Keurig Dr Pepper Inc. (KDP) Balance Sheet
KDP balance sheet, 2025
December 31, 2025 · U.S. dollars$55.46B assets = $29.94B liabilities + $25.52B equity
Both columns are drawn to the same scale: what KDP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KDP financial health
Current ratio0.64
Tight · current assets cover current liabilities 0.64×
Debt / equity0.63
Moderate leverage · $0.63 of debt for each $1 of equity
Equity / assets46.0%
Equity-funded · of assets funded by shareholders
Cash / debt6.4%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles79.3%
Mostly intangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
KDP balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $9.79B2016 | $55.46B2025 | +21.3%/yr | |
| Total liabilities | $7.66B2016 | $29.94B2025 | +16.4%/yr | |
| Shareholders’ equity | $2.13B2016 | $25.52B2025 | +31.7%/yr | |
| Cash & short-term investments | $1.79B2016 | $1.03B2025 | −6.0%/yr | |
| Total debt | $4.48B2016 | $16.14B2025 | +15.3%/yr | |
| Net cash (debt) | −$2.69B2016 | −$15.12B2025 | −$12.4B | |
| Working capital | $1.69B2016 | −$3.02B2025 | −$4.7B | |
| Book value per share | $2.292016 | $18.722025 | +26.3%/yr | |
| Current ratio | 2.602016 | 0.642025 | −1.97 | |
| Debt / equity | 2.102016 | 0.632025 | −1.47 | |
| Shares outstanding | 933.0M2016 | 1.36B2025 | +4.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KDP assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
KDP liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
KDP debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KDP balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.03B | $510.0M | $267.0M | $535.0M | $567.0M | $240.0M | $75.0M | $83.0M | $61.0M | $1.79B |
| Cash & equivalents | $1.03B | $510.0M | $267.0M | $535.0M | $567.0M | $240.0M | $75.0M | $83.0M | $61.0M | $1.79B |
| Short-term investments | — | — | — | $49.0M | $2.0M | $88.0M | $1.0M | $45.0M | $0 | $19.0M |
| Receivables | $1.67B | $1.72B | $1.52B | $1.67B | $1.27B | $1.14B | $1.18B | $1.22B | $710.0M | $646.0M |
| Inventory | $1.73B | $1.30B | $1.14B | $1.31B | $894.0M | $762.0M | $654.0M | $626.0M | $229.0M | $202.0M |
| Other current assets | $836.0M | $465.0M | $447.0M | $287.0M | $322.0M | $242.0M | $360.0M | $227.0M | $117.0M | $101.0M |
| Total current assets | $5.27B | $4.00B | $3.38B | $3.80B | $3.06B | $2.39B | $2.27B | $2.16B | $1.12B | $2.74B |
| Property, plant & equipment (net) | $3.23B | $3.84B | $3.58B | $3.37B | $3.17B | $2.86B | $2.52B | $2.31B | $1.20B | $1.14B |
| Goodwill & intangible assets | $43.97B | $43.69B | $43.49B | $43.26B | $44.04B | $44.15B | $44.29B | $43.98B | $7.34B | $5.65B |
| Long-term investments | $1.66B | $1.63B | $1.46B | $1.05B | $30.0M | $88.0M | $151.0M | $186.0M | $24.0M | $23.0M |
| Other non-current assets | $1.33B | $270.0M | $235.0M | $357.0M | $306.0M | $294.0M | $280.0M | $285.0M | $341.0M | $245.0M |
| Total assets | $55.46B | $53.43B | $52.13B | $51.84B | $50.60B | $49.78B | $49.52B | $48.92B | $10.02B | $9.79B |
| Liabilities | ||||||||||
| Accounts payable | $3.00B | $2.98B | $3.60B | $5.21B | $4.32B | $3.74B | $3.18B | $2.30B | $365.0M | $303.0M |
| Short-term debt | $3.10B | $2.90B | $3.47B | $1.09B | $459.0M | $2.46B | $1.70B | $1.48B | $79.0M | $10.0M |
| Deferred revenue | — | −$1.29B | −$29.0M | — | $1.25B | $1.19B | $1.26B | $60.0M | $64.0M | $64.0M |
| Total current liabilities | $8.29B | $8.09B | $8.92B | $8.08B | $6.49B | $7.69B | $6.47B | $5.70B | $1.24B | $1.05B |
| Long-term debt | $13.04B | $12.91B | $9.95B | $11.07B | $11.58B | $11.14B | $12.83B | $305.0M | $4.40B | $4.47B |
| Lease obligations | — | $1.72B | $1.63B | $1.62B | $1.38B | $994.0M | $806.0M | $305.0M | $183.0M | $153.0M |
| Other long-term liabilities | $8.62B | $8.19B | $7.59B | $7.56B | $7.56B | $7.11B | $6.96B | $20.38B | $1.93B | $2.14B |
| Total liabilities | $29.94B | $29.19B | $26.45B | $26.71B | $25.63B | $25.95B | $26.26B | $26.39B | $7.57B | $7.66B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $2.0M | $2.0M |
| Retained earnings (deficit) | $5.62B | $4.79B | $4.56B | $3.54B | $3.20B | $2.06B | $1.58B | $1.18B | $2.65B | $2.27B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $102.0M | −$276.0M | $315.0M | $129.0M | −$26.0M | $77.0M | $104.0M | −$130.0M | −$202.0M | −$229.0M |
| Minority interest | $0 | $0 | $0 | −$1.0M | — | $1.0M | — | — | $0 | $0 |
| Total shareholders' equity | $25.52B | $24.24B | $25.68B | $25.13B | $24.97B | $23.83B | $23.26B | $22.53B | $2.45B | $2.13B |
| Key figures | ||||||||||
| Total debt | $16.14B | $17.27B | $14.82B | $13.58B | $13.27B | $14.48B | $15.23B | $15.99B | $4.48B | $4.48B |
| Net cash (debt) | −$15.12B | −$16.76B | −$14.56B | −$13.05B | −$12.70B | −$14.24B | −$15.15B | −$15.91B | −$4.42B | −$2.69B |
| Working capital | −$3.02B | −$4.09B | −$5.54B | −$4.27B | −$3.43B | −$5.31B | −$4.20B | −$3.54B | −$121.0M | $1.69B |
| Tangible book value | −$18.46B | −$19.44B | −$17.81B | −$18.13B | −$19.07B | −$20.32B | −$21.03B | −$21.45B | −$4.89B | −$3.52B |
| Book value per share | $18.72 | $17.72 | $18.23 | $17.59 | $17.49 | $16.76 | $16.39 | $20.53 | $2.68 | $2.29 |
| Shares outstanding | 1.36B | 1.37B | 1.41B | 1.43B | 1.43B | 1.42B | 1.42B | 1.10B | 914.0M | 933.0M |
| Current ratio | 0.64 | 0.49 | 0.38 | 0.47 | 0.47 | 0.31 | 0.35 | 0.38 | 0.90 | 2.60 |
| Quick ratio | 0.33 | 0.28 | 0.20 | 0.27 | 0.28 | 0.18 | 0.19 | 0.23 | 0.62 | 2.31 |
| Debt / equity | 0.63 | 0.71 | 0.58 | 0.54 | 0.53 | 0.61 | 0.65 | 0.71 | 1.83 | 2.10 |
| Equity / assets | 46.0% | 45.4% | 49.3% | 48.5% | 49.4% | 47.9% | 47.0% | 46.1% | 24.5% | 21.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.52B | $898.0M | $1.03B | $516.0M | $509.0M | $653.0M | $510.0M | $552.0M | $438.0M | $317.0M | $267.0M | $260.0M |
| Cash & equivalents | $1.52B | $898.0M | $1.03B | $516.0M | $509.0M | $653.0M | $510.0M | $552.0M | $438.0M | $317.0M | $267.0M | $260.0M |
| Short-term investments | — | — | — | — | — | — | — | −$76.0M | — | — | — | −$67.0M |
| Receivables | $2.42B | $1.54B | $1.67B | $1.72B | $1.73B | $1.56B | $1.72B | $1.62B | $1.52B | $1.45B | $1.52B | $1.41B |
| Inventory | $3.86B | $1.83B | $1.73B | $1.84B | $1.74B | $1.54B | $1.30B | $1.35B | $1.25B | $1.20B | $1.14B | $1.35B |
| Other current assets | $1.66B | $18.87B | $836.0M | $621.0M | $625.0M | $594.0M | $465.0M | $583.0M | $605.0M | $597.0M | $447.0M | $389.0M |
| Total current assets | $9.46B | $23.13B | $5.27B | $4.70B | $4.61B | $4.35B | $4.00B | $4.10B | $3.82B | $3.57B | $3.38B | $3.41B |
| Property, plant & equipment (net) | $6.32B | $3.25B | $3.23B | $3.87B | $3.83B | $3.80B | $3.84B | $3.63B | $3.54B | $3.55B | $3.58B | $3.40B |
| Goodwill & intangible assets | $67.87B | $43.86B | $43.97B | $43.98B | $44.07B | $43.68B | $43.69B | $43.15B | $43.19B | $43.41B | $43.49B | $43.34B |
| Long-term investments | $1.73B | $1.70B | $1.66B | $1.65B | $1.60B | $1.60B | $1.63B | $1.57B | $1.54B | $1.66B | $1.46B | $1.40B |
| Other non-current assets | $2.23B | $1.19B | $1.33B | $397.0M | $259.0M | $273.0M | $270.0M | $263.0M | $258.0M | $87.0M | $235.0M | $209.0M |
| Total assets | $87.62B | $73.14B | $55.46B | $54.60B | $54.37B | $53.70B | $53.43B | $52.72B | $52.34B | $52.29B | $52.13B | $51.76B |
| Liabilities | ||||||||||||
| Accounts payable | $6.29B | $2.84B | $3.00B | $2.99B | $3.11B | $3.15B | $2.98B | $3.13B | $3.10B | $3.19B | $3.60B | $4.09B |
| Short-term debt | $8.39B | $4.82B | $3.10B | $2.57B | $2.25B | $4.27B | $2.90B | $2.71B | $2.62B | $2.13B | $3.47B | $3.01B |
| Deferred revenue | — | — | — | — | — | — | −$1.29B | $1.70B | $318.0M | — | $1.69B | $1.59B |
| Total current liabilities | $19.74B | $10.03B | $8.29B | $7.53B | $7.22B | $9.17B | $8.09B | $7.70B | $7.51B | $7.00B | $8.92B | $8.81B |
| Long-term debt | $21.59B | $20.89B | $13.04B | $13.53B | $13.92B | $11.93B | $12.91B | $12.41B | $12.41B | $12.93B | $9.95B | $9.94B |
| Lease obligations | — | — | — | $1.73B | $1.71B | $1.71B | $1.72B | $1.65B | $1.61B | $1.61B | $1.63B | $1.61B |
| Other long-term liabilities | $17.07B | $13.04B | $8.62B | $8.22B | $8.24B | $8.15B | $8.19B | $7.64B | $7.71B | $7.70B | $7.59B | $7.64B |
| Total liabilities | $58.39B | $43.96B | $29.94B | $29.28B | $29.38B | $29.25B | $29.19B | $27.75B | $27.63B | $27.63B | $26.45B | $26.40B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M |
| Retained earnings (deficit) | $5.33B | $5.58B | $5.62B | $5.58B | $5.23B | $5.00B | $4.79B | $5.25B | $4.94B | $4.72B | $4.56B | $4.17B |
| Accumulated other comprehensive income | −$116.0M | −$116.0M | $102.0M | −$24.0M | $10.0M | −$275.0M | −$276.0M | $14.0M | $77.0M | $257.0M | $315.0M | $171.0M |
| Minority interest | $4.20B | $3.92B | $0 | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $25.03B | $25.26B | $25.52B | $25.32B | $24.98B | $24.45B | $24.24B | $24.97B | $24.72B | $24.65B | $25.68B | $25.36B |
| Key figures | ||||||||||||
| Total debt | $34.40B | $25.71B | $16.14B | $17.55B | $17.61B | $17.64B | $17.27B | $16.53B | $16.42B | $16.45B | $14.82B | $14.35B |
| Net cash (debt) | −$32.88B | −$24.81B | −$15.12B | −$17.03B | −$17.10B | −$16.98B | −$16.76B | −$15.98B | −$15.98B | −$16.13B | −$14.56B | −$14.09B |
| Working capital | −$10.28B | $13.11B | −$3.02B | −$2.83B | −$2.62B | −$4.83B | −$4.09B | −$3.60B | −$3.69B | −$3.44B | −$5.54B | −$5.41B |
| Tangible book value | −$42.84B | −$18.60B | −$18.46B | −$18.66B | −$19.08B | −$19.23B | −$19.44B | −$18.18B | −$18.47B | −$18.76B | −$17.81B | −$17.98B |
| Book value per share | $18.35 | $18.52 | $18.72 | $18.58 | $18.33 | $17.95 | $17.72 | $18.33 | $18.16 | $17.77 | $18.32 | $18.04 |
| Shares outstanding | 1.36B | 1.36B | 1.36B | 1.36B | 1.36B | 1.36B | 1.37B | 1.36B | 1.36B | 1.39B | 1.40B | 1.41B |
| Current ratio | 0.48 | 2.31 | 0.64 | 0.62 | 0.64 | 0.47 | 0.49 | 0.53 | 0.51 | 0.51 | 0.38 | 0.39 |
| Quick ratio | 0.20 | 0.24 | 0.33 | 0.30 | 0.31 | 0.24 | 0.28 | 0.28 | 0.26 | 0.25 | 0.20 | 0.19 |
| Debt / equity | 1.37 | 1.02 | 0.63 | 0.69 | 0.70 | 0.72 | 0.71 | 0.66 | 0.66 | 0.67 | 0.58 | 0.57 |
| Equity / assets | 28.6% | 34.5% | 46.0% | 46.4% | 46.0% | 45.5% | 45.4% | 47.4% | 47.2% | 47.2% | 49.3% | 49.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
KDP financial position
At the end of fiscal 2025 (December 31, 2025), Keurig Dr Pepper had total assets of $55.5 billion (up 3.8% from a year earlier), total liabilities of $29.9 billion and shareholders' equity of $25.5 billion. It held $1.0 billion in cash and short-term investments against $16.1 billion of debt, net debt of $15.1 billion. Its current ratio was 0.64. In the latest quarter (ended June 30, 2026) total assets were $87.6 billion and equity $25.0 billion.
Related: KDP income statement, KDP cash flow statement, KDP key metrics. See the KDP stock overview for the latest quote and news.
KDP balance sheet FAQ
What are Keurig Dr Pepper's total assets?
Keurig Dr Pepper reported total assets of $55.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $53.4 billion a year earlier.
How much debt does Keurig Dr Pepper have?
Keurig Dr Pepper had $16.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.63.
How much cash does Keurig Dr Pepper have?
Keurig Dr Pepper held $1.0 billion in cash and short-term investments at the end of fiscal 2025; with $16.1 billion of debt that is net debt of $15.1 billion.
What is Keurig Dr Pepper's book value?
Keurig Dr Pepper's shareholders' equity (book value) was $25.5 billion at the end of fiscal 2025, or $18.72 per share.
What is Keurig Dr Pepper's current ratio?
Keurig Dr Pepper had current assets of $5.3 billion and current liabilities of $8.3 billion, a current ratio of 0.64 (current liabilities exceed current assets).
How much goodwill does Keurig Dr Pepper have?
Keurig Dr Pepper carried $44.0 billion of goodwill and intangible assets, 79.3% of total assets, at the end of fiscal 2025.