Keurig Dr Pepper Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$16.6B
Gross margin	54.2%
Operating income	$3.6B
Net income	$2.1B
Diluted EPS	$1.53
Cash & equivalents	$1.0B
Total assets	$55.5B
Long-term debt	$13.0B

Key takeaway

KDP reported $16.6 billion in revenue and $2.079 billion in net income for fiscal 2025, with a 54.2% gross margin.

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Beneath the surface

Net debt is substantial: with only $1.026 billion in cash against $3.105 billion current debt plus $13.036 billion long-term debt (total debt ~$16.1 billion), KDP's net debt position (~$15.1 billion) is far larger than the cash balance alone suggests, especially as it prepares to raise more debt for the JDE Peet's deal.

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