Keurig Dr Pepper Inc. (KDP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.54	$0.57	+5.6%	—	$7.3B	—
Q1 26	$0.37	$0.39	+5.4%	—	$4B	—
Q4 25	$0.59	$0.6	+1.7%	—	$4.5B	—
Q2 25	$0.49	$0.49	0.0%	—	$4.2B	—
Q1 25	$0.38	$0.42	+10.5%	—	$3.6B	—
Q4 24	$0.57	$0.58	+1.8%	—	$4.1B	—
Q3 24	$0.51	$0.51	0.0%	—	$3.9B	—
Q2 24	$0.45	$0.45	0.0%	—	$3.9B	—
Q1 24	$0.35	$0.38	+8.6%	—	$3.5B	—
Q4 23	$0.54	$0.55	+1.9%	—	$3.9B	—
Q3 23	$0.47	$0.48	+2.1%	—	$3.8B	—
Q2 23	$0.4	$0.42	+5.0%	—	$3.8B	—
Q1 23	$0.33	$0.34	+3.0%	—	$3.4B	—
Q4 22	$0.51	$0.5	-2.0%	—	$3.8B	—
Q3 22	$0.46	$0.46	0.0%	—	$3.6B	—
Q2 22	$0.39	$0.39	0.0%	—	$3.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.53	—	—	$16.6B	—
FY24	—	$1.06	—	—	$15.4B	—
FY23	—	$1.56	—	—	$14.8B	—
FY22	—	$1.01	—	—	$14.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.4B	$6.7B	$7.4B	$11.1B	$11.6B	$12.7B	$14.1B	$14.8B	$15.4B	$16.6B
YoY change	+2.52%	+3.88%	+11.2%	+49.4%	+4.48%	+9.17%	+10.8%	+5.39%	+3.62%	+8.16%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.4B	6.7B	7.4B	11.1B	11.6B	12.7B	14.1B	14.8B	15.4B	16.6B
Cost of revenue	2.6B	2.7B	3.6B	4.8B	5.1B	5.7B	6.7B	6.7B	6.8B	7.6B
Gross profit	3.9B	4B	3.9B	6.3B	6.5B	7B	7.3B	8.1B	8.5B	9B
Gross margin	59.9%	59.7%	52.2%	57%	55.8%	55%	52.1%	54.5%	55.6%	54.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.3B	2.6B	2.6B	4B	4B	4.2B	4.6B	4.9B	5B	5.4B
Operating expenses	2.3B	2.5B	2.6B	4B	3.9B	4.1B	4.5B	4.9B	5.2B	5.3B
Operating income	1.4B	1.4B	1.2B	2.4B	2.5B	2.9B	2.8B	3.2B	3.3B	3.7B
Operating margin	22.3%	20.7%	16.6%	21.4%	21.9%	22.8%	19.8%	21.6%	21.6%	22%
Non-operating income, net	-6M	-54M	6M	-30M	-190M	404M	-371M	59M	-660M	-212M
Pretax income	1.3B	1.2B	791M	1.7B	1.8B	2.8B	1.7B	2.8B	1.9B	2.7B
Income tax	434M	95M	202M	440M	428M	653M	284M	576M	473M	608M
Net income	847M	1.1B	589M	1.3B	1.3B	2.1B	1.4B	2.2B	1.4B	2.1B
Net margin	13.2%	16.1%	7.91%	11.3%	11.4%	16.9%	10.2%	14.7%	9.39%	12.5%
EBITDA	1.7B	1.6B	1.7B	3B	3.2B	3.6B	3.5B	4B	4.1B	4.3B
EPS	4.57	5.91	0.54	0.89	0.94	1.52	1.01	1.56	1.06	1.53
Diluted EPS	4.54	5.89	0.53	0.88	0.93	1.5	1.01	1.55	1.05	1.53

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.8B	3.9B	3.5B	3.9B	3.9B	4.1B	3.6B	4.2B	4.3B	4.5B	4B	7.3B
Cost of revenue	1.7B	1.7B	1.5B	1.8B	1.8B	1.8B	1.6B	1.9B	2B	2.1B	1.9B	4.2B
Gross profit	2.1B	2.2B	1.9B	2.2B	2.1B	2.3B	2B	2.3B	2.3B	2.4B	2.1B	3.1B
Gross margin	55.5%	56.5%	55.9%	55.4%	55%	55.9%	54.6%	54.2%	54.3%	53.8%	52.8%	41.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.2B	1.3B	1.2B	1.3B	1.2B	1.3B	1.2B	1.4B	1.3B	1.5B	1.3B	2.4B
Operating expenses	1.2B	1.2B	1.2B	1.3B	1.2B	1.5B	1.2B	1.4B	1.3B	1.5B	1.3B	2.4B
Operating income	898M	943M	765M	861M	902M	781M	801M	898M	995M	959M	756M	628M
Operating margin	23.6%	24.4%	22.1%	22%	23.2%	19.2%	22%	21.6%	23.1%	21.3%	19%	8.59%
Non-operating income, net	3M	20M	7M	15M	6M	-688M	7M	—	45M	-264M	-118M	13M
Pretax income	664M	899M	594M	672M	802M	-154M	660M	718M	852M	457M	357M	305M
Income tax	146M	206M	140M	157M	186M	-10M	143M	171M	190M	104M	87M	95M
Net income	518M	693M	454M	515M	616M	-144M	517M	547M	662M	353M	270M	210M
Net margin	13.6%	17.9%	13.1%	13.1%	15.8%	-3.54%	14.2%	13.1%	15.4%	7.85%	6.79%	2.87%
EBITDA	1.1B	1.1B	942M	1.1B	1.1B	996M	971M	1.1B	1.2B	894M	823M	1.3B
EPS	0.37	0.5	0.33	0.38	0.45	-0.11	0.38	0.4	0.49	0.26	0.2	0.04
Diluted EPS	0.37	0.49	0.33	0.38	0.45	-0.11	0.38	0.4	0.49	0.26	0.2	0.04

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	16.8B	17.7B	—	—	45B	52.2B	50.5B	46.6B	43.8B	38B	42.8B
Enterprise value	19.5B	22.1B	—	—	59.3B	64.9B	63.6B	61.2B	60.5B	53.2B	84.1B
Shares outstanding	185.4M	182M	1.1B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.8	16.4	—	—	34	24.3	35.2	21.4	30.4	18.3	32.3
P/S	2.61	2.64	—	—	3.88	4.11	3.59	3.15	2.85	2.29	2.16
P/B	7.88	7.21	—	—	1.89	2.09	2.01	1.82	1.8	1.49	1.74
EV/EBITDA	11.6	13.6	—	—	18.6	18	18.3	15.4	14.8	12.4	17.5
EV/Sales	3.03	3.3	—	—	5.1	5.12	4.52	4.13	3.94	3.2	4.19
Earnings yield	5.04%	6.09%	—	—	2.94%	4.11%	2.84%	4.68%	3.29%	5.47%	3.1%
FCF yield	4.63%	4.7%	—	—	4.31%	4.64%	4.87%	1.82%	3.65%	3.91%	10.8%
PEG	—	—	—	—	—	—	—	—	—	—	-0.36

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	59.9%	59.7%	52.2%	57%	55.8%	55%	52.1%	54.5%	55.6%	54.2%	41.9%
Operating margin	22.3%	20.7%	16.6%	21.4%	21.9%	22.8%	19.8%	21.6%	21.6%	22%	12.9%
Net margin	13.2%	16.1%	7.91%	11.3%	11.4%	16.9%	10.2%	14.7%	9.39%	12.5%	7.1%
ROE	39.7%	43.9%	2.61%	5.39%	5.56%	8.59%	5.71%	8.49%	5.94%	8.15%	5.1%
ROA	8.65%	10.7%	1.2%	2.53%	2.66%	4.24%	2.77%	4.18%	2.7%	3.75%	3.38%
ROIC	19.7%	18.6%	2.4%	4.58%	5.06%	5.89%	6.09%	6.28%	6.08%	6.96%	4.39%
Return on tangible assets	-56.2%	-23.1%	-1.51%	-3.21%	-3.44%	-5.72%	-4.14%	-6.26%	-4.25%	-6.4%	-3.11%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.6	0.9	0.38	0.35	0.31	0.47	0.47	0.38	0.49	0.64	0.48
Quick ratio	2.41	0.72	0.27	0.25	0.21	0.33	0.31	0.25	0.33	0.43	0.28
Debt / equity	2.1	1.83	0.71	0.65	0.61	0.53	0.54	0.58	0.71	0.63	1
Debt / assets	0.46	0.45	0.33	0.31	0.29	0.26	0.26	0.28	0.32	0.29	0.34
Net debt / EBITDA	1.6	2.71	9.41	5.02	4.47	3.52	3.75	3.66	4.09	3.54	6.65
Interest coverage	9.73	8.15	2.75	3.59	3.9	6.6	3.48	6.56	3.6	4.56	2.89
Effective tax rate	33.8%	8.1%	25.5%	26%	24.4%	23.3%	16.5%	20.9%	24.7%	22.6%	24.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	34.7	36.8	6.85	7.91	8.26	8.96	9.92	10.6	11.3	12.2	14.8
EPS (basic)	4.57	5.91	0.54	0.89	0.94	1.52	1.01	1.56	1.06	1.53	1.53
EPS (diluted)	4.54	5.89	0.53	0.88	0.93	1.5	1.01	1.55	1.05	1.53	0.99
Book value per share	11.5	13.5	20.7	16.5	16.9	17.6	17.7	18.3	17.8	18.8	18.4
FCF per share	4.2	4.56	1.32	1.5	1.38	1.71	1.73	0.61	1.17	1.1	1.44
Cash per share	9.64	0.34	0.08	0.05	0.17	0.4	0.38	0.19	0.37	0.76	1.12
Capex per share	0.94	1.09	0.16	0.06	0.18	0.21	0.13	0.3	0.41	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.7%	2.97%	2.38%	0.75%	2.22%	2.37%	1.32%	2.81%	3.64%	—	—
Capex / operating cash flow	18.9%	20.5%	14.3%	4.64%	14.4%	11.6%	21%	14.3%	34.5%	—	—
Payout ratio	45.6%	38.5%	39.4%	67.3%	63.8%	44.5%	75.3%	52.4%	82.9%	60.1%	92.9%
Dividend yield	2.3%	2.34%	—	—	1.88%	1.83%	2.14%	2.45%	2.73%	3.29%	2.92%

Yield

2.92%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.23

ex-dividend Jun 26, 2026

Payout ratio

93%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 26, 2026	$0.23
Mar 27, 2026	$0.23
Jan 2, 2026	$0.23

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.8B	$3.9B	$3.5B	$3.9B	$3.9B	$4.1B	$3.6B	$4.2B	$4.3B	$4.5B	$4B	$7.3B
YoY change	+5.05%	+1.68%	+3.43%	+3.51%	+2.26%	+5.25%	+4.82%	+6.14%	+10.7%	+10.5%	+9.38%	+75.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.8B	61M	83M	75M	240M	567M	535M	267M	510M	1B
Receivables	595M	668M	1.1B	1.1B	1B	1.1B	1.5B	1.4B	1.5B	1.7B
Inventory	202M	229M	626M	654M	762M	894M	1.3B	1.1B	1.3B	1.7B
Total current assets	2.7B	1.1B	2.2B	2.3B	2.4B	3.1B	3.8B	3.4B	4B	5.3B
Property, plant & equipment	605M	622M	1.6B	2.1B	2.3B	2.4B	2.7B	2.8B	3B	2.3B
Goodwill & intangibles	11.3B	14.7B	88B	88.6B	88.3B	88.1B	86.5B	87B	87.4B	87.9B
Total assets	9.8B	10B	48.9B	49.5B	49.8B	50.6B	51.8B	52.1B	53.4B	55.5B
Accounts payable	303M	365M	2.3B	3.2B	3.7B	4.3B	5.2B	3.6B	3B	3B
Short-term debt	10M	79M	1.5B	1.7B	2.5B	459M	1.1B	3.5B	2.9B	3.1B
Total current liabilities	1.1B	1.2B	5.7B	6.5B	7.7B	6.5B	8.1B	8.9B	8.1B	8.3B
Long-term debt	4.5B	4.4B	14.5B	13.5B	12B	12.8B	12.5B	11.4B	14.4B	13B
Total liabilities	7.7B	7.6B	26.4B	26.3B	25.9B	25.6B	26.7B	26.5B	29.2B	29.9B
Shareholders' equity	2.1B	2.5B	22.5B	23.3B	23.8B	25B	25.1B	25.7B	24.2B	25.5B
Total debt	4.5B	4.5B	16B	15.2B	14.5B	13.3B	13.6B	14.8B	17.3B	16.1B
Net debt	2.7B	4.4B	15.9B	15.2B	14.2B	12.7B	13B	14.6B	16.8B	15.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	260M	267M	317M	438M	552M	510M	653M	509M	516M	1B	898M	1.5B
Receivables	1.3B	1.4B	1.3B	1.4B	1.4B	1.5B	1.3B	1.5B	1.5B	1.7B	1.5B	2.4B
Inventory	1.3B	1.1B	1.2B	1.3B	1.4B	1.3B	1.5B	1.7B	1.8B	1.7B	1.8B	3.9B
Total current assets	3.4B	3.4B	3.6B	3.8B	4.1B	4B	4.3B	4.6B	4.7B	5.3B	23.1B	9.5B
Property, plant & equipment	3.4B	2.8B	3.6B	3.5B	3.6B	3B	3.8B	3.8B	3.9B	2.3B	3.2B	—
Goodwill & intangibles	86.7B	87B	86.8B	86.4B	86.3B	87.4B	87.4B	88.1B	88B	87.9B	87.7B	135.7B
Total assets	51.8B	52.1B	52.3B	52.3B	52.7B	53.4B	53.7B	54.4B	54.6B	55.5B	73.1B	87.6B
Accounts payable	4.1B	3.6B	3.2B	3.1B	3.1B	3B	3.2B	3.1B	3B	3B	2.8B	6.3B
Short-term debt	3B	3.5B	2.1B	2.6B	2.7B	2.9B	4.3B	2.3B	2.6B	3.1B	4.8B	8.4B
Total current liabilities	8.8B	8.9B	7B	7.5B	7.7B	8.1B	9.2B	7.2B	7.5B	8.3B	10B	19.7B
Long-term debt	11.3B	11.4B	14.3B	13.8B	13.8B	14.4B	13.4B	15.4B	15B	13B	20.9B	21.6B
Total liabilities	26.4B	26.5B	27.6B	27.6B	27.7B	29.2B	29.3B	29.4B	29.3B	29.9B	44B	58.4B
Shareholders' equity	25.4B	25.7B	24.7B	24.7B	25B	24.2B	24.4B	25B	25.3B	25.5B	29.2B	29.2B
Total debt	14.4B	14.8B	16.4B	16.4B	16.5B	17.3B	17.6B	17.6B	17.6B	16.1B	25.7B	30B
Net debt	14.1B	14.6B	16.1B	16B	16B	16.8B	17B	17.1B	17B	15.1B	24.8B	28.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	847M	1.1B	589M	1.3B	1.3B	2.1B	1.4B	2.2B	1.4B	2.1B
Depreciation & amortization	224M	229M	434M	658M	653M	708M	709M	720M	733M	753M
Stock-based compensation	45M	36M	35M	64M	85M	88M	52M	116M	98M	97M
Change in working capital	-149M	-72M	251M	-217M	-278M	-408M	-1.2B	-129M	-395M	-791M
Operating cash flow	919M	972M	1.2B	1.8B	1.8B	2.6B	883M	2.9B	1.6B	2B
Capital expenditure	-174M	-199M	-177M	-83M	-258M	-301M	-185M	-416M	-559M	—
Investing cash flow	-187M	-1.8B	-19.2B	-115M	-260M	242M	-1.1B	-728M	-1.6B	-84M
Dividends paid	-386M	-414M	-232M	-844M	-846M	-955M	-1.1B	-1.1B	-1.2B	-1.3B
Share repurchases	-519M	-399M	0	—	0	0	-379M	-706M	-1.1B	-9M
Financing cash flow	94M	-927M	17.6B	-18.4B	-3.8B	-8B	-2.7B	-36.1B	-223M	-999M
Net change in cash	826M	-1.7B	-348M	-16.7B	-2.3B	-5.2B	-2.9B	-33.9B	-157M	908M
Free cash flow	779M	830M	1.4B	2.1B	1.9B	2.4B	2.5B	848M	1.6B	1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	662M	353M	270M	210M
Depreciation & amortization	—	—	—	—	—	—	—	—	191M	199M	185M	694M
Stock-based compensation	—	—	—	—	—	—	—	—	25M	27M	30M	32M
Change in working capital	—	—	—	—	—	—	—	—	-74M	-60M	-146M	-84M
Operating cash flow	—	—	—	—	—	—	—	—	639M	712M	281M	895M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	-1M	-34M	1M	-3M
Dividends paid	—	—	—	—	—	—	—	—	-312M	-313M	-312M	-366M
Share repurchases	—	—	—	—	—	—	—	—	0	0	—	—
Financing cash flow	—	—	—	—	—	—	—	—	-525M	-65M	17.6B	-1.1B
Net change in cash	—	—	—	—	—	—	—	—	113M	613M	17.9B	-201M
Free cash flow	458M	142M	-104M	524M	503M	674M	75M	323M	527M	563M	163M	712M

Keurig Dr Pepper Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement