Keurig Dr Pepper management check
KDP · Consumer Staples · Soft Drinks & Non-alcoholic Beverages · CEO Timothy Cofer
Filings as of
4 good · 2 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $99, against $105 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.83 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.4% of net income$8.2m of reported pay in fiscal 2025, against $2.1bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 0.3 years of payThe CEO holds 88,106 shares, directly or through trusts (unvested awards not counted): about 0.3 years of pay. Both: 1 buyer ($250k) and 2 sellers ($1.1m) in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.6% a year over the last three fiscal years. Stock-based pay was 0.6% of revenue in the latest year.
- Flag
Is leadership stable?
3 CEOs in the pay tableCEOs in the pay table: Robert Gamgort, Ozan Dokmecioglu, Timothy Cofer. 10 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Staples.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 43 | 31 | |
| Pay for performance | 92 | 84 | |
| CEO cost | 83 | 40 | |
| Skin in the game | 9 | 65 | |
| Dilution | 70 | 60 | |
| Stable leadership | 0 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Soft Drinks & Non-alcoholic Beverages, by management score. Keurig Dr Pepper is 24th of 33 in its sector.
- 58KOCoca-Cola Company (The)80
- 70PEPPepsiCo78
- 193MNSTMonster Beverage69
- 334DLTRDollar Tree59
- 367KDPKeurig Dr Pepper57
- 393KVUEKenvue54
Pay versus performance
From the proxy statement filed April 24, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Timothy Cofer | $8.2m | $5.7m | $5.1m | $99 | $105 | $2.1bn |
| 2024 | Timothy Cofer, Robert Gamgort | $7.0m | $7.0m | $3.5m | $110 | $102 | $1.4bn |
| 2023 | Robert Gamgort | $7.6m | $8.8m | $9.5m | $111 | $111 | $2.2bn |
| 2022 | Robert Gamgort, Ozan Dokmecioglu | $16.7m | $13.0m | $5.1m | $116 | $115 | $1.4bn |
| 2021 | Robert Gamgort | $7.8m | $17.5m | $6.8m | $117 | $116 | $2.1bn |
The board says pay is tied most to Adjusted operating income. Its other key measures: Adjusted diluted EPS growth, Adjusted operating income (Company-selected measure), Adjusted operating income growth, Free cash flow conversion, Net sales growth.
Insiders and the CEO's stake
Timothy P. Cofer (CEO & President) held 88,106 shares directly after their latest Form 4 on May 20, 2026, roughly $2.5m at that filing's price.
Both: 1 buyer ($250k) and 2 sellers ($1.1m) in six months.
- BoughtAaron E AltDirector$250kAug 25, 2026
- SoldMary Beth DeNooyerChief Human Resources Officer$778kSep 9, 2026
- SoldAngela A. StephensSenior VP & Controller$311kSep 3, 2026
Leadership and governance on file
- Aug 12, 2026Leadership change8-K 5.02
- Jun 25, 2026Leadership change8-K 5.02
- Feb 12, 2026Leadership change8-K 5.02
- Nov 25, 2025Leadership change8-K 5.02
- Apr 25, 2025Leadership change8-K 5.02
- Feb 28, 2025Leadership change8-K 5.02
- Jan 13, 2025Leadership change8-K 5.02
- Oct 28, 2024Leadership change8-K 5.02
- Apr 25, 2024Leadership change8-K 5.02
- Nov 2, 2023Leadership change8-K 5.02
- Sep 22, 2023Leadership change8-K 5.02
- Mar 6, 2023Leadership change8-K 5.02
Latest shareholder vote results: Jun 18, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $7.8bn returned to owners in buybacks and dividends, 84% of net income, and $451.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.7bn | $14.1bn | $14.8bn | $15.4bn | $16.6bn |
| Net income | $2.1bn | $1.4bn | $2.2bn | $1.4bn | $2.1bn |
| Stock-based pay | $88.0m | $52.0m | $116.0m | $98.0m | $97.0m |
| Buybacks | $0 | $379.0m | $706.0m | $1.1bn | $9.0m |
| Dividends | $955.0m | $1.1bn | $1.1bn | $1.2bn | $1.3bn |
| Diluted shares | 1428m | 1429m | 1408m | 1368m | 1363m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.