Keurig Dr Pepper Inc. (KDP)
Keurig Dr Pepper makes soft drinks and single-serve coffee systems including Dr Pepper, Snapple, and Keurig.
KDP vs STZ: how the two businesses compare
- Bigger business: KDP, with $16.6B of yearly revenue, about 1.8× STZ's $9.1B.
- More profitable: STZ keeps 18 cents of each sales dollar as profit, against 13 cents at KDP.
- More cash from each sale: STZ turns 29 cents of each sales dollar into operating cash flow, against 12 cents at KDP.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Keurig Dr Pepper (KDP) is the larger business by reported revenue: $16.6B in its fiscal year ended Dec 2025, about 1.8× STZ's $9.1B (fiscal year ended Feb 2026). KDP's net margin was 12.5% and STZ's 18.5%. Both file with the SEC under the same industry code, SIC 2080 (Beverages).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Staples
- Beverages
- Same classification
- Different
- KDP December 31 · STZ February 28
- Apr 22, 2026
KDP vs STZ: quick comparison
| Company fact | KDP | STZ |
|---|---|---|
| Company | Keurig Dr Pepper Inc. | Constellation Brands, Inc. |
| Exchange | NASDAQ | NYSE |
| SEC industry | Beverages | Beverages |
| Fiscal year-end | December 31 | February 28 |
| Latest annual filing | 10-K · 2026-02-24 | 10-K · 2026-04-22 |
KDP vs STZ: audited financials
- Scale: KDP's $16.6B of revenue is about 1.8× STZ's $9.1B.
- Net margin: STZ kept 18.5% of revenue as net income versus 12.5% at KDP.
- Cash conversion: operating cash flow equalled KDP 12.0% of revenue, or 0.96× net income; STZ 29.2% of revenue, or 1.58× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-12-31 for KDP, 2026-02-28 for STZ), so each figure reflects somewhat different demand and cost conditions.
| Metric | KDP | STZ |
|---|---|---|
| Revenue | $16.6B2025-01-01 to 2025-12-31 · SEC filing | $9.1B2025-03-01 to 2026-02-28 · SEC filing |
| Net income | $2.1B2025-01-01 to 2025-12-31 · SEC filing | $1.7B2025-03-01 to 2026-02-28 · SEC filing |
| Operating cash flow | $2.0B2025-01-01 to 2025-12-31 · SEC filing | $2.7B2025-03-01 to 2026-02-28 · SEC filing |
| Diluted EPS | $1.532025-01-01 to 2025-12-31 · SEC filing | — |
| Net margin | 12.5%2025-01-01 to 2025-12-31 · SEC filing | 18.5%2025-03-01 to 2026-02-28 · SEC filing |
KDP: FY ending 2025-12-31 · STZ: FY ending 2026-02-28. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where KDP and STZ overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 2080, Beverages.
Differences
- Offset fiscal calendars: KDP's year ends December 31 and STZ's February 28, about 2 months apart.
- Only STZ maps to Tariffs & trade.
- Scale: KDP reported about 1.8× the annual revenue of STZ.
- Profitability: net margin of 12.5% for KDP versus 18.5% for STZ.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Constellation Brands, Inc. (STZ)
Constellation Brands produces and imports beer, wine, and spirits including Corona and Modelo in the US.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves KDP
We have not yet published a company-specific driver list for KDP. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-24.
What moves STZ
We have not yet published a company-specific driver list for STZ. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-04-22.
The investment question
You now know KDP reports about 1.8× STZ's revenue, and STZ keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the beverages cycle, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. KDP's fiscal year ends December 31, while STZ's ends February 28. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 8 matched transaction rows for KDP and 13 matched transaction rows for STZ. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
KDP primary filings
STZ primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving KDP or STZ
KDP vs STZ FAQs
Are KDP and STZ direct competitors?
Keurig Dr Pepper and Constellation Brands share the SEC industry classification “Beverages.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is KDP or STZ the bigger company by revenue?
Keurig Dr Pepper (KDP) is the larger business by reported revenue: $16.6B in its fiscal year ended Dec 2025, about 1.8× STZ's $9.1B (fiscal year ended Feb 2026). KDP's net margin was 12.5% and STZ's 18.5%. Both file with the SEC under the same industry code, SIC 2080 (Beverages). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, KDP or STZ?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this KDP vs STZ comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Keurig Dr Pepper Inc. and Constellation Brands, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
KDP vs STZ compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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