DP5 Income Statement - Keurig Dr Pepper Inc

Watchlist Manager

Watchlist

Price: 27.745 EUR Market Closed

Market Cap: €38.8B

K	Keurig Dr Pepper Inc XMUN:DP5	US
	Eastroc Beverage (Group) Co Ltd SSE:605499	CN
Y	Yara International ASA SWB:IU2	NO
F	Freeport-McMoRan Inc SWB:FPMB	US
	Moody's Corp NYSE:MCO	US

Financial profile · Q2 FY2026

A cash-generative beverage platform reshaped by a leveraged global coffee acquisition

KDP has historically paired branded-consumer revenue growth with operating margins around the low-20s and recurring positive free cash flow. Its cash conversion supports dividends and reinvestment, but acquisition-led expansion makes interest expense, ownership claims, and reported earnings more volatile.

What changed

The June 30, 2026 results mark an inflection: JDE Peet's became fully incremental to consolidation, materially expanding reported scale while acquisition accounting, integration costs, and new financing and ownership claims compressed GAAP margins and common earnings. Cash generation remained positive, so the immediate change is in scale and capital structure rather than a break in the underlying cash engine.

What matters next

Whether GAAP operating margin and common EPS recover as JDE integration costs, acquisition accounting, and financing effects normalize.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Revenue	6.4B	6.7B	7.4B	11.1B	11.6B	12.7B	14.1B	14.8B	15.4B	16.6B
Cost of Revenue	(2.6B)	(2.7B)	(3.6B)	(4.8B)	(5.1B)	(5.7B)	(6.7B)	(6.7B)	(6.8B)	(7.6B)
Gross Profit	3.9B	4B	3.9B	6.3B	6.5B	7B	7.3B	8.1B	8.5B	9B
Operating Expenses	(2.4B)	(2.6B)	(2.6B)	(4B)	(3.6B)	(3.9B)	(4.3B)	(4.9B)	(5.1B)	(5.3B)
Selling, General & Administrative	(2.3B)	(2.5B)	(2.4B)	(3.7B)	(3.3B)	(3.5B)	(4.1B)	(4.5B)	(4.5B)	(4.9B)
R&D	(20m)	(20m)	(64m)	(81m)	(69m)	(66m)	(65m)	(66m)	(70m)	(70m)
Depreciation & Amortization	(99m)	(102m)	(110m)	(159m)	(280m)	(311m)	(308m)	(308m)	(321m)	(347m)
Other Operating Expenses	3m	51m	(10m)	(2m)	39m	70m	107m	26m	(207m)	5m
Operating Income	1.4B	1.4B	1.3B	2.4B	3B	3.2B	3B	3.2B	3.4B	3.7B
Net Interest Income (Expense)	(144m)	(161m)	(445m)	(657m)	(604m)	24m	(643m)	(496m)	(735m)	(754m)
Interest Expense	147m	164m	446m	661m	604m	500m	693m	496m	735m	754m
Non-Recurring Items	(31m)	(62m)	(1m)	(5m)	(579m)	(380m)	(607m)	(2m)	(811m)	(141m)
Gain/Loss on Disposition of Assets	—	—	—	—	—	—	—	6m	0	—
Total Other Income	25m	8m	(20m)	(7m)	(17m)	2m	(14m)	55m	60m	(134m)
Pre-Tax Income	1.3B	1.2B	791m	1.7B	1.8B	2.8B	1.7B	2.8B	1.9B	2.7B
Tax Provision	(434m)	(392m)	(207m)	(440m)	(397m)	(644m)	(280m)	(576m)	(473m)	(608m)
Income from Continuing Operations	849m	781m	584m	1.3B	1.4B	2.2B	1.4B	2.2B	1.4B	2.1B
Income to Minority Interest	—	—	(3m)	0	0	1m	1m	0	0	—
Equity Earnings Affiliates	(2m)	(2m)	—	—	—	—	—	—	—	—
Net Income	847m	1.1B	586m	1.3B	1.3B	2.1B	1.4B	2.2B	1.4B	2.1B
EPS (Diluted)	4.54	5.87	0.53	0.88	0.95	1.51	1.01	1.55	1.05	1.53