Keurig Dr Pepper
KDP Nasdaq Soft Drinks & Non-alcoholic Beverages Financials FY2016–FY2025
Keurig Dr Pepper's revenue rose 8.2% to $16.6 billion in fiscal 2025. Its operating margin was 21.5%, up from 16.9% a year earlier. Free cash flow was $1.5 billion, down 9.1%. It paid out $1.3 billion in dividends and buybacks, 84% of free cash flow. The diluted share count fell 0.4%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What Keurig Dr Pepper does
Keurig Dr Pepper makes, markets, distributes and sells hot and cold drinks and Keurig single-serve coffee brewers in the U.S., Canada, Mexico, the Caribbean and other markets. Its brands include Dr Pepper, Canada Dry, Mott's, A&W, Peñafiel, GHOST, 7UP, Snapple and Green Mountain Coffee Roasters, and it offers more than 125 owned, licensed and partner brands. It was created on July 9, 2018, by combining Keurig with DPS, a group of beverage brands built through acquisitions.
It has three segments. U.S. Refreshment Beverages makes concentrates, syrups and finished drinks and sells them to bottlers, distributors, retailers and fountain customers such as fast food restaurants. U.S. Coffee sells Keurig brewers, coffee and K-Cup pods, and also makes pods for partner brands such as Starbucks, Dunkin', Folgers and Peet's. International covers Canada, Mexico, the Caribbean and other markets. Its largest retailer, Walmart, made up approximately 16% of net sales in 2025. It names Coca-Cola, PepsiCo, Starbucks, J.M. Smucker, Kraft Heinz and Nestlé as its main competitors, though it says many are also its partners or customers.
In August 2025 it agreed to buy JDE Peet's, a coffee company whose brands include Jacobs, L'OR and Peet's. It has also announced plans to separate its beverage and coffee businesses into two independent public companies after that deal closes. It has approximately 30,600 employees, primarily in North America.
- Legal name
- Keurig Dr Pepper Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001418135-26-000016
0001418135
Revenue and margins
Keurig Dr Pepper had $16.6B of revenue in fiscal 2025, up 8.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −11.4% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.5B in fiscal 2025, 9.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Keurig Dr Pepper returned $1.3B to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 0.4%.
Value Keurig Dr Pepper yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$16.0B and divides by 1,362.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 35.0x · peers 21.4x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Keurig Dr Pepper can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $567M | $535M | $267M | $510M | $1.0B |
| Debt incl. finance leases | $12.6B | $12.7B | $13.9B | $16.4B | $17.1B |
| Net debt / EBITDA | 3.5x | 3.9x | 3.7x | 5.0x | 3.9x |
| Debt / equity | 0.5x | 0.5x | 0.5x | 0.7x | 0.7x |
| Interest coverage | 5.8x | 3.8x | 6.4x | 5.2x | 6.0x |
| Current ratio | 0.5x | 0.5x | 0.4x | 0.5x | 0.6x |
| Quick ratio | 0.3x | 0.3x | 0.3x | 0.3x | 0.4x |
| Total assets | $50.6B | $51.8B | $52.1B | $53.4B | $55.5B |
| Total liabilities | $25.6B | $26.7B | $26.5B | $29.2B | $29.9B |
| Shareholders' equity | $25.0B | $25.1B | $25.7B | $24.2B | $25.5B |
| Net debt (− = net cash) | $12.0B | $12.1B | $13.7B | $15.8B | $16.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.3M
1 insider
Sold, 12 months
$1.4M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Mary Beth DeNooyerChief Human Resources Officer | Sold | 12,000 | $32.30 | $0.4M | Form 4 |
| Sep 8, 2026 | Mary Beth DeNooyerChief Human Resources Officer | Sold | 12,000 | $32.55 | $0.4M | Form 4 |
| Sep 3, 2026 | Angela A. StephensSenior VP & Controller | Sold | 9,500 | $32.70 | $0.3M | Form 4 |
| Aug 25, 2026 | Aaron E AltDirector | Bought | 7,862 | $31.83 | $0.3M | Form 4 |
| Dec 12, 2025 | Angela A. StephensSenior VP & Controller | Sold | 10,000 | $29.52 | $0.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | 1.6% | −1.5% | 0.2% |
| Altman Z'' | 1.02 | 0.99 | 1.30 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Keurig Dr Pepper KDP | $47.3B | 8.2% | 21.5% | 9.1% | 6.8% | 35.0x | 6 | |
| Monster Beverage MNST | $45.7B | 10.7% | 29.2% | 23.7% | 36.1% | 21.4x | 9 | Compare → |
| Coca-Cola Consolidated COKE | — | 4.8% | 13.2% | 8.6% | 39.7% | — | — | Compare → |
| Coca-Cola KO | $400.0B | 1.9% | 28.7% | 11.1% | 18.3% | 29.2x | 7 | Compare → |
| PepsiCo PEP | $185.6B | 2.3% | 12.2% | 8.2% | 16.4% | 17.1x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $6.4B | $6.7B | $7.4B | $11.1B | $11.6B | $12.7B | $14.1B | $14.8B | $15.4B | $16.6B |
| Gross profit | $3.9B | $4.0B | $3.9B | $6.3B | $6.5B | $7.0B | $7.3B | $8.1B | $8.5B | $9.0B |
| Research and development | $20.0M | $20.0M | $64.0M | $81.0M | $69.0M | $66.0M | $65.0M | $66.0M | $70.0M | $70.0M |
| Operating income | $1.4B | $1.4B | $1.2B | $2.4B | $2.5B | $2.9B | $2.6B | $3.2B | $2.6B | $3.6B |
| Interest expense | $147M | $164M | $401M | $654M | $604M | $500M | $693M | $496M | $494M | $594M |
| Pretax income | $1.3B | $1.2B | $791M | $1.7B | $1.8B | $2.8B | $1.7B | $2.8B | $1.9B | $2.7B |
| Income tax | $434M | $95.0M | $202M | $440M | $428M | $653M | $284M | $576M | $473M | $608M |
| Net income | $847M | $1.1B | $586M | $1.3B | $1.3B | $2.1B | $1.4B | $2.2B | $1.4B | $2.1B |
| Diluted EPS | $4.54 | $5.89 | $0.53 | $0.88 | $0.93 | $1.50 | $1.01 | $1.55 | $1.05 | $1.53 |
| Diluted shares | 0.19B | 0.18B | 1.10B | 1.42B | 1.42B | 1.43B | 1.43B | 1.41B | 1.37B | 1.36B |
| Cash flow | ||||||||||
| Cash from operations | $961M | $1.0B | $1.6B | $2.5B | $2.5B | $2.9B | $2.8B | $1.3B | $2.2B | $2.0B |
| Capital expenditure | $180M | $202M | $180M | $330M | $461M | $423M | $353M | $425M | $563M | $486M |
| Free cash flow | $781M | $836M | $1.4B | $2.1B | $2.0B | $2.5B | $2.5B | $904M | $1.7B | $1.5B |
| Depreciation and amortization | $99.0M | $102M | $354M | $484M | $495M | $544M | $537M | $539M | $555M | $593M |
| Stock-based compensation | $45.0M | $36.0M | $35.0M | $64.0M | $85.0M | $88.0M | $52.0M | $116M | $98.0M | $97.0M |
| Acquisitions | $15.0M | $1.6B | $19.1B | $8.0M | $0.0M | $0.0M | $0.0M | $0.0M | $1.0B | $149M |
| Share buybacks | $519M | $399M | $0.0M | $0.0M | $0.0M | $0.0M | $379M | $706M | $1.1B | $9.0M |
| Dividends paid | $386M | $414M | $232M | $844M | $846M | $955M | $1.1B | $1.1B | $1.2B | $1.3B |
| Dividends and buybacks | $905M | $813M | $232M | $844M | $846M | $955M | $1.5B | $1.8B | $2.3B | $1.3B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.8B | $90.0M | $83.0M | $75.0M | $240M | $567M | $535M | $267M | $510M | $1.0B |
| Total debt | $4.5B | $5.1B | $15.7B | $14.4B | $13.5B | $11.9B | $12.0B | $13.2B | $15.6B | $16.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $310M | $342M | $700M | $713M | $726M | $802M | $924M |
| Current assets | $2.7B | $1.1B | $2.2B | $2.3B | $2.4B | $3.1B | $3.8B | $3.4B | $4.0B | $5.3B |
| Current liabilities | $1.1B | $2.0B | $5.7B | $6.5B | $7.7B | $6.5B | $8.1B | $8.9B | $8.1B | $8.3B |
| Inventory | $202M | $384M | $626M | $654M | $762M | $894M | $1.3B | $1.1B | $1.3B | $1.7B |
| Property and equipment, net | $1.1B | $790M | $2.3B | $2.0B | $2.2B | $2.5B | $2.5B | $2.7B | $3.0B | $3.2B |
| Total assets | $9.8B | $15.7B | $48.9B | $49.5B | $49.8B | $50.6B | $51.8B | $52.1B | $53.4B | $55.5B |
| Total liabilities | $7.7B | $8.1B | $26.4B | $26.3B | $25.9B | $25.6B | $26.7B | $26.5B | $29.2B | $29.9B |
| Shareholders' equity | $2.1B | $7.4B | $22.5B | $23.3B | $23.8B | $25.0B | $25.1B | $25.7B | $24.2B | $25.5B |
| Margins | ||||||||||
| Gross margin | 59.9% | 59.7% | 52.2% | 57.0% | 55.8% | 55.0% | 52.1% | 54.5% | 55.6% | 54.2% |
| Operating margin | 22.3% | 20.8% | 16.6% | 21.4% | 21.4% | 22.8% | 18.5% | 21.6% | 16.9% | 21.5% |
| EBITDA margin | 23.8% | 22.3% | 21.4% | 25.7% | 25.6% | 27.1% | 22.4% | 25.2% | 20.5% | 25.1% |
| Net margin | 13.2% | 16.1% | 7.9% | 11.3% | 11.4% | 16.9% | 10.2% | 14.7% | 9.4% | 12.5% |
| FCF margin | 12.1% | 12.5% | 19.3% | 19.3% | 17.2% | 19.3% | 17.7% | 6.1% | 10.8% | 9.1% |
| Returns | ||||||||||
| Return on capital | 20.0% | 14.8% | 3.7% | 4.6% | 5.0% | 6.0% | 5.9% | 6.6% | 4.9% | 6.8% |
| Return on capital employed | 17.9% | 12.4% | 4.3% | 5.5% | 5.8% | 6.7% | 5.9% | 7.3% | 5.9% | 7.7% |
| Return on equity | 39.2% | 22.6% | 3.9% | 5.5% | 5.6% | 8.8% | 5.7% | 8.6% | 5.8% | 8.4% |
| Return on assets | 9.1% | 8.4% | 1.8% | 2.6% | 2.7% | 4.3% | 2.8% | 4.2% | 2.7% | 3.8% |
| Growth | ||||||||||
| Revenue growth | 2.5% | 3.9% | 11.2% | 49.4% | 4.5% | 9.2% | 10.8% | 5.4% | 3.6% | 8.2% |
| Net income growth | 10.9% | 27.0% | −45.5% | 114.0% | 5.7% | 62.0% | −33.1% | 51.9% | −33.9% | 44.3% |
| EPS growth | 14.4% | 29.7% | −91.0% | 66.0% | 5.7% | 61.3% | −32.7% | 53.5% | −32.3% | 45.7% |
| FCF growth | −6.5% | 7.0% | 71.4% | 49.6% | −7.0% | 22.9% | 1.4% | −63.6% | 83.2% | −9.1% |
| Share count change | −3.0% | −2.0% | 500.4% | 29.3% | 0.2% | 0.4% | 0.0% | −1.4% | −2.9% | −0.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.8x | 3.4x | 9.8x | 5.1x | 4.6x | 3.5x | 3.9x | 3.7x | 5.0x | 3.9x |
| Debt / equity | 2.1x | 0.7x | 0.7x | 0.6x | 0.6x | 0.5x | 0.5x | 0.5x | 0.7x | 0.7x |
| Interest coverage | 9.8x | 8.5x | 3.1x | 3.6x | 4.1x | 5.8x | 3.8x | 6.4x | 5.2x | 6.0x |
| Current ratio | 2.6x | 0.5x | 0.4x | 0.4x | 0.3x | 0.5x | 0.5x | 0.4x | 0.5x | 0.6x |
| Quick ratio | 2.4x | 0.3x | 0.3x | 0.3x | 0.2x | 0.3x | 0.3x | 0.3x | 0.3x | 0.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.8% | 3.0% | 2.4% | 3.0% | 4.0% | 3.3% | 2.5% | 2.9% | 3.7% | 2.9% |
| Stock comp / revenue | 0.7% | 0.5% | 0.5% | 0.6% | 0.7% | 0.7% | 0.4% | 0.8% | 0.6% | 0.6% |
| Payouts / FCF | 115.9% | 97.3% | 16.2% | 39.4% | 42.4% | 39.0% | 58.7% | 204.4% | 139.1% | 83.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 5.0 | 3.0 | 5.0 | 6.0 | 7.0 | 5.0 | 6.0 | 7.0 | 6.0 |
| Altman Z'' | 3.2 | 1.3 | 0.7 | 0.8 | 0.7 | 1.2 | 1.0 | 1.0 | 1.0 | 1.3 |
| Accruals ratio | −1.2% | 0.3% | −3.2% | −2.5% | −2.3% | −1.5% | −2.7% | 1.6% | −1.5% | 0.2% |
Source: SEC EDGAR XBRL filings (CIK 0001418135). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.