Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

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Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

FINANCIAL STATEMENTS

The following financial statements are included in Part II, Item 8, "Financial Statements and Supplementary Data," in this Annual Report on Form 10-K:

Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023.
Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023.
Consolidated Balance Sheets as of December 31, 2025 and 2024.
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023.
Consolidated Statements of Changes in Stockholders' Equity for the years ended December 31, 2025, 2024, and 2023.
Notes to Consolidated Financial Statements for the years ended December 31, 2025, 2024, and 2023 and as of December 31, 2025 and 2024.

SCHEDULES

Schedules are omitted because they are not required or applicable, or the required information is included in the Consolidated Financial Statements or related notes.

EXHIBITS

See Exhibit Index.

EXHIBIT INDEX


		Incorporated by Reference
No.	Exhibit Description	Form	Date of Filing	Exhibit Number	Footnote
2.1	Merger Protocol, dated as of August 24, 2025, among Keurig Dr Pepper Inc. and JDE Peet's N.V.	8-K	8/25/2025	2.1	‡
2.2	Form of Irrevocable Undertaking, dated as of August 24, 2025	8-K	8/25/2025	2.2
3.1	Amended and Restated Certificate of Incorporation of Dr Pepper Snapple Group, Inc.	8-K	5/12/2008	3.1
3.2	Certificate of Amendment to Amended and Restated Certificate of Incorporation of Dr Pepper Snapple Group, Inc. effective as of May 17, 2012	10-Q	7/26/2012	3.2
3.3	Certificate of Second Amendment to Amended and Restated Certificate of Incorporation of Dr Pepper Snapple Group, Inc. effective as of May 19, 2016	8-K	5/20/2016	3.1
3.4	Certificate of Third Amendment to the Amended and Restated Certificate of Incorporation of Dr Pepper Snapple Group, Inc. effective as of July 9, 2018	8-K	7/9/2018	3.1
3.5	Amended and Restated By-Laws of Keurig Dr Pepper Inc. effective as of February 20, 2025	10-K	2/25/2025	3.5







4.1	Indenture, dated as of December 15, 2009, between Dr Pepper Snapple Group, Inc. and Wells Fargo Bank, N.A., as trustee	8-K	12/23/2009	4.1
4.2	Fifth Supplemental Indenture, dated as of November 9, 2015, among Dr Pepper Snapple Group, Inc., the guarantors party thereto and Wells Fargo Bank, N.A., as trustee	8-K	11/10/2015	4.1

4.3	4.50% Senior Note due 2045 (in global form), dated November 9, 2015, in the principal amount of $250,000,000	8-K	11/10/2015	4.3
4.4	Sixth Supplemental Indenture, dated as of September 16, 2016, among Dr Pepper Snapple Group, Inc., the guarantors party thereto and Wells Fargo Bank, N.A., as trustee	8-K	9/16/2016	4.1
4.5	2.55% Senior Note due 2026 (in global form), dated September 16, 2016, in the principal amount of $400,000,000	8-K	9/16/2016	4.2
4.6	Seventh Supplemental Indenture, dated as of December 14, 2016, among Dr Pepper Snapple Group, Inc., the guarantors party thereto and Wells Fargo Bank, N.A., as trustee	8-K	12/14/2016	4.1
4.7	3.43% Senior Note due 2027 (in global form), dated December 14, 2016, in the principal amount of $400,000,000	8-K	12/14/2016	4.4
4.8	4.42% Senior Note due 2046 (in global form), dated December 14, 2016, in the principal amount of $400,000,000	8-K	12/14/2016	4.5
4.9	Eighth Supplemental Indenture, dated as of January 31, 2017, among Bai Brands LLC, a New Jersey limited liability company, 184 Innovations Inc., a Delaware corporation (each as a new subsidiary guarantor under the Indenture dated April 30, 2008 (as referenced in Item 4.1 in this Exhibit Index), Dr Pepper Snapple Group, Inc., each other then-existing Guarantor under the Indenture) and Wells Fargo, National Bank, N.A., as trustee	8-K	2/2/2017	4.2
4.10	Ninth Supplemental Indenture, dated as of June 15, 2017, among Dr Pepper Snapple Group, Inc., the guarantors party thereto, and Wells Fargo Bank, N.A., as trustee	8-K	6/15/2017	4.1


		Incorporated by Reference
No.	Exhibit Description	Form	Date of Filing	Exhibit Number	Footnote
4.11	Base Indenture, dated as of May 25, 2018 between Maple Escrow Subsidiary and Wells Fargo Bank, N.A. as trustee	8-K	7/9/2018	4.1
4.12	Third Supplemental Indenture (including the form of note), dated as of May 25, 2018, among Maple Escrow Subsidiary, Inc. and Maple Parent Holdings Corp. as parent guarantor, and Wells Fargo Bank, N.A., as trustee relating to the 2025 Notes	8-K	7/9/2018	4.4
4.13	Fourth Supplemental Indenture (including the form of note), dated as of May 25, 2018, among Maple Escrow Subsidiary, Inc. and Maple Parent Holdings Corp. as parent guarantor, and Wells Fargo Bank, N.A., as trustee relating to the 2028 Notes	8-K	7/9/2018	4.5
4.14	Fifth Supplemental Indenture (including the form of note), dated as of May 25, 2018, among Maple Escrow Subsidiary, Inc. and Maple Parent Holdings Corp. as parent guarantor, and Wells Fargo Bank, N.A., as trustee relating to the 2038 Notes	8-K	7/9/2018	4.6
4.15	Sixth Supplemental Indenture (including the form of note), dated as of May 25, 2018, among Maple Escrow Subsidiary, Inc. and Maple Parent Holdings Corp. as parent guarantor, and Wells Fargo Bank, N.A., as trustee relating to the 2048 Notes	8-K	7/9/2018	4.7
4.16	Seventh Supplemental Indenture, dated as of July 9, 2018, among Keurig Dr Pepper Inc., the subsidiary guarantors thereto, and Wells Fargo Bank, N.A., as trustee	8-K	7/9/2018	4.8


4.1 7	Tenth Supplemental Indenture (including 3.20% Senior Notes Due 2030 and 3.80% Senior Notes Due 2050 (in global form)), dated as of April 13, 2020, among Keurig Dr Pepper Inc., the subsidiary guarantors thereto, and Wells Fargo Bank, N.A., as trustee	8-K	4/13/2020	4.1
4.1 8	Eleventh Supplemental Indenture (including 0.750% Senior Notes Due 2024, 2.250% Senior Notes Due 2031, and 3.350% Senior Notes Due 2051 (in global form)), dated as of March 15, 2021, among Keurig Dr Pepper Inc., the subsidiary guarantors thereto, and Wells Fargo Bank, N.A. as trustee	8-K	3/15/2021	4.1
4.19	Twelfth Supplemental Indenture, dated as of April 22, 2022, among Keurig Dr Pepper Inc., the guarantors party thereto and Computershare Trust Company, N.A., as trustee	8-K	4/22/2022	4.1
4.2 0	Base Indenture, dated as of March 7, 2024, among Keurig Dr Pepper Inc., the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee	8-K	3/7/2024	4.1
4.21	First Supplemental Indenture (including Floating Rate Senior Notes Due 2027, 5.100% Senior Notes Due 2027, 5.050% Senior Notes Due 2029, 5.200% Senior Notes Due 2031, and 5.300% Senior Notes Due 2034 (in global form)), dated as of March 7, 2024, among Keurig Dr Pepper Inc., the subsidiary guarantors thereto and U.S. Bank Trust Company, National Association, as trustee	8-K	3/7/2024	4.2
4.2 2	Term Loan Credit Agreement, dated as of October 25, 2024, among Keurig Dr Pepper Inc., the lenders party thereto and Bank of America, N.A., as administrative agent	10-K	2/25/2025	4.35


		Incorporated by Reference
No.	Exhibit Description	Form	Date of Filing	Exhibit Number	Footnote
4.2 3	Second Supplemental Indenture, dated as of May 5, 2025, among Keurig Dr Pepper Inc., the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee	8-K	5/5/2025	4.1
4.2 4	Form of Floating Rate Senior Note due 2026	8-K	5/5/2025	4.2
4.2 5	Form of 4.350% Senior Note due 2028	8-K	5/5/2025	4.3
4.2 6	Form of 4.600% Senior Note due 2030	8-K	5/5/2025	4.4
4.2 7	Form of 5.150% Senior Note due 2035	8-K	5/5/2025	4.5
4.2 8	Eighth Supplemental Indenture, dated as of August 15, 2025, among Keurig Dr Pepper Inc., the guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee	—	—	—	*
4.29	Thirteenth Supplemental Indenture, dated as of August 15, 2025, among Keurig Dr Pepper Inc., the guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee	—	—	—	*
4.30	Description of registered securities	—	—	—	*
10.1	Keurig Dr Pepper Inc. Omnibus Stock Incentive Plan of 2019	8-K	6/11/2019	10.1	++



10.2	Keurig Dr Pepper Short-Term Incentive Plan and Sales Incentive Plan	10-K	2/24/2022	10.11	++

10.3	Letter Agreement by and between KDP and Robert J. Gamgort dated April 5, 2022	8-K	4/5/2022	10.1	++
10.4	Keurig Dr Pepper Inc. Executive Severance Plan, effective as of July 29, 2022	10-Q	7/28/2022	10.4	++
10.5	Letter Agreement by and between KDP and Sudhanshu Priyadarshi dated October 21, 2022	10-K	2/23/2023	10.18	++
10.6	Keurig Dr Pepper Short-Term Incentive Plan	10-K	2/23/2023	10.20	++
10.7	Letter Agreement by and between KDP and Timothy Cofer dated September 18, 2023	10-Q	10/26/2023	10.1	++


10.8	Letter Agreement by and between KDP and Anthony DiSilvestro dated November 21, 2025	—	—	—	* ++
10.9	Letter Agreement by and between KDP and Sudhanshu Priyadarshi dated November 21, 2025	—	—	—	* ++
10.10	Amended and Restated Contribution and Merger Agreement, dated December 31, 2024, by and among Ghost Lifestyle LLC, The American Bottling Company, Phantom Merger Sub I LLC and certain other parties thereto	10-K	2/25/2025	10.19	‡
10.11	Ghost Lifestyle LLC Second Amended and Restated Limited Liability Company Agreement, dated December 31, 2024	10-K	2/25/2025	10.20	‡
10.12	Credit Agreement, dated as of March 31, 2025, among Keurig Dr Pepper Inc., JPMorgan Chase Bank, N.A. as administrative agent, and the lenders and issuing banks party thereto	8-K	3/31/2025	10.1	‡
10.13	Bridge Credit Agreement, dated as of August 24, 2025, among Keurig Dr Pepper Inc., the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent	8-K	8/25/2025	10.1	‡
10.14	Revolving Credit Agreement Amendment, dated as of September 30, 2025, among Keurig Dr Pepper Inc., the lenders party thereto and JPMorgan Chase, Bank, N.A., as administrative agent	10-Q	10/27/2025	10.2


		Incorporated by Reference
No.	Exhibit Description	Form	Date of Filing	Exhibit Number	Footnote
10.15	Preferred Investment Agreement, dated as of October 27, 2025, by and between Keurig Dr Pepper Inc., the KKR Investor and the Apollo Investor	8-K	10/30/2025	10.1
10.16	Amendment to Preferred Investment Agreement, dated as of February 23, 2026, by and among Keurig Dr Pepper Inc., the KKR Investor and the Apollo Investor	8-K	2/23/2026	10.3
10.17	JV Commitment Letter, dated October 26, 2025, between Keurig Dr Pepper Inc. and each of the JV Investors	8-K	10/30/2025	10.2
10.18	Transaction Agreement, dated as of February 23, 2026, by and among Keurig Dr Pepper Inc., the Pod Manufacturing JV, Keurig Green Mountain, Inc., KGM Manufacturing LLC, Keurig Production Holding, LLC and the JV Investor Partner	8-K	2/23/2026	10.1
10.19	Form of Amended and Restated Limited Partnership Agreement of the Pod Manufacturing JV, by and among the Pod Manufacturing JV, Keurig JV GP, LLC, Keurig Production Subco, LLC, Keurig Lux Holdco, S.a.r.l. and the JV Investor Partner	8-K	2/23/2026	10.2
10.20	Delayed Draw Term Loan Agreement dated as December 18, 2025, among Keurig Dr Pepper Inc., the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent	8-K	12/19/2025	10.1
10.21	Amendment No.1 to Bridge Credit Agreement, dated as of December 18, 2025, among Keurig Dr Pepper Inc., the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent	8-K	12/19/2025	10.2
10.22	Restricted Stock Unit Award Terms and Conditions under the Keurig Dr Pepper Omnibus Stock Incentive Plan of 2019	—	—	—	* ++
10.2 3	Matching Restricted Stock Unit Award Terms and Conditions under the Keurig Dr Pepper Omnibus Stock Incentive Plan of 2019	—	—	—	* ++
10.2 4	Performance Stock Unit Award Terms and Conditions under the Keurig Dr Pepper Omnibus Stock Incentive Plan of 2019	—	—	—	* ++
10.2 5	Directors' Restricted Stock Unit Award Terms and Conditions under the Keurig Dr Pepper Omnibus Incentive Plan of 2019	—	—	—	* ++
19.1	Insider Trading Policy	10-K	2/25/2025	19.1
21.1	List of Subsidiaries of Keurig Dr Pepper Inc.	—	—	—	*
22.1	List of Guarantor Subsidiaries	—	—	—	*
23.1	Consent of Deloitte & Touche LLP	—	—	—	*
31.1	Certification of Chief Executive Officer of Keurig Dr Pepper Inc. pursuant to Rule 13a-14(a) or 15d-14(a) promulgated under the Exchange Act.	—	—	—	*
31.2	Certification of Chief Financial Officer of Keurig Dr Pepper Inc. pursuant to Rule 13a-14(a) or 15d-14(a) promulgated under the Exchange Act.	—	—	—	*
32.1	Certification of Chief Executive Officer of Keurig Dr Pepper Inc. pursuant to Rule 13a-14(b) or 15d-14(b) promulgated under the Exchange Act, and Section 1350 of Chapter 63 of Title 18 of the United States Code.	—	—	—	**


		Incorporated by Reference
No.	Exhibit Description	Form	Date of Filing	Exhibit Number	Footnote
32.2	Certification of Chief Financial Officer of Keurig Dr Pepper Inc. pursuant to Rule 13a-14(b) or 15d-14(b) promulgated under the Exchange Act, and Section 1350 of Chapter 63 of Title 18 of the United States Code.	—	—	—	**
97.1	Keurig Dr Pepper Inc. Clawback Policy, As Adopted on September 18, 2023	10-K	2/22/2024	97.1	++
101	The following financial information from Keurig Dr Pepper Inc.'s Annual Report on Form 10-K for the year ended December 31, 2025, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statement of Changes in Stockholders' Equity, and (vi) the Notes to the Audited Consolidated Financial Statements.	—	—	—	*
104	The cover page from this Annual Report on Form 10-K, formatted as Inline XBRL.				*

Filed herewith.

** Furnished herewith.

++ Indicates a management contract or compensatory plan or arrangement.

‡ Certain portions of this exhibit have been omitted from this filing pursuant to Item 601 of Regulation S-K.

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