Keurig Dr Pepper Inc.

For the period ended Sep 30, 2025. Filed Oct 28, 2025.

About this filing

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

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Other Financial Information

Other Financial Information

CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS

The carrying value of cash, cash equivalents, restricted cash, and restricted cash equivalents is valued as of the balance sheet date equating fair value and is classified as Level 1. The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the unaudited Condensed Consolidated Balance Sheets to the total of the same amounts shown in the unaudited Condensed Consolidated Statements of Cash Flows:

(in millions)	September 30, 2025	December 31, 2024
Cash and cash equivalents	$516	$510
Restricted cash and restricted cash equivalents	53	80
Non-current restricted cash and restricted cash equivalents	—	18
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$569	$608

SELECTED BALANCE SHEET INFORMATION

(in millions)	September 30, 2025	December 31, 2024
Inventories:
Raw materials	$700	$524
Work-in-progress	11	9
Finished goods	1,155	798
Total	1,866	1,331
Allowance for excess and obsolete inventories	(26)	(32)
Total inventories	$1,840	$1,299
Prepaid expenses and other current assets:
Other receivables	$158	$146
Prepaid income taxes	112	33
Customer incentive programs	50	18
Derivative instruments	100	80
Prepaid marketing	27	29
Spare parts	132	126
Income tax receivable	69	75
Other	147	99
Total prepaid expenses and other current assets	$795	$606
Other non-current assets:
Operating lease right-of-use assets	$835	$880
Customer incentive programs	55	45
Derivative instruments	13	6
Equity securities(1)	32	89
Non-current restricted cash and restricted cash equivalents	—	18
Other	293	162
Total other non-current assets	$1,228	$1,200

(1)We sold our investment in Vita Coco and recorded a realized gain of $34 million in the first quarter of 2025.

(in millions)	September 30, 2025	December 31, 2024
Accrued expenses:
Accrued customer trade	$427	$439
Accrued compensation	202	235
Insurance reserve	75	57
Accrued interest	177	107
Accrued termination fees(1)	—	225
Accrued transferable tax credits	78	130
Other accrued expenses	437	391
Total accrued expenses	$1,396	$1,584
Other current liabilities:
Dividends payable	$313	$312
Income taxes payable	90	67
Operating lease liability	133	128
Finance lease liability	150	125
Derivative instruments	65	108
Holdback liability	53	80
Other	19	15
Total other current liabilities	$823	$835
Other non-current liabilities:
Operating lease liability	$747	$790
Finance lease liability	704	677
Mandatory redemption liability	728	689
Pension and post-retirement liability	31	31
Insurance reserves	106	95
Derivative instruments	334	348
Deferred compensation liability	33	33
Holdback liability	—	18
Other	107	72
Total other non-current liabilities	$2,790	$2,753

(1)We paid the termination fee related to the GHOST Transactions in full in the first quarter of 2025.

Supplier Financing Arrangements

Outstanding obligations under supplier financing arrangements, which are confirmed as valid and included in accounts payable as of September 30, 2025 and December 31, 2024, were $1,502 million and $1,740 million, respectively.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.