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Keurig Dr Pepper cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$714M in Q2 2026 · $2.0B over twelve months

Operating cash flow$895M
Capital spending−$181M
Free cash flow+$714M
Cash / net income6.3×
Cash conversion cycle-12 days

Analysis

In Q2 2026, Keurig Dr Pepper generated $895M of operating cash flow and spent $181M on capital projects, leaving free cash flow of $714M. That is $389M more than in Q2 2025 ($325M).

Over the twelve months to Jun 30, 2026, operating cash flow was $2.5B; the largest uses were acquisitions ($16.7B), capital spending ($557M), taxes on employees’ shares ($34.0M); besides operations, cash came from other financing ($10.0B), net borrowing (+) / repaid (−) ($6.0B); the cash balance rose by $988M.

Operating cash flow was $895M against net income of $142M — 6.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$332M, inventory +$234M, other liabilities −$114M.

Its cash conversion cycle was -12 days (receivables 25 + inventory 61 − payables 98): suppliers fund its working capital.

Free cash flow

Keurig Dr Pepper: free cash flow by quarterKeurig Dr Pepper: free cash flow by quarter$503MQ3 2024$684MQ4 2024$89.0MQ1 2025$325MQ2 2025$527MQ3 2025$564MQ4 2025$165MQ1 2026$714MQ2 2026
Operating cash flow less capital spending.
Keurig Dr Pepper: operating cash flow against capital spendingKeurig Dr Pepper: operating cash flow against capital spendingOperating cash flowCapital spending$628M$125MQ3 2024$849M$165MQ4 2024$209M$120MQ1 2025$431M$106MQ2 2025$639M$112MQ3 2025$712M$148MQ4 2025$281M$116MQ1 2026$895M$181MQ2 2026
Latest (Q2 2026): Operating cash flow $895M, Capital spending $181M.

Capital allocation, year by year

Keurig Dr Pepper: where the cash came from (up) and went (down), by fiscal yearKeurig Dr Pepper: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.9BFY2021: Net borrowing −$1.4BFY2021: Shares issued $140MFY2021: Asset sales $122MFY2021: Capital spending −$423MFY2021: Dividends −$955M$3.1BFY2021FY2022: Operating cash flow $2.8BFY2022: Net borrowing −$205MFY2022: Asset sales $168MFY2022: Capital spending −$353MFY2022: Buybacks −$379MFY2022: Dividends −$1.1B$3.0BFY2022FY2023: Operating cash flow $1.3BFY2023: Net borrowing $1.1BFY2023: Asset sales $9.0MFY2023: Capital spending −$425MFY2023: Buybacks −$706MFY2023: Dividends −$1.1B$2.4BFY2023FY2024: Operating cash flow $2.2BFY2024: Net borrowing $1.3BFY2024: Asset sales $4.0MFY2024: Capital spending −$563MFY2024: Acquisitions −$1.0BFY2024: Buybacks −$1.1BFY2024: Dividends −$1.2B$3.5BFY2024FY2025: Operating cash flow $2.0BFY2025: Net borrowing $1.4BFY2025: Asset sales $14.0MFY2025: Capital spending −$486MFY2025: Acquisitions −$149MFY2025: Buybacks −$9.0MFY2025: Dividends −$1.2B$3.4BFY2025
Over these 5 years operating cash flow totalled $11.2B; the largest uses were dividends ($5.6B) and capital spending ($2.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5B
Debt$30.0B
Net debt$28.5B
Due within a year$3.2B

Keurig Dr Pepper funds itself: free cash flow was $2.0B over the last twelve months, and $1.5B of cash and investments stands against $30.0B of debt ($3.2B due within a year, 0.5× covered by cash).

Where the cash came from and went

Keurig Dr Pepper: sources (+) and uses (−) of cash, Q2 2026Keurig Dr Pepper: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$17.2BOther investing−$16.6BOperating cash flow$895MOther financing−$508MNet borrowing (+) / repaid (−)−$485MCapital spending−$181MExchange rates−$164MShares issued−$94.0MTaxes on employees’ shares−$6.0M
Keurig Dr Pepper: sources (+) and uses (−) of cash, TTM to Q2 2026Keurig Dr Pepper: sources (+) and uses (−) of cash, TTM to Q2 2026Acquisitions−$16.7BOther financing$10.0BNet borrowing (+) / repaid (−)$6.0BOperating cash flow$2.5BCash drawn (+) / kept (−)−$988MCapital spending−$557MExchange rates−$301MTaxes on employees’ shares−$34.0MAsset & business sales$20.0MOther investing−$4.0M

From profit to cash

Keurig Dr Pepper: net income to operating cash flow, Q2 2026Keurig Dr Pepper: net income to operating cash flow, Q2 2026Net income$210MDepreciation & amortization$332MStock-based pay$32.0MDeferred taxes−$26.0MOther non-cash$24.0MReceivables−$68.0MInventory$234MPrepaid and other assets−$108MOther liabilities−$114MIncome taxes payable−$28.0MOperating cash flow$895M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026256198-12
Q1 20263685140-18
Q4 20253279132-21
Q3 20253284143-27
Q2 20253178149-40
Q1 20253577167-55
Q4 20243368157-56
Q3 20243468164-62

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$895M−$181M———−$485M−$94.0M$17.2B$714M
Q1 2026$281M−$116M——−$312M$5.9B$4.5B−$17.7B$165M
Q4 2025$712M−$148M−$35.0M—−$313M$286M—−$475M$564M
Q3 2025$639M−$112M−$3.0M—−$312M−$119M—−$4.0M$527M
Q2 2025$431M−$106M—−$9.0M−$313M−$70.0M—$186M$325M
Q1 2025$209M−$120M——−$312M$1.3B—−$143M$89.0M
Q4 2024$849M−$165M−$915M−$5.0M−$311M−$359M—−$48.0M$684M
Q3 2024$628M−$125M−$85.0M—−$292M$8.0M—−$122M$503M

Keurig Dr Pepper: income statement and cash flow

Keurig Dr Pepper, Q3 2026: revenue $7.3B (+71% year over year), operating margin 18.2%. The chart follows the revenue to costs, profit and cash.

Keurig Dr Pepper: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.