Keurig Dr Pepper (KDP) financial statements
Keurig Dr Pepper reported revenue of $16.6B in fiscal 2025, up 16.3% a year over 9 years.
Net income was $2.1B and the operating margin 21.5%, against 21.0% in 2017.
Free cash flow was $1.5B, and the company returned $1.2B in dividends and $9M in net buybacks.
The diluted share count rose 72% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Keurig Dr Pepper's 10-K filings with the SEC.
| Fiscal year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B | $6.7B | $7.4B | $11.1B | $11.6B | $12.7B | $14.1B | $14.8B | $15.4B | $16.6B |
| Cost of revenue | $2.2B | $2.7B | $3.6B | $4.8B | $5.1B | $5.7B | $6.7B | $6.7B | $6.8B | $7.6B |
| Gross profit | $2.0B | $4.0B | $3.9B | $6.3B | $6.5B | $7.0B | $7.3B | $8.1B | $8.5B | $9.0B |
| Research and development | $56M | $20M | $64M | $81M | $69M | $66M | $65M | $66M | $70M | $70M |
| Selling, general and admin | $1.1B | $2.6B | $2.6B | $4.0B | $4.0B | $4.2B | $4.6B | $4.9B | $5.0B | $5.4B |
| Operating income | $897M | $1.4B | $1.2B | $2.4B | $2.5B | $2.9B | $2.6B | $3.2B | $2.6B | $3.6B |
| Interest expense | $101M | $164M | $401M | $654M | $604M | $500M | $693M | $496M | — | — |
| Pre-tax income | $567M | $1.2B | $791M | $1.7B | $1.8B | $2.8B | $1.7B | $2.8B | $1.9B | $2.7B |
| Income tax | $184M | $95M | $202M | $440M | $428M | $653M | $284M | $576M | $473M | $608M |
| Net income | $378M | $1.1B | $586M | $1.3B | $1.3B | $2.1B | $1.4B | $2.2B | $1.4B | $2.1B |
| EPS (diluted) | $0.47 | $5.89 | $0.53 | $0.88 | $0.93 | $1.50 | $1.01 | $1.55 | $1.05 | $1.53 |
| Diluted shares | 790M | 183M | 1.10B | 1.42B | 1.42B | 1.43B | 1.43B | 1.41B | 1.37B | 1.36B |
| Gross margin | 47.9% | 59.7% | 52.2% | 57.0% | 55.8% | 55.0% | 52.1% | 54.5% | 55.6% | 54.2% |
| Operating margin | 21.0% | 20.7% | 16.6% | 21.4% | 21.3% | 22.8% | 18.5% | 21.5% | 16.9% | 21.5% |
| Net margin | 8.9% | 16.1% | 7.9% | 11.3% | 11.4% | 16.9% | 10.2% | 14.7% | 9.4% | 12.5% |
Balance sheet
Fiscal years, from Keurig Dr Pepper's 10-K filings with the SEC.
| Fiscal year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $66M | $90M | $83M | $75M | $240M | $567M | $535M | $267M | $510M | $1.0B |
| Receivables | $659M | $483M | $1.1B | $1.1B | $1.0B | $1.1B | $1.5B | $1.4B | $1.5B | $1.7B |
| Inventory | $261M | $384M | $626M | $654M | $762M | $894M | $1.3B | $1.1B | $1.3B | $1.7B |
| Total current assets | $1.3B | $1.1B | $2.2B | $2.3B | $2.4B | $3.1B | $3.8B | $3.4B | $4.0B | $5.3B |
| Property, plant and equipment | $1.1B | $790M | $2.3B | $2.0B | $2.2B | $2.5B | $2.5B | $2.7B | $3.0B | $3.2B |
| Goodwill | $9.8B | $9.8B | $20.0B | $20.2B | $20.2B | $20.2B | $20.1B | $20.2B | $20.1B | $20.2B |
| Total assets | $10.0B | $15.7B | $48.9B | $49.5B | $49.8B | $50.6B | $51.8B | $52.1B | $53.4B | $55.5B |
| Total current liabilities | $1.4B | $2.0B | $5.7B | $6.5B | $7.7B | $6.5B | $8.1B | $8.9B | $8.1B | $8.3B |
| Long-term debt | $4.4B | $4.4B | $14.2B | $12.8B | $11.1B | $11.6B | $11.1B | $9.9B | $12.9B | $13.0B |
| Total liabilities | $7.9B | $8.1B | $26.4B | $26.3B | $25.9B | $25.6B | $26.7B | $26.5B | $29.2B | $29.9B |
| Shareholders' equity | $6.8B | $7.4B | $22.5B | $23.3B | $23.8B | $25.0B | $25.1B | $25.7B | $24.2B | $25.5B |
| Net debt | $4.4B | $4.5B | $15.6B | $14.3B | $13.2B | $11.3B | $11.4B | $12.9B | $15.0B | $15.1B |
Cash flow
Fiscal years, from Keurig Dr Pepper's 10-K filings with the SEC.
| Fiscal year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $1.0B | $1.6B | $2.5B | $2.5B | $2.9B | $2.8B | $1.3B | $2.2B | $2.0B |
| Capital spending | $66M | $202M | $180M | $330M | $461M | $423M | $353M | $425M | $563M | $486M |
| Free cash flow | $1.7B | $836M | $1.4B | $2.1B | $2.0B | $2.5B | $2.5B | $904M | $1.7B | $1.5B |
| Stock-based compensation | $58M | $36M | $35M | $64M | $85M | $88M | $52M | $116M | $98M | $97M |
| Dividends paid | $55M | $414M | $232M | $844M | $846M | $955M | $1.1B | $1.1B | $1.2B | $1.2B |
| Share buybacks (net) | — | -$399M | — | — | $0 | $0 | -$379M | -$706M | -$1.1B | -$9M |
| Net borrowing | — | $66M | $1.1B | $167M | -$1.2B | — | $250M | $1.7B | -$480M | $594M |
| Free cash flow margin | 39.4% | 12.5% | 19.3% | 19.3% | 17.2% | 19.3% | 17.7% | 6.1% | 10.8% | 9.1% |
| Dividends per share | $0.07 | $2.26 | $0.21 | $0.59 | $0.59 | $0.67 | $0.76 | $0.81 | $0.87 | $0.92 |
Questions
What was Keurig Dr Pepper's revenue in 2025?
$16.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Keurig Dr Pepper generate?
$1.5B in fiscal 2025 (operating cash flow minus capital spending).
From Keurig Dr Pepper's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.