Overview Key strengths Key risks Favorable organic growth outlook. Still elevated leverage, albeit steadily declining toward the company?s long-term targets. Good portfolio diversification with leading shares in categories its closest peers don?t dominate. Geographic concentration compared with peers. Strong margins that are rebounding to historical levels as cost inflation eases. Temporarily negative discretionary cash flow (DCF) due to working capital outflow. Good free cash flow generation. Sales for the nine months ended Sept. 30, 2023, increased 6.8% year over year as Keurig Dr Pepper Inc. (KDP) 's U.S. refreshment beverage segment benefitted from a 10.4% price increase and a modest 0.4% decline in volumes, primarily in still beverages. Its international segment continued to perform well organically, with sales increasing 16.2%
