Overview
Keurig Dr Pepper Inc.
Latest 10-K: FY2025, filed Feb 24, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $16.60B
- 8.2%YoYup from FY2024
- TotalRevenue
- Gross profit
- $9.00B
- 5.5%YoYup from FY2024
- GrossProfit
- Operating income
- $3.58B
- 38.0%YoYup from FY2024
- OperatingIncome
- Net income
- $2.08B
- 44.3%YoYup from FY2024
- NetIncome
- Diluted EPS
- $1.53
- 45.7%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 1.36B
- 0.4%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Keurig Dr Pepper Inc. reported revenue of $16.60B for fiscal 2025, up 8.2% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 21.5% and net margin was 12.5%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $1.53, up 45.7% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $16.60B8.2%up Benchmark median 6.4% | $15.35B3.6%up Benchmark median 4.5% | $14.81B5.4%up Benchmark median 4.8% | $14.06B10.8%up Benchmark median 10.3% | $12.68B9.2%up Benchmark median 13.8% | 7.0% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $9.00B5.5%up Benchmark median 6.8% | $8.53B5.6%up Benchmark median 5.5% | $8.08B10.3%up Benchmark median 5.2% | $7.32B5.0%up Benchmark median 8.3% | $6.98B7.6%up Benchmark median 15.7% | 6.6% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $3.58B38.0%up Benchmark median 7.3% | $2.59B18.8%down Benchmark median 7.4% | $3.19B22.5%up Benchmark median 4.9% | $2.60B10.0%down Benchmark median 7.5% | $2.89B16.7%up Benchmark median 23.5% | 5.4% Benchmark median 7.2% |
| Net Income | $2.08B44.3%up Benchmark median 4.8% | $1.44B33.9%down Benchmark median 5.7% | $2.18B51.9%up Benchmark median 1.9% | $1.44B33.1%down Benchmark median 1.3% | $2.15B62.0%up Benchmark median 33.9% | -0.8% Benchmark median 4.1% |
| EPS (Diluted) | $1.5345.7%up Benchmark median 6.2% | $1.0532.3%down Benchmark median 7.9% | $1.5553.5%up Benchmark median 1.9% | $1.0132.7%down Benchmark median 1.5% | $1.5061.3%up Benchmark median 34.8% | 0.5% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $55.46B3.8%up Benchmark median 5.6% | $53.43B2.5%up Benchmark median 3.4% | $52.13B0.6%up Benchmark median 4.1% | $51.84B2.4%up Benchmark median 2.2% | $50.60B1.6%up Benchmark median 6.7% | 2.3% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $29.94B2.6%up Benchmark median 6.4% | $29.19B10.3%up Benchmark median 1.9% | $26.45B1.0%down Benchmark median 2.9% | $26.71B4.2%up Benchmark median 2.0% | $25.63B1.2%down Benchmark median 5.2% | 4.0% Benchmark median 4.4% |
| Stockholders' Equity | $25.52B5.3%up Benchmark median 6.8% | $24.24B5.6%down Benchmark median 5.4% | $25.68B2.2%up Benchmark median 7.3% | $25.13B0.6%up Benchmark median 2.5% | $24.97B4.8%up Benchmark median 9.0% | 0.5% Benchmark median 6.1% |
| Cash & Equivalents | $1.03B101.2%up Benchmark median 5.2% | $0.51B91.0%up Benchmark median 1.9% | $0.27B50.1%down Benchmark median 6.7% | $0.54B5.6%down Benchmark median -8.6% | $0.57B136.2%up Benchmark median -2.9% | 16.0% Benchmark median 2.0% |
| Total Debt | $13.93B0.1%down Benchmark median 2.1% | $13.94B25.6%up Benchmark median 0.2% | $11.10B4.1%down Benchmark median 0.3% | $11.57B1.4%down Benchmark median 0.1% | $11.73B13.0%down Benchmark median -0.1% | 4.4% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.99B10.3%down Benchmark median 6.3% | $2.22B67.0%up Benchmark median 4.8% | $1.33B53.2%down Benchmark median 9.9% | $2.84B1.3%down Benchmark median -0.7% | $2.87B17.0%up Benchmark median 10.7% | -8.8% Benchmark median 7.0% |
| Capital Expenditures | $486.00M13.7%down Benchmark median 5.4% | $563.00M32.5%up Benchmark median 2.8% | $425.00M20.4%up Benchmark median 11.3% | $353.00M16.5%down Benchmark median 14.0% | $423.00M8.2%down Benchmark median 8.1% | 3.5% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $1.50B9.1%down Benchmark median 7.3% | $1.66B83.2%up Benchmark median 6.1% | $0.90B63.6%down Benchmark median 8.8% | $2.48B1.3%up Benchmark median -11.3% | $2.45B22.9%up Benchmark median 10.2% | -11.5% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
5.5%
Wall Street
on net earnings
FY2024 3.3%
3.9%
Value investor
on free cash flow
FY2024 3.8%
Gap −1.6 pts: Value-investor figure 1.6 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 18.3×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
7.6%
Wall Street
on EBITDA
FY2024 5.1%
6.7%
Value investor
on EBIT
FY2024 4.4%
Gap −0.9 pts: Value-investor figure 0.9 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 13.2×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
66.8%
Wall Street
on book equity
FY2024 55.2%
n/m
Value investor
on tangible book
FY2024 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.5×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
8.4%
Wall Street
ROE: net income ÷ equity
FY2024 5.8%
5.9%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 4.2%
Gap −2.5 pts: Value-investor figure 2.5 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
24.3%
Wall Street
EBITDA margin
FY2024 19.6%
9.1%
Value investor
Free-cash-flow margin
FY2024 10.8%
Gap −15.2 pts: Value-investor figure 15.2 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.64×
Wall Street
Current ratio
FY2024 0.49×
0.43×
Value investor
Quick ratio, inventory excluded
FY2024 0.33×
Gap −0.21×: Value-investor figure 0.21 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.29×
Wall Street
EBITDA ÷ total debt
FY2024 0.22×
0.11×
Value investor
FCF ÷ total debt
FY2024 0.12×
Gap −0.18×: Value-investor figure 0.18 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 3.75×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
106.1×
Wall Street
EBITDA ÷ interest
FY2024 91.3×
94.1×
Value investor
EBIT ÷ interest
FY2024 78.5×
Gap −12.0×: Value-investor figure 12.0 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on KDP yet.
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Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/KDP
Valuein. (2026, October 31). Keurig Dr Pepper Inc. (KDP) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/KDP
@misc{valuein_kdp_2026,
author = {{Valuein}},
title = {Keurig Dr Pepper Inc. (KDP) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/KDP}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 24, 2026 · accession 0001418135-26-000016
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