Keurig Dr Pepper
KDP · NasdaqBeverages · Fiscal year ends Dec 31
Keurig Dr Pepper reported revenue of $16.6B in the fiscal year ended Dec 2025, up 8.2% from the year before. Operating income was $3.6B, an operating margin of 21.5%, and net income was $2.1B. Operating cash flow of $2B less capital expenditure of $486M left free cash flow of $1.5B. Net debt was $12.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.7B | $14.1B | $14.8B | $15.4B | $16.6B |
| Cost of revenue | $5.7B | $6.7B | $6.7B | $6.8B | $7.6B |
| Gross profit | $7B | $7.3B | $8.1B | $8.5B | $9B |
| Research & development | $66M | $65M | $66M | $70M | $70M |
| Selling, general & admin | $4.2B | $4.6B | $4.9B | $5B | $5.4B |
| Operating income | $2.9B | $2.6B | $3.2B | $2.6B | $3.6B |
| Interest expense | $500M | $693M | $496M | – | – |
| Pre-tax income | $2.8B | $1.7B | $2.8B | $1.9B | $2.7B |
| Income tax | $653M | $284M | $576M | $473M | $608M |
| Net income | $2.1B | $1.4B | $2.2B | $1.4B | $2.1B |
| Diluted EPS | 1.50 | 1.01 | 1.55 | 1.05 | 1.53 |
| Diluted shares | 1,428M | 1,429M | 1,408M | 1,368M | 1,363M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $567M | $535M | $267M | $510M | $1B |
| Receivables | $1.1B | $1.5B | $1.4B | $1.5B | $1.7B |
| Inventory | $894M | $1.3B | $1.1B | $1.3B | $1.7B |
| Current assets | $3.1B | $3.8B | $3.4B | $4B | $5.3B |
| Net PP&E | $2.5B | $2.5B | $2.7B | $3B | $3.2B |
| Goodwill | $20.2B | $20.1B | $20.2B | $20.1B | $20.2B |
| Total assets | $50.6B | $51.8B | $52.1B | $53.4B | $55.5B |
| Payables | $4.3B | $5.2B | $3.6B | $3B | $3B |
| Current liabilities | $6.5B | $8.1B | $8.9B | $8.1B | $8.3B |
| Short-term debt | $155M | $496M | $1.2B | $1B | $895M |
| Long-term debt | $11.6B | $11.1B | $9.9B | $12.9B | $13B |
| Total liabilities | $25.6B | $26.7B | $26.5B | $29.2B | $29.9B |
| Shareholders' equity | $25B | $25.1B | $25.7B | $24.2B | $25.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.9B | $2.8B | $1.3B | $2.2B | $2B |
| Capital expenditure | $423M | $353M | $425M | $563M | $486M |
| Free cash flow | $2.5B | $2.5B | $904M | $1.7B | $1.5B |
| Depreciation & amortisation | $410M | $399M | $402M | $422M | $455M |
| Stock-based compensation | $88M | $52M | $116M | $98M | $97M |
| Acquisitions | – | $0 | $0 | $1B | $149M |
| Share buybacks | $0 | $379M | $706M | $1.1B | $9M |
| Dividends paid | $955M | $1.1B | $1.1B | $1.2B | $1.3B |
| Dividend per share | 0.71 | 0.78 | 0.83 | 0.89 | 0.92 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.8% | 5.4% | 3.6% | 8.2% |
| Operating income growth (YoY) | – | −10.0% | 22.5% | −18.8% | 38.0% |
| EPS growth (YoY) | – | −32.7% | 53.5% | −32.3% | 45.7% |
| Gross margin | 55.0% | 52.1% | 54.5% | 55.6% | 54.2% |
| Operating margin | 22.8% | 18.5% | 21.5% | 16.9% | 21.5% |
| Net margin | 16.9% | 10.2% | 14.7% | 9.4% | 12.5% |
| Return on equityBlank when equity is negative | 8.6% | 5.7% | 8.5% | 5.9% | 8.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.6% | 6.0% | 7.4% | 5.7% | 7.6% |
| Free cash flow margin | 19.3% | 17.7% | 6.1% | 10.8% | 9.1% |
| Cash conversion (CFO ÷ net income) | 1.34x | 1.98x | 0.61x | 1.54x | 0.96x |
| Receivable days | 33 | 39 | 34 | 36 | 37 |
| Inventory days | 57 | 71 | 62 | 70 | 83 |
| Payable days | 276 | 282 | 195 | 160 | 144 |
| Interest cover | 5.79x | 3.76x | 6.44x | – | – |
| Debt ÷ equity | 0.47x | 0.46x | 0.43x | 0.57x | 0.55x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $11.2B | $11B | $10.8B | $13.4B | $12.9B |
| Current ratio | 0.47x | 0.47x | 0.38x | 0.49x | 0.64x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.