Selected Financial Data
since 2008
Income Statement
Keurig Dr Pepper Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Income (loss) from operations | Net income (loss) attributable to KDP |
|---|---|---|---|
| Dec 31, 2021 | 12,683) | 2,894) | 2,146) |
| Dec 31, 2020 | 11,618) | 2,480) | 1,325) |
| Dec 31, 2019 | 11,120) | 2,378) | 1,254) |
| Dec 31, 2018 | 7,442) | 1,237) | 586) |
| Dec 31, 2017 | 6,690) | 1,388) | 1,076) |
| Dec 31, 2016 | 6,440) | 1,433) | 847) |
| Dec 31, 2015 | 6,282) | 1,298) | 764) |
| Dec 31, 2014 | 6,121) | 1,180) | 703) |
| Dec 31, 2013 | 5,997) | 1,046) | 624) |
| Dec 31, 2012 | 5,995) | 1,092) | 629) |
| Dec 31, 2011 | 5,903) | 1,024) | 606) |
| Dec 31, 2010 | 5,636) | 1,025) | 528) |
| Dec 31, 2009 | 5,531) | 1,085) | 555) |
| Dec 31, 2008 | 5,710) | (168) | (312) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
The data reveals several notable trends in the financial performance over the period presented.
- Net Sales
- Net sales showed a generally upward trajectory. After a slight decline from 5,710 million in 2008 to 5,531 million in 2009, there was a consistent increase through the years, reaching a significant jump in 2019 at 11,120 million. The growth continued steadily up to 12,683 million by the end of 2021, indicating a strong expansion in sales revenue over the period.
- Income (Loss) from Operations
- Operational income transitioned positively from a loss of 168 million in 2008 to a profit in 2009 of 1,085 million. It remained relatively stable with moderate fluctuations until 2018. A notable surge occurred in 2019 and thereafter, with operating income nearly doubling to 2,378 million in 2019 and continuing to grow, achieving 2,894 million in 2021. This suggests improved operational efficiency and successful cost management in recent years.
- Net Income (Loss) Attributable to the Company
- Net income followed a similar trend to operating income. From a loss of 312 million in 2008, it rose to positive values in 2009, with gradual increases until a spike in 2017 at 1,076 million. However, there was a decline in 2018 to 586 million, which was followed by a strong recovery and growth in net income, peaking at 2,146 million in 2021. This pattern indicates volatility in net profitability, but an overall strong improvement in recent years.
Overall, the data reflects consistent growth in net sales, improving profitability at the operational level, and recovering net income after minor setbacks. This suggests successful business expansion and profitability enhancement strategies implemented over the timeframe.
Balance Sheet: Assets
Keurig Dr Pepper Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 3,057) | 50,598) |
| Dec 31, 2020 | 2,388) | 49,779) |
| Dec 31, 2019 | 2,273) | 49,518) |
| Dec 31, 2018 | 2,159) | 48,918) |
| Dec 31, 2017 | 1,117) | 10,022) |
| Dec 31, 2016 | 2,736) | 9,791) |
| Dec 31, 2015 | 1,817) | 8,869) |
| Dec 31, 2014 | 1,211) | 8,273) |
| Dec 31, 2013 | 1,119) | 8,201) |
| Dec 31, 2012 | 1,335) | 8,928) |
| Dec 31, 2011 | 1,757) | 9,283) |
| Dec 31, 2010 | 1,309) | 8,859) |
| Dec 31, 2009 | 1,279) | 8,776) |
| Dec 31, 2008 | 1,237) | 8,638) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
The financial data reveals evolving trends in the company's asset base over a fourteen-year period. Both current assets and total assets displayed fluctuations with periods of growth and contraction.
- Current Assets
- Current assets demonstrated a generally positive trend from 2008 to 2016, rising from 1,237 million US dollars to a peak of 2,736 million US dollars in 2016. This growth was interspersed with occasional decreases, such as the dip observed in 2013 and 2017 when current assets fell to 1,119 and 1,117 million US dollars respectively. From 2017 onward, there was a steady recovery and consistent increase, culminating in the highest recorded value of 3,057 million US dollars by the end of 2021.
- Total Assets
- Total assets exhibited a moderate increase and relative stability from 2008 through 2017, ranging between approximately 8,200 million and 10,000 million US dollars with no dramatic shifts. Starting in 2018, however, total assets surged significantly, jumping to 48,918 million US dollars. This elevated level remained broadly steady through 2021, reflecting a substantial enlargement of the asset base during the latter period.
- Comparative Observations
- While current assets grew steadily and more gradually over the years, the increase in total assets after 2017 was abrupt and pronounced, indicating possible major acquisitions, asset revaluation, or structural changes within the organization. The ratio of current assets to total assets would have notably decreased during this time frame due to the disproportionate rise in total assets.
Balance Sheet: Liabilities and Stockholders’ Equity
Keurig Dr Pepper Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Short-term borrowings and long-term obligations | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 6,485) | 25,626) | 11,882) | 24,972) |
| Dec 31, 2020 | 7,694) | 25,949) | 13,488) | 23,829) |
| Dec 31, 2019 | 6,474) | 26,261) | 14,420) | 23,257) |
| Dec 31, 2018 | 5,702) | 26,385) | 15,659) | 22,533) |
| Dec 31, 2017 | 1,238) | 7,571) | 4,479) | 2,451) |
| Dec 31, 2016 | 1,051) | 7,657) | 4,478) | 2,134) |
| Dec 31, 2015 | 1,583) | 6,686) | 3,382) | 2,183) |
| Dec 31, 2014 | 1,038) | 5,979) | 2,591) | 2,294) |
| Dec 31, 2013 | 1,030) | 5,924) | 2,574) | 2,277) |
| Dec 31, 2012 | 1,232) | 6,648) | 2,804) | 2,280) |
| Dec 31, 2011 | 1,915) | 7,020) | 2,708) | 2,263) |
| Dec 31, 2010 | 1,338) | 6,400) | 2,091) | 2,459) |
| Dec 31, 2009 | 854) | 5,589) | 2,960) | 3,187) |
| Dec 31, 2008 | 801) | 6,031) | 3,522) | 2,607) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
The financial data reveals key trends in liabilities and equity over the analyzed periods.
- Current liabilities
- The current liabilities exhibited fluctuations with an overall increasing trend from 801 million US dollars in 2008 to a peak of 7,694 million in 2020. Notably, there was a major surge between 2017 and 2018, where current liabilities jumped from 1,238 million to 5,702 million, followed by another increase the next year before declining slightly in 2021.
- Total liabilities
- Total liabilities generally increased gradually during the initial years, ranging from 6,031 million in 2008 to around 7,571 million in 2017. However, a significant and abrupt rise occurred between 2017 and 2018, more than tripling the value from 7,571 million to 26,385 million. After this peak, total liabilities decreased slightly but remained stable around the 25,000–26,000 million level through 2021.
- Short-term borrowings and long-term obligations
- This item followed a somewhat erratic pattern initially, decreasing from 3,522 million in 2008 to 2,091 million in 2010, then gradually increasing to 4,479 million by 2016 and 2017. A substantial jump occurred in 2018, reaching 15,659 million, followed by a decline over the next few years, ending at 11,882 million in 2021. This pattern aligns with the total liabilities trend, suggesting significant borrowing or refinancing activity around 2018.
- Stockholders’ equity
- Stockholders’ equity remained relatively stable and modest from 2008 through 2017, fluctuating between 2,134 million and 3,187 million. Beginning in 2018, there was a dramatic increase, with equity rising to 22,533 million and continuing a steady upward trajectory to 24,972 million by 2021. This substantial growth indicates likely infusions of capital or retained earnings growth coinciding with the rise in total liabilities.
In summary, the data suggests a major financial restructuring or significant capital transaction occurring around 2017–2018, leading to a sharp increase in both liabilities and equity. Prior to this period, the company maintained moderate and relatively stable leverage and equity levels. Post-2018, the company appears to be managing a higher scale of liabilities and equity, with signs of measured deleveraging in the borrowings yet sustained equity growth.
Cash Flow Statement
Keurig Dr Pepper Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 2,874) | 210) | (2,762) |
| Dec 31, 2020 | 2,456) | (316) | (1,990) |
| Dec 31, 2019 | 2,474) | (150) | (2,364) |
| Dec 31, 2018 | 1,613) | (19,131) | 17,577) |
| Dec 31, 2017 | 1,038) | (1,763) | (907) |
| Dec 31, 2016 | 939) | (189) | 130) |
| Dec 31, 2015 | 991) | (194) | (114) |
| Dec 31, 2014 | 1,022) | (185) | (747) |
| Dec 31, 2013 | 866) | (195) | (880) |
| Dec 31, 2012 | 458) | (193) | (603) |
| Dec 31, 2011 | 760) | (217) | (152) |
| Dec 31, 2010 | 2,535) | (225) | (2,280) |
| Dec 31, 2009 | 865) | (251) | (554) |
| Dec 31, 2008 | 709) | 1,074) | (1,625) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
- Operating Activities Cash Flow
- The net cash provided by operating activities shows considerable fluctuations over the analyzed years. Starting at 709 million USD in 2008, cash inflows increased significantly to 2,535 million USD by 2010, indicating a period of strong operational cash generation. However, a sharp decline followed in 2011, dropping to 760 million USD. After this dip, there was a recovery trend, with values stabilizing around the 900 to 1,000 million USD range between 2012 and 2016. From 2017 onward, the cash flow from operations exhibited a marked upward trajectory, peaking at 2,874 million USD in 2021. This overall pattern suggests improving operational efficiency and cash management in recent years, despite occasional volatility earlier in the period.
- Investing Activities Cash Flow
- The net cash used in investing activities largely experienced outflows throughout the period, aside from two notable exceptions. Initially, 2008 recorded a positive investing cash flow of 1,074 million USD, which sharply declined into negative territory from 2009 onwards. From 2009 to 2019, the investing cash flows remained negative but relatively stable, fluctuating modestly between -150 million USD and -900 million USD, with the exception of 2017 when a significant outflow of -17,631 million USD was recorded, indicating substantial investment or acquisition activity in that year. The trend reversed in 2020 and 2021, with values moving towards positive territory again, achieving 210 million USD in 2021. This suggests a reduced level of investment spending or divestments in the most recent years.
- Financing Activities Cash Flow
- Cash flows from financing activities demonstrated a predominantly negative pattern, indicating net repayment or reduction of financing over much of the period. Beginning with a large outflow of -1,625 million USD in 2008, the financing cash flows fluctuated, with intermittent smaller inflows such as in 2015 (130 million USD) and especially 2018, which showed a significant inflow of 17,577 million USD, likely reflecting major capital raising or borrowing. Apart from these spikes, years commonly recorded negative cash flows, reflecting debt repayments, dividends, or share repurchases. The last two years analyzed, 2020 and 2021, show increased outflows of -1,990 and -2,762 million USD respectively, suggesting active deleveraging or increased returns to shareholders during this period.
Per Share Data
Keurig Dr Pepper Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 1.52 | 1.50 | 0.71 |
| Dec 31, 2020 | 0.94 | 0.93 | 0.60 |
| Dec 31, 2019 | 0.89 | 0.88 | 0.60 |
| Dec 31, 2018 | 0.54 | 0.53 | 0.30 |
| Dec 31, 2017 | 5.91 | 5.89 | 2.32 |
| Dec 31, 2016 | 4.57 | 4.54 | 2.12 |
| Dec 31, 2015 | 4.00 | 3.97 | 1.92 |
| Dec 31, 2014 | 3.59 | 3.56 | 1.64 |
| Dec 31, 2013 | 3.08 | 3.05 | 1.52 |
| Dec 31, 2012 | 2.99 | 2.96 | 1.36 |
| Dec 31, 2011 | 2.77 | 2.74 | 1.21 |
| Dec 31, 2010 | 2.19 | 2.17 | 0.90 |
| Dec 31, 2009 | 2.18 | 2.17 | 0.15 |
| Dec 31, 2008 | -1.23 | -1.23 | 0.00 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The annual financial data reveals several key trends in earnings and dividends per share over the analyzed period.
- Earnings per Share (Basic and Diluted)
- Both basic and diluted earnings per share displayed an overall growth trend from 2008 through 2017, beginning with a negative value in 2008 (-1.23 US$) and increasing steadily each year up to their peaks in 2017 (5.91 US$ basic, 5.89 US$ diluted). This indicates a period of improving profitability and potentially efficient management of expenses or growth in revenue.
- Post-2017, a significant decline is noted in both measures, dropping sharply to 0.54 US$ basic and 0.53 US$ diluted in 2018, suggesting a major financial setback or restructuring event. From 2018 onward, earnings per share show a gradual recovery trend, increasing to 1.52 US$ basic and 1.50 US$ diluted by 2021, but these levels remain well below the 2017 highs.
- Dividend per Share
- Dividends per share generally increased from 2009 through 2017, starting at 0.15 US$ and rising steadily to 2.32 US$. This indicates growing shareholder returns consistent with the rising earnings during that period.
- However, similar to earnings, dividends experienced a marked decrease in 2018, falling to 0.30 US$. From 2018 to 2021, dividends per share remained relatively flat at 0.60 for 2019 and 2020, with a slight increase to 0.71 by 2021. This suggests a more cautious approach to dividend distribution following the financial disruption observed in earnings.
In summary, the data demonstrates a positive growth phase in both earnings and dividends up to 2017, followed by a sharp decline indicative of potential operational or market challenges. The subsequent gradual recovery implies efforts toward financial stabilization, though earnings and dividends have yet to reach their prior peak levels.