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Keurig Dr Pepper Reports Q3 2024 Results and Reaffirms Fiscal 2024 Guidance ... 24, 2024 /PRNewswire/ -- Keurig Dr Pepper Inc ... Brewer shipments totaled 10.5 million for the twelve months ending September 30, 2024 , increasing 3.3% year-over-year, supported by stabilizing coffeemaker category trends and continued Keurig market share momentum ... Investor Contacts: Investor Relations T: 888-340-5287 / IR@kdrp.com Media Contact: Katie Gilroy T: 781-418-3345 / katie.gilroy@kdrp.com ABOUT Keurig DR PEPPER Keurig Dr Pepper (Nasdaq: KDP) is a leading beverage company in North America , with a portfolio of more than 125 owned, licensed and partner brands and powerful distribution capabilities to provide a beverage for every need, anytime, anywhere ... Our brands include Keurig®, Dr Pepper®, Canada Dry®, Mott's®, A&W®, Snapple®, Peñafiel®, 7UP®, Green Mountain Coffee Roasters®, Clamato®, Core Hydration® and The Original Donut Shop® ... For more information, visit www.Keurigdrpepper.com and follow us on LinkedIn ... Keurig DR PEPPER INC ... CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Third Quarter First Nine Months (in millions, except per share data) 2024 2023 2024 2023 Net sales $ 3,891 $ 3,805 $ 11,281 $ 10,947 Cost of sales 1,751 1,694 5,029 5,051 Gross profit 2,140 2,111 6,252 5,896 Selling, general, and administrative expenses 1,245 1,217 3,716 3,654 Impairment of intangible assets — 2 — 2 Other operating (income) expense, net (7) (4) 8 (9) Income from operations 902 896 2,528 2,249 Interest expense, net 106 237 488 432 Other income, net (6) (5) (28) (41) Income before provision for income taxes 802 664 2,068 1,858 Provision for income taxes 186 146 483 370 Net income $ 616 $ 518 $ 1,585 $ 1,488 Earnings per common share: Basic $ 0.45 $ 0.37 $ 1.16 $ 1.06 Diluted 0.45 0.37 1.16 1.05 Weighted average common shares outstanding: Basic 1,356.2 1,397.4 1,364.2 1,401.3 Diluted 1,361.9 1,406.2 1,370.4 1,410.8 Keurig DR PEPPER INC ... CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, December 31, (in millions, except share and per share data) 2024 2023 Assets Current assets: Cash and cash equivalents $ 552 $ 267 Restricted cash and restricted cash equivalents 8 — Trade accounts receivable, net 1,448 1,368 Inventories 1,351 1,142 Prepaid expenses and other current assets 743 598 Total current assets 4,102 3,375 Property, plant and equipment, net 2,794 2,699 Investments in unconsolidated affiliates 1,492 1,387 Goodwill 20,078 20,202 Other intangible assets, net 23,072 23,287 Other non-current assets 1,139 1,149 Deferred tax assets 41 31 Total assets $ 52,718 $ 52,130 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 3,133 3,597 Accrued expenses 1,288 1,242 Structured payables 70 117 Short-term borrowings and current portion of long-term obligations 2,472 3,246 Other current liabilities 736 714 Total current liabilities 7,699 8,916 Long-term obligations 12,413 9,945 Deferred tax liabilities 5,736 5,760 Other non-current liabilities 1,901 1,833 Total liabilities 27,749 26,454 Commitments and contingencies Stockholders' equity: Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares issued — — Common stock, $0.01 par value, 2,000,000,000 shares authorized, 1,356,443,009 and 1,390,446,043 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 14 14 Additional paid-in capital 19,692 20,788 Retained earnings 5,249 4,559 Accumulated other comprehensive income 14 315 Total stockholders' equity 24,969 25,676 Total liabilities and stockholders' equity $ 52,718 $ 52,130 Keurig DR PEPPER INC ... CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) First Nine Months (in millions) 2024 2023 Operating activities: Net income $ 1,585 $ 1,488 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 310 299 Amortization of intangibles 100 103 Other amortization expense 140 136 Provision for sales returns 50 42 Deferred income taxes 21 (22) Employee stock-based compensation expense 76 86 Loss (gain) on disposal of property, plant, and equipment 19 (3) Unrealized loss (gain) on foreign currency 14 (4) Unrealized loss on derivatives 23 44 Settlements of interest rate contracts — 54 Equity in earnings of unconsolidated affiliates (22) (24) Earned equity (64) (2) Impairment of intangible assets — 2 Other, net 9 (3) Changes in assets and liabilities: Trade accounts receivable (148) 170 Inventories (220) (31) Income taxes receivable and payables, net (7) (39) Other current and non-current assets (204) (159) Accounts payable and accrued expenses (275) (1,155) Other current and non-current liabilities (37) 50 Net change in operating assets and liabilities (891) (1,164) Net cash provided by operating activities 1,370 1,032 Investing activities: Acquisitions of businesses (85) — Purchases of property, plant, and equipment (398) (271) Proceeds from sales of property, plant, and equipment 1 9 Purchases of intangibles (49) (55) Investments in unconsolidated affiliates (7) (308) Other, net — 2 Net cash used in investing activities (538) (623) Financing activities: Proceeds from issuance of Notes 3,000 — Repayments of Notes (1,150) — Net (repayment) issuance of commercial paper (153) 750 Proceeds from structured payables 39 91 Repayments of structured payables (89) (105) Cash dividends paid (883) (842) Repurchases of common stock (1,105) (457) Tax withholdings related to net share settlements (58) (57) Payments on finance leases (83) (74) Other, net (22) (3) Net cash used in financing activities (504) (697) Cash, cash equivalents, restricted cash, and restricted cash equivalents: Net change from operating, investing and financing activities 328 (288) Effect of exchange rate changes (35) 13 Beginning balance 267 535 Ending balance $ 560 $ 260 Keurig DR PEPPER INC ... Coffee 254 293 730 775 International 157 139 419 331 Unallocated corporate costs (231) (212) (675) (652) Total income from operations $ 902 $ 896 $ 2,528 $ 2,249 Keurig DR PEPPER INC ... Keurig DR PEPPER INC ... Keurig DR PEPPER INC ... Coffee International Unallocated corporate costs Total For the Third Quarter of 2024 Reported - Income from Operations $ 722 $ 254 $ 157 $ (231) $ 902 Items Affecting Comparability: Mark to market — — — 34 34 Amortization of intangibles 5 24 4 — 33 Stock compensation — — — 4 4 Restructuring - 2023 CEO Succession and Associated Realignment — — — 3 3 Productivity — 19 — 11 30 Non-routine legal matters — — — 3 3 Inventory step-up 4 — — — 4 Transaction costs — — — 13 13 Restructuring - 2024 Network Optimization 11 12 — 1 24 Adjusted - Income from Operations $ 742 $ 309 $ 161 $ (162) $ 1,050 Change - adjusted 6.8 % (7.2) % 11.0 % (14.3) % 6.7 % Impact of foreign currency — % — % 5.6 % — % 0.8 % Change - constant currency adjusted 6.8 % (7.2) % 16.6 % (14.3) % 7.5 % For the Third Quarter of 2023 Reported - Income from Operations $ 676 $ 293 $ 139 $ (212) $ 896 Items Affecting Comparability: Mark to market — — — (34) (34) Amortization of intangibles 4 24 6 — 34 Stock compensation — — — 4 4 Restructuring - 2023 CEO Succession and Associated Realignment — — — 27 27 Productivity 13 16 — 23 52 Impairment of intangible assets 2 — — — 2 Non-routine legal matters — — — 2 2 Transaction costs — — — 1 1 Adjusted - Income from Operations $ 695 $ 333 $ 145 $ (189) $ 984 Keurig DR PEPPER INC ... Coffee 29.0 3.9 32.9 International 26.6 1.1 27.7 Total operating margin 23.5 2.4 25.9 Keurig DR PEPPER INC ... Coffee International Unallocated corporate costs Total For the First Nine Months of 2024 Reported - Income from Operations $ 2,054 $ 730 $ 419 $ (675) $ 2,528 Items Affecting Comparability: Mark to market — — (7) 17 10 Amortization of intangibles 15 75 10 — 100 Stock compensation — — — 11 11 Restructuring - 2023 CEO Succession and Associated Realignment — — — 16 16 Productivity 3 53 — 55 111 Non-routine legal matters — — — 5 5 Inventory step-up 4 — — — 4 Transaction costs — — — 15 15 Restructuring - 2024 Network Optimization 11 33 — 1 45 Adjusted - Income from Operations $ 2,087 $ 891 $ 422 $ (555) $ 2,845 Change - adjusted 12.9 % (2.1) % 22.3 % 1.3 % 11.3 % Impact of foreign currency — % — % 0.9 % — % 0.1 % Change - constant currency adjusted 12.9 % (2.1) % 23.2 % 1.3 % 11.4 % For the First Nine Months of 2023 Reported - Income from Operations $ 1,795 $ 775 $ 331 $ (652) $ 2,249 Items Affecting Comparability: Mark to market — — — (32) (32) Amortization of intangibles 14 75 14 — 103 Stock compensation — — — 13 13 Restructuring - 2023 CEO Succession and Associated Realignment — — — 27 27 Productivity 38 60 — 90 188 Impairment of intangible assets 2 — — — 2 Non-routine legal matters — — — 5 5 Transaction costs — — — 1 1 Adjusted - Income from Operations $ 1,849 $ 910 $ 345 $ (548) $ 2,556 Keurig DR PEPPER INC ... Coffee 26.6 4.6 31.2 International 23.2 1.0 24.2 Total operating margin 20.5 2.8 23.3 Keurig DR PEPPER INC ... RECONCILIATION OF ADJUSTED EBITDA AND MANAGEMENT LEVERAGE RATIO (UNAUDITED) (in millions, except for ratio) ADJUSTED EBITDA RECONCILIATION - LAST TWELVE MONTHS Net income $ 2,278 Interest expense, net 552 Provision for income taxes 689 Depreciation expense 413 Other amortization 185 Amortization of intangibles 134 EBITDA $ 4,251 Items affecting comparability: Restructuring - 2023 CEO Succession and Associated Realignment $ 24 Productivity 154 Restructuring - 2024 Network Optimization 45 Non-routine legal matters 5 Inventory step-up 4 Stock compensation 15 Transaction costs 16 Mark to market 46 Adjusted EBITDA $ 4,560 September 30, 2024 Principal amounts of: Commercial paper notes $ 1,943 Senior unsecured notes 13,093 Total principal amounts 15,036 Less: Cash and cash equivalents 552 Total principal amounts less cash and cash equivalents $ 14,484 September 30, 2024 Management Leverage Ratio 3.2 Keurig DR PEPPER INC ... RECONCILIATION OF ADJUSTED EBITDA - LAST TWELVE MONTHS (UNAUDITED) (in millions) FOURTH QUARTER OF 2023 FIRST NINE MONTHS OF 2024 LAST TWELVE MONTHS Net income $ 693 $ 1,585 $ 2,278 Interest expense, net 64 488 552 Provision for income taxes 206 483 689 Depreciation expense 103 310 413 Other amortization 45 140 185 Amortization of intangibles 34 100 134 EBITDA $ 1,145 $ 3,106 $ 4,251 Items affecting comparability: Restructuring - 2023 CEO Succession and Associated Realignment $ 8 $ 16 $ 24 Productivity 66 88 154 Restructuring - 2024 Network Optimization — 45 45 Nonroutine legal matters — 5 5 Inventory step-up — 4 4 Stock compensation 4 11 15 Transaction costs 1 15 16 Mark to market 40 6 46 Adjusted EBITDA $ 1,264 $ 3,296 $ 4,560 Keurig DR PEPPER INC ... First Nine Months (in millions) 2024 2023 Net cash provided by operating activities $ 1,370 $ 1,032 Purchases of property, plant and equipment (398) (271) Proceeds from sales of property, plant and equipment 1 9 Free Cash Flow $ 973 $ 770 SOURCE Keurig Dr Pepper Inc.

Keurig Dr Pepper to Participate in Deutsche Bank dbAccess Global Consumer Conference ... and FRISCO, Texas , May 22, 2024 /PRNewswire/ -- Keurig Dr Pepper Inc ... (NASDAQ: KDP) today announced that Tim Cofer , Chief Executive Officer, and Sudhanshu Priyadarshi , Chief Financial Officer and President, International, will present at the Deutsche Bank dbAccess Global Consumer Conference on June 5, 2024 at 8:45 AM ET .Access to a live webcast of the event will be available on the Company's corporate website, www.Keurigdrpepper.com ... Investor Contacts: Investor RelationsT: 888-340-5287 / IR@kdrp.com Media Contact: Katie Gilroy T: 781-418-3345 / katie.gilroy@kdrp.com ABOUT Keurig DR PEPPER Keurig Dr Pepper (Nasdaq: KDP) is a leading beverage company in North America , with a portfolio of more than 125 owned, licensed and partner brands and powerful distribution capabilities to provide a beverage for every need, anytime, anywhere ... Our brands include Keurig ® , Dr Pepper ® , Canada Dry ® , Mott's ® , A&W ® , Snapple ® , Peñafiel ® , 7UP ® , Green Mountain Coffee Roasters ® , Clamato ® , Core Hydration ® and The Original Donut Shop ® ... For more information, visit www.Keurigdrpepper.com and follow us on LinkedIn ... SOURCE Keurig Dr Pepper Inc..

Keurig Dr Pepper Declares Quarterly Dividend ... and FRISCO, Texas , May 15, 2024 /PRNewswire/ -- Keurig Dr Pepper (NASDAQ: KDP) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.215 per share, payable in U.S ... Investor Contacts: Investor Relations T: 888-340-5287 / IR@kdrp.com Media Contact: Katie Gilroy T: 781-418-3345 / katie.gilroy@kdrp.com About Keurig Dr Pepper Keurig Dr Pepper (Nasdaq: KDP) is a leading beverage company in North America , with a portfolio of more than 125 owned, licensed and partner brands and powerful distribution capabilities to provide a beverage for every need, anytime, anywhere ... Our brands include Keurig®, Dr Pepper®, Canada Dry®, Mott's®, A&W®, Snapple®, Peñafiel®, 7UP®, Green Mountain Coffee Roasters®, Clamato®, Core Hydration® and The Original Donut Shop® ... For more information, visit www.Keurigdrpepper.com and follow us on LinkedIn.       SOURCE Keurig Dr Pepper Inc.

The Brooklyn Roasting Company® Brings its Colorful Coffee to Keurig® ... At Keurig Dr Pepper, we value our ability to introduce premium, locally loved coffeehouse brands to a wider audience ... After a monthslong process of fully capturing the colorful sensory experience, two of The Brooklyn Roasting Company’s signature brews are available now on Keurig.com: .

Keurig Dr Pepper is unveiling new packaging and flavor innovation for its legendary brand Canada Dry.

Keurig Dr Pepper to Report First Quarter 2024 Results and Host Conference Call ... and FRISCO, Texas , March 28, 2024 /PRNewswire/ -- Keurig Dr Pepper Inc ... Investors and analysts may access the call by dialing (833) 629-0615 within the United States or Canada and (412) 317-1824 internationally and referencing the Keurig Dr Pepper call ... Access to a live audio webcast and replay of the event will be available in the Investors section of the Company's corporate website, www.Keurigdrpepper.com ... Investors: Investor Relations Keurig Dr Pepper T: 888-340-5287 / IR@kdrp.com Media: Katie Gilroy Keurig Dr Pepper T: 781-418-3345 / katie.gilroy@kdrp.com ABOUT Keurig DR PEPPER Keurig Dr Pepper ( KDP ) is a leading beverage company in North America , with annual revenue of more than $14 billion and approximately 28,000 employees ... The Company's portfolio of more than 125 owned, licensed and partner brands is designed to satisfy virtually any consumer need, any time, and includes Keurig ®, Dr Pepper®, Canada Dry®, Clamato ®, CORE®, Green Mountain Coffee Roasters®, Mott's ®, Snapple ®, and The Original Donut Shop® ... For more information, visit www.Keurigdrpepper.com ... SOURCE Keurig Dr Pepper Inc.

Keurig Dr Pepper Reports Q1 2024 Results and Reaffirms Fiscal 2024 Guidance ... and FRISCO, Texas , April 25, 2024 /PRNewswire/ -- Keurig Dr Pepper Inc ... \t \t\t \t\t\t   \t\t\t   \t\t\t \t\t\t Reported GAAP Basis \t\t\t \t\t\t   \t\t\t \t\t\t Adjusted Basis 1 \t\t\t \t\t \t\t \t\t\t   \t\t\t   \t\t\t \t\t\t Q1 \t\t\t \t\t\t   \t\t\t   \t\t\t \t\t\t Q1 \t\t\t \t\t \t\t \t\t\t \t\t\t Net Sales \t\t\t \t\t\t   \t\t\t \t\t\t $3.47 bn \t\t\t \t\t\t   \t\t\t   \t\t\t \t\t\t $3.47 bn \t\t\t \t\t \t\t \t\t\t \t\t\t % vs prior year \t\t\t \t\t\t   \t\t\t \t\t\t 3.4 % \t\t\t \t\t\t   \t\t\t   \t\t\t \t\t\t 2.8 % \t\t\t \t\t \t\t \t\t\t \t\t\t Diluted EPS \t\t\t \t\t\t   \t\t\t \t\t\t $0.33 \t\t\t \t\t\t   \t\t\t   \t\t\t \t\t\t $0.38 \t\t\t \t\t \t\t \t\t\t \t\t\t % vs prior year \t\t\t \t\t\t   \t\t\t \t\t\t — % \t\t\t \t\t\t   \t\t\t   \t\t\t \t\t\t 11.8 % \t\t\t \t\t \t Commenting on this final step in the CEO transition, which began in Fall 2023, Chairman and CEO Bob Gamgort stated, "It has been a privilege to help establish Keurig Dr Pepper into the formidable company it is today, and I look forward to supporting its future growth as Executive Chairman ... As KDP enters its next phase, Tim and his leadership team are activating an exciting, evolved strategy that I am confident will extend our track record of success and continue to differentiate KDP within the beverage industry." Incoming CEO Tim Cofer added, "I am honored to lead the next chapter of value creation as CEO of Keurig Dr Pepper and excited to partner with Bob, our Board, and all 28,000 colleagues to unlock our full potential as a beverage industry leader ... In the quarter, brewer shipments grew strongly, reflecting Keurig market share momentum and timing benefits ... See reconciliations of GAAP results to Adjusted results on a constant currency basis in the accompanying tables.  \t\t\t \t\t \t   Investor Contacts: Investor Relations T: 888-340-5287 / IR@kdrp.com   Media Contact: Katie Gilroy T: 781-418-3345 / katie.gilroy@kdrp.com   ABOUT Keurig DR PEPPER Keurig Dr Pepper (Nasdaq: KDP) is a leading beverage company in North America , with a portfolio of more than 125 owned, licensed and partner brands and powerful distribution capabilities to provide a beverage for every need, anytime, anywhere ... Our brands include Keurig®, Dr Pepper®, Canada Dry®, Mott's®, A&W®, Snapple®, Peñafiel®, 7UP®, Green Mountain Coffee Roasters®, Clamato®, Core Hydration® and The Original Donut Shop® ... For more information, visit www.Keurigdrpepper.com and follow us on LinkedIn ...   \t \t\t \t\t\t \t\t\t Keurig DR PEPPER INC ... \t\t\t CONDENSED CONSOLIDATED STATEMENTS OF INCOME \t\t\t (UNAUDITED) \t\t\t \t\t \t\t \t\t\t   \t\t \t\t \t\t\t   \t\t\t \t\t\t First Quarter \t\t\t \t\t \t\t \t\t\t \t\t\t (in millions, except per share data) \t\t\t \t\t\t \t\t\t 2024 \t\t\t \t\t\t   \t\t\t \t\t\t 2023 \t\t\t \t\t \t\t \t\t\t \t\t\t Net sales \t\t\t \t\t\t \t\t\t $         3,468 \t\t\t \t\t\t   \t\t\t \t\t\t $         3,353 \t\t\t \t\t \t\t \t\t\t \t\t\t Cost of sales \t\t\t \t\t\t \t\t\t 1,528 \t\t\t \t\t\t   \t\t\t \t\t\t 1,609 \t\t\t \t\t \t\t \t\t\t \t\t\t Gross profit \t\t\t \t\t\t \t\t\t 1,940 \t\t\t \t\t\t   \t\t\t \t\t\t 1,744 \t\t\t \t\t \t\t \t\t\t \t\t\t Selling, general, and administrative expenses \t\t\t \t\t\t \t\t\t 1,176 \t\t\t \t\t\t   \t\t\t \t\t\t 1,165 \t\t\t \t\t \t\t \t\t\t \t\t\t Other operating income, net \t\t\t \t\t\t \t\t\t (1) \t\t\t \t\t\t   \t\t\t \t\t\t (5) \t\t\t \t\t \t\t \t\t\t \t\t\t Income from operations \t\t\t \t\t\t \t\t\t 765 \t\t\t \t\t\t   \t\t\t \t\t\t 584 \t\t\t \t\t \t\t \t\t\t \t\t\t Interest expense, net \t\t\t \t\t\t \t\t\t 178 \t\t\t \t\t\t   \t\t\t \t\t\t 23 \t\t\t \t\t \t\t \t\t\t \t\t\t Other income, net \t\t\t \t\t\t \t\t\t (7) \t\t\t \t\t\t   \t\t\t \t\t\t (20) \t\t\t \t\t \t\t \t\t\t \t\t\t Income before provision for income taxes \t\t\t \t\t\t \t\t\t 594 \t\t\t \t\t\t   \t\t\t \t\t\t 581 \t\t\t \t\t \t\t \t\t\t \t\t\t Provision for income taxes \t\t\t \t\t\t \t\t\t 140 \t\t\t \t\t\t   \t\t\t \t\t\t 114 \t\t\t \t\t \t\t \t\t\t \t\t\t Net income \t\t\t \t\t\t \t\t\t $            454 \t\t\t \t\t\t   \t\t\t \t\t\t $            467 \t\t\t \t\t \t\t \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Earnings per common share: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Basic \t\t\t \t\t\t \t\t\t $           0.33 \t\t\t \t\t\t   \t\t\t \t\t\t $           0.33 \t\t\t \t\t \t\t \t\t\t \t\t\t Diluted \t\t\t \t\t\t \t\t\t 0.33 \t\t\t \t\t\t   \t\t\t \t\t\t 0.33 \t\t\t \t\t \t\t \t\t\t \t\t\t Weighted average common shares outstanding:                               \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Basic \t\t\t \t\t\t \t\t\t 1,380.7 \t\t\t \t\t\t   \t\t\t \t\t\t 1,406.2 \t\t\t \t\t \t\t \t\t\t \t\t\t Diluted \t\t\t \t\t\t \t\t\t 1,387.7 \t\t\t \t\t\t   \t\t\t \t\t\t 1,417.0 \t\t\t \t\t \t   \t \t\t \t\t\t \t\t\t Keurig DR PEPPER INC ... \t\t\t CONDENSED CONSOLIDATED BALANCE SHEETS \t\t\t (UNAUDITED) \t\t\t \t\t \t\t \t\t\t   \t\t \t\t \t\t\t   \t\t\t \t\t\t March 31, \t\t\t \t\t\t   \t\t\t \t\t\t December 31, \t\t\t \t\t \t\t \t\t\t \t\t\t (in millions, except share and per share data) \t\t\t \t\t\t \t\t\t 2024 \t\t\t \t\t\t   \t\t\t \t\t\t 2023 \t\t\t \t\t \t\t \t\t\t \t\t\t Assets \t\t\t \t\t \t\t \t\t\t \t\t\t Current assets: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Cash and cash equivalents \t\t\t \t\t\t \t\t\t $                317 \t\t\t \t\t\t   \t\t\t \t\t\t $                267 \t\t\t \t\t \t\t \t\t\t \t\t\t Trade accounts receivable, net \t\t\t \t\t\t \t\t\t 1,311 \t\t\t \t\t\t   \t\t\t \t\t\t 1,368 \t\t\t \t\t \t\t \t\t\t \t\t\t Inventories \t\t\t \t\t\t \t\t\t 1,204 \t\t\t \t\t\t   \t\t\t \t\t\t 1,142 \t\t\t \t\t \t\t \t\t\t \t\t\t Prepaid expenses and other current assets \t\t\t \t\t\t \t\t\t 735 \t\t\t \t\t\t   \t\t\t \t\t\t 598 \t\t\t \t\t \t\t \t\t\t \t\t\t Total current assets \t\t\t \t\t\t \t\t\t 3,567 \t\t\t \t\t\t   \t\t\t \t\t\t 3,375 \t\t\t \t\t \t\t \t\t\t \t\t\t Property, plant and equipment, net \t\t\t \t\t\t \t\t\t 2,695 \t\t\t \t\t\t   \t\t\t \t\t\t 2,699 \t\t\t \t\t \t\t \t\t\t \t\t\t Investments in unconsolidated affiliates \t\t\t \t\t\t \t\t\t 1,438 \t\t\t \t\t\t   \t\t\t \t\t\t 1,387 \t\t\t \t\t \t\t \t\t\t \t\t\t Goodwill \t\t\t \t\t\t \t\t\t 20,163 \t\t\t \t\t\t   \t\t\t \t\t\t 20,202 \t\t\t \t\t \t\t \t\t\t \t\t\t Other intangible assets, net \t\t\t \t\t\t \t\t\t 23,251 \t\t\t \t\t\t   \t\t\t \t\t\t 23,287 \t\t\t \t\t \t\t \t\t\t \t\t\t Other non-current assets \t\t\t \t\t\t \t\t\t 1,128 \t\t\t \t\t\t   \t\t\t \t\t\t 1,149 \t\t\t \t\t \t\t \t\t\t \t\t\t Deferred tax assets \t\t\t \t\t\t \t\t\t 44 \t\t\t \t\t\t   \t\t\t \t\t\t 31 \t\t\t \t\t \t\t \t\t\t \t\t\t Total assets \t\t\t \t\t\t \t\t\t $           52,286 \t\t\t \t\t\t   \t\t\t \t\t\t $           52,130 \t\t\t \t\t \t\t \t\t\t \t\t\t Liabilities and Stockholders' Equity \t\t\t \t\t \t\t \t\t\t \t\t\t Current liabilities: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Accounts payable \t\t\t \t\t\t \t\t\t 3,187 \t\t\t \t\t\t   \t\t\t \t\t\t 3,597 \t\t\t \t\t \t\t \t\t\t \t\t\t Accrued expenses \t\t\t \t\t\t \t\t\t 1,169 \t\t\t \t\t\t   \t\t\t \t\t\t 1,242 \t\t\t \t\t \t\t \t\t\t \t\t\t Structured payables \t\t\t \t\t\t \t\t\t 111 \t\t\t \t\t\t   \t\t\t \t\t\t 117 \t\t\t \t\t \t\t \t\t\t \t\t\t Short-term borrowings and current portion of long-term obligations \t\t\t \t\t\t \t\t\t 1,908 \t\t\t \t\t\t   \t\t\t \t\t\t 3,246 \t\t\t \t\t \t\t \t\t\t \t\t\t Other current liabilities \t\t\t \t\t\t \t\t\t 629 \t\t\t \t\t\t   \t\t\t \t\t\t 714 \t\t\t \t\t \t\t \t\t\t \t\t\t Total current liabilities \t\t\t \t\t\t \t\t\t 7,004 \t\t\t \t\t\t   \t\t\t \t\t\t 8,916 \t\t\t \t\t \t\t \t\t\t \t\t\t Long-term obligations \t\t\t \t\t\t \t\t\t 12,929 \t\t\t \t\t\t   \t\t\t \t\t\t 9,945 \t\t\t \t\t \t\t \t\t\t \t\t\t Deferred tax liabilities \t\t\t \t\t\t \t\t\t 5,784 \t\t\t \t\t\t   \t\t\t \t\t\t 5,760 \t\t\t \t\t \t\t \t\t\t \t\t\t Other non-current liabilities \t\t\t \t\t\t \t\t\t 1,916 \t\t\t \t\t\t   \t\t\t \t\t\t 1,833 \t\t\t \t\t \t\t \t\t\t \t\t\t Total liabilities \t\t\t \t\t\t \t\t\t 27,633 \t\t\t \t\t\t   \t\t\t \t\t\t 26,454 \t\t\t \t\t \t\t \t\t\t \t\t\t Commitments and contingencies \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Stockholders' equity: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares \t\t\tissued \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Common stock, $0.01 par value, 2,000,000,000 shares authorized, \t\t\t1,355,571,438 and 1,390,446,043 shares issued and outstanding as of March \t\t\t31, 2024 and December 31, 2023, respectively \t\t\t \t\t\t \t\t\t 14 \t\t\t \t\t\t   \t\t\t \t\t\t 14 \t\t\t \t\t \t\t \t\t\t \t\t\t Additional paid-in capital \t\t\t \t\t\t \t\t\t 19,661 \t\t\t \t\t\t   \t\t\t \t\t\t 20,788 \t\t\t \t\t \t\t \t\t\t \t\t\t Retained earnings \t\t\t \t\t\t \t\t\t 4,721 \t\t\t \t\t\t   \t\t\t \t\t\t 4,559 \t\t\t \t\t \t\t \t\t\t \t\t\t Accumulated other comprehensive income \t\t\t \t\t\t \t\t\t 257 \t\t\t \t\t\t   \t\t\t \t\t\t 315 \t\t\t \t\t \t\t \t\t\t \t\t\t Total stockholders' equity \t\t\t \t\t\t \t\t\t 24,653 \t\t\t \t\t\t   \t\t\t \t\t\t 25,676 \t\t\t \t\t \t\t \t\t\t \t\t\t Total liabilities and stockholders' equity \t\t\t \t\t\t \t\t\t $           52,286 \t\t\t \t\t\t   \t\t\t \t\t\t $           52,130 \t\t\t \t\t \t   \t \t\t \t\t\t \t\t\t Keurig DR PEPPER INC ... \t\t\t CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS \t\t\t (UNAUDITED) \t\t\t \t\t \t\t \t\t\t   \t\t \t\t \t\t\t   \t\t\t \t\t\t First Quarter \t\t\t \t\t \t\t \t\t\t \t\t\t (in millions) \t\t\t \t\t\t \t\t\t 2024 \t\t\t \t\t\t   \t\t\t \t\t\t 2023 \t\t\t \t\t \t\t \t\t\t \t\t\t Operating activities: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Net income \t\t\t \t\t\t \t\t\t $                  454 \t\t\t \t\t\t   \t\t\t \t\t\t $                  467 \t\t\t \t\t \t\t \t\t\t \t\t\t Adjustments to reconcile net income to net cash provided by operating activities: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Depreciation expense \t\t\t \t\t\t \t\t\t 101 \t\t\t \t\t\t   \t\t\t \t\t\t 107 \t\t\t \t\t \t\t \t\t\t \t\t\t Amortization of intangibles \t\t\t \t\t\t \t\t\t 33 \t\t\t \t\t\t   \t\t\t \t\t\t 34 \t\t\t \t\t \t\t \t\t\t \t\t\t Other amortization expense \t\t\t \t\t\t \t\t\t 36 \t\t\t \t\t\t   \t\t\t \t\t\t 45 \t\t\t \t\t \t\t \t\t\t \t\t\t Provision for sales returns \t\t\t \t\t\t \t\t\t 14 \t\t\t \t\t\t   \t\t\t \t\t\t 10 \t\t\t \t\t \t\t \t\t\t \t\t\t Deferred income taxes \t\t\t \t\t\t \t\t\t 21 \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Employee stock-based compensation expense \t\t\t \t\t\t \t\t\t 28 \t\t\t \t\t\t   \t\t\t \t\t\t 29 \t\t\t \t\t \t\t \t\t\t \t\t\t Loss (gain) on disposal of property, plant, and equipment \t\t\t \t\t\t \t\t\t 1 \t\t\t \t\t\t   \t\t\t \t\t\t (5) \t\t\t \t\t \t\t \t\t\t \t\t\t Unrealized loss (gain) on foreign currency \t\t\t \t\t\t \t\t\t 8 \t\t\t \t\t\t   \t\t\t \t\t\t (2) \t\t\t \t\t \t\t \t\t\t \t\t\t Unrealized loss (gain) on derivatives \t\t\t \t\t\t \t\t\t 10 \t\t\t \t\t\t   \t\t\t \t\t\t (95) \t\t\t \t\t \t\t \t\t\t \t\t\t Equity in earnings of unconsolidated affiliates \t\t\t \t\t\t \t\t\t (7) \t\t\t \t\t\t   \t\t\t \t\t\t (9) \t\t\t \t\t \t\t \t\t\t \t\t\t Earned equity \t\t\t \t\t\t \t\t\t (45) \t\t\t \t\t\t   \t\t\t \t\t\t (2) \t\t\t \t\t \t\t \t\t\t \t\t\t Other, net \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t\t   \t\t\t \t\t\t (2) \t\t\t \t\t \t\t \t\t\t \t\t\t Changes in assets and liabilities: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Trade accounts receivable \t\t\t \t\t\t \t\t\t 42 \t\t\t \t\t\t   \t\t\t \t\t\t 28 \t\t\t \t\t \t\t \t\t\t \t\t\t Inventories \t\t\t \t\t\t \t\t\t (65) \t\t\t \t\t\t   \t\t\t \t\t\t (74) \t\t\t \t\t \t\t \t\t\t \t\t\t Income taxes receivable and payables, net \t\t\t \t\t\t \t\t\t (10) \t\t\t \t\t\t   \t\t\t \t\t\t 60 \t\t\t \t\t \t\t \t\t\t \t\t\t Other current and non-current assets \t\t\t \t\t\t \t\t\t (136) \t\t\t \t\t\t   \t\t\t \t\t\t (151) \t\t\t \t\t \t\t \t\t\t \t\t\t Accounts payable and accrued expenses \t\t\t \t\t\t \t\t\t (398) \t\t\t \t\t\t   \t\t\t \t\t\t (391) \t\t\t \t\t \t\t \t\t\t \t\t\t Other current and non-current liabilities \t\t\t \t\t\t \t\t\t (5) \t\t\t \t\t\t   \t\t\t \t\t\t 22 \t\t\t \t\t \t\t \t\t\t \t\t\t Net change in operating assets and liabilities \t\t\t \t\t\t \t\t\t (572) \t\t\t \t\t\t   \t\t\t \t\t\t (506) \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash provided by operating activities \t\t\t \t\t\t \t\t\t 85 \t\t\t \t\t\t   \t\t\t \t\t\t 71 \t\t\t \t\t \t\t \t\t\t \t\t\t Investing activities: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Purchases of property, plant, and equipment \t\t\t \t\t\t \t\t\t (158) \t\t\t \t\t\t   \t\t\t \t\t\t (62) \t\t\t \t\t \t\t \t\t\t \t\t\t Proceeds from sales of property, plant, and equipment \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 7 \t\t\t \t\t \t\t \t\t\t \t\t\t Purchases of intangibles \t\t\t \t\t\t \t\t\t (31) \t\t\t \t\t\t   \t\t\t \t\t\t (51) \t\t\t \t\t \t\t \t\t\t \t\t\t Investments in unconsolidated affiliates \t\t\t \t\t\t \t\t\t (6) \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Other, net \t\t\t \t\t\t \t\t\t 2 \t\t\t \t\t\t   \t\t\t \t\t\t 1 \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash used in investing activities \t\t\t \t\t\t \t\t\t (193) \t\t\t \t\t\t   \t\t\t \t\t\t (105) \t\t\t \t\t \t\t \t\t\t \t\t\t Financing activities: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Proceeds from issuance of Notes \t\t\t \t\t\t \t\t\t 3,000 \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Repayments of Notes \t\t\t \t\t\t \t\t\t (1,150) \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Net proceeds from issuance of commercial paper \t\t\t \t\t\t \t\t\t (188) \t\t\t \t\t\t   \t\t\t \t\t\t 265 \t\t\t \t\t \t\t \t\t\t \t\t\t Proceeds from structured payables \t\t\t \t\t\t \t\t\t 23 \t\t\t \t\t\t   \t\t\t \t\t\t 34 \t\t\t \t\t \t\t \t\t\t \t\t\t Repayments of structured payables \t\t\t \t\t\t \t\t\t (30) \t\t\t \t\t\t   \t\t\t \t\t\t (32) \t\t\t \t\t \t\t \t\t\t \t\t\t Cash dividends paid \t\t\t \t\t\t \t\t\t (299) \t\t\t \t\t\t   \t\t\t \t\t\t (281) \t\t\t \t\t \t\t \t\t\t \t\t\t Repurchases of common stock \t\t\t \t\t\t \t\t\t (1,105) \t\t\t \t\t\t   \t\t\t \t\t\t (231) \t\t\t \t\t \t\t \t\t\t \t\t\t Tax withholdings related to net share settlements \t\t\t \t\t\t \t\t\t (41) \t\t\t \t\t\t   \t\t\t \t\t\t (31) \t\t\t \t\t \t\t \t\t\t \t\t\t Payments on finance leases \t\t\t \t\t\t \t\t\t (31) \t\t\t \t\t\t   \t\t\t \t\t\t (24) \t\t\t \t\t \t\t \t\t\t \t\t\t Other, net \t\t\t \t\t\t \t\t\t (21) \t\t\t \t\t\t   \t\t\t \t\t\t (3) \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash provided by (used in) financing activities \t\t\t \t\t\t \t\t\t 158 \t\t\t \t\t\t   \t\t\t \t\t\t (303) \t\t\t \t\t \t\t \t\t\t \t\t\t Cash and cash equivalents: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Net change from operating, investing and financing activities \t\t\t \t\t\t \t\t\t 50 \t\t\t \t\t\t   \t\t\t \t\t\t (337) \t\t\t \t\t \t\t \t\t\t \t\t\t Effect of exchange rate changes \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 6 \t\t\t \t\t \t\t \t\t\t \t\t\t Beginning balance \t\t\t \t\t\t \t\t\t 267 \t\t\t \t\t\t   \t\t\t \t\t\t 535 \t\t\t \t\t \t\t \t\t\t \t\t\t Ending balance \t\t\t \t\t\t \t\t\t $                  317 \t\t\t \t\t\t   \t\t\t \t\t\t $                  204 \t\t\t \t\t \t   \t \t\t \t\t\t \t\t\t Keurig DR PEPPER INC ... Coffee \t\t\t \t\t\t \t\t\t 248 \t\t\t \t\t\t   \t\t\t \t\t\t 232 \t\t\t \t\t \t\t \t\t\t \t\t\t International \t\t\t \t\t\t \t\t\t 112 \t\t\t \t\t\t   \t\t\t \t\t\t 80 \t\t\t \t\t \t\t \t\t\t \t\t\t Unallocated corporate costs \t\t\t \t\t\t \t\t\t (210) \t\t\t \t\t\t   \t\t\t \t\t\t (218) \t\t\t \t\t \t\t \t\t\t \t\t\t Total income from operations \t\t\t \t\t\t \t\t\t $               765 \t\t\t \t\t\t   \t\t\t \t\t\t $               584 \t\t\t \t\t \t   Keurig DR PEPPER INC ... \t \t\t \t\t\t \t\t\t Keurig DR PEPPER INC ...   \t \t\t \t\t\t \t\t\t Keurig DR PEPPER INC ... Coffee \t\t\t \t\t\t   \t\t\t \t\t\t International \t\t\t \t\t\t   \t\t\t \t\t\t Unallocated \t\t\tcorporate costs  \t\t\t \t\t\t   \t\t\t \t\t\t Total \t\t\t \t\t \t\t \t\t\t \t\t\t For the First Quarter of 2024 \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Reported - Income from Operations \t\t\t \t\t\t \t\t\t $                    615 \t\t\t \t\t\t   \t\t\t \t\t\t $                   248 \t\t\t \t\t\t   \t\t\t \t\t\t $                   112 \t\t\t \t\t\t   \t\t\t \t\t\t $                  (210) \t\t\t \t\t\t   \t\t\t \t\t\t $                   765 \t\t\t \t\t \t\t \t\t\t \t\t\t Items Affecting Comparability: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Mark to market \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t (6) \t\t\t \t\t\t   \t\t\t \t\t\t (13) \t\t\t \t\t\t   \t\t\t \t\t\t (19) \t\t\t \t\t \t\t \t\t\t \t\t\t Amortization of intangibles \t\t\t \t\t\t \t\t\t 5 \t\t\t \t\t\t   \t\t\t \t\t\t 25 \t\t\t \t\t\t   \t\t\t \t\t\t 3 \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 33 \t\t\t \t\t \t\t \t\t\t \t\t\t Stock compensation \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 4 \t\t\t \t\t\t   \t\t\t \t\t\t 4 \t\t\t \t\t \t\t \t\t\t \t\t\t Restructuring - 2023 CEO Succession and Associated Realignment \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 2 \t\t\t \t\t\t   \t\t\t \t\t\t 2 \t\t\t \t\t \t\t \t\t\t \t\t\t Productivity \t\t\t \t\t\t \t\t\t 2 \t\t\t \t\t\t   \t\t\t \t\t\t 14 \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 20 \t\t\t \t\t\t   \t\t\t \t\t\t 36 \t\t\t \t\t \t\t \t\t\t \t\t\t Non-routine legal matters \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 1 \t\t\t \t\t\t   \t\t\t \t\t\t 1 \t\t\t \t\t \t\t \t\t\t \t\t\t Transaction costs \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 1 \t\t\t \t\t\t   \t\t\t \t\t\t 1 \t\t\t \t\t \t\t \t\t\t \t\t\t Restructuring - 2024 Network Optimization \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 2 \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 2 \t\t\t \t\t \t\t \t\t\t \t\t\t Adjusted - Income from Operations \t\t\t \t\t\t \t\t\t $                    622 \t\t\t \t\t\t   \t\t\t \t\t\t $                   289 \t\t\t \t\t\t   \t\t\t \t\t\t $                   109 \t\t\t \t\t\t   \t\t\t \t\t\t $                  (195) \t\t\t \t\t\t   \t\t\t \t\t\t $                   825 \t\t\t \t\t \t\t \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Change - adjusted \t\t\t \t\t\t \t\t\t 22.4 % \t\t\t \t\t\t   \t\t\t \t\t\t 1.4 % \t\t\t \t\t\t   \t\t\t \t\t\t 29.8 % \t\t\t \t\t\t   \t\t\t \t\t\t 9.6 % \t\t\t \t\t\t   \t\t\t \t\t\t 18.0 % \t\t\t \t\t \t\t \t\t\t \t\t\t Impact of foreign currency \t\t\t \t\t\t \t\t\t — % \t\t\t \t\t\t   \t\t\t \t\t\t — % \t\t\t \t\t\t   \t\t\t \t\t\t (4.8) % \t\t\t \t\t\t   \t\t\t \t\t\t — % \t\t\t \t\t\t   \t\t\t \t\t\t (0.5) % \t\t\t \t\t \t\t \t\t\t \t\t\t Change - constant currency adjusted \t\t\t \t\t\t \t\t\t 22.4 % \t\t\t \t\t\t   \t\t\t \t\t\t 1.4 % \t\t\t \t\t\t   \t\t\t \t\t\t 25.0 % \t\t\t \t\t\t   \t\t\t \t\t\t 9.6 % \t\t\t \t\t\t   \t\t\t \t\t\t 17.5 % \t\t\t \t\t \t\t \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t For the First Quarter of 2023 \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Reported - Income from Operations \t\t\t \t\t\t \t\t\t $                    490 \t\t\t \t\t\t   \t\t\t \t\t\t $                   232 \t\t\t \t\t\t   \t\t\t \t\t\t $                      80 \t\t\t \t\t\t   \t\t\t \t\t\t $                  (218) \t\t\t \t\t\t   \t\t\t \t\t\t $                   584 \t\t\t \t\t \t\t \t\t\t \t\t\t Items Affecting Comparability: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Mark to market \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t (2) \t\t\t \t\t\t   \t\t\t \t\t\t (2) \t\t\t \t\t \t\t \t\t\t \t\t\t Amortization of intangibles \t\t\t \t\t\t \t\t\t 4 \t\t\t \t\t\t   \t\t\t \t\t\t 26 \t\t\t \t\t\t   \t\t\t \t\t\t 4 \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 34 \t\t\t \t\t \t\t \t\t\t \t\t\t Stock compensation \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 5 \t\t\t \t\t\t   \t\t\t \t\t\t 5 \t\t\t \t\t \t\t \t\t\t \t\t\t Productivity \t\t\t \t\t\t \t\t\t 14 \t\t\t \t\t\t   \t\t\t \t\t\t 27 \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 37 \t\t\t \t\t\t   \t\t\t \t\t\t 78 \t\t\t \t\t \t\t \t\t\t \t\t\t Adjusted - Income from Operations \t\t\t \t\t\t \t\t\t $                    508 \t\t\t \t\t\t   \t\t\t \t\t\t $                   285 \t\t\t \t\t\t   \t\t\t \t\t\t $                      84 \t\t\t \t\t\t   \t\t\t \t\t\t $                  (178) \t\t\t \t\t\t   \t\t\t \t\t\t $                   699 \t\t\t \t\t \t   \t \t\t \t\t\t \t\t\t Keurig DR PEPPER INC ... Coffee \t\t\t \t\t\t   \t\t\t \t\t\t 24.9 \t\t\t \t\t\t   \t\t\t \t\t\t 5.7 \t\t\t \t\t\t   \t\t\t \t\t\t 30.6 \t\t\t \t\t \t\t \t\t\t \t\t\t International \t\t\t \t\t\t   \t\t\t \t\t\t 19.3 \t\t\t \t\t\t   \t\t\t \t\t\t 0.9 \t\t\t \t\t\t   \t\t\t \t\t\t 20.2 \t\t\t \t\t \t\t \t\t\t \t\t\t Total operating margin \t\t\t \t\t\t   \t\t\t \t\t\t 17.4 \t\t\t \t\t\t   \t\t\t \t\t\t 3.4 \t\t\t \t\t\t   \t\t\t \t\t\t 20.8 \t\t\t \t\t \t   \t \t\t \t\t\t \t\t\t Keurig DR PEPPER INC ... \t\t\t RECONCILIATION OF ADJUSTED EBITDA AND MANAGEMENT LEVERAGE RATIO \t\t\t (UNAUDITED) \t\t\t \t\t \t\t \t\t\t   \t\t \t\t \t\t\t \t\t\t (in millions, except for ratio) \t\t\t \t\t\t   \t\t \t\t \t\t\t \t\t\t ADJUSTED EBITDA RECONCILIATION - LAST TWELVE MONTHS           \t\t\t \t\t\t   \t\t \t\t \t\t\t \t\t\t Net income \t\t\t \t\t\t \t\t\t $                  2,168 \t\t\t \t\t \t\t \t\t\t \t\t\t Interest expense, net \t\t\t \t\t\t \t\t\t 651 \t\t\t \t\t \t\t \t\t\t \t\t\t Provision for income taxes \t\t\t \t\t\t \t\t\t 602 \t\t\t \t\t \t\t \t\t\t \t\t\t Depreciation expense \t\t\t \t\t\t \t\t\t 396 \t\t\t \t\t \t\t \t\t\t \t\t\t Other amortization \t\t\t \t\t\t \t\t\t 172 \t\t\t \t\t \t\t \t\t\t \t\t\t Amortization of intangibles \t\t\t \t\t\t \t\t\t 136 \t\t\t \t\t \t\t \t\t\t \t\t\t EBITDA \t\t\t \t\t\t \t\t\t $                  4,125 \t\t\t \t\t \t\t \t\t\t \t\t\t Items affecting comparability: \t\t\t \t\t\t   \t\t \t\t \t\t\t \t\t\t Impairment of intangible assets \t\t\t \t\t\t \t\t\t $                         2 \t\t\t \t\t \t\t \t\t\t \t\t\t Restructuring - 2023 CEO Succession and Associated Realignment \t\t\t \t\t\t \t\t\t 37 \t\t\t \t\t \t\t \t\t\t \t\t\t Productivity \t\t\t \t\t\t \t\t\t 188 \t\t\t \t\t \t\t \t\t\t \t\t\t Restructuring - 2024 Network Optimization \t\t\t \t\t\t \t\t\t 2 \t\t\t \t\t \t\t \t\t\t \t\t\t Non-routine legal matters \t\t\t \t\t\t \t\t\t 6 \t\t\t \t\t \t\t \t\t\t \t\t\t Stock compensation \t\t\t \t\t\t \t\t\t 16 \t\t\t \t\t \t\t \t\t\t \t\t\t Transaction costs \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t \t\t \t\t\t \t\t\t Mark to market \t\t\t \t\t\t \t\t\t (14) \t\t\t \t\t \t\t \t\t\t \t\t\t Adjusted EBITDA \t\t\t \t\t\t \t\t\t $                  4,365 \t\t\t \t\t \t\t \t\t\t   \t\t\t   \t\t \t\t \t\t\t   \t\t\t \t\t\t March 31, \t\t\t \t\t \t\t \t\t\t   \t\t\t \t\t\t 2024 \t\t\t \t\t \t\t \t\t\t \t\t\t Principal amounts of: \t\t\t \t\t\t   \t\t \t\t \t\t\t \t\t\t Commercial paper notes \t\t\t \t\t\t \t\t\t $                  1,908 \t\t\t \t\t \t\t \t\t\t \t\t\t Senior unsecured notes \t\t\t \t\t\t \t\t\t 13,093 \t\t\t \t\t \t\t \t\t\t \t\t\t Total principal amounts \t\t\t \t\t\t \t\t\t 15,001 \t\t\t \t\t \t\t \t\t\t \t\t\t Less: Cash and cash equivalents \t\t\t \t\t\t \t\t\t 317 \t\t\t \t\t \t\t \t\t\t \t\t\t Total principal amounts less cash and cash equivalents \t\t\t \t\t\t \t\t\t $                14,684 \t\t\t \t\t \t\t \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t March 31, 2024 Management Leverage Ratio \t\t\t \t\t\t \t\t\t 3.4 \t\t\t \t\t \t   \t \t\t \t\t\t \t\t\t Keurig DR PEPPER INC ... \t\t\t RECONCILIATION OF ADJUSTED EBITDA - LAST TWELVE MONTHS \t\t\t (UNAUDITED) \t\t\t \t\t \t\t \t\t\t   \t\t \t\t \t\t\t \t\t\t (in millions) \t\t\t \t\t\t \t\t\t SECOND \t\t\tQUARTER OF \t\t\t2023 \t\t\t \t\t\t   \t\t\t \t\t\t THIRD \t\t\tQUARTER OF \t\t\t2023 \t\t\t \t\t\t   \t\t\t \t\t\t FOURTH \t\t\tQUARTER OF \t\t\t2023 \t\t\t \t\t\t   \t\t\t \t\t\t FIRST \t\t\tQUARTER OF \t\t\t2024 \t\t\t \t\t\t   \t\t\t \t\t\t LAST TWELVE \t\t\tMONTHS \t\t\t \t\t \t\t \t\t\t \t\t\t Net income \t\t\t \t\t\t \t\t\t $                 503 \t\t\t \t\t\t   \t\t\t \t\t\t $                 518 \t\t\t \t\t\t   \t\t\t \t\t\t $                 693 \t\t\t \t\t\t   \t\t\t \t\t\t $                 454 \t\t\t \t\t\t   \t\t\t \t\t\t $             2,168 \t\t\t \t\t \t\t \t\t\t \t\t\t Interest expense, net \t\t\t \t\t\t \t\t\t 172 \t\t\t \t\t\t   \t\t\t \t\t\t 237 \t\t\t \t\t\t   \t\t\t \t\t\t 64 \t\t\t \t\t\t   \t\t\t \t\t\t 178 \t\t\t \t\t\t   \t\t\t \t\t\t 651 \t\t\t \t\t \t\t \t\t\t \t\t\t Provision for income taxes \t\t\t \t\t\t \t\t\t 110 \t\t\t \t\t\t   \t\t\t \t\t\t 146 \t\t\t \t\t\t   \t\t\t \t\t\t 206 \t\t\t \t\t\t   \t\t\t \t\t\t 140 \t\t\t \t\t\t   \t\t\t \t\t\t 602 \t\t\t \t\t \t\t \t\t\t \t\t\t Depreciation expense \t\t\t \t\t\t \t\t\t 94 \t\t\t \t\t\t   \t\t\t \t\t\t 98 \t\t\t \t\t\t   \t\t\t \t\t\t 103 \t\t\t \t\t\t   \t\t\t \t\t\t 101 \t\t\t \t\t\t   \t\t\t \t\t\t 396 \t\t\t \t\t \t\t \t\t\t \t\t\t Other amortization \t\t\t \t\t\t \t\t\t 46 \t\t\t \t\t\t   \t\t\t \t\t\t 45 \t\t\t \t\t\t   \t\t\t \t\t\t 45 \t\t\t \t\t\t   \t\t\t \t\t\t 36 \t\t\t \t\t\t   \t\t\t \t\t\t 172 \t\t\t \t\t \t\t \t\t\t \t\t\t Amortization of intangibles \t\t\t \t\t\t \t\t\t 35 \t\t\t \t\t\t   \t\t\t \t\t\t 34 \t\t\t \t\t\t   \t\t\t \t\t\t 34 \t\t\t \t\t\t   \t\t\t \t\t\t 33 \t\t\t \t\t\t   \t\t\t \t\t\t 136 \t\t\t \t\t \t\t \t\t\t \t\t\t EBITDA \t\t\t \t\t\t \t\t\t $                 960 \t\t\t \t\t\t   \t\t\t \t\t\t $             1,078 \t\t\t \t\t\t   \t\t\t \t\t\t $             1,145 \t\t\t \t\t\t   \t\t\t \t\t\t $                 942 \t\t\t \t\t\t   \t\t\t \t\t\t $             4,125 \t\t\t \t\t \t\t \t\t\t \t\t\t Items affecting comparability: \t\t\t \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t\t   \t\t \t\t \t\t\t \t\t\t Impairment of intangible assets \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t $                     2 \t\t\t \t\t\t   \t\t\t \t\t\t $                   — \t\t\t \t\t\t   \t\t\t \t\t\t $                   — \t\t\t \t\t\t   \t\t\t \t\t\t $                     2 \t\t\t \t\t \t\t \t\t\t \t\t\t Restructuring - 2023 CEO Succession \t\t\tand Associated Realignment \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 27 \t\t\t \t\t\t   \t\t\t \t\t\t 8 \t\t\t \t\t\t   \t\t\t \t\t\t 2 \t\t\t \t\t\t   \t\t\t \t\t\t 37 \t\t\t \t\t \t\t \t\t\t \t\t\t Productivity \t\t\t \t\t\t \t\t\t 51 \t\t\t \t\t\t   \t\t\t \t\t\t 41 \t\t\t \t\t\t   \t\t\t \t\t\t 66 \t\t\t \t\t\t   \t\t\t \t\t\t 30 \t\t\t \t\t\t   \t\t\t \t\t\t 188 \t\t\t \t\t \t\t \t\t\t \t\t\t Restructuring - 2024 Network \t\t\tOptimization \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 2 \t\t\t \t\t\t   \t\t\t \t\t\t 2 \t\t\t \t\t \t\t \t\t\t \t\t\t Nonroutine legal matters \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t\t   \t\t\t \t\t\t 2 \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 1 \t\t\t \t\t\t   \t\t\t \t\t\t 6 \t\t\t \t\t \t\t \t\t\t \t\t\t Stock compensation \t\t\t \t\t\t \t\t\t 4 \t\t\t \t\t\t   \t\t\t \t\t\t 4 \t\t\t \t\t\t   \t\t\t \t\t\t 4 \t\t\t \t\t\t   \t\t\t \t\t\t 4 \t\t\t \t\t\t   \t\t\t \t\t\t 16 \t\t\t \t\t \t\t \t\t\t \t\t\t Transaction costs \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 1 \t\t\t \t\t\t   \t\t\t \t\t\t 1 \t\t\t \t\t\t   \t\t\t \t\t\t 1 \t\t\t \t\t\t   \t\t\t \t\t\t 3 \t\t\t \t\t \t\t \t\t\t \t\t\t Mark to market \t\t\t \t\t\t \t\t\t (5) \t\t\t \t\t\t   \t\t\t \t\t\t (32) \t\t\t \t\t\t   \t\t\t \t\t\t 40 \t\t\t \t\t\t   \t\t\t \t\t\t (17) \t\t\t \t\t\t   \t\t\t \t\t\t (14) \t\t\t \t\t \t\t \t\t\t \t\t\t Adjusted EBITDA \t\t\t \t\t\t \t\t\t $             1,013 \t\t\t \t\t\t   \t\t\t \t\t\t $             1,123 \t\t\t \t\t\t   \t\t\t \t\t\t $             1,264 \t\t\t \t\t\t   \t\t\t \t\t\t $                 965 \t\t\t \t\t\t   \t\t\t \t\t\t $             4,365 \t\t\t \t\t \t   Keurig DR PEPPER INC ... \t \t\t \t\t\t   \t\t\t   \t\t\t \t\t\t First Quarter \t\t\t \t\t \t\t \t\t\t \t\t\t (in millions) \t\t\t \t\t\t   \t\t\t \t\t\t 2024 \t\t\t \t\t\t   \t\t\t \t\t\t 2023 \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash provided by operating activities \t\t\t \t\t\t   \t\t\t \t\t\t $                 85 \t\t\t \t\t\t   \t\t\t \t\t\t $                 71 \t\t\t \t\t \t\t \t\t\t \t\t\t Purchases of property, plant and equipment \t\t\t \t\t\t   \t\t\t \t\t\t (158) \t\t\t \t\t\t   \t\t\t \t\t\t (62) \t\t\t \t\t \t\t \t\t\t \t\t\t Proceeds from sales of property, plant and equipment \t\t\t \t\t\t   \t\t\t \t\t\t — \t\t\t \t\t\t   \t\t\t \t\t\t 7 \t\t\t \t\t \t\t \t\t\t \t\t\t Free Cash Flow \t\t\t \t\t\t   \t\t\t \t\t\t $               (73) \t\t\t \t\t\t   \t\t\t \t\t\t $                 16 \t\t\t \t\t \t       SOURCE Keurig Dr Pepper Inc.

At Keurig Dr Pepper, partnerships are essential to deliver sustainable packaging innovation and this Earth Day, we are proud to highlight a few powerful partnerships that are advancing a circular economy ... To learn more about our Circular Economy efforts, visit www.Keurigdrpepper.com/our-impact/ .

Keurig Dr Pepper to Report Fourth Quarter 2023 Results and Host Conference Call ... 25, 2024 /PRNewswire/ -- Keurig Dr Pepper Inc ... Investors and analysts may access the call by dialing (833) 629-0615 within the United States or Canada and (412) 317-1824 internationally and referencing the Keurig Dr Pepper call ... Access to a live audio webcast and replay of the event will be available in the Investors section of the Company's corporate website, www.Keurigdrpepper.com ... Investors: Jane Gelfand Keurig Dr Pepper T: 888-340-5287 / jane.gelfand@kdrp.com Chethan Mallela Keurig Dr Pepper T: 888-340-5287 / chethan.mallela@kdrp.com Media: Katie Gilroy Keurig Dr Pepper T: 781-418-3345 / katie.gilroy@kdrp.com ABOUT Keurig DR PEPPER Keurig Dr Pepper (KDP) is a leading beverage company in North America , with annual revenue of more than $14 billion and approximately 28,000 employees ... The Company's portfolio of more than 125 owned, licensed and partner brands is designed to satisfy virtually any consumer need, any time, and includes Keurig®, Dr Pepper®, Canada Dry®, Clamato®, CORE®, Green Mountain Coffee Roasters®, Mott's®, Snapple®, and The Original Donut Shop® ... For more information, visit www.Keurigdrpepper.com ... SOURCE Keurig Dr Pepper Inc.