Short answer
Keurig Dr Pepper (KDP) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $15.4B (+3.6% year over year) and net income of $1.4B.
- Top risk flagged: Financial risk: potential significant credit rating downgrade impacting ability to issue debt and accounts payable program participation
FY2024 key financial metrics · XBRL
- Revenue
- $15.4B
- +3.6% YoY
- Net income
- $1.4B
- −33.9% YoY
- Operating margin
- 16.9%
- −4.7 pp YoY
- Gross margin
- 55.6%
- +1.0 pp YoY
- EPS (diluted)
- $1.05
- −32.3% YoY
- ROE
- 5.9%
- −2.6 pp YoY
- Operating cash flow
- $2.2B
- +67.0% YoY
Source: XBRL data from the Keurig Dr Pepper (KDP) FY2024 10-K on SEC EDGAR. USD.
Keurig Dr Pepper FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: North American integrated beverage company owning and distributing hot/cold drinks plus single serve brewing systems
- New emphasis: Acquired 60% stake in GHOST, a leading ready-to-drink energy brand, with obligation to acquire remaining 40% in 2028
- Strategic shift: Launched Keurig K-Brew+Chill brewer with iced beverage capability and announced innovation agenda for plastic- and aluminum-free pods
- Quantitative metric: Expanded U.S. truck fleet to approximately 7,100 vehicles, supporting distribution scale and route-to-market efficiency
- Noteworthy fact: Walmart remained largest retailer, accounting for ~16% of consolidated net sales in 2024
Management Discussion & Analysis
- Revenue $15,351M, up 3.6% YoY (+$537M); volume/mix +2.7%, price +1.2%, FX impact -0.3%
- Operating margin decreased to 16.9% from 21.5% (-460 bps), net income down 33.9% to $1,441M, EPS $1.05 vs $1.55 prior
- Best performing segment: International net sales +6.8% to $2,053M, operating income +14.7% to $545M, margin 26.5% vs 24.7%
- Worst performing segment: U.S. Refreshment Beverages income from operations down 24.4% to $1,878M, margin 20.1% vs 28.1%
- Cash from operations increased by $890M; capex $563M; share repurchases $1,110M with $1,810M remaining; dividends $0.89/share
- Management flagged non-cash impairments ($306M goodwill, $412M intangibles), $225M termination fee, exposure to financial market disruptions and commodity risks affecting liquidity
Risk Factors
- Financial risk: potential significant credit rating downgrade impacting ability to issue debt and accounts payable program participation
- Operational risk: goodwill impairment $306M, indefinite-lived brand asset impairment $412M in 2024, primarily U.S. Warehouse Direct and Snapple
- Market disruption: competitive pressure inferred from impairment risk in key beverage brands like Snapple and U.S. beverage units
- Macroeconomic exposure: discount rate sensitivity could add $198M goodwill impairment with 0.5% increase, reflecting economic risk to asset values
- Structural risk: $27.1B total liabilities with $6.1B current liabilities as of December 31, 2024, indicating leverage and liquidity considerations
Generated from the filing text; verify against the original. How to read a 10-K
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