Keurig Dr Pepper Inc.
KDP · Beverages · 1.36B shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $590M (gross $706M, SBC $116M)
Reference price $29.52 · est. market cap ~$40.2B — last insider sale, 2025-12-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A85Dominant, wide-moat North American beverage franchise with iconic brands, top-decile cash generation and strong margins and growth.
Strengths
- Operating margin 21.5% and gross margin 54% (both 75th pct), net margin 12.5%, with revenue +8.2% and net income +44% (77th pct)
- FCF $1.5B (87th pct) and cash $1.0B (87th pct); 125+ brands, DSD scale and pricing power constitute a durable moat
Risks
- ROE 8.1% and ROA 3.7% sit mid-pack as a large goodwill/equity base understates returns; current/quick ratios below sector median
- Pending JDE Peet's acquisition and planned coffee/beverage separation add significant incremental debt and integration/execution risk
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Weak liquidityCurrent ratio 0.64 (<1)
- Strong balance sheetStrong balance sheet — $1.0B cash & investments
- Revenue declineRevenue -11.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
54.2%
Operating margin
21.5%
Net margin
12.5%
Return on equity
8.1%
Return on assets
3.7%
ROIC
6.8%
Revenue growth (QoQ)
-11.6%
Net-income growth
44.3%
Debt / equity
0.6×
Current ratio
0.6×
Free cash flow
$1.5B
Tangible book value
-$18.5B
Cash & investments
$1.0B
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Stephens Angela A. | Tax withheld | 1.2K | $30.20 |
| 2026-06-01 | Stephens Angela A. | Option exercise | 3.0K | — |
| 2026-05-20 | Cofer Timothy P. | Option exercise | 88K | — |
| 2026-05-20 | Cofer Timothy P. | Tax withheld | 35K | $28.69 |
| 2026-03-05 | Gorli Eric | Tax withheld | 2.7K | $28.05 |
| 2026-03-05 | Johnson Roger Frederick | Option exercise | 6.8K | — |
| 2026-03-05 | Johnson Roger Frederick | Tax withheld | 2.7K | $28.05 |
| 2026-03-05 | Shoemaker Anthony | Option exercise | 6.8K | — |
| 2026-03-05 | Shoemaker Anthony | Tax withheld | 2.7K | $28.05 |
| 2026-03-05 | DeNooyer Mary Beth | Option exercise | 6.8K | — |
| 2026-03-05 | DeNooyer Mary Beth | Tax withheld | 3.4K | $28.05 |
| 2026-03-05 | Gamgort Robert James | Option exercise | 14K | — |
| 2026-03-05 | Gamgort Robert James | Tax withheld | 5.5K | $28.05 |
| 2026-03-05 | Cofer Timothy P. | Option exercise | 31K | — |
| 2026-03-05 | Cofer Timothy P. | Tax withheld | 12K | $28.05 |
| 2026-03-05 | Stephens Angela A. | Tax withheld | 900 | $28.05 |
| 2026-03-05 | Stephens Angela A. | Option exercise | 2.4K | — |
| 2026-03-05 | Lemire Olivier | Option exercise | 2.4K | — |
| 2026-03-05 | Lemire Olivier | Tax withheld | 1.2K | $28.05 |
| 2026-03-05 | Gorli Eric | Option exercise | 6.8K | — |
| 2026-03-03 | DeNooyer Mary Beth | Option exercise | 4.6K | — |
| 2026-03-03 | Hickman Juliette | Option exercise | 5.2K | — |
| 2026-03-03 | Singer Robert S | Option exercise | 5.2K | — |
| 2026-03-03 | PATSLEY PAMELA H | Option exercise | 5.2K | — |
| 2026-03-03 | Lemire Olivier | Option exercise | 1.3K | — |
| 2026-03-03 | Lemire Olivier | Tax withheld | 653 | $29.57 |
| 2026-03-03 | Gorli Eric | Option exercise | 2.8K | — |
| 2026-03-03 | Gorli Eric | Tax withheld | 1.1K | $29.57 |
| 2026-03-03 | Johnson Roger Frederick | Option exercise | 2.8K | — |
| 2026-03-03 | Johnson Roger Frederick | Tax withheld | 1.2K | $29.57 |
| 2026-03-03 | Shoemaker Anthony | Option exercise | 2.8K | — |
| 2026-03-03 | Shoemaker Anthony | Tax withheld | 1.1K | $29.57 |
| 2026-03-03 | DeNooyer Mary Beth | Tax withheld | 2.3K | $29.57 |
| 2026-03-03 | Gamgort Robert James | Option exercise | 31K | — |
| 2026-03-03 | Gamgort Robert James | Tax withheld | 12K | $29.57 |
| 2026-03-03 | Stephens Angela A. | Option exercise | 2.8K | — |
| 2026-03-03 | Stephens Angela A. | Tax withheld | 1.0K | $29.57 |
| 2026-03-02 | DeNooyer Mary Beth | Option exercise | 3.6K | — |
| 2026-03-02 | DeNooyer Mary Beth | Tax withheld | 7.8K | $29.97 |
| 2026-03-02 | Lemire Olivier | Option exercise | 2.2K | — |
| 2026-03-02 | Lemire Olivier | Tax withheld | 5.1K | $29.97 |
| 2026-03-02 | Lemire Olivier | Option exercise | 7.5K | — |
| 2026-03-02 | Shoemaker Anthony | Tax withheld | 6.3K | $29.97 |
| 2026-03-02 | Gorli Eric | Option exercise | 7.5K | — |
| 2026-03-02 | Gorli Eric | Option exercise | 2.2K | — |
| 2026-03-02 | Gorli Eric | Tax withheld | 3.8K | $29.97 |
| 2026-03-02 | Gamgort Robert James | Option exercise | 82K | — |
| 2026-03-02 | Gamgort Robert James | Option exercise | 24K | — |
| 2026-03-02 | Johnson Roger Frederick | Option exercise | 21K | — |
| 2026-03-02 | Johnson Roger Frederick | Option exercise | 2.2K | — |
| 2026-03-02 | Gamgort Robert James | Tax withheld | 42K | $29.97 |
| 2026-03-02 | Shoemaker Anthony | Option exercise | 12K | — |
| 2026-03-02 | Shoemaker Anthony | Option exercise | 3.6K | — |
| 2026-03-02 | Stephens Angela A. | Option exercise | 7.5K | — |
| 2026-03-02 | Stephens Angela A. | Option exercise | 2.2K | — |
| 2026-03-02 | Stephens Angela A. | Tax withheld | 3.6K | $29.97 |
| 2026-03-02 | DeNooyer Mary Beth | Option exercise | 12K | — |
| 2026-03-02 | Johnson Roger Frederick | Tax withheld | 9.5K | $29.97 |
| 2025-12-12 | Stephens Angela A. | Sell | 10K | $29.52 |
| 2025-09-15 | Gorli Eric | Option exercise | 6.9K | — |
| 2025-09-15 | Johnson Roger Frederick | Option exercise | 8.7K | — |
| 2025-09-15 | Johnson Roger Frederick | Tax withheld | 3.7K | $26.75 |
| 2025-09-15 | Shoemaker Anthony | Option exercise | 785 | — |
| 2025-09-15 | Shoemaker Anthony | Tax withheld | 309 | $26.75 |
| 2025-09-15 | Shoemaker Anthony | Option exercise | 1.5K | — |
| 2025-09-15 | Shoemaker Anthony | Tax withheld | 581 | $26.75 |
| 2025-09-15 | Lemire Olivier | Option exercise | 643 | — |
| 2025-09-15 | Lemire Olivier | Tax withheld | 304 | $26.75 |
| 2025-09-15 | Lemire Olivier | Option exercise | 3.3K | — |
| 2025-09-15 | Lemire Olivier | Tax withheld | 1.7K | $26.75 |
| 2025-09-15 | Gorli Eric | Option exercise | 3.3K | — |
| 2025-09-15 | Gorli Eric | Tax withheld | 1.3K | $26.75 |
| 2025-09-15 | Gorli Eric | Tax withheld | 2.7K | $26.75 |
| 2025-09-11 | Gorli Eric | Buy | 9.2K | $27.69 |
| 2025-08-20 | Gamgort Robert James | Sell | 7.6K | $35.91 |
| 2025-08-01 | Gamgort Robert James | Sell | 208K | $32.90 |
| 2025-07-29 | Gamgort Robert James | Sell | 208K | $33.18 |
| 2025-07-17 | DeNooyer Mary Beth | Sell | 12K | $33.66 |
| 2025-07-01 | DeNooyer Mary Beth | Sell | 12K | $33.64 |
| 2025-07-01 | DeNooyer Mary Beth | Sell | 111 | $34.05 |
| 2025-06-20 | DeNooyer Mary Beth | Sell | 12K | $33.64 |
| 2025-06-04 | Van de Ven Michael G | Buy | 15K | $33.20 |
| 2025-06-03 | DeNooyer Mary Beth | Sell | 12K | $32.92 |
| 2025-06-02 | Gamgort Robert James | Sell | 208K | $33.10 |
| 2025-05-30 | Stephens Angela A. | Option exercise | 3.0K | — |
| 2025-05-30 | Stephens Angela A. | Tax withheld | 1.2K | $33.67 |
| 2025-05-22 | DeNooyer Mary Beth | Sell | 12K | $33.21 |
| 2025-05-20 | Cofer Timothy P. | Option exercise | 66K | — |
| 2025-05-20 | Cofer Timothy P. | Tax withheld | 26K | $33.87 |
| 2025-05-19 | Shoemaker Anthony | Option exercise | 35K | — |
| 2025-05-19 | Shoemaker Anthony | Tax withheld | 14K | $33.83 |
| 2025-05-07 | Stephens Angela A. | Sell | 14K | $34.24 |
| 2025-05-06 | DeNooyer Mary Beth | Sell | 12K | $34.11 |
| 2025-05-01 | Gamgort Robert James | Sell | 208K | $34.12 |
| 2025-04-29 | Gamgort Robert James | Sell | 208K | $33.96 |
| 2025-04-17 | DeNooyer Mary Beth | Sell | 12K | $35.59 |
| 2025-04-01 | DeNooyer Mary Beth | Sell | 12K | $34.78 |
| 2025-03-20 | DeNooyer Mary Beth | Sell | 12K | $33.39 |
| 2025-03-12 | Minogue Patrick | Option exercise | 3.7K | — |
| 2025-03-12 | Stephens Angela A. | Option exercise | 3.7K | — |
| 2025-03-12 | Stephens Angela A. | Tax withheld | 1.4K | $32.81 |
| 2025-03-12 | Johnson Roger Frederick | Option exercise | 3.7K | — |
| 2025-03-12 | Johnson Roger Frederick | Tax withheld | 1.6K | $32.81 |
| 2025-03-12 | Minogue Patrick | Tax withheld | 1.6K | $32.81 |
| 2025-03-12 | Gorli Eric | Option exercise | 3.7K | — |
| 2025-03-12 | Gorli Eric | Tax withheld | 901 | $32.81 |
| 2025-03-12 | DeNooyer Mary Beth | Option exercise | 6.1K | — |
| 2025-03-12 | DeNooyer Mary Beth | Tax withheld | 3.1K | $32.81 |
| 2025-03-12 | PATSLEY PAMELA H | Option exercise | 7.0K | — |
| 2025-03-12 | Michaels Paul S. | Option exercise | 7.0K | — |
| 2025-03-12 | Singer Robert S | Option exercise | 7.0K | — |
| 2025-03-12 | Gamgort Robert James | Option exercise | 41K | — |
| 2025-03-12 | Gamgort Robert James | Tax withheld | 15K | $32.81 |
| 2025-03-04 | DeNooyer Mary Beth | Sell | 12K | $34.05 |
| 2025-03-04 | Gamgort Robert James | Sell | 416K | $34.29 |
| 2025-03-03 | Shoemaker Anthony | Option exercise | 2.8K | — |
| 2025-03-03 | Shoemaker Anthony | Tax withheld | 1.1K | $34.13 |
| 2025-03-03 | Stephens Angela A. | Option exercise | 6.6K | — |
| 2025-03-03 | Stephens Angela A. | Tax withheld | 2.5K | $34.13 |
| 2025-03-03 | Stephens Angela A. | Option exercise | 2.8K | — |
| 2025-03-03 | Stephens Angela A. | Tax withheld | 1.0K | $34.13 |
| 2025-03-03 | Stephens Angela A. | Sell | 7.3K | $34.17 |
| 2025-03-03 | Minogue Patrick | Option exercise | 6.6K | — |
| 2025-03-03 | Minogue Patrick | Tax withheld | 2.9K | $34.13 |
| 2025-03-03 | Minogue Patrick | Option exercise | 2.8K | — |
| 2025-03-03 | Minogue Patrick | Tax withheld | 1.2K | $34.13 |
| 2025-03-03 | Johnson Roger Frederick | Option exercise | 6.6K | — |
| 2025-03-03 | Johnson Roger Frederick | Tax withheld | 2.8K | $34.14 |
| 2025-03-03 | Johnson Roger Frederick | Option exercise | 2.8K | — |
| 2025-03-03 | Johnson Roger Frederick | Tax withheld | 1.1K | $34.13 |
| 2025-03-03 | Gorli Eric | Option exercise | 6.6K | — |
| 2025-03-03 | Gorli Eric | Tax withheld | 1.6K | $34.13 |
| 2025-03-03 | Gorli Eric | Option exercise | 2.8K | — |
| 2025-03-03 | Gorli Eric | Tax withheld | 1.9K | $34.13 |
| 2025-03-03 | DeNooyer Mary Beth | Option exercise | 11K | — |
| 2025-03-03 | DeNooyer Mary Beth | Tax withheld | 5.4K | $34.13 |
| 2025-03-03 | DeNooyer Mary Beth | Option exercise | 4.6K | — |
| 2025-03-03 | DeNooyer Mary Beth | Tax withheld | 2.3K | $34.13 |
| 2025-03-03 | Gamgort Robert James | Option exercise | 73K | — |
| 2025-03-03 | Gamgort Robert James | Tax withheld | 27K | $34.13 |
| 2025-03-03 | Gamgort Robert James | Option exercise | 31K | — |
| 2025-03-03 | Gamgort Robert James | Tax withheld | 11K | $34.13 |
| 2025-03-03 | Shoemaker Anthony | Option exercise | 11K | — |
| 2025-03-03 | Shoemaker Anthony | Tax withheld | 4.3K | $34.13 |
| 2025-02-26 | JAB BevCo B.V. | Sell | 84.0M | $32.65 |
| 2025-01-29 | JAB BevCo B.V. | Buy | 3.6M | $33.34 |
| 2025-01-15 | Gamgort Robert James | Option exercise | 74K | — |
| 2025-01-15 | Gamgort Robert James | Tax withheld | 24K | $30.97 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (2)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Exec/director change | filing ↗ |
| 2026-06-23 | Reg FDOtherExhibits | filing ↗ |
| 2026-06-18 | Shareholder voteOther | filing ↗ |
| 2026-06-11 | Exhibits | filing ↗ |
| 2026-05-22 | Other | filing ↗ |
| 2026-05-20 | OtherExhibits | filing ↗ |
| 2026-04-23 | ResultsExhibits | filing ↗ |
| 2026-04-01 | Material agreement1.02Acquisition/disposition3.025.03Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-22 | 0001418135-26-000045 ↗ |
| 8-K | 2026-06-23 | 2026-06-23 | 0000950142-26-001848 ↗ |
| 8-K | 2026-06-18 | 2026-06-16 | 0001418135-26-000041 ↗ |
| 8-K/A | 2026-06-11 | 2026-03-30 | 0001418135-26-000036 ↗ |
| 8-K | 2026-05-22 | 2026-05-21 | 0000950142-26-001475 ↗ |
| 8-K | 2026-05-20 | 2026-05-20 | 0001418135-26-000030 ↗ |
| 10-Q | 2026-04-23 | 2026-03-31 | 0001418135-26-000026 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0001418135-26-000020 ↗ |
| 8-K | 2026-04-01 | 2026-03-30 | 0001193125-26-135642 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001193125-26-126214 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0000950142-26-000697 ↗ |
| 8-K | 2026-03-10 | 2026-03-06 | 0001193125-26-099459 ↗ |