Keurig Dr Pepper Inc.

KDP · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004
Valuation
Market cap	$38,054	$43,569	$46,593	$50,504	$52,266	$45,375	$41,050	$36,357	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Enterprise value	$53,169	$60,333	$61,150	$63,551	$64,965	$59,618	$56,201	$52,264	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	18.30×	30.24×	21.36×	35.17×	24.36×	34.25×	32.74×	62.04×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	2.29×	2.84×	3.15×	3.59×	4.12×	3.91×	3.69×	4.89×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/B at period end	1.49×	1.80×	1.81×	2.01×	2.09×	1.90×	1.77×	1.61×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	13.19×	20.02×	17.01×	21.16×	19.66×	20.98×	20.54×	35.55×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	3.20×	3.93×	4.13×	4.52×	5.12×	5.13×	5.05×	7.02×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Returns
Return on equity	8.1%	5.9%	8.5%	5.7%	8.6%	5.6%	5.4%	2.6%	14.5%	39.7%	35.0%	30.6%	27.4%	27.6%	26.8%	21.5%	17.4%	(12.0%)	9.9%	15.7%	19.7%	21.2%
Return on invested capital	6.8%	4.8%	6.3%	5.7%	5.9%	4.9%	4.6%	2.4%	10.8%	19.7%	18.0%	16.6%	22.0%	14.9%	15.7%	15.5%	11.8%	(2.4%)	7.6%	9.2%	10.4%	9.4%
Dividend yield	3.3%	2.7%	2.5%	2.1%	1.8%	1.9%	2.1%	0.6%	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.64×	0.49×	0.38×	0.47×	0.47×	0.31×	0.35×	0.38×	0.52×	2.60×	1.15×	1.17×	1.09×	1.08×	0.92×	0.98×	1.50×	1.54×	2.41×	0.97×	–	–
Debt / equity	0.63×	0.64×	0.51×	0.48×	0.48×	0.57×	0.62×	0.69×	0.69×	2.10×	1.55×	1.13×	1.13×	1.34×	1.20×	0.85×	0.92×	1.35×	0.61×	1.17×	1.18×	1.65×
Effective tax rate	22.6%	24.7%	20.9%	16.5%	23.3%	24.4%	26.0%	25.5%	8.1%	33.8%	35.5%	34.6%	(14.9%)	35.7%	34.6%	35.8%	36.3%	16.3%	39.3%	36.9%	39.7%	37.7%
Share count
Diluted shares outstanding	1,363	1,368	1,408	1,428	1,428	1,422	1,419	1,098	183	187	192	197	204	212	221	243	255	254	254	254	254	254

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004
Revenue and gross profit
Revenue	$20,090	$16,603	$15,351	$14,814	$14,057	$12,683	$11,618	$11,120	$7,442	$6,690	$6,440	$6,282	$6,121	$5,997	$5,995	$5,903	$5,636	$5,531	$5,710	$5,748	$4,735	$3,205	$3,065
Cost of revenue	($10,167)	($7,604)	($6,822)	($6,734)	($6,734)	($5,706)	($5,132)	($4,778)	($3,560)	($2,695)	($2,582)	($2,559)	($2,491)	($2,499)	($2,500)	($2,485)	($2,243)	($2,234)	($2,590)	($2,617)	($1,994)	($1,120)	($1,051)
Gross profit	$9,923	$8,999	$8,529	$8,080	$7,323	$6,977	$6,486	$6,342	$3,882	$3,995	$3,858	$3,723	$3,630	$3,498	$3,495	$3,418	$3,393	$3,297	$3,120	$3,131	$2,741	$2,085	$2,014
Operating expenses
Research and development	–	($70)	($70)	($66)	($65)	($66)	($69)	($81)	($64)	($20)	($20)	($19)	($18)	($21)	($21)	($15)	($16)	($15)	($17)	–	–	–	–
Selling, general and administrative	($6,542)	($5,351)	($5,013)	($4,912)	($4,645)	($4,153)	($3,978)	($3,962)	($2,635)	($2,556)	($2,329)	($2,313)	($2,334)	($2,272)	($2,268)	($2,257)	($2,233)	($2,135)	($2,075)	($2,018)	($1,659)	($1,179)	($1,135)
Total operating expenses	($6,663)	($5,424)	($5,938)	($4,888)	($4,718)	($4,083)	($4,006)	($3,964)	($2,645)	($2,607)	($2,425)	($2,425)	($2,450)	($2,452)	($2,403)	($2,394)	($2,368)	($2,212)	($3,288)	($2,127)	($1,723)	($1,179)	($1,180)
Total costs and expenses	($16,830)	($13,028)	($12,760)	($11,622)	($11,452)	($9,789)	($9,138)	($8,742)	($6,205)	($5,302)	($5,007)	($4,984)	($4,941)	($4,951)	($4,903)	($4,879)	($4,611)	($4,446)	($5,878)	($4,744)	($3,717)	($2,299)	($2,231)
Operating income	$3,260	$3,575	$2,591	$3,192	$2,605	$2,894	$2,480	$2,378	$1,237	$1,388	$1,433	$1,298	$1,180	$1,046	$1,092	$1,024	$1,025	$1,085	($168)	$1,004	$1,018	$906	$834
Earnings
EBITDA	$3,820	$4,030	$3,013	$3,594	$3,004	$3,304	$2,842	$2,736	$1,470	$1,586	$1,624	$1,490	$1,379	$1,242	$1,295	$1,222	$1,210	$1,202	($55)	$1,173	$1,157	$985	–
Interest income	–	($754)	($735)	($496)	–	–	–	–	–	$3	$3	$2	$2	$2	$2	$3	$3	$4	$32	$64	$46	$40	–
Interest expense	($289)	($754)	($684)	($496)	($693)	($500)	($604)	($654)	($401)	($164)	($147)	($117)	($109)	($123)	($125)	($114)	($128)	($243)	($257)	($253)	($257)	($210)	($177)
Pre-tax income	$1,971	$2,687	$1,914	$2,757	$1,719	$2,798	$1,753	$1,694	$791	$1,173	$1,283	$1,184	$1,073	$542	$978	$925	$821	$868	($375)	$819	$808	$808	$716
Income tax expense	($476)	($608)	($473)	($576)	($284)	($653)	($428)	($440)	($202)	($95)	($434)	($420)	($371)	$81	($349)	($320)	($294)	($315)	$61	($322)	($298)	($321)	($270)
Net income	$1,427	$2,079	$1,441	$2,181	$1,436	$2,146	$1,325	$1,254	$586	$1,076	$847	$764	$703	$624	$629	$606	$528	$555	($312)	$497	$510	$477	$446
Per share
Diluted EPS (GAAP)	$0.99	$1.53	$1.05	$1.55	$1.01	$1.50	$0.93	$0.88	$0.53	$5.89	$4.54	$3.97	$3.56	$3.05	$2.96	$2.74	$2.17	$2.17	($1.23)	$1.79	$2.01	$1.88	$1.76
Basic EPS (GAAP)	$0.99	$1.53	$1.06	$1.56	$1.01	$1.52	$0.94	$0.89	$0.54	$5.91	$4.57	$4.00	$3.59	$3.08	$2.99	$2.77	$2.19	$2.18	($1.23)	$1.79	$2.01	$1.88	$1.76
Basic shares outstanding	1,359	1,358	1,362	1,399	1,417	1,416	1,407	1,407	1,086	182	185	191	196	203	211	219	240	254	254	254	254	254	254
Margins
Gross margin	49.4%	54.2%	55.6%	54.5%	52.1%	55.0%	55.8%	57.0%	52.2%	59.7%	59.9%	59.3%	59.3%	58.3%	58.3%	57.9%	60.2%	59.6%	54.6%	54.5%	57.9%	65.1%	65.7%
Operating margin	16.2%	21.5%	16.9%	21.5%	18.5%	22.8%	21.3%	21.4%	16.6%	20.7%	22.3%	20.7%	19.3%	17.4%	18.2%	17.3%	18.2%	19.6%	(2.9%)	17.5%	21.5%	28.3%	27.2%
Net margin	7.1%	12.5%	9.4%	14.7%	10.2%	16.9%	11.4%	11.3%	7.9%	16.1%	13.2%	12.2%	11.5%	10.4%	10.5%	10.3%	9.4%	10.0%	(5.5%)	8.6%	10.8%	14.9%	14.6%

Analyst consensus

Buy29 analysts

Bearish · 0 · Hold · 11 · Bullish · 18

Earnings history

	EPS	Estimate
Q3 2024	$0.51	$0.51	Match
Q4 2024	$0.58	$0.57	Beat
Q1 2025	$0.42	$0.38	Beat
Q2 2025	$0.49	$0.49	Match
Q3 2025	$0.54	$0.54	Match
Q4 2025	$0.60	$0.59	Beat
Q1 2026	$0.39	$0.37	Beat
Q2 2026	$0.57	$0.54	Beat

Peers

Company overview

IPO dateMay 7, 2008

CEOTimothy Cofer

Employees30,600

SectorConsumer Defensive

IndustryBeverages - Non-Alcoholic

CountryUS

ExchangeNASDAQ Global Select

Websitewww.keurigdrpepper.com

Keurig Dr Pepper Inc. is a prominent beverage firm with operations spanning both the United States and global markets. The company structures its business across four primary divisions: Coffee Systems, Packaged Beverages, Beverage Concentrates, and Latin America Beverages. Its Coffee Systems division is responsible for the production and distribution of an array of finished products linked to its coffee brewing systems, including K-Cup single-serve pods, brewing machines, and specialized coffee blends. Brewers are offered for sale via external distributors, various retail outlets, and directly through its official website, keurig.com. The Packaged Beverages segment focuses on manufacturing and distributing its proprietary packaged drink labels. It also undertakes contract manufacturing for a diverse range of private label and up-and-coming beverage brands, in addition to handling distribution for its partner brands' packaged offerings. The Beverage Concentrates division produces and markets liquid concentrates for a wide portfolio of well-known brands such as Dr Pepper, Canada Dry, A&W, 7UP, Sunkist, Squirt, Big Red, RC Cola, Vernors, Snapple, Mott's, Bai, Hawaiian Punch, Clamato, Yoo-Hoo, Core, ReaLemon, evian, Vita Coco, and Mr and Mrs T mixers; this segment also processes these concentrates into syrup form. In Latin America, the Beverages segment handles the production and distribution of sparkling mineral water, flavored carbonated soft drinks, purified bottled water, and vegetable juice products, marketed under brand names like Peñafiel, Clamato, Squirt, Dr Pepper, Crush, and Aguafiel. Its extensive client base includes retailers, bottling and distribution networks, restaurants, hotel groups, office coffee service providers, and individual consumers. Established in 1981, Keurig Dr Pepper Inc. maintains its corporate headquarters in Burlington, Massachusetts.

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