Detailed financial statements for Keurig Dr Pepper Inc. (KDP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Keurig Dr Pepper Inc. reported revenue of $16.60B in the most recent fiscal year, growing at a 5-year CAGR of 7.4%. Net income reached $2.08B, with a 9.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 48.0%, operating margin 16.1%, net margin 7.1%. Free cash flow grew at -4.9% CAGR over 5 years.
At $34.74 (closing price, November 3, 2026), KDP trades at a P/E of 31.76 and an ROE of 6.51%. Market capitalisation stands at $47.3B, placing it among large-cap names.
Balance sheet quality for KDP: debt-to-equity ratio of 1.14, current ratio of 0.52 over the last 12 months, net debt of $15.12B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $1.50B represents 72% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.44B | $6.69B | $7.44B | $11.12B | $11.62B | $12.68B | $14.06B | $14.81B | $15.35B | $16.60B |
| Cost of Revenue | $2.58B | $2.69B | $3.56B | $4.78B | $5.13B | $5.71B | $6.73B | $6.73B | $6.82B | $7.60B |
| Gross Profit | $3.86B | $4.00B | $3.88B | $6.34B | $6.49B | $6.98B | $7.32B | $8.08B | $8.53B | $9.00B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.33B | $2.56B | $2.63B | $3.96B | $3.98B | $4.15B | $4.64B | $4.91B | $5.01B | $5.35B |
| Operating Expenses | $2.42B | $2.61B | $2.65B | $3.96B | $4.01B | $4.08B | $4.54B | $4.89B | $5.22B | $5.35B |
| Operating Income | $1.43B | $1.39B | $1.24B | $2.38B | $2.48B | $2.89B | $2.78B | $3.19B | $3.31B | $3.65B |
| EBITDA | $1.65B | $1.57B | $1.68B | $3.01B | $3.01B | $4.01B | $3.12B | $3.97B | $3.38B | $4.19B |
| Interest Expense | $140.0M | $168.0M | $446.0M | $647.0M | $597.0M | $525.0M | $468.0M | $596.0M | $684.0M | $754.0M |
| Pre-tax Income | $1.28B | $1.17B | $791.0M | $1.69B | $1.75B | $2.80B | $1.72B | $2.76B | $1.91B | $2.69B |
| Income Tax | $434.0M | $95.0M | $202.0M | $440.0M | $428.0M | $653.0M | $284.0M | $576.0M | $473.0M | $608.0M |
| Net Income | $847.0M | $1.08B | $586.0M | $1.25B | $1.32B | $2.15B | $1.44B | $2.18B | $1.44B | $2.08B |
| EPS | $4.57 | $5.91 | $0.54 | $0.89 | $0.94 | $1.52 | $1.01 | $1.56 | $1.06 | $1.53 |
| EPS (Diluted) | $4.54 | $5.89 | $0.53 | $0.88 | $0.93 | $1.50 | $1.01 | $1.55 | $1.05 | $1.53 |
| Shares Outstanding (Diluted) | 186.6 M | 182.8 M | 1,097.6 M | 1,419.1 M | 1,422.1 M | 1,427.9 M | 1,428.5 M | 1,408.4 M | 1,368.3 M | 1,362.8 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $4.50B | $3.98B | $7.31B | $7.34B |
| Gross Profit | $2.42B | $2.10B | $3.07B | $3.52B |
| Operating Income | $959.0M | $756.0M | $669.0M | $1.33B |
| EBITDA | $894.0M | $823.0M | $1.05B | $2.06B |
| Net Income | $353.0M | $270.0M | $142.0M | $882.0M |
| EPS | $0.26 | $0.20 | $0.04 | $0.60 |
| EPS (Diluted) | $0.26 | $0.20 | $0.04 | $0.59 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.79B | $61.0M | $83.0M | $75.0M | $240.0M | $567.0M | $535.0M | $267.0M | $510.0M | $1.03B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $646.0M | $710.0M | $1.22B | $1.18B | $1.14B | $1.27B | $1.67B | $1.52B | $1.72B | $1.67B |
| Inventory | $202.0M | $229.0M | $626.0M | $654.0M | $762.0M | $894.0M | $1.31B | $1.14B | $1.30B | $1.73B |
| Total Current Assets | $2.74B | $1.12B | $2.16B | $2.27B | $2.39B | $3.06B | $3.80B | $3.38B | $4.00B | $5.27B |
| Property, Plant & Equipment | $1.14B | $1.20B | $2.31B | $2.52B | $2.86B | $3.17B | $3.37B | $3.58B | $3.84B | $3.23B |
| Goodwill | $2.99B | $3.56B | $20.01B | $20.17B | $20.18B | $20.18B | $20.07B | $20.20B | $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 |
| Total Assets | $9.79B | $10.02B | $48.92B | $49.52B | $49.78B | $50.60B | $51.84B | $52.13B | $53.43B | $55.46B |
| Accounts Payable | $303.0M | $365.0M | $2.30B | $3.18B | $3.74B | $4.32B | $5.21B | $3.60B | $2.98B | $3.00B |
| Short-term Debt | 0 | $66.0M | $1.46B | $1.59B | $2.35B | $304.0M | $895.0M | $3.25B | $2.64B | $3.10B |
| Total Current Liabilities | $1.05B | $1.24B | $5.70B | $6.47B | $7.69B | $6.49B | $8.08B | $8.92B | $8.09B | $8.29B |
| Long-term Debt | $4.33B | $4.23B | $14.20B | $12.83B | $11.14B | $11.58B | $11.07B | $9.95B | $12.91B | $13.04B |
| Total Liabilities | $7.66B | $7.57B | $26.39B | $26.26B | $25.95B | $25.63B | $26.71B | $26.45B | $29.19B | $29.94B |
| Retained Earnings | $2.27B | $2.65B | $1.18B | $1.58B | $2.06B | $3.20B | $3.54B | $4.56B | $4.79B | $5.62B |
| Total Equity | $2.13B | $2.45B | $22.53B | $23.26B | $23.83B | $24.97B | $25.13B | $25.68B | $24.24B | $25.52B |
| 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 | $12.70B | $13.05B | $14.56B | $16.76B | $15.12B |
| Working Capital | $1.69B | -$121.0M | -$3.54B | -$4.20B | -$5.31B | -$3.43B | -$4.27B | -$5.54B | -$4.09B | -$3.02B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $516.0M | $1.03B | $898.0M | $1.52B |
| Total Assets | $54.60B | $55.46B | $73.14B | $87.62B |
| Total Liabilities | $29.28B | $29.94B | $43.96B | $58.39B |
| Total Equity | $25.32B | $25.52B | $25.26B | $25.03B |
| Total Debt | $17.55B | $16.14B | $25.71B | $34.40B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $847.0M | $1.08B | $589.0M | $1.25B | $1.32B | $2.15B | $1.44B | $2.18B | $1.44B | $2.08B |
| Depreciation & Amortization | $224.0M | $229.0M | $434.0M | $658.0M | $653.0M | $708.0M | $709.0M | $720.0M | $733.0M | $753.0M |
| Stock-based Compensation | $45.0M | $36.0M | $35.0M | $64.0M | $85.0M | $88.0M | $52.0M | $116.0M | $98.0M | $97.0M |
| Change in Working Capital | -$98.0M | -$45.0M | $457.0M | $366.0M | $166.0M | $351.0M | -$275.0M | -$1.75B | -$591.0M | -$1.00B |
| Operating Cash Flow | $939.0M | $1.04B | $1.61B | $2.47B | $2.46B | $2.87B | $2.84B | $1.33B | $2.22B | $1.99B |
| Capital Expenditure | -$182.0M | -$208.0M | -$180.0M | -$365.0M | -$517.0M | -$455.0M | -$379.0M | -$481.0M | -$563.0M | -$486.0M |
| Acquisitions | -$4.0M | -$1.55B | -$18.98B | -$24.0M | -$5.0M | $578.0M | -$912.0M | -$316.0M | -$1.00B | -$149.0M |
| Stock Repurchased | -$519.0M | -$399.0M | 0 | 0 | 0 | 0 | -$379.0M | -$706.0M | -$1.11B | -$9.0M |
| Dividends Paid | -$386.0M | -$414.0M | -$232.0M | -$844.0M | -$846.0M | -$955.0M | -$1.08B | -$1.14B | -$1.19B | -$1.25B |
| Free Cash Flow | $757.0M | $830.0M | $1.43B | $2.11B | $1.94B | $2.42B | $2.46B | $848.0M | $1.66B | $1.50B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $639.0M | $712.0M | $281.0M | $895.0M |
| Capital Expenditure | -$112.0M | -$146.0M | -$116.0M | -$181.0M |
| Free Cash Flow | $527.0M | $566.0M | $165.0M | $714.0M |
| Dividends Paid | -$312.0M | -$313.0M | -$312.0M | -$366.0M |
| Stock-based Compensation | $25.0M | $27.0M | $30.0M | $32.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.9% | +11.2% | +49.4% | +4.5% | +9.2% | +10.8% | +5.4% | +3.6% | +8.2% | |
| Net Income Growth (YoY) | +27.0% | -45.5% | +114.0% | +5.7% | +62.0% | -33.1% | +51.9% | -33.9% | +44.3% | |
| EPS Growth (YoY) | +29.3% | -90.9% | +64.8% | +5.6% | +61.7% | -33.6% | +54.5% | -32.1% | +44.3% | |
| Shares Change (YoY) | -2.0% | +500.4% | +29.3% | +0.2% | +0.4% | +0.0% | -1.4% | -2.8% | -0.4% | |
| FCF Growth (YoY) | +9.6% | +72.7% | +47.2% | -8.1% | +24.8% | +1.6% | -65.5% | +95.3% | -9.1% | |
| 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% | 20.7% | 16.6% | 21.4% | 21.3% | 22.8% | 19.8% | 21.6% | 21.6% | 22.0% |
| EBITDA Margin | 25.7% | 23.4% | 22.5% | 27.0% | 25.9% | 31.6% | 22.2% | 26.8% | 22.0% | 25.3% |
| Net Margin | 13.2% | 16.1% | 7.9% | 11.3% | 11.4% | 16.9% | 10.2% | 14.7% | 9.4% | 12.5% |
| FCF Margin | 11.8% | 12.4% | 19.3% | 19.0% | 16.7% | 19.1% | 17.5% | 5.7% | 10.8% | 9.1% |
| Effective Tax Rate | 33.9% | 8.1% | 25.5% | 26.0% | 24.4% | 23.3% | 16.5% | 20.9% | 24.7% | 22.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.06 | $4.54 | $1.31 | $1.49 | $1.36 | $1.69 | $1.72 | $0.60 | $1.21 | $1.10 |
| Dividends Per Share | $2.07 | $2.26 | $0.21 | $0.59 | $0.59 | $0.67 | $0.76 | $0.81 | $0.87 | $0.92 |
| Shares Outstanding (Basic) | 185.4 M | 182.0 M | 1,086.3 M | 1,406.7 M | 1,407.2 M | 1,415.7 M | 1,416.8 M | 1,399.3 M | 1,362.2 M | 1,358.1 M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 6.51% |
| Return on Invested Capital | 3.77% |
| Return on Assets | 1.90% |
| Gross Margin | 48.03% |
| Operating Margin | 16.07% |
| Net Margin | 7.12% |
Financial Health
| Debt / Equity | 1.14 |
| Current Ratio | 0.52 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.36 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 3.19 | 2.64 | 47.48 | 32.53 | 34.04 | 24.25 | 35.31 | 21.36 | 30.30 | 18.31 |
| P/B | 1.27 | 1.16 | 1.24 | 1.75 | 1.89 | 2.09 | 2.01 | 1.82 | 1.80 | 1.49 |
| P/S | 0.42 | 0.43 | 3.74 | 3.66 | 3.88 | 4.11 | 3.59 | 3.15 | 2.85 | 2.29 |
| 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% | 20.7% | 16.6% | 21.4% | 21.3% | 22.8% | 19.8% | 21.6% | 21.6% | 22.0% |
| Net Margin | 13.2% | 16.1% | 7.9% | 11.3% | 11.4% | 16.9% | 10.2% | 14.7% | 9.4% | 12.5% |
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Explore sector: Consumer Defensive · Beverages - Non-Alcoholic
More sections of KDP: Overview · Valuation · Estimates · Technical · Ownership
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