Keurig Dr Pepper Inc Financials
This page shows Keurig Dr Pepper Inc (KDP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Keurig Dr Pepper Inc has an operating margin of 16.9%, meaning the company retains $17 of operating profit per $100 of revenue. This strong profitability earns a score of 84/100, reflecting efficient cost management and pricing power. This is down from 21.6% the prior year.
Keurig Dr Pepper Inc's revenue grew a modest 3.6% year-over-year to $15.4B. This slow but positive growth earns a score of 39/100.
Keurig Dr Pepper Inc carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
Keurig Dr Pepper Inc's current ratio of 0.49 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
Keurig Dr Pepper Inc has a free cash flow margin of 10.8%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.
Keurig Dr Pepper Inc generates a 5.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is down from 8.5% the prior year.
Keurig Dr Pepper Inc scores 1.31, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($40.3B) relative to total liabilities ($29.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Keurig Dr Pepper Inc passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Keurig Dr Pepper Inc generates $1.54 in operating cash flow ($2.2B OCF vs $1.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Keurig Dr Pepper Inc generated $15.4B in revenue in fiscal year 2024. This represents an increase of 3.6% from the prior year.
Keurig Dr Pepper Inc's EBITDA was $3.2B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 15.0% from the prior year.
Keurig Dr Pepper Inc generated $1.7B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 83.2% from the prior year.
Keurig Dr Pepper Inc reported $1.4B in net income in fiscal year 2024. This represents a decrease of 33.9% from the prior year.
Keurig Dr Pepper Inc earned $1.05 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 32.3% from the prior year.
Keurig Dr Pepper Inc held $510.0M in cash against $12.9B in long-term debt as of fiscal year 2024.
Keurig Dr Pepper Inc paid $0.89 per share in dividends in fiscal year 2024. This represents an increase of 7.2% from the prior year.
Keurig Dr Pepper Inc had 1.36B shares outstanding in fiscal year 2024. This represents a decrease of 2.4% from the prior year.
Keurig Dr Pepper Inc's gross margin was 55.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.
Keurig Dr Pepper Inc's operating margin was 16.9% in fiscal year 2024, reflecting core business profitability. This is down 4.7 percentage points from the prior year.
Keurig Dr Pepper Inc's net profit margin was 9.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 5.3 percentage points from the prior year.
Keurig Dr Pepper Inc's ROE was 5.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.
Keurig Dr Pepper Inc invested $70.0M in research and development in fiscal year 2024. This represents an increase of 6.1% from the prior year.
Keurig Dr Pepper Inc spent $1.1B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 57.2% from the prior year.
Keurig Dr Pepper Inc invested $563.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 32.5% from the prior year.
KDP Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B+3.4% | $4.2B+14.5% | $3.6B-10.7% | $4.1B+3.8% | $3.9B+13.1% | $3.5B-10.3% | $3.9B+1.6% | $3.8B |
| Cost of Revenue | $2.0B+3.0% | $1.9B+15.6% | $1.6B-8.0% | $1.8B+2.5% | $1.8B+14.5% | $1.5B-9.2% | $1.7B-0.6% | $1.7B |
| Gross Profit | $2.3B+3.8% | $2.3B+13.6% | $2.0B-12.8% | $2.3B+4.8% | $2.2B+12.0% | $1.9B-11.2% | $2.2B+3.5% | $2.1B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.3B-0.9% | $1.4B+13.8% | $1.2B-8.1% | $1.3B+0.2% | $1.3B+10.1% | $1.2B-6.5% | $1.3B+3.4% | $1.2B |
| Operating Income | $995.0M+10.8% | $898.0M+12.1% | $801.0M+1171.4% | $63.0M-92.7% | $861.0M+12.5% | $765.0M-18.9% | $943.0M+5.2% | $896.0M |
| Interest Expense | -$188.0M-4.4% | -$180.0M-21.6% | -$148.0M-39.6% | -$106.0M+48.0% | -$204.0M-14.6% | -$178.0M-119.2% | $928.0M+491.6% | -$237.0M |
| Income Tax | $190.0M+11.1% | $171.0M+19.6% | $143.0M+1530.0% | -$10.0M-106.4% | $157.0M+12.1% | $140.0M-32.0% | $206.0M+41.1% | $146.0M |
| Net Income | $662.0M+21.0% | $547.0M+5.8% | $517.0M+459.0% | -$144.0M-128.0% | $515.0M+13.4% | $454.0M-34.5% | $693.0M+33.8% | $518.0M |
| EPS (Diluted) | $0.49+22.5% | $0.40+5.3% | $0.38+445.5% | $-0.11-128.9% | $0.38+15.2% | $0.33-32.7% | $0.49+32.4% | $0.37 |
KDP Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $54.6B+0.4% | $54.4B+1.2% | $53.7B+0.5% | $53.4B+2.1% | $52.3B+0.1% | $52.3B+0.3% | $52.1B+0.7% | $51.8B |
| Current Assets | $4.7B+2.1% | $4.6B+6.0% | $4.3B+8.7% | $4.0B+4.7% | $3.8B+7.1% | $3.6B+5.7% | $3.4B-0.9% | $3.4B |
| Cash & Equivalents | $516.0M+1.4% | $509.0M-22.1% | $653.0M+28.0% | $510.0M+16.4% | $438.0M+38.2% | $317.0M+18.7% | $267.0M+2.7% | $260.0M |
| Inventory | $1.8B+5.7% | $1.7B+13.1% | $1.5B+18.5% | $1.3B+3.8% | $1.3B+4.0% | $1.2B+5.4% | $1.1B-15.3% | $1.3B |
| Accounts Receivable | $1.5B-0.1% | $1.5B+12.7% | $1.3B-11.5% | $1.5B+8.1% | $1.4B+6.0% | $1.3B-4.2% | $1.4B+7.0% | $1.3B |
| Goodwill | $20.2B-0.1% | $20.2B+0.8% | $20.1B0.0% | $20.1B-0.1% | $20.1B-0.4% | $20.2B-0.2% | $20.2B+0.4% | $20.1B |
| Total Liabilities | $29.3B-0.3% | $29.4B+0.4% | $29.3B+0.2% | $29.2B+5.7% | $27.6B0.0% | $27.6B+4.5% | $26.5B+0.2% | $26.4B |
| Current Liabilities | $7.5B+4.2% | $7.2B-21.3% | $9.2B+13.4% | $8.1B+7.7% | $7.5B+7.2% | $7.0B-21.4% | $8.9B+1.2% | $8.8B |
| Long-Term Debt | $13.5B-2.8% | $13.9B+16.7% | $11.9B-7.6% | $12.9B+4.1% | $12.4B-4.0% | $12.9B+30.0% | $9.9B+0.1% | $9.9B |
| Total Equity | $25.3B+1.4% | $25.0B+2.2% | $24.4B+0.8% | $24.2B-1.9% | $24.7B+0.3% | $24.7B-4.0% | $25.7B+1.2% | $25.4B |
| Retained Earnings | $5.6B+6.7% | $5.2B+4.7% | $5.0B+4.3% | $4.8B-3.1% | $4.9B+4.7% | $4.7B+3.6% | $4.6B+9.5% | $4.2B |
KDP Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $639.0M+48.3% | $431.0M+106.2% | $209.0M-75.4% | $849.0M+29.2% | $657.0M+672.9% | $85.0M-71.4% | $297.0M-48.8% | $580.0M |
| Capital Expenditures | $112.0M+5.7% | $106.0M-11.7% | $120.0M-27.3% | $165.0M+43.5% | $115.0M-27.2% | $158.0M+2.6% | $154.0M+26.2% | $122.0M |
| Free Cash Flow | $527.0M+62.2% | $325.0M+265.2% | $89.0M-87.0% | $684.0M+26.2% | $542.0M+842.5% | -$73.0M-151.0% | $143.0M-68.8% | $458.0M |
| Investing Cash Flow | -$112.0M+49.3% | -$221.0M-287.7% | -$57.0M+94.7% | -$1.1B-691.2% | -$136.0M+29.5% | -$193.0M-19.9% | -$161.0M+61.7% | -$420.0M |
| Financing Cash Flow | -$525.0M-30.6% | -$402.0M-5642.9% | -$7.0M-102.5% | $281.0M+173.9% | -$380.0M-340.5% | $158.0M+217.0% | -$135.0M+22.4% | -$174.0M |
| Dividends Paid | $312.0M-0.3% | $313.0M+0.3% | $312.0M+0.3% | $311.0M+6.5% | $292.0M-2.3% | $299.0M-0.3% | $300.0M+7.5% | $279.0M |
| Share Buybacks | $0-100.0% | $9.0M | $0-100.0% | $5.0M | $0-100.0% | $1.1B+343.8% | $249.0M | $0 |
KDP Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.3%+0.2pp | 54.2%-0.4pp | 54.6%-1.3pp | 56.0%+0.6pp | 55.4%-0.6pp | 55.9%-0.5pp | 56.5%+1.0pp | 55.5% |
| Operating Margin | 23.1%+1.5pp | 21.6%-0.5pp | 22.0%+20.5pp | 1.6%-20.4pp | 21.9%-0.1pp | 22.1%-2.3pp | 24.4%+0.8pp | 23.5% |
| Net Margin | 15.4%+2.2pp | 13.1%-1.1pp | 14.2%+17.8pp | -3.5%-16.7pp | 13.1%+0.0pp | 13.1%-4.8pp | 17.9%+4.3pp | 13.6% |
| Return on Equity | 2.6%+0.4pp | 2.2%+0.1pp | 2.1%-0.4pp | 2.5%+0.4pp | 2.1%+0.2pp | 1.8%-0.9pp | 2.7%+0.7pp | 2.0% |
| Return on Assets | 1.2%+0.2pp | 1.0%+0.1pp | 1.0%+1.2pp | -0.3%-1.3pp | 1.0%+0.1pp | 0.9%-0.5pp | 1.3%+0.3pp | 1.0% |
| Current Ratio | 0.62-0.0 | 0.64+0.2 | 0.47-0.0 | 0.49-0.0 | 0.510.0 | 0.51+0.1 | 0.380.0 | 0.39 |
| Debt-to-Equity | 0.53-0.0 | 0.56+0.1 | 0.49-0.0 | 0.53+0.0 | 0.50-0.0 | 0.52+0.1 | 0.390.0 | 0.39 |
| FCF Margin | 12.2%+4.4pp | 7.8%+5.4pp | 2.5%-14.4pp | 16.8%+3.0pp | 13.8%+15.9pp | -2.1%-5.8pp | 3.7%-8.3pp | 12.0% |
Note: The current ratio is below 1.0 (0.49), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Keurig Dr Pepper Inc's annual revenue?
Keurig Dr Pepper Inc (KDP) reported $15.4B in total revenue for fiscal year 2024. This represents a 3.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Keurig Dr Pepper Inc's revenue growing?
Keurig Dr Pepper Inc (KDP) revenue grew by 3.6% year-over-year, from $14.8B to $15.4B in fiscal year 2024.
Is Keurig Dr Pepper Inc profitable?
Yes, Keurig Dr Pepper Inc (KDP) reported a net income of $1.4B in fiscal year 2024, with a net profit margin of 9.4%.
What is Keurig Dr Pepper Inc's earnings per share (EPS)?
Keurig Dr Pepper Inc (KDP) reported diluted earnings per share of $1.05 for fiscal year 2024. This represents a -32.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Keurig Dr Pepper Inc's EBITDA?
Keurig Dr Pepper Inc (KDP) had EBITDA of $3.2B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Keurig Dr Pepper Inc have?
As of fiscal year 2024, Keurig Dr Pepper Inc (KDP) had $510.0M in cash and equivalents against $12.9B in long-term debt.
What is Keurig Dr Pepper Inc's gross margin?
Keurig Dr Pepper Inc (KDP) had a gross margin of 55.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Keurig Dr Pepper Inc's operating margin?
Keurig Dr Pepper Inc (KDP) had an operating margin of 16.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Keurig Dr Pepper Inc's net profit margin?
Keurig Dr Pepper Inc (KDP) had a net profit margin of 9.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Keurig Dr Pepper Inc pay dividends?
Yes, Keurig Dr Pepper Inc (KDP) paid $0.89 per share in dividends during fiscal year 2024.
What is Keurig Dr Pepper Inc's return on equity (ROE)?
Keurig Dr Pepper Inc (KDP) has a return on equity of 5.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Keurig Dr Pepper Inc's free cash flow?
Keurig Dr Pepper Inc (KDP) generated $1.7B in free cash flow during fiscal year 2024. This represents a 83.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Keurig Dr Pepper Inc's operating cash flow?
Keurig Dr Pepper Inc (KDP) generated $2.2B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Keurig Dr Pepper Inc's total assets?
Keurig Dr Pepper Inc (KDP) had $53.4B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Keurig Dr Pepper Inc's capital expenditures?
Keurig Dr Pepper Inc (KDP) invested $563.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Keurig Dr Pepper Inc spend on research and development?
Keurig Dr Pepper Inc (KDP) invested $70.0M in research and development during fiscal year 2024.
Does Keurig Dr Pepper Inc buy back shares?
Yes, Keurig Dr Pepper Inc (KDP) spent $1.1B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Keurig Dr Pepper Inc have outstanding?
Keurig Dr Pepper Inc (KDP) had 1.36B shares outstanding as of fiscal year 2024.
What is Keurig Dr Pepper Inc's current ratio?
Keurig Dr Pepper Inc (KDP) had a current ratio of 0.49 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Keurig Dr Pepper Inc's debt-to-equity ratio?
Keurig Dr Pepper Inc (KDP) had a debt-to-equity ratio of 0.53 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Keurig Dr Pepper Inc's return on assets (ROA)?
Keurig Dr Pepper Inc (KDP) had a return on assets of 2.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Keurig Dr Pepper Inc's Altman Z-Score?
Keurig Dr Pepper Inc (KDP) has an Altman Z-Score of 1.31, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Keurig Dr Pepper Inc's Piotroski F-Score?
Keurig Dr Pepper Inc (KDP) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Keurig Dr Pepper Inc's earnings high quality?
Keurig Dr Pepper Inc (KDP) has an earnings quality ratio of 1.54x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Keurig Dr Pepper Inc?
Keurig Dr Pepper Inc (KDP) scores 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.