— Know what they know.
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Not Investment Advice

KDP

NASDAQ · USD
Keurig Dr Pepper Inc.
Consumer Defensive · Beverages - Non-Alcoholic
CEO Timothy Cofer Employees 30,600 R&D / revenue 0.0%
Last price
$34.62+1.29%last session
Market cap
$47.1B
P/E (TTM)
34.8x
From 52w high
−0.3%
From 52w low
+39.1%
1-year return
+24.9%
RSI 14 · vs SMA200
70.3 · +17.0%
IS score
41.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

KDP   SPY   XLP (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26KDP 125SPY 116XLP 111

Score DNA

Each bar is a 0-100 score within the scored universe
26
Profitability
53
Growth
50
Value
81
Momentum
15
Risk (safety)
54
Quality
22
Balance sheet
85
Earnings quality

Flags

Strengths
✓ Insider buying
Warnings
▲ Altman distress zone▲ Beneish M above -1.78▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 3 / 9Altman Z 0.7Beta 0.413 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.25M bought
Form 144 notices (12m): 3, $2.6M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+31
124 new holders, 82 closed
856 filers hold 107.1% · 343 added, 290 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+225
1,329 funds adding shares
1,104 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
61.8%
20-day avg 62.8%, 50-day avg 60.6%
Latest 1.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$16.6B
Revenue growth YoY+8.2%
Gross margin52.4%
Operating income$3.6B
Operating margin22.0%
Net income$2.1B
Net margin12.5%
EPS (diluted)$1.53
Cash flow
Operating cash flow$2.0B
Capital expenditure$486.0M
Free cash flow$1.5B
FCF conversion (FCF / OCF)75.6%
Stock-based compensation$97.0M
FCF less SBC$1.4B
Buybacks$9.0M
Dividends$1.2B
Balance sheet & returns
Cash & short-term investments$1.0B
Total debt$16.1B
Net debt$15.1B
Shareholders' equity$25.5B
Goodwill & intangibles$44.0B
Debt / equity1.37
ROE (TTM)5.6%
ROIC (TTM)3.4%
Operating margin by fiscal year
22.8%FY202118.5%FY202221.5%FY202316.9%FY202422.0%FY2025
Revenue $12.7B (FY2021) to $16.6B (FY2025), a 7.0% CAGR.

Valuation

P/E (TTM)34.8x
EV / EBITDA19.9x
Price / sales2.35x
Price / FCF23.9x
FCF yield4.19%
Buyback yield0.02%
SBC / revenue0.6%
Price / book1.88x
Forward P/E FY202615.1x
Forward P/E FY202713.7x
Forward P/E FY202812.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $39.50 across 4 analysts last quarter is theirs, not ours.

KDP vs industry median

78 companies in Beverages - Non-Alcoholic
Gross margin 49.4% 37.9% Operating margin 16.8% 8.0% Net margin 7.1% 4.5% ROIC 3.4% 10.8%
KDP (TTM)Industry median Asset turnover 0.23 vs industry 0.77 · financial leverage 3.50

Earnings delivery

Next report 2026-11-03 · consensus EPS $0.62
83%
beat rate, 10 of 12 quarters
+1.9%
median EPS surprise
7
longest beat streak
+2+2+9+0+0+2+10+1+1+2+5+6
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-08-06. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
KDP Keurig Dr Pepper Inc. $47.1B34.8x5.6%7.1%+8.2% +24.9%
FMX Fomento Económico Mexicano, $43.1B23.0x31.1%2.4%−70.9% +32.6%
MNST Monster Beverage Corporation $89.6B42.0x25.7%23.0%+20.4% +30.4%
COKE Coca-Cola Consolidated, Inc. $16.5B26.1x97.3%7.7%+10.7% +61.4%
PEP PepsiCo, Inc. $179.2B16.5x52.3%12.1%+6.4% −13.0%
PRMB Primo Brands Corporation $7.1B71.5x3.2%3.9%+42.2% —
CELH Celsius Holdings, Inc. $7.1B134.2x4.4%4.5%+82.9% —
KO The Coca-Cola Company $404.0B28.2x44.2%33.1%+6.5% —
12-month window: SPY +15.9%, sector ETF XLP +11.4%. Past returns describe history only.

Recent 8-K filings

2026-10-01Other Events; Exhibits
2026-09-28Other Events
2026-09-16Other Events; Exhibits
2026-09-01Other Events; Exhibits
2026-08-12Officer/Director Change
2026-08-06Earnings Release; Exhibits

Context

Shares outstanding1,360,826,038
Free float99.5%
Institutional ownership107.1%
Beta0.41
Dividend yield2.66%
Last dividend$0.23 on 2026-09-28
50 / 200-day average$31.46 / $29.60
Large-cap Consumer Defensive median P/E23.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where KDP sits among 10 scored companies in Beverages - Non-Alcoholic (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureKDPIndustry medianIndustry percentileSector median
P/E (TTM) 33.0x 30.4x
67th		 20.0x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 2.3x 2.3x
56th		 1.1x
Price / book 1.9x 8.0x
0th		 2.5x
Price / tangible book —
Price / free cash flow 23.9x 22.1x
56th		 14.7x
Price / operating cash flow 18.6x 17.5x
67th		 9.4x
Enterprise value $80.0B $15.7B
67th		 $5.1B
EV / sales 4.0x 2.7x
62nd		 1.3x
EV / EBITDA 19.9x 19.9x
50th		 12.3x
EV / EBIT 26.3x 21.8x
75th		 16.5x
EV / free cash flow 40.6x 29.4x
88th		 18.2x
Earnings yield 3.0% 3.3%
33rd		 3.9%
FCF yield 4.2% 4.6%
44th		 6.5%
Operating cash flow yield 5.4% 5.7%
33rd		 10.4%
Graham number (per share) $20.78 $16.45
62nd		 $35.68

Profitability (TTM)

MeasureKDPIndustry medianIndustry percentileSector median
Gross margin 49.4% 44.9%
67th		 34.4%
EBITDA margin 20.0% 19.8%
56th		 10.7%
Operating margin 16.8% 16.1%
56th		 7.6%
EBIT margin 15.1% 15.1%
56th		 6.9%
Net margin 7.1% 9.1%
33rd		 3.3%
NOPAT margin 12.8% 12.5%
56th		 4.8%
FCF margin 9.8% 12.2%
33rd		 7.6%
Operating cash flow margin 12.6% 15.3%
33rd		 11.1%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 31.9% 27.9%
67th		 21.1%
Stock comp / revenue 0.6% 0.5%
67th		 0.5%
Effective tax rate 24.2% 23.5%
67th		 23.2%

Returns on capital

MeasureKDPIndustry medianIndustry percentileSector median
ROE (on average equity) 5.7% 31.2%
22nd		 10.4%
ROA 2.0% 10.5%
11th		 4.9%
ROIC 4.4% 19.3%
22nd		 8.2%
ROCE 4.5% 25.4%
0th		 9.1%
Return on tangible assets 4.3% 17.8%
0th		 7.2%
Cash ROIC (OCF / invested capital) 4.4% 25.8%
0th		 15.0%
Gross profitability (GP / assets) 11.3% 46.3%
0th		 32.4%
ROIC, 3-yr average 3.9% 18.7%
0th		 6.4%
ROIC, 5-yr average 4.8% 18.7%
14th		 7.8%
ROE, 5-yr average 7.1% 31.5%
14th		 11.4%
Incremental ROIC 8.3% 27.1%
33rd		 12.8%

Growth

MeasureKDPIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 27.5% 15.5%
78th		 3.8%
Revenue growth (QoQ) 83.8% 10.8%
100th		 4.3%
Revenue CAGR, 3 yr 11.3% 5.7%
75th		 3.8%
Revenue CAGR, 5 yr 10.5% 7.1%
71st		 5.1%
Gross profit CAGR, 3 yr 8.9% 6.3%
62nd		 4.0%
Operating income CAGR, 3 yr 11.8% 9.2%
71st		 4.3%
Net income growth (TTM YoY) -7.1% -5.9%
25th		 5.6%
Net income CAGR, 3 yr -3.8% 7.2%
14th		 5.4%
EPS growth (TTM YoY) -7.2% -5.8%
38th		 4.7%
EPS CAGR, 3 yr -2.8% 6.9%
29th		 6.8%
EPS CAGR, 5 yr -1.9% 6.4%
17th		 4.1%
FCF growth (TTM YoY) 24.1% 35.3%
38th		 23.4%
FCF CAGR, 3 yr 8.1% 14.7%
25th		 14.6%
Operating cash flow CAGR, 3 yr 9.0% 10.9%
38th		 6.4%
Book value CAGR, 3 yr 0.8% 3.5%
43rd		 5.3%
Dividend CAGR, 3 yr 3.1% 6.3%
40th		 1.7%
Sustainable growth rate 0.5% 6.2%
33rd		 8.3%

Margin history & stability

MeasureKDPIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 53.4% 49.9%
62nd		 34.7%
Operating margin, 3-yr average 18.9% 15.7%
62nd		 6.7%
Net margin, 3-yr average 10.4% 10.4%
50th		 4.2%
FCF margin, 3-yr average 8.9% 13.7%
38th		 6.5%
Revenue stability (0-1) 0.84 0.90
25th		 0.81
Earnings stability (0-1) 0.15 0.24
25th		 0.34
Margin stability (0-1) 0.95 0.96
25th		 0.95

Liquidity (latest quarter)

MeasureKDPIndustry medianIndustry percentileSector median
Cash & short-term investments $1.5B $1.1B
56th		 $279.3M
Net cash (− = net debt) −$32.9B −$1.2B
11th		 −$1.0B
Working capital −$10.3B $321.0M
0th		 $285.9M
Current ratio 0.48 1.26
0th		 1.43
Quick ratio 0.28 1.12
0th		 0.86
Cash ratio (cash + ST investments / current liabilities) 0.08 0.63
0th		 0.28
Defensive interval (days) 220 days 386 days
11th		 251 days

Leverage & solvency (latest quarter)

MeasureKDPIndustry medianIndustry percentileSector median
Total debt $34.4B $4.2B
78th		 $1.8B
Debt / equity 1.37 1.17
75th		 0.75
Net debt / equity 1.31 0.01
75th		 0.55
Debt / assets 39.3% 35.4%
56th		 31.6%
Debt / capital 57.9% 53.9%
75th		 43.0%
Debt / EBITDA 8.57 2.29
100th		 2.69
Net debt / EBITDA 8.20 0.76
100th		 2.14
Interest coverage (EBIT / interest) 2.9x 6.6x
14th		 4.7x
Cash interest coverage 2.4x 9.8x
0th		 8.2x
Debt payback (years of OCF) 13.6 yrs 2.0 yrs
100th		 2.8 yrs
Liabilities / assets 66.6% 63.5%
67th		 56.2%
IS credit model rating B- — —
Implied credit spread (bps) 900 138
100th		 225

Efficiency

MeasureKDPIndustry medianIndustry percentileSector median
Asset turnover 0.28 0.91
0th		 0.94
Fixed asset turnover 3.18 4.71
22nd		 4.44
Inventory turnover 3.6 5.2
0th		 6.0
Receivables turnover 10.2 10.3
44th		 12.1
Days sales outstanding 36 days 36 days
56th		 30 days
Days inventory outstanding 100 days 70 days
100th		 61 days
Days payables outstanding 169 days 47 days
78th		 38 days
Cash conversion cycle (days) −33 days 36 days
22nd		 37 days
Capex / revenue 2.8% 3.3%
44th		 3.1%
Capex / depreciation 0.57 1.12
0th		 0.92
Operating expense ratio 32.8% 27.4%
78th		 24.8%

Cash flow & earnings quality

MeasureKDPIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.77 1.53
67th		 1.87
FCF / net income 1.38 1.15
67th		 1.28
FCF / operating cash flow 78.0% 82.3%
44th		 71.9%
Capex / operating cash flow 22.0% 17.7%
56th		 29.5%
Accruals ratio -1.5% -3.9%
89th		 -6.1%
Sloan accruals ratio -12.2% -4.6%
33rd		 -3.9%
Earnings quality score (0-1) 1.00 1.00
44th		 0.75

Dividends & buybacks

MeasureKDPIndustry medianIndustry percentileSector median
Dividend yield 2.7% 2.3%
67th		 1.8%
Dividend per share (TTM) $0.92 $0.96
44th		 $0.64
Payout ratio (dividends / net income) 91.3% 74.7%
67th		 32.1%
Dividends / FCF 66.1% 54.4%
56th		 27.4%
Dividend growth (YoY) 6.0% 6.0%
50th		 1.8%
Buyback yield 0.0% 0.6%
0th		 0.9%
Shareholder yield (dividends + buybacks) 2.8% 4.0%
22nd		 3.6%
Share count change (YoY) 0.1% 0.1%
56th		 -0.2%
Buybacks, last 5 years $67.0M $1.2B
11th		 $184.1M

Scores & forensic checks

MeasureKDPIndustry medianIndustry percentileSector median
IS score 42 62
0th		 53
IS profitability 26 61
11th		 32
IS growth 53 57
33rd		 50
IS value 50 44
78th		 49
IS momentum 81 81
44th		 73
IS risk (safety) 15 95
0th		 80
IS quality 54 70
0th		 65
IS balance sheet 22 64
0th		 53
IS earnings quality 85 76
89th		 76
IS cash flow 62 65
22nd		 57
Piotroski F-score (0-9) 3 6
0th		 6
Altman Z-score 0.7 4.6
0th		 3.2
Beneish M-score −1.78 −2.55
100th		 −2.71
Ohlson O-score −7.33 −8.53
78th		 −7.61
IS credit score 21 74
0th		 64

Per share

MeasureKDPIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.05 $1.84
22nd		 $2.03
Book value per share $18.35 $8.27
89th		 $16.28
Tangible book per share −$28.40 $2.50
0th		 $3.52
Revenue per share $14.72 $13.66
56th		 $41.08
FCF per share $1.45 $1.93
22nd		 $3.18
Operating cash flow per share $1.85 $2.22
11th		 $4.93
Cash per share $1.11 $2.52
11th		 $2.81

Size (TTM)

MeasureKDPIndustry medianIndustry percentileSector median
Market cap $47.1B $29.8B
67th		 $4.0B
Revenue $20.1B $8.5B
67th		 $5.2B
EBITDA $4.0B $2.0B
67th		 $426.9M
Net income $1.4B $988.5M
56th		 $167.0M
Free cash flow $2.0B $1.3B
56th		 $345.6M
Total assets $87.6B $11.0B
78th		 $4.8B
Shareholders' equity $25.0B $6.2B
89th		 $1.6B
Employees 30,600 14,000
67th		 9,700

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-16Alt Aaron E
Director
 Award / grant 2,752——2,752
2026-09-16Driscoll Brian J
Director
 Award / grant 2,752——2,752
2026-09-14Gorli Eric
President, US Refreshment Bev.
 Option exercise 3,317——101,610
2026-09-14Gorli Eric
President, US Refreshment Bev.
 Tax withholding 1,306$31.58$41,243100,304
2026-09-14Gorli Eric
President, US Refreshment Bev.
 Option exercise 3,317——3,316
2026-09-14Shoemaker Anthony
Chief Legal Officer
 Option exercise 59,781——200,062
2026-09-14Shoemaker Anthony
Chief Legal Officer
 Option exercise 785——200,847
2026-09-14Shoemaker Anthony
Chief Legal Officer
 Tax withholding 23,833$31.58$752,646177,014
2026-09-14Shoemaker Anthony
Chief Legal Officer
 Option exercise 785——0
2026-09-14Sandler Debra A.
Director
 Option exercise 2,285——2,285
2026-09-14Sandler Debra A.
Director
 Option exercise 2,285——0
2026-09-09Denooyer Mary Beth
Chief Human Resources Officer
 Open-market sale 12,000$32.30$387,60072,171

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired3183,124—
Open-market buyAcquired17,862$250,247
Open-market saleDisposed333,500$1.1M
Option exerciseAcquired6157,224—
Option exerciseDisposed597,443—
Tax withholdingDisposed460,970$1.8M
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 92,750 shares · $2.6M
FiledFilerShares proposedEst. proceeds
2026-09-08Mary Beth Denooyer24,000$782,160
2025-11-05Patrick Francis Minogue7,000$4,550
2025-10-28Patrick Francis Minogue61,750$1.8M
2025-08-20Robert J. Gamgort 1999 Trust U/A Dtd 12/17/19997,601$267,403
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 1 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2025-09-29Ro KhannaHousePurchase$1,001 - $15,0002025-10-03
2025-09-23Val HoyleHouseSale$1,001 - $15,0002025-10-10
2025-09-22Val HoyleHouseSale (Full)$1,001 - $15,0002025-10-10
2023-08-24Richard BlumenthalSenateSale$250,001 - $500,0002023-09-19
2022-04-28Richard BlumenthalSenateSale$100,001 - $250,0002022-06-07
2022-02-07Richard BlumenthalSenateSale$100,001 - $250,0002022-03-03
2022-02-03Richard BlumenthalSenateSale$250,001 - $500,0002022-03-03
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
FMR LLC172,397,835$5.6B12.67%
BlackRock, Inc.143,527,185$4.7B10.55%
Capital World Investors118,725,548$3.9B8.72%
VANGUARD CAPITAL MANAGEMENT LLC86,576,404$2.8B6.36%
STATE STREET CORP64,129,461$2.1B4.71%
VANGUARD PORTFOLIO MANAGEMENT LLC62,850,530$2.1B4.62%
WELLINGTON MANAGEMENT GROUP LLP55,939,797$1.8B4.11%
Invesco Ltd.45,567,265$1.5B3.35%
GEODE CAPITAL MANAGEMENT, LLC38,550,174$1.3B2.83%
T. Rowe Price Investment Management, Inc.37,802,333$1.2B2.78%
JPMORGAN CHASE & CO30,382,320$1.0B2.23%
BARROW HANLEY MEWHINNEY & STRAUSS LLC23,437,371$767.1M1.72%
Capital International Investors22,732,737$744.0M1.67%
PRICE T ROWE ASSOCIATES INC /MD/16,698,761$546.6M1.23%
CITADEL ADVISORS LLC16,662,968$545.4M1.22%

Institutional ownership by quarter

2023-092026-06107.1%
% of shares held by 13F filers
2023-092026-06856
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30856107.1%12434329082
2026-03-3182595.1%109312300117
2025-12-3184794.4%155334283123
2025-09-3083588.3%149311301122
2025-06-3082191.2%9144520392
2025-03-3183484.1%13039723869
2024-12-3178377.4%13634923478
2024-09-3073771.2%9334622272
2024-06-3072670.5%10631823290
2024-03-3172368.9%11729724382
2023-12-3170065.7%11927524586
2023-09-3067964.6%9334317265

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13G/ACapital World Investors8.8%120,099,461
2026-08-06SCHEDULE 13G/AAbigail P. Johnson12.7%172,253,105
2026-04-30SCHEDULE 13GVanguard Capital Management7.3%99,658,889
2026-02-17SCHEDULE 13GHarris Associates, Inc.6.3%86,269,175
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.05%$1.2B
VSMPX0.05%$1.2B
VTI0.05%$1.2B
VTSAX0.05%$1.2B
VOO0.06%$1.1B
VFINX0.06%$1.1B

Share structure

Shares outstanding1,360,826,038
Float1,354,389,331
Free float99.5%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$12.7B$14.1B$14.8B$15.4B$16.6B
Cost of revenue$5.7B$6.7B$6.7B$6.8B$7.9B
Gross profit$7.0B$7.3B$8.1B$8.5B$8.7B
R&D$0$0$0$0$0
SG&A$4.2B$4.6B$4.9B$5.0B$5.1B
Operating income$2.9B$2.6B$3.2B$2.6B$3.6B
EBITDA$4.0B$3.1B$4.0B$3.4B$4.2B
Pretax income$2.8B$1.7B$2.8B$1.9B$2.7B
Income tax$653.0M$284.0M$576.0M$473.0M$608.0M
Net income$2.1B$1.4B$2.2B$1.4B$2.1B
EPS, diluted$1.50$1.01$1.55$1.05$1.53
Diluted shares1.4B1.4B1.4B1.4B1.4B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$567.0M$535.0M$267.0M$510.0M$1.0B
Receivables$1.3B$1.7B$1.5B$1.7B$1.7B
Inventory$894.0M$1.3B$1.1B$1.3B$1.7B
Total current assets$3.1B$3.8B$3.4B$4.0B$5.3B
PP&E, net$3.2B$3.4B$3.6B$3.8B$3.2B
Goodwill & intangibles$44.0B$43.3B$43.5B$43.7B$44.0B
Total assets$50.6B$51.8B$52.1B$53.4B$55.5B
Accounts payable$4.3B$5.2B$3.6B$3.0B$3.0B
Total current liabilities$6.5B$8.1B$8.9B$8.1B$8.3B
Long-term debt$11.6B$11.1B$9.9B$12.9B$13.0B
Total liabilities$25.6B$26.7B$26.5B$29.2B$29.9B
Shareholders' equity$25.0B$25.1B$25.7B$24.2B$25.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.1B$1.4B$2.2B$1.4B$2.1B
Depreciation & amortization$708.0M$709.0M$720.0M$733.0M$753.0M
Stock-based compensation$88.0M$52.0M$116.0M$98.0M$97.0M
Change in working capital$351.0M−$275.0M−$1.7B−$591.0M−$1.0B
Operating cash flow$2.9B$2.8B$1.3B$2.2B$2.0B
Capital expenditure−$455.0M−$379.0M−$481.0M−$563.0M−$486.0M
Free cash flow$2.4B$2.5B$848.0M$1.7B$1.5B
Investing cash flow$210.0M−$1.1B−$784.0M−$1.6B−$573.0M
Net debt issued / repaid−$1.8B−$205.0M$1.1B$2.2B$575.0M
Buybacks$0−$379.0M−$706.0M−$1.1B−$9.0M
Dividends paid−$955.0M−$1.1B−$1.1B−$1.2B−$1.2B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin55.0%52.1%54.5%55.6%54.2%
Operating margin22.8%18.5%21.5%16.9%22.0%
Net margin16.9%10.2%14.7%9.4%12.5%
FCF margin19.1%17.5%5.7%10.4%9.1%
ROE8.8%5.7%8.6%5.8%8.4%
ROIC5.9%5.7%6.3%4.8%7.0%
ROA4.3%2.8%4.2%2.7%3.8%
Debt / equity0.530.540.580.710.63
Interest coverage6.8x4.3x5.5x3.9x4.7x
Current ratio0.470.470.380.490.64
Revenue growth+9.2%+10.8%+5.4%+3.6%+8.2%
EPS growth+61.4%−33.0%+54.7%−32.3%+44.9%
P/E at year end22.2x32.7x20.2x29.6x18.2x
EV / EBITDA at year end15.0x19.2x14.8x17.6x12.6x
FCF yield at year end5.08%5.24%1.92%3.74%3.98%
Dividend payout44.5%75.2%52.4%82.9%60.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
LRB——$9.9B$10.6B$11.6B
Packaged Beverages$5.9B$6.6B———
Coffee Systems$4.7B$5.0B———
K-Cup Pods——$3.7B$3.6B$3.8B
Beverage Concentrates$1.5B$1.7B———
Appliances——$799.0M$772.0M$646.0M
Latin America Beverages$599.0M$743.0M———
Other Products——$426.0M$399.0M$578.0M

Revenue by region · FY2025

UNITED STATES$14.5B · 87%
International$2.1B · 13%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $0.62 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$26.3B$26.2B – $26.4B$2.29$2.28 – $2.311115.1x
2027$29.9B$29.5B – $30.3B$2.53$2.43 – $2.601113.7x
2028$31.0B$30.3B – $31.5B$2.72$1.86 – $3.53712.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-06$0.54$0.57+6.1%$7.2B$7.3B+1.1%
2026-04-23$0.37$0.39+4.7%$3.8B$4.0B+3.7%
2026-02-24$0.59$0.60+1.9%$4.4B$4.5B+3.2%
2025-10-27$0.54$0.54+0.6%$4.2B$4.3B+3.7%
2025-07-24$0.49$0.49+1.0%$4.1B$4.2B+0.6%
2025-04-24$0.38$0.42+9.8%$3.6B$3.6B+1.9%
2025-02-25$0.57$0.58+1.6%$4.0B$4.1B+1.5%
2024-10-24$0.51$0.510.0%$3.9B$3.9B−0.8%
2024-07-25$0.45$0.450.0%$3.9B$3.9B+0.2%
2024-04-25$0.35$0.38+8.6%$3.4B$3.5B+1.8%
2024-02-22$0.54$0.55+1.9%$3.9B$3.9B−1.2%
2023-10-26$0.47$0.48+2.1%$3.8B$3.8B+1.0%
2023-07-27$0.40$0.42+5.0%$3.7B$3.8B+2.7%
2023-04-27$0.33$0.34+3.0%$3.3B$3.4B+1.7%
2023-02-23$0.51$0.50−2.0%$3.8B$3.8B+0.6%
2022-10-27$0.46$0.460.0%$3.6B$3.6B−0.3%
2022-07-28$0.39$0.390.0%$3.4B$3.6B+5.2%
2022-04-28$0.33$0.330.0%$3.0B$3.1B+2.2%
2022-02-24$0.45$0.450.0%$3.3B$3.4B+2.6%
2021-10-28$0.44$0.440.0%$3.2B$3.2B+2.8%
2021-07-29$0.37$0.38+2.7%$3.1B$3.1B0.0%
2021-04-29$0.31$0.33+6.5%$2.7B$2.9B+6.6%
2021-02-25$0.40$0.39−2.5%$3.2B$3.1B−2.4%
2020-10-29$0.37$0.39+5.4%$2.9B$3.0B+5.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.606-220.406-290.507-060.307-130.307-200.507-270.608-030.508-100.408-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$310.3M9,558,533107,893
2026-08-24$268.8M8,352,699115,564
2026-08-17$360.5M11,570,852119,446
2026-08-10$454.8M15,160,686140,596
2026-08-03$572.0M18,644,388162,432
2026-07-27$522.9M16,853,964146,931

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1561.8%
DateShort shareShort volumeTotal volume
2026-10-1561.8%5,061,6598,186,733
2026-10-1468.3%2,555,7423,739,494
2026-10-1377.8%2,774,9233,565,451
2026-10-1272.4%3,565,5754,926,210
2026-10-0970.2%2,129,5343,034,008
2026-10-0851.5%1,737,0353,374,055
2026-10-0758.7%1,206,7952,056,680
2026-10-0652.9%1,229,5392,324,918
2026-10-0548.7%1,529,5103,143,546
2026-10-0247.5%1,399,4832,947,674
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.1Jan-0.2Feb+6.0Mar+1.9Apr+1.5May+1.5Jun+3.2Jul+0.1Aug+1.2Sep+1.6Oct+0.6Nov+4.1Dec
MonthAvg returnUp yearsYears
Jan+2.1%56%18
Feb−0.2%44%18
Mar+6.0%83%18
Apr+1.9%53%17
May+1.5%56%18
Jun+1.5%72%18
Jul+3.2%67%18
Aug+0.1%33%18
Sep+1.2%67%18
Oct+1.6%56%18
Nov+0.6%61%18
Dec+4.1%67%18
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1470.3
MFI76.8
ADX19.8
Stochastic %K / %D94.5 / 92.4
Williams %R-1.9
CCI220
TSI / signal17.5 / 3.7
Chaikin money flow0.09
ATR$0.83
Bollinger width15.3%
Volume vs 20-day avg1.02x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$31.62 (+9.5%)
SMA 50$31.50 (+9.9%)
SMA 200$29.60 (+17.0%)
EMA 21$32.07 (+8.0%)
EMA 50$31.58 (+9.6%)
EMA 200$30.36 (+14.0%)
Bollinger upper$34.04 (+1.7%)
Bollinger lower$29.20 (+18.6%)
Parabolic SAR$31.30 (+10.6%)
Open the live chart, 110+ indicators

About Keurig Dr Pepper Inc.

Keurig Dr Pepper Inc. is a prominent beverage firm with operations spanning both the United States and global markets. The company structures its business across four primary divisions: Coffee Systems, Packaged Beverages, Beverage Concentrates, and Latin America Beverages. Its Coffee Systems division is responsible for the production and distribution of an array of finished products linked to its coffee brewing systems, including K-Cup single-serve pods, brewing machines, and specialized coffee blends. Brewers are offered for sale via external distributors, various retail outlets, and directly through its official website, keurig.com. The Packaged Beverages segment focuses on manufacturing and distributing its proprietary packaged drink labels. It also undertakes contract manufacturing for a diverse range of private label and up-and-coming beverage brands, in addition to handling distribution for its partner brands' packaged offerings. The Beverage Concentrates division produces and markets liquid concentrates for a wide portfolio of well-known brands such as Dr Pepper, Canada Dry, A&W, 7UP, Sunkist, Squirt, Big Red, RC Cola, Vernors, Snapple, Mott's, Bai, Hawaiian Punch, Clamato, Yoo-Hoo, Core, ReaLemon, evian, Vita Coco, and Mr and Mrs T mixers; this segment also processes these concentrates into syrup form. In Latin America, the Beverages segment handles the production and distribution of sparkling mineral water, flavored carbonated soft drinks, purified bottled water, and vegetable juice products, marketed under brand names like Peñafiel, Clamato, Squirt, Dr Pepper, Crush, and Aguafiel. Its extensive client base includes retailers, bottling and distribution networks, restaurants, hotel groups, office coffee service providers, and individual consumers. Established in 1981, Keurig Dr Pepper Inc. maintains its corporate headquarters in Burlington, Massachusetts.

https://www.keurigdrpepper.com

Key executives

NameTitlePayBorn
Timothy CoferChief Executive Officer & Director$3.1M1969
Mary Beth DeNooyerChief Human Resources Officer$2.4M1970
Roger JohnsonChief Transformation Officer$1.2M1980
Eric GorliPresident of U.S. Refreshment Beverages$1.2M1975
Anthony L. ShoemakerChief Legal Officer, General Counsel & Corporate Secretary$1.2M1984
Anthony DiSilvestroChief Financial Officer$1.0M1959
Robert StillerFounder$12,5001944
Jane GelfandVice President of Investor Relations & Strategic Initiatives——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Timothy Cofer Chief Executive Officer2025$1.3M$5.1M$1.7M$8.2M
Anthony DiSilvestro Chief Financial Officer2025$92,308$7.9M$87,178$8.1M
Sudhanshu Priyadarshi Former Chief Financial Officer2025$981,923$5.2M$818,437$7.0M
Eric Gorli President, U.S. Refreshment Beverages2025$693,858$4.9M$487,541$6.1M
Anthony Shoemaker Chief Legal Officer & General Counsel2025$681,250$2.9M$469,112$4.0M
Robert Gamgort Former Executive Chairman (through April 24, 2025)2025$323,077$2.3M$268,603$3.0M

Employees

26k201826k201927k202028k202128k202228k202329k202431k2025

Dividends

Ex-dateAmountPaid
2026-09-28$0.232026-10-09
2026-06-26$0.232026-07-10
2026-03-27$0.232026-04-10
2026-01-02$0.232026-01-16
2025-09-26$0.232025-10-10
2025-06-27$0.232025-07-11
2025-03-28$0.232025-04-11
2025-01-03$0.232025-01-17

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage47
Intangibles39
Switching costs45
Network effect60
Efficient scale80
Our component scores (0-100) and overall 51.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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