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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)$482.0MNet Change In Cash (TTM)$18.1B
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$42.5B
P/E Ratio23.19
ROE7.37%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$165M$120M$106M$112M$148M$116M
Payment for (Proceeds from) Other Investing Activity-$11M-$64M$0-$2M-$1M-$1M
Payments to Acquire Intangible Assets$10M$14M$2M$0$1M$2M
Proceeds from disposals of property, plant and equipment$3M$13M—$1M—$19M
Net cash from investing activities-$1.1B-$57M-$221M-$112M-$183M-$98M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts receivable$61M-$164M$161M$19M$186M-$118M
Change in income taxes payable/receivable$140M-$27M-$59M—-$114M$43M
Change in inventories—$239M$177M$102M—$101M
Change in other liabilities$37M-$23M$16M$20M$160M$10M
Deferred income taxes-$275M-$6M$10M-$43M$84M$4M
Gain (loss) on sale of assets—$6M———-$10M
Impairment charges$103M$19.5M$19.5M$19.5M$19.5M—
Net cash from operating activities$849M$209M$431M$639M$712M$281M
Net income$0$517M$547M$662M$353M$270M
Amortization expense related to capitalized debt issuance costs—$3M———$98M
Amortization of capitalized software and acquired intangible assets$33M$34M$34M$33M$37M$37M
Depreciation$112M$106M$111M$119M$119M$114M
Earned equity from distribution arrangements$23.5M$10M———$8M
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax-$19M$0$6M-$13M$13M$20M
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital—$408M$327M$136M$132M$275M
Other current liabilities—-$173M—-$47M-$72M-$129M
Increase (Decrease) in Other Operating Assets$23M$110M$26M$47M$33M$216M
Amortization$38M$23M$40M$54M$43M$34M
Other Noncash Income (Expense)$9M$5M$0-$8M-$23M$14M
Provision for Other Losses$20M$11M$13M$18M$18M$11M
Settlements of interest rate contracts$0$0———$70M
Unrealized Gain (Loss) on Derivatives and Commodity Contracts—$62M—$71M—$64M
Stock-based compensation$22M$22M$23M$25M$27M$30M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends paid$311M$312M$313M$312M$313M$312M
Finance Lease, Principal Payments$32M$25M$38M$33M$33M$34M
Proceeds from Noncontrolling Interests—$0———$3.9B
Payments Of Debt Issuance Costs$4M$3M——$31M$28M
Proceeds from delayed draw term loan—$0———$3.6B
Proceeds From Issuance Of Convertible Preferred Stock—$0———$4.5B
Proceeds From Issuance Of Senior Long Term Debt—$0$2B——$6B
Other, net-$1M$0-$16M——-$3M
Proceeds from (repayments of) short-term borrowings, net-$327M$1.4B-$1.5B-$86M$819M-$21M
Proceeds from term loan$247.5M$0$0$0$0—
Repayment of Term Loan$0$990M———$0
Repayments Of Notes Payable$40M$18M$8M$8M$13M$7M
Net cash from financing activities—-$7M-$402M-$525M-$65M$17.6B
Taxes paid for net share settlement$3M$23M$5M$1M$2M$25M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$684M$89M$325M$527M$564M$165M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$6M-$2M$6M$2M$11M-$150M
Net increase (decrease) in cash$54M$145M-$192M$2M$464M$17.8B
Accrued payables for capital expenditures$56M$176M——$53M$130M
Proceeds From Notes Payable$10M$8M$8M$7M$8M$3M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$186M$93M$184M$100M$217M$97M
Accrued transaction costs for JV Investment and Convertible Preferred Investment—$0———$143M