Keurig Dr Pepper Inc.

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

KDP$37.59+1.8%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Year Ended December 31,
(in millions)	2025	2024	2023
Operating activities:
Net income	$2,079	$1,441	$2,181
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	455	422	402
Amortization of intangibles	138	133	137
Other amortization expense	160	178	181
Provision for sales returns	60	70	61
Deferred income taxes	45	(254)	(4)
Employee stock-based compensation expense	97	98	116
(Gain) loss on disposal of property, plant, and equipment	(2)	16	(1)
Unrealized (gain) loss on foreign currency	(6)	33	(13)
Unrealized (gain) loss on derivatives	(1)	91	31
Settlements of interest rate contracts	—	—	54
Earnings of equity method investments	(81)	(42)	(33)
Earned equity from distribution arrangements	(54)	(94)	(44)
Impairment of goodwill	—	306	—
Impairment of intangible assets	78	412	2
Other, net	26	—	6
Changes in assets and liabilities, excluding the effects of business acquisitions:
Trade accounts receivable	(202)	(209)	70
Inventories	(405)	(92)	182
Income taxes receivable and payable, net	(141)	133	(199)
Other current and non-current assets	(216)	(227)	(192)
Accounts payable and accrued expenses	(212)	(196)	(1,618)
Other current and non-current liabilities	173	—	10
Net change in operating assets and liabilities	(1,003)	(591)	(1,747)
Net cash provided by operating activities	1,991	2,219	1,329
Investing activities:
Acquisitions of businesses, net of cash acquired	(149)	(1,000)	—
Purchases of property, plant, and equipment	(486)	(563)	(425)
Proceeds from sales of property, plant, and equipment	14	4	9
Purchases of intangibles	(17)	(59)	(56)
Investments in equity method investments	(1)	(7)	(316)
Other, net	66	11	4
Net cash used in investing activities	$(573)	$(1,614)	$(784)

	Year Ended December 31,
(in millions)	2025	2024	2023
Financing activities:
Proceeds from issuance of Notes	$2,000	$3,000	$—
Repayments of Notes	(1,029)	(1,150)	(500)
Net issuance (repayment) of commercial paper	594	(480)	1,697
Proceeds from term loan	—	990	—
Repayment of term loan	(990)	—	—
Proceeds from structured payables	31	49	130
Repayments of structured payables	(47)	(129)	(148)
Cash dividends paid	(1,250)	(1,194)	(1,142)
Repurchases of common stock, inclusive of excise tax obligation	(9)	(1,110)	(706)
Tax withholdings related to net share settlements	(31)	(61)	(62)
Payments on finance leases	(129)	(115)	(95)
Deferred financing charges paid	(134)	(16)	—
Other, net	(5)	(7)	(6)
Net cash used in financing activities	(999)	(223)	(832)
Cash, cash equivalents, restricted cash, and restricted cash equivalents:
Net change from operating, investing, and financing activities	419	382	(287)
Effect of exchange rate changes	17	(41)	19
Beginning balance	608	267	535
Ending balance	$1,044	$608	$267
Supplemental cash flow disclosures of non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued expenses	$204	$220	$276
Acquisitions of businesses	—	98	—
Dividends declared but not yet paid	312	312	299
Mandatory redemption liability at acquisition	—	689	—
Supplemental cash flow disclosures:
Cash paid for interest	594	494	443

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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.