Keurig Dr Pepper Inc.
For the period ended Sep 30, 2025. Filed Oct 28, 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.
Sep 30, 2025 · Filed Oct 28, 2025
KDP$36.94+0.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
| (in millions, except share and per share data) | September 30, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $516 | $510 |
| Restricted cash and restricted cash equivalents | 53 | 80 |
| Trade accounts receivable, net | 1,497 | 1,502 |
| Inventories | 1,840 | 1,299 |
| Prepaid expenses and other current assets | 795 | 606 |
| Total current assets | 4,701 | 3,997 |
| Property, plant, and equipment, net | 3,039 | 2,964 |
| Investments in unconsolidated affiliates | 1,617 | 1,543 |
| Goodwill | 20,198 | 20,053 |
| Intangible assets, net | 23,786 | 23,634 |
| Other non-current assets | 1,228 | 1,200 |
| Deferred tax assets | 36 | 39 |
| Total assets | $54,605 | $53,430 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $2,993 | $2,985 |
| Accrued expenses | 1,396 | 1,584 |
| Structured payables | 30 | 41 |
| Short-term borrowings and current portion of long-term obligations | 2,285 | 2,642 |
| Other current liabilities | 823 | 835 |
| Total current liabilities | 7,527 | 8,087 |
| Long-term obligations | 13,531 | 12,912 |
| Deferred tax liabilities | 5,433 | 5,435 |
| Other non-current liabilities | 2,790 | 2,753 |
| Total liabilities | 29,281 | 29,187 |
| Commitments and contingencies | ||
| Stockholders' equity: | ||
| Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares issued as of September 30, 2025 and December 31, 2024 | — | — |
| Common stock, $0.01 par value, 2,000,000,000 shares authorized, 1,358,556,914 and 1,356,664,609 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 14 | 14 |
| Additional paid-in capital | 19,753 | 19,712 |
| Retained earnings | 5,581 | 4,793 |
| Accumulated other comprehensive loss | (24) | (276) |
| Total stockholders' equity | 25,324 | 24,243 |
| Total liabilities and stockholders' equity | $54,605 | $53,430 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| First Nine Months | ||
|---|---|---|
| (in millions) | 2025 | 2024 |
| Operating activities: | ||
| Net income | $1,726 | $1,585 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation expense | 336 | 310 |
| Amortization of intangibles | 101 | 100 |
| Other amortization expense | 117 | 140 |
| Provision for sales returns | 42 | 50 |
| Deferred income taxes | (39) | 21 |
| Employee stock-based compensation expense | 70 | 76 |
| (Gain) loss on disposal of property, plant, and equipment | (3) | 19 |
| Unrealized loss on foreign currency | 7 | 14 |
| Unrealized (gain) loss on derivatives | (127) | 23 |
| Equity in earnings of unconsolidated affiliates | (62) | (22) |
| Earned equity from distribution arrangements | (21) | (64) |
| Other, net | 3 | 9 |
| Changes in assets and liabilities, excluding the effects of business acquisitions: | ||
| Trade accounts receivable | (16) | (148) |
| Inventories | (518) | (220) |
| Income taxes receivable and payable, net | (27) | (7) |
| Other current and non-current assets | (183) | (204) |
| Accounts payable and accrued expenses | (140) | (275) |
| Other current and non-current liabilities | 13 | (37) |
| Net change in operating assets and liabilities | (871) | (891) |
| Net cash provided by operating activities | 1,279 | 1,370 |
| Investing activities: | ||
| Acquisitions of businesses, net of cash acquired | (114) | (85) |
| Purchases of property, plant, and equipment | (338) | (398) |
| Proceeds from sales of property, plant, and equipment | 14 | 1 |
| Purchases of intangibles | (16) | (49) |
| Investments in unconsolidated affiliates | (1) | (7) |
| Other, net | 65 | — |
| Net cash used in investing activities | $(390) | $(538) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| First Nine Months | ||
|---|---|---|
| (in millions) | 2025 | 2024 |
| Financing activities: | ||
| Proceeds from issuance of Notes | $2,000 | $3,000 |
| Repayments of Notes | (529) | (1,150) |
| Net repayment of commercial paper | (225) | (153) |
| Repayment of term loan | (990) | — |
| Proceeds from structured payables | 23 | 39 |
| Repayments of structured payables | (34) | (89) |
| Cash dividends paid | (937) | (883) |
| Repurchases of common stock, inclusive of excise tax obligation | (9) | (1,105) |
| Tax withholdings related to net share settlements | (29) | (58) |
| Payments on finance leases | (96) | (83) |
| Deferred financing charges paid | (103) | (16) |
| Other, net | (5) | (6) |
| Net cash used in financing activities | (934) | (504) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents: | ||
| Net change from operating, investing, and financing activities | (45) | 328 |
| Effect of exchange rate changes | 6 | (35) |
| Beginning balance | 608 | 267 |
| Ending balance | $569 | $560 |
| Supplemental cash flow disclosures of non-cash investing and financing activities: | ||
| Capital expenditures included in accounts payable and accrued expenses | $151 | $164 |
| Earned equity from distribution arrangements | 21 | 64 |
| Equity received in exchange for modification of related party contract | — | 19 |
| Acquisitions of businesses | — | 18 |
| Dividends declared but not yet paid | 313 | 311 |
| Accrued excise tax on net share repurchases | — | 14 |
| Supplemental cash flow disclosures: | ||
| Cash paid for interest | 377 | 308 |
| Cash paid for income taxes | 322 | 246 |
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