Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2008
- Net Profit Margin since 2008
- Operating Profit Margin since 2008
- Return on Equity (ROE) since 2008
- Price to Operating Profit (P/OP) since 2008
- Price to Sales (P/S) since 2008
- Aggregate Accruals
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Keurig Dr Pepper Inc., consolidated income statement
US$ in millions
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
- Net sales increased consistently over the four-year period, rising from $7,442 million in 2018 to $12,683 million in 2021. The most significant growth occurred between 2018 and 2019, followed by more moderate increases in subsequent years.
- Cost of Sales
- Cost of sales followed an upward trend, increasing from $3,560 million in 2018 to $5,706 million in 2021. This increase aligns with the growth in net sales, though the growth rate in cost of sales appears to be slightly lower than that for net sales, contributing to improved profitability.
- Gross Profit
- Gross profit showed strong growth from $3,882 million in 2018 to $6,977 million in 2021. The gross margin improved over the period, driven by net sales increasing at a faster pace than cost of sales.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses grew steadily from $2,635 million in 2018 to $4,153 million in 2021. While expenses increased, the growth rate was slower than the increase in net sales, suggesting effective cost control measures relative to revenue growth.
- Impairment of Intangible Assets
- An impairment charge of $67 million occurred in 2020, with no similar charges reported in other years, indicating a one-time adjustment in that period.
- Other Operating Income (Expense), Net
- This item improved from a negative $10 million in 2018 to a positive $70 million in 2021, suggesting that non-core operating activities contributed increasingly to income.
- Income from Operations
- Income from operations more than doubled over the period, rising from $1,237 million in 2018 to $2,894 million in 2021. This reflects improved operational efficiency and enhanced profitability driven by revenue growth and controlled expenses.
- Interest Expense
- Interest expense increased from $452 million in 2018 to $654 million in 2019 but then declined to $500 million by 2021. This fluctuation may reflect changes in debt levels or interest rates, with a reduction in interest burden towards the end of the period.
- Loss on Early Extinguishment of Debt
- Losses on early extinguishment of debt remained relatively low, ranging between $4 million and $105 million, with the highest loss recorded in 2021, indicating occasional debt restructuring activities with associated costs.
- Gain on Sale of Equity Method Investment
- A significant gain of $524 million was recorded in 2021 from the sale of an equity method investment, marking a notable positive non-operating adjustment during that year.
- Impairment of Investments and Note Receivable
- Impairment charges were recorded in 2020 and 2021, amounting to $102 million and $17 million respectively, reflecting some asset quality challenges in these years.
- Other Income (Expense), Net
- This item was relatively small and fluctuated between positive and negative values, ending near neutral at $2 million in 2021.
- Income Before Provision for Income Taxes
- Income before taxes increased notably from $791 million in 2018 to $2,798 million in 2021, benefiting from higher operating income and gains on non-operating items such as the equity investment sale.
- Provision for Income Taxes
- Tax provision rose in absolute terms from $202 million in 2018 to $653 million in 2021, consistent with the higher pre-tax income levels.
- Net Income Attributable to KDP
- Net income attributable to the company increased substantially from $586 million in 2018 to $2,146 million in 2021. This growth reflects improved operational performance, controlled costs, and beneficial non-operating transactions despite some impairment charges and interest expenses.