financial statements

The full income statement, balance sheet, and cash-flow statement for Keurig Dr Pepper Inc. (KDP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	16.6B YoY+8.2%	15.4B YoY+3.6%	14.8B YoY+5.4%	14.1B YoY+10.8%	12.7B YoY+9.2%
	9.00B YoY+5.5%	8.53B YoY+5.6%	8.08B YoY+10.3%	7.32B YoY+5.0%	6.98B YoY+7.6%
Cost of revenue	7.60B YoY+11.5%	6.82B YoY+1.3%	6.73B YoY+0.0%	6.73B YoY+18.0%	5.71B YoY+11.2%
Research & development	70.0M YoY+0.0%	70.0M YoY+6.1%	66.0M YoY+1.5%	65.0M YoY-1.5%	66.0M YoY-4.3%
Selling, general & administrative	5.35B YoY+6.7%	5.01B YoY+2.1%	4.91B YoY+5.7%	4.64B YoY+11.8%	4.15B YoY+4.4%
Restructuring	63.0M YoY-30.8%	91.0M YoY+160.0%	35.0M YoY-79.7%	172M YoY-14.9%	202M YoY+1.0%
Amortization of intangibles	138M YoY+3.8%	133M YoY-2.9%	137M YoY-0.7%	138M YoY+3.0%	134M YoY+0.8%
Provision for credit losses	—	0.00 YoY-100.0%	3.00M YoY+0.0%	3.00M YoY+123.1%	-13.0M YoY-176.5%
Operating income	3.58B YoY+38.0%	2.59B YoY-18.8%	3.19B YoY+22.5%	2.60B YoY-10.0%	2.89B YoY+16.7%
Interest expense	—	—	496M YoY-28.4%	693M YoY+38.6%	500M YoY-17.2%
Other non-operating income	-134M YoY-331.0%	58.0M YoY-4.9%	61.0M YoY+535.7%	-14.0M YoY-800.0%	2.00M YoY+111.8%
Equity-method income	81.0M YoY+92.9%	42.0M YoY+27.3%	33.0M YoY+760.0%	-5.00M YoY+0.0%	-5.00M YoY+75.0%
Pre-tax income	2.69B YoY+40.4%	1.91B YoY-30.6%	2.76B YoY+60.4%	1.72B YoY-38.6%	2.80B YoY+59.6%
Income tax	608M YoY+28.5%	473M YoY-17.9%	576M YoY+102.8%	284M YoY-56.5%	653M YoY+52.6%
	2.08B YoY+44.3%	1.44B YoY-33.9%	2.18B YoY+51.9%	1.44B YoY-33.1%	2.15B YoY+62.0%
Net income to non-controlling interest	—	0.00 YoY-100.0%	2.18B YoY+218200.0%	-1.00M YoY+0.0%	-1.00M
	$1.53 YoY+45.7%	$1.05 YoY-32.3%	$1.55 YoY+53.5%	$1.01 YoY-32.7%	$1.50 YoY+61.3%
EPS (basic)	$1.53 YoY+44.3%	$1.06 YoY-32.1%	$1.56 YoY+54.5%	$1.01 YoY-33.6%	$1.52 YoY+61.7%
Weighted-avg shares (basic)	1.36B YoY-0.3%	1.36B YoY-2.7%	1.40B YoY-1.2%	1.42B YoY+0.1%	1.42B YoY+0.6%
Weighted-avg shares (diluted)	1.36B YoY-0.4%	1.37B YoY-2.8%	1.41B YoY-1.4%	1.43B YoY+0.0%	1.43B YoY+0.4%
Dividends per share	$0.92 YoY+3.4%	$0.89 YoY+7.2%	$0.83 YoY+7.1%	$0.78 YoY+8.8%	$0.71 YoY+18.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.27B YoY+31.7%	4.00B YoY+18.4%	3.38B YoY-11.3%	3.80B YoY+24.4%	3.06B YoY+28.0%
Cash & equivalents	1.03B YoY+101.2%	510M YoY+91.0%	267M YoY-50.1%	535M YoY-5.6%	567M YoY+136.3%
Accounts receivable	1.67B YoY+11.3%	1.50B YoY+9.8%	1.37B YoY-7.8%	1.48B YoY+29.3%	1.15B YoY+9.5%
Inventory	1.73B YoY+33.4%	1.30B YoY+13.7%	1.14B YoY-13.1%	1.31B YoY+47.0%	894M YoY+17.3%
Prepaid expenses	818M YoY+35.0%	606M YoY+1.3%	598M YoY+27.0%	471M YoY+5.4%	447M YoY+38.4%
Other current assets	484M YoY+11.8%	433M YoY+783.7%	49.0M YoY+0.0%	49.0M YoY+0.0%	49.0M YoY+0.0%
	55.5B YoY+3.8%	53.4B YoY+2.5%	52.1B YoY+0.6%	51.8B YoY+2.4%	50.6B YoY+1.6%
Property, plant & equipment	3.23B YoY+9.0%	2.96B YoY+9.8%	2.70B YoY+8.4%	2.49B YoY-0.1%	2.49B YoY+12.7%
Operating lease right-of-use	845M YoY-4.0%	880M YoY+0.5%	876M YoY-0.6%	881M YoY+30.9%	673M YoY+4.3%
Goodwill	20.2B YoY+1.0%	20.1B YoY-0.7%	20.2B YoY+0.6%	20.1B YoY-0.5%	20.2B YoY-0.0%
Intangible assets	23.7B YoY+0.4%	23.6B YoY+1.5%	23.3B YoY+0.4%	23.2B YoY-2.8%	23.9B YoY-0.5%
Long-term investments	53.0M YoY+0.0%	53.0M YoY+0.0%	53.0M YoY+0.0%	53.0M YoY+0.0%	53.0M YoY+0.0%
Deferred tax assets	36.0M YoY-7.7%	39.0M YoY+25.8%	31.0M YoY-11.4%	35.0M YoY-16.7%	42.0M YoY-6.7%
Other non-current assets	1.29B YoY+7.9%	1.20B YoY+4.4%	1.15B YoY-8.2%	1.25B YoY+33.6%	937M YoY+4.8%
	8.29B YoY+2.5%	8.09B YoY-9.3%	8.92B YoY+10.4%	8.08B YoY+24.5%	6.49B YoY-15.7%
Accounts payable	3.00B YoY+0.4%	2.98B YoY-17.0%	3.60B YoY-30.9%	5.21B YoY+20.6%	4.32B YoY+15.4%
Accrued liabilities	1.38B YoY-12.9%	1.58B YoY+27.5%	1.24B YoY+7.7%	1.15B YoY+3.9%	1.11B YoY+6.7%
Deferred revenue	64.0M YoY+0.0%	64.0M YoY+0.0%	64.0M YoY+0.0%	64.0M YoY+0.0%	64.0M YoY+0.0%
Short-term & current debt	895M YoY-12.8%	1.03B YoY-10.8%	1.15B YoY+131.9%	496M YoY+220.0%	155M YoY-93.4%
Current lease liability	127M YoY-0.8%	128M YoY+12.3%	114M YoY+14.0%	100M YoY+31.6%	76.0M YoY+5.6%
Other current liabilities	785M YoY-6.0%	835M YoY+16.9%	714M YoY+4.2%	685M YoY+11.7%	613M YoY+47.4%
	29.9B YoY+2.6%	29.2B YoY+10.3%	26.5B YoY-1.0%	26.7B YoY+4.2%	25.6B YoY-1.2%
Long-term debt	13.0B YoY+1.0%	12.9B YoY+29.8%	9.95B YoY-10.2%	11.1B YoY-4.4%	11.6B YoY+3.9%
Deferred revenue (non-current)	1.02B YoY+0.0%	1.02B YoY+0.0%	1.02B YoY+0.0%	1.02B YoY+0.0%	1.02B YoY+0.0%
Non-current lease liability	764M YoY-3.3%	790M YoY-0.4%	793M YoY-1.2%	803M YoY+32.1%	608M YoY+4.8%
Deferred tax liabilities	5.53B YoY+1.7%	5.43B YoY-5.6%	5.76B YoY+0.4%	5.74B YoY-4.1%	5.99B YoY-0.1%
Other non-current liabilities	3.09B YoY+12.3%	2.75B YoY+50.2%	1.83B YoY+0.4%	1.82B YoY+15.7%	1.58B YoY+40.9%
	25.5B YoY+5.3%	24.2B YoY-5.6%	25.7B YoY+2.2%	25.1B YoY+0.6%	25.0B YoY+4.8%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	14.0M YoY+0.0%	14.0M YoY+0.0%	14.0M YoY+0.0%	14.0M YoY+0.0%	14.0M YoY+0.0%
Additional paid-in capital	19.8B YoY+0.3%	19.7B YoY-5.2%	20.8B YoY-3.1%	21.4B YoY-1.6%	21.8B YoY+0.5%
Retained earnings	5.62B YoY+17.3%	4.79B YoY+5.1%	4.56B YoY+28.8%	3.54B YoY+10.6%	3.20B YoY+55.2%
Accumulated other comprehensive income	102M YoY+137.0%	-276M YoY-187.6%	315M YoY+144.2%	129M YoY+596.2%	-26.0M YoY-133.8%
Non-controlling interest	0.00	0.00	0.00 YoY+100.0%	-1.00M	0.00 YoY-100.0%
Total equity incl. non-controlling	25.5B YoY+5.3%	24.2B YoY-5.6%	25.7B YoY+2.2%	25.1B YoY+0.6%	25.0B YoY+4.8%
Total liabilities & equity	55.5B YoY+3.8%	53.4B YoY+2.5%	52.1B YoY+0.6%	51.8B YoY+2.4%	50.6B YoY+1.6%
Common shares issued	1.36B YoY+0.1%	1.36B YoY-2.4%	1.39B YoY-1.3%	1.41B YoY-0.7%	1.42B YoY+0.8%
Common shares outstanding	1.36B YoY+0.1%	1.36B YoY-2.4%	1.39B YoY-1.3%	1.41B YoY-0.7%	1.42B YoY+0.8%
Shares outstanding (cover)	1.36B YoY+0.2%	1.36B YoY-3.0%	1.40B YoY-1.3%	1.42B YoY-0.1%	1.42B YoY+0.8%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.99B YoY-10.3%	2.22B YoY+67.0%	1.33B YoY-53.2%	2.84B YoY-1.3%	2.87B YoY+17.0%
Depreciation & amortization	455M YoY+7.8%	422M YoY+5.0%	402M YoY+0.8%	399M YoY-2.7%	410M YoY+13.3%
Share-based compensation	97.0M YoY-1.0%	98.0M YoY-15.5%	116M YoY+123.1%	52.0M YoY-40.9%	88.0M YoY+3.5%
Deferred income taxes	45.0M YoY+117.7%	-254M YoY-6250.0%	-4.00M YoY+98.6%	-289M YoY-1032.3%	31.0M YoY+160.8%
Change in receivables	202M YoY-3.3%	209M YoY+398.6%	-70.0M YoY-117.6%	398M YoY+161.8%	152M YoY+2940.0%
Change in inventory	405M YoY+340.2%	92.0M YoY+150.5%	-182M YoY-142.7%	426M YoY+220.3%	133M YoY+24.3%
	-573M YoY+64.5%	-1.61B YoY-105.9%	-784M YoY+30.9%	-1.14B YoY-640.5%	210M YoY+166.5%
Capital expenditure	486M YoY-13.7%	563M YoY+32.5%	425M YoY+20.4%	353M YoY-16.5%	423M YoY-8.2%
Acquisitions	149M YoY-85.1%	1.00B	0.00	0.00	—
Proceeds from sale of PP&E	14.0M YoY+250.0%	4.00M YoY-55.6%	9.00M YoY-94.6%	168M YoY+37.7%	122M YoY-39.9%
Other investing activities	-66.0M YoY-500.0%	-11.0M YoY-175.0%	-4.00M YoY+33.3%	-6.00M YoY-137.5%	16.0M YoY+277.8%
	-999M YoY-348.0%	-223M YoY+73.2%	-832M YoY+51.9%	-1.73B YoY+37.4%	-2.76B YoY-38.8%
Common stock issued	—	—	0.00	0.00 YoY-100.0%	140M
Common stock repurchased	9.00M YoY-99.2%	1.11B YoY+57.2%	706M YoY+86.3%	379M	0.00
Dividends paid	1.25B YoY+4.7%	1.19B YoY+4.6%	1.14B YoY+5.7%	1.08B YoY+13.1%	955M YoY+12.9%
Other financing activities	-5.00M YoY+28.6%	-7.00M YoY-16.7%	-6.00M YoY+87.0%	-46.0M YoY-27.8%	-36.0M
FX effect on cash	17.0M YoY+141.5%	-41.0M YoY-315.8%	19.0M YoY+371.4%	-7.00M YoY+22.2%	-9.00M YoY-50.0%
Interest paid	594M YoY+20.2%	494M YoY+11.5%	443M YoY+22.0%	363M YoY-23.9%	477M YoY-7.4%
Income taxes paid	460M YoY+39.0%	331M YoY-34.7%	507M YoY-26.1%	686M YoY+35.6%	506M YoY-13.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	38.1B YoY-12.7%	43.6B YoY-6.5%	46.6B YoY-7.7%	50.5B YoY-3.4%	52.3B YoY+16.1%
P/E	18.3× YoY-39.5%	30.2× YoY+26.1%	24.0× YoY-13.3%	27.7× YoY+13.5%	24.4× YoY-28.3%
P/S	2.3× YoY-19.2%	2.8× YoY-10.1%	3.2× YoY-14.7%	3.7× YoY-10.2%	4.1× YoY+6.3%
P/B	1.5× YoY-17.0%	1.8× YoY-2.1%	1.8× YoY-8.8%	2.0× YoY-3.9%	2.1× YoY+10.8%
P/FCF	25.3× YoY-3.9%	26.3× YoY-20.5%	33.1× YoY+75.7%	18.8× YoY-11.7%	21.3× YoY-5.5%
Earnings yield	5.5% YoY+65.2%	3.3% YoY-20.7%	4.2% YoY+15.3%	3.6% YoY-11.9%	4.1% YoY+39.5%
FCF yield	4.0% YoY+4.1%	3.8% YoY+25.8%	3.0% YoY-43.1%	5.3% YoY+13.2%	4.7% YoY+5.9%
Dividend yield	3.3% YoY+18.5%	2.8% YoY+11.2%	2.5% YoY+14.6%	2.2% YoY+12.4%	1.9% YoY+3.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: KDP's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all KDP filings on SEC EDGAR → Not investment advice.

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About this data

financial statements