# Keurig Dr Pepper Moat

Status: published. Policy: company-analysis-1.

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.

## intangible_assets

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
- [https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm](https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm) · 2026-02-24
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- [https://www.sec.gov/Archives/edgar/data/1418135/000141813524000007/kdp-20231231.htm](https://www.sec.gov/Archives/edgar/data/1418135/000141813524000007/kdp-20231231.htm) · 2024-02-22
- [https://www.sec.gov/Archives/edgar/data/1418135/000141813526000026/kdp-20260331.htm](https://www.sec.gov/Archives/edgar/data/1418135/000141813526000026/kdp-20260331.htm) · 2026-04-23

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