Keurig Dr Pepper Inc
NASDAQ: KDP · CONSUMER DEFENSIVE · BEVERAGES - NON-ALCOHOLIC
Updated 2026-06-05
Keurig Dr Pepper Inc (KDP) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.74B | $5.75B | $5.71B | $5.53B | $5.64B | $5.90B | $6.00B | $6.00B | $6.12B | $6.28B | $6.44B | $6.69B | $7.44B | $11.12B | $11.62B | $12.68B | $14.06B | $14.81B | $15.35B | $16.60B |
| Revenue growth (YoY) | — | +21.4% | -0.7% | -3.1% | +1.9% | +4.7% | +1.6% | +0.0% | +2.1% | +2.6% | +2.5% | +3.9% | +11.2% | +49.4% | +4.5% | +9.2% | +10.8% | +5.4% | +3.6% | +8.2% |
| Cost of revenue | $1.99B | $2.62B | $2.59B | $2.23B | $2.24B | $2.48B | $2.50B | $2.50B | $2.49B | $2.56B | $2.58B | $2.69B | $3.56B | $4.78B | $5.13B | $5.71B | $6.73B | $6.73B | $6.82B | $7.60B |
| Gross profit | $2.74B | $3.13B | $3.12B | $3.30B | $3.39B | $3.42B | $3.50B | $3.50B | $3.63B | $3.72B | $3.86B | $4.00B | $3.88B | $6.34B | $6.49B | $6.98B | $7.32B | $8.08B | $8.53B | $9.00B |
| Gross margin | 57.9% | 54.5% | 54.6% | 59.6% | 60.2% | 57.9% | 58.3% | 58.3% | 59.3% | 59.3% | 59.9% | 59.7% | 52.2% | 57.0% | 55.8% | 55.0% | 52.1% | 54.5% | 55.6% | 54.2% |
| R&D | $24.00M | $14.00M | $17.00M | $15.00M | $6.00M | $15.00M | $15.00M | $57.70M | $18.00M | $19.00M | $20.00M | $20.00M | $64.00M | $81.00M | $69.00M | $66.00M | $65.00M | $66.00M | $70.00M | — |
| SG&A | $63.92M | $2.02B | $2.08B | $2.13B | $2.23B | $2.26B | $2.27B | $2.33B | $2.33B | $2.31B | $2.33B | $2.56B | $1.41B | $2.11B | $1.92B | $1.75B | $2.00B | $2.20B | $2.09B | $5.35B |
| Operating income | $1.02B | $1.00B | $-168.00M | $1.08B | $1.02B | $1.02B | $1.09B | $1.05B | $1.18B | $1.30B | $1.43B | $1.39B | $1.24B | $2.38B | $2.48B | $2.89B | $2.78B | $3.19B | $3.31B | $3.65B |
| Operating margin | 21.5% | 17.5% | -2.9% | 19.6% | 18.2% | 17.3% | 18.2% | 17.4% | 19.3% | 20.7% | 22.3% | 20.7% | 16.6% | 21.4% | 21.3% | 22.8% | 19.8% | 21.6% | 21.6% | 22.0% |
| EBITDA | $1.18B | $1.17B | $77.00M | $1.32B | $1.18B | $1.27B | $1.34B | $899.00M | $1.42B | $1.53B | $1.65B | $1.57B | $1.68B | $3.01B | $3.01B | $4.01B | $3.12B | $3.97B | $3.38B | $4.19B |
| EBITDA margin | 25.0% | 20.4% | 1.3% | 23.8% | 20.9% | 21.5% | 22.4% | 15.0% | 23.1% | 24.3% | 25.7% | 23.4% | 22.5% | 27.0% | 25.9% | 31.6% | 22.2% | 26.8% | 22.0% | 25.3% |
| EBIT | $1.04B | $1.00B | $-118.00M | $1.11B | $949.00M | $1.04B | $1.10B | $665.00M | $1.18B | $1.30B | $1.43B | $1.34B | $1.24B | $2.35B | $2.36B | $3.30B | $2.41B | $3.25B | $2.65B | $3.44B |
| Interest expense | $257.00M | $253.00M | $257.00M | $197.00M | $141.00M | $125.00M | $132.00M | $125.00M | $117.00M | $126.00M | $140.00M | $168.00M | $446.00M | $647.00M | $597.00M | $525.00M | $468.00M | $596.00M | $684.00M | $754.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $510.00M | $497.00M | $-312.00M | $555.00M | $528.00M | $606.00M | $629.00M | $624.00M | $703.00M | $764.00M | $847.00M | $1.08B | $586.00M | $1.25B | $1.32B | $2.15B | $1.44B | $2.18B | $1.44B | $2.08B |
| Net income growth (YoY) | — | -2.5% | -162.8% | +277.9% | -4.9% | +14.8% | +3.8% | -0.8% | +12.7% | +8.7% | +10.9% | +27.0% | -45.5% | +114.0% | +5.7% | +62.0% | -33.1% | +51.9% | -33.9% | +44.3% |
| Profit margin | 10.8% | 8.6% | -5.5% | 10.0% | 9.4% | 10.3% | 10.5% | 10.4% | 11.5% | 12.2% | 13.2% | 16.1% | 7.9% | 11.3% | 11.4% | 16.9% | 10.2% | 14.7% | 9.4% | 12.5% |
Frequently asked questions
What is Keurig Dr Pepper Inc's revenue?
Keurig Dr Pepper Inc's trailing twelve-month revenue is $16.94B, and consensus projects about $40.53B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is KDP?
In its most recent fiscal year, KDP ran a gross margin of 54.20%, an operating margin of 22.00%, and a net margin of 12.52%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does KDP generate?
KDP produced $1.50B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is KDP's balance sheet healthy?
KDP holds $1.03B in cash and equivalents against $13.04B in long-term debt, on $25.52B of shareholder equity. That debt is best read against the cash flow the business throws off each year.