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).
Financial performance from 2008 to 2021 is characterized by a transition from initial instability to steady growth, followed by a significant structural expansion in 2019. Revenue and profitability metrics show a strong upward trajectory over the thirteen-year period, with a notable acceleration in scale during the latter years.
- Revenue Trends
- Net sales exhibited a period of moderate, incremental growth between 2008 and 2017, rising from 5,710 million USD to 6,690 million USD. A pivotal shift occurred in 2019, where net sales increased by approximately 49% in a single year, jumping from 7,442 million USD in 2018 to 11,120 million USD. This growth momentum continued through 2021, reaching 12,683 million USD, indicating a substantial expansion of the company's market reach or portfolio.
- Operational Performance
- Operating income recovered sharply from a loss of 168 million USD in 2008 to a stable range between 1,000 million USD and 1,400 million USD from 2009 to 2017. Following a slight decline to 1,237 million USD in 2018, operational income nearly doubled in 2019 to 2,378 million USD. The upward trend persisted through 2021, ending at 2,894 million USD, which suggests that the increase in sales was accompanied by effective scaling of operations.
- Net Profitability
- Net income attributable to the company mirrored the operational recovery seen after 2008, climbing from a loss of 312 million USD to a peak of 1,076 million USD by 2017. A significant anomaly occurred in 2018, where net income dropped to 586 million USD despite stable sales growth, suggesting the impact of non-operating expenses or one-time charges. Profitability rebounded strongly in 2019 to 1,254 million USD and experienced accelerated growth thereafter, peaking at 2,146 million USD in 2021.
- Margin Analysis and Correlation
- There is a strong positive correlation between net sales and operating income, particularly after 2019. The transition from 2018 to 2021 shows a synchronized increase in both top-line revenue and bottom-line net income, indicating that the company successfully converted its expanded revenue base into higher absolute profit levels.
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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 asset structure exhibits a distinct bifurcation between the period from 2008 to 2017 and the period from 2018 to 2021. The latter phase is characterized by a substantial and permanent expansion of the balance sheet size, altering the overall composition of the company's resources.
- Total Asset Trajectory
- Between 2008 and 2017, total assets remained relatively stable, fluctuating within a narrow range between 8.20 billion and 10.02 billion US dollars. A transformative increase occurred in 2018, where total assets surged by approximately 388% in a single year, rising from 10.02 billion to 48.92 billion US dollars. Following this expansion, the asset base entered a phase of modest, incremental growth, concluding at 50.60 billion US dollars by December 31, 2021.
- Current Asset Dynamics
- Current assets showed moderate volatility during the first decade of the analyzed period. After a peak of 2.74 billion US dollars in 2016, there was a sharp decline to 1.12 billion US dollars in 2017. However, starting in 2018, current assets entered a consistent upward trend, growing from 2.16 billion US dollars to 3.06 billion US dollars by the end of 2021.
- Asset Composition and Concentration
- The proportionality between current assets and total assets shifted significantly following the 2018 expansion. In the period preceding 2018, current assets constituted a larger percentage of the total asset base. Post-2018, although current assets increased in absolute value, their relative contribution to total assets diminished. This indicates that the massive growth in total assets was driven almost exclusively by non-current assets, such as long-term investments, goodwill, or fixed assets, rather than by liquidity or short-term operational assets.
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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 balance sheet exhibits two distinct financial eras separated by a significant structural shift in 2018. From 2008 through 2017, the company maintained a relatively static capital structure characterized by moderate fluctuations in liabilities and stagnant stockholders' equity. Beginning in 2018, there was a massive expansion in the total scale of the balance sheet, marked by a simultaneous and substantial surge in both total obligations and equity.
- Liabilities and Debt Obligations
- Between 2008 and 2017, total liabilities remained range-bound, fluctuating between 5,589 million USD and 7,657 million USD. A sharp increase occurred in 2018, with total liabilities rising to 26,385 million USD. Since this peak, a gradual deleveraging trend is observed, as total liabilities declined to 25,626 million USD by 2021. Short-term borrowings and long-term obligations followed a similar trajectory, peaking at 15,659 million USD in 2018 and consistently decreasing to 11,882 million USD by 2021, suggesting a strategic reduction of the long-term debt load.
- Current Liabilities Trend
- Current liabilities remained relatively low and stable, staying below 2,000 million USD for the first decade of the observed period. A significant step-up occurred in 2018, reaching 5,702 million USD, and peaked in 2020 at 7,694 million USD. By the end of 2021, current liabilities retracted to 6,485 million USD, indicating a period of heightened short-term obligations followed by a partial correction.
- Stockholders' Equity and Solvency
- Stockholders' equity showed minimal movement from 2008 to 2017, fluctuating within a narrow band between 2,134 million USD and 3,187 million USD. The 2018 transition resulted in a dramatic increase to 22,533 million USD. Unlike the liabilities, which trended slightly downward after 2018, equity grew steadily every year thereafter, reaching 24,972 million USD by 2021. This trend reflects a substantial improvement in the company's solvency profile and a significant increase in the equity cushion.
- Capital Structure Shift
- The relationship between total liabilities and equity shifted fundamentally in 2018. In the period preceding 2018, the company operated with high leverage relative to its equity base. Following the 2018 expansion, the ratio of total liabilities to stockholders' equity converged toward a near 1:1 ratio by 2021, indicating a more balanced capital structure and reduced financial risk relative to the pre-2018 period.
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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).
The financial data reveals a long-term growth trajectory in operational cash generation, punctuated by a significant strategic capital event in 2018. Net cash provided by operating activities has generally increased over the period, evolving from 709 million USD in 2008 to 2,874 million USD by 2021. While there was a notable period of volatility between 2011 and 2012, where cash flow dropped to a low of 458 million USD, the subsequent years show a consistent upward trend, particularly from 2018 onwards.
- Operating Cash Flow Trends
- A strong expansion in operational efficiency is evident in the latter part of the timeline. From 2018 to 2021, net cash provided by operating activities grew from 1,613 million USD to 2,874 million USD, suggesting a substantial increase in the company's ability to generate cash from its core business operations.
- Investing Activities and Capital Allocation
- Investing activities remained relatively stable and negative between 2009 and 2016, reflecting consistent capital expenditures. However, a massive spike in cash outflows occurred in 2018, reaching 19,131 million USD. This outlier indicates a major strategic investment or acquisition. Following this event, investing cash flows returned to more modest levels, eventually turning positive at 210 million USD in 2021.
- Financing Activities and Capital Structure
- Financing activities were predominantly negative for most of the observed period, signaling consistent debt repayment or shareholder distributions. The year 2018 represents a critical shift, with a massive cash inflow of 17,577 million USD, which served to largely fund the concurrent surge in investing activities. Post-2018, financing outflows increased in magnitude, ranging from 1,990 million USD to 2,762 million USD, indicating a phase of aggressive deleveraging or increased returns to shareholders.
- Integrated Cash Flow Dynamics
- The interplay between the three cash flow components highlights a transition from a period of stability to one of aggressive expansion and subsequent consolidation. The synchronization of the 2018 financing inflow and investing outflow confirms a large-scale corporate action. Since that event, the company has leveraged its growing operating cash flows to manage its financing obligations while maintaining a controlled investing profile.
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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 per share financial metrics from 2008 to 2021 exhibit two distinct operational phases separated by a significant structural reset in 2018. The initial period is characterized by aggressive growth in both earnings and shareholder distributions, while the latter period shows a trajectory of gradual recovery following a sharp contraction.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share followed an identical trajectory throughout the analyzed period. After an initial loss of -1.23 USD in 2008, basic EPS entered a sustained growth phase, rising consistently for nine years to reach a peak of 5.91 USD in 2017. A precipitous decline occurred in 2018, where basic EPS fell to 0.54 USD. From 2019 through 2021, a recovery trend is evident, with basic EPS increasing to 0.89 USD, 0.94 USD, and finally 1.52 USD respectively.
- Dividend Distribution Patterns
- Dividend payments closely mirrored the movement of earnings. Starting at 0.15 USD in 2009, dividends grew annually, reaching a high of 2.32 USD in 2017. This growth was interrupted in 2018 by a substantial reduction to 0.30 USD per share. Subsequent years show a phased increase, stabilizing at 0.60 USD in 2019 and 2020, before rising to 0.71 USD in 2021.
- Analysis of Financial Correlation
- A strong positive correlation is observed between earnings capacity and dividend payouts. During the expansion phase (2009-2017), the company maintained a policy of increasing dividends in tandem with EPS growth. The simultaneous collapse of both EPS and dividends in 2018 suggests a significant corporate event or restructuring that reset the share base or capital structure. The post-2018 recovery demonstrates a disciplined return to growth, although per share values remain significantly below the 2017 peaks.
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