Keurig Dr Pepper Inc. (KDP) 10-Year Financial Performance & Capital Metrics

KDP •

Consumer DefensiveNon-Alcoholic BeveragesAt-Home Beverage Systems and Concentrates

AboutKeurig Dr Pepper Inc. operates as a beverage company in the United States and internationally. It operates through Coffee Systems, Packaged Beverages, Beverage Concentrates, and Latin America Beverages segments. The Coffee Systems segment manufactures and distributes various finished goods related to its coffee systems, K-Cup pods, and brewers, as well as specialty coffee. This segment sells its brewers through third-party distributors and retail partners, as well as through its website at keurig.com. The Packaged Beverages segment engages in the manufacture and distribution of packaged beverages of its brands; contract manufacturing of various private label and emerging brand beverages; and distribution of packaged beverages for its partner brands. The Beverage Concentrates segment manufactures and sells beverage concentrates primarily under the 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 brands. This segment also manufactures beverage concentrates into syrup. The Latin America Beverages segment manufactures and distributes carbonated mineral water, flavored carbonated soft drinks, bottled water, and vegetable juice products under the Peñafiel, Clamato, Squirt, Dr Pepper, Crush, and Aguafiel brands. The company serves retailers, bottlers and distributors, restaurants, hotel chains, office coffee distributors, and end-use consumers. Keurig Dr Pepper Inc. was founded in 1981 and is headquartered in Burlington, Massachusetts.Show more

Revenue $16.6B +8.2%
EBITDA $4.4B +32.4%
Net Income $2.08B +44.3%
EPS (Diluted) 1.53 +45.7%
Gross Margin 52.41% -5.7%
EBITDA Margin 26.51% +22.4%
Operating Margin 21.97% +30.2%
Net Margin 12.52% +33.4%
ROE 8.36% +44.7%
ROIC 6.7% +40.1%
Debt/Equity 0.63 -11.2%
Interest Coverage 4.84 +27.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Healthy dividend yield of 3.0%
✓Healthy 5Y average net margin of 12.8%

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.21%

5Y7.4%

3Y5.71%

TTM8.16%

Profit (Net Income) CAGR

10Y10.53%

5Y9.43%

3Y13.13%

TTM44.27%

EPS CAGR

10Y-9.09%

5Y10.47%

3Y14.85%

TTM45.71%

ROCE

10Y Avg8.35%

5Y Avg6.74%

3Y Avg7.03%

Latest7.89%

Peer Comparison

At-Home Beverage Systems and Concentrates

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KDPKeurig Dr Pepper Inc.	41.14B	30.28	19.79	8.16%	12.52%	8.15%	3.66%	0.63

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	6.44B	6.69B	7.44B	11.12B	11.62B	12.68B	14.06B	14.81B	15.35B	16.6B
Revenue Growth %	2.52%	3.88%	11.24%	49.42%	4.48%	9.17%	10.83%	5.39%	3.62%	8.16%
Cost of Goods Sold+	2.58B	2.69B	3.56B	4.78B	5.13B	5.71B	6.73B	6.73B	6.82B	7.9B
COGS % of Revenue	40.09%	40.28%	47.84%	42.97%	44.17%	44.99%	47.91%	45.46%	44.44%	47.59%
Gross Profit+	3.86B	4B	3.88B	6.34B	6.49B	6.98B	7.32B	8.08B	8.53B	8.7B
Gross Margin %	59.91%	59.72%	52.16%	57.03%	55.83%	55.01%	52.09%	54.54%	55.56%	52.41%
Gross Profit Growth %	3.63%	3.55%	-2.83%	63.37%	2.27%	7.57%	4.96%	10.34%	5.56%	2.02%
Operating Expenses+	2.42B	2.61B	2.65B	3.96B	4.01B	4.08B	4.72B	4.89B	5.94B	5.05B
OpEx % of Revenue	37.66%	38.97%	35.54%	35.65%	34.48%	32.19%	33.56%	33%	38.68%	30.43%
Selling, General & Admin	2.33B	2.56B	2.63B	3.96B	3.98B	4.15B	4.64B	4.91B	5.01B	5.05B
SG&A % of Revenue	36.16%	38.21%	35.41%	35.63%	34.24%	32.74%	33.04%	33.16%	32.66%	30.43%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	96M	51M	10M	2M	28M	-70M	73M	-24M	925M	0
Operating Income+	1.43B	1.39B	1.24B	2.38B	2.48B	2.89B	2.6B	3.19B	2.59B	3.65B
Operating Margin %	22.25%	20.75%	16.62%	21.38%	21.35%	22.82%	18.53%	21.55%	16.88%	21.97%
Operating Income Growth %	10.4%	-3.14%	-10.88%	92.24%	4.29%	16.69%	-9.99%	22.53%	-18.83%	40.8%
EBITDA+	1.66B	1.62B	1.67B	3.04B	3.13B	3.6B	3.31B	3.91B	3.32B	4.4B
EBITDA Margin %	25.73%	24.17%	22.45%	27.3%	26.97%	28.4%	23.58%	26.41%	21.65%	26.51%
EBITDA Growth %	8.66%	-2.41%	3.34%	81.69%	3.19%	14.97%	-8%	18.04%	-15.03%	32.4%
D&A (Non-Cash Add-back)	224M	229M	434M	658M	653M	708M	709M	720M	733M	753M
EBIT	1.43B	1.34B	1.24B	2.35B	2.36B	3.3B	2.41B	3.25B	2.65B	3.44B
Net Interest Income+	-137M	-165M	-446M	-647M	-597M	-525M	-468M	-596M	-684M	-754M
Interest Income	3M	3M	0	0	0	0	0	0	0	0
Interest Expense	140M	168M	446M	647M	597M	525M	468M	596M	684M	754M
Other Income/Expense	-152M	-217M	-446M	-684M	-727M	-96M	-886M	-435M	-677M	-961M
Pretax Income+	1.28B	1.17B	791M	1.69B	1.75B	2.8B	1.72B	2.76B	1.91B	2.69B
Pretax Margin %	19.89%	17.5%	10.63%	15.23%	15.09%	22.06%	12.23%	18.61%	12.47%	16.18%
Income Tax+	434M	95M	202M	440M	428M	653M	284M	576M	473M	608M
Effective Tax Rate %	66.12%	91.89%	74.08%	74.03%	75.58%	76.7%	83.54%	79.11%	75.29%	77.37%
Net Income+	847M	1.08B	586M	1.25B	1.32B	2.15B	1.44B	2.18B	1.44B	2.08B
Net Margin %	13.15%	16.08%	7.87%	11.28%	11.4%	16.92%	10.22%	14.72%	9.39%	12.52%
Net Income Growth %	10.86%	27.04%	-45.54%	113.99%	5.66%	61.96%	-33.08%	51.88%	-33.93%	44.27%
Net Income (Continuing)	847M	1.08B	589M	1.25B	1.32B	2.15B	1.44B	2.18B	1.44B	2.08B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	1M	0	-1M	0	0	0
EPS (Diluted)+	4.54	5.89	0.53	0.88	0.93	1.50	1.01	1.55	1.05	1.53
EPS Growth %	14.36%	29.74%	-91%	66.04%	5.68%	61.29%	-32.67%	53.47%	-32.26%	45.71%
EPS (Basic)	4.57	5.91	0.54	0.89	0.94	1.52	1.01	1.56	1.06	1.53
Diluted Shares Outstanding	186.6M	182.8M	1.1B	1.42B	1.42B	1.43B	1.43B	1.41B	1.37B	1.36B
Basic Shares Outstanding	185.4M	182M	1.09B	1.41B	1.41B	1.42B	1.42B	1.4B	1.36B	1.36B
Dividend Payout Ratio	45.57%	38.48%	39.59%	67.3%	63.85%	44.5%	75.21%	52.36%	82.86%	60.13%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	2.74B	1.12B	2.16B	2.27B	2.39B	3.06B	3.8B	3.38B	4B	5.27B
Cash & Short-Term Investments	1.79B	61M	83M	75M	240M	567M	535M	267M	510M	1.03B
Cash Only	1.79B	61M	83M	75M	240M	567M	535M	267M	510M	1.03B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	646M	710M	1.22B	1.18B	1.14B	1.27B	1.67B	1.52B	1.72B	1.67B
Days Sales Outstanding	36.61	38.74	59.98	38.86	35.94	36.66	43.31	37.43	40.97	36.74
Inventory	202M	229M	626M	654M	762M	894M	1.31B	1.14B	1.3B	1.73B
Days Inventory Outstanding	28.56	31.01	64.18	49.96	54.2	57.19	71.22	61.9	69.5	80.05
Other Current Assets	83M	110M	198M	343M	227M	305M	219M	231M	403M	836M
Total Non-Current Assets+	7.05B	8.9B	46.76B	47.24B	47.39B	47.54B	48.03B	48.76B	49.43B	50.19B
Property, Plant & Equipment	1.14B	1.2B	2.31B	2.52B	2.86B	3.17B	3.37B	3.58B	3.84B	3.23B
Fixed Asset Turnover	5.66x	5.58x	3.22x	4.40x	4.07x	4.00x	4.17x	4.14x	3.99x	5.14x
Goodwill	2.99B	3.56B	20.01B	20.17B	20.18B	20.18B	20.07B	20.2B	20.05B	20.25B
Intangible Assets	2.66B	3.78B	23.97B	24.12B	23.97B	23.86B	23.18B	23.29B	23.63B	23.73B
Long-Term Investments	74M	73M	231M	192M	130M	89M	1.05B	1.46B	1.63B	1.66B
Other Non-Current Assets	132M	230M	214M	210M	207M	205M	322M	204M	231M	1.29B
Total Assets+	9.79B	10.02B	48.92B	49.52B	49.78B	50.6B	51.84B	52.13B	53.43B	55.46B
Asset Turnover	0.66x	0.67x	0.15x	0.22x	0.23x	0.25x	0.27x	0.28x	0.29x	0.30x
Asset Growth %	10.4%	2.36%	388.11%	1.23%	0.53%	1.65%	2.45%	0.57%	2.49%	3.8%
Total Current Liabilities+	1.05B	1.24B	5.7B	6.47B	7.69B	6.49B	8.08B	8.92B	8.09B	8.29B
Accounts Payable	303M	365M	2.3B	3.18B	3.74B	4.32B	5.21B	3.6B	2.98B	3B
Days Payables Outstanding	42.83	49.43	235.81	242.62	266	276.08	282.18	194.97	159.71	138.39
Short-Term Debt	0	66M	1.46B	1.59B	2.35B	304M	895M	3.25B	2.64B	3.1B
Deferred Revenue (Current)	64M	64M	0	0	0	0	0	0	0	0
Other Current Liabilities	549M	596M	362M	270M	299M	309M	421M	424M	495M	2.19B
Current Ratio	2.60x	0.90x	0.38x	0.35x	0.31x	0.47x	0.47x	0.38x	0.49x	0.64x
Quick Ratio	2.41x	0.72x	0.27x	0.25x	0.21x	0.33x	0.31x	0.25x	0.33x	0.43x
Cash Conversion Cycle	22.34	20.32	-111.65	-153.8	-175.86	-182.23	-167.65	-95.64	-49.24	-21.6
Total Non-Current Liabilities+	6.61B	6.33B	20.68B	19.79B	18.25B	19.14B	18.64B	17.54B	21.1B	21.65B
Long-Term Debt	4.33B	4.23B	14.2B	12.83B	11.14B	11.58B	11.07B	9.95B	12.91B	13.04B
Capital Lease Obligations	143M	170M	305M	696M	878M	1.23B	1.42B	1.41B	1.47B	0
Deferred Tax Liabilities	812M	614M	5.92B	6.03B	5.99B	5.99B	5.74B	5.76B	5.43B	5.53B
Other Non-Current Liabilities	209M	264M	254M	234M	241M	348M	404M	420M	1.29B	3.09B
Total Liabilities	7.66B	7.57B	26.39B	26.26B	25.95B	25.63B	26.71B	26.45B	29.19B	29.94B
Total Debt+	4.48B	4.48B	15.99B	15.23B	14.48B	13.27B	13.58B	14.82B	17.27B	16.14B
Net Debt	2.69B	4.42B	15.91B	15.15B	14.24B	12.7B	13.05B	14.56B	16.76B	15.12B
Debt / Equity	2.10x	1.83x	0.71x	0.65x	0.61x	0.53x	0.54x	0.58x	0.71x	0.63x
Debt / EBITDA	2.70x	2.77x	9.57x	5.02x	4.62x	3.68x	4.10x	3.79x	5.20x	3.67x
Net Debt / EBITDA	1.62x	2.73x	9.52x	4.99x	4.55x	3.53x	3.94x	3.72x	5.04x	3.43x
Interest Coverage	10.24x	8.26x	2.77x	3.68x	4.15x	5.51x	5.57x	5.36x	3.79x	4.84x
Total Equity+	2.13B	2.45B	22.53B	23.26B	23.83B	24.97B	25.13B	25.68B	24.24B	25.52B
Equity Growth %	-2.24%	14.85%	819.34%	3.21%	2.46%	4.79%	0.61%	2.19%	-5.58%	5.25%
Book Value per Share	11.44	13.41	20.53	16.39	16.76	17.49	17.59	18.23	17.72	18.72
Total Shareholders' Equity	2.13B	2.45B	22.53B	23.26B	23.83B	24.97B	25.13B	25.68B	24.24B	25.52B
Common Stock	2M	2M	14M	14M	14M	14M	14M	14M	14M	14M
Retained Earnings	2.27B	2.65B	1.18B	1.58B	2.06B	3.2B	3.54B	4.56B	4.79B	5.62B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-229M	-202M	-130M	104M	77M	-26M	129M	315M	-276M	102M
Minority Interest	0	0	0	0	1M	0	-1M	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	939M	1.04B	1.61B	2.47B	2.46B	2.87B	2.84B	1.33B	2.22B	1.99B
Operating CF Margin %	14.58%	15.52%	21.67%	22.25%	21.14%	22.66%	20.18%	8.97%	14.46%	11.99%
Operating CF Growth %	-5.25%	10.54%	55.4%	53.38%	-0.73%	17.02%	-1.29%	-53.15%	66.97%	-10.27%
Net Income	847M	1.08B	589M	1.25B	1.32B	2.15B	1.44B	2.18B	1.44B	2.08B
Depreciation & Amortization	224M	229M	462M	698M	653M	708M	709M	720M	733M	753M
Stock-Based Compensation	45M	36M	35M	64M	85M	88M	52M	116M	98M	97M
Deferred Taxes	29M	-201M	-81M	-23M	-51M	31M	-289M	-4M	-254M	45M
Other Non-Cash Items	-108M	-57M	151M	115M	278M	-450M	1.2B	63M	792M	20M
Working Capital Changes	-98M	-45M	457M	366M	166M	351M	-275M	-1.75B	-591M	-1B
Change in Receivables	-31M	-47M	82M	-7M	-5M	-152M	-398M	70M	-209M	-202M
Change in Inventory	3M	-3M	185M	-24M	-107M	-133M	-426M	182M	-92M	-405M
Change in Payables	32M	24M	119M	361M	369M	522M	213M	-1.62B	-196M	-212M
Cash from Investing+	-189M	-1.76B	-19.13B	-150M	-316M	210M	-1.14B	-784M	-1.61B	-573M
Capital Expenditures	-182M	-208M	-180M	-365M	-517M	-455M	-379M	-481M	-563M	-486M
CapEx % of Revenue	2.83%	3.11%	2.42%	3.28%	4.45%	3.59%	2.7%	3.25%	3.67%	2.93%
Acquisitions	-4M	-1.55B	-18.98B	-24M	-5M	578M	-912M	-316M	-1B	-149M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-6M	-3M	33M	239M	206M	87M	1.07B	13M	-51M	62M
Cash from Financing+	130M	-907M	17.58B	-2.36B	-1.99B	-2.76B	-1.73B	-832M	-223M	-999M
Debt Issued (Net)	1.03B	-84M	8.32B	-1.52B	-1.17B	-1.77B	-205M	1.08B	2.25B	575M
Equity Issued (Net)	-1000K	-1000K	1000K	0	1000K	1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-386M	-414M	-232M	-844M	-846M	-955M	-1.08B	-1.14B	-1.19B	-1.25B
Share Repurchases	-519M	-399M	0	-9B	0	0	-379M	-706M	-1.11B	-9M
Other Financing	-10M	-30M	493M	5M	0	-172M	-49M	-68M	-164M	-315M
Net Change in Cash	876M	-1.63B	44M	-28M	144M	313M	-33M	-268M	341M	454M
Free Cash Flow+	757M	830M	1.43B	2.11B	1.94B	2.42B	2.46B	848M	1.66B	1.5B
FCF Margin %	11.75%	12.41%	19.26%	18.97%	16.69%	19.07%	17.49%	5.72%	10.79%	9.06%
FCF Growth %	-6.66%	9.64%	72.65%	47.17%	-8.06%	24.75%	1.61%	-65.5%	95.28%	-9.12%
FCF per Share	4.06	4.54	1.31	1.49	1.36	1.69	1.72	0.60	1.21	1.10
FCF Conversion (FCF/Net Income)	1.11x	0.96x	2.75x	1.97x	1.85x	1.34x	1.98x	0.61x	1.54x	0.96x
Interest Paid	117M	143M	231M	521M	515M	477M	363M	443M	494M	0
Taxes Paid	431M	291M	210M	433M	582M	506M	686M	507M	331M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	39.24%	46.94%	4.69%	5.48%	5.63%	8.79%	5.73%	8.59%	5.77%	8.36%
Return on Invested Capital (ROIC)	22.68%	17.8%	4.1%	4.64%	4.86%	5.73%	5.15%	6.11%	4.78%	6.7%
Gross Margin	59.91%	59.72%	52.16%	57.03%	55.83%	55.01%	52.09%	54.54%	55.56%	52.41%
Net Margin	13.15%	16.08%	7.87%	11.28%	11.4%	16.92%	10.22%	14.72%	9.39%	12.52%
Debt / Equity	2.10x	1.83x	0.71x	0.65x	0.61x	0.53x	0.54x	0.58x	0.71x	0.63x
Interest Coverage	10.24x	8.26x	2.77x	3.68x	4.15x	5.51x	5.57x	5.36x	3.79x	4.84x
FCF Conversion	1.11x	0.96x	2.75x	1.97x	1.85x	1.34x	1.98x	0.61x	1.54x	0.96x
Revenue Growth	2.52%	3.88%	11.24%	49.42%	4.48%	9.17%	10.83%	5.39%	3.62%	8.16%

US Stock Screener

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Keurig Dr Pepper Inc. (KDP) 10-Year Financial Performance & Capital Metrics

KDP •

Consumer DefensiveNon-Alcoholic BeveragesAt-Home Beverage Systems and Concentrates

Revenue $16.6B +8.2%
EBITDA $4.4B +32.4%
Net Income $2.08B +44.3%
EPS (Diluted) 1.53 +45.7%
Gross Margin 52.41% -5.7%
EBITDA Margin 26.51% +22.4%
Operating Margin 21.97% +30.2%
Net Margin 12.52% +33.4%
ROE 8.36% +44.7%
ROIC 6.7% +40.1%
Debt/Equity 0.63 -11.2%
Interest Coverage 4.84 +27.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Healthy dividend yield of 3.0%
✓Healthy 5Y average net margin of 12.8%

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y10.21%

5Y7.4%

3Y5.71%

TTM8.16%

Profit (Net Income) CAGR

10Y10.53%

5Y9.43%

3Y13.13%

TTM44.27%

EPS CAGR

10Y-9.09%

5Y10.47%

3Y14.85%

TTM45.71%

ROCE

10Y Avg8.35%

5Y Avg6.74%

3Y Avg7.03%

Latest7.89%

Peer Comparison

At-Home Beverage Systems and Concentrates

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KDPKeurig Dr Pepper Inc.	41.14B	30.28	19.79	8.16%	12.52%	8.15%	3.66%	0.63

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	6.44B	6.69B	7.44B	11.12B	11.62B	12.68B	14.06B	14.81B	15.35B	16.6B
Revenue Growth %	2.52%	3.88%	11.24%	49.42%	4.48%	9.17%	10.83%	5.39%	3.62%	8.16%
Cost of Goods Sold+	2.58B	2.69B	3.56B	4.78B	5.13B	5.71B	6.73B	6.73B	6.82B	7.9B
COGS % of Revenue	40.09%	40.28%	47.84%	42.97%	44.17%	44.99%	47.91%	45.46%	44.44%	47.59%
Gross Profit+	3.86B	4B	3.88B	6.34B	6.49B	6.98B	7.32B	8.08B	8.53B	8.7B
Gross Margin %	59.91%	59.72%	52.16%	57.03%	55.83%	55.01%	52.09%	54.54%	55.56%	52.41%
Gross Profit Growth %	3.63%	3.55%	-2.83%	63.37%	2.27%	7.57%	4.96%	10.34%	5.56%	2.02%
Operating Expenses+	2.42B	2.61B	2.65B	3.96B	4.01B	4.08B	4.72B	4.89B	5.94B	5.05B
OpEx % of Revenue	37.66%	38.97%	35.54%	35.65%	34.48%	32.19%	33.56%	33%	38.68%	30.43%
Selling, General & Admin	2.33B	2.56B	2.63B	3.96B	3.98B	4.15B	4.64B	4.91B	5.01B	5.05B
SG&A % of Revenue	36.16%	38.21%	35.41%	35.63%	34.24%	32.74%	33.04%	33.16%	32.66%	30.43%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	96M	51M	10M	2M	28M	-70M	73M	-24M	925M	0
Operating Income+	1.43B	1.39B	1.24B	2.38B	2.48B	2.89B	2.6B	3.19B	2.59B	3.65B
Operating Margin %	22.25%	20.75%	16.62%	21.38%	21.35%	22.82%	18.53%	21.55%	16.88%	21.97%
Operating Income Growth %	10.4%	-3.14%	-10.88%	92.24%	4.29%	16.69%	-9.99%	22.53%	-18.83%	40.8%
EBITDA+	1.66B	1.62B	1.67B	3.04B	3.13B	3.6B	3.31B	3.91B	3.32B	4.4B
EBITDA Margin %	25.73%	24.17%	22.45%	27.3%	26.97%	28.4%	23.58%	26.41%	21.65%	26.51%
EBITDA Growth %	8.66%	-2.41%	3.34%	81.69%	3.19%	14.97%	-8%	18.04%	-15.03%	32.4%
D&A (Non-Cash Add-back)	224M	229M	434M	658M	653M	708M	709M	720M	733M	753M
EBIT	1.43B	1.34B	1.24B	2.35B	2.36B	3.3B	2.41B	3.25B	2.65B	3.44B
Net Interest Income+	-137M	-165M	-446M	-647M	-597M	-525M	-468M	-596M	-684M	-754M
Interest Income	3M	3M	0	0	0	0	0	0	0	0
Interest Expense	140M	168M	446M	647M	597M	525M	468M	596M	684M	754M
Other Income/Expense	-152M	-217M	-446M	-684M	-727M	-96M	-886M	-435M	-677M	-961M
Pretax Income+	1.28B	1.17B	791M	1.69B	1.75B	2.8B	1.72B	2.76B	1.91B	2.69B
Pretax Margin %	19.89%	17.5%	10.63%	15.23%	15.09%	22.06%	12.23%	18.61%	12.47%	16.18%
Income Tax+	434M	95M	202M	440M	428M	653M	284M	576M	473M	608M
Effective Tax Rate %	66.12%	91.89%	74.08%	74.03%	75.58%	76.7%	83.54%	79.11%	75.29%	77.37%
Net Income+	847M	1.08B	586M	1.25B	1.32B	2.15B	1.44B	2.18B	1.44B	2.08B
Net Margin %	13.15%	16.08%	7.87%	11.28%	11.4%	16.92%	10.22%	14.72%	9.39%	12.52%
Net Income Growth %	10.86%	27.04%	-45.54%	113.99%	5.66%	61.96%	-33.08%	51.88%	-33.93%	44.27%
Net Income (Continuing)	847M	1.08B	589M	1.25B	1.32B	2.15B	1.44B	2.18B	1.44B	2.08B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	1M	0	-1M	0	0	0
EPS (Diluted)+	4.54	5.89	0.53	0.88	0.93	1.50	1.01	1.55	1.05	1.53
EPS Growth %	14.36%	29.74%	-91%	66.04%	5.68%	61.29%	-32.67%	53.47%	-32.26%	45.71%
EPS (Basic)	4.57	5.91	0.54	0.89	0.94	1.52	1.01	1.56	1.06	1.53
Diluted Shares Outstanding	186.6M	182.8M	1.1B	1.42B	1.42B	1.43B	1.43B	1.41B	1.37B	1.36B
Basic Shares Outstanding	185.4M	182M	1.09B	1.41B	1.41B	1.42B	1.42B	1.4B	1.36B	1.36B
Dividend Payout Ratio	45.57%	38.48%	39.59%	67.3%	63.85%	44.5%	75.21%	52.36%	82.86%	60.13%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	2.74B	1.12B	2.16B	2.27B	2.39B	3.06B	3.8B	3.38B	4B	5.27B
Cash & Short-Term Investments	1.79B	61M	83M	75M	240M	567M	535M	267M	510M	1.03B
Cash Only	1.79B	61M	83M	75M	240M	567M	535M	267M	510M	1.03B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	646M	710M	1.22B	1.18B	1.14B	1.27B	1.67B	1.52B	1.72B	1.67B
Days Sales Outstanding	36.61	38.74	59.98	38.86	35.94	36.66	43.31	37.43	40.97	36.74
Inventory	202M	229M	626M	654M	762M	894M	1.31B	1.14B	1.3B	1.73B
Days Inventory Outstanding	28.56	31.01	64.18	49.96	54.2	57.19	71.22	61.9	69.5	80.05
Other Current Assets	83M	110M	198M	343M	227M	305M	219M	231M	403M	836M
Total Non-Current Assets+	7.05B	8.9B	46.76B	47.24B	47.39B	47.54B	48.03B	48.76B	49.43B	50.19B
Property, Plant & Equipment	1.14B	1.2B	2.31B	2.52B	2.86B	3.17B	3.37B	3.58B	3.84B	3.23B
Fixed Asset Turnover	5.66x	5.58x	3.22x	4.40x	4.07x	4.00x	4.17x	4.14x	3.99x	5.14x
Goodwill	2.99B	3.56B	20.01B	20.17B	20.18B	20.18B	20.07B	20.2B	20.05B	20.25B
Intangible Assets	2.66B	3.78B	23.97B	24.12B	23.97B	23.86B	23.18B	23.29B	23.63B	23.73B
Long-Term Investments	74M	73M	231M	192M	130M	89M	1.05B	1.46B	1.63B	1.66B
Other Non-Current Assets	132M	230M	214M	210M	207M	205M	322M	204M	231M	1.29B
Total Assets+	9.79B	10.02B	48.92B	49.52B	49.78B	50.6B	51.84B	52.13B	53.43B	55.46B
Asset Turnover	0.66x	0.67x	0.15x	0.22x	0.23x	0.25x	0.27x	0.28x	0.29x	0.30x
Asset Growth %	10.4%	2.36%	388.11%	1.23%	0.53%	1.65%	2.45%	0.57%	2.49%	3.8%
Total Current Liabilities+	1.05B	1.24B	5.7B	6.47B	7.69B	6.49B	8.08B	8.92B	8.09B	8.29B
Accounts Payable	303M	365M	2.3B	3.18B	3.74B	4.32B	5.21B	3.6B	2.98B	3B
Days Payables Outstanding	42.83	49.43	235.81	242.62	266	276.08	282.18	194.97	159.71	138.39
Short-Term Debt	0	66M	1.46B	1.59B	2.35B	304M	895M	3.25B	2.64B	3.1B
Deferred Revenue (Current)	64M	64M	0	0	0	0	0	0	0	0
Other Current Liabilities	549M	596M	362M	270M	299M	309M	421M	424M	495M	2.19B
Current Ratio	2.60x	0.90x	0.38x	0.35x	0.31x	0.47x	0.47x	0.38x	0.49x	0.64x
Quick Ratio	2.41x	0.72x	0.27x	0.25x	0.21x	0.33x	0.31x	0.25x	0.33x	0.43x
Cash Conversion Cycle	22.34	20.32	-111.65	-153.8	-175.86	-182.23	-167.65	-95.64	-49.24	-21.6
Total Non-Current Liabilities+	6.61B	6.33B	20.68B	19.79B	18.25B	19.14B	18.64B	17.54B	21.1B	21.65B
Long-Term Debt	4.33B	4.23B	14.2B	12.83B	11.14B	11.58B	11.07B	9.95B	12.91B	13.04B
Capital Lease Obligations	143M	170M	305M	696M	878M	1.23B	1.42B	1.41B	1.47B	0
Deferred Tax Liabilities	812M	614M	5.92B	6.03B	5.99B	5.99B	5.74B	5.76B	5.43B	5.53B
Other Non-Current Liabilities	209M	264M	254M	234M	241M	348M	404M	420M	1.29B	3.09B
Total Liabilities	7.66B	7.57B	26.39B	26.26B	25.95B	25.63B	26.71B	26.45B	29.19B	29.94B
Total Debt+	4.48B	4.48B	15.99B	15.23B	14.48B	13.27B	13.58B	14.82B	17.27B	16.14B
Net Debt	2.69B	4.42B	15.91B	15.15B	14.24B	12.7B	13.05B	14.56B	16.76B	15.12B
Debt / Equity	2.10x	1.83x	0.71x	0.65x	0.61x	0.53x	0.54x	0.58x	0.71x	0.63x
Debt / EBITDA	2.70x	2.77x	9.57x	5.02x	4.62x	3.68x	4.10x	3.79x	5.20x	3.67x
Net Debt / EBITDA	1.62x	2.73x	9.52x	4.99x	4.55x	3.53x	3.94x	3.72x	5.04x	3.43x
Interest Coverage	10.24x	8.26x	2.77x	3.68x	4.15x	5.51x	5.57x	5.36x	3.79x	4.84x
Total Equity+	2.13B	2.45B	22.53B	23.26B	23.83B	24.97B	25.13B	25.68B	24.24B	25.52B
Equity Growth %	-2.24%	14.85%	819.34%	3.21%	2.46%	4.79%	0.61%	2.19%	-5.58%	5.25%
Book Value per Share	11.44	13.41	20.53	16.39	16.76	17.49	17.59	18.23	17.72	18.72
Total Shareholders' Equity	2.13B	2.45B	22.53B	23.26B	23.83B	24.97B	25.13B	25.68B	24.24B	25.52B
Common Stock	2M	2M	14M	14M	14M	14M	14M	14M	14M	14M
Retained Earnings	2.27B	2.65B	1.18B	1.58B	2.06B	3.2B	3.54B	4.56B	4.79B	5.62B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-229M	-202M	-130M	104M	77M	-26M	129M	315M	-276M	102M
Minority Interest	0	0	0	0	1M	0	-1M	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	939M	1.04B	1.61B	2.47B	2.46B	2.87B	2.84B	1.33B	2.22B	1.99B
Operating CF Margin %	14.58%	15.52%	21.67%	22.25%	21.14%	22.66%	20.18%	8.97%	14.46%	11.99%
Operating CF Growth %	-5.25%	10.54%	55.4%	53.38%	-0.73%	17.02%	-1.29%	-53.15%	66.97%	-10.27%
Net Income	847M	1.08B	589M	1.25B	1.32B	2.15B	1.44B	2.18B	1.44B	2.08B
Depreciation & Amortization	224M	229M	462M	698M	653M	708M	709M	720M	733M	753M
Stock-Based Compensation	45M	36M	35M	64M	85M	88M	52M	116M	98M	97M
Deferred Taxes	29M	-201M	-81M	-23M	-51M	31M	-289M	-4M	-254M	45M
Other Non-Cash Items	-108M	-57M	151M	115M	278M	-450M	1.2B	63M	792M	20M
Working Capital Changes	-98M	-45M	457M	366M	166M	351M	-275M	-1.75B	-591M	-1B
Change in Receivables	-31M	-47M	82M	-7M	-5M	-152M	-398M	70M	-209M	-202M
Change in Inventory	3M	-3M	185M	-24M	-107M	-133M	-426M	182M	-92M	-405M
Change in Payables	32M	24M	119M	361M	369M	522M	213M	-1.62B	-196M	-212M
Cash from Investing+	-189M	-1.76B	-19.13B	-150M	-316M	210M	-1.14B	-784M	-1.61B	-573M
Capital Expenditures	-182M	-208M	-180M	-365M	-517M	-455M	-379M	-481M	-563M	-486M
CapEx % of Revenue	2.83%	3.11%	2.42%	3.28%	4.45%	3.59%	2.7%	3.25%	3.67%	2.93%
Acquisitions	-4M	-1.55B	-18.98B	-24M	-5M	578M	-912M	-316M	-1B	-149M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-6M	-3M	33M	239M	206M	87M	1.07B	13M	-51M	62M
Cash from Financing+	130M	-907M	17.58B	-2.36B	-1.99B	-2.76B	-1.73B	-832M	-223M	-999M
Debt Issued (Net)	1.03B	-84M	8.32B	-1.52B	-1.17B	-1.77B	-205M	1.08B	2.25B	575M
Equity Issued (Net)	-1000K	-1000K	1000K	0	1000K	1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-386M	-414M	-232M	-844M	-846M	-955M	-1.08B	-1.14B	-1.19B	-1.25B
Share Repurchases	-519M	-399M	0	-9B	0	0	-379M	-706M	-1.11B	-9M
Other Financing	-10M	-30M	493M	5M	0	-172M	-49M	-68M	-164M	-315M
Net Change in Cash	876M	-1.63B	44M	-28M	144M	313M	-33M	-268M	341M	454M
Free Cash Flow+	757M	830M	1.43B	2.11B	1.94B	2.42B	2.46B	848M	1.66B	1.5B
FCF Margin %	11.75%	12.41%	19.26%	18.97%	16.69%	19.07%	17.49%	5.72%	10.79%	9.06%
FCF Growth %	-6.66%	9.64%	72.65%	47.17%	-8.06%	24.75%	1.61%	-65.5%	95.28%	-9.12%
FCF per Share	4.06	4.54	1.31	1.49	1.36	1.69	1.72	0.60	1.21	1.10
FCF Conversion (FCF/Net Income)	1.11x	0.96x	2.75x	1.97x	1.85x	1.34x	1.98x	0.61x	1.54x	0.96x
Interest Paid	117M	143M	231M	521M	515M	477M	363M	443M	494M	0
Taxes Paid	431M	291M	210M	433M	582M	506M	686M	507M	331M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	39.24%	46.94%	4.69%	5.48%	5.63%	8.79%	5.73%	8.59%	5.77%	8.36%
Return on Invested Capital (ROIC)	22.68%	17.8%	4.1%	4.64%	4.86%	5.73%	5.15%	6.11%	4.78%	6.7%
Gross Margin	59.91%	59.72%	52.16%	57.03%	55.83%	55.01%	52.09%	54.54%	55.56%	52.41%
Net Margin	13.15%	16.08%	7.87%	11.28%	11.4%	16.92%	10.22%	14.72%	9.39%	12.52%
Debt / Equity	2.10x	1.83x	0.71x	0.65x	0.61x	0.53x	0.54x	0.58x	0.71x	0.63x
Interest Coverage	10.24x	8.26x	2.77x	3.68x	4.15x	5.51x	5.57x	5.36x	3.79x	4.84x
FCF Conversion	1.11x	0.96x	2.75x	1.97x	1.85x	1.34x	1.98x	0.61x	1.54x	0.96x
Revenue Growth	2.52%	3.88%	11.24%	49.42%	4.48%	9.17%	10.83%	5.39%	3.62%	8.16%

Keurig Dr Pepper Inc. (KDP) 10-Year Financial Performance & Capital Metrics

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

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Keurig Dr Pepper Inc. (KDP) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare KDP vs Peers

vs WMT

Compare Top 3

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios