Revenue Growth Acceleration
KDP grew total revenue 8.2% year-over-year to $16.60B in FY2025, up from $15.35B in FY2024, reflecting broad-based volume and pricing gains across its beverage portfolio.
来源: 10-K Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
KDP delivered strong FY2025 results with revenue rising 8.2% to $16.6B and net income surging 44.3% to $2.1B, driven by significant operating leverage, though operating cash flow declined 10.3% and the current ratio remains below 1.0.
营收
166.03亿美元
同比 +8.16%
每股收益（稀释）
1.53美元
同比 +45.71%
毛利率
54.2%
同比 -1.4 个百分点
营业利润
35.75亿美元
同比 +37.98%
SEC XBRL 原值
Keurig Dr Pepper (KDP) FY2025 营收 166.03亿美元，同比增长 8.2%。 营业利润率 21.5%，较去年同期的 16.9% 扩大 4.6 个百分点。 经营活动现金流 19.91亿美元，同比下降 10.3%。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 0.57 | 0.54 | 超预期 +5.0% |
| 2026年3月 | 0.39 | 0.38 | 超预期 +3.8% |
| 2025年12月本次财报 | 0.60 | 0.59 | 超预期 +0.9% |
| 2025年9月 | 0.54 | 0.54 | 不及预期 -0.4% |
2025年12月 实际 EPS 0.60美元，分析师一致预期 0.59美元，超预期 +0.9%。
由 AI 基于本次 SEC 报告整理
KDP grew total revenue 8.2% year-over-year to $16.60B in FY2025, up from $15.35B in FY2024, reflecting broad-based volume and pricing gains across its beverage portfolio.
来源: 10-K Income Statement
Operating income surged 38.0% to $3.58B from $2.59B, with operating margin expanding approximately 470 basis points to 21.5%, suggesting meaningful cost discipline and operating leverage despite higher cost of revenue.
来源: 10-K Income Statement
Cost of revenue rose 11.5% to $7.60B, faster than revenue growth of 8.2%, compressing gross margin by approximately 136 basis points to 54.2% from 55.6%, indicating input cost headwinds.
来源: 10-K Income Statement & Key Ratios
Net income jumped 44.3% to $2.08B and diluted EPS rose 45.7% to $1.53, significantly outpacing revenue growth and reflecting improved profitability and potentially lower below-the-line costs such as interest or taxes.
来源: 10-K Income Statement
Cash and equivalents more than doubled to $1.03B from $510M, yet operating cash flow fell 10.3% to $1.99B, and share buybacks were nearly eliminated ($9M vs. $1.11B prior year), suggesting a more conservative capital allocation stance.
来源: 10-K Cash Flow Statement & Balance Sheet
由 AI 基于本次 SEC 报告整理 · 高 2 中 2 低 1
KDP's current ratio stands at 0.635, meaning current liabilities of $8.29B significantly exceed current assets of $5.27B. This structural short-term liquidity deficit could create refinancing or operational stress if credit markets tighten or revenue softens unexpectedly.
来源: 10-K Balance Sheet & Key Ratios
Long-term debt of $13.04B and a debt-to-equity ratio of 1.17 reflect a heavily leveraged balance sheet, a legacy of KDP's merger history. Rising interest rates or credit spread widening could meaningfully increase financing costs and pressure free cash flow.
来源: 10-K Balance Sheet & Key Ratios
Despite net income of $2.08B, operating cash flow was only $1.99B and declined 10.3% year-over-year, suggesting working capital headwinds or non-cash income items. Sustained divergence between earnings and cash generation could limit dividend sustainability and debt repayment capacity.
来源: 10-K Cash Flow Statement
Gross margin contracted approximately 136 basis points to 54.2% as cost of revenue grew 11.5%, outpacing revenue growth of 8.2%. If commodity, packaging, or logistics costs remain elevated, further margin erosion could offset volume-driven revenue gains.
来源: 10-K Income Statement & Key Ratios
Share buybacks collapsed 99.2% to just $9M in FY2025 from $1.11B in FY2024, while dividends paid increased 4.7% to $1.25B. This sharp reversal in buyback activity may indicate management is prioritizing balance sheet repair or debt management over shareholder returns.
来源: 10-K Cash Flow Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 166.03 亿美元 | 153.51 亿美元 | +8.16% |
营业成本 亿美元 | 76.04 亿美元 | 68.22 亿美元 | +11.46% |
毛利润 亿美元 | 89.99 亿美元 | 85.29 亿美元 | +5.51% |
营业利润 亿美元 | 35.75 亿美元 | 25.91 亿美元 | +37.98% |
净利润 亿美元 | 20.79 亿美元 | 14.41 亿美元 | +44.27% |
每股收益（基本） 美元 | 1.53 美元 | 1.06 美元 | +44.34% |
每股收益（稀释） 美元 | 1.53 美元 | 1.05 美元 | +45.71% |
研发费用 万美元 | 7000.00 万美元 | 7000.00 万美元 | 0.00% |
销售及管理费用 亿美元 | 53.51 亿美元 | 50.13 亿美元 | +6.74% |
答案基于本次 SEC 报告与本页数据