Keurig Dr Pepper Inc.
For the period ended Jun 30, 2025. Filed Jul 24, 2025.
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Jun 30, 2025 · Filed Jul 24, 2025
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Investments
- Investments
The following table summarizes our investments in unconsolidated affiliates:
| (in millions) | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Nutrabolt(1) | $1,132 | $1,097 |
| Chobani | 316 | 313 |
| Tractor | 53 | 56 |
| Athletic Brewing(2) | 53 | 47 |
| Other | 12 | 30 |
| Investments in unconsolidated affiliates | $1,566 | $1,543 |
(1)We hold a 36.0% interest on an as-converted basis in Nutrabolt, consisting of 30.9% in Class A preferred shares acquired through our December 2022 investment, which are treated as in-substance common stock, and 5.1% in Class B common shares earned through the achievement of certain milestones included in our distribution agreement with Nutrabolt.
(2)During the first quarter of 2025, we received additional equity interests in Athletic Brewing in accordance with our investment agreement, raising our total interest to 12.2%. This earned equity is recorded in Other income, net in the unaudited Condensed Consolidated Statements of Income.
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