Keurig Dr Pepper Inc KDP

Consumer StaplesBeveragesUnited States of America

Last close 35.84 USD on Nov 1, 2026, +32.0% year to date

Quant rating

Quant rating B Rank 35 of 124 in Consumer Staples

Growth A 14 of 124
Valuation D 97 of 124
Quality C 75 of 124
Revisions C 52 of 124
Momentum A 6 of 124

Wall Street consensus Buy (2.15)Average target 36.14 USD +0.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 48.8B
Enterprise value: 87.9B
52-week range: 24.88 – 36.04
3-year range: 24.88 – 38.01
Dividend yield: 2.57%
Beta (5 years): 0.36
Shares outstanding: 1,361M
Next earnings: Nov 3, 2026

About the company

Keurig Dr Pepper Inc. is a beverage company in North America that manufactures, markets, distributes and sells hot and cold beverages and single serve brewing systems. It has a portfolio of beverage brands, including Keurig, Dr Pepper, Canada Dry, Mott's, A&W, Penafiel, Snapple, 7UP, Green Mountain Coffee Roasters, GHOST, Clamato, Core Hydration and The Original Donut Shop, as well as the Keurig brewing system. Its U.S. Refreshment Beverages segment is a manufacturer and distributor of liquid refreshment beverages (LRBs). This segment manufactures and distributes concentrates, syrup and finished beverages of its brands and third-party brands, to third-party bottlers, distributors, retailers, and end consumers. Its U.S. Coffee segment is a manufacturer and distributor of single serve brewers, specialty coffee (including hot and iced varieties), and ready to drink (RTD) coffee. Its International segment includes sales in Canada, Mexico, the Caribbean and other international markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	16,603	15,351	14,814	14,057	12,683	–
Revenue growth	8.2%	3.6%	5.4%	10.8%	9.2%	7.4%
EPS (basic, normalized)	2.05	1.92	1.79	1.68	1.60	–
EPS growth	6.8%	7.3%	6.5%	5.0%	–	–
Gross margin	54.2%	55.6%	54.5%	52.2%	55.2%	54.3%
Net margin	12.5%	9.4%	14.7%	10.2%	17.0%	12.8%
ROE	8.4%	5.8%	8.6%	5.7%	8.8%	7.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,517
Current ratio	0.48x
Long-term debt (mil)	22,421
Net debt (mil)	39,121
Total equity (mil)	29,450
Net debt / equity	1.33x
Net debt / EBITDA	8.45x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	16,603	+8.2%	5.3x	4,632	+2.2%	19.0x	2.05	+6.8%	17.5x
2026	26,293	+58.4%	3.3x	6,774	+46.2%	13.0x	2.29	+11.8%	15.6x
2027	29,952	+13.9%	2.9x	7,663	+13.1%	11.5x	2.53	+10.3%	14.2x
2028	30,961	+3.4%	2.8x	8,077	+5.4%	10.9x	2.73	+7.9%	13.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	26,293	0.0%	+0.1%	+0.1%	2.29	0.0%	+0.2%	+0.4%
2027	29,952	−0.1%	+0.3%	+0.4%	2.53	−0.3%	+0.1%	+0.2%
2028	30,961	0.0%	+0.5%	+0.7%	2.73	−0.1%	+0.8%	+1.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,468	3,922	3,891	4,070	3,635	4,163	4,306	4,499	3,976	7,309
Sales mean (mil)	3,407	3,915	3,926	4,021	3,568	4,137	4,151	4,361	3,838	7,239
Surprise	+1.8%	+0.2%	−0.9%	+1.2%	+1.9%	+0.6%	+3.7%	+3.2%	+3.6%	+1.0%
EPS reported	0.38	0.45	0.51	0.58	0.42	0.49	0.54	0.60	0.39	0.57
EPS mean	0.35	0.45	0.51	0.57	0.38	0.49	0.54	0.59	0.37	0.54
Surprise	+9.9%	+0.1%	+0.4%	+1.3%	+9.8%	+0.8%	+0.6%	+1.9%	+4.8%	+6.1%

Peer comparison Beverages

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KDP Keurig Dr Pepper Inc	48.8B	8.45x	12.5%	1.66x	15.6x	14.2x	13.0x	11.5x
KO Coca-Cola Co	404.7B	1.69x	27.3%	10.83x	28.1x	26.6x	24.7x	23.7x
PEP PepsiCo, Inc.	187.2B	2.22x	8.8%	8.40x	16.3x	16.0x	12.0x	11.7x
BUD Anheuser-Busch Inbev SA	144.6B	3.39x	11.5%	1.68x	18.2x	16.5x	9.3x	8.9x
MNST Monster Beverage Corporation	92.6B	–	23.0%	9.90x	41.0x	36.0x	29.6x	26.4x
CCEP Coca-Cola Europacific Partners PLC	49.8B	–	9.3%	5.43x	22.1x	20.3x	14.2x	13.4x
Mean		3.94x	15.4%	6.32x	23.6x	21.6x	17.1x	15.9x
Median		2.81x	12.0%	6.92x	20.2x	18.4x	13.6x	12.5x

Technical analysis

1M+13.9%
3M+16.2%
1Y+28.2%
3Y+30.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Keurig Dr Pepper Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	16,603	15,351	14,814	14,057	12,683	11,618
Cost of revenue	7,604	6,822	6,734	6,725	5,680	5,080
Gross profit	8,999	8,529	8,080	7,332	7,003	6,538
Selling, general & administrative expenses	4,871	4,531	4,538	4,083	3,544	3,275
Research & development	70.0	70.0	66.0	65.0	66.0	69.0
Depreciation/amortization	347	321	308	308	311	280
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	141	811	2.0	607	380	579
Other operating expenses	−5.0	207	−26.0	−107	−70.0	−39.0
Operating income	3,575	2,589	3,192	2,376	2,772	2,374
Net interest income (expense)	−754	−735	−496	−643	24.0	−604
Gain (loss) on sale of assets	–	0	6.0	–	–	–
Other non-operating income (expense)	−134	60.0	55.0	−14.0	2.0	−17.0
Net income before taxes	2,687	1,914	2,757	1,719	2,798	1,753
Provision for taxes	608	473	576	280	644	397
Minority interest	–	0	0	1.0	1.0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,079	1,441	2,181	1,440	2,155	1,356
Extraordinary items	–	–	–	−4.0	−9.0	−31.0
Net income	2,079	1,441	2,181	1,436	2,146	1,325
EBIT, normalized	3,716	3,400	3,194	2,983	3,152	2,953
EBITDA, normalized	4,309	3,955	3,733	3,520	3,696	3,448
Basic EPS, normalized	2.05	1.92	1.79	1.68	1.60	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Keurig Dr Pepper Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,026	510	267	535	567	240
Receivables	1,671	1,723	1,519	1,668	1,274	1,144
Total inventory	1,733	1,425	1,253	1,403	966	817
Prepaid expenses	334	161	297	138	84.0	91.0
Other current assets	502	178	39.0	60.0	166	96.0
Total current assets	5,266	3,997	3,375	3,804	3,057	2,388
Property, plant & equipment	4,075	3,844	3,575	3,372	3,167	2,857
Goodwill	20,247	20,053	20,202	20,072	20,182	20,184
Intangibles	23,725	23,634	23,287	23,183	23,856	23,968
Long-term investments	1,660	1,650	1,456	1,049	89.0	130
Note receivable	–	–	–	–	–	–
Other long-term assets	486	252	235	357	247	252
Total assets	55,459	53,430	52,130	51,837	50,598	49,779
Liabilities
Accounts payable	2,996	2,985	3,597	5,206	4,316	3,740
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,506	1,655	1,306	1,200	1,153	1,077
Short-term debt	2,235	1,657	2,213	536	291	153
Current portion of long-term debt	1,074	1,151	1,256	591	234	2,389
Other current liabilities	479	639	544	543	491	335
Total current liabilities	8,290	8,087	8,916	8,076	6,485	7,694
Long-term debt	13,781	13,589	10,565	11,690	12,199	11,441
Minority interest	0	0	0	−1.0	0	1.0
Other liabilities	7,872	7,511	6,973	6,946	6,942	6,814
Total liabilities	29,943	29,187	26,454	26,711	25,626	25,950
Shareholders' equity
Preferred stock	–	0	0	0	–	0
Common stock	14.0	14.0	14.0	14.0	14.0	14.0
Additional paid-in capital	19,778	19,712	20,788	21,444	21,785	21,677
Retained earnings (accumulated deficit)	5,622	4,793	4,559	3,539	3,199	2,061
Treasury stock	–	–	–	–	–	–
Other equity	102	−276	315	129	−26.0	77.0
Total equity	25,516	24,243	25,676	25,126	24,972	23,829
Total liabilities & shareholders' equity	55,459	53,430	52,130	51,837	50,598	49,779

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Keurig Dr Pepper Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,079	1,441	2,181	1,436	2,146	1,325
Depreciation, depletion & amortization	593	555	539	537	544	495
Deferred taxes	45.0	−254	−4.0	−289	31.0	−51.0
Non-cash items	277	1,068	360	1,428	−198	521
Changes in working capital	−1,003	−591	−1,747	−275	351	166
Cash from operations	1,991	2,219	1,329	2,837	2,874	2,456
Investing activities
Capital expenditures	−503	−622	−481	−379	−455	−517
Other investing cash flows	−70.0	−992	−303	−756	665	201
Cash from investing	−573	−1,614	−784	−1,135	210	−316
Financing activities
Financing cash flow items	−170	−84.0	−68.0	−61.0	−161	29.0
Cash dividends paid	−1,250	−1,194	−1,142	−1,080	−955	−846
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	421	1,055	378	−587	−1,646	−1,173
Cash from financing	−999	−223	−832	−1,728	−2,762	−1,990
Foreign exchange effects	17.0	−41.0	19.0	−7.0	−9.0	−6.0
Net change in cash	436	341	−268	−33.0	313	144
Free cash flow	1,488	1,597	848	2,458	2,419	1,939

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.