Keurig Dr Pepper Inc.

For the period ended Jun 30, 2026. Filed Aug 10, 2026.

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.

Jun 30, 2026 · Filed Aug 10, 2026

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

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Contents

Condensed Consolidated Statements of Cash Flows

	First Six Months
(in millions)	2026	2025
Operating activities:
Net income	$480	$1,064
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	322	217
Amortization of intangibles	161	68
Amortization of inventory step-up	314	15
Other amortization expense	82	63
Provision for sales returns	67	24
Deferred income taxes	(22)	4
Employee stock-based compensation expense	62	45
Amortization of deferred financing costs	109	6
Loss (gain) on disposal of property, plant, and equipment	10	(6)
Unrealized gain on foreign currency	48	(6)
Unrealized gain on derivatives	(171)	(56)
Settlements of interest rate contracts	70	—
Earnings of equity method investments	(40)	(27)
Earned equity from distribution arrangements	(8)	(10)
Other, net	10	(11)
Changes in assets and liabilities, excluding the effects of business acquisitions:
Trade accounts receivable	50	3
Inventories	133	(431)
Income taxes receivable and payable, net	15	(86)
Other current and non-current assets	(324)	(136)
Accounts payable and accrued expenses	(88)	(93)
Other current and non-current liabilities	(104)	(7)
Net change in operating assets and liabilities	(318)	(750)
Net cash provided by operating activities	1,176	640
Investing activities:
Acquisitions of businesses, net of cash acquired	(16,615)	(111)
Purchases of property, plant, and equipment	(297)	(226)
Proceeds from sales of property, plant, and equipment	19	13
Purchases of intangibles	(4)	(16)
Other, net	(2)	62
Net cash used in investing activities	$(16,899)	$(278)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	First Six Months
(in millions)	2026	2025
Financing activities:
Proceeds from issuance of Notes	$6,108	$2,000
Repayments of Notes	—	(529)
Net repayment of commercial paper	(232)	(139)
Proceeds from delayed draw term loan	3,626	—
Repayment of term loan	(405)	(990)
Net proceeds from issuance of convertible preferred stock	4,395	—
Net proceeds from sale of non-controlling interest	3,899	—
Proceeds from structured payables	333	16
Repayments of structured payables	(343)	(26)
Cash dividends paid to common shareholders	(624)	(625)
Cash dividends paid to preferred shareholders	(54)	—
Repurchases of common stock, inclusive of excise tax obligation	—	(9)
Tax withholdings related to net share settlements	(31)	(28)
Payments on finance leases	(77)	(63)
Deferred financing charges paid	(44)	(12)
Other, net	(5)	(4)
Net cash provided by (used in) financing activities	16,546	(409)
Cash, cash equivalents, restricted cash, and restricted cash equivalents:
Net change from operating, investing, and financing activities	823	(47)
Effect of exchange rate changes	(314)	4
Beginning balance	1,044	608
Ending balance	$1,553	$565
Supplemental cash flow disclosures:
Accrued consideration to untendered shareholders in the JDE Peet's Acquisition	$402	$—
Capital expenditures included in accounts payable and accrued expenses	207	155
Dividends to common shareholders declared but not yet paid	314	312
Dividends to Preferred Investors declared but not yet paid	28	—
Cash paid for interest	349	277

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