Keurig Dr Pepper (KDP) FY2019 results: revenue $11.1 billion, up 49.4% on the year
Keurig Dr Pepper Inc. (KDP) reported revenue of $11.1 billion for fiscal 2019, the year ended 31 December 2019, up 49.4% on the year before. Net income was $1.3 billion, up 114.0%, and diluted earnings per share $0.88. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$11.1 billion
+49.4% on the year
FY2012FY2019
Operating margin
21.4%
16.6% a year earlier
FY2012FY2019
Net income
$1.3 billion
+114.0% on the year
FY2012FY2019
Diluted EPS
$0.88
+66.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
11,120
7,442
6,690
+49.4%
Cost of revenue
4,778
3,560
2,695
+34.2%
Gross profit
6,342
3,882
3,995
+63.4%
Gross margin
57.0%
52.2%
59.7%
Research and development
81.0
64.0
20.0
+26.6%
Selling, general and administrative
3,962
2,635
2,556
+50.4%
Operating income
2,378
1,237
1,388
+92.2%
Operating margin
21.4%
16.6%
20.7%
Interest expense
654
401
164
+63.1%
Pre-tax income
1,694
791
1,173
+114.2%
Income tax
440
202
95.0
+117.8%
Effective tax rate
26.0%
25.5%
8.1%
Net income
1,254
586
1,076
+114.0%
Net margin
11.3%
7.9%
16.1%
Diluted EPS
$0.88
$0.53
$5.89
+66.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,474
1,613
1,038
+53.4%
Capital expenditure
330
180
202
+83.3%
Free cash flow
2,144
1,433
836
+49.6%
Free cash flow margin
19.3%
19.3%
12.5%
Cash from investing
-150
-19,131
-1,763
Cash from financing
-2,364
17,577
-907
Depreciation and amortisation
484
354
102
+36.7%
Share-based compensation
64.0
35.0
36.0
+82.9%
Buybacks
n/a
n/a
399
Dividends paid
844
232
414
+263.8%
Dividend per share
$0.60
n/a
$2.32
Diluted shares, weighted
1,419m
1,098m
183m
+29.3%
Shares outstanding at period end
1,407m
1,406m
180m
+0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
23,257
22,533
7,398
+3.2%
Non-controlling interest
0.0
0.0
n/a
Redeemable equity
n/a
0.0
265
Debt
14,420
15,659
3,283
-7.9%
Operating lease liabilities
427
0.0
n/a
Finance lease liabilities
269
305
n/a
-11.8%
Other liabilities
11,145
10,421
4,798
+6.9%
Total liabilities and equity
49,518
48,918
15,744
+1.2%
Fixed assets
2,028
2,310
790
-12.2%
Goodwill
20,172
20,011
9,819
+0.8%
Intangible assets
24,117
23,967
3,834
+0.6%
Investments
n/a
n/a
48.0
Cash and equivalents
75.0
83.0
90.0
-9.6%
Receivables
1,115
1,150
483
-3.0%
Inventory
654
626
384
+4.5%
Other assets
1,357
771
296
+76.0%
Total assets
49,518
48,918
15,744
+1.2%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.