Keurig Dr Pepper Inc
For the period ended Mar 31, 2025. Filed Apr 24, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 24, 2025
KDP$37.59+1.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| First Quarter | ||
|---|---|---|
| (in millions) | 2025 | 2024 |
| Operating activities: | ||
| Net income | $517 | $454 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation expense | 106 | 101 |
| Amortization of intangibles | 34 | 33 |
| Other amortization expense | 23 | 36 |
| Provision for sales returns | 11 | 14 |
| Deferred income taxes | (6) | 21 |
| Employee stock-based compensation expense | 22 | 28 |
| (Gain) loss on disposal of property, plant, and equipment | (6) | 1 |
| Unrealized loss on foreign currency | — | 8 |
| Unrealized (gain) loss on derivatives | (62) | 10 |
| Equity in earnings of unconsolidated affiliates | (10) | (7) |
| Earned equity from distribution arrangements | (10) | (45) |
| Other, net | (2) | 3 |
| Changes in assets and liabilities, excluding the effects of business acquisitions: | ||
| Trade accounts receivable | 164 | 42 |
| Inventories | (239) | (65) |
| Income taxes receivable and payables, net | (27) | (10) |
| Other current and non-current assets | (110) | (136) |
| Accounts payable and accrued expenses | (173) | (398) |
| Other current and non-current liabilities | (23) | (5) |
| Net change in operating assets and liabilities | (408) | (572) |
| Net cash provided by operating activities | 209 | 85 |
| Investing activities: | ||
| Purchases of property, plant, and equipment | (120) | (158) |
| Proceeds from sales of property, plant, and equipment | 13 | — |
| Purchases of intangibles | (14) | (31) |
| Investments in unconsolidated affiliates | — | (6) |
| Other, net | 64 | 2 |
| Net cash used in investing activities | $(57) | $(193) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| First Quarter | ||
|---|---|---|
| (in millions) | 2025 | 2024 |
| Financing activities: | ||
| Proceeds from issuance of Notes | $— | $3,000 |
| Repayments of Notes | — | (1,150) |
| Net issuance (repayment) of commercial paper | 1,356 | (188) |
| Repayment of term loan | (990) | — |
| Proceeds from structured payables | 8 | 23 |
| Repayments of structured payables | (18) | (30) |
| Cash dividends paid | (312) | (299) |
| Repurchases of common stock | — | (1,105) |
| Tax withholdings related to net share settlements | (23) | (41) |
| Payments on finance leases | (25) | (31) |
| Other, net | (3) | (21) |
| Net cash (used in) provided by financing activities | (7) | 158 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents: | ||
| Net change from operating, investing, and financing activities | 145 | 50 |
| Effect of exchange rate changes | (2) | — |
| Beginning balance | 608 | 267 |
| Ending balance | $751 | $317 |
| Supplemental cash flow disclosures of non-cash investing and financing activities: | ||
| Capital expenditures included in accounts payable and accrued expenses | $176 | $189 |
| Earned equity from distribution arrangements | 10 | 45 |
| Dividends declared but not yet paid | 313 | 292 |
| Accrued excise tax on net share repurchases | 9 | 14 |
| Supplemental cash flow disclosures: | ||
| Cash paid for interest | 93 | 24 |
| Cash paid for income taxes | 60 | 26 |
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