Keurig Dr Pepper Inc. Q1 FY2024 results: revenue $3.5 billion, up 3.4% on the year

Keurig Dr Pepper Inc. (KDP) reported revenue of $3.5 billion for Q1 FY2024, the quarter ended 31 March 2024, up 3.4% on the same quarter a year earlier. Net income was $454 million, down 2.8% on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-Q it filed with the SEC on 25 April 2024.

Revenue$3.5 billionup 3.4%

Net income$454 milliondown 2.8%

Diluted EPS$0.33

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	3,468	3,867	n/a	n/a
Cost of revenue	1,528	1,683	n/a	n/a
Gross profit	1,940	2,184	n/a	n/a
Gross margin	55.9%	56.5%	n/a
Selling, general and administrative	1,176	1,258	n/a	n/a
Operating income	765	943	n/a	n/a
Operating margin	22.1%	24.4%	n/a
Pre-tax income	594	899	n/a	n/a
Income tax	140	206	n/a	n/a
Effective tax rate	23.6%	22.9%	n/a
Net income	454	693	n/a	n/a
Net margin	13.1%	17.9%	n/a
Diluted EPS	$0.33	$0.49	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	85.0	297	n/a	n/a
Capital expenditure	158	154	n/a	n/a
Free cash flow	-73.0	143	n/a	n/a
Free cash flow margin	-2.1%	3.7%	n/a
Depreciation and amortisation	134	137	n/a	n/a
Share-based compensation	28.0	30.0	n/a	n/a
Buybacks	1,105	249	n/a	n/a
Dividends paid	299	300	n/a	n/a
Dividend per share	$0.21	n/a	n/a	n/a
Diluted shares, weighted	1,388m	1,408m	n/a	n/a
Shares outstanding at period end	1,356m	1,390m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	52,286	52,130	n/a	n/a
Cash and equivalents	317	267	n/a	n/a
Receivables	1,311	1,368	n/a	n/a
Inventory	1,204	1,142	n/a	n/a
Goodwill	20,163	20,202	n/a	n/a
Long-term debt	12,929	9,945	n/a	n/a
Operating lease liabilities	777	793	n/a	n/a
Finance lease liabilities	617	620	n/a	n/a
Shareholders' equity	24,653	25,676	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,805	3,867	3,468	3,922	3,891	4,070	3,635	4,163	4,306	4,499	3,976	7,309
Cost of revenue	1,694	1,683	1,528	1,750	1,751	1,793	1,650	1,908	1,966	2,080	1,878	4,243
Gross profit	2,111	2,184	1,940	2,172	2,140	2,277	1,985	2,255	2,340	2,419	2,098	3,066
Gross margin	55%	56%	56%	55%	55%	56%	55%	54%	54%	54%	53%	42%
SG&A	1,217	1,258	1,176	1,295	1,245	1,297	1,192	1,356	1,344	1,459	1,342	2,397
Operating income	896	943	765	861	902	63.0	801	898	995	881	756	628
Operating margin	24%	24%	22%	22%	23%	2%	22%	22%	23%	20%	19%	9%
Pre-tax income	664	899	594	672	802	-154	660	718	852	457	357	305
Tax rate	22%	23%	24%	23%	23%	n/a	22%	24%	22%	23%	24%	31%
Net income	518	693	454	515	616	-144	517	547	662	353	270	142
Net margin	14%	18%	13%	13%	16%	-4%	14%	13%	15%	8%	7%	2%
Diluted EPS	$0.37	$0.49	$0.33	$0.38	$0.45	-$0.11	$0.38	$0.40	$0.49	$0.26	$0.20	$0.04
Operating cash flow	580	297	85.0	657	628	849	209	431	639	712	281	895
Capital expenditure	122	154	158	115	125	165	120	106	112	148	116	181
Free cash flow	458	143	-73.0	542	503	684	89.0	325	527	564	165	714
Buybacks	0.0	249	1,105	0.0	0.0	5.0	0.0	9.0	0.0	0.0	n/a	n/a
Dividends paid	279	300	299	292	292	311	312	313	312	313	312	312
Shares outstanding	1,398m	1,390m	1,356m	1,356m	1,356m	1,357m	1,358m	1,358m	1,359m	1,359m	1,360m	1,361m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 25 April 2024, accession 0001418135-24-000054: the filing on EDGAR. All of Keurig Dr Pepper Inc.'s filings: EDGAR company page.

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