Keurig Dr Pepper

KDP · Nasdaq · Consumer Staples · Financials, fiscal 2016 to 2025

KDP · Last close · October 26, 2026

$34.99

Keurig Dr Pepper's revenue rose 8.2% to $16.6 billion in fiscal 2025. Its operating margin was 21.5%, up from 16.9% a year earlier. Free cash flow was $1.5 billion, down 9.1%. It paid out $1.3 billion in dividends and buybacks, 84% of free cash flow. The diluted share count fell 0.4%.

Keurig Dr Pepper Inc. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001418135-26-000016 Updated October 9, 2026

Revenue

$16.6B

8.2%

Operating margin

21.5%

4.7 pts

Net income

$2.1B

44.3%

Free cash flow

$1.5B

9.1%

Return on capital

6.8%

1.9 pts

Market cap

$47.7B

Oct 26 close

P/E

35.3x

On $0.99 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

What Keurig Dr Pepper does

Keurig Dr Pepper makes, markets, distributes and sells hot and cold drinks and Keurig single-serve coffee brewers in the U.S., Canada, Mexico, the Caribbean and other markets. Its brands include Dr Pepper, Canada Dry, Mott's, A&W, Peñafiel, GHOST, 7UP, Snapple and Green Mountain Coffee Roasters, and it offers more than 125 owned, licensed and partner brands. It was created on July 9, 2018, by combining Keurig with DPS, a group of beverage brands built through acquisitions.

It has three segments. U.S. Refreshment Beverages makes concentrates, syrups and finished drinks and sells them to bottlers, distributors, retailers and fountain customers such as fast food restaurants. U.S. Coffee sells Keurig brewers, coffee and K-Cup pods, and also makes pods for partner brands such as Starbucks, Dunkin', Folgers and Peet's. International covers Canada, Mexico, the Caribbean and other markets. Its largest retailer, Walmart, made up approximately 16% of net sales in 2025. It names Coca-Cola, PepsiCo, Starbucks, J.M. Smucker, Kraft Heinz and Nestlé as its main competitors, though it says many are also its partners or customers.

In August 2025 it agreed to buy JDE Peet's, a coffee company whose brands include Jacobs, L'OR and Peet's. It has also announced plans to separate its beverage and coffee businesses into two independent public companies after that deal closes. It has approximately 30,600 employees, primarily in North America.

Its biggest risks, as it describes them

Disruptions to its manufacturing, distribution or supply chain, including higher costs for ingredients and materials.
Its dependence on third-party bottlers and distributors for a large part of its business.
Changes in how retailers operate, or lower sales to any of its key customers.
Losing its relationships with the outside brand owners whose drinks and pods it makes or distributes.
The JDE Peet's deal may not close on time or at all, or may be harder and costlier to integrate than expected.

From Keurig Dr Pepper's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 11.4% a year and net income grew 10.5% a year, as new shares raised the share count by 630% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Keurig Dr Pepper yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Keurig Dr Pepper's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Keurig Dr Pepper's fiscal 2025 free cash flow of $1.5B, net cash of −$16.0B at December 31, 2025 and 1,363 million diluted shares, from its filings. The scenarios are fitted to Keurig Dr Pepper: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 5.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Soft Drinks & Non-alcoholic Beverages); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Keurig Dr Pepper's own revenue growth, as above. Cautious: growth of 3% then 2.5% a year, 2% after year 10, a 8% discount rate. Base: growth of 5.5% then 4% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 8.5% then 6% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $34.99
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Keurig Dr Pepper's earnings per share of $0.99 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24×, the middle of Keurig Dr Pepper's own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Monster Beverage, Coca-Cola, PepsiCo.

Earnings growth in the years ahead (% a year) Starts at Keurig Dr Pepper's revenue growth over the last 3 years, 5.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $34.99
Value at this multiple, against the last close: —
Keurig Dr Pepper's P/E at the last close: 35.3×

Company	Last close	Earnings per share	P/E today
Keurig Dr PepperKDP	$34.99	$0.99	35.3×
Coca-ColaKO	$92.70	$3.18	29.2×
Monster BeverageMNST	$46.44	$2.16	21.5×
PepsiCoPEP	$135.46	$7.96	17.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	567	535	267	510	1,026
Debt incl. finance leases	12,582	12,680	13,917	16,356	17,065
Net debt (negative means net cash)	12,015	12,145	13,650	15,846	16,039
Net debt to EBITDA	3.5x	3.9x	3.7x	5.0x	3.9x
Debt to equity	0.5x	0.5x	0.5x	0.7x	0.7x
Interest coverage	5.8x	3.8x	6.4x	5.2x	6.0x
Current ratio	0.5x	0.5x	0.4x	0.5x	0.6x
Quick ratio	0.3x	0.3x	0.2x	0.3x	0.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $250,247 of Keurig Dr Pepper shares on the open market, and 2 insiders sold $1.4 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 9, 2026	Mary Beth DeNooyerChief Human Resources Officer	Sold	12,000	$32.30	$387,600	Form 4
Sep 8, 2026	Mary Beth DeNooyerChief Human Resources Officer	Sold	12,000	$32.55	$390,600	Form 4
Sep 3, 2026	Angela A. StephensSenior VP & Controller	Sold	9,500	$32.70	$310,650	Form 4
Aug 25, 2026	Aaron E AltDirector	Bought	7,862	$31.83	$250,247	Form 4
Dec 12, 2025	Angela A. StephensSenior VP & Controller	Sold	10,000	$29.52	$295,200	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Fail
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	6 of 9	7 of 9	6 of 9
Accruals ratio	1.6%	−1.5%	0.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Keurig Dr Pepper side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Keurig Dr Pepper	FY25	8.2%	21.5%	9.1%	6.8%	3.9x	6
Monster Beverage	FY25	10.7%	29.2%	23.7%	36.1%	−1.1x	9	Compare
Coca-Cola Consolidated	FY25	4.8%	13.2%	8.6%	39.7%	2.2x	—	Compare
Coca-Cola	FY25	1.9%	28.7%	11.1%	18.3%	2.1x	7	Compare
PepsiCo	FY25	2.2%	12.2%	8.2%	16.4%	2.6x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	6,440	6,690	7,442	11,120	11,618	12,683	14,057	14,814	15,351	16,603
Revenue growth	2.5%	3.9%	11.2%	49.4%	4.5%	9.2%	10.8%	5.4%	3.6%	8.2%
Gross profit	3,858	3,995	3,882	6,342	6,486	6,977	7,323	8,080	8,529	8,999
Research and development	20	20	64	81	69	66	65	66	70	70
Operating income	1,433	1,388	1,237	2,378	2,480	2,894	2,605	3,192	2,591	3,575
Net income	847	1,076	586	1,254	1,325	2,146	1,436	2,181	1,441	2,079
Diluted EPS (US$)	4.54	5.89	0.53	0.88	0.93	1.50	1.01	1.55	1.05	1.53
Diluted shares (millions)	187	183	1,098	1,419	1,422	1,428	1,428	1,408	1,368	1,363
Cash flow
Cash from operations	961	1,038	1,613	2,474	2,456	2,874	2,837	1,329	2,219	1,991
Capital expenditure	180	202	180	330	461	423	353	425	563	486
Free cash flow	781	836	1,433	2,144	1,995	2,451	2,484	904	1,656	1,505
Dividends paid	386	414	232	844	846	955	1,080	1,142	1,194	1,250
Share buybacks	519	399	0	0	0	0	379	706	1,110	9
Acquisitions	15	1,556	19,114	8	0	0	0	0	1,000	149
Stock-based compensation	45	36	35	64	85	88	52	116	98	97
Balance sheet at fiscal year end
Cash and short-term investments	1,787	90	83	75	240	567	535	267	510	1,026
Debt incl. finance leases	4,478	5,098	15,659	14,730	13,830	12,582	12,680	13,917	16,356	17,065
Total assets	9,791	15,744	48,918	49,518	49,779	50,598	51,837	52,130	53,430	55,459
Total liabilities	7,657	8,081	26,385	26,261	25,949	25,626	26,712	26,454	29,187	29,943
Shareholders' equity	2,134	7,398	22,533	23,257	23,829	24,972	25,126	25,676	24,243	25,516
Margins and ratios
Gross margin	59.9%	59.7%	52.2%	57.0%	55.8%	55.0%	52.1%	54.5%	55.6%	54.2%
Operating margin	22.2%	20.8%	16.6%	21.4%	21.4%	22.8%	18.5%	21.6%	16.9%	21.5%
Net margin	13.2%	16.1%	7.9%	11.3%	11.4%	16.9%	10.2%	14.7%	9.4%	12.5%
Free cash flow margin	12.1%	12.5%	19.3%	19.3%	17.2%	19.3%	17.7%	6.1%	10.8%	9.1%
Return on capital	20.0%	14.8%	3.6%	4.6%	5.0%	6.0%	5.9%	6.6%	4.9%	6.8%
Return on equity	39.2%	22.6%	3.9%	5.5%	5.6%	8.8%	5.7%	8.6%	5.8%	8.4%
Return on assets	9.1%	8.4%	1.8%	2.5%	2.7%	4.3%	2.8%	4.2%	2.7%	3.8%
Net debt to EBITDA	1.8x	3.4x	9.8x	5.1x	4.6x	3.5x	3.9x	3.7x	5.0x	3.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Keurig Dr Pepper's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Keurig Dr Pepper.