Keurig Dr Pepper Inc. KDP
Keurig Dr Pepper Inc. is a leading beverage company in North America that manufactures, markets, distributes, and sells hot and cold beverages and single serve brewing systems. We have a broad portfolio of iconic beverage brands, including Dr Pepper, Canada Dry, Mott's, A&W, Peñafiel, GHOST, 7UP, Snapple, Green Mountain Coffee Roasters, Clamato, The Original Donut Shop, and Core Hydration, as well as the Keurig brewing system. Our beverage brands are some of the most recognized beverage brands in North America, with significant consumer awareness levels and long histories that evoke strong emotional connections with consumers. We offer more than 125 owned, licensed, and partner brands, supported by powerful distribution capabilities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.60B | $15.35B | $14.81B | $14.06B | $12.68B | $11.62B | $11.12B | $7.44B | $4.27B | $6.44B |
| Cost of revenue | $7.60B | $6.82B | $6.73B | $6.73B | $5.71B | $5.13B | $4.78B | $3.56B | $2.23B | $2.58B |
| Gross profit | $9.00B | $8.53B | $8.08B | $7.32B | $6.98B | $6.49B | $6.34B | $3.88B | $2.04B | $3.86B |
| R&D | $70.0M | $70.0M | $66.0M | $65.0M | $66.0M | $69.0M | $81.0M | $64.0M | $56.0M | $20.0M |
| SG&A | $5.35B | $5.01B | $4.91B | $4.64B | $4.15B | $3.98B | $3.96B | $2.63B | $1.15B | $2.33B |
| Operating income | $3.58B | $2.59B | $3.19B | $2.60B | $2.89B | $2.48B | $2.38B | $1.24B | $897.0M | $1.43B |
| Interest expense | — | — | $496.0M | $693.0M | $500.0M | $604.0M | $654.0M | $401.0M | $101.0M | $147.0M |
| Pre-tax income | $2.69B | $1.91B | $2.76B | $1.72B | $2.80B | $1.75B | $1.69B | $791.0M | $567.0M | $1.28B |
| Income tax | $608.0M | $473.0M | $576.0M | $284.0M | $653.0M | $428.0M | $440.0M | $202.0M | $184.0M | $434.0M |
| Net income | $2.08B | $1.44B | $2.18B | $1.44B | $2.15B | $1.32B | $1.25B | $586.0M | $378.0M | $847.0M |
| EPS, basic | 1.53 | 1.06 | 1.56 | 1.01 | 1.52 | 0.94 | 0.89 | 0.54 | 0.48 | 4.57 |
| EPS, diluted | 1.53 | 1.05 | 1.55 | 1.01 | 1.50 | 0.93 | 0.88 | 0.53 | 0.47 | 4.54 |
| Shares, diluted (wtd. avg.) | $1.36B | $1.37B | $1.41B | $1.43B | $1.43B | $1.42B | $1.42B | $1.10B | $790.5M | $186.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.03B | $510.0M | $267.0M | $535.0M | $568.0M | $255.0M | $111.0M | $139.0M | $95.0M | $438.0M |
| Receivables | $1.67B | $1.50B | $1.37B | $1.48B | $1.15B | $1.05B | $1.11B | $1.15B | $668.0M | $595.0M |
| Inventory | $1.73B | $1.30B | $1.14B | $1.31B | $894.0M | $762.0M | $654.0M | $626.0M | $229.0M | $202.0M |
| Total current assets | $5.27B | $4.00B | $3.38B | $3.80B | $3.06B | $2.39B | $2.27B | $2.16B | $1.12B | $2.74B |
| Property, plant and equipment | $3.23B | $2.96B | $2.70B | $2.49B | $2.49B | $2.21B | $2.03B | $2.31B | $1.20B | $1.14B |
| Goodwill | $20.25B | $20.05B | $20.20B | $20.07B | $20.18B | $20.18B | $20.17B | $20.01B | $9.82B | $2.99B |
| Other intangibles | $23.73B | $23.63B | $23.29B | $23.18B | $23.86B | $23.97B | $24.12B | $23.97B | $3.78B | $2.66B |
| Total assets | $55.46B | $53.43B | $52.13B | $51.84B | $50.60B | $49.78B | $49.52B | $48.92B | $10.02B | $9.79B |
| Accounts payable | $3.00B | $2.98B | $3.60B | $5.21B | $4.32B | $3.74B | $3.18B | $2.30B | $365.0M | $303.0M |
| Short-term debt | $895.0M | $1.03B | $1.15B | $496.0M | $155.0M | $2.35B | $347.0M | $379.0M | $79.0M | $10.0M |
| Total current liabilities | $8.29B | $8.09B | $8.92B | $8.08B | $6.49B | $7.69B | $6.47B | $5.70B | $1.24B | $1.05B |
| Long-term debt | $13.04B | $12.91B | $9.95B | $11.07B | $11.58B | $11.14B | $12.83B | $14.20B | $4.23B | $4.33B |
| Total liabilities | $29.94B | $29.19B | $26.45B | $26.71B | $25.63B | $25.95B | $26.26B | $26.39B | $7.57B | $7.66B |
| Retained earnings | $5.62B | $4.79B | $4.56B | $3.54B | $3.20B | $2.06B | $1.58B | $1.18B | $2.65B | $2.27B |
| Total equity | $25.52B | $24.24B | $25.68B | $25.13B | $24.97B | $23.83B | $23.26B | $22.53B | $7.40B | $6.51B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.99B | $2.22B | $1.33B | $2.84B | $2.87B | $2.46B | $2.47B | $1.61B | $1.75B | $961.0M |
| Depreciation and amortisation | $455.0M | $422.0M | $402.0M | $399.0M | $410.0M | $362.0M | $358.0M | $233.0M | $142.0M | $191.0M |
| Stock-based compensation | $97.0M | $98.0M | $116.0M | $52.0M | $88.0M | $85.0M | $64.0M | $35.0M | $58.0M | $45.0M |
| Capital expenditure | $486.0M | $563.0M | $425.0M | $353.0M | $423.0M | $461.0M | $330.0M | $180.0M | $66.0M | $180.0M |
| Investing cash flow | -$573.0M | -$1.61B | -$784.0M | -$1.14B | $210.0M | -$316.0M | -$150.0M | -$19.13B | $180.0M | -$189.0M |
| Financing cash flow | -$999.0M | -$223.0M | -$832.0M | -$1.73B | -$2.76B | -$1.99B | -$2.36B | $17.58B | -$2.03B | $108.0M |
| Dividends paid | $1.25B | $1.19B | $1.14B | $1.08B | $955.0M | $846.0M | $844.0M | $232.0M | $55.0M | $386.0M |
| Buybacks | $9.0M | $1.11B | $706.0M | $379.0M | $0 | $0 | — | — | $399.0M | $519.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177266.
Others in SIC 2080
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|---|---|---|---|---|
| KO | COCA COLA CO | $378.92B | 29.0x | 1.9% |
| PEP | PEPSICO INC | $187.85B | 22.9x | 2.3% |
| BF-B | BROWN FORMAN CORP | $12.26B | 17.5x | -1.2% |
| PRMB | Primo Brands Corp | $7.97B | 137.5x | 29.3% |
| COCO | Vita Coco Company, Inc. | $3.16B | 46.3x | 18.2% |
| BRCC | BRC Inc. | $1.03B | — | 1.7% |
| WEST | Westrock Coffee Co | $756.6M | — | 39.8% |
| BUDA | BUDA JUICE, INC. | $99.3M | 39.5x | 11.8% |