Keurig Dr Pepper sells branded soft drinks, coffee, brewing systems and partner beverages through manufacturing, licensing and distribution networks. Its April 2026 acquisition of JDE Peet’s added a large global coffee business.
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A snapshot of what Keurig Dr Pepper Inc. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001418135-24-000007 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001418135-25-000013 | Feb 25, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001418135-26-000016 | Feb 24, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
As of October 24, 2026, KDP is substantially larger, but its sales growth is not matched by stronger reported earnings. JDE Peet’s drove most of the second-quarter sales increase; acquisition accounting, transaction costs, higher interest, acquisition-related noncash deferred-tax revaluation and allocations to outside investors reduced earnings available to common shareholders. U.S. refreshment beverages performed well, while U.S. Coffee faced weaker demand and margin pressure. First-half operating cash flow improved, largely through working-capital comparisons, but substantial borrowing maturities and preferred-investor claims remain. September’s Chobani disposal generated cash plus deferred consideration without ending the commercial relationship. Management reaffirmed adjusted earnings growth and plans an early-2027 separation, but neither the forecast nor the separation is assured.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · 8-K · 2026-09-28 · EX-99.1 · 2026-08-28
KDP earns revenue from beverage brands and concentrates, finished-drink distribution, coffee pods, brewers and partner manufacturing. Brewer adoption supports repeat pod purchases, while distribution provides access to retailers for owned and partner brands. Following JDE Peet’s consolidation on April 1, 2026, KDP reports four segments and more than 150 brands, with global coffee operations in over 100 markets. Ownership reached 97.75%; proceedings for the remaining shares were pending at June 30, with a $402 million shareholder liability.
Financing the expansion also shared future economics. KDP retained control and 51% of its pod-manufacturing JV, but outside investors own 49%. Their $64 million share of second-quarter earnings reduced parent earnings even though no distributions were declared or paid. The targeted 6.375% internal rate of return during the first five years following closing is not a guaranteed cash yield: distributions depend on available cash, limitations and KDP’s discretion. Consent rights, possible additional funding and eventual conversion or redemption remain relevant.
Sources: 10-Q · 2026-06-30
For the quarter ended June 30, 2026, sales rose 75.6% to $7.309 billion, including $2.802 billion from newly consolidated JDE Peet’s. Excluding JDE, legacy KDP sales rose 7.3% on a constant-currency basis, although that is not a measure excluding every acquisition or reporting change. U.S. Refreshment Beverages sales increased 10.0% and reported operating income increased 14.9%. U.S. Coffee sales fell 3.2% despite pricing increases: management cited price elasticity, category weakness and costs. Part of its 8.2% volume/mix decline reflects moving Peet’s pods to JDE; that portion is unquantified. International’s sales growth also benefited from currency, while costs, Mexico’s beverage tax and marketing absorbed much of the profit benefit.
GAAP operating income fell to $628 million from $898 million. Company-adjusted operating income was $1.478 billion, but adjusted margin still fell to 20.2% from 24.7%. The $850 million adjustment gap includes $318 million of JDE acquisition/integration/separation-related costs, $314 million of acquired-inventory step-up expense and $124 million of intangible amortization. These exclusions are not all noncash or necessarily nonrecurring. JDE itself reported a $62 million operating loss, versus $414 million on the company-adjusted basis.
Higher interest also weighed on earnings. Quarterly consolidated net income of $210 million became $60 million for common shareholders after $68 million of noncontrolling interests and $82 million allocated to preferred investors. GAAP diluted EPS fell from $0.40 to $0.04; adjusted EPS was $0.57 versus $0.49. The new two-class allocation matters much more than the small change in diluted common shares. First-half consolidated income fell to $480 million from $1.064 billion. The second-quarter effective tax rate also rose to 31.1% from 23.8%; acquisition-related noncash revaluation of state deferred-tax liabilities was an additional earnings headwind. This expense effect is distinct from operating performance and cash income taxes paid.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
First-half operating cash flow rose to $1.176 billion from $640 million, principally reflecting a better working-capital comparison, including inventory releases, rather than higher reported profit. Noncash acquisition adjustments also affected conversion. Cash capital expenditure was $297 million; common and preferred dividends consumed $624 million and $54 million. Company-defined free cash flow of $898 million subtracts capex and adds $19 million of property-sale proceeds, but does not deduct $16.615 billion of acquisition spending net of acquired cash.
At June 30, cash was $1.517 billion, excluding $36 million restricted cash, against $8.394 billion of current borrowings and $21.586 billion of noncurrent obligations. The undrawn $4.3 billion revolver and €736 million of reported undrawn term capacity were not cash or unconditional funding. Term borrowing outstanding was €2.8 billion. Ratings were Baa3/P-3 and BBB-/A-3, both stable; covenant compliance was reported without numerical headroom. These are June balances, not October balances.
Other claims include leases, $1.018 billion of structured payables, preferred capital with a $4.5 billion liquidation preference, and an estimated $898 million obligation to purchase GHOST’s remaining ownership in 2028—not a fixed settlement price. Supplier-financing balances overlap payable categories and must not be added again. Shortening supplier payment terms has increased financing dependence. Preferred shares carry a 4.75% dividend rate subject to increases, senior rights and potential dilution. July 14’s amendment, filed August 10, changed preferred valuation methodology and investor consent/transfer obligations; it did not establish additional funding or relaxed separation conditions.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · 10-K · 2025-12-31 · EX-10.2 · 2026-06-30
The Chobani equity redemption and Allentown asset sale closed September 28, as reported that day. Together they provided $525 million gross cash and a $400 million Chobani note due December 26, 2026—not $925 million immediate cash. Net proceeds, disposal profit, note collection and actual debt repayment are not established. The September 1 announcement said net proceeds were intended for debt reduction. KDP continues distributing La Colombe and other Chobani beverages and retains its La Colombe K-Cup relationship. Transitional manufacturing at Allentown continues for an undisclosed defined period, leaving continuity and counterparty dependencies.
Sources: 8-K · 2026-09-28 · EX-99.1 · 2026-08-28 · 8-K · 2026-08-28
On August 6, management reaffirmed 2026 sales guidance of $25.9–$26.4 billion and low-double-digit constant-currency adjusted diluted EPS growth. Its constant-currency framework combines 4–6% legacy sales and adjusted EPS growth with incremental JDE contributions. Then-current exchange rates were expected to add approximately one percentage point to sales and EPS growth. No forward GAAP reconciliation was provided because potentially material adjustments could not reasonably be predicted.
Separation remains planned for early 2027, subject to approvals, tax, listing, reporting and market conditions. Preferred-investor restrictions involve defined leverage thresholds of 4.00x after a qualifying IPO or 4.25x without one, and investment-grade ratings, unless qualifying consent is obtained. Management’s 4.4x June pro forma leverage measure and 4.1x year-end target do not demonstrate satisfaction of those contractual tests. Separation would also change cross-business guarantees and could increase standalone costs. Russ Torres’s appointment was announced October 1 with a November 3 effective date; he was not yet scheduled to be serving at this overview’s October 24 cutoff.
Coffee costs, tariffs, price-sensitive demand, packaging regulation and partner dependence remain operating risks. Integration and preliminary acquisition valuations matter because goodwill and net intangibles totaled $67.873 billion at June 30. JDE’s Russian operations represented approximately 6% of its own 2025 revenue, not KDP’s, and face sanctions and exit restrictions. Pending pre-2026 antitrust plaintiffs claimed more than $1.5 billion; KDP disputes the claims, cannot estimate a loss range and recorded no contingency. Absence of an accrual does not eliminate exposure. Additional individual purchaser actions were filed in 2026 and proceed on separate procedural timelines; the cited pre-2026 damages amount does not encompass those actions.
Sources: EX-99.1 · 2026-08-06 · 10-Q · 2026-06-30 · EX-10.2 · 2026-06-30 · 8-K · 2026-05-21 · 8-K · 2026-10-01
USD 16.603 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 16.603 bn | 8.2% |
| 2024 | USD 15.351 bn | 3.6% |
| 2023 | USD 14.814 bn | — |
Consolidated sales net of customer incentives, discounts and returns; excludes sales taxes.
Sources: 10-K · 2025-12-31
USD 2.079 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.079 bn | 44.3% |
| 2024 | USD 1.441 bn | -33.9% |
| 2023 | USD 2.181 bn | — |
Consolidated GAAP net income after income taxes.
Sources: 10-K · 2025-12-31
USD 1.991 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.991 bn | -10.3% |
| 2024 | USD 2.219 bn | 67.0% |
| 2023 | USD 1.329 bn | — |
GAAP operating cash flow after working-capital movements; not profit.
Sources: 10-K · 2025-12-31
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