Company file · KDP

Keurig Dr Pepper

U.S. Refreshment Beverages was Keurig Dr Pepper's fastest-growing segment in FY2025, up 11.9%

Revenue rose 8.2% to $16.6B in FY2025, from $15.4B in FY2024. Net income rose 44.3% to $2.1B. U.S. Refreshment Beverages was the largest segment, at 63% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 24, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 9, 2026) · Data pulled Nov 11, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Keurig Dr Pepper (Nasdaq: KDP) took in $16.6B of revenue (up 8.2% on fiscal 2024); net income was $2.1B (up 44.3%). The most recent quarter, ended Sep 30, 2026, brought revenue of $7.3B, up 70.6% year over year, with net income of $882M. U.S. Refreshment Beverages was the biggest single line by segment: 63% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 9, 2026).

Revenue$16.6BFY2025 · +8.2% vs FY2024

Net income$2.1BFY2025 · +44.3% vs FY2024

Operating cash flow$2.0BFY2025 · −10.3% vs FY2024

Cash & equivalents$1.3Bat Sep 30, 2026 · +25.7% vs FY2025 end

Total debt$28.9Bat Sep 30, 2026 · +78.8% vs FY2025 end

Diluted shares1.36BFY2025 avg · −0.4% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 24, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 23, 2026 · 10-Q filed Aug 10, 2026 · 10-Q filed Nov 9, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
U.S. Refreshment Beverages$10.4B63%+11.9%
U.S. Coffee$4.0B24%+0.6%
International$2.2B13%+5.9%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: U.S. Refreshment Beverages (63%), U.S. Coffee (24%) and International (13%), as shares of total revenue. Total revenue was $16.6B.

By segment: three-year mixShare of the total each fiscal year

FY2023

60%27%13%

FY2024

61%26%13%

FY2025

63%24%13%

U.S. Refreshment BeveragesU.S. CoffeeInternational

Source: 10-K FY2025

By product or service, FY2025

LRB$11.6B70%+9.8%

K-Cup Pods$3.8B23%+4.5%

Appliances$646M4%−16.3%

Other Net Sales$578M3%+44.9%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$7.3B Q3 2026

$4.3B Q3 2025

70.6% increase

Net income

$882M Q3 2026

$662M Q3 2025

33.2% increase

Source: Keurig Dr Pepper 10-Q for the quarter ended Sep 30, 2026, filed Nov 9, 2026

Cash & equivalents $1.3B at Sep 30, 2026, vs $1.0B at FY2025 end.
Total debt $28.9B at Sep 30, 2026, vs $16.1B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $2.2B vs $1.3B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 8.2% in FY2025 to $16.6B, from $15.4B a year earlier. 10-K, FY2025
Net income rose 44.3% in FY2025 to $2.1B, from $1.4B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $7.3B, up 70.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $882M, up 33.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Operating cash flow fell 10.3% in FY2025 to $2.0B. 10-K, FY2025
Total debt rose 3.8% in FY2025 to $16.1B. 10-K, FY2025
Appliances revenue fell 16.3% in FY2025 to $646M. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Keurig Dr Pepper is in the soft drinks & non-alcoholic beverages industry, part of the consumer staples sector. The SEC files it under Beverages.

Keurig Dr Pepper reports 3 segments: U.S. Refreshment Beverages, U.S. Coffee and International.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the soft drinks & non-alcoholic beverages industry. They are not a summary of Keurig Dr Pepper’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

CostsCommodity, packaging and freight costs can rise faster than prices.
Consumer habitsShoppers can trade down to store brands or change what they buy.
Retail customersA few large retailers account for much of its sales.
Regulation and safetyFood and product safety rules and recalls can bring cost and reputational harm.
CompetitionRivals and private-label products compete for shelf space and prices.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$14.8B	$15.4B	$16.6B
Net income	$2.2B	$1.4B	$2.1B
Operating cash flow	$1.3B	$2.2B	$2.0B
Cash & equivalents (year end)	$267M	$510M	$1.0B
Total debt (year end)	$13.2B	$15.6B	$16.1B
Diluted shares	1.41B	1.37B	1.36B

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 9, 2026	Sep 30, 2026
10-Q	Aug 10, 2026	Jun 30, 2026
DEF 14A	Apr 24, 2026	Jun 16, 2026
10-Q	Apr 23, 2026	Mar 31, 2026
10-K	Feb 24, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Keurig Dr Pepper

How does Keurig Dr Pepper make money?

In fiscal 2025, revenue totaled $16.6B. By segment in FY2025: U.S. Refreshment Beverages (63%), U.S. Coffee (24%) and International (13%), as shares of total revenue. Total revenue was $16.6B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What was Keurig Dr Pepper's revenue in fiscal 2025?

Revenue came to $16.6B in the year ended Dec 31, 2025. Going back two years, it was $14.8B in fiscal 2023 and $15.4B in fiscal 2024, so the latest year was up 8.2%. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

Is Keurig Dr Pepper profitable?

Yes, by US accounting rules (GAAP): net income was $2.1B in fiscal 2025, up 44.3% from $1.4B a year earlier. For the quarter ended Sep 30, 2026, net income was $882M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What did Keurig Dr Pepper report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $7.3B, against $4.3B in the same quarter a year before (up 70.6%), and net income of $882M, against $662M (up 33.2%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 9, 2026.

How much cash and debt does Keurig Dr Pepper have?

On Sep 30, 2026, cash and cash equivalents stood at $1.3B and total debt at $28.9B. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Nov 9, 2026.

What are the main risks Keurig Dr Pepper faces?

Keurig Dr Pepper's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 24, 2026. Risks that are common among companies in the soft drinks & non-alcoholic beverages industry include Costs; consumer habits; retail customers; regulation and safety; competition. The first: Commodity, packaging and freight costs can rise faster than prices. Source: 10-K, Item 1A Risk Factors.

Where do these Keurig Dr Pepper numbers come from?

Two filings Keurig Dr Pepper made with the SEC: its fiscal 2025 10-K, filed Feb 24, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 9, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Keurig Dr Pepper

Citadel Advisors: 16,662,968 shares, reported value $545.4M at Jun 30, 2026 (+827.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Point72 Asset Management: 13,948,539 shares, reported value $456.5M at Jun 30, 2026 (+1,319.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 4,104,812 shares, reported value $134.4M at Jun 30, 2026 (+966.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 83,105 shares, reported value $2.7M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 75,377 shares, reported value $2.5M at Jun 30, 2026 (+0.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Maverick Capital: 58,380 shares, reported value $1.9M at Jun 30, 2026 (+4.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in KDP: The editor holds no position in Keurig Dr Pepper (KDP). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell KDP from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold KDP, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Keurig Dr PepperKDP	FY2025	$16.6B	+8.2%	$2.1B
Coca-ColaKO	FY2025	$47.9B	+1.9%	$13.1B
PepsiCoPEP	FY2025	$93.9B	+2.3%	$8.2B
Monster BeverageMNST	FY2025	$8.3B	+10.7%	$1.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.