Keurig Dr Pepper (KDP) Financials

$29.43 +0.50 (+1.73%)

Closing price 05/18/2026 04:00 PM Eastern

Extended Trading

$29.38 -0.04 (-0.15%)

As of 06:46 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	764	849	1,078	586	1,254	1,325	2,146	1,436	2,181	1,441	2,079
Consolidated Net Income / (Loss)	764	849	1,078	589	1,254	1,325	2,145	1,435	2,181	1,441	2,079
Net Income / (Loss) Continuing Operations	764	849	1,078	589	1,254	1,325	2,145	1,435	2,181	1,441	2,079
Total Pre-Tax Income	1,184	1,283	1,173	791	1,694	1,753	2,798	1,719	2,757	1,914	2,687
Total Operating Income	1,298	1,433	1,388	1,237	2,378	2,480	2,894	2,605	3,192	2,591	3,575
Total Gross Profit	3,723	3,858	3,995	3,882	6,342	6,486	6,977	7,323	8,080	8,529	8,999
Total Revenue	6,282	6,440	6,690	7,442	11,120	11,618	12,683	14,057	14,814	15,351	16,603
Operating Revenue	6,282	6,440	6,690	7,442	11,120	11,618	12,683	14,057	14,814	15,351	16,603
Total Cost of Revenue	2,559	2,582	2,695	3,560	4,778	5,132	5,706	6,734	6,734	6,822	7,604
Operating Cost of Revenue	2,559	2,582	2,695	3,560	4,778	5,132	5,706	6,734	6,734	6,822	7,604
Total Operating Expenses	2,425	2,425	2,607	2,645	3,964	4,006	4,083	4,718	4,888	5,938	5,424
Selling, General & Admin Expense	2,313	2,329	2,556	2,635	3,962	3,978	4,153	4,645	4,912	5,013	5,351
Other Operating Expenses / (Income)	7.00	-3.00	-51	10	2.00	-39	-70	-105	-26	207	-5.00
Impairment Charge	-	-	-	0.00	0.00	67	0.00	477	2.00	718	78
Total Other Income / (Expense), net	-114	-150	-215	-446	-684	-727	-96	-886	-435	-677	-888
Interest & Investment Income	2.00	3.00	3.00	-	0.00	0.00	524	-643	-496	-735	-754
Other Income / (Expense), net	1.00	25	8.00	19	-19	-119	-15	-26	61	58	-134
Income Tax Expense	420	434	95	202	440	428	653	284	576	473	608
Basic Earnings per Share	$4.00	$4.57	$5.91	$0.54	$0.89	$0.94	$1.52	$1.01	$1.56	$1.06	$1.53
Weighted Average Basic Shares Outstanding	190.90M	185.40M	182M	1.09B	1.41B	1.41B	1.42B	1.42B	1.40B	1.36B	1.36B
Diluted Earnings per Share	$3.97	$4.54	$5.89	$0.53	$0.88	$0.93	$1.50	$1.01	$1.55	$1.05	$1.53
Weighted Average Diluted Shares Outstanding	192.40M	186.60M	182.80M	1.10B	1.42B	1.42B	1.43B	1.43B	1.41B	1.37B	1.36B
Weighted Average Basic & Diluted Shares Outstanding	191M	183.09M	179.74M	1.09B	1.41B	1.41B	1.42B	1.41B	1.39B	1.36B	1.36B
Cash Dividends to Common per Share	$1.92	-	$2.32	-	$0.60	$0.60	$0.71	$0.78	$0.83	$0.89	$0.92

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	518	693	454	515	616	-144	517	547	662	353	270
Consolidated Net Income / (Loss)	518	693	454	515	616	-144	517	547	662	353	270
Net Income / (Loss) Continuing Operations	518	693	454	515	616	-144	517	547	662	353	270
Total Pre-Tax Income	664	899	594	672	802	-154	660	718	852	457	357
Total Operating Income	896	943	765	861	902	63	801	898	995	881	756
Total Gross Profit	2,111	2,184	1,940	2,172	2,140	2,277	1,985	2,255	2,340	2,419	2,098
Total Revenue	3,805	3,867	3,468	3,922	3,891	4,070	3,635	4,163	4,306	4,499	3,976
Operating Revenue	3,805	3,867	3,468	3,922	3,891	4,070	3,635	4,163	4,306	4,499	3,976
Total Cost of Revenue	1,694	1,683	1,528	1,750	1,751	1,793	1,650	1,908	1,966	2,080	1,878
Operating Cost of Revenue	1,694	1,683	1,528	1,750	1,751	1,793	1,650	1,908	1,966	2,080	1,878
Total Operating Expenses	1,215	1,241	1,175	1,311	1,238	2,214	1,184	1,357	1,345	1,538	1,342
Selling, General & Admin Expense	1,217	1,258	1,176	1,295	1,245	1,297	1,192	1,356	1,344	1,459	1,342
Other Operating Expenses / (Income)	-4.00	-17	-1.00	16	-7.00	199	-8.00	1.00	1.00	1.00	0.00
Total Other Income / (Expense), net	-232	-44	-171	-189	-100	-217	-141	-180	-143	-424	-399
Interest Expense	237	-432	178	204	106	-488	148	180	188	-	281
Other Income / (Expense), net	5.00	20	7.00	15	6.00	30	7.00	0.00	45	-186	-118
Income Tax Expense	146	206	140	157	186	-10	143	171	190	104	87
Basic Earnings per Share	$0.37	$0.50	$0.33	$0.38	$0.45	($0.10)	$0.38	$0.40	$0.49	$0.26	$0.20
Weighted Average Basic Shares Outstanding	1.40B	1.40B	1.38B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B
Diluted Earnings per Share	$0.37	$0.49	$0.33	$0.38	$0.45	($0.11)	$0.38	$0.40	$0.49	$0.26	$0.20
Weighted Average Diluted Shares Outstanding	1.41B	1.41B	1.39B	1.36B	1.36B	1.37B	1.36B	1.36B	1.36B	1.36B	1.36B
Weighted Average Basic & Diluted Shares Outstanding	1.40B	1.39B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B
Cash Dividends to Common per Share	$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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	683	880	-1,632	59	-40	150	322	-26	-287	382	419
Net Cash From Operating Activities	1,014	961	1,038	1,613	2,474	2,456	2,874	2,837	1,329	2,219	1,991
Net Cash From Continuing Operating Activities	1,014	961	1,038	1,613	2,474	2,456	2,874	2,837	1,329	2,219	1,991
Net Income / (Loss) Continuing Operations	764	847	1,076	589	1,254	1,325	2,146	1,436	2,181	1,441	2,079
Consolidated Net Income / (Loss)	764	847	1,076	589	1,254	1,325	2,146	1,436	2,181	1,441	2,079
Depreciation Expense	192	191	198	233	358	362	410	399	402	422	455
Amortization Expense	35	33	31	201	300	291	298	310	318	311	298
Non-Cash Adjustments To Reconcile Net Income	64	23	43	165	183	355	-292	873	148	799	118
Changes in Operating Assets and Liabilities, net	-41	-133	-310	425	379	123	312	-181	-1,720	-754	-959
Net Cash From Investing Activities	-194	-189	-1,763	-19,131	-150	-316	210	-1,135	-784	-1,614	-573
Net Cash From Continuing Investing Activities	-194	-189	-1,763	-19,131	-150	-316	210	-1,135	-784	-1,614	-573
Purchase of Property, Plant & Equipment	-179	-180	-202	-180	-330	-461	-423	-353	-425	-563	-486
Acquisitions	-21	-23	-1,565	-19,153	-59	-61	-32	-988	-372	-1,066	-167
Sale of Property, Plant & Equipment	20	6.00	3.00	3.00	247	203	122	168	9.00	4.00	14
Other Investing Activities, net	1.00	-8.00	-3.00	-5.00	-8.00	3.00	-35	-12	4.00	11	66
Net Cash From Financing Activities	-137	108	-907	17,577	-2,364	-1,990	-2,762	-1,728	-832	-223	-999
Net Cash From Continuing Financing Activities	-137	108	-907	17,577	-2,364	-1,990	-2,762	-1,728	-832	-223	-999
Repayment of Debt	-10	-911	-567	-5,398	-19,478	-11,589	-9,313	-3,161	-654	-1,782	-2,205
Repurchase of Common Equity	-521	-519	-399	-	-	0.00	0.00	-379	-706	-1,110	-9.00
Payment of Dividends	-355	-386	-414	-214	-844	-846	-955	-1,080	-1,142	-1,194	-1,250
Issuance of Debt	751	1,950	482	14,206	18,527	10,638	7,556	3,000	1,827	4,039	2,625
Other Financing Activities, net	-2.00	-26	-9.00	-17	-569	-193	-190	-108	-157	-176	-160
Cash Interest Paid	-	-	-	231	521	515	477	363	443	494	594

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-14	1.00	50	141	137	54	145	-192	2.00	464	17,822
Net Cash From Operating Activities	580	297	85	657	628	849	209	431	639	712	281
Net Cash From Continuing Operating Activities	580	297	85	657	628	849	209	431	639	712	281
Net Income / (Loss) Continuing Operations	518	693	454	515	616	-144	517	547	662	353	270
Consolidated Net Income / (Loss)	518	693	454	515	616	-144	517	547	662	353	270
Depreciation Expense	98	103	101	106	103	112	106	111	119	119	114
Amortization Expense	79	79	69	99	72	71	60	74	87	80	169
Non-Cash Adjustments To Reconcile Net Income	178	-44	12	82	11	694	-60	16	-50	209	-1.00
Changes in Operating Assets and Liabilities, net	-293	-534	-551	-145	-174	116	-414	-317	-179	-49	-271
Net Cash From Investing Activities	-420	-161	-193	-136	-209	-1,076	-57	-221	-112	-183	-98
Net Cash From Continuing Investing Activities	-420	-161	-193	-136	-209	-1,076	-57	-221	-112	-183	-98
Purchase of Property, Plant & Equipment	-122	-154	-158	-115	-125	-165	-120	-106	-112	-148	-116
Acquisitions	-300	-9.00	-37	-19	-85	-925	-14	-114	-3.00	-36	-2.00
Sale of Property, Plant & Equipment	1.00	-	0.00	1.00	-	3.00	13	-	1.00	-	19
Other Investing Activities, net	1.00	2.00	2.00	-3.00	1.00	11	64	-1.00	2.00	1.00	1.00
Net Cash From Financing Activities	-174	-135	158	-380	-282	281	-7.00	-402	-525	-65	17,639
Net Cash From Continuing Financing Activities	-174	-135	158	-380	-282	281	-7.00	-402	-525	-65	17,639
Repayment of Debt	125	549	-1,389	-69	44	241	345	-2,045	-186	-319	-38
Payment of Dividends	-279	-300	-299	-292	-292	-311	-312	-313	-312	-313	-312
Issuance of Debt	30	-91	3,023	8.00	8.00	471	8.00	2,008	7.00	602	5,985
Issuance of Preferred Equity	-	-	-	-	-	-	-	-	-	-	4,489
Other Financing Activities, net	-50	-44	-72	-27	-42	-115	-48	-43	-34	-35	7,515
Cash Interest Paid	24	188	24	187	97	186	93	184	100	217	97

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	8,869	9,791	15,744	48,918	49,518	49,779	50,598	51,837	52,130	53,430	55,459
Total Current Assets	1,817	2,736	1,056	2,159	2,273	2,388	3,057	3,804	3,375	3,997	5,266
Cash & Equivalents	911	1,787	90	83	75	240	567	535	267	510	1,026
Restricted Cash	-	0.00	5.00	46	26	15	1.00	-	0.00	80	18
Accounts Receivable	628	646	483	1,150	1,115	1,048	1,148	1,484	1,368	1,502	1,671
Inventories, net	209	202	384	626	654	762	894	1,314	1,142	1,299	1,733
Prepaid Expenses	69	101	94	254	403	323	447	471	598	606	818
Plant, Property, & Equipment, net	1,156	1,138	790	2,310	2,028	2,212	2,494	2,491	2,699	2,964	3,230
Total Noncurrent Assets	5,896	5,917	13,898	44,449	45,217	45,179	45,047	45,542	46,056	46,469	46,963
Long-Term Investments	31	23	97	186	151	88	30	1,000	1,387	1,543	1,660
Goodwill	2,988	2,993	9,819	20,011	20,172	20,184	20,182	20,072	20,202	20,053	20,247
Intangible Assets	2,663	2,656	3,834	23,967	24,117	23,968	23,856	23,183	23,287	23,634	23,725
Noncurrent Deferred & Refundable Income Taxes	64	62	27	26	29	45	42	35	31	39	36
Other Noncurrent Operating Assets	150	183	121	259	748	894	937	1,252	1,149	1,200	1,295
Total Liabilities & Shareholders' Equity	8,869	9,791	15,744	48,918	49,518	49,779	50,598	51,837	52,130	53,430	55,459
Total Liabilities	6,686	7,657	8,081	26,385	26,261	25,949	25,626	26,712	26,454	29,187	29,943
Total Current Liabilities	1,583	1,051	2,018	5,702	6,474	7,694	6,485	8,076	8,916	8,087	8,290
Short-Term Debt	507	10	225	1,458	1,593	2,345	304	895	3,246	2,642	3,105
Accounts Payable	277	303	1,580	2,300	3,176	3,740	4,316	5,206	3,597	2,985	2,996
Accrued Expenses	708	670	201	1,012	939	1,040	1,110	1,153	1,242	1,584	1,379
Other Current Liabilities	-	-	12	932	766	569	755	822	831	876	810
Total Noncurrent Liabilities	5,103	6,606	6,063	20,683	19,787	18,255	19,141	18,636	17,538	21,100	21,653
Long-Term Debt	2,875	4,468	3,064	14,201	12,827	11,143	11,578	11,072	9,945	12,912	13,036
Noncurrent Deferred & Payable Income Tax Liabilities	787	812	1,031	5,923	6,030	5,993	5,986	5,739	5,760	5,435	5,526
Other Noncurrent Operating Liabilities	260	209	1,871	559	930	1,119	1,577	1,825	1,833	2,753	3,091
Redeemable Noncontrolling Interest	-	-	265	-	-	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	2,183	2,134	7,398	22,533	23,257	23,830	24,972	25,125	25,676	24,243	25,516
Total Preferred & Common Equity	2,183	2,134	7,398	22,533	23,257	23,829	24,972	25,126	25,676	24,243	25,516
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	2,183	2,134	7,398	22,533	23,257	23,829	24,972	25,126	25,676	24,243	25,521
Common Stock	213	97	6,385	21,485	21,571	21,691	21,799	21,458	20,802	19,726	19,797
Retained Earnings	2,165	2,266	914	1,178	1,582	2,061	3,199	3,539	4,559	4,793	5,622
Accumulated Other Comprehensive Income / (Loss)	-195	-229	99	-130	104	77	-26	129	315	-276	102
Noncontrolling Interest	-	-	-	-	0.00	1.00	0.00	-1.00	0.00	0.00	0.00

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	51,801	51,763	52,130	52,286	52,344	52,718	53,430	53,699	54,368	54,605	73,140
Total Current Assets	3,570	3,406	3,375	3,567	3,819	4,102	3,997	4,346	4,606	4,701	23,132
Cash & Equivalents	278	260	267	317	438	552	510	653	509	516	898
Restricted Cash	-	-	0.00	-	-	8.00	80	80	56	53	17,818
Accounts Receivable	1,311	1,279	1,368	1,311	1,390	1,448	1,502	1,329	1,498	1,497	1,539
Inventories, net	1,384	1,348	1,142	1,204	1,252	1,351	1,299	1,539	1,741	1,840	1,829
Prepaid Expenses	597	519	598	735	739	743	606	745	802	795	1,048
Plant, Property, & Equipment, net	2,489	2,527	2,699	2,695	2,680	2,794	2,964	2,951	2,996	3,039	3,249
Total Noncurrent Assets	45,742	45,830	46,056	46,024	45,845	45,822	46,469	46,402	46,766	46,865	46,759
Long-Term Investments	1,019	1,336	1,387	1,438	1,468	1,492	1,543	1,568	1,566	1,617	1,703
Goodwill	20,194	20,122	20,202	20,163	20,081	20,078	20,053	20,062	20,228	20,198	20,210
Intangible Assets	23,344	23,223	23,287	23,251	23,108	23,072	23,634	23,616	23,841	23,786	23,653
Noncurrent Deferred & Refundable Income Taxes	32	32	31	44	44	41	39	40	36	36	17
Other Noncurrent Operating Assets	1,153	1,117	1,149	1,128	1,144	1,139	1,200	1,116	1,095	1,228	1,176
Total Liabilities & Shareholders' Equity	51,801	51,763	52,130	52,286	52,344	52,718	53,430	53,699	54,368	54,605	73,140
Total Liabilities	26,534	26,399	26,454	27,633	27,626	27,749	29,187	29,252	29,383	29,281	39,540
Total Current Liabilities	9,056	8,814	8,916	7,004	7,509	7,699	8,087	9,171	7,221	7,527	10,025
Short-Term Debt	2,635	2,798	3,246	1,908	2,399	2,472	2,642	3,999	1,976	2,285	4,816
Accounts Payable	4,601	4,090	3,597	3,187	3,099	3,133	2,985	3,154	3,113	2,993	2,843
Accrued Expenses	1,030	1,123	1,242	1,169	1,302	1,288	1,584	1,201	1,324	1,396	1,466
Other Current Liabilities	790	803	831	740	709	806	876	817	808	853	900
Total Noncurrent Liabilities	17,478	17,585	17,538	20,629	20,117	20,050	21,100	20,081	22,162	21,754	29,515
Long-Term Debt	9,934	9,940	9,945	12,929	12,406	12,413	12,912	11,927	13,920	13,531	20,891
Noncurrent Deferred & Payable Income Tax Liabilities	5,736	5,714	5,760	5,784	5,746	5,736	5,435	5,430	5,487	5,433	5,467
Other Noncurrent Operating Liabilities	1,808	1,931	1,833	1,916	1,965	1,901	2,753	2,724	2,755	2,790	3,157
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	4,418
Total Equity & Noncontrolling Interests	25,267	25,364	25,676	0.00	24,718	24,969	24,243	24,447	24,985	25,324	29,182
Total Preferred & Common Equity	25,268	25,364	25,676	24,653	24,718	24,969	24,243	24,447	24,985	25,324	25,261
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	25,268	25,364	25,676	24,653	24,718	24,969	24,243	24,447	24,985	25,324	25,266
Common Stock	21,023	21,028	20,802	19,675	19,697	19,706	19,726	19,725	19,743	19,767	19,802
Retained Earnings	3,948	4,165	4,559	4,721	4,944	5,249	4,793	4,997	5,232	5,581	5,580
Accumulated Other Comprehensive Income / (Loss)	297	171	315	257	77	14	-276	-275	10	-24	-116
Noncontrolling Interest	-1.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	3,921

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.63%	2.52%	3.88%	11.24%	49.42%	4.48%	9.17%	10.83%	5.39%	3.62%	8.16%
EBITDA Growth	7.84%	10.22%	-3.39%	4.00%	78.52%	-0.10%	19.01%	-8.34%	20.83%	-14.88%	24.01%
EBIT Growth	10.08%	12.24%	-4.25%	-10.03%	87.82%	0.08%	21.94%	-10.42%	26.13%	-18.57%	29.90%
NOPAT Growth	8.49%	13.22%	34.52%	-27.79%	91.11%	6.49%	18.36%	-1.98%	16.12%	-22.75%	41.80%
Net Income Growth	8.68%	11.13%	26.97%	-45.36%	112.90%	5.66%	61.89%	-33.10%	51.99%	-33.93%	44.27%
EPS Growth	11.52%	14.36%	29.74%	-91.00%	66.04%	5.68%	61.29%	-32.67%	53.47%	-32.26%	45.71%
Operating Cash Flow Growth	-0.78%	-5.23%	8.01%	55.40%	53.38%	-0.73%	17.02%	-1.29%	-53.15%	66.97%	-10.27%
Free Cash Flow Firm Growth	1.39%	-8.48%	-721.30%	-446.07%	108.48%	5.07%	26.38%	-2.18%	-69.76%	72.55%	-1.51%
Invested Capital Growth	-0.06%	3.87%	126.09%	248.87%	-1.19%	-1.20%	-1.94%	-1.93%	4.66%	1.21%	3.42%
Revenue Q/Q Growth	0.59%	0.50%	11.04%	8.29%	1.10%	1.64%	2.18%	3.02%	0.43%	1.34%	2.65%
EBITDA Q/Q Growth	4.38%	0.60%	3.97%	8.13%	6.68%	0.00%	0.62%	-0.87%	7.73%	-20.44%	17.28%
EBIT Q/Q Growth	5.35%	0.76%	14.90%	1.78%	7.82%	-0.21%	0.00%	-0.88%	9.49%	-24.72%	21.20%
NOPAT Q/Q Growth	4.73%	1.32%	51.47%	-22.38%	7.30%	0.70%	0.44%	1.80%	7.57%	-26.80%	31.66%
Net Income Q/Q Growth	4.80%	-2.08%	66.10%	-35.91%	12.57%	1.69%	23.99%	-21.37%	12.36%	-36.74%	31.42%
EPS Q/Q Growth	5.59%	-1.52%	95.03%	-87.04%	10.00%	1.09%	23.97%	-21.09%	12.32%	-36.36%	31.90%
Operating Cash Flow Q/Q Growth	3.89%	-3.51%	-34.18%	106.79%	5.14%	5.09%	5.55%	-6.65%	-24.96%	33.11%	-6.44%
Free Cash Flow Firm Q/Q Growth	1.42%	6.71%	29.14%	-5.34%	-9.43%	-8.47%	30.86%	-13.45%	-42.04%	9.55%	55.65%
Invested Capital Q/Q Growth	0.63%	-0.15%	-12.42%	-1.25%	-0.35%	0.26%	-1.59%	-0.28%	1.94%	-0.37%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.26%	59.91%	59.72%	52.16%	57.03%	55.83%	55.01%	52.10%	54.54%	55.56%	54.20%
EBITDA Margin	24.29%	26.12%	24.29%	22.71%	27.13%	25.94%	28.28%	23.39%	26.82%	22.03%	25.26%
Operating Margin	20.66%	22.25%	20.75%	16.62%	21.38%	21.35%	22.82%	18.53%	21.55%	16.88%	21.53%
EBIT Margin	20.68%	22.64%	20.87%	16.88%	21.21%	20.32%	22.70%	18.35%	21.96%	17.26%	20.73%
Profit (Net Income) Margin	12.16%	13.18%	16.11%	7.91%	11.28%	11.40%	16.91%	10.21%	14.72%	9.39%	12.52%
Tax Burden Percent	64.53%	66.17%	91.90%	74.46%	74.03%	75.58%	76.66%	83.48%	79.11%	75.29%	77.37%
Interest Burden Percent	91.15%	88.00%	84.03%	62.98%	71.81%	74.25%	97.19%	66.65%	84.75%	72.25%	78.09%
Effective Tax Rate	35.47%	33.83%	8.10%	25.54%	25.97%	24.42%	23.34%	16.52%	20.89%	24.71%	22.63%
Return on Invested Capital (ROIC)	18.11%	20.12%	16.29%	3.78%	4.68%	5.04%	6.06%	6.06%	6.94%	5.21%	7.22%
ROIC Less NNEP Spread (ROIC-NNEP)	15.03%	16.24%	9.55%	0.20%	1.24%	1.02%	5.46%	-0.76%	3.81%	1.13%	2.10%
Return on Net Nonoperating Assets (RNNOA)	16.02%	19.21%	5.71%	0.12%	0.80%	0.59%	2.73%	-0.33%	1.65%	0.56%	1.14%
Return on Equity (ROE)	34.13%	39.33%	22.01%	3.90%	5.48%	5.63%	8.79%	5.73%	8.59%	5.77%	8.36%
Cash Return on Invested Capital (CROIC)	18.18%	16.32%	-61.04%	-107.11%	5.88%	6.25%	8.02%	8.00%	2.39%	4.01%	3.86%
Operating Return on Assets (OROA)	15.16%	15.63%	10.93%	3.88%	4.79%	4.76%	5.74%	5.04%	6.26%	5.02%	6.32%
Return on Assets (ROA)	8.92%	9.10%	8.44%	1.82%	2.55%	2.67%	4.27%	2.80%	4.20%	2.73%	3.82%
Return on Common Equity (ROCE)	34.13%	39.33%	21.41%	3.87%	5.48%	5.63%	8.79%	5.73%	8.59%	5.77%	8.36%
Return on Equity Simple (ROE_SIMPLE)	35.00%	39.78%	14.57%	2.61%	5.39%	5.56%	8.59%	5.71%	8.49%	5.94%	0.00%
Net Operating Profit after Tax (NOPAT)	838	948	1,276	921	1,760	1,875	2,219	2,175	2,525	1,951	2,766
NOPAT Margin	13.33%	14.72%	19.07%	12.38%	15.83%	16.13%	17.49%	15.47%	17.05%	12.71%	16.66%
Net Nonoperating Expense Percent (NNEP)	3.08%	3.89%	6.74%	3.58%	3.43%	4.02%	0.60%	6.81%	3.13%	4.08%	5.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.86%	6.50%	4.90%	6.64%
Cost of Revenue to Revenue	40.74%	40.09%	40.28%	47.84%	42.97%	44.17%	44.99%	47.91%	45.46%	44.44%	45.80%
SG&A Expenses to Revenue	36.82%	36.16%	38.21%	35.41%	35.63%	34.24%	32.74%	33.04%	33.16%	32.66%	32.23%
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	38.60%	37.66%	38.97%	35.54%	35.65%	34.48%	32.19%	33.56%	33.00%	38.68%	32.67%
Earnings before Interest and Taxes (EBIT)	1,299	1,458	1,396	1,256	2,359	2,361	2,879	2,579	3,253	2,649	3,441
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,526	1,682	1,625	1,690	3,017	3,014	3,587	3,288	3,973	3,382	4,194
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.07	1.07	0.33	1.39	1.57	1.74	1.96	1.90	1.76	1.78	1.48
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)	0.37	0.35	0.37	4.20	3.29	3.56	3.86	3.39	3.04	2.82	2.27
Price to Earnings (P/E)	3.07	2.68	2.27	53.40	29.17	31.21	22.82	33.19	20.66	30.02	18.15
Dividend Yield	15.46%	17.12%	17.09%	466.36%	2.31%	2.04%	1.95%	2.27%	2.53%	2.74%	3.31%
Earnings Yield	32.57%	37.32%	43.99%	1.87%	3.43%	3.20%	4.38%	3.01%	4.84%	3.33%	5.51%
Enterprise Value to Invested Capital (EV/IC)	1.04	1.03	0.54	1.23	1.36	1.47	1.66	1.63	1.52	1.50	1.31
Enterprise Value to Revenue (EV/Rev)	0.76	0.77	0.88	6.27	4.56	4.69	4.75	4.13	3.82	3.69	3.08
Enterprise Value to EBITDA (EV/EBITDA)	3.14	2.94	3.64	27.60	16.82	18.08	16.80	17.67	14.25	16.76	12.20
Enterprise Value to EBIT (EV/EBIT)	3.68	3.39	4.23	37.13	21.51	23.09	20.93	22.52	17.40	21.39	14.87
Enterprise Value to NOPAT (EV/NOPAT)	5.71	5.21	4.63	50.63	28.83	29.08	27.16	26.71	22.41	29.05	18.50
Enterprise Value to Operating Cash Flow (EV/OCF)	4.72	5.14	5.69	28.91	20.51	22.19	20.96	20.48	42.59	25.54	25.70
Enterprise Value to Free Cash Flow (EV/FCFF)	5.69	6.43	0.00	0.00	22.94	23.45	20.51	20.22	65.12	37.79	34.65
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.55	2.10	0.44	0.69	0.62	0.57	0.48	0.48	0.51	0.64	0.63
Long-Term Debt to Equity	1.32	2.09	0.41	0.63	0.55	0.47	0.46	0.44	0.39	0.53	0.51
Financial Leverage	1.07	1.18	0.60	0.61	0.64	0.58	0.50	0.43	0.43	0.50	0.54
Leverage Ratio	3.83	4.32	2.61	2.14	2.15	2.11	2.06	2.04	2.05	2.11	2.19
Compound Leverage Factor	3.49	3.80	2.19	1.35	1.54	1.57	2.00	1.36	1.73	1.53	1.71
Debt to Total Capital	60.77%	67.73%	30.65%	41.00%	38.27%	36.14%	32.24%	32.26%	33.94%	39.08%	38.75%
Short-Term Debt to Total Capital	9.11%	0.15%	2.04%	3.82%	4.23%	6.28%	0.82%	2.41%	8.35%	6.64%	7.45%
Long-Term Debt to Total Capital	51.66%	67.57%	28.61%	37.18%	34.04%	29.86%	31.42%	29.85%	25.59%	32.44%	31.29%
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%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	39.23%	32.27%	66.96%	59.00%	61.73%	63.85%	67.76%	67.74%	66.06%	60.92%	61.25%
Debt to EBITDA	2.22	2.66	2.08	9.27	4.78	4.48	3.31	3.64	3.32	4.60	3.85
Net Debt to EBITDA	1.60	1.59	1.97	9.08	4.70	4.36	3.15	3.17	2.90	3.97	3.20
Long-Term Debt to EBITDA	1.88	2.66	1.95	8.40	4.25	3.70	3.23	3.37	2.50	3.82	3.11
Debt to NOPAT	4.04	4.72	2.65	17.00	8.19	7.20	5.36	5.50	5.22	7.97	5.84
Net Debt to NOPAT	2.91	2.81	2.50	16.66	8.05	7.01	5.09	4.80	4.57	6.88	4.86
Long-Term Debt to NOPAT	3.43	4.71	2.48	15.42	7.29	5.94	5.22	5.09	3.94	6.62	4.71
Altman Z-Score	1.78	1.86	0.91	0.90	1.16	1.28	1.59	1.50	1.51	1.37	1.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	2.70%	0.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	2.60	0.52	0.38	0.35	0.31	0.47	0.47	0.38	0.49	0.64
Quick Ratio	0.97	2.31	0.28	0.22	0.18	0.17	0.26	0.25	0.18	0.25	0.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	841	769	-4,779	-26,099	2,212	2,325	2,938	2,874	869	1,500	1,477
Operating Cash Flow to CapEx	637.74%	552.30%	521.61%	911.30%	2,980.72%	951.94%	954.82%	1,533.51%	319.47%	396.96%	421.82%
Free Cash Flow to Firm to Interest Expense	7.18	4.32	-21.15	-56.13	3.33	3.82	4.86	13.24	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	8.67	5.40	4.59	3.47	3.72	4.04	4.75	13.07	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	7.31	4.42	3.71	3.09	3.60	3.62	4.25	12.22	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.69	0.52	0.23	0.23	0.23	0.25	0.27	0.29	0.29	0.31
Accounts Receivable Turnover	10.09	10.11	11.85	9.11	9.82	10.74	11.55	10.68	10.39	10.70	10.47
Inventory Turnover	12.39	12.56	9.20	7.05	7.47	7.25	6.89	6.10	5.48	5.59	5.02
Fixed Asset Turnover	5.47	5.61	6.94	4.80	5.13	5.48	5.39	5.64	5.71	5.42	5.36
Accounts Payable Turnover	9.04	8.90	2.86	1.84	1.75	1.48	1.42	1.41	1.53	2.07	2.54
Days Sales Outstanding (DSO)	36.17	36.10	30.80	40.05	37.17	33.98	31.60	34.17	35.14	34.12	34.88
Days Inventory Outstanding (DIO)	29.45	29.05	39.68	51.78	48.89	50.35	52.97	59.84	66.56	65.30	72.77
Days Payable Outstanding (DPO)	40.37	41.00	127.51	198.90	209.16	245.94	257.66	258.06	238.57	176.08	143.55
Cash Conversion Cycle (CCC)	25.26	24.16	-57.03	-107.08	-123.10	-161.61	-173.10	-164.05	-136.88	-76.66	-35.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,623	4,802	10,857	37,877	37,425	36,975	36,256	35,557	37,213	37,664	38,953
Invested Capital Turnover	1.36	1.37	0.85	0.31	0.30	0.31	0.35	0.39	0.41	0.41	0.43
Increase / (Decrease) in Invested Capital	-3.00	179	6,055	27,020	-452	-450	-719	-699	1,656	451	1,289
Enterprise Value (EV)	4,786	4,943	5,910	46,637	50,748	54,506	60,248	58,091	56,600	56,675	51,178
Market Capitalization	2,346	2,275	2,451	31,293	36,580	41,360	48,964	47,660	45,063	43,254	37,741
Book Value per Share	$11.56	$11.62	$40.98	$16.22	$16.53	$16.93	$17.61	$17.74	$18.36	$17.87	$18.78
Tangible Book Value per Share	($18.36)	($19.13)	($34.65)	($15.44)	($14.95)	($14.44)	($13.45)	($12.80)	($12.74)	($14.33)	($13.58)
Total Capital	5,565	6,612	11,049	38,192	37,677	37,318	36,854	37,092	38,867	39,797	41,657
Total Debt	3,382	4,478	3,386	15,659	14,420	13,488	11,882	11,967	13,191	15,554	16,141
Total Long-Term Debt	2,875	4,468	3,161	14,201	12,827	11,143	11,578	11,072	9,945	12,912	13,036
Net Debt	2,440	2,668	3,194	15,344	14,168	13,145	11,284	10,432	11,537	13,421	13,437
Capital Expenditures (CapEx)	159	174	199	177	83	258	301	185	416	559	472
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-170	-92	-832	-2,214	-2,709	-3,216	-3,692	-3,912	-2,562	-2,038	-963
Debt-free Net Working Capital (DFNWC)	741	1,695	-737	-2,085	-2,608	-2,961	-3,124	-3,377	-2,295	-1,448	81
Net Working Capital (NWC)	234	1,685	-962	-3,543	-4,201	-5,306	-3,428	-4,272	-5,541	-4,090	-3,024
Net Nonoperating Expense (NNE)	74	99	198	332	506	550	74	740	344	510	687
Net Nonoperating Obligations (NNO)	2,440	2,668	3,194	15,344	14,168	13,145	11,284	10,432	11,537	13,421	13,437
Total Depreciation and Amortization (D&A)	227	224	229	434	658	653	708	709	720	733	753
Debt-free, Cash-free Net Working Capital to Revenue	-2.71%	-1.43%	-12.44%	-29.75%	-24.36%	-27.68%	-29.11%	-27.83%	-17.29%	-13.28%	-5.80%
Debt-free Net Working Capital to Revenue	11.80%	26.32%	-11.02%	-28.02%	-23.45%	-25.49%	-24.63%	-24.02%	-15.49%	-9.43%	0.49%
Net Working Capital to Revenue	3.72%	26.16%	-14.38%	-47.61%	-37.78%	-45.67%	-27.03%	-30.39%	-37.40%	-26.64%	-18.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.00	$4.57	$5.91	$0.54	$0.89	$0.94	$1.52	$1.01	$1.56	$1.06	$1.53
Adjusted Weighted Average Basic Shares Outstanding	190.90M	185.40M	182M	1.09B	1.41B	1.41B	1.42B	1.42B	1.40B	1.36B	1.36B
Adjusted Diluted Earnings per Share	$3.97	$4.54	$5.89	$0.53	$0.88	$0.93	$1.50	$1.01	$1.55	$1.05	$1.53
Adjusted Weighted Average Diluted Shares Outstanding	192.40M	186.60M	182.80M	1.10B	1.42B	1.42B	1.43B	1.43B	1.41B	1.37B	1.36B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$5.91	$0.54	$0.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	187.35M	183.09M	179.74M	1.41B	1.41B	1.41B	1.42B	1.41B	1.39B	1.36B	1.36B
Normalized Net Operating Profit after Tax (NOPAT)	838	948	1,276	921	1,760	1,925	2,219	2,323	2,527	2,491	2,826
Normalized NOPAT Margin	13.33%	14.72%	19.07%	12.38%	15.83%	16.57%	17.49%	16.53%	17.06%	16.23%	17.02%
Pre Tax Income Margin	18.85%	19.92%	17.53%	10.63%	15.23%	15.09%	22.06%	12.23%	18.61%	12.47%	16.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.10	8.19	6.18	2.70	3.55	3.88	4.76	11.88	0.00	0.00	0.00
NOPAT to Interest Expense	7.16	5.33	5.64	1.98	2.65	3.08	3.67	10.02	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	9.74	7.21	5.30	2.32	3.42	3.46	4.26	11.03	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	5.80	4.35	4.76	1.60	2.52	2.66	3.17	9.17	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.47%	45.47%	38.40%	36.33%	67.30%	63.85%	44.52%	75.26%	52.36%	82.86%	60.13%
Augmented Payout Ratio	114.66%	106.60%	75.42%	36.33%	67.30%	63.85%	44.52%	101.67%	84.73%	159.89%	60.56%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,358,666,059.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,358,666,059.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.20
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.05%	1.68%	3.43%	3.51%	2.26%	5.25%	4.82%	6.14%	10.67%	10.54%	9.38%
EBITDA Growth	91.81%	33.14%	19.24%	12.60%	0.46%	-75.90%	3.08%	0.19%	15.05%	223.91%	-5.44%
EBIT Growth	131.03%	41.41%	27.81%	11.59%	0.78%	-90.34%	4.66%	2.51%	14.54%	647.31%	-21.04%
NOPAT Growth	81.37%	33.05%	24.56%	4.57%	-0.88%	-93.93%	7.31%	3.68%	11.59%	1,443.11%	-8.87%
Net Income Growth	189.39%	52.98%	-2.78%	2.39%	18.92%	-120.78%	13.88%	6.21%	7.47%	345.14%	-47.78%
EPS Growth	184.62%	53.13%	0.00%	5.56%	21.62%	-122.45%	15.15%	5.26%	8.89%	336.36%	-47.37%
Operating Cash Flow Growth	-23.58%	-59.81%	19.72%	72.44%	8.28%	185.86%	145.88%	-34.40%	1.75%	-16.14%	34.45%
Free Cash Flow Firm Growth	-109.49%	-174.60%	-225.68%	-202.99%	-304.79%	56.20%	128.41%	-7.34%	37.19%	-49.54%	-184.09%
Invested Capital Growth	2.38%	4.66%	4.45%	2.95%	3.55%	1.21%	0.89%	3.01%	3.05%	3.42%	2.14%
Revenue Q/Q Growth	0.42%	1.63%	-10.32%	13.09%	-0.79%	4.60%	-10.69%	14.53%	3.44%	4.48%	-11.62%
EBITDA Q/Q Growth	12.29%	6.22%	-17.73%	14.76%	0.19%	-74.52%	251.81%	11.53%	15.05%	-28.25%	3.02%
EBIT Q/Q Growth	14.78%	6.88%	-19.83%	13.47%	3.65%	-89.76%	768.82%	11.14%	15.81%	-33.17%	-8.20%
NOPAT Q/Q Growth	10.77%	4.00%	-19.56%	12.85%	5.00%	-93.63%	1,322.79%	9.03%	13.01%	-11.98%	-15.98%
Net Income Q/Q Growth	2.98%	33.78%	-34.49%	13.44%	19.61%	-123.38%	459.03%	5.80%	21.02%	-46.68%	-23.51%
EPS Q/Q Growth	2.78%	32.43%	-32.65%	15.15%	18.42%	-124.44%	445.45%	5.26%	22.50%	-46.94%	-23.08%
Operating Cash Flow Q/Q Growth	52.23%	-48.79%	-71.38%	672.94%	-4.41%	35.19%	-75.38%	106.22%	48.26%	11.42%	-60.53%
Free Cash Flow Firm Q/Q Growth	-136.70%	-523.49%	-10.03%	59.10%	-44.25%	32.54%	171.38%	-254.54%	15.59%	-60.60%	59.86%
Invested Capital Q/Q Growth	-0.09%	1.94%	1.40%	-0.31%	0.49%	-0.37%	1.08%	1.78%	0.53%	0.00%	-0.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.48%	56.48%	55.94%	55.38%	55.00%	55.95%	54.61%	54.17%	54.34%	53.77%	52.77%
EBITDA Margin	28.33%	29.61%	27.16%	27.56%	27.83%	6.78%	26.71%	26.01%	28.94%	19.87%	23.16%
Operating Margin	23.55%	24.39%	22.06%	21.95%	23.18%	1.55%	22.04%	21.57%	23.11%	19.58%	19.01%
EBIT Margin	23.68%	24.90%	22.26%	22.34%	23.34%	2.29%	22.23%	21.57%	24.15%	15.45%	16.05%
Profit (Net Income) Margin	13.61%	17.92%	13.09%	13.13%	15.83%	-3.54%	14.22%	13.14%	15.37%	7.85%	6.79%
Tax Burden Percent	78.01%	77.09%	76.43%	76.64%	76.81%	93.51%	78.33%	76.18%	77.70%	77.24%	75.63%
Interest Burden Percent	73.70%	93.35%	76.94%	76.71%	88.33%	-165.59%	81.68%	79.96%	81.92%	65.76%	55.96%
Effective Tax Rate	21.99%	22.91%	23.57%	23.36%	23.19%	0.00%	21.67%	23.82%	22.30%	22.76%	24.37%
Return on Invested Capital (ROIC)	7.51%	7.65%	6.82%	6.83%	7.26%	0.44%	7.07%	6.78%	7.57%	6.56%	6.33%
ROIC Less NNEP Spread (ROIC-NNEP)	5.84%	7.34%	6.28%	5.64%	6.62%	-1.06%	6.64%	5.75%	6.73%	4.12%	3.14%
Return on Net Nonoperating Assets (RNNOA)	2.51%	3.18%	12.20%	2.73%	3.15%	-0.53%	13.94%	3.09%	3.54%	2.22%	1.02%
Return on Equity (ROE)	10.02%	10.83%	19.01%	9.56%	10.41%	-0.09%	21.01%	9.87%	11.11%	8.78%	7.36%
Cash Return on Invested Capital (CROIC)	4.16%	2.39%	2.80%	4.29%	3.68%	4.01%	4.38%	2.32%	2.47%	3.86%	4.93%
Operating Return on Assets (OROA)	6.77%	7.10%	6.39%	6.46%	6.77%	0.66%	6.51%	6.37%	7.28%	4.71%	4.29%
Return on Assets (ROA)	3.89%	5.11%	3.76%	3.80%	4.59%	-1.03%	4.16%	3.88%	4.63%	2.39%	1.81%
Return on Common Equity (ROCE)	10.02%	10.83%	37.69%	9.56%	10.41%	-0.09%	42.20%	9.87%	11.11%	8.78%	6.30%
Return on Equity Simple (ROE_SIMPLE)	7.65%	0.00%	8.79%	8.82%	9.12%	0.00%	6.15%	6.15%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	699	727	585	660	693	44	627	684	773	681	572
NOPAT Margin	18.37%	18.80%	16.86%	16.82%	17.81%	1.08%	17.26%	16.43%	17.95%	15.13%	14.38%
Net Nonoperating Expense Percent (NNEP)	1.67%	0.31%	0.54%	1.20%	0.64%	1.51%	0.43%	1.03%	0.84%	2.44%	3.19%
Return On Investment Capital (ROIC_SIMPLE)	-	1.87%	-	-	-	0.11%	1.55%	1.67%	1.88%	1.63%	1.04%
Cost of Revenue to Revenue	44.52%	43.52%	44.06%	44.62%	45.00%	44.05%	45.39%	45.83%	45.66%	46.23%	47.23%
SG&A Expenses to Revenue	31.98%	32.53%	33.91%	33.02%	32.00%	31.87%	32.79%	32.57%	31.21%	32.43%	33.75%
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	31.93%	32.09%	33.88%	33.43%	31.82%	54.40%	32.57%	32.60%	31.24%	34.19%	33.75%
Earnings before Interest and Taxes (EBIT)	901	963	772	876	908	93	808	898	1,040	695	638
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,078	1,145	942	1,081	1,083	276	971	1,083	1,246	894	921
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.69	1.76	1.73	1.83	2.04	1.78	1.90	1.80	1.37	1.48	1.42
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)	2.91	3.04	2.85	3.01	3.36	2.82	2.99	2.85	2.14	2.27	2.11
Price to Earnings (P/E)	22.14	20.66	19.66	20.77	22.31	30.02	30.87	29.23	21.91	18.15	19.53
Dividend Yield	2.65%	2.53%	2.77%	2.57%	2.33%	2.74%	2.64%	2.78%	3.61%	3.31%	3.49%
Earnings Yield	4.52%	4.84%	5.09%	4.81%	4.48%	3.33%	3.24%	3.42%	4.57%	5.51%	5.12%
Enterprise Value to Invested Capital (EV/IC)	1.48	1.52	1.48	1.55	1.68	1.50	1.58	1.51	1.24	1.31	1.27
Enterprise Value to Revenue (EV/Rev)	3.67	3.82	3.73	3.86	4.20	3.69	3.87	3.72	2.99	3.08	2.92
Enterprise Value to EBITDA (EV/EBITDA)	14.67	14.25	13.50	13.70	14.98	16.76	17.61	17.19	13.50	12.20	11.93
Enterprise Value to EBIT (EV/EBIT)	18.22	17.40	16.28	16.56	18.09	21.39	22.37	21.67	17.01	14.87	15.10
Enterprise Value to NOPAT (EV/NOPAT)	23.05	22.41	21.10	21.79	23.89	29.05	30.09	29.05	22.98	18.50	18.21
Enterprise Value to Operating Cash Flow (EV/OCF)	30.56	42.59	41.47	35.93	38.19	25.54	25.63	27.71	22.69	25.70	23.95
Enterprise Value to Free Cash Flow (EV/FCFF)	36.09	65.12	53.92	36.54	46.50	37.79	36.21	66.16	50.88	34.65	26.05
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.51	0.00	0.60	0.60	0.64	0.65	0.64	0.62	0.63	0.77
Long-Term Debt to Equity	0.39	0.39	0.00	0.50	0.50	0.53	0.49	0.56	0.53	0.51	0.62
Financial Leverage	0.43	0.43	1.94	0.48	0.48	0.50	2.10	0.54	0.53	0.54	0.33
Leverage Ratio	2.05	2.05	4.14	2.08	2.08	2.11	4.34	2.15	2.13	2.19	2.19
Compound Leverage Factor	1.51	1.91	3.19	1.60	1.83	-3.50	3.54	1.72	1.75	1.44	1.22
Debt to Total Capital	33.43%	33.94%	100.00%	37.46%	37.35%	39.08%	39.45%	38.88%	38.44%	38.75%	43.35%
Short-Term Debt to Total Capital	7.34%	8.35%	12.86%	6.07%	6.20%	6.64%	9.91%	4.83%	5.55%	7.45%	8.12%
Long-Term Debt to Total Capital	26.09%	25.59%	87.14%	31.39%	31.15%	32.44%	29.54%	34.05%	32.89%	31.29%	35.23%
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%	14.06%
Common Equity to Total Capital	66.57%	66.06%	166.16%	62.54%	62.65%	60.92%	60.55%	61.12%	61.56%	61.25%	42.60%
Debt to EBITDA	3.45	3.32	3.60	3.49	3.50	4.60	4.67	4.66	4.42	3.85	6.21
Net Debt to EBITDA	3.02	2.90	3.17	3.04	3.02	3.97	3.99	4.03	3.81	3.20	1.28
Long-Term Debt to EBITDA	2.70	2.50	3.13	2.92	2.92	3.82	3.50	4.08	3.78	3.11	5.04
Debt to NOPAT	5.43	5.22	5.62	5.54	5.59	7.97	7.98	7.87	7.53	5.84	9.48
Net Debt to NOPAT	4.75	4.57	4.96	4.83	4.82	6.88	6.83	6.82	6.49	4.86	1.95
Long-Term Debt to NOPAT	4.23	3.94	4.90	4.65	4.66	6.62	5.98	6.89	6.44	4.71	7.70
Altman Z-Score	1.31	1.36	1.31	1.37	1.50	1.22	1.31	1.34	1.15	1.17	1.13
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-98.22%	0.00%	0.00%	0.00%	-100.84%	0.00%	0.00%	0.00%	14.36%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.39	0.38	0.51	0.51	0.53	0.49	0.47	0.64	0.62	0.64	2.31
Quick Ratio	0.17	0.18	0.23	0.24	0.26	0.25	0.22	0.28	0.27	0.33	0.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-149	-929	-1,022	-418	-603	-407	290	-449	-379	-608	-244
Operating Cash Flow to CapEx	479.34%	192.86%	53.80%	576.32%	502.40%	524.07%	195.33%	406.60%	575.68%	481.08%	289.69%
Free Cash Flow to Firm to Interest Expense	-0.63	0.00	-5.74	-2.05	-5.69	0.00	1.96	-2.49	-2.02	0.00	-0.87
Operating Cash Flow to Interest Expense	2.45	0.00	0.48	3.22	5.92	0.00	1.41	2.39	3.40	0.00	1.00
Operating Cash Flow Less CapEx to Interest Expense	1.94	0.00	-0.41	2.66	4.75	0.00	0.69	1.81	2.81	0.00	0.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.30	0.30	0.31	0.27
Accounts Receivable Turnover	10.72	10.39	10.81	11.15	11.11	10.70	11.76	10.91	10.98	10.47	11.82
Inventory Turnover	4.92	5.48	5.13	5.05	4.97	5.59	5.06	4.75	4.59	5.02	4.65
Fixed Asset Turnover	5.89	5.71	5.77	5.83	5.69	5.42	5.50	5.55	5.55	5.36	5.47
Accounts Payable Turnover	1.46	1.53	1.64	1.73	1.86	2.07	2.19	2.29	2.39	2.54	2.61
Days Sales Outstanding (DSO)	34.04	35.14	33.76	32.73	32.85	34.12	31.05	33.45	33.23	34.88	30.89
Days Inventory Outstanding (DIO)	74.14	66.56	71.18	72.29	73.39	65.30	72.09	76.91	79.59	72.77	78.48
Days Payable Outstanding (DPO)	249.45	238.57	223.13	211.16	196.39	176.08	166.65	159.63	152.79	143.55	139.74
Cash Conversion Cycle (CCC)	-141.28	-136.88	-118.18	-106.14	-90.15	-76.66	-63.51	-49.27	-39.97	-35.90	-30.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	36,506	37,213	37,735	37,617	37,802	37,664	38,072	38,750	38,954	38,953	38,888
Invested Capital Turnover	0.41	0.41	0.40	0.41	0.41	0.41	0.41	0.41	0.42	0.43	0.44
Increase / (Decrease) in Invested Capital	848	1,656	1,607	1,078	1,296	451	337	1,133	1,152	1,289	816
Enterprise Value (EV)	54,117	56,600	55,699	58,175	63,659	56,675	60,053	58,666	48,284	51,178	49,401
Market Capitalization	42,975	45,063	42,617	45,276	50,826	43,254	46,428	44,901	34,654	37,741	35,774
Book Value per Share	$18.15	$18.36	$17.86	$18.23	$18.41	$17.87	$18.02	$18.40	$18.64	$18.78	$18.60
Tangible Book Value per Share	($12.87)	($12.74)	($13.59)	($13.63)	($13.41)	($14.33)	($14.17)	($14.05)	($13.74)	($13.58)	($13.69)
Total Capital	38,102	38,867	14,837	39,523	39,854	39,797	40,373	40,881	41,140	41,657	59,307
Total Debt	12,738	13,191	14,837	14,805	14,885	15,554	15,926	15,896	15,816	16,141	25,707
Total Long-Term Debt	9,940	9,945	12,929	12,406	12,413	12,912	11,927	13,920	13,531	13,036	20,891
Net Debt	11,142	11,537	13,082	12,899	12,833	13,421	13,625	13,765	13,630	13,437	5,288
Capital Expenditures (CapEx)	121	154	158	114	125	162	107	106	111	148	97
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,870	-2,562	-1,846	-1,729	-1,685	-2,038	-1,559	-1,204	-1,110	-963	-793
Debt-free Net Working Capital (DFNWC)	-2,610	-2,295	-1,529	-1,291	-1,125	-1,448	-826	-639	-541	81	17,923
Net Working Capital (NWC)	-5,408	-5,541	-3,437	-3,690	-3,597	-4,090	-4,825	-2,615	-2,826	-3,024	13,107
Net Nonoperating Expense (NNE)	181	34	131	145	77	188	110	137	111	328	302
Net Nonoperating Obligations (NNO)	11,142	11,537	37,735	12,899	12,833	13,421	13,625	13,765	13,630	13,437	5,288
Total Depreciation and Amortization (D&A)	177	182	170	205	175	183	163	185	206	199	283
Debt-free, Cash-free Net Working Capital to Revenue	-19.46%	-17.29%	-12.37%	-11.48%	-11.12%	-13.28%	-10.05%	-7.64%	-6.86%	-5.80%	-4.68%
Debt-free Net Working Capital to Revenue	-17.69%	-15.49%	-10.24%	-8.57%	-7.43%	-9.43%	-5.32%	-4.05%	-3.34%	0.49%	105.78%
Net Working Capital to Revenue	-36.66%	-37.40%	-23.02%	-24.50%	-23.75%	-26.64%	-31.09%	-16.59%	-17.47%	-18.21%	77.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.37	$0.50	$0.33	$0.38	$0.45	($0.10)	$0.38	$0.40	$0.49	$0.26	$0.20
Adjusted Weighted Average Basic Shares Outstanding	1.40B	1.40B	1.38B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B
Adjusted Diluted Earnings per Share	$0.37	$0.49	$0.33	$0.38	$0.45	($0.11)	$0.38	$0.40	$0.49	$0.26	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	1.41B	1.41B	1.39B	1.36B	1.36B	1.37B	1.36B	1.36B	1.36B	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	1.40B	1.39B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B	1.36B
Normalized Net Operating Profit after Tax (NOPAT)	701	727	585	660	693	44	627	684	773	681	572
Normalized NOPAT Margin	18.41%	18.80%	16.86%	16.82%	17.81%	1.08%	17.26%	16.43%	17.95%	15.13%	14.38%
Pre Tax Income Margin	17.45%	23.25%	17.13%	17.13%	20.61%	-3.78%	18.16%	17.25%	19.79%	10.16%	8.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.80	0.00	4.34	4.29	8.57	0.00	5.46	4.99	5.53	0.00	2.27
NOPAT to Interest Expense	2.95	0.00	3.28	3.23	6.54	0.00	4.24	3.80	4.11	0.00	2.03
EBIT Less CapEx to Interest Expense	3.29	0.00	3.45	3.74	7.39	0.00	4.74	4.40	4.94	0.00	1.93
NOPAT Less CapEx to Interest Expense	2.44	0.00	2.40	2.68	5.36	0.00	3.52	3.21	3.52	0.00	1.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	58.01%	52.36%	53.51%	53.67%	51.93%	82.86%	80.25%	79.95%	78.89%	60.13%	68.23%
Augmented Payout Ratio	96.55%	84.73%	126.38%	115.78%	111.37%	159.89%	80.59%	80.86%	79.77%	60.56%	68.23%

Financials Breakdown Chart

Key Financial Trends

Note: The dataset provided appears to reflect Keurig Dr Pepper Inc. (ticker: KDP), which is the successor to Dr Pepper Snapple Group (DPS) after the 2018 merger. DPS investors should view these figures as representing the legacy DPS business within the current KDP structure. Below is a concise, four-year trend view based on the quarterly income statements, cash flow statements, and balance sheets in the data, focusing on the latest four years of results (through Q4 2025).

Strong fourth-quarter 2025 revenue and solid gross margin. Q4 2025 revenue was $4.499 billion, up from $4.07 billion in Q4 2024 and notably higher than earlier years, with a gross margin around the mid-50s (about 53.8% in Q4 2025: Gross Profit $2.419B / Revenue $4.499B).
Consistent quarterly profitability with near-annual operating leverage. Q3 2025 shows about $0.995 billion in operating income, and Q4 2025 remains strong at about $0.881 billion. This indicates sustained, if not growing, operating profitability across core product lines in 2025.
Meaningful year-to-date earnings momentum in mid-2025. Net income attributable to common shareholders rose through 2025’s early quarters (Q1 2025 about $0.517B; Q2 2025 about $0.547B; Q3 2025 about $0.662B), signaling improving quarterly earnings through the first three quarters of 2025 (even though Q4 2025 dipped).
Positive operating cash flow and healthy free cash flow potential in Q4 2025. Net cash from continuing operating activities in Q4 2025 was $712 million, with capital expenditures around $148 million, implying roughly $564 million of free cash flow for the quarter; similar positive cash-generation patterns appear in the prior 2025 quarters (Q3: $639M OCF; Q2: $431M; Q1: $353M).
Solid balance sheet liquidity and a durable equity base. By Q3 2025, total assets were about $54.6 billion and total equity around $25.3 billion, with long-term debt near $13.9 billion and total liabilities around $29.3 billion. This suggests a stable financial position with manageable leverage given scale.
Regular cash returns to shareholders. Per-share cash dividends were reported near $0.23 in several quarters (e.g., Q1 2025 and Q2 2025), indicating ongoing discipline of returning cash to investors alongside earnings.
Stable earnings framework supported by robust gross margins and revenue mix. Across the last four years, gross margins have generally sat in the mid-50% range, reflecting a steady product mix and pricing power within a mature beverage portfolio.
Rising goodwill and intangible asset levels. Goodwill around $20–21B and intangible assets in the mid-$20B range are prominent on the balance sheets (notably in Q3 2025). This reflects prior acquisitions and branding investments, which could be sources of future impairment risk if growth slows or market conditions shift.
Ongoing acquisition-related asset growth and noncurrent assets. The composition shifts toward higher noncurrent assets (goodwill, intangibles, long-term investments), indicating continued strategic investments that may affect future depreciation or impairment dynamics.
Quarterly volatility in other income/expense dampens pretax results in some periods. Total Other Income/Expense, net shows notable negative values in some quarters (e.g., Q4 2025: -$424 million; Q3 2025: -$143 million), which reduces pretax income in those quarters and can create earnings volatility from period to period.
Financing outflows and debt repayments have periodically pressured cash flow. Net cash from financing activities and related debt-repayment items show sizable quarterly outflows (e.g., Q2 2025 saw substantial debt repayments; Q4 2025 also includes debt repayments), which can temper free cash flow after capex and could impact liquidity if sustained at higher levels.

05/19/26 04:47 AM ETAI Generated. May Contain Errors.

Keurig Dr Pepper Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Keurig Dr Pepper's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Keurig Dr Pepper's net income appears to be on an upward trend, with a most recent value of $2.08 billion in 2025, rising from $764 million in 2015. The previous period was $1.44 billion in 2024. View Keurig Dr Pepper's forecast to see where analysts expect Keurig Dr Pepper to go next.

Keurig Dr Pepper's total operating income in 2025 was $3.58 billion, based on the following breakdown:

Total Gross Profit: $9.00 billion
Total Operating Expenses: $5.42 billion

Over the last 10 years, Keurig Dr Pepper's total revenue changed from $6.28 billion in 2015 to $16.60 billion in 2025, a change of 164.3%.

Keurig Dr Pepper's total liabilities were at $29.94 billion at the end of 2025, a 2.6% increase from 2024, and a 347.8% increase since 2015.

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 $1.03 billion as of their latest financial filing in 2025.

Over the last 10 years, Keurig Dr Pepper's book value per share changed from 11.56 in 2015 to 18.78 in 2025, a change of 62.5%.

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Financial statements for NASDAQ:KDP last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Keurig Dr Pepper (KDP) Financials

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Keurig Dr Pepper (KDP) Financials

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