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Keurig Dr Pepper, Inc

KDP Consumer Defensive Beverages Non Alcoholic

Keurig Dr Pepper, Inc’s revenue for fiscal 2025 (year ended December 2025) was $16.6 billion, up 8.16% from fiscal 2024.

Revenue
+75.6%
EPS
−90.0%
Free cash flow
+120.4%
Total debt
+115.4%

Quarter to June 2026, against a year earlier

35.84 0.54 +1.53%
Market cap
$48.0B
P/E
36.2×
Fwd P/E
23.5×
Dividend yield
2.57%
F-score
7/9
Altman Z
1.35
Beneish M
−2.32
Dividend safety
40/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • U.S. Refreshment Beverages
  • U.S. Coffee
  • KDP International

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.25
Sold, $m 1.38
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell 1 — — — — — — — — 2 — —
Insider Ownership 4.45%

Capital & Financial Ratios $m

Size
Market Cap 48,040.00
Revenue ttm 20,090.00
Net income ttm 1,495.00
Free cash flow ttm 1,985.00
Net debt Q 28,427.00
Valuation
P/E 36.22 (above 35: high)
Forward P/E 23.50
Price / sales 2.43
Forward P/S Powerpack
Price / FCF 24.58
Price / book 1.67
Financial health
Current ratio Q 0.48 (below 1: weak)
Debt / equity Q 1.03
Interest coverage Q 1.87
Growth
Revenue growth Q +75.57% (above 0%: growing)
Operating income growth Q −30.07% (below 0%: shrinking)
EPS, this year +11.78%
EPS, next year A +10.13%
Revenue, next year A +58.45% (at or above 10%: strong)
EPS, past 5 yrs +10.47%
EPS, next 5 yrs A +9.90%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.8×, against a ten-year median of 4.2×; over the ten years it ranged from 2.4× in 2026 to 16.4× in 2018.
P/E against its own 10 years 90.16%
10-year low 10-year high
P/S against its own 10 years 9.70%
10-year low 10-year high
P/B against its own 10 years 19.65%
10-year low 10-year high
EV/Sales against its own 10 years 32.83%
10-year low 10-year high
EV/FCF against its own 10 years 81.56%
10-year low 10-year high

Dividends

Yield
2.57%
Annual rate
0.92
Payout ratio
92.9%
Growth, 2017–26
−9.77%/yr
  1. 2.32 ’17
  2. 0.73 ’18 −69%
  3. 0.60 ’19 −18%
  4. 0.60 ’20 +0%
  5. 0.68 ’21 +13%
  6. 0.76 ’22 +13%
  7. 1.03 ’23 +35%
  8. 0.88 ’24 −15%
  9. 0.92 ’25 +5%
  10. 0.92 ’26 +0%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 267 590 1,044 1,553
Receivables 1,368 1,502 1,671 2,423
Inventory 1,142 1,299 1,733 3,857
Other — — — —
3,375 3,997 5,266 9,461
2023 2024 2025 Q'26
Payables 3,597 2,985 2,996 6,293
ST’ Debt 3,246 2,642 — 8,394
Other 714 835 785 1,604
8,916 8,087 8,290 19,739

Compound Annual Growth %

10y 5y 3y
Sales 9.93% 7.40% 5.71%
Cash Flow 7.56% (4.11%) (11.13%)
Earnings 9.39% 9.43% 13.13%
Book Value 27.87% 1.38% 0.52%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.55 Actual 0.57

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.54 0.54 Met by 0.00
Q4 FY25 0.59 0.60 Beat by 0.01
Q1 FY26 0.37 0.39 Beat by 0.02
Q2 FY26 0.55 0.57 Beat by 0.02
Q3 FY26 0.63 — Reports 3 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.20 0.04 — — —
’25 0.38 0.40 0.49 0.26 1.53
’24 0.33 0.38 0.45 (0.11) 1.05
’23 0.33 0.36 0.37 0.49 1.55
’22 0.41 0.15 0.13 0.32 1.01
’21 0.23 0.31 0.37 0.59 1.50
’20 0.11 0.21 0.31 0.30 0.93
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,976 7,309 — — —
’25 3,635 4,163 4,306 4,499 16,603
’24 3,468 3,922 3,891 4,070 15,351
’23 3,353 3,789 3,805 3,867 14,814
’22 3,078 3,554 3,622 3,803 14,057
’21 2,902 3,140 3,250 3,391 12,683
’20 2,613 2,864 3,020 3,121 11,618
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 281 895 — — —
’25 209 431 639 712 1,991
’24 85 657 628 849 2,219
’23 71 381 580 297 1,329
’22 663 676 759 739 2,837
’21 546 593 794 941 2,874
’20 414 648 604 790 2,456
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 182 712 — — —
’25 88 323 528 563 1,502
’24 (104) 525 503 677 1,601
’23 (35) 291 459 142 857
’22 622 599 677 728 2,626
’21 446 492 657 946 2,541
’20 449 524 514 655 2,142
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,440 6,690 7,442 11,120 11,618 12,683 14,057 14,814 15,351 16,603 20,090 +11.1% 26,307 29,942 30,930 +23.0%
Gross margin, % 59.91 59.72 52.16 57.03 55.83 55.01 52.10 54.54 55.56 54.20 49.39 (5.7) pt
EBT 1,283 1,173 791 1,694 1,753 2,798 1,719 2,757 1,914 2,687 1,971 +8.6%
EBT margin, % 19.92 17.53 10.63 15.23 15.09 22.06 12.23 18.61 12.47 16.18 9.81 (3.7) pt
Net income 847 1,076 589 1,254 1,325 2,146 1,436 2,181 1,441 2,079 1,495 +10.5%
Per share, $
Per share, $ Revenue 34.74 36.76 6.85 7.91 8.26 8.96 9.92 10.59 11.27 12.23 14.77 (11.0%)
Earnings 4.57 5.91 0.54 0.89 0.94 1.52 1.01 1.56 1.06 1.53 0.99 (11.4%)
Cash flow 5.18 5.70 1.48 1.76 1.75 2.03 2.00 0.95 1.63 1.47 1.86 (13.1%)
Capex (0.94) (1.09) (0.16) (0.08) (0.22) (0.24) (0.15) (0.34) (0.45) (0.36) (0.40) (10.1%)
Free cash flow 4.24 4.61 1.32 1.67 1.52 1.79 1.85 0.61 1.18 1.11 1.46 (13.9%)
Book value 11.51 40.65 20.74 16.53 16.93 17.64 17.73 18.35 17.80 18.79 21.48 +5.6%
Shares, m 185 182 1,086 1,407 1,407 1,416 1,417 1,399 1,362 1,358 1,359 +24.8%
Valuation, ×
Valuation, × P/E 19.88 19.18 49.30 32.53 34.41 24.41 35.20 21.39 30.59 18.31 36.22 28.5
P/S 2.62 2.59 3.74 3.66 3.88 4.11 3.58 3.15 2.85 2.29 2.43 3.2
P/B 7.89 2.34 1.24 1.75 1.89 2.09 2.00 1.82 1.80 1.49 1.67 2.4
EV/Sales 3.03 3.32 5.63 4.99 5.04 5.03 4.42 4.02 3.83 3.17 3.84 4.2
EV/FCF 24.84 26.67 29.57 23.55 27.33 25.11 23.66 69.57 36.68 35.07 38.90 32.2
Cash, $m
Cash, $m Operating cash flow 961 1,038 1,613 2,474 2,456 2,874 2,837 1,329 2,219 1,991 2,527 +8.4%
Capex (174) (199) (177) (118) (314) (333) (211) (472) (618) (489) (542) +12.2%
Free cash flow 787 839 1,436 2,356 2,142 2,541 2,626 857 1,601 1,502 1,985 +7.4%
Balance, $m
Balance, $m Working capital 1,685 (962) (3,543) (4,201) (5,306) (3,428) (4,272) (5,541) (4,090) (3,024) (10,278) n/m
Net debt 2,691 4,960 16,082 14,750 13,502 11,611 11,764 12,924 14,964 11,992 28,427 +18.1%
Shareholders’ equity 2,134 7,398 22,533 23,257 23,830 24,972 25,125 25,676 24,243 25,516 29,228 +31.7%
Returns, %
Returns, % ROA 9.08 8.43 1.81 2.55 2.67 4.28 2.80 4.20 2.73 3.82 1.89 (5.3) pt
ROIC 18.56 7.02 2.00 3.91 4.15 4.94 4.41 5.17 4.13 5.96 3.53 (12.6) pt
ROE 39.24 22.58 3.92 5.48 5.63 8.79 5.73 8.59 5.77 8.36 4.96 (30.9) pt
People
People Employees 20,000 21,000 25,500 25,500 27,000 27,500 28,000 21,700 29,400 30,600 — +4.8%
Revenue/emp, $m 0.32 0.32 0.29 0.44 0.43 0.46 0.50 0.68 0.52 0.54 — +6.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 28 Sep 2026

Business profile

Updated

Keurig Dr Pepper is a North American beverage company that makes, markets, distributes and sells cold drinks, coffee and single-serve brewing systems. Timothy Cofer is chief executive officer. Its portfolio has more than 125 owned, licensed and partner brands, including Dr Pepper, Canada Dry, Mott’s, 7UP, Snapple, GHOST, Green Mountain Coffee Roasters and Core Hydration, alongside the Keurig brewing system.

The business has three segments. U.S. Refreshment Beverages makes and distributes liquid refreshment beverages, including concentrates and syrups sold to bottlers, fountain syrups for foodservice customers, and packaged drinks for retail. U.S. Coffee sells Keurig brewers, K-Cup pods, bagged and ground coffee, and ready-to-drink coffee. Its International segment sells beverages in Canada, Mexico, the Caribbean and other markets, and coffee systems and pods in Canada.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
U.S. Refreshment Beverages 10,439 62.87%
U.S. Coffee 3,990 24.03%
KDP International 2,174 13.09%
Gross margin 54.20%
Operating margin 21.53%
Pre-tax margin 16.18%

Revenue by segment since 2009

Keurig Dr Pepper, Inc vs peers in Beverages Non Alcoholic (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KO CocaCola Company (The) $399.3B 28.3× 27.5× +6.74% (above 0%: growing) +15.73% (above 0%: growing) +51.42% (above 0%: growing) 62.89% 34.92% Compare
PEP PepsiCo, Inc. $182.3B 17.2× 16.5× +5.59% (above 0%: growing) +18.46% (above 0%: growing) +1,051.60% (above 0%: growing) 54.42% 16.86% Compare
MNST Monster Beverage Corporation $90.8B 43.5× 41.2× +20.17% (above 0%: growing) +20.00% (above 0%: growing) +8.01% (above 0%: growing) 55.95% 29.18% Compare
CCEP Coca-Cola Europacific Partners $49.2B 15.4× 23.3× +36.01% (above 0%: growing) +209.23% (above 0%: growing) −33.36% (below 0%: shrinking) 35.80% 0.00% Compare
KDP Keurig Dr Pepper, Inc $48.0B 36.2× 23.5× +75.57% (above 0%: growing) −90.00% (below 0%: shrinking) +120.43% (above 0%: growing) 41.95% 8.59%
COKE Coca-Cola Consolidated, Inc. $13.9B 27.8× — (loss-making) +10.61% (above 0%: growing) +11.16% (above 0%: growing) −15.07% (below 0%: shrinking) 37.93% 13.22% Compare
CELH Celsius Holdings Inc. $7.1B 122× 24.4× +10.64% (above 0%: growing) −57.58% (below 0%: shrinking) +479.43% (above 0%: growing) 48.13% 9.20% Compare
KOF Coca Cola Femsa S.A.B. de C.V. $6.1B 17.3× 17.2× +17.31% (above 0%: growing) +30.77% (above 0%: growing) −24.76% (below 0%: shrinking) 47.09% 13.96% Compare
FIZZ National Beverage Corp. $3.3B 18.8× 19.4× +0.04% (above 0%: growing) −16.67% (below 0%: shrinking) +10.33% (above 0%: growing) 35.02% 17.69% Compare
Median of peers $31.6B 23.3× 23.3× +10.63% +17.10% +9.17% 47.61% 15.41%

All 19 Beverages Non Alcoholic stocks →

From the latest earnings call

Updated

  • Tim Cofer said U.S. refreshment beverages delivered double-digit sales and operating-income growth, while second-half growth should moderate against tougher comparisons.
  • Anthony DiSilvestro said lower-cost inventory and easing tariff effects should improve coffee costs in the second half, while JDE Peet’s synergies build.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 106.20%
Held by the ten largest 71.51%
Holder Shares Stake Change
Fidelity (FMR) 172.40m 12.67% +26.77m
Vanguard 163.65m 12.03% +1.64m
Capital Group 143.58m 10.55% +22.15m
BlackRock 143.53m 10.55% +18.02m
HARRIS ASSOCIATES L P 91.25m 6.71% −50.12k
State Street 64.13m 4.71% −993.78k
Wellington Management 55.94m 4.11% −5.80m
T. Rowe Price 54.50m 4.01% +3.05m
Invesco 45.57m 3.35% +356.85k
Geode Capital Management 38.55m 2.83% +5.61m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 April 2026

Ownership

Directors and executive officers, together less than 1%
FMR LLC 10.00%
Capital World Investors 7.30%
BlackRock, Inc. 6.80%
Harris Associates LP 6.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Keurig Dr Pepper, Inc (KDP) Latest News

31 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks

27 Oct

Impact 3 · · StockStory
Impact 3 · · Zacks

24 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

22 Oct

Impact 4 · · Insider Monkey

19 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

16 Oct

Impact 3 · · Trefis

15 Oct

Impact 4 · · Insider Monkey
Impact 3 · · Zacks

14 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks

12 Oct

Impact 4 · · Barchart

9 Oct

Impact 4 · · Simply Wall St.

8 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · fooddive.com

7 Oct

Impact 3 · · StockStory

5 Oct

Impact 4 · · PR Newswire
Impact 4 · · GlobeNewswire

2 Oct

Impact 4 · · Zacks
Impact 3 · · The Motley Fool

1 Oct

Impact 4 · · just-drinks.com
Impact 4 · · fooddive.com
Impact 4 · · just-drinks.com
Impact 4 · · qz.com
Impact 4 · · PR Newswire

25 Sep

Impact 3 · · 24/7 Wall St.

KDP metrics, ten years each

stockrow.com/KDP · Data as of Sep 28, 2026 · For information only; not investment advice. · © 2026 stockrow.com