Keurig Dr Pepper Inc.
For the period ended Mar 31, 2026. Filed Apr 23, 2026.
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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, 2026 · Filed Apr 23, 2026
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) | 2026 | 2025 |
| Operating activities: | ||
| Net income | $270 | $517 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation expense | 114 | 106 |
| Amortization of intangibles | 37 | 34 |
| Other amortization expense | 34 | 23 |
| Provision for sales returns | 11 | 11 |
| Deferred income taxes | 4 | (6) |
| Employee stock-based compensation expense | 30 | 22 |
| Amortization of deferred financing costs | 98 | 3 |
| Loss (gain) on disposal of property, plant, and equipment | 10 | (6) |
| Unrealized gain on foreign currency | (20) | — |
| Unrealized gain on derivatives | (64) | (62) |
| Settlements of interest rate contracts | 70 | — |
| Earnings of equity method investments | (16) | (10) |
| Earned equity from distribution arrangements | (8) | (10) |
| Other, net | (14) | (5) |
| Changes in assets and liabilities, excluding the effects of business acquisitions: | ||
| Trade accounts receivable | 118 | 164 |
| Inventories | (101) | (239) |
| Income taxes receivable and payable, net | 43 | (27) |
| Other current and non-current assets | (216) | (110) |
| Accounts payable and accrued expenses | (129) | (173) |
| Other current and non-current liabilities | 10 | (23) |
| Net change in operating assets and liabilities | (275) | (408) |
| Net cash provided by operating activities | 281 | 209 |
| Investing activities: | ||
| Purchases of property, plant, and equipment | (116) | (120) |
| Proceeds from sales of property, plant, and equipment | 19 | 13 |
| Purchases of intangibles | (2) | (14) |
| Other, net | 1 | 64 |
| Net cash used in investing activities | $(98) | $(57) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| First Quarter | ||
|---|---|---|
| (in millions) | 2026 | 2025 |
| Financing activities: | ||
| Proceeds from issuance of Maple Notes | $6,003 | $— |
| Net (repayment) issuance of commercial paper | (21) | 1,356 |
| Proceeds from delayed draw term loan | 3,626 | — |
| Repayment of term loan | — | (990) |
| Net proceeds from issuance of convertible preferred stock | 4,489 | — |
| Net proceeds from sale of non-controlling interest | 3,948 | — |
| Proceeds from structured payables | 3 | 8 |
| Repayments of structured payables | (7) | (18) |
| Cash dividends paid | (312) | (312) |
| Tax withholdings related to net share settlements | (25) | (23) |
| Payments on finance leases | (34) | (25) |
| Deferred financing charges paid | (28) | (3) |
| Other, net | (3) | — |
| Net cash provided by (used in) financing activities | 17,639 | (7) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents: | ||
| Net change from operating, investing, and financing activities | 17,822 | 145 |
| Effect of exchange rate changes | (150) | (2) |
| Beginning balance | 1,044 | 608 |
| Ending balance | $18,716 | $751 |
| Supplemental cash flow disclosures: | ||
| Accrued transaction costs for JV Investment and Convertible Preferred Investment | $143 | $— |
| Capital expenditures included in accounts payable and accrued expenses | 130 | 176 |
| Dividends declared but not yet paid | 312 | 313 |
| Cash paid for interest | 97 | 93 |
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