Keurig Dr Pepper (KDP) FY2018 results: revenue $7.4 billion, up 11.2% on the year
Keurig Dr Pepper Inc. (KDP) reported revenue of $7.4 billion for fiscal 2018, the year ended 31 December 2018, up 11.2% on the year before. Net income was $586 million, down 45.5%, and diluted earnings per share $0.53. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$7.4 billion
+11.2% on the year
FY2011FY2018
Operating margin
16.6%
20.7% a year earlier
FY2011FY2018
Net income
$586 million
-45.5% on the year
FY2011FY2018
Diluted EPS
$0.53
-91.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,442
6,690
6,440
+11.2%
Cost of revenue
3,560
2,695
2,582
+32.1%
Gross profit
3,882
3,995
3,858
-2.8%
Gross margin
52.2%
59.7%
59.9%
Research and development
64.0
20.0
20.0
+220.0%
Selling, general and administrative
2,635
2,556
2,329
+3.1%
Operating income
1,237
1,388
1,433
-10.9%
Operating margin
16.6%
20.7%
22.3%
Interest expense
401
164
147
+144.5%
Pre-tax income
791
1,173
1,283
-32.6%
Income tax
202
95.0
434
+112.6%
Effective tax rate
25.5%
8.1%
33.8%
Net income
586
1,076
847
-45.5%
Net margin
7.9%
16.1%
13.2%
Diluted EPS
$0.53
$5.89
$4.54
-91.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,613
1,038
961
+55.4%
Capital expenditure
180
202
180
-10.9%
Free cash flow
1,433
836
781
+71.4%
Free cash flow margin
19.3%
12.5%
12.1%
Cash from investing
-19,131
-1,763
-189
Cash from financing
17,577
-907
108
Depreciation and amortisation
354
102
99.0
+247.1%
Share-based compensation
35.0
36.0
45.0
-2.8%
Buybacks
n/a
399
519
Dividends paid
232
414
386
-44.0%
Dividend per share
n/a
$2.32
$2.12
Diluted shares, weighted
1,098m
183m
187m
+500.4%
Shares outstanding at period end
1,406m
180m
183m
+682.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
22,533
7,398
2,134
+204.6%
Non-controlling interest
0.0
n/a
n/a
Redeemable equity
0.0
265
143
Debt
15,659
3,283
4,478
+377.0%
Operating lease liabilities
0.0
n/a
n/a
Finance lease liabilities
305
n/a
n/a
Other liabilities
10,421
4,798
3,036
+117.2%
Total liabilities and equity
48,918
15,744
9,791
+210.7%
Fixed assets
2,310
790
1,138
+192.4%
Goodwill
20,011
9,819
2,993
+103.8%
Intangible assets
23,967
3,834
2,656
+525.1%
Investments
n/a
48.0
35.0
Cash and equivalents
83.0
90.0
1,787
-7.8%
Receivables
1,150
483
595
+138.1%
Inventory
626
384
202
+63.0%
Other assets
771
296
385
+160.5%
Total assets
48,918
15,744
9,791
+210.7%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.