Keurig Dr Pepper Inc. (KDP) Income Statement
KDP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsKDP revenue and net income
Where KDP's revenue goes
2025Each bar shows an amount and its share of revenue. KDP kept 12.5% of revenue as net income.
KDP profit margins
KDP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.2% | +5.7% | +7.4% | +10.2% |
| Gross profit | +5.5% | +7.1% | +6.8% | +9.2% |
| Operating income | +10.4% | +9.5% | +8.1% | +10.9% |
| Net income | +44.3% | +13.1% | +9.4% | +10.5% |
| EPS (diluted) | +6.8% | +6.9% | +7.9% | −6.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
KDP quarterly EPS vs estimates
Keurig Dr Pepper beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.64).
KDP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.60B | $15.35B | $14.81B | $14.06B | $12.68B | $11.62B | $11.12B | $7.44B | $6.69B | $6.44B |
| Cost of revenue | $7.60B | $6.82B | $6.73B | $6.73B | $5.71B | $5.13B | $4.78B | $3.56B | $2.69B | $2.58B |
| Gross profit | $9.00B | $8.53B | $8.08B | $7.32B | $6.98B | $6.49B | $6.34B | $3.88B | $4.00B | $3.86B |
| Research & development | — | $70.0M | $66.0M | $65.0M | $66.0M | $69.0M | $81.0M | $64.0M | $20.0M | $20.0M |
| Sales, general & admin | $5.35B | $4.66B | $4.62B | $4.28B | $3.77B | $3.74B | $3.96B | $2.52B | $2.56B | $2.33B |
| Total operating expenses | $5.35B | $5.22B | $4.89B | $4.54B | $4.08B | $4.01B | $3.96B | $2.65B | $2.61B | $2.42B |
| Operating income | $3.65B | $3.31B | $3.19B | $2.78B | $2.89B | $2.48B | $2.38B | $1.24B | $1.39B | $1.43B |
| Interest income | — | — | — | — | — | — | $672.0M | $425.0M | $3.0M | $3.0M |
| Interest expense | $754.0M | $684.0M | $596.0M | $468.0M | $525.0M | $597.0M | $647.0M | $446.0M | $168.0M | $140.0M |
| Income before taxes | $2.69B | $1.91B | $2.76B | $1.72B | $2.80B | $1.75B | $1.69B | $791.0M | $1.17B | $1.28B |
| Income taxes | $608.0M | $473.0M | $576.0M | $284.0M | $653.0M | $428.0M | $440.0M | $202.0M | $95.0M | $434.0M |
| Net income | $2.08B | $1.44B | $2.18B | $1.44B | $2.15B | $1.32B | $1.25B | $586.0M | $1.08B | $847.0M |
| EBITDA | $4.19B | $3.38B | $3.97B | $3.12B | $4.01B | $3.01B | $3.01B | $1.68B | $1.57B | $1.65B |
| EPS (diluted) | $2.05 | $1.92 | $1.79 | $1.68 | $1.60 | $1.40 | $1.22 | $2.88 | $4.39 | $4.40 |
| Gross margin | 54.2% | 55.6% | 54.5% | 52.1% | 55.0% | 55.8% | 57.0% | 52.2% | 59.7% | 59.9% |
| Operating margin | 22.0% | 21.6% | 21.6% | 19.8% | 22.8% | 21.3% | 21.4% | 16.6% | 20.7% | 22.3% |
| Net margin | 12.5% | 9.4% | 14.7% | 10.2% | 16.9% | 11.4% | 11.3% | 7.9% | 16.1% | 13.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.31B | $3.98B | $4.50B | $4.31B | $4.16B | $3.63B | $4.07B | $3.89B | $3.92B | $3.47B | $3.87B | $3.81B |
| Cost of revenue | $4.24B | $1.88B | $2.08B | $1.97B | $1.91B | $1.65B | $1.79B | $1.75B | $1.75B | $1.53B | $1.68B | $1.69B |
| Gross profit | $3.07B | $2.10B | $2.42B | $2.34B | $2.25B | $1.99B | $2.28B | $2.14B | $2.17B | $1.94B | $2.18B | $2.11B |
| Research & development | — | — | — | — | — | — | $70.0M | — | — | — | $66.0M | — |
| Sales, general & admin | $2.40B | $1.34B | $1.46B | $1.34B | $1.36B | $1.19B | $1.62B | $1.25B | $1.29B | $1.18B | $1.45B | $1.22B |
| Total operating expenses | $2.40B | $1.34B | $1.46B | $1.34B | $1.36B | $1.18B | $1.50B | $1.24B | $1.31B | $1.18B | $1.24B | $1.22B |
| Operating income | $669.0M | $756.0M | $959.0M | $995.0M | $898.0M | $801.0M | $781.0M | $902.0M | $861.0M | $765.0M | $943.0M | $896.0M |
| Interest expense | $336.0M | $281.0M | $238.0M | $188.0M | $182.0M | $119.0M | $173.0M | $175.0M | $182.0M | $152.0M | $141.0M | $135.0M |
| Income before taxes | $305.0M | $357.0M | $457.0M | $852.0M | $718.0M | $660.0M | −$154.0M | $802.0M | $672.0M | $594.0M | $899.0M | $664.0M |
| Income taxes | $95.0M | $87.0M | $104.0M | $190.0M | $171.0M | $143.0M | −$10.0M | $186.0M | $157.0M | $140.0M | $206.0M | $146.0M |
| Net income | $142.0M | $270.0M | $353.0M | $662.0M | $547.0M | $517.0M | −$144.0M | $616.0M | $515.0M | $454.0M | $693.0M | $518.0M |
| EBITDA | $1.05B | $823.0M | $894.0M | $1.25B | $1.08B | $971.0M | $276.0M | $1.08B | $1.08B | $942.0M | $1.15B | $1.08B |
| EPS (diluted) | $0.57 | $0.39 | $0.60 | $0.54 | $0.49 | $0.42 | $0.58 | $0.51 | $0.45 | $0.38 | $0.55 | $0.48 |
| Gross margin | 41.9% | 52.8% | 53.8% | 54.3% | 54.2% | 54.6% | 55.9% | 55.0% | 55.4% | 55.9% | 56.5% | 55.5% |
| Operating margin | 9.2% | 19.0% | 21.3% | 23.1% | 21.6% | 22.0% | 19.2% | 23.2% | 22.0% | 22.1% | 24.4% | 23.5% |
| Net margin | 1.9% | 6.8% | 7.8% | 15.4% | 13.1% | 14.2% | −3.5% | 15.8% | 13.1% | 13.1% | 17.9% | 13.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in KDP's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
KDP financial results
In fiscal year 2025 (ended December 31, 2025), Keurig Dr Pepper reported revenue of $16.6 billion, up 8.2% from the year before. It had net income of $2.1 billion (up 44.3%), a net profit margin of 12.5%. Diluted earnings per share came to $2.05. Over five years revenue grew at an average rate of 7.4% a year.
See the KDP stock overview for the latest quote and news, or the KDP chart for price history and technical indicators.
KDP income statement FAQ
What is Keurig Dr Pepper's annual revenue?
Keurig Dr Pepper reported total revenue of $16.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 8.2% from $15.4 billion the previous year.
Is Keurig Dr Pepper profitable?
Yes. Keurig Dr Pepper reported net income of $2.1 billion in fiscal 2025, a net profit margin of 12.5%; its operating margin was 22.0%.
What is Keurig Dr Pepper's gross margin?
Keurig Dr Pepper's gross margin was 54.2% in fiscal 2025: for every $100 of revenue, Keurig Dr Pepper kept $54 after the direct cost of its products and services.
How fast is Keurig Dr Pepper growing?
Revenue grew 7.4% a year on average over the last five fiscal years, from $11.6 billion to $16.6 billion.
What are Keurig Dr Pepper's earnings per share?
Keurig Dr Pepper earned $2.05 per diluted share in fiscal 2025, compared with $1.92 a year earlier.
When will Keurig Dr Pepper report its next earnings?
Keurig Dr Pepper is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Keurig Dr Pepper's fiscal year end?
Keurig Dr Pepper's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.