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Arphra AIPlain-English read on Keurig Dr Pepper Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $12.68B | $14.06B | $14.81B | $15.35B | $16.6B | $26.27B | $29.82B | $30.7B |
| Cost of revenue | $5.71B | $6.73B | $6.73B | $6.82B | $7.9B | $11.89B | $13.41B | $14.4B |
| Gross profit | $6.98B | $7.32B | $8.08B | $8.53B | $8.7B | $14.45B | $16.45B | $16.73B |
| Gross margin | +55.01% | +52.10% | +54.54% | +55.56% | +52.41% | +55.01% | +55.18% | +54.48% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $4.15B | $4.65B | $4.91B | $5.01B | $5.05B | $8.67B | $9.43B | $9.78B |
| Total operating expenses | $4.08B | $4.72B | $4.89B | $5.94B | $5.05B | $9.16B | $10.17B | $10.61B |
| Operating income | $2.89B | $2.61B | $3.19B | $2.59B | $3.65B | $5.33B | $5.86B | $6.27B |
| Operating margin | +22.82% | +18.53% | +21.55% | +16.88% | +21.97% | +20.30% | +19.67% | +20.42% |
| EBITDA | $4.01B | $3.12B | $3.97B | $3.38B | $4.19B | $6.56B | $7.27B | $7.58B |
| EBIT | $3.3B | $2.41B | $3.25B | $2.65B | $3.44B | $5.38B | $6.07B | $6.3B |
| Below the line | ||||||||
| Interest expense | $525M | $468M | $596M | $684M | $754M | $1.14B | $1.3B | $1.36B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$96M | -$886M | -$435M | -$677M | -$961M | — | — | — |
| Pre-tax income | $2.8B | $1.72B | $2.76B | $1.91B | $2.69B | $4.21B | $4.66B | $4.93B |
| Income tax expense | $653M | $284M | $576M | $473M | $608M | $957.12M | $1.05B | $1.11B |
| Earnings | ||||||||
| Net income | $2.15B | $1.44B | $2.18B | $1.44B | $2.08B | $3.28B | $3.57B | $3.69B |
| Net income · continuing ops | $2.15B | $1.44B | $2.18B | $1.44B | $2.08B | $3.16B | $3.64B | $3.84B |
| Net margin | +16.92% | +10.22% | +14.72% | +9.39% | +12.52% | +12.47% | +11.96% | +12.03% |
| EPS · basic | $1.52 | $1.01 | $1.56 | $1.06 | $1.53 | $2.26 | $2.49 | $2.67 |
| EPS · diluted | $1.50 | $1.01 | $1.55 | $1.05 | $1.53 | $2.28 | $2.51 | $2.66 |
| EPS · low estimate | — | — | — | — | — | $2.26 | $2.48 | $2.42 |
| EPS · high estimate | — | — | — | — | — | $2.29 | $2.56 | $3.11 |
| Shares · basic | 1.42B | 1.42B | 1.4B | 1.36B | 1.36B | 1.35B | 1.35B | 1.36B |
| Shares · diluted | 1.43B | 1.43B | 1.41B | 1.37B | 1.36B | 1.36B | 1.37B | 1.37B |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 9 |
| Analysts (EPS) | — | — | — | — | — | 8 | 9 | 5 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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