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Keurig Dr Pepper key statistics and ratios

In fiscal 2025, Keurig Dr Pepper had return on equity of 8.4% and a net margin of 12.5%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Sept 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin10.0%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%
Return on equity17.4%18.7%25.7%27.7%27.4%30.8%34.1%39.2%8.4%4.0%5.5%5.6%8.8%5.7%8.6%5.8%8.4%5.6%
Return on assets6.3%6.0%6.7%6.9%7.3%8.5%8.9%9.1%2.9%1.8%2.5%2.7%4.3%2.8%4.2%2.7%3.8%2.0%
Effective tax rate36.3%35.8%34.6%35.7%−14.9%34.6%35.5%33.8%32.5%25.5%26.0%24.4%23.3%16.5%20.9%24.7%22.6%24.2%
R&D as % of revenue0.3%0.3%0.3%0.4%0.4%0.3%0.3%0.3%1.3%0.9%0.7%0.6%0.5%0.5%0.4%0.5%0.4%—
SG&A as % of revenue38.6%39.6%38.2%37.8%37.9%38.1%36.8%36.2%26.9%35.4%35.6%34.2%32.7%33.0%33.2%32.7%32.2%32.6%
Dividends ÷ net income0.0%36.7%41.4%45.2%48.4%45.1%46.5%45.6%14.6%39.6%67.3%63.8%44.5%75.2%52.4%82.9%60.1%87.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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More: Beverages stocks compared, Consumer Staples sector, rankings of US companies

Figures from Keurig Dr Pepper's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Keurig Dr Pepper.