---
title: "Keurig Dr Pepper: Business Model"
description: "Keurig Dr Pepper revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/keurig-dr-pepper/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Keurig Dr Pepper: Business Model & Revenue Engine

## Direct Answer

Keurig Dr Pepper reports revenue across 3 business segments in its fiscal 2025 Form 10-K. U.S.Refreshment Beverages is the largest, with $10.4 billion of revenue (63% of the total), followed by U.S.Coffee at $4.0 billion (24%). 87% of revenue came from the United States.

## How Does Keurig Dr Pepper Make Money?

U.S.Refreshment Beverages supplies 63% of revenue, so Keurig Dr Pepper's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, U.S.Refreshment Beverages grew fastest (+11.9%) and U.S.Coffee slowest (+0.6%), so the revenue mix tilts toward U.S.Refreshment Beverages while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| U.S.Refreshment Beverages | $10.4 billion | $9.3 billion | 62.9% | 11.9% |
| U.S.Coffee | $4.0 billion | $4.0 billion | 24.0% | 0.6% |
| International | $2.2 billion | $2.1 billion | 13.1% | 5.9% |

![Bar chart of Keurig Dr Pepper revenue by segment for fiscal 2025: U.S.Refreshment Beverages 62.9%, U.S.Coffee 24.0%, International 13.1%.](https://www.getswoopr.com/images/charts/keurig-dr-pepper-business-model-segment-mix.webp)
*Keurig Dr Pepper revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Keurig Dr Pepper Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| U.S.Refreshment Beverages | $2.9 billion | 28.2% |
| U.S.Coffee | $962 million | 24.1% |
| International | $546 million | 25.1% |

Segment operating income is the profit measure Keurig Dr Pepper reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Keurig Dr Pepper more safely than against another company.

## What Does Keurig Dr Pepper Sell?

Keurig Dr Pepper also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| LRB | $11.6 billion | $10.6 billion | 69.9% | 9.8% |
| K Cup Pods | $3.8 billion | $3.6 billion | 22.7% | 4.5% |
| Appliances | $646 million | $772 million | 3.9% | -16.3% |
| Other Net Sales | $578 million | $399 million | 3.5% | 44.9% |

## Where Does Keurig Dr Pepper's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $14.5 billion | $13.4 billion | 87.3% | 8.5% |
| Outside the United States | $2.1 billion | $2.0 billion | 12.7% | 6.0% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Keurig Dr Pepper's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Keurig Dr Pepper reported in the segment note and revenue disclosures of its Form 10-K filed February 24, 2026 (accession 0001418135-26-000016), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Keurig Dr Pepper's business segments?

In its fiscal 2025 Form 10-K, Keurig Dr Pepper reports revenue for U.S.Refreshment Beverages, U.S.Coffee and International.

### Which part of Keurig Dr Pepper brings in the most revenue?

U.S.Refreshment Beverages, with $10.4 billion of revenue in fiscal 2025, or 63% of the total.

### How much of Keurig Dr Pepper's revenue comes from outside the United States?

13% in fiscal 2025, by the geographic breakdown Keurig Dr Pepper reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: Keurig Dr Pepper Inc. Form 10-K filed February 24, 2026](https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm)
- [SEC EDGAR: Keurig Dr Pepper Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1418135&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Keurig Dr Pepper company dossier](https://www.getswoopr.com/stocks/companies/keurig-dr-pepper/)
- [Keurig Dr Pepper financial metrics](https://www.getswoopr.com/stocks/companies/keurig-dr-pepper/metrics/)
- [Keurig Dr Pepper financial risk indicators](https://www.getswoopr.com/stocks/companies/keurig-dr-pepper/risks/)
- [Keurig Dr Pepper peer comparison](https://www.getswoopr.com/stocks/companies/keurig-dr-pepper/competitors/)
- [Keurig Dr Pepper business model and revenue mix](https://www.getswoopr.com/stocks/companies/keurig-dr-pepper/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).