Operating Cash Flow to CapEx	18,475.00%	129.09%	443.02%	479.34%	192.86%	53.80%	576.32%	502.40%	524.07%	195.33%	406.60%
Free Cash Flow to Firm to Interest Expense	0.00	35.37	2.36	-0.63	0.00	-5.74	-2.05	-5.69	0.00	1.96	-2.49
Operating Cash Flow to Interest Expense	0.00	3.09	2.22	2.45	0.00	0.48	3.22	5.92	0.00	1.41	2.39
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.70	1.72	1.94	0.00	-0.41	2.66	4.75	0.00	0.69	1.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.28	0.28	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.30
Accounts Receivable Turnover	10.68	10.76	11.05	10.72	10.39	10.81	11.15	11.11	10.70	11.76	10.91
Inventory Turnover	6.10	5.68	5.25	4.92	5.48	5.13	5.05	4.97	5.59	5.06	4.75
Fixed Asset Turnover	5.64	5.83	5.90	5.89	5.71	5.77	5.83	5.69	5.42	5.50	5.55
Accounts Payable Turnover	1.41	1.46	1.44	1.46	1.53	1.64	1.73	1.86	2.07	2.19	2.29
Days Sales Outstanding (DSO)	34.17	33.94	33.04	34.04	35.14	33.76	32.73	32.85	34.12	31.05	33.45
Days Inventory Outstanding (DIO)	59.84	64.29	69.53	74.14	66.56	71.18	72.29	73.39	65.30	72.09	76.91
Days Payable Outstanding (DPO)	258.06	249.59	253.17	249.45	238.57	223.13	211.16	196.39	176.08	166.65	159.63
Cash Conversion Cycle (CCC)	-164.05	-151.36	-150.60	-141.28	-136.88	-118.18	-106.14	-90.15	-76.66	-63.51	-49.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,557	36,128	36,539	36,506	37,213	37,735	37,617	37,802	37,664	38,072	38,750
Invested Capital Turnover	0.39	0.39	0.40	0.41	0.41	0.40	0.41	0.41	0.41	0.41	0.41
Increase / (Decrease) in Invested Capital	-699	-344	225	848	1,656	1,607	1,078	1,296	451	337	1,133
Enterprise Value (EV)	58,091	59,021	54,007	54,117	56,600	55,699	58,175	63,659	56,675	60,053	58,666
Market Capitalization	47,660	47,996	42,736	42,975	45,063	42,617	45,276	50,826	43,254	46,428	44,901
Book Value per Share	$17.74	$17.85	$18.00	$18.15	$18.36	$17.86	$18.23	$18.41	$17.87	$18.02	$18.40
Tangible Book Value per Share	($12.80)	($13.00)	($13.01)	($12.87)	($12.74)	($13.59)	($13.63)	($13.41)	($14.33)	($14.17)	($14.05)
Total Capital	37,092	37,341	37,836	38,102	38,867	14,837	39,523	39,854	39,797	40,373	40,881
Total Debt	11,967	12,239	12,569	12,738	13,191	14,837	14,805	14,885	15,554	15,926	15,896
Total Long-Term Debt	11,072	9,929	9,934	9,940	9,945	12,929	12,406	12,413	12,912	11,927	13,920
Net Debt	10,432	11,026	11,272	11,142	11,537	13,082	12,899	12,833	13,421	13,625	13,765
Capital Expenditures (CapEx)	4.00	55	86	121	154	158	114	125	162	107	106
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,912	-3,435	-3,129	-2,870	-2,562	-1,846	-1,729	-1,685	-2,038	-1,559	-1,204
Debt-free Net Working Capital (DFNWC)	-3,377	-3,231	-2,851	-2,610	-2,295	-1,529	-1,291	-1,125	-1,448	-826	-639
Net Working Capital (NWC)	-4,272	-5,541	-5,486	-5,408	-5,541	-3,437	-3,690	-3,597	-4,090	-4,825	-2,615
Net Nonoperating Expense (NNE)	93	2.41	128	181	34	131	145	77	188	110	137
Net Nonoperating Obligations (NNO)	10,432	11,026	11,272	11,142	11,537	37,735	12,899	12,833	13,421	13,625	13,765
Total Depreciation and Amortization (D&A)	179	186	175	177	182	170	205	175	183	163	185
Debt-free, Cash-free Net Working Capital to Revenue	-27.83%	-23.97%	-21.48%	-19.46%	-17.29%	-12.37%	-11.48%	-11.12%	-13.28%	-10.05%	-7.64%
Debt-free Net Working Capital to Revenue	-24.02%	-22.54%	-19.57%	-17.69%	-15.49%	-10.24%	-8.57%	-7.43%	-9.43%	-5.32%	-4.05%
Net Working Capital to Revenue	-30.39%	-38.66%	-37.66%	-36.66%	-37.40%	-23.02%	-24.50%	-23.75%	-26.64%	-31.09%	-16.59%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.32	$0.33	$0.36	$0.37	$0.50	$0.33	$0.38	$0.45	($0.10)	$0.38	$0.40
Adjusted Weighted Average Basic Shares Outstanding	1.42B	1.41B	1.40B	1.40B	1.40B	1.38B	1.36B	1.36B	1.36B	1.36B	1.36B
Adjusted Diluted Earnings per Share	$0.32	$0.33	$0.36	$0.37	$0.49	$0.33	$0.38	$0.45	($0.11)	$0.38	$0.40
Adjusted Weighted Average Diluted Shares Outstanding	1.43B	1.42B	1.41B	1.41B	1.41B	1.39B	1.36B	1.36B	1.37B	1.36B	1.36B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.41B	1.40B	1.40B	1.40B	1.39B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B
Normalized Net Operating Profit after Tax (NOPAT)	546	469	631	701	727	585	660	693	44	627	684
Normalized NOPAT Margin	14.37%	14.00%	16.65%	18.41%	18.80%	16.86%	16.82%	17.81%	1.08%	17.26%	16.43%
Pre Tax Income Margin	14.67%	17.33%	16.18%	17.45%	23.25%	17.13%	17.13%	20.61%	-3.78%	18.16%	17.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	26.26	4.56	3.80	0.00	4.34	4.29	8.57	0.00	5.46	4.99
NOPAT to Interest Expense	0.00	20.41	3.67	2.95	0.00	3.28	3.23	6.54	0.00	4.24	3.80
EBIT Less CapEx to Interest Expense	0.00	23.87	4.06	3.29	0.00	3.45	3.74	7.39	0.00	4.74	4.40
NOPAT Less CapEx to Interest Expense	0.00	18.02	3.17	2.44	0.00	2.40	2.68	5.36	0.00	3.52	3.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	75.26%	83.22%	69.41%	58.01%	52.36%	53.51%	53.67%	51.93%	82.86%	80.25%	79.95%
Augmented Payout Ratio	101.67%	129.54%	116.10%	96.55%	84.73%	126.38%	115.78%	111.37%	159.89%	80.59%	80.86%

Key Financial Trends

Keurig Dr Pepper (NASDAQ: KDP) has shown consistent revenue growth and improved profitability in the trailing four years through Q2 2025. Here is an analysis of the key trends from the financial statements:

Revenue Growth: Operating revenue increased from approximately $3.35 billion in Q1 2023 to $4.16 billion in Q2 2025, indicating steady top-line growth.
Growing Net Income: Net income progressed from $467 million in Q1 2023 to $547 million in Q2 2025, including recovery from a loss in Q4 2024.
Consistent Gross Profit: Gross profit remained strong, rising from about $1.74 billion in Q1 2023 to $2.25 billion in Q2 2025, indicating stable cost management relative to revenue growth.
Cash Flow from Operations: Net cash provided by operating activities increased notably, demonstrating healthy ongoing cash generation, reaching $431 million in Q2 2025 compared with $85 million in Q1 2023.
Capital Expenditures Invested in Growth: Purchase of property, plant, and equipment averaged around $100-150 million quarterly, showing investment in infrastructure and capacity.
Dividend Consistency: Cash dividends per share have gradually increased from $0.20 in early 2023 to $0.23 by Q2 2025, reflecting shareholder returns.
Debt Levels and Refinancing Activity: Total long-term debt remains significant at over $13 billion in the latest quarter, reflecting leverage used. The company actively refinances, issuing new debt and repaying existing borrowings.
Share Repurchases: The company has repurchased shares periodically, but at moderate levels in recent quarters, which may support EPS growth.
High Interest Expense: Interest expenses remain elevated at around $180-$230 million per quarter, pressuring net income margins.
Working Capital Fluctuations: Changes in operating assets and liabilities have a negative impact on cash flow in some quarters, indicating management of receivables, inventories, and payables requires attention.

Summary: Keurig Dr Pepper has successfully grown revenues and improved profitability over the last few years with healthy cash flows from operations and steady dividends. However, the company maintains a relatively high level of debt and interest expense, which warrants monitoring. Investor sentiment may benefit from continued revenue growth and margin expansion while keeping an eye on capital structure and working capital efficiency.

08/25/25 11:14 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Keurig Dr Pepper's Financials

When does Keurig Dr Pepper's financial year end?

According to the most recent income statement we have on file, Keurig Dr Pepper's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Keurig Dr Pepper's net income changed over the last 10 years?

Keurig Dr Pepper's net income appears to be on an upward trend, with a most recent value of $1.44 billion in 2024, rising from $703 million in 2014. The previous period was $2.18 billion in 2023. See where experts think Keurig Dr Pepper is headed by visiting Keurig Dr Pepper's forecast page.

What is Keurig Dr Pepper's operating income?

Keurig Dr Pepper's total operating income in 2024 was $2.59 billion, based on the following breakdown:

Total Gross Profit: $8.53 billion
Total Operating Expenses: $5.94 billion

How has Keurig Dr Pepper's revenue changed over the last 10 years?

Over the last 10 years, Keurig Dr Pepper's total revenue changed from $6.12 billion in 2014 to $15.35 billion in 2024, a change of 150.8%.

How much debt does Keurig Dr Pepper have?

Keurig Dr Pepper's total liabilities were at $29.19 billion at the end of 2024, a 10.3% increase from 2023, and a 388.8% increase since 2014.

How much cash does Keurig Dr Pepper have?

In the past 10 years, Keurig Dr Pepper's cash and equivalents has ranged from $75 million in 2019 to $1.79 billion in 2016, and is currently $510 million as of their latest financial filing in 2024.

How has Keurig Dr Pepper's book value per share changed over the last 10 years?

Over the last 10 years, Keurig Dr Pepper's book value per share changed from 11.80 in 2014 to 17.87 in 2024, a change of 51.5%.

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This page (NASDAQ:KDP) was last updated on 8/25/2025 by MarketBeat.com Staff

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