Keurig Dr Pepper Inc. (NASDAQ: KDP) is a beverage company that manufactures, markets, and distributes hot and cold beverages across the United States and internationally. It makes money through transactional sales of carbonated soft drinks, coffee systems (including Keurig brewing machines and K-Cup pods), and other ready-to-drink beverages sold through retail, foodservice, and direct-to-consumer channels. KDP operates as a combined entity formed from the 2018 merger of Keurig Green Mountain and Dr Pepper Snapple Group, with its wholly-owned distribution subsidiary The American Bottling Company (ABC) handling significant U.S. distribution. Equity method investments as of the FY2025 10-K filing include Athletic Brewing Holding Company and Chobani (FHU US Holdings LLC). The Coca-Cola Company is referenced in the filing as a named entity, indicating a competitive relationship in the carbonated soft drink category. KDP carries a debt-heavy capital structure, reflected in its bridge credit agreement entered August 2025 and a revolving credit agreement executed March 2025 and amended September 2025.

Revenue model

Transactional product sales of packaged beverages and coffee system hardware (Keurig brewers) and consumables (K-Cup pods, K-Rounds), sold through retail, foodservice, and direct channels. Revenue is generated across both the hot beverage and cold beverage categories.

Products and services

Carbonated soft drinks (CSDs) including Dr Pepper; Keurig brewing systems; K-Cup pods; K-Rounds; single-serve un-brewed beverage products. Coffee Production Assets include facilities for production, roasting, and grinding of single-serve un-brewed beverage products.

Customers and end markets

Retail grocery, mass merchandise, foodservice, and convenience channels in the U.S. End markets include at-home coffee consumption, carbonated soft drink consumption, and non-alcoholic ready-to-drink beverages. No specific customer concentration percentages are disclosed in the available filing excerpts.

Value-chain role

Manufacturer, brand owner, and distributor. The American Bottling Company (ABC), a wholly-owned subsidiary, handles U.S. beverage distribution. KDP also holds minority equity positions in adjacent beverage brands via equity method investments.

Geographic exposure

Primary operations in the United States. International presence referenced but geographic revenue split not supported by available filing excerpts.

Competitors

The Coca-Cola Company

Source: SEC 10-K, filed 2026-02-24

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