{"schemaVersion":1,"research":true,"symbol":"kdp","name":"Keurig Dr Pepper","topic":"moat","path":"/stock/kdp/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:37:29.201Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Dr Pepper's brand franchise supports a narrow intangible-assets moat, with issuer-reported nine consecutive years of market-share expansion and a number-two U.S. soda position. Distribution and licensing reinforce that franchise, but comparative cost superiority and strong Keurig customer lock-in are unproven. Realized price increases are demonstrated across multiple years, although coffee volume losses and operating-profit declines reveal meaningful elasticity. The completed JDE Peet's acquisition adds integration and financing exposure; its incremental moat benefits remain unproven.","advantages":[{"mechanism":"intangible_assets","claim":"Dr Pepper's differentiated brand supports sustained consumer preference and market access. Nine consecutive years of market-share expansion provide operating evidence beyond management's general brand claims. Distribution agreements restricting imitative products reinforce the franchise.","durability":"The disclosed share record supports persistence, but does not guarantee future durability or establish equivalent strength across the entire portfolio. Brand investment and effective distribution remain necessary.","risks":"Changing preferences, retailer bargaining power and third-party distribution dependence could weaken the franchise. Coffee price elasticity demonstrates that brand strength is uneven. International Dr Pepper rights are geographically fragmented, and acquisition integration and separation could distract management.","invalidation":"The assessment would fail if Dr Pepper experienced sustained market-share losses alongside weakening volume despite continued marketing and availability, or if material distribution losses and rising promotional concessions prevented the brand from maintaining demand and economic value.","competitors":["Coca-Cola","PepsiCo"],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Proxy statement / Strong Performance in 2025 / Dr Pepper market share","excerpt":"As consumer-obsessed brand builders, we launched industry-leading innovation with Dr Pepper Blackberry, which contributed to our ninth consecutive year of market share expansion, while Dr Pepper maintained its position as the number two soda in the U.S."},{"id":"e2","sourceId":"filing-4","location":"Business / bottling and distribution territorial and imitative-product restrictions","excerpt":"These agreements prohibit bottlers and distributors from selling the licensed products outside their exclusive territory and from selling any imitative products in that territory."},{"id":"e3","sourceId":"filing-1","location":"Business / DSD route-to-market capabilities","excerpt":"In our DSD network, we have strategically located distribution capabilities that enable us to better align our operations with our customers and sales channels, ensure our products are available to meet consumer demand, reduce transportation costs, and have greater control over the timing and coordination of new product launches."},{"id":"e4","sourceId":"filing-4","location":"Business / named primary competitors","excerpt":"Our primary competitors include Coca-Cola, PepsiCo, Starbucks Corporation, The J.M."},{"id":"e5","sourceId":"filing-1","location":"MD&A / 2025 U.S. Refreshment Beverages net sales","excerpt":"Net sales increased 11.9% to $10,439 million for the year ended December 31, 2025, led by volume / mix growth, including a benefit from the acquisition of GHOST, as well as higher net price realization."},{"id":"e6","sourceId":"filing-2","location":"Risk factors / retailer consolidation and purchasing leverage","excerpt":"The channels in which we sell our products, including retailers, grocery, mass merchandise, club, e-commerce, and other retail channels, are experiencing continued consolidation of ownership and purchasing power, resulting in large retailers or buying groups with increased purchasing power and leverage in negotiations, which impact our ability to compete."},{"id":"e7","sourceId":"filing-2","location":"Risk factors / bottler and distributor termination rights","excerpt":"In most cases, they are able to terminate their bottling and distribution arrangements with us without cause."},{"id":"e8","sourceId":"filing-2","location":"Risk factors / geographic ownership of Dr Pepper trademark and formula","excerpt":"For example, the Dr Pepper trademark and formula is owned by Coca-Cola in some countries outside North America."},{"id":"e9","sourceId":"filing-6","location":"MD&A / first-quarter 2026 U.S. Coffee pod volume","excerpt":"K-Cup pod volume decreased 6.8%, reflecting price elasticity impacts and retailer inventory adjustments."},{"id":"e10","sourceId":"filing-2","location":"Forward-looking statements / acquisition financing, integration and separation risks","excerpt":"Our actual financial performance could differ materially from those projected in the forward-looking statements due to a variety of factors, including the inherent uncertainty of estimates, forecasts, and projections; global economic uncertainty or economic downturns; tariffs or the imposition of new tariffs, trade wars, barriers, or restrictions, sanctions, geopolitical disturbances and conflicts, or threats of such actions and related uncertainty; the risk that our financial performance may be better or worse than anticipated; risks related to the completion of the Separation in the anticipated timeframe, or at all; our incurrence of significant debt or our entry into other funding alternatives, in each case, which funded the acquisition of JDE Peet's, which may result in dilution to our stockholders or introduce complexity to our capital structure; additional risks associated with the JDE Peet's Acquisition and those geographies, countries, and associated governments where JDE Peet's currently operates; our ability to successfully integrate JDE Peet's into our business, or that such integration may be more difficult, time-consuming, or costly than expected; constraints on management's attention to operating and growing our business during the execution of the integration of JDE Peet's and the Separation; the potential downgrade of our credit ratings as a result of debt incurred and/or assumed in connection with the JDE Peet's Acquisition; the possibility of negative impacts on business relationships in connection with the JDE Peet's Acquisition and the Separation; the risk that the Separation incurs significant additional costs; the risk of potential litigation and regulatory actions; negative effects of the JDE Peet's Acquisition and pendency of the Separation on our share price; and the ability to achieve the anticipated strategic and financial benefits from the Separation."},{"id":"e11","sourceId":"filing-4","location":"Risk factors / evolving consumer preferences","excerpt":"Consumers’ preferences continually evolve due to a variety of factors, including changing demographics of the population, social trends, changes in consumer lifestyles and consumption patterns, including from the use of weight loss drugs, concerns or perceptions regarding the health effects or environmental impact of our products or packaging, concerns regarding the location of origin or source of ingredients and products, changes in consumers' spending habits, negative publicity, economic downturn, or other factors."},{"id":"e12","sourceId":"filing-5","location":"MD&A / 2023 consolidated net price realization and volume/mix","excerpt":"This performance reflected favorable net price realization of 7.0% and favorable FX translation of 0.5%, partially offset by unfavorable volume/mix of 2.1%."},{"id":"e13","sourceId":"filing-4","location":"MD&A / 2024 consolidated net price realization and volume/mix","excerpt":"This performance reflected volume/mix growth of 2.7% and favorable net price realization of 1.2%, slightly offset by unfavorable impacts from FX translation of 0.3%."},{"id":"e14","sourceId":"filing-1","location":"MD&A / 2025 U.S. Coffee pod volume and price elasticity","excerpt":"K-Cup pod volume decreased 4.8%, reflecting price elasticity impacts."},{"id":"e15","sourceId":"filing-1","location":"MD&A / 2025 U.S. Coffee net sales and pricing","excerpt":"Net sales increased 0.6% to $3,990 million for the year ended December 31, 2025, driven by higher net price realization, partially offset by unfavorable volume / mix."},{"id":"e16","sourceId":"filing-1","location":"MD&A / 2025 U.S. Coffee operating income and input costs","excerpt":"Income from operations decreased 10.8% to $962 million for the year ended December 31, 2025, driven by a net unfavorable change in ingredients, materials, and productivity, inclusive of tariffs (22 percentage points), partially offset by the benefit of net sales growth (11 percentage points)."},{"id":"e17","sourceId":"filing-6","location":"MD&A / first-quarter 2026 U.S. Coffee net sales","excerpt":"Net sales decreased 2.3% to $857 million for the first quarter of 2026, as higher net price realization was more than offset by unfavorable volume / mix."},{"id":"e18","sourceId":"filing-6","location":"MD&A / first-quarter 2026 U.S. Coffee operating-income drivers","excerpt":"Income from operations decreased 20.8% to $160 million for the first quarter of 2026, driven by a net unfavorable impact from changes in ingredients, materials, and productivity, inclusive of tariffs (28 percentage points), the volume / mix decline (20 percentage points) and increased marketing expenses (3 percentage points), partially offset by the benefit of higher net price realization (26 percentage points)."},{"id":"e19","sourceId":"filing-2","location":"MD&A / first-half 2026 International operating income, pricing and taxes","excerpt":"Income from operations increased 1.7% to $237 million for the first six months of 2026, as the benefit from higher net price realization was partially offset by increased IEPS taxes in Mexico and a net unfavorable impact from changes in ingredients, materials, and productivity."},{"id":"e20","sourceId":"filing-5","location":"MD&A / 2023 consolidated gross-margin change","excerpt":"Gross margin increased 240 bps versus the prior year to 54.5%."},{"id":"e21","sourceId":"filing-1","location":"Accounting policies / revenue reductions for customer incentives and discounts","excerpt":"These incentives and discounts, which are recorded as a reduction of revenue, include cash discounts, price allowances, volume-based rebates, product placement fees, and other financial support for items such as trade promotions, displays, new products, consumer incentives, and advertising assistance."},{"id":"e22","sourceId":"filing-2","location":"Risk factors / limitations on price pass-through to bottlers and distributors","excerpt":"We may need to increase support for our brands in certain territories to maintain our route-to-market and may not be able to pass price increases through to third-party bottlers and distributors."},{"id":"e23","sourceId":"filing-4","location":"Business / multi-year coffee licensing and manufacturing agreements","excerpt":"We have differentiated ourselves and the Keurig brand through our ability to create and sustain partnerships with other leading coffee, tea, and beverage brand companies through multi-year licensing and manufacturing agreements that best suit each brand's interests and strengths."},{"id":"e24","sourceId":"filing-2","location":"Risk factors / nonproprietary production processes","excerpt":"In addition, some of our production processes are not proprietary, and competitors may be able to duplicate them, which could harm our competitive position."},{"id":"e25","sourceId":"filing-2","location":"Master glossary / April 1, 2026 acquisition completion","excerpt":"on May 1, 2026 JDE Peet's Acquisition The acquisition of JDE Peet's on April 1, 2026 JDE Peet's Acquisition Agreement The merger protocol between KDP and JDE Peet's, whereby KDP agreed to commence a tender offer to acquire all of the issued ordinary shares, excluding ordinary shares held in treasury, of JDE Peet's JDE Peet's Notes Collectively, the notes issued by JDE Peet's JV Committee The committee managing the business of the Pod Manufacturing JV JV Investment The minority investment made by the JV Investor Partner into the Pod Manufacturing JV JV Investor Partner The holding company through which the JV Investors contributed cash to the Pod Manufacturing JV JV Investors Certain funds or accounts managed, advised, or sub-advised by each of Apollo Capital Management, Inc., KKR & Co."},{"id":"e26","sourceId":"filing-2","location":"Acquisition note / completed $3.6 billion term-loan financing","excerpt":"During the first six months of 2026, we completed a series of transactions in order to obtain funding for the consideration of the JDE Peet's Acquisition: •Delayed Draw Term Loan of $3.6 billion."},{"id":"e27","sourceId":"filing-2","location":"Acquisition note / approximately $6 billion senior unsecured notes","excerpt":"•Senior Unsecured Notes of approximately $6 billion."},{"id":"e28","sourceId":"filing-2","location":"Acquisition note / $4.5 billion convertible preferred issuance","excerpt":"•Issuance of Convertible Preferred Stock of $4.5 billion."},{"id":"e29","sourceId":"filing-6","location":"Pod Manufacturing JV / assets contributed and 49% interest exchanged for cash","excerpt":"We contributed the Coffee Production Assets, as well as certain of our related coffee assets (including sales and distribution) in Canada to the Pod Manufacturing JV, and the JV Investors contributed $4 billion in cash through the JV Investor Partner, in exchange for a 49% interest in the Pod Manufacturing JV."},{"id":"e30","sourceId":"filing-1","location":"MD&A / prior-year $306 million goodwill impairment","excerpt":"Impairment of goodwill in the prior year reflected a non-cash impairment charge of $306 million within the U.S."},{"id":"e31","sourceId":"filing-6","location":"Capital resources / actual first-quarter property, plant and equipment purchases","excerpt":"Purchases of property, plant, and equipment were $116 million and $120 million for the first quarter of 2026 and 2025, respectively."},{"id":"e32","sourceId":"filing-3","location":"Proxy statement / GHOST integration and energy-category share","excerpt":"We successfully integrated the recently acquired GHOST business to build out our Energy portfolio – a high growth, on-trend category in which we’ve gone from a less than 1% share a few years ago to approximately 8% today."},{"id":"e33","sourceId":"filing-3","location":"Compensation discussion / existing incentive structure and retirement of Elite Investment Program","excerpt":"Element Description Objective Base Salary Fixed cash paid regularly during the year See page 29 for more information To attract and retain highly qualified executives by offering salaries that are competitive with market opportunities and that reflect each executive’s position, role, responsibility and experience Short-Term Incentive Plan Variable performance-based cash payment earned upon achievement of annual performance goals, paid during the first quarter of the subsequent year See page 29 for more information To motivate and reward executives for meeting challenging, objective performance goals across three categories: growth, profit and cash Annual Long-Term Incentive Plan Awards Time-based restricted stock units (“RSUs”) that vest over five years, or, for grants in 2025 and beyond, four years Beginning in 2025, performance-based restricted stock units (“PSUs”) that cliff vest after three years based on achievement of performance goals See page 31 for more information To reward performance over the longer term by encouraging focus on the long-term value of our stock while discouraging excessive risk taking that overemphasizes short-term and non-sustainable performance Elite Investment Program Required purchases of significant levels of KDP common stock coupled with a one-for-one matching award of RSUs (“Matching RSUs”) that generally cliff vest in five years This program has been retired beginning in November 2025 See page 32 for more information To directly align the interests of executives with stockholders by requiring significant personal investment in the Company over an extended period of time Competitive Pay Tied Closely to Long-Term Performance To retain high-quality talent to drive KDP’s success, and to align the interests of our NEOs with our stockholders, a significant portion of executive compensation is tied to Company performance in the form of annual cash incentives and equity awards and, through 2025, required participation in our Elite Investment Program."},{"id":"e34","sourceId":"filing-3","location":"Compensation governance / executive stock-ownership and holding requirements","excerpt":"All NEOs and other senior executives are subject to a stock ownership requirement, and through 2025, were obligated to participate in the Elite Investment Program, which requires substantial investment in our Company and maintaining that entire investment for at least five years until associated Matching RSUs fully vest."},{"id":"e35","sourceId":"filing-3","location":"Compensation discussion / actual 2025 incentive payouts versus targets","excerpt":"NEO Target 2025 STIP Payouts ($) Actual 2025 STIP Payout ($) Timothy Cofer(1) 1,999,110 1,719,234 Anthony DiSilvestro(2) 101,370 87,178 Eric Gorli(1) 554,023 487,541 Roger Johnson 560,000 481,600 Anthony Shoemaker(1) 545,479 469,112 Robert Gamgort(2) 312,329 268,603 Sudhanshu Priyadarshi(1) 951,671 818,437 (1) Reflects proration for base salary and STIP target changes during 2025."},{"id":"e36","sourceId":"filing-3","location":"Compensation discussion / granted Transformation Incentive Award vesting schedule","excerpt":"To align Mr. Cofer’s interests with stockholders’ long-term interests over a transformational period for the Company, the Transformation Incentive Award vests over a five-year period: 60% on the third anniversary of the grant date and 20% on each of the fourth and fifth anniversaries."},{"id":"e37","sourceId":"filing-3","location":"Director independence / Board independence determinations","excerpt":"Based on these standards, the Board has determined that the following directors are independent: Oray Boston, Brian Driscoll, Juliette Hickman, William Newlands, Pamela Patsley, Debra Sandler, Robert Singer, Amie Thuener, Michael Van de Ven and Lawson Whiting."},{"id":"e38","sourceId":"filing-3","location":"Board leadership / independent Chair responsibilities","excerpt":"Patsley’s role as Chair also includes promoting the independence of the Board and assisting in annual Board self-evaluations."},{"id":"e39","sourceId":"filing-3","location":"Audit oversight / independent Audit Committee responsibilities","excerpt":"2026 PROXY STATEMENT 51 Table of Contents Proposal 3 — Ratification of the Appointment of Independent Registered Public Accounting Firm PROPOSAL 3 — RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Audit Committee, which consists entirely of independent directors, is directly responsible for the appointment, compensation, retention, and oversight of the work of KDP’s independent registered public accounting firm."},{"id":"e40","sourceId":"filing-3","location":"Insider Trading Policy / prohibition on hedging and speculative transactions","excerpt":"Under our Insider Trading Policy, all employees and members of the Board are prohibited from engaging in any speculative transactions in KDP securities, including engaging in short sales, transactions involving put options, call options or other derivative securities, or any other forms of hedging transactions, such as collars or forward sale contracts."},{"id":"e41","sourceId":"filing-3","location":"Proposed 2026 Omnibus Incentive Plan / effectiveness conditional on shareholder approval","excerpt":"This Plan is effective June 16, 2026 (the “Effective Date”), subject to approval by the shareholders of the Company."},{"id":"e42","sourceId":"filing-2","location":"MD&A / acquired coffee operating loss includes inventory fair-value step-up","excerpt":"The loss from operations in the first six months of 2026 included a $314 million increase in cost of sales due to the impact of the inventory step-up to fair value in connection with the JDE Peet’s Acquisition and the subsequent sale of that inventory."}],"changes":["Retained the narrow verdict, centered on Dr Pepper's demonstrated brand franchise.","Replaced the prior conclusion that realized pricing was unproven: supplied results establish positive price realization in 2023, 2024, 2025 and 2026, alongside meaningful coffee elasticity and incomplete cost recovery.","Updated JDE Peet's from a planned acquisition to a transaction completed April 1, 2026; financing is now disclosed as executed, while separation remains prospective.","Added actual compensation, ownership-policy and independent-oversight disclosures to assess management; proposed plan provisions are not treated as adopted awards or vested compensation.","Named competitor coverage is established by the supplied 2024 business disclosure, although current competitor-specific comparisons remain absent."],"limitations":["All evidence is issuer-sourced. The proxy reports historical market-share achievements, but provides no independent market dataset or detailed methodology.","Source dates are filing dates: filing-5 February 22, 2024; filing-4 February 25, 2025; filing-1 February 24, 2026; filing-6 April 23, 2026; filing-3 April 24, 2026; filing-2 August 10, 2026. No later developments are assumed.","Named competitors are disclosed historically; comparative market shares, unit costs and current competitor-specific economics are unavailable. No company name split across excerpts has been reconstructed.","Retention is assessed indirectly from market share, volume/mix and licensing arrangements; repeat-purchase rates, household cohort data and partner renewal rates are unavailable.","Distribution capabilities are real operating assets, but management's transportation-cost claims lack comparative cost evidence. Network effects, efficient scale and a standalone cost moat are not established.","Brewer compatibility and multi-year partner agreements suggest potential switching friction, but contract exclusivity, customer replacement costs and demonstrated lock-in are insufficient to establish a switching-cost moat.","Capital commitments and financing are disclosed, but acquisition returns and a complete quantified cash-generation and spending history are unavailable. Acquired coffee losses include purchase-accounting effects and do not independently demonstrate failed integration.","Executive ownership requirements and actual incentive payouts are disclosed, but complete ownership balances and a long record of realized pay-performance alignment are absent. Proposed 2026 plan terms are not assumed adopted merely from the proxy."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Dr Pepper's sustained share gains and number-two position demonstrate brand differentiation, reinforced by contractual restrictions on imitative products. Distribution supports the franchise without proving comparative cost superiority.","evidenceIds":["e1","e2","e3"]},{"criterion":"durability","grade":3,"rationale":"Nine consecutive years of reported Dr Pepper share expansion support demonstrated persistence. Multi-year coffee partnerships add contractual continuity, but distributor exit rights and geographic trademark fragmentation limit breadth and certainty.","evidenceIds":["e1","e23","e7","e8"]},{"criterion":"customer_dependency","grade":2,"rationale":"Brand preference and multi-year partner agreements support recurring demand indirectly. Coffee pod declines attributed to elasticity and distributor termination rights contradict strong customer dependence.","evidenceIds":["e1","e23","e14","e9","e7"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Dr Pepper share gains and refreshment-beverage growth demonstrate resilience, while realized coffee demand and profit declines reveal uneven protection. Retail bargaining and integration risks are vulnerabilities, not assumed realized moat failures.","evidenceIds":["e1","e5","e9","e18","e6","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Positive price realization is demonstrated over multiple years, including 7.0% in 2023 and 1.2% in 2024. However, coffee price increases coincided with falling volume and eventually declining sales, making overall pricing power mixed.","evidenceIds":["e12","e13","e5","e15","e17","e19"]},{"criterion":"retention","grade":2,"rationale":"Assessed from indirect demand evidence: Dr Pepper's share record and 2024 consolidated volume/mix growth support consumer persistence, while 2025 and early-2026 pod declines show price sensitivity. No retention rate is inferred.","evidenceIds":["e1","e13","e14","e9"]},{"criterion":"margin_resilience","grade":2,"rationale":"The 2023 gross-margin improvement and first-half 2026 International operating-income growth show some ability to absorb costs. Coffee operating-income declines in 2025 and early 2026 demonstrate incomplete protection despite higher pricing.","evidenceIds":["e20","e19","e16","e18"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Actual customer incentives and distributor termination rights establish commercial concessions and asymmetric contractual dependence. Disclosed pass-through limitations further constrain pricing discretion; no broad contractual right to recover input inflation is established.","evidenceIds":["e21","e7","e22"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual capital spending and completed financing demonstrate assessable capital deployment. The large debt and preferred issuance, sale of a JV minority interest and prior goodwill impairment temper confidence. Successful GHOST expansion is positive, but JDE Peet's returns remain unproven.","evidenceIds":["e26","e27","e28","e29","e30","e31","e32"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing ownership and holding requirements, multi-year equity vesting, below-target actual incentive payouts and anti-hedging rules provide strong demonstrated alignment mechanisms. Retirement of the investment program and time-based transformation awards limit performance sensitivity; unvested awards are not treated as earned.","evidenceIds":["e33","e34","e35","e36","e40"]},{"criterion":"execution","grade":2,"rationale":"Dr Pepper's share gains, reported GHOST integration and acquisition completion demonstrate achievements. Coffee volume and profit declines make execution mixed. Assessment uses operating outcomes indirectly; acquisition completion does not prove integration success, and inventory-step-up costs complicate early acquired-business results.","evidenceIds":["e1","e32","e25","e9","e18","e42"]},{"criterion":"governance","grade":3,"rationale":"Disclosed independent directors, an independent Chair, an entirely independent Audit Committee and restrictions on executive hedging establish strong oversight structures. These are actual governance disclosures, although they do not prove exceptional oversight effectiveness or justify assuming approval of proposed plan terms.","evidenceIds":["e37","e38","e39","e40","e41"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"1aacb1ccf6bd9b46676bcc8d7066a55c14a37384124607bee9e200919f741356","updatedAt":"2026-10-18T13:37:29.201Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm","publishedAt":"2026-02-24","sha256":"6746873f5cc0df81da8ad652849c916dac5a4390c094ae39183c60a265b2c9bd","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000051/kdp-20260630.htm","publishedAt":"2026-08-10","sha256":"0c334501476ba8d52d0752babdeeba27157b21619198cfcca626532eef2f15ad","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1418135/000119312526177266/d201572ddef14a.htm","publishedAt":"2026-04-24","sha256":"19771a7d2e5baf65f383cb23a81777c2a28f46134e869be050f57f140264f474","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813525000013/kdp-20241231.htm","publishedAt":"2025-02-25","sha256":"1dd063253c3ec42df1bb73236c56f3eacd80584733b722226a38a1ef87c04ba4","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813524000007/kdp-20231231.htm","publishedAt":"2024-02-22","sha256":"35c42cf0f945893f93f8416eb94e22abb86f1eb0452a091ab763a86b198e06c6","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000026/kdp-20260331.htm","publishedAt":"2026-04-23","sha256":"b23278d60c6f7b4cfe14c488b5b0c1b2167779fbb1a06931e295c70f969d7816","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:ca81d8f54273d27944d3aa38434a325f2bf5cc8284d4bdd2dab1c6a39cf03bff","usage":{"input_tokens":86702,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4338,"reasoning_output_tokens":128},"basisSupplement":{"previousHash":"24fdee2011f509110f45812ed9aa7c4862bdbb825dfcdf82b264bdd66932d678","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":55.01064416936055,"operating_margin":22.817945281084917,"roic":6.048103115392322,"fcf_margin":19.325080816841442,"sbc_revenue":0.6938421509106678},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":52.09504161627658,"operating_margin":18.53169239524792,"roic":5.970627294443146,"fcf_margin":17.67091128974888,"sbc_revenue":0.36992245856157074},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":54.54299986499257,"operating_margin":21.547185095180236,"roic":6.7195832914611255,"fcf_margin":6.102335628459565,"sbc_revenue":0.7830430673687053},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":55.55989837795583,"operating_margin":16.878379258680216,"roic":5.009039768636231,"fcf_margin":10.787570842290405,"sbc_revenue":0.6383948928408573},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":54.20104800337289,"operating_margin":21.5322532072517,"roic":6.9222655864613305,"fcf_margin":9.064626874661204,"sbc_revenue":0.5842317653436127},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm","publishedAt":"2026-02-24","sha256":"6746873f5cc0df81da8ad652849c916dac5a4390c094ae39183c60a265b2c9bd","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000051/kdp-20260630.htm","publishedAt":"2026-08-10","sha256":"0c334501476ba8d52d0752babdeeba27157b21619198cfcca626532eef2f15ad","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1418135/000119312526177266/d201572ddef14a.htm","publishedAt":"2026-04-24","sha256":"19771a7d2e5baf65f383cb23a81777c2a28f46134e869be050f57f140264f474","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813525000013/kdp-20241231.htm","publishedAt":"2025-02-25","sha256":"1dd063253c3ec42df1bb73236c56f3eacd80584733b722226a38a1ef87c04ba4","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813524000007/kdp-20231231.htm","publishedAt":"2024-02-22","sha256":"35c42cf0f945893f93f8416eb94e22abb86f1eb0452a091ab763a86b198e06c6","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000026/kdp-20260331.htm","publishedAt":"2026-04-23","sha256":"b23278d60c6f7b4cfe14c488b5b0c1b2167779fbb1a06931e295c70f969d7816","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}