Keurig Dr Pepper (KDP) FY2020 results: revenue $11.6 billion, up 4.5% on the year
Keurig Dr Pepper Inc. (KDP) reported revenue of $11.6 billion for fiscal 2020, the year ended 31 December 2020, up 4.5% on the year before. Net income was $1.3 billion, up 5.7%, and diluted earnings per share $0.93. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$11.6 billion
+4.5% on the year
FY2013FY2020
Operating margin
21.3%
21.4% a year earlier
FY2013FY2020
Net income
$1.3 billion
+5.7% on the year
FY2013FY2020
Diluted EPS
$0.93
+5.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
11,618
11,120
7,442
+4.5%
Cost of revenue
5,132
4,778
3,560
+7.4%
Gross profit
6,486
6,342
3,882
+2.3%
Gross margin
55.8%
57.0%
52.2%
Research and development
69.0
81.0
64.0
-14.8%
Selling, general and administrative
3,978
3,962
2,635
+0.4%
Operating income
2,480
2,378
1,237
+4.3%
Operating margin
21.3%
21.4%
16.6%
Interest expense
604
654
401
-7.6%
Pre-tax income
1,753
1,694
791
+3.5%
Income tax
428
440
202
-2.7%
Effective tax rate
24.4%
26.0%
25.5%
Net income
1,325
1,254
586
+5.7%
Net margin
11.4%
11.3%
7.9%
Diluted EPS
$0.93
$0.88
$0.53
+5.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,456
2,474
1,613
-0.7%
Capital expenditure
461
330
180
+39.7%
Free cash flow
1,995
2,144
1,433
-6.9%
Free cash flow margin
17.2%
19.3%
19.3%
Cash from investing
-316
-150
-19,131
Cash from financing
-1,990
-2,364
17,577
Depreciation and amortisation
495
484
354
+2.3%
Share-based compensation
85.0
64.0
35.0
+32.8%
Buybacks
0.0
n/a
n/a
Dividends paid
846
844
232
+0.2%
Dividend per share
$0.60
$0.60
n/a
0.0%
Diluted shares, weighted
1,422m
1,419m
1,098m
+0.2%
Shares outstanding at period end
1,407m
1,407m
1,406m
+0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
23,829
23,257
22,533
+2.5%
Non-controlling interest
1.0
0.0
0.0
Redeemable equity
n/a
n/a
0.0
Debt
13,488
14,420
15,659
-6.5%
Operating lease liabilities
580
427
0.0
+35.8%
Finance lease liabilities
298
269
305
+10.8%
Other liabilities
11,583
11,145
10,421
+3.9%
Total liabilities and equity
49,779
49,518
48,918
+0.5%
Fixed assets
2,212
2,028
2,310
+9.1%
Goodwill
20,184
20,172
20,011
+0.1%
Intangible assets
23,968
24,117
23,967
-0.6%
Cash and equivalents
240
75.0
83.0
+220.0%
Receivables
1,048
1,115
1,150
-6.0%
Inventory
762
654
626
+16.5%
Other assets
1,365
1,357
771
+0.6%
Total assets
49,779
49,518
48,918
+0.5%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.