Keurig Dr Pepper Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Keurig Dr Pepper Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,269	6,690	7,442	11,120	11,618	12,683	14,057	14,814	15,351	16,603
Cost of revenue	2,225	2,695	3,560	4,778	5,132	5,706	6,734	6,734	6,822	7,604
Gross profit	2,044	3,995	3,882	6,342	6,486	6,977	7,323	8,080	8,529	8,999
Research and development	56	20	64	81	69	66	65	66	70	70
Selling, general and administrative	1,147	2,556	2,635	3,962	3,978	4,153	4,645	4,912	5,013	5,351
Selling and marketing	140	547	411	670	489	540	537	640	657	629
Operating income	897	1,388	1,237	2,378	2,480	2,894	2,605	3,192	2,591	3,575
Interest expense	101	164	401	654	604	500	693	496
Interest income		3
Other non-operating income	-44	8	19	-19	-17	2	-14	61	58	-134
Pre-tax income	567	1,173	791	1,694	1,753	2,798	1,719	2,757	1,914	2,687
Income tax	184	95	202	440	428	653	284	576	473	608
Income from continuing operations		1,078
Net income to minority interests	5		3	0	0	-1	-1	2,181	0
Net income	378	1,076	586	1,254	1,325	2,146	1,436	2,181	1,441	2,079
EBITDA	1,039	1,490	1,470	2,736	2,842	3,304	3,004	3,594	3,013	4,030
EPS, basic	0.48	5.91	0.54	0.89	0.94	1.52	1.01	1.56	1.06	1.53
EPS, diluted	0.47	5.89	0.53	0.88	0.93	1.50	1.01	1.55	1.05	1.53
Shares, basic (weighted)	791	182	1,086	1,407	1,407	1,416	1,417	1,399	1,362	1,358
Shares, diluted (weighted)	791	183	1,098	1,419	1,422	1,428	1,429	1,408	1,368	1,363
Dividend per share		2.32		0.60	0.60	0.71	0.78	0.83	0.89	0.92

Balance sheet

	FY2018	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	66	90	83	75	240	567	535	267	510	1,026
Receivables	447	483	1,150	1,115	1,048	1,148	1,484	1,368	1,502	1,671
Inventory	474	384	626	654	762	894	1,314	1,142	1,299	1,733
Other current assets	43	49	254	403	323	447	471	598	433	484
Total current assets	1,390	1,056	2,159	2,273	2,388	3,057	3,804	3,375	3,997	5,266
Property, plant and equipment	800	790	2,310	2,028	2,212	2,494	2,491	2,699	2,964	3,230
Lease right-of-use assets			0	497	645	673	881	876	880	845
Goodwill	9,829	9,819	20,011	20,172	20,184	20,182	20,072	20,202	20,053	20,247
Intangible assets	3,862	3,834	23,967	24,117	23,968	23,856	23,183	23,287	23,634	23,725
Long-term investments	46	48
Other non-current assets	98	121	259	748	894	937	1,252	1,149	1,200	1,295
Total assets	16,107	15,744	48,918	49,518	49,779	50,598	51,837	52,130	53,430	55,459
Accounts payable	1,434	1,580	2,300	3,176	3,740	4,316	5,206	3,597	2,985	2,996
Accrued liabilities	231	201	1,012	939	1,040	1,110	1,153	1,242	1,584	1,379
Deferred revenue	3	64
Short-term debt	82	219	1,458	1,593	2,345	304	895	3,246	2,642	3,105
Total current liabilities	1,914	2,018	5,702	6,474	7,694	6,485	8,076	8,916	8,087	8,290
Long-term debt	3,660	4,879	14,201	12,827	11,143	11,578	11,072	9,945	12,912	13,036
Lease liabilities			0	427	580	608	803	793	790	764
Other non-current liabilities	57	56	559	930	1,119	1,577	1,825	1,833	2,753	3,091
Total liabilities	9,060	8,081	26,385	26,261	25,949	25,626	26,712	26,454	29,187	29,943
Total debt	4,239	5,098	14,580	13,174	13,488	11,733	11,568	11,095	13,938	13,931
Paid-in capital	6,385	6,385	21,471	21,557	21,677	21,785	21,444	20,788	19,712	19,778
Retained earnings	337	914	1,178	1,582	2,061	3,199	3,539	4,559	4,793	5,622
Other comprehensive income	106	99	-130	104	77	-26	129	315	-276	102
Shareholders' equity	6,828	7,398	22,533	23,257	23,829	24,972	25,126	25,676	24,243	25,516
Minority interests			0	0	1	0	-1	0	0	0
Total equity	6,828	7,398	22,533	23,257	23,830	24,972	25,125	25,676	24,243	25,516
Total liabilities and equity	16,107	15,744	48,918	49,518	49,779	50,598	51,837	52,130	53,430	55,459
Shares outstanding	6.21	790	1,406	1,407	1,407	1,418	1,408	1,390	1,357	1,359

Cash flow statement

	FY2018	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	383	1,076	589	1,254	1,325	2,145	1,435	2,181	1,441	2,079
Depreciation and amortization	142	102	233	358	362	410	399	402	422	455
Stock-based compensation	58	36	35	64	85	88	52	116	98	97
Deferred income tax	15	-201	-81	-23	-51	31	-289	-4	-254	45
Change in receivables	-54	-47	82	-7	-5	-152	-398	70	-209	-202
Change in inventory	108	0	185	-24	-107	-133	-426	182	-92	-405
Change in payables		24
Cash from operations	1,749	1,038	1,613	2,474	2,456	2,874	2,837	1,329	2,219	1,991
Capital expenditures	-66	-202	-180	-330	-461	-423	-353	-425	-563	-486
Acquisitions	0	-1,556	-19,114	-8	0	0	0	0	-1,000	-149
Cash from investing	180	-1,763	-19,131	-150	-316	210	-1,135	-784	-1,614	-573
Debt issued	0		8,000	0	1,500	2,150	3,000	0	3,000	2,000
Debt repaid	0		0	-250	-250	-3,595	-3,365	-500	-1,150	-1,029
Stock issued	0	20	9,000	0	0	140	0	0
Share buybacks	0	-399	0		0	0	-379	-706	-1,110	-9
Dividends paid	-55	-414	-232	-844	-846	-955	-1,080	-1,142	-1,194	-1,250
Cash from financing	-2,026	-907	17,577	-2,364	-1,990	-2,762	-1,728	-832	-223	-999
Exchange rate effect	8	3	-15	12	-6	-9	-7	19	-41	17
Net change in cash	-97		59	-40	150	322	-26	-287	382	419
Free cash flow	1,683	836	1,433	2,144	1,995	2,451	2,484	904	1,656	1,505
Interest paid	167	143	180	521	515	477	363	443	494	594
Income taxes paid	159	291	210	433	582	506	686	507	331	460

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $31.95 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.4%	Gross profit / revenue.
Operating margin	16.2%	Operating income / revenue.
EBITDA margin	19.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.8%	Pre-tax income / revenue.
Net margin	7.1%	Net income / revenue.
FCF margin	9.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.6%	Cash from operations / revenue.
Effective tax rate	24.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.6%	Net income / average total assets.
Return on invested capital (ROIC)	5.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	32.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	38.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	33.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	44.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	13.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	45.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	14.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-11.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-9.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.48x	Current assets / current liabilities.
Quick ratio	0.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.99x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.3%	Total debt / total assets.
Liabilities / assets	61.6%	Total liabilities / total assets.
Net debt	$23.30B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$10.28B	Current assets - current liabilities.
Goodwill and intangibles / assets	77.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$42.84B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.23x	Revenue / average total assets.
Fixed asset turnover	3.18x	Revenue / average property, plant and equipment.
Inventory turnover	2.64x	Cost of revenue / average inventory.
Days inventory	138 days	365 x average inventory / cost of revenue.
Receivables turnover	8.29x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
Days payables	226 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-43 days	Days inventory + days sales outstanding - days payables.
FCF conversion	138.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.72	Revenue / diluted weighted shares.
FCF per share	$1.44	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.85	Cash from operations / diluted weighted shares.
Book value per share	$18.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$31.48	Tangible book value / shares outstanding.
Cash per share	$1.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$43.48B	Share price x shares outstanding.
Enterprise value	$66.78B	Market cap + total debt - cash - short-term investments.
P/E	30.5x	Market cap / net income. Only when net income is positive.
P/S	2.16x	Market cap / revenue.
P/B	1.74x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	22.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.2x	Market cap / cash from operations, when positive.
EV/Sales	3.32x	Enterprise value / revenue.
EV/EBIT	20.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	33.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
PEG	2.05x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Keurig Dr Pepper Inc.'s revenue in fiscal 2025?

Keurig Dr Pepper Inc. reported revenue of $16.60B for fiscal 2025, 8.2% higher than the year before.

Was Keurig Dr Pepper Inc. profitable in fiscal 2025?

Yes. Net income was $2.08B, a net margin of 12.5%.

How much free cash flow did Keurig Dr Pepper Inc. generate in fiscal 2025?

Cash from operations of $1.99B minus capital expenditures of $486.0M left free cash flow of $1.51B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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