Keurig Dr Pepper Inc. owns, manufactures, and distributors beverages and single serve brewing systems in the United States and internationally. The company operates through three segments: U.S. Refreshment Beverages, U.S. Coffee, and International. It manufactures and distributes branded concentrates, syrup, and finished beverages, as well as sales of owned brands and third-party brands; tea, cocoa, and other products; and offers finished goods relating to K-Cup pods, single serve brewers, specialty coffee, and ready to drink coffee products. The company offers its products under the Dr Pepper, Canada Dry, Mott's, A&W, Peñafiel, GHOST, Snapple, 7UP, Green Mountain Coffee Roasters, Clamato, Core Hydration, The Original Donut Shop, Sunkist soda, Squirt, C4 Energy, Hawaiian Punch, Electrolit, Bloom, Bai, Evian, Yoo-Hoo, Vita Coco, Big Red, RC Cola, Crush, McCafé, Tim Hortons, Van Houtte, Celestial Seasonings, Bigelow, Starbucks, Dunkin', Folgers, Peet's, 7up Energy, and Swiss Miss brands, as well as other partner and private label brands. It markets and sells its products to supermarkets, mass merchandisers, club stores, e-commerce retailers, office superstores, vending machines, fountains, grocery and drug stores, convenience stores, and other small outlets; and directly to consumers through Keurig.com website. Keurig Dr Pepper Inc. was founded in 1981 and is headquartered in Frisco, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $16.6B | $4.2B | $2.1B | $1.5B | 8.1% | 8.2% | 44.3% |
| 2024 | $15.4B | $3.4B | $1.4B | $1.6B | 5.9% | 3.6% | -33.9% |
| 2023 | $14.8B | $4.0B | $2.2B | $848M | 8.5% | 5.4% | 51.9% |
| 2022 | $14.1B | $3.1B | $1.4B | $2.5B | 5.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 14,057 | 14,814 | 15,351 | 16,603 |
| Operating Revenue | - | 14,057 | 14,814 | 15,351 | 16,603 |
| Cost Of Revenue | - | 6,734 | 6,734 | 6,822 | 7,604 |
| Gross Profit | - | 7,323 | 8,080 | 8,529 | 8,999 |
| Operating Expense | - | 4,540 | 4,886 | 5,220 | 5,346 |
| Selling General And Administration | - | 4,645 | 4,912 | 5,013 | 5,351 |
| Total Expenses | - | 11,274 | 11,620 | 12,042 | 12,950 |
| Operating Income | - | 2,783 | 3,194 | 3,309 | 3,653 |
| Total Operating Income As Reported | - | 2,605 | 3,192 | 2,591 | 3,575 |
| EBITDA | - | 3,121 | 3,973 | 3,382 | 4,194 |
| Normalized EBITDA | - | 3,478 | 3,975 | 4,100 | 4,272 |
| EBIT | - | 2,412 | 3,253 | 2,649 | 3,441 |
| Interest Expense | - | 693 | 496 | 735 | 754 |
| Net Interest Income | - | -693 | -496 | -735 | -754 |
| Other Non Operating Income Expenses | - | -14 | 61 | 58 | -134 |
| Other Income Expense | - | -371 | 59 | -660 | -212 |
| Interest Expense Non Operating | - | 693 | 496 | 735 | 754 |
| Net Non Operating Interest Income Expense | - | -693 | -496 | -735 | -754 |
| Pretax Income | - | 1,719 | 2,757 | 1,914 | 2,687 |
| Tax Provision | - | 284 | 576 | 473 | 608 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -58.90 | -0.42 | -177.44 | -17.65 |
| Net Income Continuous Operations | - | 1,435 | 2,181 | 1,441 | 2,079 |
| Net Income From Continuing And Discontinued Operation | - | 1,436 | 2,181 | 1,441 | 2,079 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,436 | 2,181 | 1,441 | 2,079 |
| Net Income | - | 1,436 | 2,181 | 1,441 | 2,079 |
| Net Income Common Stockholders | - | 1,436 | 2,181 | 1,441 | 2,079 |
| Net Income Including Noncontrolling Interests | - | 1,435 | 2,181 | 1,441 | 2,079 |
| Normalized Income | - | 1,734.10 | 2,182.58 | 1,981.56 | 2,139.35 |
| Diluted NI Availto Com Stockholders | - | 1,436 | 2,181 | 1,441 | 2,079 |
| Basic Average Shares | - | 1,416.80 | 1,399.30 | 1,362.20 | 1,358.10 |
| Diluted Average Shares | - | 1,428.50 | 1,408.40 | 1,368.30 | 1,362.80 |
| Reconciled Depreciation | - | 709 | 720 | 733 | 753 |
| Reconciled Cost Of Revenue | - | 6,734 | 6,734 | 6,822 | 7,604 |
| Total Unusual Items | - | -357 | -2 | -718 | -78 |
| Total Unusual Items Excluding Goodwill | - | -357 | -2 | -718 | -78 |
| Minority Interests | 1 | 1 | 0 | 0 | - |
| Special Income Charges | - | -357 | -2 | -718 | -78 |
| Gain On Sale Of Business | 524 | 50 | 0 | 0 | - |
| Other Special Charges | 105 | -82 | - | - | - |
| Write Off | 17 | 12 | 0 | 2 | - |
| Impairment Of Capital Assets | - | 477 | 2 | 718 | 78 |
| Other Operating Expenses | - | -105 | -26 | 207 | -5 |
| Earnings From Equity Interest | 524 | - | - | - | - |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Keurig Dr Pepper Inc.this co. | KDP | $40.9B | 19.67↓ discount | 1.60 | 8.1% | 13.36 |
| Coca-Cola Europacific Partners PLC | CCEP | $40.7B | 20.98 | 5.20 | 24.8% | 13.40 |
| Archer-Daniels-Midland Company | ADM | $40.2B | 37.27 | 1.77 | 4.7% | 16.05 |
| The Kroger Co. | KR | $38.4B | 37.77 | 6.47 | 17.1% | 10.37 |
| The Hershey Company | HSY | $37.1B |
| - |
| - |
| - |
| - |
| - |
| 41.96 |
| 7.99 |
| 19.0% |
| 21.55 |
| Sysco Corporation | SYY | $35.6B | 19.45 | 19.43 | 99.9% | 11.84 |
| Kenvue Inc. | KVUE | $32.4B | 22.05 | 3.01 | 13.7% | 13.40 |
| Kimberly-Clark Corporation | KMB | $31.4B | 15.52 | 20.88 | 134.6% | 12.17 |
| The Estée Lauder Companies Inc. | EL | $30.0B | - | 7.76 | -29.3% | 250.27 |
| Peer Median | - | 22.05 | 7.12 | 18.1% | 13.40 | |