KDP · 10-Q · 2026Q3 · Full report

Liquidity and Debt Position

Keurig Dr Pepper Inc. · 2026-11-09 · Importance 58 · Surprise 42

As of September 30, 2026, KDP reported Moody’s long-term debt and commercial-paper ratings of Baa3 and P-3, and S&P ratings of BBB- and A-3, all with stable outlooks; both agencies had downgraded the company following the JDE Peet’s acquisition and related financing. KDP said the ratings remained investment grade and reported compliance with all debt covenants. Its principal liquidity sources included cash, operating cash flow, borrowing capacity under its 2025 Revolving Credit Agreement, and an uncommitted commercial-paper program. Management expected operating cash flows to cover normal-course obligations over the next twelve months and foreseeable future.

Key facts

• Following the JDE Peet's acquisition announcement and related financing, Keurig Dr Pepper's Moody's and S&P ratings were downgraded but remained investment grade; both long-term debt and commercial paper ratings were downgraded. source
• Keurig Dr Pepper stated that credit-rating downgrades may adversely affect borrowing costs, capital-market access, liquidity, flexibility, and financial performance. source
• Keurig Dr Pepper believes operating cash flows will be sufficient to meet anticipated normal-course obligations for the next twelve months and thereafter for the foreseeable future. source
• Keurig Dr Pepper's cash and cash equivalents, operating cash generation, and available borrowing capacity under its 2025 Revolving Credit Agreement are principal liquidity sources; it also has an uncommitted commercial paper program. source
• Keurig Dr Pepper was in compliance with all debt covenants as of September 30, 2026, and stated it had no reason to believe it would be unable to satisfy them. source