KDP Keurig Dr Pepper Inc. - Common Stock
$31.03
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$25–$36
56% of range
Analyst Rating
BUY
23 analysts
Price Target
$36
+15% upside
P/E (TTM)
20.3
ROE
8.2%
Net Profit Margin
12.5%
About Keurig Dr Pepper Inc. - Common Stock Company overview from Wikipedia
Dr Pepper Snapple Group was an American multinational soft drink company based in Plano, Texas. The company originated as Cadbury Schweppes Americas Beverages, a division of Cadbury Schweppes.
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Dr Pepper Snapple Group was an American multinational soft drink company based in Plano, Texas. The company originated as Cadbury Schweppes Americas Beverages, a division of Cadbury Schweppes.
In 2008, it was spun off as the independent Dr Pepper Snapple Group and began trading on the New York Stock Exchange under the symbol "DPS."
The company managed a portfolio of carbonated soft drinks, juices, teas, mixers, and bottled waters, including brands such as Dr Pepper, 7UP (U.S. rights), Snapple, Mott’s, Canada Dry, A&W Root Beer, and Hawaiian Punch.
Prior to its 2018 merger, Dr Pepper Snapple Group ranked as one of the largest nonalcoholic beverage companies in North America, with net sales of $6.69 billion in 2017.
In July 2018, the company was acquired by Keurig Green Mountain, forming Keurig Dr Pepper. Shareholders of Dr Pepper Snapple Group retained a 13% stake in the combined company, while Mondelez International and JAB Holding Company controlled significant shares.
History
Origins
Dr Pepper Snapple Group traces its origins to Cadbury Schweppes Americas Beverages (CSAB), a division of Cadbury Schweppes created through a series of acquisitions during the 1990s and early 2000s.
In 1995, Cadbury Schweppes purchased Dr Pepper/Seven Up, Inc., adding the Dr Pepper and 7UP brands to its portfolio. In 1998, the company further expanded by acquiring Beverage America and Select Beverages from the Carlyle Group, both significant U.S. bottlers of soft drinks. In 2000, Cadbury Schweppes acquired Snapple, Mistic, and Stewart’s from Triarc Companies for $1.45 billion, followed later that year by the purchase of Royal Crown Cola from Triarc.
Between 2006 and 2007, Cadbury Schweppes consolidated much of its U.S. bottling operations by acquiring Dr Pepper/Seven Up Bottling Group and several regional bottlers, giving the company greater direct control over manufacturing and distribution. In October 2007, Cadbury Schweppes announced plans to separate its confectionery and beverage operations, with the latter becoming an independent publicly traded company.
Dr Pepper Snapple Group and distribution agreements
In May 2008, the beverage division was demerged, creating Dr Pepper Snapple Group. In 2008, the company acquired a minority interest in Big Red, Inc.
In February 2010, PepsiCo paid Dr Pepper Snapple Group $900 million for a 20-year license to distribute Dr Pepper brands in territories served by its newly acquired bottlers.
In June 2010, The Coca-Cola Company agreed to pay Dr Pepper Snapple Group $715 million for a 20-year license to distribute certain brands in the United States and Canada, with an option to renew for another 20 years. The agreement included adding Dr Pepper brands to Coca-Cola's Freestyle fountain machines.
Following the Coca-Cola agreement, the U.S. Federal Trade Commission required the company to implement safeguards to prevent access to Dr Pepper Snapple's confidential business information.
In 2015, the company acquired a minority stake in Bai Brands for $15 million and, in 2016, announced the full acquisition for $1.7 billion.
Merger with Keurig Green Mountain
On January 29, 2018, Dr Pepper Snapple was acquired by Keurig Green Mountain in an $18.7 billion transaction. Following the merger, the combined company was renamed Keurig Dr Pepper and began trading publicly on the New York Stock Exchange. Under the terms of the agreement, Dr Pepper Snapple Group shareholders retained a 13% ownership stake in the new entity, with additional stakes held by Mondelez International, and JAB Holdings, which retained majority control. Larry Young, President and CEO of Dr Pepper Snapple Group at the time, transitioned from his executive roles and joined the Keurig Dr Pepper board of directors.
Post-merger
After the 2018 merger, Dr Pepper Snapple Group’s operations were folded into Keurig Dr Pepper, with its Plano headquarters retained as one of the new company’s main offices. Under Keurig Dr Pepper ownership, legacy brands such as Snapple and Dr Pepper continued to evolve, including the rebranding of Diet Snapple to Snapple Zero Sugar in 2022. By 2024, Dr Pepper had become the second-largest carbonated soft drink in the United States by retail sales, and in 2025 new flavor variants such as Dr Pepper Blackberry were introduced across the portfolio.
Operations
Marketing
Snapple utilized the slogan "Made from the Best Stuff on Earth", while Dr Pepper maintained campaigns such as "Always One of a Kind". In 2011, the company launched Dr Pepper TEN, a low-calorie cola marketed toward male consumers, with its "It's Not for Women" tagline. Dr Pepper Snapple Group also promoted its brands through major sports sponsorships, including becoming the presenting sponsor of the College Football Playoff, an agreement it extended with ESPN through 2026. The company also signed team partnerships, serving as the official beverage partner of the Oakland Athletics in 2018 and the exclusive soft drink provider for Major League Soccer’s Houston Dynamo beginning in 2011.
Distribution
Dr Pepper Snapple Group employed a hybrid distribution model, using both company-owned bottling and distribution operations as well as independent third-party bottlers. This approach allowed the company to maintain direct control in some regions while relying on partnerships in others. In North America, major distribution agreements with PepsiCo and The Coca-Cola Company ensured broad market coverage for its core brands. PepsiCo distributed Dr Pepper in territories served by its bottlers, while Coca-Cola handled brands such as Canada Dry, C’Plus, and Schweppes in the United States and Canada.
Governance
Dr Pepper Snapple Group maintained its headquarters in Plano, Texas throughout its existence as an independent entity. Larry Young, formerly president and chief operating officer of Cadbury Schweppes Americas Beverages, served as chief executive officer from the company's formation in 2008 until its merger with Keurig Green Mountain in 2018. Following the merger, Young transitioned to the board of directors of the combined entity, Keurig Dr Pepper, until 2024.
Products
Dr Pepper Snapple Group managed a wide range of nonalcoholic beverages, including carbonated soft drinks, juices, teas, mixers, bottled water, and energy drinks. Its soft drink lineup included established brands such as Dr Pepper, 7UP (U.S. rights only), A&W Root Beer, Canada Dry, Crush, Squirt, Sunkist (produced under license), Vernors, RC Cola, and Nehi.
The company also distributed non-carbonated beverages, including Snapple teas and juices, Mott's juices and mixers, Hawaiian Punch, and Vita Coco coconut water.
During the 2000s, the company expanded its portfolio through a series of acquisitions. In 2000, it acquired Snapple, Mistic, and Stewart's from Triarc Companies and later added Royal Crown Cola from the same group. In 2008, shortly after becoming an independent entity, the company purchased a minority interest in Big Red, Inc. In 2015, it invested in Bai Brands, to expand its presence in the low-calorie and antioxidant beverage segment.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
KDP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$31.02
Market Cap
$42.15B
P/E (TTM)
20.3
EPS (TTM)
$1.53
Revenue (TTM)
$16.60B
Div Yield
3.0%
ROE
8.2%
Debt/Equity
0.5
52W Range
$25 – $36
KDP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$16.60B
2017-09-30
→
2025-12-31
EPS
$1.53
2017-09-30
→
2025-12-31
Free Cash Flow
$1.50B
2018-12-31
→
2025-12-31
Margins
12.5%
2018-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
KDP
Peer Median
P/E (TTM)
20.3
35.8
P/S (TTM)
2.5
2.5
P/B
1.7
7.8
EV / EBITDA
15.4
—
Price / FCF
28.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
KDP
Peer Median
Gross Margin
54.2%
47.6%
Operating Margin
21.5%
—
Net Profit Margin
12.5%
10.8%
ROA
3.8%
11.6%
ROE
8.2%
23.9%
ROIC
7.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
KDP
Peer Median
Debt / Equity
0.5
0.0
Current Ratio
0.6
2.2
Quick Ratio
0.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
KDP
Peer Median
Revenue YoY
8.2%
—
Revenue CAGR 3Y
5.7%
—
Revenue CAGR 5Y
7.4%
—
EPS YoY
45.7%
—
Net Income YoY
44.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
KDP
Peer Median
Payout Ratio
60.1%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
3.0%
Payout Ratio
60.1%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 26, 2026 | $0.2300 |
| March 27, 2026 | $0.2300 |
| Jan. 2, 2026 | $0.2300 |
| Sept. 26, 2025 | $0.2300 |
| June 27, 2025 | $0.2300 |
| March 28, 2025 | $0.2300 |
| Jan. 3, 2025 | $0.2300 |
| Sept. 27, 2024 | $0.2300 |
| June 28, 2024 | $0.2150 |
| March 27, 2024 | $0.2150 |
| Jan. 4, 2024 | $0.2150 |
| Sept. 28, 2023 | $0.2150 |
| June 29, 2023 | $0.2000 |
| March 30, 2023 | $0.2000 |
| Jan. 5, 2023 | $0.2000 |
| Sept. 29, 2022 | $0.2000 |
| June 30, 2022 | $0.1880 |
| March 31, 2022 | $0.1880 |
| Jan. 5, 2022 | $0.1880 |
| Sept. 30, 2021 | $0.1880 |
KDP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
23 analysts
- Strong Buy 5 21.7%
- Buy 9 39.1%
- Hold 9 39.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
17 analysts · 2026-08-13
Median
$37.00
Mean
$35.71
Now
$31.02
Low
$29.00
High
$42.00
Median target
$37.00
+19.3%
Mean target
$35.71
+15.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.57 | $0.54 | 0.03% |
| March 31, 2026 | $0.39 | $0.38 | 0.01% |
| Dec. 31, 2025 | $0.60 | $0.59 | 0.01% |
| Sept. 30, 2025 | $0.54 | $0.54 | -0.00% |
| June 30, 2025 | $0.49 | $0.49 | -0.00% |
| March 31, 2025 | $0.42 | $0.39 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KDP | $38.06B | 18.3 | 8.2% | 12.5% | 8.2% | 54.2% |
| KO | $300.75B | 23.0 | 1.9% | 27.3% | 46.0% | 61.6% |
| PEP | — | 24.0 | 2.2% | 8.8% | 42.9% | 54.1% |
| MNST | $74.99B | 26.4 | 10.7% | 23.0% | 24.7% | 55.9% |
| COKE | — | 126.7 | 4.8% | 7.9% | 128.2% | 39.7% |
| PRMB | $5.95B | 102.2 | 29.3% | 0.90% | 1.9% | 30.3% |
| CELH | $11.75B | 183.0 | 85.5% | 4.3% | 8.8% | 50.4% |
| COCO | $3.03B | 44.5 | 18.2% | 11.7% | 24.2% | 36.5% |
| FIZZ | — | 17.4 | -1.7% | 15.6% | 34.0% | 37.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.60B | $15.35B | $14.81B | $14.06B | $12.68B | $11.62B | $11.12B | $7.44B | $6.69B | $6.44B | $6.28B | |
| Cost of Revenue | $7.60B | $6.82B | $6.73B | $6.73B | $5.71B | $5.13B | $4.78B | $3.56B | $2.69B | $2.58B | $2.56B | |
| Gross Profit | $9.00B | $8.53B | $8.08B | $7.32B | $6.98B | $6.49B | $6.34B | $3.88B | $4.00B | $3.86B | $3.72B | |
| R&D Expense | $70M | $70M | $66M | $65M | $66M | $69M | $81M | $64M | $20M | $20M | $19M | |
| SG&A Expense | $5.35B | $5.01B | $4.91B | $4.64B | $4.15B | $3.98B | $3.96B | $2.63B | $2.56B | $2.33B | $2.31B | |
| Operating Income | $3.58B | $2.59B | $3.19B | $2.60B | $2.89B | $2.48B | $2.38B | $1.24B | $1.39B | $1.43B | $1.30B | |
| Interest Expense | · | · | $496M | $693M | $500M | $604M | $654M | $401M | $164M | $147M | $117M | |
| Interest Income | · | · | · | · | · | · | · | · | $3M | $3M | $2M | |
| Other Non-op | $-134M | $58M | $61M | $-14M | $2M | $-17M | $-19M | $19M | $8M | $25M | $1M | |
| Pretax Income | $2.69B | $1.91B | $2.76B | $1.72B | $2.80B | $1.75B | $1.69B | $791M | $1.17B | $1.28B | $1.18B | |
| Income Tax | $608M | $473M | $576M | $284M | $653M | $428M | $440M | $202M | $95M | $434M | $420M | |
| Net Income | $2.08B | $1.44B | $2.18B | $1.44B | $2.15B | $1.32B | $1.25B | $586M | $1.08B | $847M | $764M | |
| EPS (Basic) | $1.53 | $1.06 | $1.56 | $1.01 | $1.52 | $0.94 | $0.89 | $0.54 | $5.91 | $4.57 | $4.00 | |
| EPS (Diluted) | $1.53 | $1.05 | $1.55 | $1.01 | $1.50 | $0.93 | $0.88 | $0.53 | $5.89 | $4.54 | $3.97 | |
| Shares (Basic) | 1,358,100,000 | 1,362,200,000 | 1,399,300,000 | 1,416,800,000 | 1,415,700,000 | 1,407,200,000 | 1,406,700,000 | 1,086,300,000 | 182,000,000 | 185,400,000 | 190,900,000 | |
| Shares (Diluted) | 1,362,800,000 | 1,368,300,000 | 1,408,400,000 | 1,428,500,000 | 1,427,900,000 | 1,422,100,000 | 1,419,100,000 | 1,097,600,000 | 182,800,000 | 186,600,000 | 192,400,000 | |
| EBITDA | $3.58B | $2.59B | $3.19B | $2.60B | $2.89B | $2.48B | $2.38B | $1.24B | · | $1.43B | $1.30B |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.03B | $510M | $267M | $535M | $567M | $240M | $75M | $83M | $90M | $1.79B | $911M | |
| Receivables | $1.67B | $1.50B | $1.37B | $1.48B | $1.15B | $1.05B | $1.11B | $1.15B | $483M | $595M | $570M | |
| Inventory | $1.73B | $1.30B | $1.14B | $1.31B | $894M | $762M | $654M | $626M | $384M | $202M | $209M | |
| Prepaid Expense | $818M | $606M | $598M | $471M | $447M | $323M | $403M | $254M | $94M | $101M | $69M | |
| Other Current Assets | $484M | $433M | · | · | · | · | · | · | · | $39M | $39M | |
| Current Assets | $5.27B | $4.00B | $3.38B | $3.80B | $3.06B | $2.39B | $2.27B | $2.16B | $1.06B | $2.74B | $1.82B | |
| PP&E (Net) | $3.23B | $2.96B | $2.70B | $2.49B | $2.49B | $2.21B | $2.03B | $2.31B | $790M | $1.14B | $1.16B | |
| PP&E (Gross) | $5.83B | $5.22B | $4.66B | $4.14B | $3.84B | $3.23B | $2.76B | $2.99B | $1.04B | $2.72B | $2.65B | |
| Accum. Depreciation | $2.60B | $2.25B | $1.96B | $1.65B | $1.35B | $1.02B | $729M | $676M | $253M | $1.58B | $1.49B | |
| Goodwill | $20.25B | $20.05B | $20.20B | $20.07B | $20.18B | $20.18B | $20.17B | $20.01B | $9.82B | $2.99B | $2.99B | |
| Intangibles | $23.73B | $23.63B | $23.29B | $23.18B | $23.86B | $23.97B | $24.12B | $23.97B | $3.83B | $2.66B | $2.66B | |
| Other Non-current Assets | $1.29B | $1.20B | $1.15B | $1.25B | $937M | $894M | $748M | $259M | $121M | $183M | $150M | |
| Total Assets | $55.46B | $53.43B | $52.13B | $51.84B | $50.60B | $49.78B | $49.52B | $48.92B | $15.74B | $9.79B | $8.87B | |
| Accounts Payable | $3.00B | $2.98B | $3.60B | $5.21B | $4.32B | $3.74B | $3.18B | $2.30B | $1.58B | $303M | $277M | |
| Accrued Liabilities | $1.38B | $1.58B | $1.24B | $1.15B | $1.11B | $1.04B | $939M | $1.01B | $201M | $670M | $708M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Current Liabilities | $8.29B | $8.09B | $8.92B | $8.08B | $6.49B | $7.69B | $6.47B | $5.70B | $2.02B | $1.05B | $1.58B | |
| Capital Leases | $764M | $790M | $793M | $803M | $608M | $580M | $427M | $0 | $97M | · | · | |
| Deferred Tax | $5.53B | $5.43B | $5.76B | $5.74B | $5.99B | $5.99B | $6.03B | $5.92B | $1.03B | $812M | $787M | |
| Other Non-current Liabilities | $3.09B | $2.75B | $1.83B | $1.82B | $1.58B | $1.12B | $930M | $559M | $56M | $209M | $260M | |
| Total Liabilities | $29.94B | $29.19B | $26.45B | $26.71B | $25.63B | $25.95B | $26.26B | $26.39B | $8.08B | $7.66B | $6.69B | |
| Long-term Debt | $13.93B | $13.94B | $11.10B | $11.57B | $11.73B | $13.49B | $13.17B | $14.58B | $5.10B | $4.33B | $3.25B | |
| Total Debt | $13.93B | $13.94B | $11.10B | $11.57B | $11.73B | $13.49B | $13.17B | · | · | $0 | $3.38B | |
| Common Stock | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $8M | $2M | $2M | |
| Retained Earnings | $5.62B | $4.79B | $4.56B | $3.54B | $3.20B | $2.06B | $1.58B | $1.18B | $914M | $2.27B | $2.17B | |
| AOCI | $102M | $-276M | $315M | $129M | $-26M | $77M | $104M | $-130M | $99M | $-229M | $-195M | |
| Stockholders' Equity | $25.52B | $24.24B | $25.68B | $25.13B | $24.97B | $23.83B | $23.26B | $22.53B | $7.40B | $2.13B | $2.18B | |
| Liabilities + Equity | $55.46B | $53.43B | $52.13B | $51.84B | $50.60B | $49.78B | $49.52B | $48.92B | $15.74B | $9.79B | $8.87B | |
| Shares Outstanding | 1,358,663,795 | 1,356,664,609 | 1,390,446,043 | 1,408,394,293 | 1,418,119,197 | 1,407,260,676 | 1,406,852,305 | 1,405,944,922 | 790,478,141 | 183,119,843 | 187,841,509 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | · | $102M | $99M | $105M | |
| Stock-based Comp | $97M | $98M | $116M | $52M | $88M | $85M | $64M | $35M | $36M | $45M | $44M | |
| Deferred Tax | $45M | $-254M | $-4M | $-289M | $31M | $-51M | $-23M | $-81M | $-201M | $29M | $29M | |
| Amort. of Intangibles | $138M | $133M | $137M | $138M | $134M | $133M | $126M | $121M | $7M | $3M | $6M | |
| Restructuring | $63M | $91M | $35M | $172M | $202M | $200M | $233M | $170M | · | · | · | |
| Operating Cash Flow | $1.99B | $2.22B | $1.33B | $2.84B | $2.87B | $2.46B | $2.47B | $1.61B | $1.04B | $961M | $1.01B | |
| CapEx | $486M | $563M | $425M | $353M | $423M | $461M | $330M | $180M | $202M | $180M | $179M | |
| Investing Cash Flow | $-573M | $-1.61B | $-784M | $-1.14B | $210M | $-316M | $-150M | $-19.13B | $-1.76B | $-189M | $-194M | |
| Stock Issued | · | · | $0 | $0 | $140M | $0 | $0 | $9.00B | · | · | · | |
| Stock Repurchased | $9M | $1.11B | $706M | $379M | $0 | $0 | · | · | $399M | $519M | $521M | |
| Net Stock Activity | $-9M | $-1.11B | $-706M | $-379M | $140M | $0 | $0 | $9.00B | · | $-519M | $-521M | |
| Dividends Paid | $1.25B | $1.19B | $1.14B | $1.08B | $955M | $846M | $844M | $232M | $414M | $386M | $355M | |
| Financing Cash Flow | $-999M | $-223M | $-832M | $-1.73B | $-2.76B | $-1.99B | $-2.36B | $17.58B | $-907M | $108M | $-137M | |
| Free Cash Flow | $1.50B | $1.66B | $904M | $2.48B | $2.45B | $2.00B | $2.14B | $1.43B | · | $759M | $812M | |
| Levered FCF | · | · | $512M | $1.91B | · | · | $1.66B | $1.13B | · | $662M | $737M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.2% | 55.6% | 54.5% | 52.1% | 55.0% | 55.8% | 57.0% | 52.2% | · | 59.9% | 59.3% | |
| Operating Margin | 21.5% | 16.9% | 21.6% | 18.5% | 22.8% | 21.3% | 21.4% | 16.6% | · | 22.2% | 20.7% | |
| Net Margin | 12.5% | 9.4% | 14.7% | 10.2% | 16.9% | 11.4% | 11.3% | 7.9% | · | 13.2% | 12.2% | |
| Pretax Margin | 16.2% | 12.5% | 18.6% | 12.2% | 22.1% | 15.1% | 15.2% | 10.6% | · | 19.9% | 18.9% | |
| EBITDA Margin | 21.5% | 16.9% | 21.6% | 18.5% | 22.8% | 21.3% | 21.4% | 16.6% | · | 22.2% | 20.7% | |
| ROA | 3.8% | 2.7% | 4.2% | 2.8% | 4.3% | 2.7% | 2.5% | · | · | 9.1% | 8.9% | |
| ROE | 8.2% | 5.9% | 8.6% | 5.7% | 8.7% | 5.6% | 5.4% | · | · | 19.6% | 70.0% | |
| ROIC | 7.0% | 5.1% | 6.9% | 5.9% | 6.0% | 5.0% | 4.8% | · | · | 44.4% | 15.1% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.6 | 0.5 | 0.4 | 0.5 | 0.5 | 0.3 | 0.4 | · | · | 2.6 | 1.1 | |
| Quick Ratio | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | · | · | 2.3 | 0.9 | |
| Debt / Equity | 0.5 | 0.6 | 0.4 | 0.5 | 0.5 | 0.6 | 0.6 | · | · | 0.0 | 1.5 | |
| LT Debt / Equity | 0.5 | 0.5 | 0.4 | 0.4 | 0.5 | 0.5 | 0.6 | · | · | · | 1.3 | |
| Interest Coverage | · | · | 6.4 | 3.8 | · | · | 3.6 | 3.1 | · | 9.7 | 11.1 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | · | · | 0.7 | 0.7 | |
| Inventory Turnover | 5.0 | 5.6 | 5.5 | 6.1 | 6.9 | 7.2 | 7.5 | · | · | 12.6 | 12.4 | |
| Receivables Turnover | 10.5 | 10.7 | 10.4 | 10.7 | 11.6 | 10.7 | 9.8 | · | · | 11.1 | 11.2 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.2% | 3.6% | 5.4% | 10.8% | 9.2% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.7% | 6.6% | 8.4% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 7.4% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 45.7% | -32.3% | 53.5% | -32.7% | 61.3% | · | · | · | · | · | · | |
| EPS CAGR 3Y | 14.8% | -11.2% | 18.6% | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 10.5% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 44.3% | -33.9% | 51.9% | -33.1% | 62.0% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 13.1% | -12.4% | 18.1% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 9.4% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 8.1% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $16.60B | $15.35B | $14.81B | $14.06B | $12.68B | $11.62B | $11.12B | $7.44B | $6.69B | $6.44B | $6.28B | |
| Net Income TTM | $2.08B | $1.44B | $2.18B | $1.44B | $2.15B | $1.32B | $1.25B | $586M | $1.08B | $847M | $764M | |
| Market Cap | $38.06B | $43.58B | $46.33B | $50.22B | $52.27B | $45.03B | · | · | · | $16.60B | $17.51B | |
| Enterprise Value | $50.96B | $57.00B | $57.16B | $61.26B | $63.44B | $58.28B | · | · | · | $14.82B | $19.97B | |
| P/E | 18.3 | 30.6 | 21.5 | 35.3 | 24.6 | 34.4 | 32.9 | 48.4 | 16.5 | 20.0 | 23.5 | |
| P/S | 2.3 | 2.8 | 3.1 | 3.6 | 4.1 | 3.9 | · | · | · | 2.6 | 2.8 | |
| P/B | 1.5 | 1.8 | 1.8 | 2.0 | 2.1 | 1.9 | · | · | · | 7.8 | 8.0 | |
| P / Cash Flow | 19.1 | 19.6 | 34.9 | 17.7 | 18.2 | 18.3 | · | · | · | 17.7 | 17.7 | |
| P / FCF | 25.3 | 26.3 | 51.2 | 20.2 | 21.3 | 22.6 | · | · | · | 21.9 | 21.6 | |
| EV / EBITDA | 14.3 | 22.0 | 17.9 | 23.5 | 21.9 | 23.5 | · | · | · | 10.3 | 15.4 | |
| EV / FCF | 33.9 | 34.4 | 63.2 | 24.7 | 25.9 | 29.2 | · | · | · | 19.5 | 24.6 | |
| EV / Revenue | 3.1 | 3.7 | 3.9 | 4.4 | 5.0 | 5.0 | · | · | · | 2.3 | 3.2 | |
| Dividend Yield | 3.3% | 2.7% | 2.5% | 2.1% | 1.8% | 1.9% | · | · | · | 2.3% | 2.0% | |
| Earnings Yield | 5.5% | 3.3% | 4.7% | 2.8% | 4.1% | 2.9% | 3.0% | 2.1% | 6.1% | 5.0% | 4.3% | |
| Payout Ratio | 60.1% | 82.9% | 52.4% | 75.2% | 44.5% | 63.8% | 67.3% | 39.6% | · | 45.6% | 46.5% | |
| Annual Payout | $1.25B | $1.19B | $1.14B | $1.08B | $955M | $846M | $844M | $232M | $414M | $386M | $355M |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.31B | $3.98B | $4.50B | $4.31B | $4.16B | $3.63B | $4.07B | $3.89B | $3.92B | $3.47B | $3.87B | $3.81B | $3.79B | $3.35B | $3.80B | $3.62B | |
| Cost of Revenue | $4.24B | $1.88B | $2.08B | $1.97B | $1.91B | $1.65B | $1.79B | $1.75B | $1.75B | $1.53B | $1.68B | $1.69B | $1.75B | $1.61B | $1.81B | $1.72B | |
| Gross Profit | $3.07B | $2.10B | $2.42B | $2.34B | $2.25B | $1.99B | $2.28B | $2.14B | $2.17B | $1.94B | $2.18B | $2.11B | $2.04B | $1.74B | $2.00B | $1.90B | |
| SG&A Expense | $2.40B | $1.34B | $1.46B | $1.34B | $1.36B | $1.19B | $1.30B | $1.25B | $1.29B | $1.18B | $1.26B | $1.22B | $1.27B | $1.17B | $1.23B | $1.20B | |
| Operating Income | $628M | $756M | $881M | $995M | $898M | $801M | $63M | $902M | $861M | $765M | $943M | $896M | $769M | $584M | $673M | $394M | |
| Other Non-op | $13M | $-118M | $-186M | $45M | $0 | $7M | $30M | $6M | $15M | $7M | $20M | $5M | $16M | $20M | $8M | $-4M | |
| Pretax Income | $305M | $357M | $457M | $852M | $718M | $660M | $-154M | $802M | $672M | $594M | $899M | $664M | $613M | $581M | $558M | $183M | |
| Income Tax | $95M | $87M | $104M | $190M | $171M | $143M | $-10M | $186M | $157M | $140M | $206M | $146M | $110M | $114M | $105M | $4M | |
| Net Income | $142M | $270M | $353M | $662M | $547M | $517M | $-144M | $616M | $515M | $454M | $693M | $518M | $503M | $467M | $453M | $180M | |
| EPS (Basic) | $0.04 | $0.20 | $0.26 | $0.49 | $0.40 | $0.38 | $-0.10 | $0.45 | $0.38 | $0.33 | $0.50 | $0.37 | $0.36 | $0.33 | $0.32 | $0.13 | |
| EPS (Diluted) | $0.04 | $0.20 | $0.26 | $0.49 | $0.40 | $0.38 | $-0.11 | $0.45 | $0.38 | $0.33 | $0.49 | $0.37 | $0.36 | $0.33 | $0.32 | $0.13 | |
| Shares (Basic) | 1,360,600,000 | 1,359,200,000 | -2,715,800,000 | 1,358,500,000 | 1,358,300,000 | 1,357,100,000 | -2,730,300,000 | 1,356,200,000 | 1,355,600,000 | 1,380,700,000 | -2,804,600,000 | 1,397,400,000 | 1,400,300,000 | 1,406,200,000 | -2,835,000,000 | 1,416,100,000 | |
| Shares (Diluted) | 1,364,500,000 | 1,363,700,000 | -2,725,100,000 | 1,362,900,000 | 1,362,800,000 | 1,362,200,000 | -2,742,500,000 | 1,361,900,000 | 1,361,200,000 | 1,387,700,000 | -2,823,900,000 | 1,406,200,000 | 1,409,100,000 | 1,417,000,000 | -2,857,000,000 | 1,427,200,000 | |
| EBITDA | $628M | $756M | · | $995M | $898M | $801M | · | $902M | $861M | $765M | · | $896M | $769M | $584M | · | $394M |
Balance Sheet 28
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.52B | $898M | $1.03B | $516M | $509M | $653M | $510M | $552M | $438M | $317M | · | $260M | $278M | $204M | · | $925M | |
| Receivables | $2.42B | $1.54B | $1.67B | $1.50B | $1.50B | $1.33B | $1.50B | $1.45B | $1.39B | $1.31B | · | $1.28B | $1.31B | $1.45B | · | $1.47B | |
| Inventory | $3.86B | $1.83B | $1.73B | $1.84B | $1.74B | $1.54B | $1.30B | $1.35B | $1.25B | $1.20B | · | $1.35B | $1.38B | $1.39B | · | $1.44B | |
| Prepaid Expense | $1.63B | $1.05B | $818M | $795M | $802M | $745M | $606M | $743M | $739M | $735M | · | $519M | $597M | $540M | · | $487M | |
| Other Current Assets | $830M | · | $484M | · | · | · | $433M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $9.46B | $23.13B | $5.27B | $4.70B | $4.61B | $4.35B | $4.00B | $4.10B | $3.82B | $3.57B | · | $3.41B | $3.57B | $3.59B | · | $4.33B | |
| PP&E (Net) | $6.32B | $3.25B | $3.23B | $3.04B | $3.00B | $2.95B | $2.96B | $2.79B | $2.68B | $2.69B | · | $2.53B | $2.49B | $2.48B | · | $2.48B | |
| PP&E (Gross) | · | · | $5.83B | · | · | · | $5.22B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $2.60B | · | · | · | $2.25B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $29.76B | $20.21B | $20.25B | $20.20B | $20.23B | $20.06B | $20.05B | $20.08B | $20.08B | $20.16B | $20.20B | $20.12B | $20.19B | $20.12B | $20.07B | $20.02B | |
| Intangibles | $38.11B | $23.65B | $23.73B | $23.79B | $23.84B | $23.62B | $23.63B | $23.07B | $23.11B | $23.25B | · | $23.22B | $23.34B | $23.27B | · | $23.30B | |
| Other Non-current Assets | $2.04B | $1.18B | $1.29B | $1.23B | $1.09B | $1.12B | $1.20B | $1.14B | $1.14B | $1.13B | · | $1.12B | $1.15B | $1.16B | · | $1.20B | |
| Total Assets | $87.62B | $73.14B | $55.46B | $54.60B | $54.37B | $53.70B | $53.43B | $52.72B | $52.34B | $52.29B | · | $51.76B | $51.80B | $51.66B | · | $51.44B | |
| Accounts Payable | $6.29B | $2.84B | $3.00B | $2.99B | $3.11B | $3.15B | $2.98B | $3.13B | $3.10B | $3.19B | · | $4.09B | $4.60B | $4.95B | · | $5.28B | |
| Accrued Liabilities | $2.43B | $1.47B | $1.38B | $1.40B | $1.32B | $1.20B | $1.58B | $1.29B | $1.30B | $1.17B | · | $1.12B | $1.03B | $1.05B | · | $1.13B | |
| Current Liabilities | $19.74B | $10.03B | $8.29B | $7.53B | $7.22B | $9.17B | $8.09B | $7.70B | $7.51B | $7.00B | · | $8.81B | $9.06B | $9.13B | · | $7.23B | |
| Capital Leases | $951M | $753M | $764M | $747M | $749M | $763M | $790M | $758M | $773M | $777M | · | $793M | $788M | $810M | · | $754M | |
| Deferred Tax | $8.94B | $5.47B | $5.53B | $5.43B | $5.49B | $5.43B | $5.43B | $5.74B | $5.75B | $5.78B | · | $5.71B | $5.74B | $5.74B | · | $5.75B | |
| Other Non-current Liabilities | $3.71B | $3.16B | $3.09B | $2.79B | $2.75B | $2.72B | $2.75B | $1.90B | $1.97B | $1.92B | · | $1.93B | $1.81B | $1.76B | · | $1.80B | |
| Total Liabilities | $53.97B | $39.54B | $29.94B | $29.28B | $29.38B | $29.25B | $29.19B | $27.75B | $27.63B | $27.63B | · | $26.40B | $26.53B | $26.56B | · | $26.34B | |
| Long-term Debt | $24.82B | $22.89B | $13.93B | $14.43B | $14.42B | $12.95B | $13.94B | $12.94B | $12.94B | $12.93B | · | $11.59B | $11.58B | $11.57B | · | $11.56B | |
| Total Debt | $24.82B | $22.89B | · | $14.43B | $14.42B | $12.95B | · | $12.94B | $12.94B | $12.93B | · | $11.59B | $11.58B | $11.57B | · | $11.56B | |
| Common Stock | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | · | $14M | $14M | $14M | · | $14M | |
| Retained Earnings | $5.33B | $5.58B | $5.62B | $5.58B | $5.23B | $5.00B | $4.79B | $5.25B | $4.94B | $4.72B | · | $4.17B | $3.95B | $3.72B | · | $3.37B | |
| AOCI | $-116M | $-116M | $102M | $-24M | $10M | $-275M | $-276M | $14M | $77M | $257M | · | $171M | $297M | $155M | · | $-9M | |
| Stockholders' Equity | $25.03B | $25.26B | $25.52B | $25.32B | $24.98B | $24.45B | $24.24B | $24.97B | $24.72B | $24.65B | $25.68B | $25.36B | $25.27B | $25.10B | $25.13B | $25.10B | |
| Liabilities + Equity | $87.62B | $73.14B | $55.46B | $54.60B | $54.37B | $53.70B | $53.43B | $52.72B | $52.34B | $52.29B | · | $51.76B | $51.80B | $51.66B | · | $51.44B | |
| Shares Outstanding | 1,360,776,911 | 1,360,434,759 | 1,358,663,795 | 1,358,556,914 | 1,358,413,413 | 1,358,162,801 | 1,356,664,609 | 1,356,443,009 | 1,355,763,506 | 1,355,571,438 | · | 1,398,322,033 | 1,396,909,564 | 1,403,720,858 | · | 1,416,251,307 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $32M | $30M | $27M | $25M | $23M | $22M | $22M | $24M | $24M | $28M | $30M | $29M | $28M | $29M | $9M | $31M | |
| Amort. of Intangibles | $124M | $37M | $37M | $33M | $34M | $34M | $33M | $33M | $34M | $33M | $34M | $34M | $35M | $34M | $38M | $33M | |
| Operating Cash Flow | $895M | $281M | $712M | $639M | $431M | $209M | $849M | $628M | $657M | $85M | $297M | $580M | $381M | $71M | $739M | $759M | |
| CapEx | $181M | $116M | $148M | $112M | $106M | $120M | $165M | $125M | $115M | $158M | $154M | $122M | $87M | $62M | $93M | $74M | |
| Investing Cash Flow | $-16.80B | $-98M | $-183M | $-112M | $-221M | $-57M | $-1.08B | $-209M | $-136M | $-193M | $-161M | $-420M | $-98M | $-105M | $-922M | $-82M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Stock Repurchased | · | · | $0 | $0 | $9M | $0 | $5M | $0 | $0 | $1.10B | $249M | $0 | $226M | $231M | $291M | $0 | |
| Net Stock Activity | · | · | · | · | · | $0 | · | · | · | $-1.10B | · | · | · | $-231M | · | · | |
| Dividends Paid | $312M | $312M | $313M | $312M | $313M | $312M | $311M | $292M | $292M | $299M | $300M | $279M | $282M | $281M | $284M | $265M | |
| Financing Cash Flow | $-1.09B | $17.64B | $-65M | $-525M | $-402M | $-7M | $281M | $-282M | $-380M | $158M | $-135M | $-174M | $-220M | $-303M | $-213M | $-294M | |
| Taxes Paid | $169M | $47M | · | · | $216M | $60M | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $165M | · | · | · | $89M | · | · | · | $-73M | · | · | · | $9M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.9% | 52.8% | · | 54.3% | 54.2% | 54.6% | · | 55.0% | 55.4% | 55.9% | · | 55.5% | 53.9% | 52.0% | · | 52.5% | |
| Operating Margin | 8.6% | 19.0% | · | 23.1% | 21.6% | 22.0% | · | 23.2% | 21.9% | 22.1% | · | 23.5% | 20.3% | 17.4% | · | 10.9% | |
| Net Margin | 1.9% | 6.8% | · | 15.4% | 13.1% | 14.2% | · | 15.8% | 13.1% | 13.1% | · | 13.6% | 13.3% | 13.9% | · | 5.0% | |
| Pretax Margin | 4.2% | 9.0% | · | 19.8% | 17.2% | 18.2% | · | 20.6% | 17.1% | 17.1% | · | 17.4% | 16.2% | 17.3% | · | 5.1% | |
| EBITDA Margin | 8.6% | 19.0% | · | 23.1% | 21.6% | 22.0% | · | 23.2% | 21.9% | 22.1% | · | 23.5% | 20.3% | 17.4% | · | 10.9% | |
| ROA | 0.20% | 0.43% | · | 1.2% | 1.0% | 0.98% | · | 1.2% | 0.99% | 0.87% | · | 1.0% | 0.97% | 0.91% | · | 0.35% | |
| ROE | 0.57% | 1.1% | · | 2.6% | 2.2% | 2.1% | · | 2.5% | 2.1% | 1.8% | · | 2.1% | 2.0% | 1.8% | · | 0.73% | |
| ROIC | 0.87% | 1.2% | · | 1.9% | 1.7% | 1.7% | · | 1.8% | 1.8% | 1.6% | · | 1.9% | 1.7% | 1.3% | · | 1.1% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.5 | 2.3 | · | 0.6 | 0.6 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.6 | |
| Quick Ratio | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| Debt / Equity | 1.0 | 0.9 | · | 0.6 | 0.6 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | |
| LT Debt / Equity | 0.9 | 0.8 | · | 0.5 | 0.6 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.5 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 1.5 | 1.1 | · | 1.2 | 1.3 | 1.2 | · | 1.3 | 1.3 | 1.2 | · | 1.2 | 1.3 | 1.3 | · | 1.4 | |
| Receivables Turnover | 3.7 | 2.8 | · | 2.9 | 2.9 | 2.8 | · | 2.9 | 2.9 | 2.5 | · | 2.8 | 2.9 | 2.5 | · | 2.8 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $19.75B | $16.08B | · | $15.99B | $15.61B | $14.92B | · | $15.09B | $14.98B | $14.41B | · | $14.57B | $14.32B | $13.61B | · | $13.50B | |
| Net Income TTM | $1.62B | $2.00B | · | $2.34B | $2.19B | $2.10B | · | $2.10B | $1.99B | $1.94B | · | $1.67B | $1.37B | $1.45B | · | $1.51B | |
| Market Cap | $44.54B | $35.82B | · | $34.66B | $44.91B | $46.48B | · | $50.84B | $45.28B | $41.58B | · | $44.15B | $43.68B | $49.52B | · | $50.73B | |
| Enterprise Value | $67.84B | $57.81B | · | $48.57B | $58.82B | $58.78B | · | $63.23B | $57.78B | $54.19B | · | $55.47B | $54.98B | $60.89B | · | $61.37B | |
| P/E | 29.0 | 17.9 | · | 14.8 | 20.5 | 22.2 | · | 24.5 | 23.2 | 22.1 | · | 26.5 | 32.2 | 34.6 | · | 33.8 | |
| P/S | 2.3 | 2.2 | · | 2.2 | 2.9 | 3.1 | · | 3.4 | 3.0 | 2.9 | · | 3.0 | 3.1 | 3.6 | · | 3.8 | |
| P/B | 1.8 | 1.4 | · | 1.4 | 1.8 | 1.9 | · | 2.0 | 1.8 | 1.7 | · | 1.7 | 1.7 | 2.0 | · | 2.0 | |
| P / Cash Flow | · | 127.5 | · | · | · | 222.4 | · | · | · | 489.1 | · | · | · | 697.5 | · | · | |
| P / FCF | · | 217.1 | · | · | · | 522.2 | · | · | · | -569.5 | · | · | · | 5502.6 | · | · | |
| EV / EBITDA | 108.0 | 76.5 | · | 48.8 | 65.5 | 73.4 | · | 70.1 | 67.1 | 70.8 | · | 61.9 | 71.5 | 104.3 | · | 155.8 | |
| EV / FCF | · | 350.4 | · | · | · | 660.4 | · | · | · | -742.3 | · | · | · | 6766.0 | · | · | |
| EV / Revenue | 3.4 | 3.6 | · | 3.0 | 3.8 | 3.9 | · | 4.2 | 3.9 | 3.8 | · | 3.8 | 3.8 | 4.5 | · | 4.5 | |
| Earnings Yield | 3.5% | 5.6% | · | 6.7% | 4.9% | 4.5% | · | 4.1% | 4.3% | 4.5% | · | 3.8% | 3.1% | 2.9% | · | 3.0% | |
| Payout Ratio | · | 115.6% | · | · | · | 60.4% | · | · | · | 65.9% | · | · | · | 60.2% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $16.60B | $15.35B | $14.81B | $14.06B | $12.68B |
| Gross Margin % | 54.2% | 55.6% | 54.5% | 52.1% | 55.0% |
| Operating Margin % | 21.5% | 16.9% | 21.6% | 18.5% | 22.8% |
| Net Income | $2.08B | $1.44B | $2.18B | $1.44B | $2.15B |
| Diluted EPS | $1.53 | $1.05 | $1.55 | $1.01 | $1.50 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.5 | 0.6 | 0.4 | 0.5 | 0.5 |
| Current Ratio | 0.6 | 0.5 | 0.4 | 0.5 | 0.5 |
| Quick Ratio | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.50B | $1.66B | $904M | $2.48B | $2.45B |
Latest News Recent headlines mentioning this company
- Keurig Dr Pepper Inc. Bottom Line Drops In Q2
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- Noteworthy ETF Inflows: TCAF, NI, KDP, BDX
- The Legendary Bill Nygren Bought These Value Gems Last Quarter
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 941 filers · $30.6B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 122 (+10 vs prior Q) | 76 (-35 vs prior Q) | 329 (+26 vs prior Q) | 290 (-17 vs prior Q) | +240.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $4,130,284,379 | 147,457,493 | 13.48% | Shares |
| Capital World Investors | $3,886,725,929 | 118,725,548 | 12.69% | Shares |
| FMR LLC | $3,115,641,090 | 95,192,212 | 10.17% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,833,645,703 | 86,576,404 | 9.25% | Shares |
| STATE STREET CORP | $2,113,573,957 | 64,129,461 | 6.90% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,057,097,847 | 62,850,530 | 6.72% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,687,330,901 | 51,553,037 | 5.51% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,110,526,662 | 34,070,184 | 3.63% | Shares |
| Capital International Investors | $744,042,482 | 22,732,737 | 2.43% | Shares |
| CITADEL ADVISORS LLC | $544,094,454 | 16,623,723 | 1.78% | Shares |
| NORGES BANK | $525,090,303 | 16,043,089 | 1.71% | Shares |
| Point72 Asset Management, L.P. | $456,535,681 | 13,948,539 | 1.49% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $304,419,668 | 9,300,937 | 0.99% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $248,104,626 | 7,580,343 | 0.81% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $229,981,446 | 7,026,625 | 0.75% | Shares |
| Ilex Capital Partners (UK) LLP | $162,675,170 | 4,970,216 | 0.53% | Shares |
| GOLDMAN SACHS GROUP INC | $147,354,449 | 4,502,122 | 0.48% | Shares |
| MILLENNIUM MANAGEMENT LLC | $134,350,497 | 4,104,812 | 0.44% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $133,788,883 | 4,087,653 | 0.44% | Shares |
| Freestone Grove Partners LP | $122,636,986 | 3,746,929 | 0.40% | Shares |
| Swiss National Bank | $119,149,343 | 3,640,371 | 0.39% | Shares |
| Legal & General Group Plc | $111,743,363 | 3,414,096 | 0.36% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $111,475,467 | 3,405,911 | 0.36% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $109,315,058 | 3,339,904 | 0.36% | Shares |
| Contrarius Group Holdings Ltd | $106,781,101 | 3,262,484 | 0.35% | Shares |
| Munich Reinsurance Co Stock Corp in Munich | $101,654,961 | 3,105,865 | 0.33% | Shares |
| Balyasny Asset Management L.P. | $97,630,513 | 2,982,906 | 0.32% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $97,293,198 | 2,972,600 | 0.32% | Shares |
| Clearbridge Investments, LLC | $96,798,161 | 2,957,475 | 0.32% | Shares |
| BlackRock, Inc. | $96,583,186 | 2,950,907 | 0.32% | Shares |
| Vanguard Global Advisers, LLC | $96,414,463 | 2,945,752 | 0.31% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $96,118,355 | 2,936,705 | 0.31% | Shares |
| BANK OF AMERICA CORP /DE/ | $89,943,316 | 2,748,039 | 0.29% | Shares |
| BARCLAYS PLC | $89,665,668 | 2,739,556 | 0.29% | Shares |
| National Pension Service | $86,727,987 | 2,649,801 | 0.28% | Shares |
| FIRST TRUST ADVISORS LP | $85,493,462 | 2,612,083 | 0.28% | Shares |
| Bank Julius Baer & Co. Ltd, Zurich | $85,318,462 | 2,594,560 | 0.28% | Shares |
| RHUMBLINE ADVISERS | $79,437,814 | 2,427,068 | 0.26% | Shares |
| ANTIPODES PARTNERS Ltd | $66,344,626 | 2,027,028 | 0.22% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $65,616,057 | 2,004,768 | 0.21% | Shares |
| River Road Asset Management, LLC | $65,247,910 | 1,993,520 | 0.21% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $61,939,398 | 1,892,435 | 0.20% | Shares |
| Capital International, Inc./CA/ | $61,676,347 | 1,884,398 | 0.20% | Shares |
| Cubist Systematic Strategies, LLC | $60,361,889 | 2,366,205 | 0.20% | Shares |
| Perpetual Ltd | $58,668,230 | 1,792,491 | 0.19% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $57,848,616 | 2,197,061 | 0.19% | Shares |
| Cullen Capital Management, LLC | $55,661,321 | 1,700,621 | 0.18% | Shares |
| California Public Employees Retirement System | $54,825,368 | 1,675,080 | 0.18% | Shares |
| TD Asset Management Inc | $54,209,684 | 1,656,269 | 0.18% | Shares |
| Boston Partners | $53,747,960 | 1,642,162 | 0.18% | Shares |
| HARRIS ASSOCIATES L P | $52,531,519 | 1,604,996 | 0.17% | Shares |
| PRIVATE MANAGEMENT GROUP INC | $49,983,096 | 1,527,134 | 0.16% | Shares |
| ProShare Advisors LLC | $48,240,453 | 1,473,891 | 0.16% | Shares |
| ANCHOR CAPITAL ADVISORS LLC | $48,035,623 | 1,467,633 | 0.16% | Shares |
| MEAG MUNICH ERGO, Kapitalanlagegesellschaft mbH | $45,456,343 | 1,374,965 | 0.15% | Shares |
| Public Sector Pension Investment Board | $45,106,391 | 1,378,136 | 0.15% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $45,054,235 | 1,377,206 | 0.15% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $44,671,029 | 1,337,456 | 0.15% | Shares |
| MANGROVE PARTNERS IM, LLC | $44,666,042 | 1,364,682 | 0.15% | Shares |
| PFA Pension, Forsikringsaktieselskab | $44,512,622 | 1,359,995 | 0.15% | Shares |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | $44,493,587 | 1,359,413 | 0.15% | Shares |
| HSBC HOLDINGS PLC | $42,722,471 | 1,283,921 | 0.14% | Shares |
| RWC Asset Management LLP | $40,886,251 | 1,249,198 | 0.13% | Shares |
| Susquehanna Portfolio Strategies, LLC | $40,847,727 | 1,248,021 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $40,433,691 | 1,535,651 | 0.13% | Shares |
| ROYAL BANK OF CANADA | $39,953,000 | 1,220,680 | 0.13% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $38,905,627 | 1,188,684 | 0.13% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $38,097,064 | 1,163,980 | 0.12% | Shares |
| WOODLEY FARRA MANION PORTFOLIO MANAGEMENT INC | $37,618,915 | 1,149,371 | 0.12% | Shares |
| AVIVA PLC | $36,987,649 | 1,130,084 | 0.12% | Shares |
| SEI INVESTMENTS CO | $36,805,610 | 1,124,522 | 0.12% | Shares |
| MACKENZIE FINANCIAL CORP | $36,443,840 | 1,113,469 | 0.12% | Shares |
| Swedbank AB | $36,129,731 | 1,103,872 | 0.12% | Shares |
| LONE PEAK GLOBAL INVESTORS LLC | $35,944,217 | 1,098,204 | 0.12% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $35,576,495 | 1,086,969 | 0.12% | Shares |
| D. E. Shaw & Co., Inc. | $35,003,720 | 1,069,469 | 0.11% | Shares |
| NEOS Investment Management LLC | $33,972,594 | 1,037,965 | 0.11% | Shares |
| RAYMOND JAMES FINANCIAL INC | $33,622,620 | 1,027,272 | 0.11% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $33,068,526 | 1,010,343 | 0.11% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $32,542,523 | 994,272 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $32,140,860 | 982,000 | 0.10% | Call option |
| APG Asset Management N.V. | $31,636,194 | 1,105,092 | 0.10% | Shares |
| Night Squared LP | $29,814,182 | 910,913 | 0.10% | Shares |
| UBS Group AG | $28,814,216 | 880,361 | 0.09% | Shares |
| STRS OHIO | $28,424,434 | 868,452 | 0.09% | Shares |
| ADVISORY RESEARCH INC | $28,402,145 | 867,771 | 0.09% | Shares |
| Quantinno Capital Management LP | $27,553,689 | 841,848 | 0.09% | Shares |
| Eurizon Capital SGR S.p.A. | $27,228,076 | 831,673 | 0.09% | Shares |
| Brandywine Global Investment Management, LLC | $26,214,755 | 935,907 | 0.09% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $26,182,691 | 799,960 | 0.09% | Shares |
| Coho Partners, Ltd. | $25,763,280 | 1,009,929 | 0.08% | Shares |
| OFI INVEST ASSET MANAGEMENT | $24,877,376 | 868,998 | 0.08% | Shares |
| TCW GROUP INC | $24,489,240 | 748,220 | 0.08% | Shares |
| PRUDENTIAL PLC | $23,214,800 | 709,282 | 0.08% | Shares |
| Pictet Asset Management Holding SA | $22,905,894 | 699,844 | 0.07% | Shares |
| BANK OF MONTREAL /CAN/ | $22,776,185 | 695,881 | 0.07% | Shares |
| CLOUGH CAPITAL PARTNERS L P | $21,945,072 | 670,488 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $21,910,346 | 669,427 | 0.07% | Shares |
| Tredje AP-fonden | $21,778,215 | 665,390 | 0.07% | Shares |
| MARSHALL WACE, LLP | $21,765,581 | 665,004 | 0.07% | Shares |
Company insiders 66 insiders · 32 officers · 32 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Robert James Gamgort | CEO & Executive Chairman | July 3, 2023 M | 2,711,490 | 0 | 0 | $0 |
| Ozan Dokmecioglu | President & CEO | Sept. 15, 2022 M | 1,985,607 | 0 | 0 | $0 |
| Philip L Hancock | CEO, Bai Brands | July 9, 2018 M | 125,899 | 0 | 0 | $0 |
| Priyadarshi Sudhanshu | Chief Financial Officer | May 4, 2023 P | 100,074 | 0 | 0 | $0 |
| Martin M Ellen | Executive Vice President & CFO | July 9, 2018 M | 164,067 | 0 | 0 | $0 |
| John O. Stewart | Executive Vice President & CFO | May 21, 2010 J | 19,363 | 0 | 0 | $0 |
| Matthew Andrew Archambault | President, Commercial | Sept. 13, 2023 M | 16,800 | 0 | 0 | $0 |
| Mauricio Leyva Arboleda | Group President | March 13, 2023 M | 320,511 | 0 | 0 | $0 |
| Herbert Derek Hopkins | President, Cold Beverages | Sept. 15, 2022 M | 202,980 | 0 | 0 | $0 |
| Brian Andrew Loucks | President Keurig Appliances | March 12, 2020 A | 136,267 | 0 | 0 | $0 |
| Pedro Herran Gacha | President, Mexico & Carribean | Sept. 4, 2009 J | 34,344 | 0 | 0 | $0 |
| Roger Frederick Johnson | Chief Supply Chain Officer | Sept. 15, 2023 M | 109,027 | 0 | 0 | $0 |
| Anthony Shoemaker | Chief Legal Officer | Sept. 15, 2023 M | 85,349 | 0 | 0 | $0 |
| Angela A. Stephens | Senior VP & Controller | Sept. 13, 2023 M | 77,596 | 0 | 0 | $0 |
| Karin Rotem-Wildeman | Chief R&D Officer | Aug. 3, 2023 P | 62,398 | 0 | 0 | $0 |
| Maria A. Sceppaguercio-Gever | Chief Corp. Affairs Officer | May 8, 2023 S | 141,555 | 0 | 0 | $0 |
| Mary Beth Denooyer | Chief Human Resources Officer | March 13, 2023 M | 118,663 | 0 | 0 | $0 |
| Justin Whitmore | Chief Strategy Officer | March 3, 2023 M | 111,388 | 0 | 0 | $0 |
| Maurice Anthony Milikin | Chief Supply Chain Officer | Sept. 12, 2022 P | 142,776 | 0 | 0 | $0 |
| Fernando Cortes | Chief Supply Chain Officer | May 26, 2021 A | 130,451 | 0 | 0 | $0 |
| James L. Baldwin JR | Chief Legal Officer | March 3, 2021 A | 167,097 | 0 | 0 | $0 |
| James R. Trebilcock | Chief Concentrate Officer | March 12, 2020 A | 130,435 | 0 | 0 | $0 |
| Margaret Newman | Chief Human Resources Officer | March 4, 2019 A | 162,337 | 0 | 0 | $0 |
| Jaxie S Inc. Alt | Executive Vice President | July 9, 2018 M | 31,971 | 0 | 0 | $0 |
| David Thomas | Executive Vice President | July 9, 2018 M | 96,913 | 0 | 0 | $0 |
| James J. Johnston JR | Executive Vice President | July 9, 2018 M | 180,518 | 0 | 0 | $0 |
| Rodger L. Collins | Executive Vice President | July 9, 2018 M | 282,955 | 0 | 0 | $0 |
| Derry L. Hobson | Executive Vice President | July 9, 2018 M | 71,348 | 0 | 0 | $0 |
| Tina Barry | Executive Vice President | Sept. 4, 2013 J | 19,215 | 0 | 0 | $0 |
| Lawrence N. Solomon | Executive Vice President | March 5, 2012 J | 11,129 | 0 | 0 | $0 |
| Jolene L. Varney | Senior Vice President | Feb. 27, 2009 J | 12,816 | 0 | 0 | $0 |
| Randall E. Gier | Executive Vice President | Sept. 29, 2008 J | 8,794 | 0 | 0 | $0 |
| Pamela H Patsley | Director | March 4, 2026 A | 44,992 | 0 | 0 | $0 |
| Olivier Goudet | Director | March 5, 2024 P | 3,694,622 | 0 | 0 | $0 |
| Peter Harf | Director | March 5, 2024 P | 182,605 | 0 | 0 | $0 |
| Paul S. Michaels | Director | Sept. 13, 2023 M | 6,631 | 0 | 0 | $0 |
| Larry D Young | Director | Sept. 13, 2023 M | 619,117 | 0 | 0 | $0 |
| Oray Boston | Director | March 1, 2023 A | — | 0 | 0 | $0 |
| Michael Andrew Call | Director | March 1, 2023 A | — | 0 | 0 | $0 |
| Rochet Lubomira | Director | March 1, 2023 A | — | 0 | 0 | $0 |
| Juliette Hickman | Director | March 1, 2023 A | — | 0 | 0 | $0 |
| Debra A. Sandler | Director | March 1, 2023 A | — | 0 | 0 | $0 |
| Mondelez International, Inc. | Director | March 1, 2023 A | 7,015 | 0 | 0 | $0 |
| Justine Tan | Director | March 2, 2022 A | — | 0 | 0 | $0 |
| Nelson Urdaneta | Director | March 2, 2022 A | — | 0 | 0 | $0 |
| Genevieve Hovde | Director | March 3, 2021 A | — | 0 | 0 | $0 |
| Dirk Van De Put | Director | March 3, 2021 A | — | 0 | 0 | $0 |
| Gerhard W. Pleuhs | Director | March 3, 2021 A | — | 0 | 0 | $0 |
| Anna-Lena Kamenetzky | Director | March 12, 2020 A | — | 0 | 0 | $0 |
| Lambertus J.H. Becht | Director | Jan. 12, 2019 M | 4,122 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| JAB BevCo B.V., Acorn Holdings B.V., JAB Coffee & Beverages Holdings 2 B.V., JAB Coffee & Beverages Holdings B.V., JAB Coffee & Beverages B.V., JAB Forest B.V., JAB Holdings B.V., JAB Investments S.a r.l., JAB Holding Co s.a r.l., Joh. A. Benckiser s.a.r.l., Agnaten SE, Lucresca SE ×9 filings | May 5, 2025 | 4.40% | Amendment | Capital structure | SEC |
| Mondelẽz International, Inc., Mondelẽz International Holdings LLC | March 2, 2023 | — | Initial filing | — | SEC |
| BDT Capital Partners, LLC (2), BDT Oak Acquisition Vehicle, L.P. (2), BDTCP GP I, LLC (2), BDTP GP, LLC (2), Byron D. Trott (2) | Sept. 3, 2021 | — | Initial filing | — | SEC |
| Mondelēz International, Inc., Mondelēz International Holdings LLC ×7 filings | Aug. 4, 2021 | — | Initial filing | — | SEC |
| Maple Holdings B.V., Acorn Holdings B.V., Acorn Top Holding B.V., JAB Forest B.V., JAB Holdings B.V., JAB Investments S.à r.l., JAB Holding Company S.à r.l., Joh. A. Benckiser B.V., Agnaten SE, Lucresca SE ×9 filings | Nov. 19, 2020 | — | Initial filing | — | SEC |
| BDT Oak Acquisition, B.V. (2), BDT Oak Acquisition Vehicle, L.P. (2), BDTCP GP I, LLC (2), BDT Capital Partners, LLC (2), BDTP GP, LLC (2), Byron D. Trott (2) ×2 filings | Sept. 9, 2020 | — | Initial filing | — | SEC |
| Nelson Peltz, Peter W. May, Edward P. Garden, Trian Fund Management, L.P. S.S. OR, Trian Fund Management GP, LLC S.S. OR, Trian Partners General Partner, LLC S.S. OR, Trian Partners GP, L.P. S.S. OR, Trian Partners, L.P. S.S. OR, Trian Partners Master Fund, L.P. S.S. OR, Trian Partners Parallel Fund I General Partner, LLC S.S. OR, Trian Partners Parallel Fund I, L.P. S.S. OR, Trian SPV (SUB) II, L.P. S.S. OR, Trian SPV (SUB) IV, L.P. S.S. OR ×3 filings | Jan. 13, 2010 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 201 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| LBAY · Tidal Trust I | 4.66% | 27,330 NS | May 31, 2026 | N-PORT |
| FXG · First Trust Exchange-Traded AlphaDE… | 2.74% | 227,404 NS | April 30, 2026 | N-PORT |
| RSPS · Invesco Exchange-Traded Fund Trust | 2.73% | 224,574 SH | Aug. 8, 2026 | Daily |
| SAWG · ETF Series Solutions | 2.43% | 2,080 NS | April 30, 2026 | N-PORT |
| IYK · iShares Trust | 1.79% | 839,705 SH | Aug. 8, 2026 | Daily |
| LQAI · Exchange Listed Funds Trust | 1.63% | 1,171 NS | April 30, 2026 | N-PORT |
| FBCV · FIDELITY COVINGTON TRUST | 1.61% | 87,332 NS | April 30, 2026 | N-PORT |
| VDC · VANGUARD WORLD FUND | 1.54% | 4,331,408 SH | Aug. 8, 2026 | Daily |
| UGE · ProShares Trust | 1.49% | 5,789 NS | May 31, 2026 | N-PORT |
| FSTA · FIDELITY COVINGTON TRUST | 1.32% | 647,073 NS | April 30, 2026 | N-PORT |
| PSL · Invesco Exchange-Traded Fund Trust | 1.32% | 37,104 SH | Aug. 8, 2026 | Daily |
| GXPS · Global X Funds | 1.29% | 25,810 NS | May 31, 2026 | N-PORT |
| QFLR · Innovator ETFs Trust | 1.24% | 213,580 NS | April 30, 2026 | N-PORT |
| KXI · iShares Trust | 1.08% | 378,571 SH | Aug. 8, 2026 | Daily |
| FFLV · FIDELITY COVINGTON TRUST | 1.00% | 5,905 NS | April 30, 2026 | N-PORT |
| QQQE · Direxion Shares ETF Trust | 1.00% | 411,742 NS | April 30, 2026 | N-PORT |
| ABCS · EA Series Trust | 0.95% | 3,574 NS | May 29, 2026 | N-PORT |
| QUVU · Hartford Funds Exchange-Traded Trust | 0.85% | 50,049 NS | April 30, 2026 | N-PORT |
| FFLC · FIDELITY COVINGTON TRUST | 0.84% | 324,007 NS | April 30, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.78% | 343,905 NS | April 30, 2026 | N-PORT |
| QNXT · iShares Trust | 0.77% | 7,116 SH | Aug. 8, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 0.73% | 8,302,832 SH | Aug. 8, 2026 | Daily |
| TEXN · iShares Trust | 0.68% | 3,742 SH | Aug. 8, 2026 | Daily |
| VRIG · Invesco Actively Managed Exchange-T… | 0.60% | 11,000,000 | Aug. 8, 2026 | Daily |
| IMCV · iShares Trust | 0.57% | 215,929 SH | Aug. 8, 2026 | Daily |
| HDV · iShares Trust | 0.55% | 2,679,287 SH | Aug. 8, 2026 | Daily |
| USMV · iShares Trust | 0.54% | 4,297,759 SH | Aug. 8, 2026 | Daily |
| NULV · Nushares ETF Trust | 0.51% | 362,910 NS | April 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.46% | 29,082 NS | May 31, 2026 | N-PORT |
| GSY · Invesco Actively Managed Exchange-T… | 0.44% | 17,000,000 | Aug. 8, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.41% | 12,052,000 | Aug. 8, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.41% | 28,011,447 SH | Aug. 8, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.38% | 18,140 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.38% | 1,955,235 SH | Aug. 8, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.37% | 186,630 NS | April 30, 2026 | N-PORT |
| RPV · Invesco Exchange-Traded Fund Trust | 0.36% | 206,342 SH | Aug. 8, 2026 | Daily |
| GMOV · GMO ETF Trust | 0.33% | 9,892 NS | May 31, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.32% | 9,040,500 | Aug. 8, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.30% | 41,001 NS | May 31, 2026 | N-PORT |
| ACWV · iShares, Inc. | 0.29% | 325,470 SH | Aug. 8, 2026 | Daily |
| FEUS · FlexShares Trust | 0.29% | 10,944 NS | April 30, 2026 | N-PORT |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 395,553 NS | April 30, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.28% | 974 NS | May 31, 2026 | N-PORT |
| CGGE · Capital Group Global Equity ETF | 0.28% | 264,545 NS | May 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.28% | 5,276,104 SH | Aug. 8, 2026 | Daily |
| IMCB · iShares Trust | 0.28% | 155,324 SH | Aug. 8, 2026 | Daily |
| VLUE · iShares Trust | 0.27% | 829,454 SH | Aug. 8, 2026 | Daily |
| DGRO · iShares Trust | 0.26% | 3,728,593 SH | Aug. 8, 2026 | Daily |
| XOEF · iShares Trust | 0.23% | 1,715 SH | Aug. 8, 2026 | Daily |
| QCLR · Global X Funds | 0.21% | 282 NS | April 30, 2026 | N-PORT |