KDP · 8-K · 20260806PR000048
Liquidity and Debt Position
Keurig Dr Pepper Inc. · 2026-08-06 · Importance 89 · Surprise 82 · No source text
Cash and cash equivalents increased to $1.52 billion at June 30, 2026, from $1.03 billion at December 31, 2025, while cash, restricted cash and restricted cash equivalents totaled $1.55 billion. Short-term borrowings and the current portion of long-term obligations increased to $8.39 billion from $3.11 billion, and long-term obligations increased to $21.59 billion from $13.04 billion. First-half financing included $6.11 billion of note issuance proceeds and $3.63 billion from a delayed-draw term loan, partially offset by $405 million of term-loan repayment. Management expects a pro-forma year-end management leverage ratio of approximately 4.1x.
Key facts
- Company expects to end 2026 with a pro-forma management leverage ratio of approximately 4.1x source
- First six months 2026 proceeds from issuance of Notes: $6,108 million source
- First six months 2026 net proceeds from issuance of convertible preferred stock: $4,395 million source
- First six months 2026 net proceeds from sale of non-controlling interest: $3,899 million source
- June 30, 2026 total principal amounts: $30,385 source
- June 30, 2026 total principal amounts less cash and cash equivalents: $28,868 source
- Total assets as of June 30, 2026: $87,619 million source
- Total current liabilities as of June 30, 2026: $19,739 million (including short-term borrowings and current portion of long-term obligations $8,394 million) source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | unclear | probable | — | Company expects to end 2026 with a pro-forma management leverage ratio of approximately 4.1x |
| cash | positive | realized | — | First six months 2026 proceeds from issuance of Notes: $6,108 million |
| cash | positive | realized | — | First six months 2026 net proceeds from issuance of convertible preferred stock: $4,395 million |
| cash | positive | realized | — | First six months 2026 net proceeds from sale of non-controlling interest: $3,899 million |
| liability | negative | realized | — | June 30, 2026 total principal amounts: $30,385 |
| assets | positive | realized | — | Total assets as of June 30, 2026: $87,619 million |
| liability | negative | realized | — | Total current liabilities as of June 30, 2026: $19,739 million (including short-term borrowings and current portion of long-term… |
| cash | unclear | realized | — | June 30, 2026 cash and cash equivalents: $1,517 |