Keurig Dr Pepper Inc. (KDP)

Industry: Beverages - Non-Alcoholic Sector: Consumer Defensive Currency Used: US Live Price: $27.41

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Stock Price	25.51	33.06	30.93	33.42	32.86	36.19	35.16	28.07	28.36	21.86	15.08	14.82	13.03	10.02	7.51	6.95	6.33	5.77	3.83	3.66	4.36	4.36
Market Capitalization	34,655.34M	44,905.40M	42,000.23M	45,555.35M	45,987.20M	51,279.13M	49,769.02M	39,496.86M	39,896.89M	24,453.15M	2,743.68M	2,747.01M	2,483.60M	1,961.12M	1,524.05M	1,464.03M	1,385.32M	1,383.13M	972.56M	928.26M	1,096.02M	1,122.50M
(-) Cash & Equivalents	516.00M	509.00M	559.33M	454.25M	252.25M	651.00M	317.25M	194.25M	85.00M	63.50M	121.50M	731.75M	334.50M	189.50M	148.25M	311.00M	639.75M	380.25M	254.00M	213.00M	16.75M	8.75M
(+) Total Debt	17,580.00M	17,609.00M	17,609.00M	16,667.75M	14,300.50M	13,236.50M	14,066.75M	14,902.25M	15,570.75M	10,317.00M	4,535.00M	3,411.75M	2,809.00M	2,603.25M	2,697.25M	2,747.50M	2,651.25M	2,449.00M	3,151.25M	3,512.75M	759.50M	948.00M
Enterprise Value	51,719.34M	62,005.40M	59,049.90M	61,768.85M	60,035.45M	63,864.63M	63,518.52M	54,204.86M	55,382.64M	34,706.65M	7,157.18M	5,427.01M	4,958.10M	4,374.87M	4,073.05M	3,900.53M	3,396.82M	3,451.88M	3,869.81M	4,228.01M	1,838.77M	2,061.75M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	16,174M	15,148M	15,351M	14,814M	14,057M	12,683M	11,618M	11,120M	7,442M	6,690M	6,440M	6,282M	6,121M	5,997M	5,995M	5,903M	5,636M	5,531M	5,710M	5,748M	4,735M	3,205M	3,065M
Cost of Revenue	7,317M	6,712M	6,822M	6,734M	6,734M	5,706M	5,132M	4,778M	3,560M	2,695M	2,582M	2,559M	2,491M	2,499M	2,500M	2,485M	2,243M	2,234M	2,590M	2,617M	1,994M	1,120M	1,051M
Gross Profit	8,857M	8,436M	8,529M	8,080M	7,323M	6,977M	6,486M	6,342M	3,882M	3,995M	3,858M	3,723M	3,630M	3,498M	3,495M	3,418M	3,393M	3,297M	3,120M	3,131M	2,741M	2,085M	2,014M
Gross Profit Margin	54.8%	55.7%	55.6%	54.5%	52.1%	55.0%	55.8%	57.0%	52.2%	59.7%	59.9%	59.3%	59.3%	58.3%	58.3%	57.9%	60.2%	59.6%	54.6%	54.5%	57.9%	65.1%	65.7%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	5,189M	4,974M	5,013M	4,912M	4,645M	4,153M	3,978M	3,962M	2,635M	2,556M	2,329M	2,313M	2,334M	2,328M	2,268M	2,257M	2,233M	2,135M	2,075M	2,018M	1,659M	1,179M	1,135M
Operating Expenses	6,099M	4,965M	5,938M	4,888M	4,718M	4,083M	4,006M	3,964M	2,645M	2,607M	2,425M	2,425M	2,450M	2,452M	2,403M	2,394M	2,368M	2,212M	3,288M	2,127M	1,723M	1,179M	1,180M
Operating Income (EBIT)	2,758M	3,471M	2,591M	3,192M	2,605M	2,894M	2,480M	2,378M	1,237M	1,388M	1,433M	1,298M	1,180M	1,046M	1,092M	1,024M	1,025M	1,085M	-168M	1,004M	1,018M	906M	834M
Operating Income Margin	17.1%	22.9%	16.9%	21.5%	18.5%	22.8%	21.3%	21.4%	16.6%	20.7%	22.3%	20.7%	19.3%	17.4%	18.2%	17.3%	18.2%	19.6%	-2.9%	17.5%	21.5%	28.3%	27.2%
Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M	3M	3M	2M	2M	2M	2M	3M	3M	4M	32M	64M	46M	40M	0M
Interest Expense	662M	650M	684M	596M	468M	525M	597M	647M	446M	168M	140M	126M	117M	125M	132M	125M	141M	197M	257M	253M	257M	210M	177M
Net Interest Income	-662M	-650M	-684M	-596M	-468M	-525M	-597M	-647M	-446M	-165M	-137M	-124M	-115M	-123M	-130M	-122M	-138M	-193M	-225M	-189M	-211M	-170M	-177M
Unusual Items	-20M	146M	7M	161M	-418M	429M	-130M	-37M	0M	-52M	-15M	10M	9M	-380M	16M	24M	-65M	-22M	20M	4M	1M	72M	59M
EBT Excluding Unusual Items	2,096M	2,821M	1,907M	2,596M	2,137M	2,369M	1,883M	1,731M	791M	1,223M	1,296M	1,174M	1,065M	923M	962M	902M	887M	892M	-393M	815M	807M	736M	657M
Pre-Tax Income	2,076M	2,967M	1,914M	2,757M	1,719M	2,798M	1,753M	1,694M	791M	1,171M	1,281M	1,184M	1,074M	543M	978M	926M	822M	870M	-373M	819M	808M	808M	716M
Pre-Tax Margin	12.8%	19.6%	12.5%	18.6%	12.2%	22.1%	15.1%	15.2%	10.6%	17.5%	19.9%	18.8%	17.5%	9.1%	16.3%	15.7%	14.6%	15.7%	-6.5%	14.2%	17.1%	25.2%	23.4%
Income Tax Expense	494M	689M	473M	576M	284M	653M	428M	440M	202M	95M	434M	420M	371M	-81M	349M	320M	294M	315M	-61M	322M	298M	321M	270M
Net Income	1,582M	2,278M	1,441M	2,181M	1,436M	2,146M	1,325M	1,254M	586M	1,076M	847M	764M	703M	624M	629M	606M	528M	555M	-312M	497M	510M	477M	446M
Net Income Margin	9.8%	15.0%	9.4%	14.7%	10.2%	16.9%	11.4%	11.3%	7.9%	16.1%	13.2%	12.2%	11.5%	10.4%	10.5%	10.3%	9.4%	10.0%	-5.5%	8.6%	10.8%	14.9%	14.6%
Depreciation & Amortization	737M	732M	733M	720M	709M	708M	653M	658M	434M	229M	224M	227M	235M	234M	240M	232M	228M	207M	195M	169M	139M	79M	0M
EBITDA	3,495M	4,203M	3,324M	3,912M	3,314M	3,602M	3,133M	3,036M	1,671M	1,617M	1,657M	1,525M	1,415M	1,280M	1,332M	1,256M	1,253M	1,292M	27M	1,173M	1,157M	985M	834M
EBITDA Margin	21.6%	27.7%	21.7%	26.4%	23.6%	28.4%	27.0%	27.3%	22.5%	24.2%	25.7%	24.3%	23.1%	21.3%	22.2%	21.3%	22.2%	23.4%	0.5%	20.4%	24.4%	30.7%	27.2%
NOPAT	2,102M	2,665M	1,951M	2,525M	2,175M	2,219M	1,875M	1,760M	921M	1,275M	948M	838M	772M	1,202M	702M	670M	658M	692M	-133M	609M	643M	546M	520M
NOPAT Margin	13.0%	17.6%	12.7%	17.0%	15.5%	17.5%	16.1%	15.8%	12.4%	19.1%	14.7%	13.3%	12.6%	20.0%	11.7%	11.4%	11.7%	12.5%	-2.3%	10.6%	13.6%	17.0%	16.9%
Owner's Earnings	1,804M	2,408M	1,611M	2,420M	1,766M	2,399M	1,461M	1,547M	840M	1,097M	889M	811M	767M	674M	669M	620M	510M	445M	-421M	436M	491M	512M	375M
Owner's Earnings Margin	11.2%	15.9%	10.5%	16.3%	12.6%	18.9%	12.6%	13.9%	11.3%	16.4%	13.8%	12.9%	12.5%	11.2%	11.2%	10.5%	9.0%	8.0%	-7.4%	7.6%	10.4%	16.0%	12.2%
EPS (Basic)	1.16	1.66	1.06	1.56	1.01	1.52	0.94	0.89	0.54	5.91	4.57	4.00	3.59	3.08	2.99	2.77	2.19	2.18	-1.23	1.79	2.01	1.88	1.76
EPS (Diluted)	1.16	1.65	1.05	1.55	1.01	1.50	0.93	0.88	0.53	5.89	4.54	3.97	3.64	3.05	3.06	2.74	2.18	2.17	-1.23	1.96	2.01	1.88	1.76
Shares (Basic)	1,359M	1,372M	1,362M	1,399M	1,417M	1,416M	1,407M	1,407M	1,086M	182M	185M	191M	193M	203M	205M	219M	240M	254M	254M	254M	254M	254M	254M
Shares (Diluted)	1,364M	1,378M	1,368M	1,408M	1,429M	1,428M	1,422M	1,419M	1,098M	183M	187M	192M	193M	205M	205M	221M	243M	255M	254M	254M	254M	254M	254M

Product Segments

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Appliances	809.00M	786.00M	772.00M	799.00M	—	—	—	—	—	—	—	—	—	—	—	—
Beverage Concentrates	—	—	—	—	1,725.00M	1,486.00M	1,325.00M	1,414.00M	669.00M	1,332.00M	1,284.00M	1,241.00M	1,228.00M	1,229.00M	1,221.00M	1,193.00M
Coffee Systems	—	—	—	—	4,982.00M	4,716.00M	4,433.00M	4,233.00M	4,114.00M	—	—	—	—	—	—	—
K-Cup Pods	4,565.00M	3,622.00M	3,614.00M	3,684.00M	—	—	—	—	—	—	—	—	—	—	—	—
LRB	13,654.00M	10,327.00M	10,566.00M	9,905.00M	—	—	—	—	—	—	—	—	—	—	—	—
Latin America Beverages	—	—	—	—	743.00M	599.00M	497.00M	528.00M	244.00M	487.00M	460.00M	497.00M	532.00M	462.00M	416.00M	418.00M
Other Products	614.00M	413.00M	399.00M	426.00M	—	—	—	—	—	—	—	—	—	—	—	—
Packaged Beverages	—	—	—	—	6,607.00M	5,882.00M	5,363.00M	4,945.00M	2,415.00M	4,871.00M	4,696.00M	4,544.00M	4,361.00M	4,306.00M	4,358.00M	4,292.00M

Geographic Segments

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
International	2,898.00M	1,980.00M	1,983.00M	1,853.00M	1,603.00M	1,416.00M	1,300.00M	1,277.00M	834.00M	712.00M	672.00M	707.00M	760.00M	705.00M	654.00M	660.00M	607.00M
UNITED STATES	—	—	13,368.00M	12,961.00M	12,454.00M	11,267.00M	10,318.00M	9,843.00M	6,608.00M	5,978.00M	5,768.00M	5,575.00M	5,361.00M	5,292.00M	5,341.00M	5,243.00M	5,029.00M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Cash & Cash Equivalents	516.00M	509.00M	510.00M	267.00M	535.00M	567.00M	240.00M	75.00M	83.00M	61.00M	1,787.00M	911.00M	237.00M	153.00M	366.00M	701.00M	315.00M	280.00M	214.00M	67.00M	35.00M	28.00M	19.00M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	516.00M	509.00M	510.00M	267.00M	535.00M	567.00M	240.00M	75.00M	83.00M	61.00M	1,787.00M	911.00M	237.00M	153.00M	366.00M	701.00M	315.00M	280.00M	214.00M	67.00M	35.00M	28.00M	19.00M
Net Receivables	1,724.00M	1,731.00M	1,723.00M	1,519.00M	1,668.00M	1,274.00M	1,144.00M	1,184.00M	1,223.00M	710.00M	646.00M	628.00M	617.00M	622.00M	602.00M	635.00M	571.00M	572.00M	532.00M	2,190.00M	1,164.00M	0.00M	0.00M
Inventory	1,840.00M	1,741.00M	1,299.00M	1,142.00M	1,314.00M	894.00M	762.00M	654.00M	626.00M	229.00M	202.00M	209.00M	204.00M	200.00M	197.00M	212.00M	244.00M	262.00M	263.00M	325.00M	300.00M	0.00M	0.00M
Other Current Assets	482.00M	467.00M	403.00M	231.00M	219.00M	305.00M	227.00M	343.00M	198.00M	110.00M	83.00M	69.00M	153.00M	66.00M	66.00M	96.00M	57.00M	53.00M	144.00M	81.00M	61.00M	-28.00M	-19.00M
Total Current Assets	4,562.00M	4,448.00M	3,935.00M	3,159.00M	3,736.00M	3,040.00M	2,373.00M	2,256.00M	2,130.00M	1,110.00M	2,718.00M	1,817.00M	1,211.00M	1,041.00M	1,231.00M	1,644.00M	1,187.00M	1,167.00M	1,153.00M	2,663.00M	1,560.00M	0.00M	0.00M
Property, Plant & Equipment	3,874.00M	3,835.00M	3,844.00M	3,575.00M	3,372.00M	3,167.00M	2,857.00M	2,525.00M	2,310.00M	1,198.00M	1,138.00M	1,156.00M	1,141.00M	1,173.00M	1,202.00M	1,152.00M	1,168.00M	1,109.00M	990.00M	868.00M	755.00M	0.00M	0.00M
Goodwill	20,198.00M	20,228.00M	20,053.00M	20,202.00M	20,072.00M	20,182.00M	20,184.00M	20,172.00M	20,011.00M	3,561.00M	2,993.00M	2,988.00M	2,990.00M	2,988.00M	2,983.00M	2,980.00M	2,984.00M	2,983.00M	2,983.00M	3,183.00M	3,180.00M	0.00M	0.00M
Intangible Assets	23,786.00M	23,841.00M	23,634.00M	23,287.00M	23,183.00M	23,856.00M	23,968.00M	24,117.00M	23,967.00M	3,781.00M	2,656.00M	2,663.00M	2,684.00M	2,694.00M	2,684.00M	2,677.00M	2,691.00M	2,702.00M	2,712.00M	3,617.00M	3,651.00M	0.00M	0.00M
Long-Term Investments	1,662.00M	1,599.00M	1,632.00M	1,456.00M	1,049.00M	89.00M	130.00M	192.00M	231.00M	73.00M	74.00M	71.00M	39.00M	36.00M	14.00M	13.00M	11.00M	9.00M	12.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	36.00M	36.00M	39.00M	31.00M	35.00M	42.00M	45.00M	29.00M	26.00M	62.00M	62.00M	64.00M	74.00M	85.00M	130.00M	131.00M	144.00M	151.00M	140.00M	8.00M	9.00M	0.00M	0.00M
Other Non-Current Assets	348.00M	223.00M	231.00M	204.00M	322.00M	205.00M	207.00M	210.00M	214.00M	230.00M	132.00M	110.00M	126.00M	106.00M	580.00M	573.00M	552.00M	543.00M	564.00M	113.00M	119.00M	0.00M	0.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	7,433.00M	7,625.00M
Total Non-Current Assets	49,904.00M	49,762.00M	49,433.00M	48,755.00M	48,033.00M	47,541.00M	47,391.00M	47,245.00M	46,759.00M	8,905.00M	7,055.00M	7,052.00M	7,054.00M	7,082.00M	7,593.00M	7,526.00M	7,550.00M	7,497.00M	7,401.00M	7,789.00M	7,714.00M	7,433.00M	7,625.00M
Total Assets	54,466.00M	54,210.00M	53,368.00M	51,914.00M	51,769.00M	50,581.00M	49,764.00M	49,501.00M	48,889.00M	10,015.00M	9,773.00M	8,869.00M	8,265.00M	8,123.00M	8,824.00M	9,170.00M	8,737.00M	8,664.00M	8,554.00M	10,452.00M	9,274.00M	7,433.00M	7,625.00M
Accounts Payable	2,993.00M	3,113.00M	2,985.00M	3,597.00M	5,206.00M	4,316.00M	3,740.00M	3,176.00M	2,300.00M	365.00M	303.00M	277.00M	289.00M	271.00M	283.00M	265.00M	298.00M	850.00M	234.00M	279.00M	268.00M	0.00M	0.00M
Short-Term Debt	2,285.00M	1,976.00M	2,642.00M	3,246.00M	895.00M	304.00M	2,345.00M	1,593.00M	1,458.00M	66.00M	0.00M	500.00M	3.00M	66.00M	249.00M	452.00M	404.00M	0.00M	5.00M	126.00M	708.00M	0.00M	0.00M
Tax Payables	168.00M	155.00M	67.00M	29.00M	87.00M	144.00M	39.00M	75.00M	60.00M	11.00M	4.00M	27.00M	10.00M	33.00M	45.00M	530.00M	18.00M	4.00M	5.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	64.00M	64.00M	64.00M	64.00M	65.00M	65.00M	65.00M	65.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	414.00M	348.00M	495.00M	424.00M	421.00M	309.00M	299.00M	270.00M	362.00M	596.00M	549.00M	588.00M	564.00M	493.00M	492.00M	483.00M	481.00M	-150.00M	413.00M	22.00M	195.00M	0.00M	0.00M
Total Current Liabilities	5,860.00M	5,592.00M	6,189.00M	7,296.00M	6,609.00M	5,073.00M	6,423.00M	5,114.00M	4,180.00M	1,102.00M	920.00M	1,456.00M	930.00M	928.00M	1,134.00M	1,795.00M	1,266.00M	704.00M	657.00M	427.00M	1,171.00M	0.00M	0.00M
Long-Term Debt	13,531.00M	13,920.00M	12,912.00M	9,945.00M	11,072.00M	11,578.00M	11,143.00M	12,827.00M	14,201.00M	4,230.00M	4,325.00M	2,746.00M	2,502.00M	2,508.00M	2,499.00M	2,249.00M	1,677.00M	2,960.00M	3,522.00M	2,912.00M	3,084.00M	2,858.00M	3,468.00M
Capital Lease Obligations	13,531.00M	1,713.00M	1,720.00M	1,633.00M	1,616.00M	1,384.00M	994.00M	806.00M	331.00M	183.00M	153.00M	136.00M	2,588.00M	56.00M	56.00M	452.00M	1,687.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	5,433.00M	5,487.00M	5,435.00M	5,760.00M	5,739.00M	5,986.00M	5,993.00M	6,030.00M	5,923.00M	614.00M	812.00M	787.00M	801.00M	755.00M	630.00M	586.00M	1,083.00M	1,038.00M	981.00M	1,324.00M	1,292.00M	0.00M	0.00M
Other Non-Current Liabilities	1,339.00M	1,321.00M	1,286.00M	420.00M	404.00M	348.00M	241.00M	234.00M	254.00M	264.00M	209.00M	260.00M	302.00M	258.00M	846.00M	814.00M	777.00M	737.00M	727.00M	136.00M	29.00M	-2,858.00M	-3,468.00M
Total Non-Current Liabilities	33,834.00M	22,441.00M	21,353.00M	17,758.00M	18,831.00M	19,296.00M	18,371.00M	19,897.00M	20,709.00M	5,291.00M	5,499.00M	3,929.00M	6,193.00M	3,577.00M	4,031.00M	4,101.00M	5,224.00M	4,735.00M	5,230.00M	4,372.00M	4,405.00M	0.00M	0.00M
Total Liabilities	39,694.00M	28,033.00M	27,542.00M	25,054.00M	25,440.00M	24,369.00M	24,794.00M	25,011.00M	24,889.00M	6,393.00M	6,419.00M	5,385.00M	7,123.00M	4,505.00M	5,165.00M	5,896.00M	6,490.00M	5,439.00M	5,887.00M	4,799.00M	5,576.00M	0.00M	0.00M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	14.00M	14.00M	14.00M	14.00M	14.00M	14.00M	14.00M	14.00M	14.00M	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	3.00M	3.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	5,581.00M	5,232.00M	4,793.00M	4,559.00M	3,539.00M	3,199.00M	2,061.00M	1,582.00M	1,178.00M	2,651.00M	2,266.00M	2,165.00M	1,771.00M	1,393.00M	1,080.00M	740.00M	400.00M	87.00M	-430.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	-24.00M	10.00M	-276.00M	315.00M	129.00M	-26.00M	77.00M	104.00M	-130.00M	-202.00M	-229.00M	-195.00M	-137.00M	-88.00M	-110.00M	-110.00M	-28.00M	-59.00M	-106.00M	20.00M	3,250.00M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	-1.00M	0.00M	1.00M	0.00M	0.00M	0.00M	0.00M	0.00M	12.44M	11.05M	9.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	5,571.00M	5,256.00M	4,531.00M	4,888.00M	3,682.00M	3,187.00M	2,152.00M	1,700.00M	1,062.00M	2,451.00M	2,039.00M	1,972.00M	1,636.00M	1,307.00M	972.00M	632.00M	374.00M	31.00M	-533.00M	20.00M	3,250.00M	0.00M	0.00M
Total Equity	5,571.00M	5,256.00M	4,531.00M	4,888.00M	3,681.00M	3,187.00M	2,153.00M	1,700.00M	1,062.00M	2,451.00M	2,039.00M	1,972.00M	1,648.44M	1,318.05M	981.90M	632.00M	374.00M	31.00M	-533.00M	20.00M	3,250.00M	0.00M	0.00M
Total Liabilities & Equity	45,265.00M	33,289.00M	32,073.00M	29,942.00M	29,121.00M	27,556.00M	26,947.00M	26,711.00M	25,951.00M	8,844.00M	8,458.00M	7,357.00M	8,771.44M	5,823.05M	6,146.90M	6,528.00M	6,864.00M	5,470.00M	5,354.00M	4,819.00M	8,826.00M	0.00M	0.00M
Tangible Assets	10,482.00M	10,141.00M	9,681.00M	8,425.00M	8,514.00M	6,543.00M	5,612.00M	5,212.00M	4,911.00M	2,673.00M	4,124.00M	3,218.00M	2,591.00M	2,441.00M	3,157.00M	3,513.00M	3,062.00M	2,979.00M	2,859.00M	3,652.00M	2,443.00M	7,433.00M	7,625.00M
Tangible Equity	-38,413.00M	-38,813.00M	-39,156.00M	-38,601.00M	-39,574.00M	-40,851.00M	-41,999.00M	-42,589.00M	-42,916.00M	-4,891.00M	-3,610.00M	-3,679.00M	-4,025.56M	-4,363.96M	-4,685.10M	-5,025.00M	-5,301.00M	-5,654.00M	-6,228.00M	-6,780.00M	-3,581.00M	0.00M	0.00M
Tangible Book Value	-38,413.00M	-38,813.00M	-39,156.00M	-38,601.00M	-39,574.00M	-40,851.00M	-41,999.00M	-42,589.00M	-42,916.00M	-4,891.00M	-3,610.00M	-3,679.00M	-4,025.56M	-4,363.96M	-4,685.10M	-5,025.00M	-5,301.00M	-5,654.00M	-6,228.00M	-6,780.00M	-3,581.00M	0.00M	0.00M
Total Investments	1,662.00M	1,599.00M	1,632.00M	1,456.00M	1,049.00M	89.00M	130.00M	192.00M	231.00M	73.00M	74.00M	71.00M	39.00M	36.00M	14.00M	13.00M	11.00M	9.00M	12.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	15,300.00M	15,387.00M	15,044.00M	12,924.00M	11,432.00M	11,315.00M	13,248.00M	14,345.00M	15,576.00M	4,235.00M	2,538.00M	2,335.00M	2,268.00M	2,421.00M	2,382.00M	2,000.00M	1,766.00M	2,680.00M	3,313.00M	2,971.00M	3,757.00M	2,830.00M	3,449.00M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Working Capital	-2,826.0M	-2,615.0M	-4,090.0M	-5,541.0M	-4,272.0M	-3,428.0M	-5,306.0M	-4,201.0M	-3,543.0M	-121.0M	1,685.0M	234.0M	173.0M	89.0M	103.0M	-158.0M	-29.0M	425.0M	436.0M	1,604.0M	-59.0M	28.0M	19.0M
Total Capital	42,874.0M	42,594.0M	41,517.0M	40,500.0M	38,709.0M	38,238.0M	38,311.0M	38,483.0M	38,523.0M	6,930.0M	6,612.0M	5,565.0M	4,880.0M	4,907.0M	5,084.0M	4,971.0M	4,550.0M	6,147.0M	6,134.0M	8,059.0M	7,042.0M	5,284.0M	5,574.0M
Capital Employed	47,078.0M	47,147.0M	45,343.0M	43,214.0M	43,761.0M	44,113.0M	42,085.0M	43,044.0M	43,216.0M	8,784.0M	8,740.0M	7,286.0M	7,235.0M	7,171.0M	7,696.0M	7,368.0M	7,521.0M	7,922.0M	7,837.0M	9,393.0M	7,655.0M	7,433.0M	7,625.0M
Invested Capital	42,358.0M	42,085.0M	41,007.0M	40,233.0M	38,174.0M	37,671.0M	38,071.0M	38,408.0M	38,440.0M	6,869.0M	4,825.0M	4,654.0M	4,643.0M	4,754.0M	4,718.0M	4,270.0M	4,235.0M	5,867.0M	5,920.0M	7,992.0M	7,007.0M	5,256.0M	5,555.0M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Net Income	1,582.00M	2,278.00M	1,441.00M	2,181.00M	1,436.00M	2,146.00M	1,325.00M	1,254.00M	589.00M	1,076.00M	847.00M	764.00M	703.00M	624.00M	629.00M	606.00M	528.00M	555.00M	-312.00M	497.00M	510.00M	477.00M	446.00M
Depreciation & Amortization	737.00M	732.00M	733.00M	720.00M	709.00M	708.00M	653.00M	698.00M	462.00M	229.00M	224.00M	227.00M	235.00M	234.00M	240.00M	232.00M	223.00M	207.00M	208.00M	169.00M	139.00M	79.00M	0.00M
Deferred Income Tax	-314.00M	39.00M	-254.00M	-4.00M	-289.00M	31.00M	-51.00M	-23.00M	-81.00M	-201.00M	29.00M	29.00M	43.00M	138.00M	91.00M	-498.00M	37.00M	103.00M	-241.00M	55.00M	14.00M	56.00M	0.00M
Stock-Based Compensation	92.00M	106.00M	98.00M	116.00M	52.00M	88.00M	85.00M	64.00M	35.00M	36.00M	45.00M	44.00M	48.00M	37.00M	35.00M	34.00M	29.00M	19.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-571.00M	-1,474.00M	-591.00M	-1,747.00M	-275.00M	351.00M	166.00M	366.00M	457.00M	-45.00M	-98.00M	-6.00M	37.00M	-137.00M	-454.00M	427.00M	1,643.00M	-22.00M	-37.00M	-79.00M	-61.00M	-10.00M	0.00M
Accounts Receivable	-77.00M	-248.00M	-209.00M	70.00M	-398.00M	-152.00M	-5.00M	-7.00M	82.00M	-47.00M	-31.00M	-26.00M	-5.00M	-13.00M	36.00M	-73.00M	-2.00M	5.00M	-4.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-390.00M	-7.00M	-92.00M	182.00M	-426.00M	-133.00M	-107.00M	-24.00M	185.00M	-3.00M	3.00M	-11.00M	-8.00M	-3.00M	17.00M	29.00M	19.00M	3.00M	57.00M	-14.00M	13.00M	18.00M	0.00M
Accounts Payable	-61.00M	-821.00M	-196.00M	-1,618.00M	213.00M	522.00M	369.00M	361.00M	119.00M	24.00M	32.00M	-9.00M	29.00M	-6.00M	10.00M	-30.00M	-26.00M	80.00M	-48.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-43.00M	-398.00M	-94.00M	-381.00M	336.00M	114.00M	-91.00M	36.00M	71.00M	-19.00M	-102.00M	40.00M	21.00M	-115.00M	-517.00M	501.00M	1,652.00M	-110.00M	-42.00M	-65.00M	-74.00M	-28.00M	0.00M
Other Non-Cash Items	602.00M	-14.00M	792.00M	63.00M	1,204.00M	-450.00M	278.00M	115.00M	151.00M	-57.00M	-108.00M	-67.00M	-44.00M	-30.00M	-83.00M	-41.00M	75.00M	3.00M	1,074.00M	34.00M	20.00M	-19.00M	164.00M
Net Cash from Operating Activities	2,128.00M	1,667.00M	2,219.00M	1,329.00M	2,837.00M	2,874.00M	2,456.00M	2,474.00M	1,613.00M	1,038.00M	939.00M	991.00M	1,022.00M	866.00M	458.00M	760.00M	2,535.00M	865.00M	709.00M	603.00M	581.00M	583.00M	610.00M
Capital Expenditures (PPE)	-503.00M	-602.00M	-563.00M	-481.00M	-379.00M	-455.00M	-517.00M	-365.00M	-180.00M	-208.00M	-182.00M	-180.00M	-171.00M	-184.00M	-200.00M	-218.00M	-246.00M	-317.00M	-304.00M	-230.00M	-158.00M	-44.00M	-71.00M
Acquisitions (Net)	-1,030.00M	-92.00M	-1,000.00M	-316.00M	-912.00M	578.00M	-5.00M	-24.00M	-18,984.00M	-1,555.00M	-4.00M	-20.00M	-19.00M	-10.00M	0.00M	-2.00M	-1.00M	0.00M	0.00M	-30.00M	-435.00M	0.00M	0.00M
Purchases of Investments	0.00M	-15.00M	0.00M	0.00M	-962.00M	-578.00M	-5.00M	-16.00M	-39.00M	-3.00M	-1.00M	-15.00M	0.00M	0.00M	0.00M	-2.00M	0.00M	-8.00M	0.00M	-2.00M	-53.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	8.00M	0.00M	0.00M	50.00M	578.00M	5.00M	16.00M	35.00M	0.00M	4.00M	19.00M	0.00M	0.00M	0.00M	3.00M	0.00M	0.00M	0.00M	98.00M	53.00M	36.00M	0.00M
Other Investing Activities	67.00M	2.00M	-51.00M	13.00M	1,068.00M	87.00M	206.00M	239.00M	33.00M	-3.00M	-6.00M	2.00M	5.00M	-1.00M	7.00M	2.00M	22.00M	74.00M	1,378.00M	-923.00M	91.00M	291.00M	255.00M
Net Cash from Investing Activities	-1,466.00M	-699.00M	-1,614.00M	-784.00M	-1,135.00M	210.00M	-316.00M	-150.00M	-19,131.00M	-1,763.00M	-189.00M	-194.00M	-185.00M	-195.00M	-193.00M	-217.00M	-225.00M	-251.00M	1,074.00M	-1,087.00M	-502.00M	283.00M	184.00M
Net Debt Issuance	781.00M	2,040.00M	2,245.00M	1,084.00M	-205.00M	-1,775.00M	-1,173.00M	-1,525.00M	8,316.00M	-84.00M	1,031.00M	741.00M	-66.00M	-185.00M	50.00M	600.00M	-978.00M	-552.00M	456.00M	-610.00M	30.00M	-155.00M	0.00M
Long-Term Debt Issuance	2,333.00M	1,246.00M	2,725.00M	1,102.00M	-455.00M	-1,924.00M	243.00M	-1,491.00M	7,236.00M	-150.00M	1,031.00M	741.00M	-1.00M	-185.00M	50.00M	600.00M	-978.00M	-550.00M	456.00M	-610.00M	30.00M	-155.00M	0.00M
Short-Term Debt Issuance	-1,552.00M	794.00M	-480.00M	-18.00M	250.00M	149.00M	-1,416.00M	-34.00M	1,080.00M	66.00M	0.00M	0.00M	-65.00M	0.00M	0.00M	0.00M	0.00M	-2.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-14.00M	-1,412.00M	-1,110.00M	-706.00M	-394.00M	140.00M	29.00M	0.00M	9,000.00M	-379.00M	-505.00M	-491.00M	-400.00M	-385.00M	-400.00M	-522.00M	-1,113.00M	1.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	140.00M	29.00M	9,000.00M	9,000.00M	20.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-14.00M	-1,371.00M	-1,110.00M	-706.00M	-379.00M	0.00M	0.00M	-9,000.00M	0.00M	-399.00M	-519.00M	-521.00M	-400.00M	-400.00M	-400.00M	-522.00M	-1,113.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	-41.00M	0.00M	0.00M	-15.00M	0.00M	0.00M	0.00M	0.00M	0.00M	14.00M	30.00M	0.00M	15.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-1,248.00M	-1,183.00M	-1,194.00M	-1,142.00M	-1,080.00M	-955.00M	-846.00M	-844.00M	-232.00M	-414.00M	-386.00M	-355.00M	-317.00M	-302.00M	-284.00M	-251.00M	-194.00M	0.00M	-2,065.00M	-213.00M	-80.00M	0.00M	0.00M
Common Dividends Paid	-1,248.00M	-1,183.00M	-1,194.00M	-1,142.00M	-1,080.00M	-955.00M	-846.00M	-844.00M	-232.00M	-414.00M	-386.00M	-355.00M	-317.00M	-302.00M	-284.00M	-251.00M	-194.00M	0.00M	-2,065.00M	-213.00M	-80.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-172.00M	-84.00M	-164.00M	-68.00M	-49.00M	-172.00M	0.00M	5.00M	493.00M	-30.00M	-10.00M	-9.00M	36.00M	-8.00M	31.00M	21.00M	5.00M	-3.00M	-16.00M	1,338.00M	-22.00M	-660.00M	-799.00M
Net Cash from Financing Activities	-653.00M	-639.00M	-223.00M	-832.00M	-1,728.00M	-2,762.00M	-1,990.00M	-2,364.00M	17,577.00M	-907.00M	130.00M	-114.00M	-747.00M	-880.00M	-603.00M	-152.00M	-2,280.00M	-554.00M	-1,625.00M	515.00M	-72.00M	-815.00M	-799.00M
Effect of FX on Cash	0.00M	-29.00M	-41.00M	19.00M	-7.00M	-9.00M	-6.00M	12.00M	-15.00M	3.00M	-4.00M	-9.00M	-6.00M	-4.00M	3.00M	-5.00M	5.00M	6.00M	-11.00M	1.00M	0.00M	-42.00M	0.00M
Net Change in Cash	9.00M	300.00M	341.00M	-268.00M	-33.00M	313.00M	144.00M	-28.00M	44.00M	-1,629.00M	876.00M	674.00M	84.00M	-213.00M	-335.00M	386.00M	35.00M	66.00M	147.00M	32.00M	7.00M	9.00M	-5.00M
Cash at Beginning of Period	2,484.00M	1,282.00M	267.00M	535.00M	568.00M	255.00M	111.00M	139.00M	95.00M	1,787.00M	911.00M	237.00M	153.00M	366.00M	701.00M	315.00M	280.00M	214.00M	67.00M	35.00M	28.00M	19.00M	0.00M
Cash at End of Period	2,493.00M	1,582.00M	608.00M	267.00M	535.00M	568.00M	255.00M	111.00M	139.00M	158.00M	1,787.00M	911.00M	237.00M	153.00M	366.00M	701.00M	315.00M	280.00M	214.00M	67.00M	35.00M	28.00M	-5.00M
Operating Cash Flow	2,128.00M	1,667.00M	2,219.00M	1,329.00M	2,837.00M	2,874.00M	2,456.00M	2,474.00M	1,613.00M	1,038.00M	939.00M	991.00M	1,022.00M	866.00M	458.00M	760.00M	2,535.00M	865.00M	709.00M	603.00M	581.00M	583.00M	610.00M
Capital Expenditure	-515.00M	-602.00M	-563.00M	-481.00M	-379.00M	-455.00M	-517.00M	-365.00M	-180.00M	-208.00M	-182.00M	-180.00M	-171.00M	-184.00M	-200.00M	-218.00M	-246.00M	-317.00M	-304.00M	-230.00M	-158.00M	-44.00M	-71.00M
Free Cash Flow	1,613.00M	1,065.00M	1,656.00M	848.00M	2,458.00M	2,419.00M	1,939.00M	2,109.00M	1,433.00M	830.00M	757.00M	811.00M	851.00M	682.00M	258.00M	542.00M	2,289.00M	548.00M	405.00M	373.00M	423.00M	539.00M	539.00M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
EBITDA	4,405.00M	4,194.00M	4,249.00M	3,888.00M	3,387.00M	3,532.00M	3,161.00M	3,038.00M	1,681.00M	1,668.00M	1,753.00M	1,637.00M	1,531.00M	1,404.00M	1,467.00M	1,393.00M	1,388.00M	1,369.00M	1,240.00M	1,282.00M	1,221.00M	985.00M	879.00M
(-) Tax Adjustment	1,048.20M	973.94M	1,050.04M	812.29M	559.57M	824.30M	771.77M	789.09M	429.28M	135.32M	593.91M	572.95M	528.86M	0.00M	513.45M	481.38M	485.80M	479.15M	202.79M	448.70M	427.35M	344.75M	307.65M
(-) Change In Working Capital	-571.00M	-1,474.00M	-591.00M	-1,747.00M	-275.00M	351.00M	166.00M	366.00M	457.00M	-45.00M	-98.00M	-6.00M	37.00M	-137.00M	-454.00M	427.00M	1,643.00M	-22.00M	-37.00M	-79.00M	-61.00M	-10.00M	0.00M
(-) Capital Expenditure	-515.00M	-602.00M	-563.00M	-481.00M	-379.00M	-455.00M	-517.00M	-365.00M	-180.00M	-208.00M	-182.00M	-180.00M	-171.00M	-184.00M	-200.00M	-218.00M	-246.00M	-317.00M	-304.00M	-230.00M	-158.00M	-44.00M	-71.00M
Unlevered Free Cash Flow	3,412.80M	4,092.06M	3,226.96M	4,341.71M	2,723.43M	1,901.70M	1,706.23M	1,517.91M	614.72M	1,369.68M	1,075.09M	890.05M	794.14M	1,357.00M	1,207.55M	266.62M	-986.80M	594.85M	770.21M	682.30M	696.65M	606.25M	500.35M
(-) Net Interest Income After Taxes	-504.47M	-499.06M	-514.97M	-471.48M	-390.68M	-402.47M	-451.24M	-478.95M	-332.10M	-151.61M	-90.58M	-80.60M	-75.27M	-123.00M	-84.50M	-79.84M	-89.70M	-125.45M	-188.20M	-122.85M	-137.15M	-110.50M	-115.05M
Net Debt Issuance	781.00M	2,040.00M	2,245.00M	1,084.00M	-205.00M	-1,775.00M	-1,173.00M	-1,525.00M	8,316.00M	-84.00M	1,031.00M	741.00M	-66.00M	-185.00M	50.00M	600.00M	-978.00M	-552.00M	456.00M	-610.00M	30.00M	-155.00M	0.00M
Levered Free Cash Flow	4,698.27M	6,631.12M	5,986.93M	5,897.19M	2,909.11M	529.17M	984.47M	471.86M	9,262.82M	1,437.29M	2,196.67M	1,711.65M	803.41M	1,295.00M	1,342.05M	946.46M	-1,875.10M	168.30M	1,414.42M	195.15M	863.80M	561.75M	615.40M