Stock Analysis on Net
Stock Analysis on Net

Keurig Dr Pepper Inc. (NASDAQ:KDP)

$22.49

This company has been moved to the archive! The financial data has not been updated since July 28, 2022.

Common-Size Income Statement

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Keurig Dr Pepper Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Impairment of intangible assets
Other operating income (expense), net
Income from operations
Interest expense
Loss on early extinguishment of debt
Gain on sale of equity method investment
Impairment of investments and note receivable
Other income (expense), net
Income before provision for income taxes
Provision for income taxes
Net income including non-controlling interest
Net (income) loss attributable to non-controlling interest
Net income attributable to KDP

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Net Sales
Remained constant at 100% of net sales across all four years, serving as the baseline for the analysis of other items.
Cost of Sales
The cost of sales as a percentage of net sales decreased significantly from -47.84% in 2018 to -42.97% in 2019, indicating improved cost efficiency. However, it slightly increased again to -44.17% in 2020 and to -44.99% in 2021, suggesting some pressure on production or procurement costs after the initial improvement.
Gross Profit
Gross profit margin rose from 52.16% in 2018 to a peak of 57.03% in 2019, reflecting higher profitability stemming from improved cost control. In the following years, it declined to 55.83% in 2020 and further to 55.01% in 2021 but remained above the 2018 level, confirming a generally strong gross margin performance.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses consistently declined as a percentage of net sales, from -35.41% in 2018 to -32.74% in 2021. This trend reflects improved operational efficiency and expenses control in the company’s administrative and selling functions over the period.
Impairment of Intangible Assets
An impairment charge of -0.58% of net sales was recorded in 2020; there were no similar charges in other years. This one-time expense negatively impacted operating income that year.
Other Operating Income (Expense), Net
This item moved from small negative values in 2018 (-0.13%) and 2019 (-0.02%) to positive contributions in 2020 (0.34%) and further positive growth in 2021 (0.55%), indicating increasing non-core operational income or reduced expenses.
Income from Operations
The operating income margin improved significantly from 16.62% in 2018 to around 21.38% in 2019, remaining stable in 2020 (21.35%), and increasing further to 22.82% in 2021. This demonstrates consistent operational profitability improvement over the period.
Interest Expense
Interest expenses decreased steadily over the years, from -6.07% in 2018 to -3.94% in 2021, suggesting efforts in reducing debt or securing lower interest rates, positively impacting net profitability.
Loss on Early Extinguishment of Debt
This expense was minimal between 2018 and 2020 but increased notably to -0.83% in 2021, reflecting costs incurred from refinancing activities or early repayment of debt in that year.
Gain on Sale of Equity Method Investment
A significant one-time gain of 4.13% of net sales was recorded in 2021, contributing positively to pre-tax income and net income that year.
Impairment of Investments and Note Receivable
This impairment was recorded in 2020 (-0.88%) and reduced in 2021 (-0.13%), indicating some negative impacts from investment valuations, but with decreasing severity.
Other Income (Expense), Net
This fluctuated between small positive and negative values, ending neutral at 0.02% in 2021, indicating no material impacts from other income or expenses over the period.
Income Before Provision for Income Taxes
Showed strong improvement from 10.63% in 2018 to 15.23% in 2019, remaining stable in 2020 around 15.09%, and then increasing markedly to 22.06% in 2021, indicating enhanced profitability before tax considerations.
Provision for Income Taxes
The tax provision increased over time as a percentage of net sales, from -2.71% in 2018 to -5.15% in 2021, which is consistent with higher pre-tax income and possibly higher effective tax rates in recent years.
Net Income Including Non-Controlling Interest
Net income improved steadily from 7.91% in 2018 to 11.28% in 2019, with a slight rise to 11.40% in 2020 and a substantial increase to 16.91% in 2021, reflecting improved overall profitability adjusted for minority interests.
Net (Income) Loss Attributable to Non-Controlling Interest
Minimal impact across the years with negligible values; 0.01% in 2021 suggests near-neutral effect on net income attributable to the parent company.
Net Income Attributable to KDP
Consistent with overall net income trends, net income attributable to the company rose strongly from 7.87% in 2018 to 16.92% in 2021. The growth indicates improving efficiency and profitability from core operations and one-time gains.