KDP
Updated: 25/09/2026, 12:51:29
Keurig Dr Pepper Inc. is a prominent beverage firm with operations spanning both the United States and global markets. The company structures its business across four primary divisions: Coffee Systems, Packaged Beverages, Beverage Concentrates, and Latin America Beverages. Its Coffee Systems division is responsible for the production and distribution of an array of finished products linked to its coffee brewing systems, including K-Cup single-serve pods, brewing machines, and specialized coffee blends. Brewers are offered for sale via external distributors, various retail outlets, and directly through its official website, keurig.com. The Packaged Beverages segment focuses on manufacturing and distributing its proprietary packaged drink labels. It also undertakes contract manufacturing for a diverse range of private label and up-and-coming beverage brands, in addition to handling distribution for its partner brands' packaged offerings. The Beverage Concentrates division produces and markets liquid concentrates for a wide portfolio of well-known brands such as Dr Pepper, Canada Dry, A&W, 7UP, Sunkist, Squirt, Big Red, RC Cola, Vernors, Snapple, Mott's, Bai, Hawaiian Punch, Clamato, Yoo-Hoo, Core, ReaLemon, evian, Vita Coco, and Mr and Mrs T mixers; this segment also processes these concentrates into syrup form. In Latin America, the Beverages segment handles the production and distribution of sparkling mineral water, flavored carbonated soft drinks, purified bottled water, and vegetable juice products, marketed under brand names like Peñafiel, Clamato, Squirt, Dr Pepper, Crush, and Aguafiel. Its extensive client base includes retailers, bottling and distribution networks, restaurants, hotel groups, office coffee service providers, and individual consumers. Established in 1981, Keurig Dr Pepper Inc. maintains its corporate headquarters in Burlington, Massachusetts.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$16.6B
FY 2025 · Reported
Net income
$2.1B
FY 2025 · Reported
Gross margin
54.2%
FY 2025 · Calculated
Free cash flow
$1.5B
FY 2025 · Calculated
R&D intensity
0.4%
FY 2025 · Calculated
Share repurchases
$0.0B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Leading beverage company in North America; >125 owned, licensed, and partner brands; Nasdaq: KDP
“Keurig Dr Pepper Inc. is a leading beverage company in North America that manufactures, markets, distributes, and sells hot and cold beverages and single serve brewing systems.”
Reportable segments
Three reportable segments: U.S. Refreshment Beverages, U.S. Coffee, International
“As of December 31, 2025, our operating structure consists of three operating and reportable segments: U.S. Refreshment Beverages, U.S. Coffee, and International.”
Customer and channel structure
Sells to bottlers, distributors, retailers across all major retail channels, fountain/foodservice, and consumers
“we manufacture and distribute beverage concentrates, syrups, finished beverages, and other consumables to third-party bottlers, distributors, retailers, and, ultimately, the end consumer.”
Key retail customer risk
Key retail customer concentration risk
“Changes in the retail landscape or in sales to any key customer can adversely affect our business.”
Route-to-market systems and fleet
DSD and WD systems, fountain, Keurig.com DTC; ~8,100 vehicles US and ~2,200 Mexico
“our fleet (owned and leased) of approximately 8,100 vehicles in the U.S. and 2,200 in Mexico”
Key brands in U.S. Refreshment Beverages
Dr Pepper, Canada Dry, Mott's, A&W, GHOST, 7UP, Snapple, Electrolit, C4 Energy, Vita Coco, Core Hydration, and others
“Key brands in this segment include Dr Pepper, Canada Dry, Mott's, A&W, GHOST, 7UP, Snapple, Squirt, Electrolit, Sunkist soda, C4 Energy, Hawaiian Punch, Bloom, Vita Coco, Core Hydration, Bai, Evian, Clamato, Yoo-Hoo, Big Red, and RC Cola.”
Branded product revenue categories
Branded product sales include LRBs, K-Cup pods, appliances, and other, recognized when control transfers upon delivery.
“Branded product sales, which include LRBs, K-Cup pods, appliances, and other, occur once control is transferred upon delivery to the customer”
K-Cup pods central to business
K-Cup pods for Keurig brewing systems are a significant portion of business
“A significant portion of our business is attributable to sales of K-Cup pods for use with Keurig brewing systems.”
U.S. Refreshment Beverages segment products
Concentrates, syrups, finished beverages; Dr Pepper represents most fountain channel volume
“Dr Pepper represents most of our fountain channel volume.”
U.S. Coffee segment products
Keurig brewers, K-Cup pods, packaged coffee, RTD coffee
“We manufacture and sell 100% of the K-Cup pods of our owned and licensed brands, including Green Mountain Coffee Roasters, McCafé, and The Original Donut Shop”
Key raw materials with price volatility
Agricultural commodities (coffee, apples, corn), fuel, packaging materials subject to price volatility
“The raw materials and other supplies, including agricultural commodities (such as coffee, apples, and corn), fuel and packaging materials, transportation, and other supply chain inputs”
Brewer manufacturers concentrated in Asia
Small number of Asia-based co-manufacturers produce the vast majority of brewers; third-party U.S. order fulfillment companies handle most distribution
“A small number of companies, located primarily in Asia, co-manufacture the vast majority of our brewers.”
Pod Manufacturing JV: $4 billion cash for 49% interest; KDP retains 51%
KDP will contribute its Coffee Production Assets and Canadian coffee sales/distribution assets to a Pod Manufacturing JV; JV Investors contribute $4 billion cash for a 49% stake, KDP retains 51%.
“the JV Investors will contribute, through the JV Investor Partner, $4 billion in cash in exchange for a 49% interest in the Pod Manufacturing JV. The remaining 51% ownership interest will remain under our ownership”
GHOST transactions
Acquired 60% of GHOST (12/31/2024), remaining 40% in 2028, distribution rights from 3/3/2025
“KDP acquired 60% of the interests in GHOST effective December 31, 2024, agreed to purchase the remaining 40% of the interests in GHOST in 2028, and obtained the rights to distribute GHOST products effective March 3, 2025”
Partner brand strategy
Partner-brand distribution for capital-efficient exposure to fast-growing segments; DSD and digital investments
“These brands can also give us exposure in certain markets to fast-growing segments of the beverage industry in a capital-efficient manner.”
Research and development costs
R&D costs expensed as incurred: $70M (2025), $70M (2024), $66M (2023).
“Research and development costs are expensed when incurred and amounted to $70 million, $70 million, and $66 million for the years ended December 31, 2025, 2024, and 2023, respectively”
JDE Peet's Acquisition
Agreement to acquire JDE Peet's announced August 24/25, 2025; expected close early Q2 2026
“The JDE Peet's Acquisition is expected to occur early in the second quarter of 2026 and is subject to the satisfaction or waiver of the closing conditions”
Separation into two companies
Separation of beverage and coffee into two public companies expected after JDE Peet's close
“we announced our intention to separate our beverage and coffee portfolios into two independent, publicly traded companies”
Convertible Preferred Stock issuance (KKR/Apollo Preferred Investors)
Under the Preferred Investment Agreement, KDP will issue Convertible Preferred Stock paying 4.75% annual dividends, senior to common stock, to Preferred Investors including KKR and Apollo.
“Preferred Investors will be entitled to dividends at a rate of 4.75% per annum, subject to increase in certain cases”
Significant debt to fund JDE Peet's acquisition; credit rating risk
KDP will incur and assume significant debt for the JDE Peet's Acquisition, risking downgrade from current investment-grade ratings; may pursue hybrid/equity-linked financing.
“We currently maintain investment grade credit ratings with Moody's and S&P for both our long-term debt and commercial paper. However, we will take on a significant amount of debt in order to complete the JDE Peet's Acquisition”
Financing transactions for JDE Peet's Acquisition
Bridge and delayed draw term loans, convertible preferred investment (KKR/Apollo), and Pod Manufacturing JV investment to fund JDE Peet's Acquisition
“the risk of our incurrence of significant debt or our entry into other funding alternatives, in each case, to fund the JDE Peet's Acquisition”
Tariff and trade war uncertainty
Disclosed exposure to tariffs/trade wars, inflation, and raw material availability
“supply chain issues, tariffs or trade wars and related uncertainty, inflation, and availability of raw materials”
Proposed JDE Peet's Acquisition with debt, preferred stock, JV Investment, and Separation
Proposed JDE Peet's Acquisition with associated debt, Convertible Preferred Stock, JV Investment, and Separation
“We may not complete the proposed JDE Peet's Acquisition within the time frame we anticipate, or at all, which could adversely affect our business.”
GHOST termination fee paid in Q1 2025
The GHOST Transactions termination fee ($225 million accrued at 2024) was paid in full in the first quarter of 2025.
“We paid the termination fee related to the GHOST Transactions in full in the first quarter of 2025”
JDE Peet's acquisition integration risk
Integration of JDE Peet's may not deliver expected cost synergies; key personnel and customer retention risks; potential unknown liabilities.
“even if JDE Peet's' business operations are successfully integrated with ours, the full benefits of the JDE Peet's Acquisition may not be realized, including expected cost synergies and sales or growth opportunities”
JDE Peet's/Separation transaction risks
Risks of debt, dilution, credit rating downgrade, and integration related to JDE Peet's Acquisition and Separation
“the potential downgrade of our credit ratings as a result of debt incurred and/or assumed in connection with the JDE Peet's Acquisition”
Dependence on third-party bottling and distribution
Third-party bottlers/distributors handle significant portion of business
“We depend on third-party bottling and distribution companies for a significant portion of our business.”
Tariff and geopolitical exposure
Tariffs on Canada, Mexico, China, Brazil; Russia/Ukraine/Middle East conflicts impact costs
“the imposition of tariffs (including recent U.S. tariffs imposed or threatened to be imposed on Canada, Mexico, China, Brazil, and other countries, and any retaliatory actions taken by such countries)”
Regulatory and sugar/beverage tax exposure
Beverage ingredient and packaging taxes; labeling requirements; plastics regulation
“new or increased taxes on the manufacture, distribution, or sale of certain of our products, particularly our beverages, as a result of ingredients (including sweeteners or alcohol) or packaging and packaging materials”
Water scarcity and climate change risk
Water scarcity and climate change risks
“Climate change or related legislation could adversely affect our business. •Water scarcity and quality could adversely affect our business.”
Goodwill and intangible impairment risk
Goodwill and indefinite-lived intangible impairment risk
“An impairment of the value of our goodwill and other indefinite lived intangible assets could have a material adverse effect on our financial statements.”
Litigation and class action exposure
Exposure to class action litigation including Proposition 65 labeling claims
“including litigation regarding employment practices, product labeling, including under California's "Proposition 65," public statements and disclosures under securities laws, antitrust, advertising, consumer protection, and wage and hour laws”
Supply chain and manufacturing disruption risk
Supply chain disruption including sole/limited suppliers and long-term purchase commitments
“Some raw materials and supplies used in the production of our products, including packaging materials, are available from a limited number of suppliers or from a sole supplier, or are in short supply when seasonal demand is at its peak.”
Market risk exposure hedged via derivatives
KDP manages interest rate, FX, and commodity price risks with cash flow hedges and supplier pricing agreements; no speculative derivatives.
“We manage these risks through a variety of strategies, including the use of interest rate contracts, FX forward contracts, commodity forward, future, swap, and option contracts, and supplier pricing agreements”
Highly competitive beverage industry
Competes with multinationals, regional players, and private label manufacturers
“We compete with multinational corporations that can rapidly respond to competitive pressures and changes in consumer preferences”
Cybersecurity and third-party IT risk
Cybersecurity and third-party IT service provider risks
“We rely on third-party service providers, including cloud data service and other information technology service providers, suppliers, distributors, contractors, and other business partners”
Workforce and labor risks
Labor, collective bargaining, and employee benefit cost risks
“We may not be able to renew collective bargaining agreements on satisfactory terms, or we could experience union activity, including new unionization, labor disputes, or work stoppages.”
Acquisition-related integration, debt, JV, and preferred stock arrangements create financial and operational dependencies on JDE Peet's transaction outcomes.
“Many of these factors may be outside of the control of KDP and JDE Peet's, and any one of them could result in increased costs, decreased expected revenues”
Planned acquisition of JDE Peet's, a global pure-play coffee company, will transform KDP's coffee business and capital structure.
“we entered into an agreement to acquire JDE Peet's, a global pure-play coffee company with a portfolio of leading brands including Jacobs, L'OR, and Peet's”
Asia-based co-manufacturers produce the vast majority of Keurig brewers; disruption would halt brewer supply.
“A small number of companies, located primarily in Asia, co-manufacture the vast majority of our brewers.”
Coffee trades at premium over the "C" price; volatility affects fixed-price purchase commitments and costs.
“the quality of the coffee we seek tends to trade on a negotiated basis at a premium above the "C" price of coffee.”
U.S. Coffee value creation depends on expanding Keurig brewer household adoption, which drives K-Cup pod sales.
“We create value by developing and selling our Keurig single serve brewers and by expanding Keurig brewer household adoption”
KDP manufactures and sells 100% of K-Cup pods of owned and licensed brands, a core U.S. Coffee revenue driver.
“We manufacture and sell 100% of the K-Cup pods of our owned and licensed brands”
Dr Pepper is a leading brand and represents most fountain channel volume in the U.S. Refreshment Beverages segment.
“Dr Pepper represents most of our fountain channel volume.”
Household penetration of Keurig brewers drives K-Cup pod sales; declines in brewer sales would hurt the business.
“Any substantial or sustained decline in the sale of Keurig brewers could materially and adversely affect our business.”
Concentrates, syrups, and finished beverages are sold through bottlers, distributors, and retailers across DSD and WD systems.
“we manufacture and distribute beverage concentrates, syrups, finished beverages, and other consumables to third-party bottlers, distributors, retailers, and, ultimately, the end consumer.”
Third-party bottlers and distributors handle a significant portion of KDP's business.
“We depend on third-party bottling and distribution companies for a significant portion of our business.”
K-Cup pods, appliances (brewers with warranty obligations), and LRBs are core branded product families; the Pod Manufacturing JV will hold coffee production assets.
“Branded product sales, which include LRBs, K-Cup pods, appliances, and other, occur once control is transferred upon delivery to the customer”
U.S. tariffs on Canada, Mexico, China, Brazil and retaliation impact profitability.
“recent U.S. tariffs imposed or threatened to be imposed on Canada, Mexico, China, Brazil, and other countries, and any retaliatory actions taken by such countries”
Revenue varies with customer incentives (trade promotions, rebates, placement fees), which are recorded as revenue reductions and require estimation judgment.
“The amount of consideration we receive and revenue we recognize varies with changes in customer incentives offered to our customers and their customers”
Rising transportation and warehousing costs ($1,783M to $2,087M over 2023-2025) are a growing SG&A cost driver.
“We incurred $2,087 million, $1,910 million, and $1,783 million of transportation and warehousing costs during the years ended December 31, 2025, 2024, and 2023, respectively”
New or increased taxes on sweeteners/alcohol/packaging could raise costs and reduce consumption.
“Certain jurisdictions in which our products are sold have either imposed, or are considering imposing, new or increased taxes on the manufacture, distribution, or sale of certain of our products”
Filing flags tariffs, trade wars, inflation, and raw material availability as forward-looking uncertainties.
“tariffs or the imposition of new tariffs, trade wars, barriers, or restrictions, or threats of such actions and related uncertainty”
Conflicts drive supply constraints and inflation in input, logistics, manufacturing, and labor costs despite no local operations.
“We do not currently have operations in Russia, Ukraine, or the Middle East, but due to the impact of the ongoing conflicts in those regions on the global economy, we have experienced and may continue to experience supply chain constraints; inflation in input costs, logistics, manufacturing, and labor costs”
KDP operates an owned/leased fleet of approximately 2,200 vehicles in Mexico as part of route-to-market operations.
“approximately 8,100 vehicles in the U.S. and 2,200 in Mexico”
GHOST acquisition carries a mandatory redemption liability whose fair value ($880M at 2025) fluctuates with EBITDA forecasts and market inputs.
“the fair value of our mandatory redemption liability for GHOST was estimated using the Monte Carlo simulation method, which incorporates significant inputs not observable in the market (Level 3 inputs)”
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