Income StatementBalance SheetCash FlowSegments
Keurig Dr Pepper logo

Keurig Dr Pepper Cash Flow Statement

Operating, investing, and financing cash movements

Keurig Dr Pepper generated $2.1B in operating cash flow over the trailing twelve months. After $482.0M in capital expenditures, free cash flow was $1.6B. Free cash flow decreased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.1BNet Cash From Investing (TTM)-$614.0MNet Cash From Financing (TTM)$16.6BCapital Expenditures (TTM)$482.0M
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$39.6B
P/E Ratio21.61
ROE7.37%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Gain on sale of property, plant, and equipment—$6.0M$0.0-$3.0M—-$10.0M
Other non-cash income (expense)$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Other non-cash income (expense)$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Change in accounts receivable$61.0M-$164.0M$161.0M$19.0M$186.0M-$118.0M
Change in income taxes payable/receivable$140.0M-$27.0M-$59.0M$59.0M-$114.0M$43.0M
Change in inventories—$239.0M$177.0M$102.0M—$101.0M
Change in other liabilities$37.0M-$23.0M$16.0M$20.0M$160.0M$10.0M
Deferred income taxes-$275.0M-$6.0M$10.0M-$43.0M$84.0M$4.0M
Unrealized Foreign Currency Transaction Gain (Loss)-$19.0M$0.0$6.0M-$13.0M$13.0M$20.0M
Unrealized Foreign Currency Transaction Gain (Loss)-$19.0M$0.0$6.0M-$13.0M$13.0M$20.0M
Foreign Currency Transaction Gain (Loss)-$19.0M$0.0$6.0M-$13.0M$13.0M$20.0M
Other Non-Cash Income (Expense)$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Other Non-cash Income (Expense)$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Other Non-cash Income (Expense)$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Unrealized Gain (Loss) on Derivatives and Commodity Contracts—$62.0M-$6.0M$71.0M—$64.0M
Net cash from operating activities$849.0M$209.0M$431.0M$639.0M$712.0M$281.0M
Net income$0.0$517.0M$547.0M$662.0M$353.0M$270.0M
Other non-cash income (expense)$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Amortization expense related to capitalized debt issuance costs—$3.0M———$98.0M
Amortization of capitalized software and acquired intangible assets$33.0M$34.0M$34.0M$33.0M$37.0M$37.0M
Depreciation$112.0M$106.0M$111.0M$119.0M$119.0M$114.0M
Earned equity from distribution arrangements$23.5M$10.0M———$8.0M
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax-$19.0M$0.0$6.0M-$13.0M$13.0M$20.0M
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital—$408.0M$327.0M$136.0M$132.0M$275.0M
Other current liabilities—-$173.0M$80.0M-$47.0M-$72.0M-$129.0M
Increase (Decrease) in Other Operating Assets$23.0M$110.0M$26.0M$47.0M$33.0M$216.0M
Amortization$38.0M$23.0M$40.0M$54.0M$43.0M$34.0M
Other Noncash Income (Expense)$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Provision for Other Losses$20.0M$11.0M$13.0M$18.0M$18.0M$11.0M
Settlements of interest rate contracts$0.0$0.0———$70.0M
Unrealized Gain (Loss) on Derivatives and Commodity Contracts—$62.0M-$6.0M$71.0M—$64.0M
Other Non-cash Income and Expense$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Unrealized Foreign Currency Transaction Gain (Loss)-$19.0M$0.0$6.0M-$13.0M$13.0M$20.0M
Other Non-Cash Adjustments$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Other Non-Cash Income and Expense$9.0M$5.0M$0.0-$8.0M-$23.0M$14.0M
Unrealized Foreign Currency Gain (Loss)-$19.0M$0.0$6.0M-$13.0M$13.0M$20.0M
Stock-based compensation$22.0M$22.0M$23.0M$25.0M$27.0M$30.0M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$56.0M$176.0M-$21.0M-$4.0M$53.0M$130.0M
Interest paid$186.0M$93.0M$184.0M$100.0M$217.0M$97.0M
Capital expenditures incurred but not yet paid$56.0M$176.0M-$21.0M-$4.0M$53.0M$130.0M
Capital Expenditures Incurred but Not Yet Paid$56.0M$176.0M-$21.0M-$4.0M$53.0M$130.0M
Accrued transaction costs for JV Investment and Convertible Preferred Investment—$0.0———$143.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$165.0M$120.0M$106.0M$112.0M$148.0M$116.0M
Payment for (Proceeds from) Other Investing Activity-$11.0M-$64.0M$1.0M-$2.0M-$1.0M-$1.0M
Payments to Acquire Intangible Assets$10.0M$14.0M$2.0M$0.0$1.0M$2.0M
Proceeds from disposals of property, plant and equipment$3.0M$13.0M$0.0$1.0M$0.0$19.0M
Net cash from investing activities-$1.1B-$57.0M-$221.0M-$112.0M-$183.0M-$98.0M
Payments for Deposits$10.0M$14.0M$2.0M$0.0$1.0M$2.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net Change in Cash Excluding Exchange Rate Effect$54.0M$145.0M-$192.0M$2.0M$464.0M$17.8B
Effect of exchange rate changes on cash-$6.0M-$2.0M$6.0M$2.0M$11.0M-$150.0M
Net Change in Cash Excluding FX Effect$54.0M$145.0M-$192.0M$2.0M$464.0M$17.8B
Net Change in Cash Excluding Exchange Rate Effect$54.0M$145.0M-$192.0M$2.0M$464.0M$17.8B
Accrued payables for capital expenditures$56.0M$176.0M-$21.0M-$4.0M$53.0M$130.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends paid$311.0M$312.0M$313.0M$312.0M$313.0M$312.0M
Finance Lease, Principal Payments$32.0M$25.0M$38.0M$33.0M$33.0M$34.0M
Proceeds from Noncontrolling Interests—$0.0———$3.9B
Payments Of Debt Issuance Costs$4.0M$3.0M———$28.0M
Proceeds from delayed draw term loan—$0.0———$3.6B
Proceeds From Issuance Of Convertible Preferred Stock—$0.0———$4.5B
Proceeds From Issuance Of Senior Long Term Debt$0.0$0.0$2.0B$0.0$0.0$6.0B
Other, net-$1.0M$0.0-$16.0M$11.0M$0.0-$3.0M
Proceeds from (repayments of) short-term borrowings, net-$327.0M$1.4B-$1.5B-$86.0M$819.0M-$21.0M
Proceeds from term loan$247.5M$0.0$0.0$0.0$0.0—
Repayment of Term Loan$0.0$990.0M$0.0$0.0$0.0$0.0
Repayments Of Notes Payable$40.0M$18.0M$8.0M$8.0M$13.0M$7.0M
Finance lease prepayments$32.0M$25.0M$38.0M$33.0M$33.0M$34.0M
Payment of Deferred Purchase Consideration-$1.0M$0.0-$16.0M$11.0M$0.0-$3.0M
Noncontrolling interest transactions and other-$1.0M$0.0-$16.0M$11.0M$0.0-$3.0M
Proceeds from Notes Payable$10.0M$8.0M$8.0M$7.0M$8.0M$3.0M
Net cash from financing activities—-$7.0M-$402.0M-$525.0M-$65.0M$17.6B
Noncontrolling Interests Activity and Other-$1.0M$0.0-$16.0M$11.0M$0.0-$3.0M
Taxes paid for net share settlement$3.0M$23.0M$5.0M$1.0M$2.0M$25.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$684.0M$89.0M$325.0M$527.0M$564.0M$165.0M