Risk Sleuth
KDP · 10-K filed 24 Feb 2026 · year to 31 Dec 2025

Keurig Dr Pepper

33 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Walmart

earns from · approximately 16% of our consolidated net sales in 2025named as a risk
Our largest retailer, Walmart, represented approximately 16% of our consolidated net sales in 2025.Business (Item 1)

Also named by AIOT, BRK/B, CART, COST, DG, DGX, EEFT, FDX and 6 more

Third-party bottlers

earns fromnamed as a risk
A portion of our income from operations is generated from sales of beverage concentrates to third-party bottling companies that we do not own.Risk factors (Item 1A)

Suppliers

Third-party order fulfillment companies

depends on · The majority of the distributionnamed as a risk
The majority of the distribution of our brewers, beverage concentrates, and syrups is handled by third-party order fulfillment companies in the U.S.Risk factors (Item 1A)

Partners and platforms

Pod Manufacturing JV

$4 billion in cash in exchange for a 49% interestnamed as a risk
In connection with the previously announced JV Commitment Letter, we entered into the JV Transaction Agreement, under which we will contribute the Coffee Production Assets, as well as certain of our related coffee assets (including sales and distribution) in Canada to the Pod Manufacturing JV, and the JV Investors will contribute, through the JV Investor Partner, $4 billion in cash in exchange for a 49% interest in the Pod Manufacturing JV.Risk factors (Item 1A)

Starbucks

earns from
Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others.Business (Item 1)

Also named by PEP, TGT

Other companies

KKR and Apollo (Preferred Investors)

4.75% per annumnamed as a risk
Preferred Investors will be entitled to dividends at a rate of 4.75% per annum, subject to increase in certain cases.Risk factors (Item 1A)

Acorn Holdings B.V.

approximately 69% of the shares of JDE Peet's
Concurrently with the entry into the JDE Peet's Acquisition Agreement, we obtained irrevocable undertakings from Acorn Holdings B.V. and certain directors of JDE Peet's, who collectively hold in the aggregate, as of the date of such undertakings, approximately 69% of the shares of JDE Peet's.Risk factors (Item 1A)

JDE Peet's

named as a risk
We may not complete the proposed JDE Peet's Acquisition within the time frame we anticipate, or at all, which could adversely affect our business.Risk factors (Item 1A)

Moody's and S&P

named as a risk
We cannot provide assurances that our current credit ratings will remain in effect or that the ratings will not be lowered by Moody's and S&P.Risk factors (Item 1A)

Dr Pepper

earns from
Dr Pepper represents most of our fountain channel volume.Business (Item 1)

Competitors

Coca-Cola

competes withnamed as a risk
For example, the Dr Pepper trademark and formula is owned by Coca-Cola in some countries outside North America.Risk factors (Item 1A)

Also named by CCK

PepsiCo

competes with
Our primary competitors include Coca-Cola, PepsiCo, Starbucks Corporation, The J.M. Smucker Company, The Kraft Heinz Company, and Nestlé S.A.Business (Item 1)

Also named by CCK, CELH

Places

Russia

operates in · 6% of consolidated revenue and 1% of total assets for JDE Peet'snamed as a risk
If consummated successfully, the JDE Peet's Acquisition would represent a significant transformation of our coffee business and will expand our operations to those geographies where JDE Peet's currently operates, including Russia, which represented 6% of consolidated revenue and 1% of total assets for JDE Peet's in both 2024 and 2023, as reported in their 2024 annual report.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

Asia

depends on · the vast majority of our brewersnamed as a risk
A small number of companies, located primarily in Asia, co-manufacture the vast majority of our brewers.Risk factors (Item 1A)

Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more

Mexico

operates in · approximately 5,700 employees
In Mexico, we have approximately 5,700 employees, of which approximately 4,200 are covered by union collective bargaining agreements.Business (Item 1)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Commodities and inputs

Euro

exposed to its price · approximately $11,810 million of forward contractsnamed as a risk
As of December 31, 2025, we had derivative contracts outstanding with notional values of $13,033 million, including approximately $11,810 million of forward contracts associated with the planned JDE Peet's Acquisition.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Raw materials (ingredients and materials)

exposed to its price · approximately 55% of our cost of salesnamed as a risk
The principal raw materials we use in our business, which we commonly refer to as ingredients and materials, represent approximately 55% of our cost of sales and include green coffee, water, aluminum cans and ends, PET bottles and caps, including both virgin and rPET, CO2, sweeteners, paper products, K-Cup pod packaging materials, fruit, glass bottles and enclosures, cocoa, teas, juices, and other ingredients.Business (Item 1)

Also named by CSL, ECL, Q

Aluminum

exposed to its pricenamed as a risk
Additionally, under many of our supply arrangements for these raw materials, the price we pay fluctuates along with certain changes in indirect commodity costs, such as aluminum in the case of cans and ends, natural gas in the case of glass bottles, resin in the case of K-Cup pods, PET bottles and caps, corn in the case of sweeteners, and pulp in the case of paperboard packaging.Business (Item 1)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Diesel fuel

exposed to its pricenamed as a risk
In addition to ingredients and packaging costs, we are significantly impacted by changes in fuel costs, which can also fluctuate substantially, due to the large truck fleet we operate in our distribution operations (reflected within SG&A expenses) and the energy costs consumed in the production process (reflected within cost of sales).Business (Item 1)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Natural gas

exposed to its pricenamed as a risk
Our principal commodities risks relate to our purchases of coffee beans, PET, Polypropylene, aluminum, diesel fuel, corn (for high fructose corn syrup), apple juice concentrate, sucrose, and natural gas (for use in processing and packaging).Market risk (Item 7A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Canadian dollar

exposed to its pricenamed as a risk
Our primary exposure to foreign exchange rates is the Canadian dollar, the Mexican peso, and the Euro against the U.S. dollar, including significant anticipated Euro-denominated cash outflows resulting from the intended JDE Peet's Acquisition.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Corn

exposed to its pricenamed as a risk
These impacts have in the past and may in the future limit availability or increase the price volatility of key agricultural commodities, such as coffee, corn, citrus, cocoa, and apples, which are important sources of ingredients for our products.Risk factors (Item 1A)

Also named by ADM, BF/B, CAG, CALM, CL, DE, FLO, FPI and 10 more

Water

depends onnamed as a risk
Water is the primary ingredient in many of our products and is used across our operations.Risk factors (Item 1A)

Also named by ADM, BF/B, CDE, CELH, CNX, CRGY, DE, EOG and 9 more

Green coffee

exposed to its pricenamed as a risk
In our coffee business, the quality of the coffee we seek tends to trade on a negotiated basis at a premium above the "C" price of coffee.Risk factors (Item 1A)

Also named by SJM

Ocean freight

exposed to its pricenamed as a risk
We are also significantly impacted by changes in other transportation costs, such as ocean freight and tariffs.Business (Item 1)

Also named by LZB

PET

exposed to its pricenamed as a risk
Our principal commodities risks relate to our purchases of coffee beans, PET, Polypropylene, aluminum, diesel fuel, corn (for high fructose corn syrup), apple juice concentrate, sucrose, and natural gas (for use in processing and packaging).Market risk (Item 7A)

Laws and programs

Payment Card Industry Data Security Standard

subject tonamed as a risk
Further, as a retailer accepting debit and credit cards for payment, as well as other digital payment tools, we are subject to industry data protection standards and protocols such as the Payment Card Industry Data Security Standard.Risk factors (Item 1A)

Also named by ABNB, AZO, BJ, BKNG, CASH, CASY, COST, DOV and 20 more

California Proposition 65

subject tonamed as a risk
If we were required to add Proposition 65 warnings on the labels of one or more of our products produced for sale in California, the resulting consumer reaction to the warnings and potential adverse publicity could negatively affect our sales both in California and in other markets.Risk factors (Item 1A)

Also named by ARE, CELH, ECL, KO, LKQ, MKC, MNST, PEP and 3 more

PFAS regulations

subject tonamed as a risk
These laws and regulations have in the past and could continue to increase the cost of our products, impact demand for our products, result in negative publicity and require us and our business partners to increase capital expenditures to invest in reducing the amount of virgin plastic or other materials used in our packaging, to develop alternative packaging or product formats or to revise product labeling, all of which can adversely affect our business and financial performance.Risk factors (Item 1A)

Also named by ATR, POWL, SON, WST

Sugar-sweetened beverage taxes

subject tonamed as a risk
Certain countries, as well as cities and municipalities within the U.S., have passed various taxes on the distribution of sugar-sweetened and diet beverages.Business (Item 1)

Also named by CCK, GPGI

SNAP

subject tonamed as a risk
In addition, adverse public opinion, third-party studies, or other allegations, whether or not valid, regarding the perceived or potential negative health effects of processing or ingredients in our beverage products, such as concerns about the caloric intake associated with soft drinks or the use of synthetic colors, nutritive and non-nutritive sweeteners or other additives in our beverages, or chemicals of concern or other substances in our ingredients or materials, may contribute to actual or threatened legal action against us, negative consumer perception of our products, new or increased taxes on our products, or additional government regulation, including new or increased restrictions on the inclusion of our products in benefit programs, such as the U.S. supplemental nutrition assistance program known as SNAP, any of which could result in decreased demand for our products or reformulations of existing products to remove such ingredients or substances, which may be costly and reduce their appeal.Risk factors (Item 1A)

Also named by KR

U.S. tariffs on Canada, Mexico, China, Brazil

subject tonamed as a risk
Restrictions on business activities, which have been or may be imposed or expanded as a result of political and economic instability, deterioration of economic relations between countries, such as changes in or terminations of existing trade agreements, or the imposition of tariffs (including recent U.S. tariffs imposed or threatened to be imposed on Canada, Mexico, China, Brazil, and other countries, and any retaliatory actions taken by such countries), or otherwise, has and could continue to impact our profitability or otherwise have an adverse effect on our business.Risk factors (Item 1A)

Technology

Keurig brewers / K-Cup pods

earns fromnamed as a risk
A significant portion of our business is attributable to sales of K-Cup pods for use with Keurig brewing systems.Risk factors (Item 1A)