10-K 0001418135-26-000016 (2026-02-24) vs 10-K 0001418135-25-000013 (2025-02-25)
| Section | Compared text | Words now | Changed |
| Risk Factors | Item 1A | 15,090 |
29.1% |
| MD&A | Item 7 | 5,781 |
21.6% |
| Legal Proceedings | Item 3, via Note 18 – Commitments and Contingencies | 938 |
10.2% |
| Accounting Policies | Item 8, Note 2 – Significant Accounting Policies | 6,300 |
11.4% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 100 words changed in this paragraph; it is 36% similar to last year's version.
Income from Operations. Income from operations decreased $605 million, or 24.4%, 10.8% to $1,878 $962 million for the year ended December 31, 2024 compared to $2,483 million for the prior year period. This decrease was primarily 2025, driven by the non-cash goodwill and intangible impairment charges (29 percentage points) and the accrued termination fee associated with ABI (9 percentage points). Other drivers include the benefit to gross profit of net sales growth (13 percentage points), a net benefit from changes unfavorable change in ingredients, materials, and productivity (3 percentage points), and earned equity from the achievement productivity, inclusive of milestones associated with certain distribution agreements (3 tariffs (22 percentage points), partially offset by increased transportation and warehousing expenses (3 the benefit of net sales growth (11 percentage points).
Source: Item 7, 10-K 0001418135-26-000016 vs Item 7, 10-K 0001418135-25-000013
Risk Factors 92 words changed in this paragraph; it is 68% similar to last year's version.
Consumers’ Consumers' preferences continually evolve due to a variety of factors, including changing demographics of the population, social trends, changes in consumer lifestyles and consumption patterns, including from the use of weight loss drugs, concerns or perceptions regarding the health effects or environmental impact of our products or packaging, concerns regarding the location of origin or source of ingredients and products, changes in consumers' spending habits, negative publicity, economic downturn, or other factors. If we do not effectively anticipate and respond to changing trends and consumer beverage preferences, including through innovation and renovation, our sales and growth could suffer. Addressing changes in consumer preferences may require successful development, introduction, and marketing of new products and line extensions. There are inherent risks associated with new product or packaging innovation, including uncertainties about trade and consumer acceptance or potential impacts on our existing product offerings. Successful innovation may depend on our ability to obtain, protect, and maintain necessary intellectual property rights and to avoid infringing upon the intellectual property rights of others. Failure to innovate successfully could compromise our competitive position and impact our product sales, financial condition, and operating results.
Source: Item 1A, 10-K 0001418135-26-000016 vs Item 1A, 10-K 0001418135-25-000013
Accounting Policies 85 words changed in this paragraph; it is 50% similar to last year's version.
Investments without with readily determinable fair values for which we do not have the ability to exercise significant influence are accounted for measured at cost fair value. Fair values of these equity securities are determined using quoted market prices from daily exchange traded markets, based on the closing price as of the balance sheet date, and are classified as Level 1 and reported in Other non-current assets in the Consolidated Balance Sheets. Any Unrealized mark-to-market gains or and losses resulting from the sales of these investments are recorded in to Other operating expense (income), net. The following table presents the amount of unrealized mark-to-market losses (gains), net, on our Vita Coco investment recognized in the Consolidated Statements of Income. Income related to these securities during the periods presented:
Source: Item 8, Note 2 – Significant Accounting Policies, 10-K 0001418135-26-000016 vs Item 8, Note 2 – Significant Accounting Policies, 10-K 0001418135-25-000013
Legal Proceedings 74 words changed in this paragraph; it is 58% similar to last year's version.
Discovery in all remaining matters pending in the Multidistrict Antitrust Litigation is concluded, with the plaintiffs (which no longer include the purported direct purchaser class) collectively claiming more than $5 approximately $1.5 billion of monetary damages. Keurig strongly disputes the merits of the claims and the calculation of damages. In 2021, the parties filed motions challenging the validity of certain of the other parties’ proposed expert opinions. In January 2025, the court issued a ruling on these motions, granting challenges to certain expert testimony—including Keurig’s challenge to JBR, Inc.’s damages expert—but largely denying the parties’ motions. Keurig has also fully briefed summary judgment motions that, if successful, would end the cases entirely. Keurig is also pursuing its opposition to direct purchaser plaintiffs’ motion for class certification.
Source: Item 3, via Note 18 – Commitments and Contingencies, 10-K 0001418135-26-000016 vs Item 3, via Note 18 – Commitments and Contingencies, 10-K 0001418135-25-000013
Every change, by type
Sentences and paragraphs of KDP's Risk Factors and MD&A, 10-K 2026-02-24 against 10-K 2025-02-25.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
In addition to the other information set forth in this Annual Report, the following factors should be considered, which could materially affect our business, financial condition, and results of operations. The risks described below are not the only risks we face. Risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse affect on our business, financial condition, or results of operations.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•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.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•The market price of our common stock may decline as a result the JDE Peet's Acquisition.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•We will incur significant direct and indirect costs as a result of the JDE Peet's Acquisition.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•The JDE Peet's Acquisition will expose us to inherent risks in JDE Peet's' business and those geographies where JDE Peet's currently operates, which could adversely affect our business.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•If our due diligence investigation of JDE Peet's was inadequate or if unexpected risks related to JDE Peet's and its business materialize, it could have a material adverse effect on our business.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•We may not successfully integrate JDE Peet's into our business, or such integration may be more difficult, time-consuming, or costly than expected, which could adversely affect our business.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•We will be subject to business uncertainties related to the JDE Peet's Acquisition.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•We will incur and assume significant debt as a result of the JDE Peet's Acquisition, which could adversely affect our financial performance.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•In connection with the JDE Peet's Acquisition, we expect to consummate the JV Investment, which could restrict our operational and corporate flexibility, impact our cash resources, and/or depress the market price of our common stock.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•The issuance of Convertible Preferred Stock in connection with the JDE Peet's Acquisition may adversely affect the rights and market price of our common stock as well as our capital resources.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•We may issue additional equity securities in the future to raise proceeds to fund the JDE Peet's Acquisition, which may result in further dilution to our existing shareholders.
Read it in 10-K 2026-02-24 at sec.gov ↗
RemovedRisk Factors
Substantial disruption at our manufacturing and distribution facilities could occur.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
A disruption at our manufacturing and distribution facilities could have a material adverse effect on our business, as could a disruption at the facilities of our bottlers, contract manufacturers or distributors. Disruptions could occur for many reasons, including fire, natural disasters, weather, water scarcity, manufacturing problems, disease, widespread illness, strikes, labor shortages, transportation or supply interruption, contractual dispute, government regulation, cybersecurity attacks or terrorism. Moreover, if demand increases beyond our production capabilities, we would need to expand our capabilities internally or acquire additional capacity. Alternative facilities with sufficient capacity or capabilities may not be available, may cost substantially more than existing facilities or may take a significant time to start production, each of which could negatively affect our business and financial performance.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
We cannot guarantee that our share repurchase program will be fully consummated or that our share repurchase program will enhance long-term stockholder value.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
In October 2021, our Board authorized KDP to repurchase up to $4 billion of our outstanding common stock over a four-year period, beginning on January 1, 2022, potentially enabling us to return value to shareholders. Our repurchase program does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares. Under the terms of our share repurchase program, shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means (including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act) in accordance with federal securities laws. We may fund our share repurchases through cash flow from operations, borrowings, a combination of the two, or other sources of liquidity. The actual manner, timing, amount, value and counterparties of any repurchases under the program will be determined at our discretion and will depend on a number of factors, including the market price of our common stock, trading volume, other capital management objectives and opportunities, applicable legal requirements, applicable tax effects, and general market and economic conditions.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
We cannot guarantee that we will repurchase shares (or the terms or amount of any such repurchase) or conduct future share repurchase programs, and we cannot guarantee that any such programs will result in long-term increases to shareholder value. The existence of our stock repurchase program could also cause the price of our common stock to be higher than it would be in the absence of such a program and could potentially reduce the market liquidity for our common stock. Additionally, significant changes in laws or regulations may reduce our ability or inclination to take advantage of our share repurchase program.
Read it in 10-K 2025-02-25 at sec.gov ↗
RewordedRisk Factors
Volatility in coffee prices can impact our ability to enter into fixed-price purchase commitments, and we We frequently enter into “price-to-be-fixed” "price-to-be-fixed" supply contracts in which the with defined quality, quantity, delivery period, delivery, and other negotiated terms are agreed upon, terms, but the date, and therefore price, at which the base coffee commodity price component will be fixed has not yet been established.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
As of December 31, 2024, 2025, we had $53,430 million $55 billion of total assets, of which $20,053 million approximately $20 billion were goodwill and $23,634 million approximately $24 billion were other intangible assets.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
We also assess our equity method investments as and when required by GAAP to determine whether they are impaired and, if they are, we record appropriate impairment charges. U.S.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
A failure or perceived failure to meet our quality, health, or safety standards, particularly as we expand our product offerings through innovation, partnerships partnerships, or acquisitions into new beverage categories, including product contamination or tampering, undeclared allergens allergens, or allegations of mislabeling, whether actual or perceived, could occur has occurred, and may in the future occur, in our operations or those of our bottlers, manufacturers, distributors distributors, or suppliers.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
We have ongoing programs to invest and upgrade our manufacturing, distribution distribution, and other facilities, including expansive investments in our manufacturing facility in Spartanburg, South Carolina. facilities.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Failure to attract, retain, develop develop, and motivate a highly skilled and diverse workforce, or failure to effectively manage changes in our workforce such as labor shortages, employee turnover and increases in wages, workforce, could significantly impact our operations.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Our financial results may be negatively impacted by recession, financial unfavorable economic and credit market disruptions and other political, social or economic geopolitical conditions.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Our users’ users' data and customer information may be improperly accessed, used used, or disclosed if we fail to adopt or adhere to adequate information security practices, or fail to comply with their respective online policies, or in the event of a breach of our networks, which could subject us to legal action, reputational harm, or otherwise negatively impact our business and financial performance.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Determinations in the future that a significant An impairment of the value of our goodwill and other indefinite-lived indefinite lived intangible assets has occurred could have a material adverse effect on our financial statements.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
We also assess our equity method investments as and when required by GAAP to determine whether they are impaired and, if they are, we record appropriate impairment charges.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Additional acquisition risks which could adversely affect our financial results include the diversion of management attention from our existing business, potential loss of key employees, suppliers, or customers from the acquired business, assumption of unforeseen risks and liabilities, and greater than anticipated operating costs of the acquired business. business, among others.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Disruption of our manufacturing and distribution operations or supply chain, including increased commodity, raw material, packaging, energy, transportation, and other input costs costs, may adversely affect our financial condition or results of operations.
Read it in 10-K 2026-02-24 at sec.gov ↗
Quiet changesRisk Factors
The length of our payment terms has been reduced in recent periods and will may continue to be reduced, including as a result of a supplier being replaced, renegotiation of a supplier’s supplier's contract during the procurement process, through efforts to increase the overall pool of potential suppliers for selection, or in order to receive favorable pricing or other terms during commercial negotiations.
Read it in 10-K 2026-02-24 at sec.gov ↗
Quiet changesRisk Factors
We do not currently have no operations in Russia, Ukraine, or the Middle East, but due to the impact of the ongoing conflicts in those regions on the global economy, we have experienced and may continue to experience supply chain constraints; inflation in input costs, logistics, manufacturing, and labor costs; volatility in fuel and commodity prices and fluctuations in foreign exchange rates and interest rates, any of which could adversely impact our results of operations.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
Percentage Change Volume / mix(1) 4.8% Net price realization 3.8% FX (0.4)% Total 8.2%
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
(1)The acquisition of GHOST contributed 3.8 percentage points to our consolidated volume / mix growth for the year ended December 31, 2025.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
LRB K-Cup Pods Appliances U.S. Refreshment Beverages 0.7% —% —% U.S. Coffee NM (4.8)% (19.9)% International 2.3% 2.0% (1.7)%
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
(1)The acquisition of GHOST contributed 6.2 percentage points to our volume / mix growth in U.S. Refreshment Beverages for the year ended December 31, 2025.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
Appliance volume decreased 19.9%, reflecting price elasticity impacts, category softness, and continued retailer inventory management. K-Cup pod volume decreased 4.8%, reflecting price elasticity impacts.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
LRB sales volume increased 2.3%. Appliance volumes decreased 1.7%, and K-Cup pod volumes increased 2.0%.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
As a result of our announcement of the JDE Peet's Acquisition and the corresponding financing arrangements anticipated for the transaction, Moody's and S&P have revised their outlook on our credit ratings. On August 25, 2025, Moody's placed KDP ratings under review for downgrade, and S&P has placed KDP on CreditWatch Negative.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
We entered into various transactions in order to finance the JDE Peet's Acquisition, including the Bridge Credit Agreement and Delayed Draw Term Loan Agreement. Refer to Note 5 of the Notes to our Consolidated Financial Statements for additional information on these borrowing arrangements. We additionally entered into the JV Transaction Agreement, under which the JV Investors will make a minority investment into the Pod Manufacturing JV for an aggregate purchase price of $4 billion. We also entered into the Preferred Investment Agreement, under which we will issue and sell 4.5 million shares of Convertible Preferred Stock for an aggregate purchase price of $4.5 billion. These transactions are expected to be completed substantially concurrently with the closing of the JDE Peet's Acquisition. Refer to Note 3 and Note 22 of the Notes to our Consolidated Financial Statements for additional information. We may issue additional debt securities and pursue other financing options, as warranted.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
•Financing and other funding arrangements entered into in connection to the JDE Peet's Acquisition;
Read it in 10-K 2026-02-24 at sec.gov ↗
RemovedMD&A
KDP operates as an integrated brand owner, manufacturer, and distributor. We believe our integrated business model strengthens our route-to-market and provides opportunities for net sales and profit growth through the alignment of the economic interests of our brand ownership and our manufacturing and distribution businesses through both our DSD system and our WD system. We market and sell our products to retailers, including supermarkets, mass merchandisers, club stores, pure-play e-commerce retailers, and office superstores; to restaurants, hotel chains, office product and coffee distributors, and partner brand owners; and directly to consumers through our website. Our integrated business model enables us to be more flexible and responsive to the changing needs of our large retail customers and allows us to more fully leverage our scale and reduce costs by creating greater geographic manufacturing and distribution coverage.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
On October 23, 2024, we entered into a definitive agreement with GHOST, and certain other parties named therein, to acquire a controlling interest in GHOST. Founded in 2016, GHOST is a lifestyle sports nutrition business with a portfolio anchored by GHOST Energy, a leading ready-to-drink energy brand.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
Under the terms of the agreement, we initially purchased a 60% stake in GHOST for aggregate consideration of approximately $1 billion on December 31, 2024. We also entered into an agreement requiring us to purchase the remaining equity interests in GHOST in 2028. The initial payment was funded primarily by proceeds drawn from the Term Loan Agreement. We also executed an agreement with GHOST and ABI which transfers the distribution rights for GHOST products from ABI to us, effective March 3, 2025, for a termination payment to ABI of $225 million which will be paid during the first quarter of 2025. Refer to Note 4 of the Notes to our Consolidated Financial Statements for additional information.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
On January 31, 2025, we repaid the amount outstanding under the Term Loan Agreement using proceeds from commercial paper.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
We eliminate from our financial results all intercompany transactions between entities included in our consolidated financial statements and the intercompany transactions with our equity method investees.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
For the Year Ended December 31, Dollar Percentage (in millions, except per share amounts) 2024 2023 Change Change Net sales $ 15,351 $ 14,814 $ 537 3.6% Cost of sales 6,822 6,734 88 1.3 Gross profit 8,529 8,080 449 5.6 Selling, general, and administrative expenses 5,013 4,912 101 2.1 Impairment of goodwill 306 — 306 NM Impairment of other intangible assets 412 2 410 NM Other operating expense (income), net 207 (26) 233 NM Income from operations 2,591 3,192 (601) (18.8) Interest expense, net 735 496 239 48.2 Impairment of investments and note receivable 2 — 2 NM Other (income) expense, net (60) (61) 1 NM Income before provision for income taxes 1,914 2,757 (843) (30.6) Provision for income taxes 473 576 (103) (17.9) Net income $ 1,441 $ 2,181 $ (740) (33.9)% Earnings per common share: Basic $ 1.06 $ 1.56 $ (0.50) (32.1)% Diluted 1.05 1.55 (0.50) (32.3)% Gross margin 55.6 % 54.5 % 110 bps Operating margin 16.9 % 21.5 % (460) bps Effective tax rate 24.7 % 20.9 % 380 bps
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
Sales Volume. The following table provides the change in sales volume compared to the prior year:
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
The following table provides selected information about our U.S. Refreshment Beverages segment’s results:
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
The following table provides selected information about our U.S. Coffee segment’s results:
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
Sales Volume. K-Cup pod volume was flat for the year ended December 31, 2024 compared to the prior year period. Appliance volume increased 7.3% in the year ended December 31, 2024, driven by Keurig market share momentum and improving coffeemaker category trends.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
The following table provides selected information about our International segment’s results:
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
Sales Volume. The following table provides the percentage change in sales volumes for the International segment compared to the prior year period:
Read it in 10-K 2025-02-25 at sec.gov ↗
RewordedMD&A
Income from operations decreased $601 increased $984 million, or 18.8%, 38.0%, to $2,591 $3,575 million for the year ended December 31, 2024 2025 compared to $3,192 $2,591 million in the prior year, as our increase in gross profit (14 percentage points) was more than offset driven by the impacts favorable comparison of our non-cash impairment charges for goodwill and other intangible assets (22 percentage points) compared to the prior year, increased gross profit, and the accrued favorable comparison to the termination fee associated with ABI (7 percentage points). incurred in the prior year.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
SG&A expenses increased $101 $338 million, or 2.1%, 6.7%, to $5,013 $5,351 million for the year ended December 31, 2024 2025 compared to $4,912 $5,013 million in the prior year, led primarily driven by increases in increased transportation and warehousing expenses (2 (4 percentage points) and people costs (1 percentage point), partially offset by reduced points), costs associated with productivity projects (1 the JDE Peet's Acquisition and Separation (2 percentage point). points), and higher labor costs (2 percentage points).
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Disruptions in financial and credit markets, including those caused by inflation, global economic uncertainty and or economic downturns, fluctuations in interest rates, or the imposition of new tariffs or changes to existing tariffs, trade wars, barriers or restrictions, or threats of such actions, and related uncertainty, may impact our ability to manage normal commercial relationships with our customers, suppliers, and creditors. creditors, and may also impact our ability to access liquidity through financial markets in a timely and cost-effective manner.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
This performance primarily reflected the gross profit impact of net sales growth (3 (9 percentage points), a partially offset by the net benefit unfavorable impact from changes in ingredients, materials, and productivity (2 productivity, inclusive of tariffs (4 percentage points), and earned equity from the achievement of milestones associated with certain distribution agreements (1 percentage point), partially offset by net increases in other manufacturing costs (1 percentage point). points).
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
The effective tax rate increased 380 decreased 210 bps to 24.7% 22.6% for the year ended December 31, 2024, 2025, compared to 20.9% 24.7% in the prior year, primarily driven by the favorable comparison of the tax impact of our non-cash goodwill impairment charge (270 bps) and the unfavorable comparison to in the prior year tax benefit received from a non-cash adjustment (100 (230 bps).
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Net sales decreased 2.6% increased 0.6% to $3,967 $3,990 million for the year ended December 31, 2024 compared to $4,071 million in the prior year period, 2025, driven by unfavorable higher net price realization of 3.6%, realization, partially offset by volume/mix growth of 1.0%. unfavorable volume / mix.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Net sales increased 6.8% 5.9% to $2,053 $2,174 million in the year ended December 31, 2024, compared to $1,922 million in the prior year period, 2025, reflecting volume/mix growth of 6.2% and higher net price realization of 3.0%, and volume / mix growth, partially offset by unfavorable FX translation of 2.4%. translation.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
(2)Indefinite lived brand assets, led primarily by Snapple for assets were impaired during the year years ended December 31, 2024, 2025 and Bai for the year ended December 31, 2022, were impaired 2024 to bring the respective carrying value values equal to its their fair value. values.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Other operating (expense) income, expense (income), net reflected an unfavorable change of $233 $192 million for the year ended December 31, 2024, 2025, primarily driven by the accrued $225 an increase of $214 million termination fee associated with ABI. in our mandatory redemption liability for GHOST.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Interest expense, net increased $239 $19 million, or 48.2%, 2.6%, to $735 $754 million for the year ended December 31, 2024 2025 compared to $496 $735 million for the prior year, primarily driven by increased debt and higher financing costs (32 (12 percentage points) and an unfavorable points), which were mostly offset by a favorable year-over-year change in unrealized mark-to-market activity (17 (10 percentage points).
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Other operating (expense) income, (income) expense, net reflected an unfavorable a favorable change of $233 $212 million for the year ended December 31, 2024, 2025, primarily driven by the accrued favorable comparison of the $225 million termination fee associated with ABI. ABI incurred in the prior year.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Net cash provided by operating activities increased $890 decreased $228 million for the year ended December 31, 2024, 2025, as compared to the year ended December 31, 2023, driven by the favorable comparison in working capital versus the prior year period. 2024.
Read it in 10-K 2026-02-24 at sec.gov ↗
Quiet changesMD&A
To the extent that our operating cash flows are not sufficient to meet our liquidity needs, we may utilize cash on hand or amounts available under our financing arrangements, if necessary. arrangements.
Read it in 10-K 2026-02-24 at sec.gov ↗