Sign in

Keurig Dr Pepper Inc.

KDP· Nasdaq· Beverages

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
9.1%
ROIC, 5 yr avg
6.3%
Revenue, 5 yr CAGR
+7.4%
We record prices for the companies we cover; KDP is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
1.36B
Revenue
$16.6B
Free cash flow
$1.5B
Owner earnings
$1.4B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
54.2%
Operating
21.5%
Net
12.5%
Free cash flow
9.1%
Owner earnings
8.5%
Stock pay
0.6%

Returns

ROIC, FY2025
7.2%
ROIC, 5 yr avg
6.3%
ROE, FY2025
8.1%
ROE, 5 yr avg
7.4%

Growth (CAGR)

Revenue, 3 yr
5.7%
Revenue, 5 yr
7.4%
Revenue, 9 yr
11.1%
Diluted EPS, 3 yr
14.8%
Diluted EPS, 5 yr
10.5%
Diluted EPS, 9 yr
-11.4%
Free cash flow, 3 yr
-15.4%
Free cash flow, 5 yr
-5.5%
Free cash flow, 9 yr
7.6%

Financial health · FY2025

Cash and investments
$1.0B
Total debt
$13.9B
Net debt
$12.9B
Debt/Equity
0.5x
Debt/FCF
9.3x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
60.1%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-0.8%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$16.6B

+11.1% a year over 9 years

FY2016: Revenue $6.4BFY2017: Revenue $6.7BFY2018: Revenue $7.4BFY2019: Revenue $11.1BFY2020: Revenue $11.6BFY2021: Revenue $12.7BFY2022: Revenue $14.1BFY2023: Revenue $14.8BFY2024: Revenue $15.4BFY2025: Revenue $16.6B
FY2016FY2025

Margins

Gross54.2%Operating21.5%Net12.5%

FY2025

FY2016: Gross 59.9%, Operating 22.3%, Net 13.2%FY2017: Gross 59.7%, Operating 20.7%, Net 16.1%FY2018: Gross 52.2%, Operating 16.6%, Net 7.9%FY2019: Gross 57.0%, Operating 21.4%, Net 11.3%FY2020: Gross 55.8%, Operating 21.3%, Net 11.4%FY2021: Gross 55.0%, Operating 22.8%, Net 16.9%FY2022: Gross 52.1%, Operating 18.5%, Net 10.2%FY2023: Gross 54.5%, Operating 21.5%, Net 14.7%FY2024: Gross 55.6%, Operating 16.9%, Net 9.4%FY2025: Gross 54.2%, Operating 21.5%, Net 12.5%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$1.5BOwner earnings$1.4B

Free cash flow +7.6% a year

FY2016: Free cash flow $781.0M, Owner earnings $736.0MFY2017: Free cash flow $836.0M, Owner earnings $800.0MFY2018: Free cash flow $1.4B, Owner earnings $1.4BFY2019: Free cash flow $2.1B, Owner earnings $2.1BFY2020: Free cash flow $2.0B, Owner earnings $1.9BFY2021: Free cash flow $2.5B, Owner earnings $2.4BFY2022: Free cash flow $2.5B, Owner earnings $2.4BFY2023: Free cash flow $904.0M, Owner earnings $788.0MFY2024: Free cash flow $1.7B, Owner earnings $1.6BFY2025: Free cash flow $1.5B, Owner earnings $1.4B
FY2016FY2025

Diluted shares

1.36B

+630.3% over 9 years, net dilution

FY2016: Diluted shares 186.6MFY2017: Diluted shares 182.8MFY2018: Diluted shares 1.10BFY2019: Diluted shares 1.42BFY2020: Diluted shares 1.42BFY2021: Diluted shares 1.43BFY2022: Diluted shares 1.43BFY2023: Diluted shares 1.41BFY2024: Diluted shares 1.37BFY2025: Diluted shares 1.36B
FY2016FY2025

Return on invested capital

7.2%

FY2025

FY2016: ROIC 20.3%FY2017: ROIC 10.3%FY2018: ROIC 2.5%FY2019: ROIC 4.8%FY2020: ROIC 5.1%FY2021: ROIC 6.1%FY2022: ROIC 6.0%FY2023: ROIC 6.9%FY2024: ROIC 5.2%FY2025: ROIC 7.2%
FY2016FY2025

Net debt (below zero)

-$12.9B

$12.9B more debt than cash

FY2016: Net cash -$2.5BFY2017: Net cash -$5.0BFY2018: Net cash -$14.5BFY2019: Net cash -$13.1BFY2020: Net cash -$13.2BFY2021: Net cash -$11.2BFY2022: Net cash -$11.0BFY2023: Net cash -$10.8BFY2024: Net cash -$13.4BFY2025: Net cash -$12.9B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$6.4B$6.7B$7.4B$11.1B$11.6B$12.7B$14.1B$14.8B$15.4B$16.6B
Revenue growth2.5%3.9%11.2%49.4%4.5%9.2%10.8%5.4%3.6%8.2%
Gross margin59.9%59.7%52.2%57.0%55.8%55.0%52.1%54.5%55.6%54.2%
Operating margin22.3%20.7%16.6%21.4%21.3%22.8%18.5%21.5%16.9%21.5%
Net income$847.0M$1.1B$586.0M$1.3B$1.3B$2.1B$1.4B$2.2B$1.4B$2.1B
Net margin13.2%16.1%7.9%11.3%11.4%16.9%10.2%14.7%9.4%12.5%
Diluted EPS$4.54$5.89$0.53$0.88$0.93$1.50$1.01$1.55$1.05$1.53
Return on invested capital?20.3%10.3%2.5%4.8%5.1%6.1%6.0%6.9%5.2%7.2%
Cash
Operating cash flow$961.0M$1.0B$1.6B$2.5B$2.5B$2.9B$2.8B$1.3B$2.2B$2.0B
Capital expenditure$180.0M$202.0M$180.0M$330.0M$461.0M$423.0M$353.0M$425.0M$563.0M$486.0M
Free cash flow$781.0M$836.0M$1.4B$2.1B$2.0B$2.5B$2.5B$904.0M$1.7B$1.5B
Stock-based compensation$45.0M$36.0M$35.0M$64.0M$85.0M$88.0M$52.0M$116.0M$98.0M$97.0M
Owner earnings?$736.0M$800.0M$1.4B$2.1B$1.9B$2.4B$2.4B$788.0M$1.6B$1.4B
Free cash flow per share$4.19$4.57$1.31$1.51$1.40$1.72$1.74$0.64$1.21$1.10
Capital allocation
Dividends paid$386.0M$414.0M$232.0M$844.0M$846.0M$955.0M$1.1B$1.1B$1.2B$1.3B
Share repurchases$519.0M$399.0M––$0$0$379.0M$706.0M$1.1B$9.0M
Diluted shares186.6M182.8M1.10B1.42B1.42B1.43B1.43B1.41B1.37B1.36B
Share count change?-3.0%-2.0%500.4%29.3%0.2%0.4%0.0%-1.4%-2.8%-0.4%
Balance sheet
Cash and equivalents$1.8B$90.0M$83.0M$75.0M$240.0M$567.0M$535.0M$267.0M$510.0M$1.0B
Short-term investments––––––––––
Total debt$4.3B$5.1B$14.6B$13.2B$13.5B$11.7B$11.6B$11.1B$13.9B$13.9B
Net debt$2.5B$5.0B$14.5B$13.1B$13.2B$11.2B$11.0B$10.8B$13.4B$12.9B
Shareholders' equity$2.1B$7.4B$22.5B$23.3B$23.8B$25.0B$25.1B$25.7B$24.2B$25.5B

Latest filings

All on EDGAR
2026-08-1010-QQuarterly report
2026-08-068-KEarnings release
2026-04-24DEF 14AProxy statement
2026-04-2310-QQuarterly report
2026-04-238-KEarnings release
2026-02-2410-KAnnual report
2026-02-248-KEarnings release
2025-10-2810-QQuarterly report
2025-10-278-KEarnings release
2025-07-2410-QQuarterly report

More from our coverage

All coverage