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Keurig Dr Pepper (KDP) stock

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NASDAQ: KDP Nasdaq Beverages Next results ~November 3, 2026

B Fundamentals grade

Keurig Dr Pepper is a US-listed company in the beverages industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$19

Cash-flow model

Base case. Range ~$8.4–$32 across our lower- and higher-growth cases (7.7%–17.7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 50% below it.

Price used: $36.82, November 2, 2026

Keurig Dr Pepper valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling1 purchase and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds450 adding, 364 cuttingOf 73 active managers that changed their stake, 45 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Keurig Dr Pepper files

Where Keurig Dr Pepper stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $20.1bn, up 27.5% on a year earlier, faster than 9.2% a quarter earlier. That growth ranks 109 of 931 among all the companies we cover. Free-cash-flow margin held at 9.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 6 financial-health checks. Our cash-flow model value is $22.06 a share, against a share price of $34.48. At that price, our model says the market is pricing in about 18.1% a year of cash-flow growth for five years, faster than the 9.6% a year revenue growth it has delivered.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Keurig Dr Pepper's trailing-twelve-month revenue grew 27.5% year on year, with a free-cash-flow margin of 9.8%. Where it stands out: change in growth rate of +18.3pp ranks 2 of 26 beverages companies we cover.

Our discounted-cash-flow model values the business at ~$19 per share in the base case (~$8.4–$32 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 27.5% (+18.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 27.5% over the last 12 months, against a median of 6.9% for beverages companies we cover.
  • Growth speeding up. The growth rate is 18.3 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $36.82 is 50% above our value per share of $19.
  • Gross margin slipping. Gross margin is down 5.5 points on a year ago.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.57 against an average estimate of $0.54: beat by 6.2%
Revenue
$7.31bn, up 75.6% on a year earlier
Share reaction
-2.4% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
net sales $25.9bn to $26.4bn (2026); constant currency net sales growth growth 4% to 6% (2026)
Next report
November 3, 2026; average EPS estimate $0.62

Keurig Dr Pepper's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.7%
  • 1 week+5.2%
  • 1 month+21.2%
  • This year+35.6%
  • 1 year+39.9%
  • 5 years+16.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$20.1B
Operating margin
16.2%
Net margin
7.1%
EPS (TTM, diluted)
$1.05

Growth

Revenue growth
+27.5%
Change in growth rate
+18.3 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$2B
FCF margin
9.8%
Stock pay % of revenue
1.3%

Earnings

Last results
November 3, 2026
Next results (est.)
February 23, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Announcement

    Keurig Dr Pepper launches Alta coffee system

    Keurig Dr Pepper said it launched the Keurig Alta System on 29 October 2026. The brewer uses new pressed coffee rounds and is priced at $499.99. The company noted the system is backward compatible with existing K-Cup pods.

    Company releaseRead source ↗
  4. Announcement

    Keurig Dr Pepper previews 2027 drink lineup

    Keurig Dr Pepper said it revealed its 2027 beverage plans ahead of the NACS Show. The company will launch new Dr Pepper and 7UP flavors, with the Ice Cream Float arriving in February 2027. It also plans to distribute more than 25 new energy items, including permanent GHOST Energy collaborations.

    Company releaseRead source ↗
  5. Leadership
  6. Announcement
  7. Announcement
  8. Announcement
  9. Dividend
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Announcement
  15. Leadership
  16. Results
  17. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Keurig Dr Pepper valuation models and calculator

What the price is pricing in

The share price implies about 21.7% a year of cash-flow growth for five years.That is faster than the 9.6% a year revenue growth Keurig Dr Pepper has delivered.

  • Priced in21.7%
  • Last 12 months27.5%
  • 3 years a year11.3%
  • 5 years a year9.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($34.85, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$19
Price used
$34.85close November 3, 2026
Implied change
▼ 47%
Uncertainty
Very high

How we got here: a discounted-cash-flow model of Keurig Dr Pepper's free cash flow after stock-based pay with after-tax interest added back ($1.6B, FY2026 Q2 TTM), growing 31.7% and 13.1% in the next two years (forecasts, guidance and its record), then back to 12.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$8.4–~$32 ; that spread sets a 45% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Keurig Dr Pepper's free cash flow after stock-based pay ( $1.6B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Keurig Dr Pepper as an operating company, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.47 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$19 ~$8.4–$32 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.5 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$41 ~$37–$61 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$19 ~$13–$28 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$19 ~$15–$24 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$21 ~$9.5–$41 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Keurig Dr Pepper with Beverages in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −38%
  • Revenue growth 5 points higher ▲ +48%
  • Free-cash-flow margin 1 point lower ▼ −16%
  • Last year's free-cash-flow margin change, if it persists ▼ −3%
  • Discount rate 1 point higher ▼ −25%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% ——$7$18$32$50
8.5% ———$7$17$30
10% ———$1$8$18

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$11.61$11.56$11.49$21.06$24.30$27.47$32.28$31.88$30.53$30.21$27.15$36.82
Market value$8.9bn$8.6bn$9.1bn$23.1bn$34.5bn$39.1bn$46.1bn$45.5bn$43.0bn$41.3bn$37.0bn$50.2bn
+ Net debt (− = net cash)$2.5bn$2.7bn$0$15.6bn$14.3bn$13.2bn$11.3bn$11.4bn$12.9bn$15.0bn$15.1bn$28.5bn
Enterprise value$11.4bn$11.3bn$9.1bn$38.7bn$48.8bn$52.3bn$57.4bn$57.0bn$55.9bn$56.4bn$52.1bn$78.7bn
Multiples
Price / sales 1.4x1.3x2.1x3.1x3.1x3.4x3.6x3.2x2.9x2.7x2.2x2.5x
Price / earnings 11.7x10.2x24.0x39.4x27.5x29.5x21.5x31.7x19.7x28.7x17.8x35.2x
Price / free cash flow 10.7x11.0x5.4x16.1x16.1x19.6x18.8x18.3x47.6x25.0x24.6x25.5x
EV / EBITDA 8.1x7.4x8.7x26.3x17.8x18.4x17.4x19.0x15.6x18.7x12.9x20.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

76 /100

Strong moat

How hard Keurig Dr Pepper's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Cash operating profit has been a median 5.7% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 53.8%, moving by 2.5 percentage points (standard deviation) across 10 years.

  • Durability 16 / 20

    Operating margin has been a median 19.9%; its worst year was 16.2%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 16.6% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 4.3% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $7.3bn and EPS of $0.62 (range $0.61 to $0.64) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.29 +12% $26.3bn +59%
Next $2.53 +10% $29.9bn +14%

Next year's EPS estimate has moved 0.0% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 0 analysts raised Keurig Dr Pepper's forecast and 1 cut it.

Consensus EPS forecast Keurig Dr Pepper, last 90 days
$2.20 $2.30 $2.40 $2.50 $2.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.29 Current fiscal year, 60 days ago: $2.29 Current fiscal year, 30 days ago: $2.29 Current fiscal year, 7 days ago: $2.29 Current fiscal year, Now: $2.29 $2.29 Next fiscal year, 90 days ago: $2.53 Next fiscal year, 60 days ago: $2.53 Next fiscal year, 30 days ago: $2.53 Next fiscal year, 7 days ago: $2.53 Next fiscal year, Now: $2.53 $2.53

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.29$2.53
60 days ago $2.29$2.53
30 days ago $2.29$2.53
7 days ago $2.29$2.53
Now $2.29$2.53

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.54 $0.57 +6.2%
Mar 2026 $0.37 $0.39 +4.2%
Dec 2025 $0.59 $0.60 +1.9%
Sept 2025 $0.54 $0.54 +0.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • net sales 2026 $25.9bn to $26.4bn Non-GAAP Maintained
    “For 2026, KDP expects net sales of $25.9-$26.4 billion and constant currency Adjusted diluted EPS growth in a low-double-digit range.” source
  • constant currency Adjusted diluted EPS growth · KDP’s legacy business 2026 4% growth to 6% growth Non-GAAP Maintained
    “This guidance is comprised of 4-6% constant currency net sales growth and 4-6% constant currency Adjusted diluted EPS growth for KDP's legacy business, as well as an incremental contribution from the JDE Peet's acquisition.” source
  • constant currency net sales growth · KDP’s legacy business 2026 4% growth to 6% growth Non-GAAP Maintained
    “This guidance is comprised of 4-6% constant currency net sales growth and 4-6% constant currency Adjusted diluted EPS growth for KDP's legacy business, as well as an incremental contribution from the JDE Peet's acquisition.” source
  • pro-forma management leverage ratio 2026 about 4.1 Non-GAAP Maintained
    “The Company expects to end 2026 with a pro-forma management leverage ratio of approximately 4.1x.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Keurig Dr Pepper's revenue by +31.7% next year and +13.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+40.1%, weight 69%) and the company's own record (+12.7%, weight 31%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy1372%
Hold528%
Sell00%

Monthly trend

  1. Oct 202658518
  2. Sep 202658518
  3. Aug 202658518
  4. Jul 202647718

Counts of recommendations published by analysts covering Keurig Dr Pepper, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.9%
of tradable shares
Days to cover
7.21
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
4.7%
of shares
Employees
50,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +39.9%

$26.32 on October 31, 2025 to $36.82

ThenNowEffect
Revenue (last 12 months) $15.8bn $20.1bn +27.5%
Net margin 9.7% 7.1% −27.1%
P/E multiple 23.3x 35.2x +50.7%
Share count 1362m 1364m −0.1%

Biggest factor: p/e multiple.

Last 3 years +29.1%

$28.51 on November 3, 2023 to $36.82

ThenNowEffect
Revenue (last 12 months) $14.6bn $20.1bn +37.9%
Net margin 11.0% 7.1% −35.5%
P/E multiple 25.3x 35.2x +39.2%
Share count 1420m 1364m +4.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KDP+18%−1%−4%−1%−10%+36%
Industry peers (median)+11%−4%−4%−13%−37%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KDP50%42%42%50%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KDP−11%−12%−22%−17%−28%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 37% from November 27, 2019 to March 16, 2020. Getting back needed a 58% gain, reached on July 27, 2020, 133 days after the low.

Price behaviour

52-week range
$24.95 – $36.82
From 52-week high
0.0%
vs 50-day average
+13.5%
vs 200-day average
+24.0%
Volatility (1 year)
26%
Beta vs S&P 500
-0.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 6 down
typical move ±3.8%
After a week
4 up, 7 down
typical move ±4.2%
After a month
5 up, 6 down
typical move ±6.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −2.4% +0.5% +1.2% +6.0%
April 23, 2026 +10.1% +0.4% +10.8% +9.7%
February 24, 2026 +1.3% +1.6% −0.7% −11.4%
October 27, 2025 +6.2% +1.4% −1.9% −0.4%
July 24, 2025 −0.7% +0.5% −2.5% +4.9%
April 24, 2025 −2.2% +2.8% −3.3% −6.5%
February 25, 2025 −1.1% −0.4% −1.5% −0.2%
October 24, 2024 −5.8% +0.2% −10.2% −11.0%
July 25, 2024 +3.0% +0.6% +5.5% +9.0%
April 25, 2024 +4.3% +0.6% +3.8% +5.7%
February 22, 2024 −4.5% +2.1% −5.3% −5.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Keurig Dr Pepper’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.42× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

KDP Keurig Dr Pepper Grade B $36.40

Own 100 shares, sell the $37.00 call expiring December 18, 2026 (46 days) for $1.35 a share — $135 per contract.

Previous session · Bid $1.35, ask $1.80, quoted Mon 2 Nov, 17:27 New York time with KDP at $36.40. Option prices move with the shares: check the live chain at your broker before trading.

  • If KDP ends below $37.00: you keep your shares and the $135 — 3.7% extra on the position, 29.4% a year at that pace.
  • If it ends above $37.00: your shares are sold at $37.00, a total return of 5.4% including the premium — at or above our value of ~$19.
$195 $0 −$701 Break-even $35.05 Price $36.40 ← Our value ~$19
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$135
Annualised
29.4%
Break-even
$35.05
Max gain
$195.5
Chance of selling
~49%

Results are expected around November 7, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Keurig Dr Pepper in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Keurig Dr Pepper
$14B $16B $18B $20B $22B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $14.8B Revenue (TTM), FY23 Q4: $14.8B Revenue (TTM), FY24 Q1: $14.9B Revenue (TTM), FY24 Q2: $15.1B Revenue (TTM), FY24 Q3: $15.1B Revenue (TTM), FY24 Q4: $15.4B Revenue (TTM), FY25 Q1: $15.5B Revenue (TTM), FY25 Q2: $15.8B Revenue (TTM), FY25 Q3: $16.2B Revenue (TTM), FY25 Q4: $16.6B Revenue (TTM), FY26 Q1: $16.9B Revenue (TTM), FY26 Q2: $20.1B $20.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $14.8B
FY23 Q4 $14.8B
FY24 Q1 $14.9B
FY24 Q2 $15.1B
FY24 Q3 $15.1B
FY24 Q4 $15.4B
FY25 Q1 $15.5B
FY25 Q2 $15.8B
FY25 Q3 $16.2B
FY25 Q4 $16.6B
FY26 Q1 $16.9B
FY26 Q2 $20.1B
Revenue growth, TTM YoY Keurig Dr Pepper
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 8.1% Revenue growth, TTM YoY, FY23 Q4: 5.4% Revenue growth, TTM YoY, FY24 Q1: 4.2% Revenue growth, TTM YoY, FY24 Q2: 3.4% Revenue growth, TTM YoY, FY24 Q3: 2.7% Revenue growth, TTM YoY, FY24 Q4: 3.6% Revenue growth, TTM YoY, FY25 Q1: 3.9% Revenue growth, TTM YoY, FY25 Q2: 4.6% Revenue growth, TTM YoY, FY25 Q3: 6.8% Revenue growth, TTM YoY, FY25 Q4: 8.2% Revenue growth, TTM YoY, FY26 Q1: 9.2% Revenue growth, TTM YoY, FY26 Q2: 27.5% 27.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 8.1%
FY23 Q4 5.4%
FY24 Q1 4.2%
FY24 Q2 3.4%
FY24 Q3 2.7%
FY24 Q4 3.6%
FY25 Q1 3.9%
FY25 Q2 4.6%
FY25 Q3 6.8%
FY25 Q4 8.2%
FY26 Q1 9.2%
FY26 Q2 27.5%
Operating margin (TTM) Keurig Dr Pepper
16% 18% 20% 22% 24% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 19.8% Operating margin (TTM), FY23 Q4: 21.5% Operating margin (TTM), FY24 Q1: 22.6% Operating margin (TTM), FY24 Q2: 23.0% Operating margin (TTM), FY24 Q3: 22.9% Operating margin (TTM), FY24 Q4: 16.9% Operating margin (TTM), FY25 Q1: 16.9% Operating margin (TTM), FY25 Q2: 16.9% Operating margin (TTM), FY25 Q3: 17.0% Operating margin (TTM), FY25 Q4: 21.5% Operating margin (TTM), FY26 Q1: 20.8% Operating margin (TTM), FY26 Q2: 16.2% 16.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 19.8%
FY23 Q4 21.5%
FY24 Q1 22.6%
FY24 Q2 23.0%
FY24 Q3 22.9%
FY24 Q4 16.9%
FY25 Q1 16.9%
FY25 Q2 16.9%
FY25 Q3 17.0%
FY25 Q4 21.5%
FY26 Q1 20.8%
FY26 Q2 16.2%
FCF margin (TTM) Keurig Dr Pepper
4% 6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 9.1% FCF margin (TTM), FY23 Q4: 5.7% FCF margin (TTM), FY24 Q1: 5.3% FCF margin (TTM), FY24 Q2: 6.8% FCF margin (TTM), FY24 Q3: 7.0% FCF margin (TTM), FY24 Q4: 10.4% FCF margin (TTM), FY25 Q1: 11.4% FCF margin (TTM), FY25 Q2: 10.0% FCF margin (TTM), FY25 Q3: 9.9% FCF margin (TTM), FY25 Q4: 9.0% FCF margin (TTM), FY26 Q1: 9.3% FCF margin (TTM), FY26 Q2: 9.8% 9.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 9.1%
FY23 Q4 5.7%
FY24 Q1 5.3%
FY24 Q2 6.8%
FY24 Q3 7.0%
FY24 Q4 10.4%
FY25 Q1 11.4%
FY25 Q2 10.0%
FY25 Q3 9.9%
FY25 Q4 9.0%
FY26 Q1 9.3%
FY26 Q2 9.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Keurig Dr Pepper took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $16.6B
  2. Cost of revenue $7.6B · 45.8%
  3. Gross profit $9B · 54.2%
  4. Selling, general and admin $5.4B · 32.2%
  5. Operating income $3.6B · 21.5%
  6. Income tax $608M · 3.7%
  7. Interest and other $888M · 5.3%
  8. Net income $2.1B · 12.5%

Shares of revenue. Source: Keurig Dr Pepper's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Sept 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5.5 5.6 5.9 6.0 6.0 6.1 6.3 6.4 4.3 7.4 11.1 11.6 12.7 14.1 14.8 15.4 16.6 20.1
Gross profit 3.3 3.4 3.4 3.5 3.5 3.6 3.7 3.9 2.0 3.9 6.3 6.5 7.0 7.3 8.1 8.5 9.0 9.9
EBITDA 1.2 1.2 1.2 1.2 1.2 1.3 1.4 1.5 1.0 1.5 2.7 2.8 3.3 3.0 3.6 3.0 4.0 3.8
Operating income 1.1 1.0 1.0 1.1 1.0 1.2 1.3 1.4 0.9 1.2 2.4 2.5 2.9 2.6 3.2 2.6 3.6 3.3
Net income 0.6 0.5 0.6 0.6 0.6 0.7 0.8 0.8 0.4 0.6 1.3 1.3 2.1 1.4 2.2 1.4 2.1 1.4
Diluted EPS $0.54 $0.54 $0.69 $0.74 $0.76 $0.89 $0.99 $1.14 $0.47 $0.53 $0.88 $0.93 $1.50 $1.01 $1.55 $1.05 $1.53 $1.05
Growth (year on year)
Revenue −3.1% +1.9% +4.7% +1.6% +0.0% +2.1% +2.6% +2.5% −33.7% +74.3% +49.4% +4.5% +9.2% +10.8% +5.4% +3.6% +8.2% +27.5%
EBITDA — −4.2% −0.2% +5.7% −4.5% +11.5% +8.3% +9.2% −32.2% +41.5% +86.1% +3.9% +16.3% −9.1% +19.6% −16.2% +33.8% +23.4%
Operating income — −5.5% −0.1% +6.6% −4.2% +12.8% +10.0% +10.4% −37.4% +37.9% +92.2% +4.3% +16.7% −10.0% +22.5% −18.8% +38.0% +22.4%
Net income — −4.9% +14.8% +3.8% −0.8% +12.7% +8.7% +10.9% −55.4% +55.0% +114.0% +5.7% +62.0% −33.1% +51.9% −33.9% +44.3% −7.1%
Diluted EPS — 0.0% +26.3% +8.0% +3.0% +16.7% +11.5% +14.4% −58.6% +12.8% +66.0% +5.7% +61.3% −32.7% +53.5% −32.3% +45.7% −7.2%
Margins
Gross margin 59.6% 60.2% 57.9% 58.3% 58.3% 59.3% 59.3% 59.9% 47.9% 52.2% 57.0% 55.8% 55.0% 52.1% 54.5% 55.6% 54.2% 49.4%
EBITDA margin 21.7% 20.4% 19.5% 20.3% 19.4% 21.2% 22.3% 23.8% 24.3% 19.8% 24.6% 24.5% 26.1% 21.4% 24.3% 19.6% 24.3% 19.0%
Operating margin 19.6% 18.2% 17.3% 18.2% 17.4% 19.3% 20.7% 22.3% 21.0% 16.6% 21.4% 21.3% 22.8% 18.5% 21.5% 16.9% 21.5% 16.2%
Net margin 10.0% 9.4% 10.3% 10.5% 10.4% 11.5% 12.2% 13.2% 8.9% 7.9% 11.3% 11.4% 16.9% 10.2% 14.7% 9.4% 12.5% 7.1%
Free-cash-flow margin 9.9% 40.6% 9.2% 4.4% 11.5% 13.9% 13.3% 12.1% 39.4% 19.3% 19.3% 17.2% 19.3% 17.7% 6.1% 10.8% 9.1% 9.8%
Cash flow
Cash from operations 0.9 2.5 0.8 0.5 0.9 1.0 1.0 1.0 1.7 1.6 2.5 2.5 2.9 2.8 1.3 2.2 2.0 2.5
Capital spending 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.3 0.5 0.4 0.4 0.4 0.6 0.5 0.6
Free cash flow 0.5 2.3 0.5 0.3 0.7 0.9 0.8 0.8 1.7 1.4 2.1 2.0 2.5 2.5 0.9 1.7 1.5 2.0
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3
Free cash flow after stock pay 0.5 2.3 0.5 0.2 0.7 0.8 0.8 0.7 1.6 1.4 2.1 1.9 2.4 2.4 0.8 1.6 1.4 1.7
Balance sheet
Cash 0.3 0.3 0.7 0.4 0.2 0.2 0.9 1.8 — 0.1 0.1 0.2 0.6 0.5 0.3 0.5 1.0 1.5
Total debt 3.0 2.1 2.7 3.1 2.6 2.6 3.4 4.5 4.7 15.7 14.4 13.5 11.9 12.0 13.2 15.6 16.1 30.0
Net debt (negative = net cash) 2.7 1.8 2.0 2.7 2.4 2.3 2.5 2.7 — 15.6 14.3 13.2 11.3 11.4 12.9 15.0 15.1 28.5
Diluted shares 1,021m 970m 885m 849m 818m 790m 770m 746m 791m 1,098m 1,419m 1,422m 1,428m 1,429m 1,408m 1,368m 1,363m 1,364m
Returned to shareholders
Dividends 0.0 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.1 0.2 0.8 0.8 1.0 1.1 1.1 1.2 1.3 1.2
Buybacks 0.0 1.1 0.5 0.4 0.4 0.4 0.5 0.5 0.0 0.0 — 0.0 0.0 0.4 0.7 1.1 0.0 —
Total returned 0.0 1.3 0.8 0.7 0.7 0.7 0.9 0.9 0.1 0.2 0.8 0.8 1.0 1.5 1.8 2.3 1.3 1.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · June 30, 2026
What it owns · $87.6bn
Short-term assets $9.5bnLonger-term assets $78.2bn
What it owes, and who funded it · $79.0bn
Short-term liabilities $19.7bnLonger-term liabilities $34.2bnShareholders' equity $25.0bn
  • Short-term assets cover short-term liabilities $9.5bn of assets due within a year against $19.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9.5bn short-term assets against $34.2bn of longer-dated liabilities.
  • More cash than debt $1.5bn of cash against $30.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 120% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 46% to 120% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.5bn of operating cash flow against $30.0bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Keurig Dr Pepper's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$9M
Dividends (TTM)
$1.2B
Returned to shareholders
85%
of free cash flow
Buybacks, last 3 fiscal years
$1.8B
Diluted share count
+0.1%
year over year
Total shareholder yield
2.5%
dividends 2.5% + buybacks 0.0% of market value
Dividend payout ratio
88%
of net income paid out
Sales & admin spending
32.6%
of revenue
Days sales outstanding
44 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in beverages
Last 12 months unless stated KDP CCEP ABEV MNST KO COKE Median
Revenue, last 12 months $20.1bn $23.6bn $15.8bn $9.2bn $51.1bn $7.7bn $723m
Revenue growth, last 12 months 27.5% 6.9% −5.2% 20.4% 7.1% 10.7% 6.6%
Revenue growth, 3-year average 11.3% — — 11.3% 4.3% 5.7% 4.3%
Revenue growth, latest quarter 75.6% — — 20.2% 7.4% 10.6% 6.4%
Gross margin 49.4% 35.6% 51.4% 55.5% 62.3% 39.1% 42.6%
Operating margin 16.2% 13.4% 26.4% 29.2% 30.0% 13.0% −0.9%
Operating margin, 3-year average 18.7% 11.9% 28.1% 27.8% 27.1% 13.0% 11.9%
Net margin 7.1% 9.3% 17.6% 23.1% 28.7% 7.2% −1.6%
Cash from operations / revenue 12.6% 14.1% 27.7% 24.3% 31.8% 12.3% 9.9%
Free-cash-flow margin 9.8% 9.6% 22.5% 22.8% 28.0% 8.4% 9.0%
Free-cash-flow margin, 3-year average 8.8% 10.6% 24.9% 22.6% 15.7% 7.6% 8.8%
Stock pay / revenue 1.3% 0.2% 0.5% 1.5% 0.5% 0.0% 1.2%
Change in share count 0.1% −1.1% −0.8% 0.5% −0.0% 0.7% 0.0%

Median of all 26 companies we cover in beverages. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

26 beverages companies
Measure Company Peer median Rank
Revenue growth Growth 27.5% 6.9% 6 of 26
Change in growth rate Growth +18.3pp +0.6pp 2 of 26
Gross margin Profitability 49.4% 44.2% 9 of 26
Operating margin Profitability 16.2% -0.7% 7 of 26
Net margin Profitability 7.1% -1.5% 11 of 26
Free-cash-flow margin Cash generation 9.8% 9.6% 10 of 24
Stock pay as % of revenue Cash generation 1.3% 1.2% 13 of 23
Long-term debt as % of assets Balance sheet 24.6% 12.9% 11 of 18
Change in share count Balance sheet 0.1% 0.0% 11 of 19
Days sales outstanding Balance sheet 44 days 33 days 14 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
U.S.Refreshment Beverages $10.4B 62.9% ▲ 11.9%
U.S.Coffee $4B 24.0% ▲ 0.6%
International $2.2B 13.1% ▲ 5.9%
Products and services
Line of business Revenue Share YoY
LRB $11.6B 69.9% ▲ 9.8%
K Cup Pods $3.8B 22.7% ▲ 4.5%
Appliances $646M 3.9% ▼ 16.3%
Other Net Sales $578M 3.5% ▲ 44.9%
Geography
Region Revenue Share YoY
United States $14.5B 87.3% ▲ 8.5%
Outside the US $2.1B 12.7% ▲ 6.0%

From Keurig Dr Pepper's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$47.4B
Institutions reporting
847
Shares held vs prior quarter
▲ 10.5%
Positions opened / closed
110 / 78

Top buyers and sellers, Q2 2026: 450 institutions bought and 364 sold ; the biggest buyer was FMR LLC (+26.8M shares) and the biggest seller Morgan Stanley (−9.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $5.6B 172.4M 11.9% ▲ 18.4%
Blackrock, Inc. $4.7B 143.5M 9.9% ▲ 14.4%
Capital World Investors $3.9B 118.7M 8.2% ▲ 19.9%
Harris Associates L P $3B 92.9M 6.4% ▼ 0.2%
Vanguard Capital Management LLC $2.8B 86.6M 6.0% ▲ 0.7%
State Street Corp $2.1B 64.1M 4.5% ▼ 1.5%
Vanguard Portfolio Management LLC $2.1B 62.9M 4.3% ▲ 1.2%
Wellington Management Group LLP $1.8B 55.9M 3.9% ▼ 9.4%
Invesco Ltd. $1.5B 45.6M 3.1% ▲ 0.8%
Geode Capital Management, LLC $1.3B 38.6M 2.7% ▲ 17.0%
T. Rowe Price Investment Management, Inc. $1.2B 37.8M 2.6% ▲ 1.3%
Jpmorgan Chase & Co $1.1B 31.4M 2.2% ▼ 5.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Keurig Dr Pepper's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $250,247 1 trade by 1 insider, last 12 months Insider sales History → $1.4M 4 trades by 2 insiders · 0% under pre-set plans
Net ▼ $1.1M net selling
Insider Date Trade Shares Price Value
Denooyer Mary Beth Chief Human Resources Officer September 9, 2026 Sell 12,000 $32.30 $387,600
Denooyer Mary Beth Chief Human Resources Officer September 8, 2026 Sell 12,000 $32.55 $390,600
Stephens Angela A. Senior VP & Controller September 3, 2026 Sell 9,500 $32.70 $310,650
Alt Aaron E Director August 25, 2026 Buy 7,862 $31.83 $250,247
Stephens Angela A. Senior VP & Controller December 12, 2025 Sell 10,000 $29.52 $295,200

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 15 trades and filings

No trades in Keurig Dr Pepper disclosed in the last 12 months; 15 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded September 11, 2025, filed October 22, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 23, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 6, 2026
  • April 23, 2026
  • February 24, 2026
  • October 27, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Keurig Dr Pepper was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Keurig Dr Pepper in brief

What does Keurig Dr Pepper do?
Keurig Dr Pepper is a US-listed company in the beverages industry. Its financial year ends in December.
What is Keurig Dr Pepper's stock ticker?
Keurig Dr Pepper trades under the ticker KDP on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Keurig Dr Pepper's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Keurig Dr Pepper reported revenue of $20.1B, 27.5% higher than a year earlier, according to its SEC filings.
What is Keurig Dr Pepper's free cash flow?
Keurig Dr Pepper's free-cash-flow margin is 9.8% of revenue over the trailing twelve months, ranking 10 of the 24 beverages companies we cover.
What is Keurig Dr Pepper's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Keurig Dr Pepper's free cash flow after stock-based pay gives ~$19 per share in the base case, and ~$8.4–$32 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Keurig Dr Pepper's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Capital World Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Keurig Dr Pepper buying back stock, and does it pay a dividend?
Keurig Dr Pepper spent $9M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.1% over the year.
What is Keurig Dr Pepper's market cap?
On November 2, 2026, Keurig Dr Pepper's market capitalisation was about $50.2B, with a price-to-earnings ratio of 35.2 and net debt of $28.5B. Market figures come from third-party market data and may be delayed.
Does Keurig Dr Pepper pay a dividend?
Yes: Keurig Dr Pepper paid $1.2B in dividends over the trailing twelve months, a dividend yield of 2.49% and a payout ratio of 87.5%.
How much debt does Keurig Dr Pepper have?
Keurig Dr Pepper's debt-to-equity ratio is 119.8%, from its latest balance sheet (46.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Keurig Dr Pepper's competitors?
In our Beverages peer group, the companies closest to Keurig Dr Pepper are Coca-cola Europacific Partners plc, Ambev S.a., Monster Beverage, The Coca-Cola Company and Coca-cola Consolidated, Inc. The side-by-side comparison below sets their revenue, margins and growth against Keurig Dr Pepper's.
Are insiders buying or selling Keurig Dr Pepper stock?
Over the last 12 months, Keurig Dr Pepper's directors and officers reported 1 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Keurig Dr Pepper's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Keurig Dr Pepper announces its own schedule.