Short answer
Keurig Dr Pepper (KDP) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $16.6B (+8.2% year over year) and net income of $2.1B.
- Top risk flagged: JDE Peet's acquisition (announced Aug 24, 2025) adds Russia exposure: 6% of JDE Peet's consolidated revenue, subject to Ukraine-conflict sanctions risk
FY2025 key financial metrics · XBRL
- Revenue
- $16.6B
- +8.2% YoY
- Net income
- $2.1B
- +44.3% YoY
- Operating margin
- 21.5%
- +4.7 pp YoY
- Gross margin
- 54.2%
- −1.4 pp YoY
- EPS (diluted)
- $1.53
- +45.7% YoY
- ROE
- 8.1%
- +2.2 pp YoY
- Operating cash flow
- $2.0B
- −10.3% YoY
Source: XBRL data from the Keurig Dr Pepper (KDP) FY2025 10-K on SEC EDGAR. USD.
Keurig Dr Pepper FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- North American beverage company manufacturing/distributing hot & cold beverages and Keurig single-serve brewing systems across 125+ owned, licensed, and partner brands
- Aug 2025: announced acquisition of JDE Peet's (Jacobs, L'OR, Peet's brands) with planned post-close separation into two independent public companies; beverage vs coffee
- 2025 innovations: Dr Pepper Blackberry, 7UP Tropical, Bloom Pop prebiotic CSD partnership; new K-Mini Mate and K-Crema brewers; debut of Keurig Coffee Collective brand with proprietary "Refined Grind" technique
- Keurig Alta brewer with plastic- and aluminum-free K-Rounds pods in consumer beta testing; commercial launch targeted late 2026
- Walmart ~16% of consolidated net sales; workforce ~30,600 employees primarily in North America
Management Discussion & Analysis
- Revenue $16,603M, up $1,252M (+8.2%) YoY; volume/mix +4.8% (GHOST acquisition +3.8pp) and net price realization +3.8%
- Gross margin 54.2% vs 55.6% (-140 bps); operating margin 21.5% vs 16.9% (+460 bps), latter aided by prior-year impairment charges ($640M goodwill + intangibles) and $225M ABI termination fee comparison
- Best segment: U.S. Refreshment Beverages, net sales $10,439M (+11.9%), operating margin 28.2% vs 20.1% (+810 bps); worst: U.S. Coffee, operating margin 24.1% vs 27.2% (-310 bps), K-Cup pods -4.8%, appliances -19.9%
- Capex $486M (vs $563M prior year); dividends $0.92/share vs $0.89; buybacks collapsed to $9M vs $1,110M: capital redeployed toward JDE Peet's acquisition financing ($4B JV investment + $4.5B convertible preferred issuance)
- Key forward risk: JDE Peet's deal triggered Moody's review for downgrade and S&P CreditWatch Negative; tariff headwinds pressuring COGS; U.S. Coffee category softness ongoing
Risk Factors
- JDE Peet's acquisition (announced Aug 24, 2025) adds Russia exposure: 6% of JDE Peet's consolidated revenue, subject to Ukraine-conflict sanctions risk
- Significant debt load post-JDE Peet's close plus Convertible Preferred Stock at 4.75% dividend rate risks credit rating downgrade from Moody's/S&P
- Brewer supply chain concentrated among small number of Asia-based co-manufacturers: single point of failure for Keurig hardware
- K-Cup pod partners risk vertical integration or switching to competing manufacturers, compressing gross margins on core revenue stream
- $44B combined goodwill (~$20B) and intangible assets (~$24B) out of $55B total assets: impairment charges already recorded in FY2025
Generated from the filing text; verify against the original. How to read a 10-K
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