Keurig Dr Pepper Inc.

Listed Company

KDPCIK 0001418135NasdaqLarge AcceleratedBeveragesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$16.60B

Net Income

$2.08B

Total Assets

$55.46B

Equity

$25.52B

Shares Out

1.36B

Op. Cash Flow

$1.99B

Business

Keurig Dr Pepper Inc. is a leading North American beverage company that manufactures, markets, distributes, and sells hot and cold beverages and single‑serve brewing systems. It offers a broad portfolio of owned, licensed, and partner brands (including Dr Pepper, Canada Dry, Mott’s, Snapple, Green Mountain Coffee Roasters, and Keurig brewers) as well as K‑Cup pods, ready‑to‑drink products, concentrates, syrups, and brewing appliances. The company operates through three reportable segments: U.S. Refreshment Beverages, U.S. Coffee, and International. It sells products across the U.S., Canada, Mexico, and the Caribbean through retailers, bottlers and distributors, direct store delivery and warehouse distribution, e‑commerce, and away‑from‑home channels.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	16,603	15,351	14,814	14,057	12,683
Cost of sales	7,604	6,822	6,734	6,734	5,706
Gross profit	8,999	8,529	8,080	7,323	6,977
Selling, general, and administrative expenses	5,351	5,013	4,912	4,645	4,153
Impairment of goodwill	0	306	0	0	—
Impairment of intangible assets (excluding goodwill)	78	412	2	477	0
Other operating (income) expense, net	−5	207	−26	−105	−70
Income from operations	3,575	2,591	3,192	2,605	2,894
Interest expense	754	735	496	693	—
Other expense (income), net	134	−58	−61	14	−2
Income before provision for income taxes	2,687	1,914	2,757	1,719	2,798
Income Tax Expense (Benefit)	608	473	576	284	653
Net income	2,079	1,441	2,181	1,436	2,146
Basic (in dollars per share)	1.53	1.06	1.56	1.01	1.52
Diluted (in dollars per share)	1.53	1.05	1.55	1.01	1.5
Basic (in shares)	1,358	1,362	1,399	1,417	1,416
Diluted (in shares)	1,363	1,368	1,408	1,429	1,428

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and Cash Equivalent	1,026	510	267	535	567
Restricted Cash and Cash Equivalent, Current	18	80	0	0	1
Trade accounts receivable, net	1,671	1,502	1,368	1,484	1,148
Inventories	1,733	1,299	1,142	1,314	894
Prepaid expenses and other current assets	818	606	598	471	447
Total current assets	5,266	3,997	3,375	3,804	3,057
Property, plant, and equipment, net	3,230	2,964	2,699	2,491	2,494
Equity method investments	1,660	1,543	1,387	1,000	30
Goodwill	20,247	20,053	20,202	20,072	20,182
Intangible assets, net	23,725	23,634	23,287	23,183	23,856
Deferred tax assets	36	39	31	35	42
Other non-current assets	1,295	1,200	1,149	1,252	937
Total assets	55,459	53,430	52,130	51,837	50,598
Accounts payable	2,996	2,985	3,597	5,206	4,316
Accrued expenses	1,379	1,584	1,242	1,153	1,110
Structured payables	25	41	117	137	142
Short-term borrowings and current portion of long-term obligations	3,105	2,642	3,246	895	304
Other current liabilities	785	835	714	685	613
Total current liabilities	8,290	8,087	8,916	8,076	6,485
Long-term obligations	13,036	12,912	9,945	11,072	11,578
Deferred tax liabilities	5,526	5,435	5,760	5,739	5,986
Other non-current liabilities	3,091	2,753	1,833	1,825	1,577
Total liabilities	29,943	29,187	26,454	26,712	25,626
Preferred Stock, Value, Issued	0	0	0	0	0
Common Stock, Value, Issued	14	14	14	14	14
Additional paid-in capital	19,778	19,712	20,788	21,444	21,785
Retained earnings	5,622	4,793	4,559	3,539	3,199
Accumulated other comprehensive income (loss)	102	−276	315	129	−26
Total equity	25,516	24,243	25,676	25,126	24,972
Stockholders' Equity Attributable to Noncontrolling Interest	0	0	0	−1	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	25,516	24,243	25,676	25,125	24,972
Total liabilities and stockholders' equity	55,459	53,430	52,130	51,837	50,598

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation expense	455	422	402	399	410
Amortization of intangibles	138	133	137	138	134
Other amortization expense	160	178	181	172	164
Provision for sales returns	60	70	61	61	63
Deferred income taxes	45	−254	−4	−289	31
Employee stock-based compensation expense	97	98	116	52	88
Gain (loss) on disposition of property, plant, and equipment	−2	16	−1	−80	−75
Unrealized (gain) loss on foreign currency	−6	33	−13	26	9
Unrealized (gain) loss on derivatives	−1	91	31	383	−70
Settlements of interest rate contracts	0	0	54	125	0
Earnings of equity method investments	81	42	33	5	5
Earned equity from distribution arrangements	54	94	44	—	—
Other, net	−26	0	−6	28	20
Trade accounts receivable	202	209	−70	−398	−152
Inventories	405	92	−182	−426	−133
Income taxes receivable and payable, net	−141	133	−199	−105	114
Other current and non-current assets	216	227	192	−456	−243
Accounts payable and accrued expenses	−212	−196	−1,618	903	762
Other current and non-current liabilities	173	0	10	207	3
Net change in operating assets and liabilities	1,003	591	1,747	−275	351
Net cash provided by operating activities	1,991	2,219	1,329	2,837	2,874
Acquisition of business, net of cash acquired	149	1,000	0	0	—
Purchases of property, plant, and equipment	486	563	425	−353	−423
Proceeds from sale of property, plant, and equipment	−14	−4	−9	−168	−122
Purchases of intangibles	17	59	56	26	32
Investments in unconsolidated affiliates	1	7	316	−962	0
Other, net	−66	−11	−4	6	−16
Net cash used in investing activities	−573	−1,614	−784	−1,135	210
Proceeds from issuance of Notes	2,000	3,000	0	3,000	2,150
Repayments of Notes	−1,029	−1,150	−500	−3,365	−3,595
Net issuance (repayment) of commercial paper	594	−480	1,697	250	—
Proceeds from term loan	0	990	0	0	—
Repayment of term loan	990	0	0	—	—
Proceeds from structured payables	31	49	130	—	156
Repayments of structured payables	47	129	148	—	—
Cash dividends paid	1,250	1,194	1,142	−1,080	−955
Repurchases of common stock, inclusive of excise tax obligation	−9	−1,110	−706	−379	0
Tax withholdings related to net share settlements	31	61	62	−15	−125
Payments on finance leases	−129	−115	−95	−90	−54
Deferred financing charges paid	134	16	0	—	—
Other, net	−5	−7	−6	−46	−36
Net cash used in financing activities	−999	−223	−832	−1,728	−2,762
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Excluding Exchange Rate Effect, Including Discontinued Operation, Total	419	382	−287	−26	322
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation	17	−41	19	−7	−9
Capital Expenditures Incurred but Not yet Paid	204	220	276	213	189
Noncash or Part Noncash Acquisition, Other Liabilities Assumed	0	98	0	0	—
Interest Paid, Excluding Capitalized Interest, Operating Activity	594	494	443	363	477

Filings

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