Tearsheet

Keurig Dr Pepper (KDP)

Market Price (12/5/2025): $28.6 | Market Cap: $38.9 Bil
Sector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages

Keurig Dr Pepper (KDP)

Market Price (12/5/2025): $28.6
Market Cap: $38.9 Bil
Sector: Consumer Staples
Industry: Soft Drinks & Non-alcoholic Beverages

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%	Weak multi-year price returns 2Y Excs Rtn is -54%, 3Y Excs Rtn is -92%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 2.1 Bil
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28%
4	Low stock price volatility Vol 12M is 27%
5	Megatrend and thematic drivers Megatrends include Health & Wellness Trends, E-commerce & DTC Adoption, and Vegan & Alternative Foods. Themes include Functional Foods & Beverages, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 2.1 Bil
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28%
4	Low stock price volatility Vol 12M is 27%
5	Megatrend and thematic drivers Megatrends include Health & Wellness Trends, E-commerce & DTC Adoption, and Vegan & Alternative Foods. Themes include Functional Foods & Beverages, Show more.
6	Weak multi-year price returns 2Y Excs Rtn is -54%, 3Y Excs Rtn is -92%

Valuation, Metrics & Events

	12/5/25	2024	2023	2022	2021
Share Price CYE	$28.60	$31.17	$31.50	$32.90	$33.31
Market Cap CYE ($ Bil)	38.9	42.3	43.9	46.6	47.2
Total Debt ($ Bil)	17.6	17.3	14.8	13.6	13.3
Total Cash ($ Bil)	0.5	0.5	0.3	0.5	0.6
Enterprise Value ($ Bil)	55.9	59.6	58.7	60.2	60.5
Valuation Ratios
P/S TTM	2.1	2.9	3.1	3.6	4.1
P/EBIT TTM	12.2	16.5	14.3	20.9	15.8
P/E TTM	21.9	30.4	21.4	35.2	24.3
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.0	0.9	1.6
P/EBIT TTM (Sector)	9.2	10.6	10.9	10.9	12.4
P/E TTM (Sector)	13.8	14.9	15.4	14.0	17.0

	12/5/25	2024	2023
Share Price CYE	$28.60	$31.17	$31.50
Market Cap CYE ($ Bil)	38.9	42.3	43.9
Total Debt ($ Bil)	17.6	17.3	14.8
Total Cash ($ Bil)	0.5	0.5	0.3
Enterprise Value ($ Bil)	55.9	59.6	58.7
Valuation Ratios
P/S TTM	2.1	2.9	3.1
P/EBIT TTM	12.2	16.5	14.3
P/E TTM	21.9	30.4	21.4
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.0
P/EBIT TTM (Sector)	9.2	10.6	10.9
P/E TTM (Sector)	13.8	14.9	15.4

	KDP	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	16.2
Rev Chg Q	10.7%	7.1%
Rev Chg LTM	6.8%	6.1%
Rev Chg 3Y Avg	5.9%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	3.5
CFO LTM ($ Bil)	2.1
Net Inc LTM ($ Bil)	1.6
Op Mgn LTM	21.5%	18.8%
CFO/Rev LTM	13.2%	20.5%
Net Inc Mgn	9.8%	13.1%
VALUATION	MODERATE
P/S	2.1	3.2
P/CFO	16.3	15.8
P/FCF	21.7	20.5
P/E	21.9	23.5
STABILITY	POOR
Debt/Equity	0.51	0.20
Cash/Assets	0.01	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Brewer Shipments (annual)	10.4 million	12312024	Link
U.S. Keurig Brewer Household Penetration	approximately 40 million	2222024	Link
Market Share Gains in U.S. Refreshment Beverages	Market share gains in categories representing approximately 85% of the portfolio	12312023	Link
Dr Pepper Brand Market Share of U.S. Carbonated Soft Drinks	8.3%	11032025	Link
Consecutive Years of Market Share Growth for Dr Pepper	8	9042024	Link
Packaging Designed for Recyclability or Compostability	96%	6182025	Link
Virgin Plastic Use Reduction (since 2019)	17%	6182025	Link
Water Replenishment in High-Risk Communities	66%	12312024	Link
Regenerative Agriculture and Conservation Support	129,013 acres	12312024	Link
Responsibly Sourced Coffee and Cocoa	100%	12312024	Link
Portfolio Providing Positive Hydration	60%	12312024	Link

Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

KDP Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Keurig Dr Pepper (KDP) experienced an approximate -0.9% movement, specifically a -0.98% decline on November 24, 2025. This movement occurred within the requested period of August 31, 2025, to December 5, 2025. Several factors likely contributed to this stock performance.

1. Leadership Transition: On or around November 24, 2025, Keurig Dr Pepper announced that its Chief Financial Officer, Sudhanshu Priyadarshi, was stepping down, with Anthony DiSilvestro appointed as his replacement. Such executive changes can sometimes introduce uncertainty among investors, leading to a temporary negative reaction in the stock price.

2. Broader Negative Momentum Post-Earnings: Despite Keurig Dr Pepper reporting strong third-quarter 2025 results on October 27, 2025, which included increased sales across all segments, the stock had experienced a broader downward trend. It was noted that KDP was down 6.2% since its last earnings report by late November/early December 2025, indicating a general negative sentiment or profit-taking that the -0.9% drop could be a part of.

3. Underperformance in U.S. Coffee Segment: In the third quarter of 2025, the U.S. coffee segment's sales decreased by 3.2%, with a notable 8.1% decline in pod shipments. This decline was attributed to challenging comparisons with previous year's trade inventory builds and the discontinuation of certain low-margin private label contracts. Ongoing concerns about the performance of this key segment likely contributed to investor caution.

4. General Market Underperformance: Keurig Dr Pepper's stock underperformed the broader market leading up to December 2025, declining by 2.7% over the preceding three months, while the Dow Jones Industrials Average gained 4.8% during the same period. This relative weakness could make KDP's stock more vulnerable to downward movements on specific trading days.

5. Analyst Concerns and Price Target Adjustments: Although Keurig Dr Pepper maintained a "Buy" consensus rating from analysts, some firms had adjusted their outlooks and lowered price targets for the company, citing concerns such as increased exposure to the coffee market. Such cautious analyst commentary could have contributed to selling pressure and influenced investor decisions.

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Stock Movement Drivers

Fundamental Drivers

The -1.4% change in KDP stock from 9/4/2025 to 12/4/2025 was primarily driven by a -4.3% change in the company's P/E Multiple.

	9042025	12042025	Change
Stock Price ($)	28.99	28.58	-1.41%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15759.00	16174.00	2.63%
Net Income Margin (%)	9.75%	9.78%	0.35%
P/E Multiple	25.63	24.54	-4.26%
Shares Outstanding (Mil)	1358.30	1358.50	-0.01%
Cumulative Contribution			-1.41%

LTM = Last Twelve Months as of date shown

Market Drivers

9/4/2025 to 12/4/2025

	Return	Correlation
KDP	-1.4%
Market (SPY)	5.4%	4.1%
Sector (XLP)	-2.7%	49.1%

Fundamental Drivers

The -10.8% change in KDP stock from 6/5/2025 to 12/4/2025 was primarily driven by a -15.1% change in the company's P/E Multiple.

	6052025	12042025	Change
Stock Price ($)	32.04	28.58	-10.81%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15518.00	16174.00	4.23%
Net Income Margin (%)	9.69%	9.78%	0.92%
P/E Multiple	28.91	24.54	-15.12%
Shares Outstanding (Mil)	1357.10	1358.50	-0.10%
Cumulative Contribution			-10.81%

LTM = Last Twelve Months as of date shown

Market Drivers

6/5/2025 to 12/4/2025

	Return	Correlation
KDP	-10.8%
Market (SPY)	15.7%	5.6%
Sector (XLP)	-3.0%	53.0%

Fundamental Drivers

The -9.7% change in KDP stock from 12/4/2024 to 12/4/2025 was primarily driven by a -35.0% change in the company's Net Income Margin (%).

	12042024	12042025	Change
Stock Price ($)	31.66	28.58	-9.72%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15148.00	16174.00	6.77%
Net Income Margin (%)	15.04%	9.78%	-34.96%
P/E Multiple	18.85	24.54	30.22%
Shares Outstanding (Mil)	1356.20	1358.50	-0.17%
Cumulative Contribution			-9.72%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2024 to 12/4/2025

	Return	Correlation
KDP	-9.7%
Market (SPY)	13.7%	13.9%
Sector (XLP)	-3.0%	57.8%

Fundamental Drivers

The -18.4% change in KDP stock from 12/5/2022 to 12/4/2025 was primarily driven by a -26.9% change in the company's Net Income Margin (%).

	12052022	12042025	Change
Stock Price ($)	35.02	28.58	-18.39%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	13645.00	16174.00	18.53%
Net Income Margin (%)	13.38%	9.78%	-26.91%
P/E Multiple	27.16	24.54	-9.63%
Shares Outstanding (Mil)	1416.10	1358.50	4.07%
Cumulative Contribution			-18.52%

LTM = Last Twelve Months as of date shown

Market Drivers

12/5/2023 to 12/4/2025

	Return	Correlation
KDP	-5.6%
Market (SPY)	53.3%	12.6%
Sector (XLP)	16.7%	53.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
KDP Return	13%	17%	-1%	-4%	-1%	-8%	14%
Peers Return	11%	14%	6%	1%	-7%	-8%	16%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	112%
Monthly Win Rates [3]
KDP Win Rate	50%	50%	42%	42%	50%	50%
Peers Win Rate	65%	55%	55%	53%	47%	46%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
KDP Max Drawdown	-32%	-4%	-6%	-20%	-13%	-19%
Peers Max Drawdown	-32%	-9%	-11%	-13%	-10%	-17%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: KO, PEP, MDLZ, KHC, STZ. See KDP Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/4/2025 (YTD)

How Low Can It Go

Unique Key	Event	KDP	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-30.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	43.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-33.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	50.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	122 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-13.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	15.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	129 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-55.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	122.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	164 days	1480 days

Compare to KO, PEP, MDLZ, KHC, STZ

In The Past

Keurig Dr Pepper's stock fell -30.4% during the 2022 Inflation Shock from a high on 8/16/2022. A -30.4% loss requires a 43.7% gain to breakeven.

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About Keurig Dr Pepper (KDP)

Keurig Dr Pepper Inc. operates as a beverage company in the United States and internationally. It operates through Coffee Systems, Packaged Beverages, Beverage Concentrates, and Latin America Beverages segments. The Coffee Systems segment manufactures and distributes various finished goods related to its coffee systems, K-Cup pods, and brewers, as well as specialty coffee. This segment sells its brewers through third-party distributors and retail partners, as well as through its website at keurig.com. The Packaged Beverages segment engages in the manufacture and distribution of packaged beverages of its brands; contract manufacturing of various private label and emerging brand beverages; and distribution of packaged beverages for its partner brands. The Beverage Concentrates segment manufactures and sells beverage concentrates primarily under the Dr Pepper, Canada Dry, A&W, 7UP, Sunkist, Squirt, Big Red, RC Cola, Vernors, Snapple, Mott's, Bai, Hawaiian Punch, Clamato, Yoo-Hoo, Core, ReaLemon, evian, Vita Coco, and Mr and Mrs T mixers brands. This segment also manufactures beverage concentrates into syrup. The Latin America Beverages segment manufactures and distributes carbonated mineral water, flavored carbonated soft drinks, bottled water, and vegetable juice products under the Peñafiel, Clamato, Squirt, Dr Pepper, Crush, and Aguafiel brands. The company serves retailers, bottlers and distributors, restaurants, hotel chains, office coffee distributors, and end-use consumers. Keurig Dr Pepper Inc. was founded in 1981 and is headquartered in Burlington, Massachusetts.

AI Generated Analysis | Feedback

Here are a couple of brief analogies to describe Keurig Dr Pepper:

It's like a diversified beverage company, similar to a smaller Coca-Cola or PepsiCo, but also a dominant player in proprietary single-serve coffee systems like Nespresso.
Think of it as Coca-Cola for soft drinks and juices, combined with Nespresso for home coffee machines and pods.

AI Generated Analysis | Feedback

Keurig Brewers: Single-serve coffee, tea, and hot cocoa makers designed for convenient preparation at home and in offices.
K-Cup Pods: Pre-portioned, sealed beverage pods containing coffee, tea, hot cocoa, and other drinks for use with Keurig brewing systems.
Dr Pepper: A distinctive carbonated soft drink celebrated for its unique blend of 23 flavors.
Canada Dry: A popular brand known for its ginger ale, club soda, and tonic water.
Snapple: A line of ready-to-drink iced teas and fruit-flavored beverages.
A&W: A classic brand famous for its root beer and cream soda.
Sunkist: A well-known brand of fruit-flavored carbonated soft drinks, primarily orange soda.
Mott's: A prominent brand offering apple juice, applesauce, and other fruit products.

AI Generated Analysis | Feedback

Keurig Dr Pepper (KDP) primarily operates on a business-to-business (B2B) model, selling its wide range of beverages and Keurig brewing systems to other companies that then distribute or sell them to individual consumers. Its major customers are the retail chains, foodservice providers, and e-commerce platforms that carry its products.

Key categories of these customer companies include:

Mass Merchandisers and Supermarket Chains: Large retailers that stock KDP's packaged beverages, K-Cup pods, and Keurig brewers for at-home consumption.
Convenience Stores and Drug Stores: Retailers focused on immediate consumption and smaller format shopping.
Foodservice and On-Premise Accounts: Businesses that serve KDP products in settings like restaurants, offices, and universities.
E-commerce Platforms: Online marketplaces where consumers can purchase KDP products directly.

While Keurig Dr Pepper typically does not disclose individual customers representing a significant portion of its revenue, the following are prominent examples of companies across these categories that would be major customers:

Walmart Inc. (WMT)
The Kroger Co. (KR)
Target Corporation (TGT)
Amazon.com, Inc. (AMZN)
Costco Wholesale Corporation (COST)
CVS Health Corporation (CVS)
7-Eleven, Inc. (parent company: Seven & i Holdings Co., Ltd., 3382.T)

AI Generated Analysis | Feedback

Archer-Daniels-Midland Company (ADM)
Ingredion Incorporated (INGR)
Ball Corporation (BLL)
Ardagh Metal Packaging S.A. (AMBP)
Crown Holdings, Inc. (CCK)
Eastman Chemical Company (EMN)
International Paper Company (IP)
WestRock Company (WRK)

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Tim Cofer, Chief Executive Officer

Tim Cofer was appointed CEO of Keurig Dr Pepper in April 2024. Before this role, he served as CEO of Central Garden & Pet, where he achieved double-digit growth through strategic acquisitions. He also spent over 25 years with Mondelēz International and its predecessor company, Kraft Foods, holding senior executive positions such as President of their European and Asia-Pacific divisions and overseeing the global integration of Kraft and Cadbury.

Sudhanshu Priyadarshi, Chief Financial Officer and President, International

Sudhanshu Priyadarshi joined Keurig Dr Pepper in November 2022 as CFO and President, International. He leads the Finance, Information Technology, and International Business Segment organizations. His career spans more than 25 years in leadership roles across the food and beverage, retail, pharmaceutical, and logistics industries. Prior to KDP, he was CFO of Vista Outdoor Inc. and Flexport. He held various leadership positions at Walmart, including Vice President of Finance for U.S. e-commerce and Vice President of Finance and Strategy for the General Merchandise and Softline division. He spent 14 years at PepsiCo in financial and corporate strategy roles, including CFO of Global R&D and PepsiCo Global Nutrition Platforms. He also served as Global Chief Operating Officer at Cipla, a global pharmaceutical company, where he successfully executed over 20 merger and acquisition transactions.

Robert Gamgort, Executive Chairman

Robert Gamgort serves as Executive Chairman of Keurig Dr Pepper, a position he assumed in April 2024, after serving as CEO from the company's formation in 2018. He was previously CEO of Keurig Green Mountain following its acquisition by JAB Holding Company in 2016. Before joining Keurig Green Mountain, he was CEO of Pinnacle Foods since 2009, a company that was owned by The Blackstone Group. His career also includes roles as President of Mars' North American portfolio of businesses and President of Major League Baseball Properties, beginning his career in marketing at General Foods/Kraft Foods. His background demonstrates a pattern of managing companies backed by private equity firms, specifically Pinnacle Foods (Blackstone Group) and Keurig Green Mountain (JAB Holding Company).

Monique Oxender, Chief Corporate Affairs Officer and Chief Sustainability Officer

Monique Oxender leads Keurig Dr Pepper's corporate responsibility, government affairs, corporate communications, and internal communications initiatives. She joined Keurig in 2012 and has developed an integrated approach to sustainability management. Prior to KDP, she spent eight years at Ford Motor Company, where she designed and managed a leading supply chain sustainability program that spanned Ford's $65 billion purchases from 60 countries. She holds an MBA and an MS from the University of Michigan.

Drew Panayiotou, Chief Marketing Officer

Drew Panayiotou joined Keurig Dr Pepper in November 2024 as Chief Marketing Officer. He is recognized among Forbes Most Influential CMOs for 2024. His extensive marketing career includes leadership roles with prominent brands such as Pfizer, Google Life Sciences, Swire Coca-Cola, Disney, The Coca-Cola Company, and Hershey. He is also a board member for The Ad Council and ANA.

AI Generated Analysis | Feedback

Rapidly growing consumer demand for genuinely sustainable and zero-waste at-home coffee solutions, threatening the long-term viability and market share of Keurig's single-serve plastic K-Cup system. This includes the potential for widespread adoption of truly compostable pods, innovative reusable coffee systems, or more user-friendly bean-to-cup machines that offer a superior environmental footprint without sacrificing convenience or taste.

AI Generated Analysis | Feedback

Keurig Dr Pepper (KDP) operates in several significant beverage markets, primarily across North America. The addressable market sizes for their main products and services are as follows:

Coffee (U.S.): The U.S. coffee market size was valued at approximately USD 108 billion in 2024. It is anticipated to increase from USD 112.86 billion in 2025 to nearly USD 167.72 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.5% from 2025 to 2034. Keurig Dr Pepper is a leading player in the at-home coffee sector and holds the #1 position in single-serve coffee brewing systems in the U.S. and Canada. The single-serve coffee container market in the USA is projected to grow from USD 900.9 million in 2025 to USD 1,805.6 million by 2035.
Soft Drinks (U.S.): The U.S. soft drinks market, which includes carbonated drinks, packaged water, fruit beverages, iced/ready-to-drink tea, energy drinks, and sports drinks, was valued at USD 289.45 billion in 2024. This market is projected to grow at a CAGR of 4.10% during the forecast period of 2025-2034 to reach approximately USD 432.59 billion by 2034.
Carbonated Soft Drinks (North America): The North America Carbonated Soft Drinks Market size is forecast to reach USD 108.58 billion by 2030, at a CAGR of 3.80% during the forecast period of 2024-2030.
Bottled Water (U.S.): The U.S. bottled water market was estimated at USD 47.42 billion in 2024 and is projected to grow at a CAGR of 5.7% from 2025 to 2030. Another source values the U.S. bottled water industry at US$ 45.82 billion in 2024, anticipating growth to US$ 79.08 billion in 2033 with a CAGR of 6.27% from 2025 to 2033. For North America, the bottled water market is expected to reach USD 83.29 billion in 2025 and is projected to grow to USD 105.46 billion by 2030.
Juice (U.S.): The U.S. 100% juice market generated a revenue of USD 9,904.6 million in 2024 and is expected to reach USD 15,077.1 million by 2030, with a CAGR of 7.2% from 2025 to 2030. The broader Juice Production market in the US was valued at $14.3 billion in 2024 and $14.5 billion in 2025. The North America fruit juice market size was valued at USD 41.30 billion in 2024.
Ready-to-Drink (RTD) Tea (U.S.): The U.S. Ready-to-Drink Tea Market size is estimated at USD 13.14 billion in 2025 and is expected to reach USD 16.28 billion by 2030, growing at a CAGR of 4.38% during this period. The United States iced/RTD tea drinks market reached nearly USD 12.11 billion in 2024 and is projected to grow at a CAGR of 4.20% during 2025-2034 to reach around USD 18.27 billion by 2034. The North America Ready to Drink (RTD) Tea market is valued at USD 13.84 billion.

AI Generated Analysis | Feedback

Keurig Dr Pepper (KDP) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market dynamics. Here are 4 expected drivers of future revenue growth for Keurig Dr Pepper:

Strategic Pricing and Volume/Mix Growth: Keurig Dr Pepper consistently leverages favorable net price realization and increased volume across its product portfolio to drive sales. The company's Q3 2025 results showed net sales growth driven by a 6.5% increase in volume mix and a 4.2% rise in net pricing. Similarly, Q1 2025 saw constant currency net sales advance 6.4%, fueled by 3.6% volume/mix growth and 2.8% favorable net price realization. Management anticipates that pricing and productivity will continue to build in the coming quarters.
Expansion in High-Growth Categories through Innovation and Partnerships: KDP is actively pursuing growth in fast-expanding beverage categories, particularly energy drinks. The acquisition of GHOST has significantly contributed to volume/mix growth in the U.S. Refreshment Beverages segment, adding 7.2 percentage points in Q3 2025 and 2.9 percentage points in Q1 2025. The company aims to achieve a double-digit share in the energy segment through a multi-brand approach, including brands like C4 and new partnerships. Additionally, product innovation, such as new flavor launches like Dr Pepper Blackberry and 7UP Tropical, continues to drive market share gains.
Strengthening the Coffee Business through Acquisition and Innovation: KDP is enhancing its coffee segment, notably through the significant acquisition of Dutch coffee maker JDE Peet's for nearly $18 billion. This acquisition is expected to unlock global opportunities and bolster its position in the coffee market. To support this, $4 billion in investment from Apollo and KKR will be directed towards a K-Cup manufacturing joint venture. The company is also investing in long-term growth initiatives for U.S. Coffee, including in-home consumer testing of new brewing systems.
Organizational Restructuring with Business Separation: Keurig Dr Pepper plans to split into two independent, U.S.-listed companies—Beverage Co. and Global Coffee Co.—by the end of 2026. This strategic separation is designed to enable each entity to pursue growth and efficiency tailored to its specific market, potentially leading to greater returns and focused growth opportunities.

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Share Repurchases

Keurig Dr Pepper authorized a new $4 billion share repurchase program on October 1, 2021, effective from January 1, 2022, to December 31, 2025.
Approximately $1.8 billion of the $4 billion authorization remained outstanding after a repurchase in February 2024.
The company repurchased approximately $379 million in 2022, $706 million in 2023, and $1.11 billion in 2024.

Share Issuance

On October 27, 2025, Keurig Dr Pepper issued $3 billion in convertible preferred stock as part of a strategic investment package with KKR and Apollo.

Inbound Investments

Keurig Dr Pepper secured a $7 billion strategic investment on October 27, 2025, co-led by Apollo Global Management and KKR, with participation from Goldman Sachs Alternatives.
This investment includes a $4 billion commitment for a newly formed K-Cup pod and other single-serve manufacturing joint venture, with KDP retaining a controlling interest.
The remaining $3 billion is a convertible preferred stock investment in KDP and the eventual Beverage Co.

Outbound Investments

On August 25, 2025, KDP announced an all-cash agreement to acquire JDE Peet's for approximately €15.7 billion (around $18.4 billion).
In April 2025, KDP purchased a 60% stake in Ghost for $990 million in cash, with an agreement to acquire the remaining 40% in 2028.

Capital Expenditures

Capital expenditures were $461 million in 2020, $423 million in 2021, $353 million in 2022, $425 million in 2023, and $563 million in 2024.
The latest twelve months capital expenditures for Keurig Dr Pepper were $516 million.
In 2024, KDP's capital expenditures to sales ratio was 3.7%, which was lower than its peers.

Interactive Breakdown

Keurig Dr Pepper Interactive Breakdown Analysis

Better Bets than Keurig Dr Pepper (KDP)

	KDP	Better Performance than KDP
Metric	Value	INDUSTRY: Soft Drinks & Non-alcoholic Beverages
Rev Chg LTM	6.8%	CELH (55.1%), PRMB (34.4%), COCO (23.1%), STKL (11.5%), MNST (7.6%)
Rev Chg 3Y Avg	5.9%	CELH (57.5%), COCO (13.3%), STKL (10.3%), MNST (8.6%), BRFH (6.6%)
Op Mgn LTM	21.5%	KO (31.3%), MNST (28.3%)
CFO/Rev LTM	13.2%	MNST (27.3%), CELH (26.1%), FIZZ (17.3%), KO (16.0%)
FCF/Rev LTM	9.9%	CELH (24.6%), MNST (24.4%), FIZZ (14.4%), KO (11.7%)
Total Yield	6.4%	PEP (7.7%), KO (7.5%), COKE (6.9%)
P/S	2.1	STKL (0.9), ZVIA (1.1), PRMB (1.3), COKE (1.4), PEP (2.1)
P/Op Inc	10.0

	KDP	Better Performance than KDP
Metric	Value	SECTOR: Consumer Staples
Rev Chg LTM	6.8%	DLTR (13.6%), CASY (8.7%), COST (8.2%), MNST (7.6%), PM (7.5%)
Rev Chg 3Y Avg	5.9%	CELH (57.5%), MNST (8.6%), PM (8.0%), MDLZ (7.5%), COST (6.6%)
Op Mgn LTM	21.5%	MO (59.0%), PM (37.1%), KO (31.3%), BUD (26.1%), PG (24.1%)
CFO/Rev LTM	13.2%	MO (43.8%), PM (28.8%), MNST (27.3%), PG (22.3%), KO (16.0%)
FCF/Rev LTM	9.9%	MO (43.1%), PM (25.3%), MNST (24.4%), PG (17.6%), KO (11.7%)
Total Yield	6.4%	MO (14.1%), PEP (7.7%), KO (7.5%), MDLZ (7.4%), PM (6.8%)
P/S	2.1	KR (0.3), WMT (1.1), COST (1.5), BUD (2.0), PEP (2.1)
P/Op Inc	10.0	KHC (6.3), BUD (7.7), TGT (8.3), GIS (8.9), MO (9.3)

	KDP	Better Performance than KDP
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	6.8%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	5.9%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	21.5%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	13.2%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	9.9%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	6.4%	XOM (10.3%), JNJ (8.4%), BAC (7.7%), JPM (6.7%), HD (6.5%)
P/S	2.1	UNH (0.7), VZ (1.4), XOM (1.4), CVX (1.6), T (1.6)
P/Op Inc	10.0	VZ (5.9), T (8.3), HCA (9.2), MRK (9.4), PFE (9.4)

		Best Bets In Consumer Staples Sector
	KDP	MO	PM	MNST	PG	STZ	CL	HSY	KO	COCO	KVUE
What You Pay
P/E	21.9	12.7	29.3	38.1	21.5	19.4	22.3	24.8	21.9	34.9	21.7
P/EBIT	12.2	9.5	16.5	29.0	16.4	11.2	15.4	19.9	16.3	32.8	13.3
What You Get
Rev Chg Q	10.7%	0.2%	9.4%	16.8%	3.0%	-15.0%	1.0%	26.0%	5.1%	37.2%	-3.5%
Rev Chg LTM	6.8%	-0.2%	7.5%	7.6%	1.2%	-5.6%	0.1%	2.5%	2.8%	23.1%	-2.9%
Rev Chg 3Y Avg	5.9%	-0.9%	8.0%	8.6%	1.8%	0.7%	4.2%	5.2%	4.0%	13.3%	0.2%
FCF/Rev 3Y Avg	8.7%	42.7%	24.9%	22.0%	18.0%	17.0%	15.4%	13.9%	13.9%	13.1%	11.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 8.7%, alpha of 1.4%, and sharpe of 0.5

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Keurig Dr Pepper Stock at Support Zone - Bargain or Trap?	Actionable
2	Day 5 of Gains Streak for Keurig Dr Pepper Stock with 8.6% Return (vs. -10% YTD) [10/17/2025]	Notification
3	How Low Can Keurig Dr Pepper Stock Really Go?	Return
4	Time To Buy Keurig Dr Pepper Stock?	Buy or Fear
5	Is The 21.5% Decline In Keurig Dr Pepper (KDP) Stock A Dip Buying Opportunity?	Actionable
6	Keurig Dr Pepper vs Duke Energy: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	Keurig Dr Pepper vs Cal-Maine Foods: Which Is A Better Investment?	Counter-Intuitive Comparisons
8	How Does Keurig Dr Pepper Stock Stack Up Against Its Peers?	Peer Comparison
9	Better Bet Than KDP Stock: Pay Less Than Keurig Dr Pepper To Get More From UNH, DUK
10	Better Bet Than KDP Stock: Pay Less Than Keurig Dr Pepper To Get More From BRBR, CALM
11	ARTICLES
12	COKE, KDP Look Smarter Buy Than PepsiCo Stock		December 3rd, 2025
13	Pay Less, Gain More: COKE, KDP Top PepsiCo Stock		November 19th, 2025
14	Better Value & Growth: KDP Leads PepsiCo Stock		November 8th, 2025
15	Keurig Dr Pepper Stock Hits Key Support – Buying Opportunity?		October 29th, 2025
16	KDP Looks Smarter Buy Than PepsiCo Stock		October 29th, 2025

	Title
0	DASHBOARDS
1	Keurig Dr Pepper Stock at Support Zone - Bargain or Trap?
2	Day 5 of Gains Streak for Keurig Dr Pepper Stock with 8.6% Return (vs. -10% YTD) [10/17/2025]
3	How Low Can Keurig Dr Pepper Stock Really Go?
4	Time To Buy Keurig Dr Pepper Stock?
5	Is The 21.5% Decline In Keurig Dr Pepper (KDP) Stock A Dip Buying Opportunity?
6	Keurig Dr Pepper vs Duke Energy: Which Is A Better Investment?
7	Keurig Dr Pepper vs Cal-Maine Foods: Which Is A Better Investment?
8	How Does Keurig Dr Pepper Stock Stack Up Against Its Peers?
9	Better Bet Than KDP Stock: Pay Less Than Keurig Dr Pepper To Get More From UNH, DUK
10	Better Bet Than KDP Stock: Pay Less Than Keurig Dr Pepper To Get More From BRBR, CALM
11	ARTICLES
12	COKE, KDP Look Smarter Buy Than PepsiCo Stock
13	Pay Less, Gain More: COKE, KDP Top PepsiCo Stock
14	Better Value & Growth: KDP Leads PepsiCo Stock
15	Keurig Dr Pepper Stock Hits Key Support – Buying Opportunity?
16	KDP Looks Smarter Buy Than PepsiCo Stock

Trade Ideas

Select past ideas related to KDP. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	3.8%	3.8%	0.0%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-2.1%	-2.1%	-2.1%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.4%	3.4%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.2%	7.2%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.4%	1.4%	-5.1%
KDP_12312018_Quality_Momentum_RoomToRun_10%	12312018	KDP	Keurig Dr Pepper	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	16.3%	15.4%	-1.8%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	3.8%	3.8%	0.0%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-2.1%	-2.1%	-2.1%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.4%	3.4%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.2%	7.2%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.4%	1.4%	-5.1%
KDP_12312018_Quality_Momentum_RoomToRun_10%	12312018	KDP	Keurig Dr Pepper	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	16.3%	15.4%	-1.8%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LXP	LXP Industrial Trust	2.8	406.1%	25.7%
OLMA	Olema Pharmaceuticals	2.4	237.1%	374.1%
COGT	Cogent Biosciences	5.4	178.2%	404.0%
CDTX	Cidara Therapeutics	5.9	119.6%	720.3%
SGML	Sigma Lithium	1.1	113.2%	-11.1%
IRWD	Ironwood Pharmaceuticals	0.6	99.5%	-15.8%
ALMS	Alumis	0.6	82.4%	5.6%
NPCE	NeuroPace	0.6	80.5%	51.7%
BW	Babcock & Wilcox Enterprises	0.7	80.5%	311.6%
CBLL	CeriBell	0.7	75.4%	-26.0%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CCOI	Cogent Communications	0.9	-53.0%	-74.0%
UP	Wheels Up Experience	0.5	-48.0%	-60.0%
TLRY	Tilray Brands	7.7	-41.8%	-45.7%
AMSC	American Superconductor	1.4	-41.4%	34.0%
CTEV	Claritev	0.6	-41.2%
BTDR	Bitdeer Technologies	2.5	-40.7%	-41.6%
FRMI	Fermi	11.1	-40.2%
JANX	Janux Therapeutics	1.0	-39.3%	-69.4%
ARDT	Ardent Health	1.2	-39.1%	-48.1%
SMR	NuScale Power	3.4	-35.9%	27.4%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

Peer Comparisons for Keurig Dr Pepper

Peers to compare with:

Financials

	KDP	KO	PEP	MDLZ	KHC	STZ	Median
Name	Keurig D.	Coca-Cola	PepsiCo	Mondelez.	Kraft He.	Constell.
Mkt Price	28.58	70.45	145.49	55.80	24.59	138.03	63.12
Mkt Cap	38.8	303.1	199.2	72.1	29.1	24.3	55.5
Rev LTM	16,174	47,663	92,366	37,645	25,164	9,624	31,404
Op Inc LTM	3,475	14,914	12,193	4,334	4,895	3,042	4,614
FCF LTM	1,599	5,570	6,788	2,290	3,631	1,848	2,960
FCF 3Y Avg	1,336	6,384	6,645	3,156	3,047	1,677	3,102
CFO LTM	2,128	7,603	11,755	3,576	4,474	2,769	4,025
CFO 3Y Avg	1,855	8,335	11,974	4,378	4,066	2,841	4,222

Growth & Margins

	KDP	KO	PEP	MDLZ	KHC	STZ	Median
Name	Keurig D.	Coca-Cola	PepsiCo	Mondelez.	Kraft He.	Constell.
Rev Chg LTM	6.8%	2.8%	0.5%	4.1%	-3.7%	-5.6%	1.6%
Rev Chg 3Y Avg	5.9%	4.0%	3.4%	7.5%	-0.8%	0.7%	3.7%
Rev Chg Q	10.7%	5.1%	2.7%	5.9%	-2.3%	-15.0%	3.9%
QoQ Delta Rev Chg LTM	2.6%	1.3%	0.7%	1.5%	-0.6%	-4.4%	1.0%
Op Mgn LTM	21.5%	31.3%	13.2%	11.5%	19.5%	31.6%	20.5%
Op Mgn 3Y Avg	21.8%	29.7%	13.8%	14.5%	19.6%	31.7%	20.7%
QoQ Delta Op Mgn LTM	0.0%	0.7%	-0.3%	-1.6%	-0.9%	-0.1%	-0.2%
CFO/Rev LTM	13.2%	16.0%	12.7%	9.5%	17.8%	28.8%	14.6%
CFO/Rev 3Y Avg	12.1%	18.1%	13.0%	12.1%	15.6%	28.8%	14.3%
FCF/Rev LTM	9.9%	11.7%	7.3%	6.1%	14.4%	19.2%	10.8%
FCF/Rev 3Y Avg	8.7%	13.9%	7.2%	8.7%	11.7%	17.0%	10.2%

Valuation

	KDP	KO	PEP	MDLZ	KHC	STZ	Median
Name	Keurig D.	Coca-Cola	PepsiCo	Mondelez.	Kraft He.	Constell.
Mkt Cap	38.8	303.1	199.2	72.1	29.1	24.3	55.5
P/S	2.1	6.0	2.1	2.1	1.2	2.5	2.1
P/EBIT	12.2	16.3	19.0	18.9	-5.5	11.2	14.3
P/E	21.9	21.9	26.6	22.9	-7.1	19.4	21.9
P/CFO	16.3	37.5	16.4	22.6	6.9	8.6	16.3
Total Yield	6.4%	7.5%	7.7%	7.4%	-8.0%	6.7%	7.1%
Dividend Yield	1.8%	3.0%	3.9%	3.1%	6.2%	1.5%	3.0%
FCF Yield 3Y Avg	3.3%	2.4%	3.1%	3.4%	8.3%	4.9%	3.3%
D/E	0.5	0.2	0.0	0.3	0.7	0.4	0.4
Net D/E	0.5	0.1	0.0	0.3	0.6	0.4	0.3

Returns

	KDP	KO	PEP	MDLZ	KHC	STZ	Median
Name	Keurig D.	Coca-Cola	PepsiCo	Mondelez.	Kraft He.	Constell.
1M Rtn	8.0%	3.3%	1.8%	-0.5%	3.4%	6.9%	3.3%
3M Rtn	-1.4%	4.7%	0.0%	-7.6%	-7.3%	-4.6%	-3.0%
6M Rtn	-10.8%	1.5%	13.3%	-14.7%	-4.8%	-18.0%	-7.8%
12M Rtn	-9.7%	16.6%	-5.7%	-9.1%	-15.9%	-40.6%	-9.4%
3Y Rtn	-18.4%	21.5%	-13.1%	-10.6%	-27.9%	-42.7%	-15.8%
1M Excs Rtn	6.7%	2.1%	0.5%	-1.8%	2.1%	5.6%	2.1%
3M Excs Rtn	-5.1%	-0.6%	-6.4%	-14.7%	-14.3%	-12.1%	-9.2%
6M Excs Rtn	-26.3%	-13.9%	-2.2%	-30.1%	-20.2%	-33.4%	-23.2%
12M Excs Rtn	-22.9%	0.6%	-20.7%	-25.3%	-30.9%	-53.9%	-24.1%
3Y Excs Rtn	-91.9%	-49.0%	-85.6%	-82.0%	-100.1%	-115.7%	-88.8%

Comparison Analyses

	Title
0	How Does Keurig Dr Pepper Stock Stack Up Against Its Peers?
1	Why KDP With 30% Upside May Beat MNST?
2	Keurig Dr Pepper vs. Zoetis: With Return Forecast Of 116%, Keurig Dr Pepper Is A Better Bet
3	Why INTU With 41% Upside May Beat KDP?
4	With 30% Gains On The Table, KDP May Outshine KO
5	Why KDP With 30% Upside May Beat KHC?
6	Keurig Dr Pepper vs. Mondelez: Neither Seems Like A Good Bet
7	KDP Looks Stronger Than PEP With 30% Return Potential
8	Keurig Dr Pepper vs. Intuit: With Return Forecast Of 78%, Keurig Dr Pepper Is A Better Bet
9	Keurig Dr Pepper vs. Booking Holdings: With Return Forecast Of 78%, Keurig Dr Pepper Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/28/2025	2/25/2025	2/22/2024	2/23/2023	2/24/2022	2/25/2021	2/27/2020
Key Financials
Total Revenue	16,174	15,351	14,814	14,057	12,683	11,618	11,120
EBITDA	3,576	3,382	3,973	3,121	4,006	3,010	3,006
Operating Income	3,475	3,309	3,194	2,783	2,894	2,547	2,378
Net Income	1,582	1,441	2,181	1,436	2,146	1,325	1,254
EPS	1.16	1.06	1.56	1.01	1.52	0.94	0.89
Growth Rates
Total Revenue Growth	6.8%	3.6%	5.4%	10.8%	9.2%	4.5%	49.4%
EBITDA Growth	-15.9%	-14.9%	27.3%	-22.1%	33.1%	0.1%	79.2%
Operating Income Growth	0.1%	3.6%	14.8%	-3.8%	13.6%	7.1%	92.2%
Net Income Growth	-30.6%	-33.9%	51.9%	-33.1%	62.0%	5.7%	114.0%
Margins
EBITDA Margin	22.1%	22.0%	26.8%	22.2%	31.6%	25.9%	27.0%
Operating Income Margin	21.5%	21.6%	21.6%	19.8%	22.8%	21.9%	21.4%
Net Income Margin	9.8%	9.4%	14.7%	10.2%	16.9%	11.4%	11.3%
Cash & Debt
Total Cash	516	510	267	535	567	240	75
Total Debt	17,550	17,274	14,824	13,583	13,266	14,482	15,226
Net Debt / (Cash)	17,034	16,764	14,557	13,048	12,699	14,242	15,151
Cash Flows
Net Cash from Operations	2,128	2,219	1,329	2,837	2,874	2,456	2,474
Free Cash from Operations	1,599	1,597	848	2,458	2,419	1,939	2,109
Returns to Shareholders
Dividends	1,248	1,194	1,142	1,080	955	846	844
Share Repurchases	14	1,110	706	379	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/28/2025	7/24/2025	4/24/2025	2/25/2025	10/24/2024	7/25/2024	4/25/2024	2/22/2024	10/26/2023	7/27/2023	4/27/2023	2/23/2023
Key Financials Quarterly
Total Revenue	4,306	4,163	3,635	4,070	3,891	3,922	3,468	3,867	3,805	3,789	3,353	3,803
Ebitda	1,246	1,083	971	276	1,083	1,081	942	1,145	1,078	960	790	860
Operating Income	995	898	801	781	902	861	765	943	898	769	584	839
Net Income	662	547	517	-144	616	515	454	693	518	503	467	453
EPS	0.49	0.40	0.38	-0.11	0.45	0.38	0.33	0.50	0.37	0.36	0.33	0.32
Key Financials TTM
Total Revenue TTM	16,174	15,759	15,518	15,351	15,148	15,062	14,929	14,814	14,750	14,567	14,332	14,057
Ebitda TTM	3,576	3,413	3,411	3,382	4,251	4,246	4,125	3,973	3,688	3,172	2,776	3,121
Operating Income TTM	3,475	3,382	3,345	3,309	3,471	3,467	3,375	3,194	3,090	2,897	2,700	2,783
Net Income TTM	1,582	1,536	1,504	1,441	2,278	2,180	2,168	2,181	1,941	1,603	1,318	1,436
Growth Rates Quarterly
Total Revenue Growth	10.7%	6.1%	4.8%	5.2%	2.3%	3.5%	3.4%	1.7%	5.1%	6.6%	8.9%	12.1%
EBITDA Growth	15.1%	0.2%	3.1%	-75.9%	0.5%	12.6%	19.2%	33.1%	91.8%	70.2%	-30.4%	-39.1%
Operating Income Growth	10.3%	4.3%	4.7%	-17.2%	0.4%	12.0%	31.0%	12.4%	27.4%	34.4%	-12.4%	15.7%
Net Income Growth	7.5%	6.2%	13.9%	-120.8%	18.9%	2.4%	-2.8%	53.0%	187.8%	130.7%	-20.2%	-46.3%
Margins Quarterly
EBITDA Margin	28.9%	26.0%	26.7%	6.8%	27.8%	27.6%	27.2%	29.6%	28.3%	25.3%	23.6%	22.6%
Operating Income Margin	23.1%	21.6%	22.0%	19.2%	23.2%	22.0%	22.1%	24.4%	23.6%	20.3%	17.4%	22.1%
Net Income Margin	15.4%	13.1%	14.2%	-3.5%	15.8%	13.1%	13.1%	17.9%	13.6%	13.3%	13.9%	11.9%
Cash & Debt
Total Cash	516	509	653	510	552	438	317	267	260	278	204	535
Total Debt	17,550	17,609	17,638	17,274	16,531	16,416	16,450	14,824	14,353	14,165	13,860	13,583
Net Debt / (Cash)	17,034	17,100	16,985	16,764	15,979	15,978	16,133	14,557	14,093	13,887	13,656	13,048
Cash Flows Quarterly
FCF from Operations	639	431	209	849	628	657	85	297	580	381	71	739
Cash Flows TTM
FCF from Operations TTM	2,128	2,117	2,343	2,219	1,667	1,619	1,343	1,329	1,771	1,950	2,245	2,837
Returns to Shareholders Quarterly
Dividends	312	313	312	311	292	292	299	300	279	282	281	284
Share Repurchases	-0	9	-0	5	-0	-0	1,105	249	-0	226	231	291
Return on Invested Capital (ROIC) Quarterly
ROIC	8.4%	7.4%	6.9%	8.1%	7.8%	7.4%	6.5%	8.2%	7.9%	7.2%	5.4%	7.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.2%	7.0%	7.0%	6.9%	7.5%	7.5%	7.3%	7.1%	7.0%	6.8%	6.6%	6.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2022	2021	2020
US Refreshment Beverages	8,821
US Coffee	4,071
International	1,922
Beverage Concentrates		1,486	1,325	1,414
Coffee Systems		4,716	4,433	4,233
Latin America Beverages		599	497	528
Packaged Beverages		5,882	5,363	4,945
Total	14,814	12,683	11,618	11,120

Operating Income by Segment

$ Mil	2024	2022	2021	2020
US Refreshment Beverages	2,483
US Coffee	1,158
International	475
Unallocated corporate costs	-924	-755	-647	-638
Beverage Concentrates		1,047	932	955
Coffee Systems		1,446	1,268	1,219
Latin America Beverages		133	105	85
Packaged Beverages		1,023	822	757
Total	3,192	2,894	2,480	2,378

Price Behavior

Price Behavior

Market Price	$28.58
Market Cap ($ Bil)	38.8
First Trading Date	05/07/2008
Distance from 52W High	-18.7%
	50 Days	200 Days
DMA Price	$26.92	$31.09
DMA Trend	down	down
Distance from DMA	6.2%	-8.1%
	3M	1YR
Volatility	29.8%	26.6%
Downside Capture	-37.18	5.37
Upside Capture	-34.30	-5.41
Correlation (SPY)	4.5%	13.9%

KDP Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.03	0.19	0.13	0.15	0.19	0.22
Up Beta	0.34	2.00	2.11	1.21	0.35	0.33
Down Beta	0.05	0.12	-0.11	-0.19	0.24	0.26
Up Capture	-14%	7%	-34%	-23%	-4%	1%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	24	31	61	120	371
Down Capture	-15%	-59%	-29%	24%	9%	38%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	17	31	62	126	368

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of KDP With Other Asset Classes (Last 1Y)
	KDP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-9.8%	-3.9%	14.6%	57.6%	4.7%	-5.6%	-3.5%
Annualized Volatility	26.5%	13.9%	19.6%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.41	-0.52	0.57	2.22	0.10	-0.47	0.03
Correlation With Other Assets		57.7%	13.9%	1.6%	2.3%	34.8%	8.6%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of KDP With Other Asset Classes (Last 5Y)
	KDP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	1.2%	5.8%	15.1%	18.0%	11.7%	4.8%	40.5%
Annualized Volatility	20.3%	13.0%	17.1%	15.5%	18.8%	19.0%	49.0%
Sharpe Ratio	0.00	0.25	0.71	0.93	0.51	0.17	0.68
Correlation With Other Assets		58.8%	28.9%	3.5%	3.2%	36.2%	9.8%

Based On 10-Year Data

		Comparison of KDP With Other Asset Classes (Last 10Y)
	KDP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.6%	7.4%	14.5%	14.2%	5.7%	5.3%	76.1%
Annualized Volatility	23.6%	14.7%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.39	0.38	0.69	0.79	0.25	0.23	0.94
Correlation With Other Assets		46.3%	34.3%	1.0%	9.8%	37.2%	9.9%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	34,868,512
Short Interest: % Change Since 10312025	-3.2%
Average Daily Volume	17,430,915
Days-to-Cover Short Interest	2
Basic Shares Quantity	1,358,500,000
Short % of Basic Shares	2.6%

Returns Analyses

	Title
0	How Low Can Keurig Dr Pepper Stock Really Go?
1	KDP YTD Stock Return Of -5.2% Outperforms KHC by 7.4% and Underperforms STZ by -21%
2	Keurig Dr Pepper Stock Return Comparison
3	Keurig Dr Pepper Total Shareholder Return (TSR): -1.2% in 2022 and 9.3% 3-yr returns (below peer average)
4	Keurig Dr Pepper (KDP) Stock Return: AI Predicts KDP Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10282025	10-Q 9/30/2025
6302025	7242025	10-Q 6/30/2025
3312025	4242025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	10242024	10-Q 9/30/2024
6302024	7252024	10-Q 6/30/2024
3312024	4252024	10-Q 3/31/2024
12312023	2222024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	4272023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

External Quote Links

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Keurig Dr Pepper (KDP)

Market Price (12/5/2025): $28.6 | Market Cap: $38.9 BilSector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages

Keurig Dr Pepper (KDP)

Market Price (12/5/2025): $28.6Market Cap: $38.9 BilSector: Consumer StaplesIndustry: Soft Drinks & Non-alcoholic Beverages

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Market Price (12/5/2025): $28.6 | Market Cap: $38.9 Bil
Sector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages

Market Price (12/5/2025): $28.6
Market Cap: $38.9 Bil
Sector: Consumer Staples
Industry: Soft Drinks & Non-alcoholic Beverages