{"slug":"keurig-dr-pepper","name":"큐리그 닥터페퍼","name_en":"Keurig Dr Pepper Inc.","ticker":"KDP","updated_at":"2026-09-12T00:00:30.769493+00:00","canonical":"https://valuechain.wiki/keurig-dr-pepper","citable":"밸류체인 그래프 기준 큐리그 닥터페퍼의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 2)이고, 사슬을 2차까지 넓히면 12곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-09-12 기준).","citable_en":"Per the valuechain.wiki graph, Keurig Dr Pepper Inc. is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 12 companies within two hops; the links are backed by 7 dated sources, 4 of them primary filings (as of 2026-09-12).","kicker":"북미 음료·커피 플랫폼","kicker_en":"North American beverage and coffee platform","lead":"큐리그 닥터페퍼는 탄산음료 농축액과 완제품, 큐리그 커피머신과 K-Cup 포드를 소매업체·병입업체·유통사에 판매해 돈을 번다. 커피 원두와 포장재를 조달하고 라이선스 브랜드에 로열티를 지급하며, 음료 유통망과 글로벌 커피 사업을 넓히기 위해 기업과 지분을 인수한다.","lead_en":"Keurig Dr Pepper earns revenue by selling beverage concentrates and finished drinks, Keurig brewers, and K-Cup pods to retailers, bottlers, and distributors. It buys coffee and packaging inputs, pays royalties for licensed brands, and acquires companies and equity interests to expand its beverage distribution and global coffee operations.","categories":[{"key":"food-beverage-brands","ko":"식품·음료 브랜드","en":"Food & Beverage Brands","theme":"consumer-commerce","theme_ko":"소비 브랜드·유통","theme_en":"Consumer Brands & Commerce","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"미국 리프레시먼트 음료","note":"탄산음료 농축액과 시럽, 자체·파트너 브랜드 완제품의 제조·유통"},{"name":"미국 커피","note":"큐리그 커피머신, K-Cup 포드, 원두·분쇄커피와 즉석음용 커피"},{"name":"인터내셔널","note":"캐나다·멕시코 등 해외 시장의 음료와 커피 제품"}],"total":"FY2025 고객계약 매출 166억300만달러","track":"C"},"segments_en":{"parts":[{"name":"U.S. Refreshment Beverages","note":"Manufacturing and distribution of beverage concentrates, syrups, and finished owned and partner-brand products"},{"name":"U.S. Coffee","note":"Keurig brewers, K-Cup pods, whole-bean and ground coffee, and ready-to-drink coffee"},{"name":"International","note":"Beverage and coffee products in Canada, Mexico, and other international markets"}],"total":"FY2025 revenue from contracts with customers: $16.603 billion"},"returns_yearly":{"2021":17.5,"2022":-1.2,"2023":-4.2,"2024":-1.1,"2025":-10.1,"2026":17},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"doordash","name":"도어대시","name_en":"DoorDash, Inc.","tier":3,"returns_yearly":{"2022":-67.2,"2023":102.6,"2024":69.6,"2025":35,"2026":-6.5}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":3,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-7.3}},{"slug":"unitedhealth-group","name":"유나이티드헬스 그룹","name_en":"UnitedHealth Group Incorporated","tier":2,"returns_yearly":{"2021":45.2,"2022":6.9,"2023":0.8,"2024":-2.4,"2025":-33.1,"2026":21.9}},{"slug":"caseys","name":"케이시스","name_en":"Casey's","tier":2,"returns_yearly":{"2021":11.2,"2022":14.5,"2023":23.3,"2024":45,"2025":40.1,"2026":17.2}},{"slug":"sysco","name":"시스코","name_en":"Sysco Corporation","tier":2,"returns_yearly":{"2021":8.3,"2022":-0.3,"2023":-1.7,"2024":7.4,"2025":-1,"2026":11}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":10.3}},{"slug":"dollar-general","name":"달러 제너럴","name_en":"Dollar General Corporation","tier":2,"returns_yearly":{"2021":13,"2022":5.6,"2023":-44.1,"2024":-43.1,"2025":79.6,"2026":1.8}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":2,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-21.1}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":1,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"pepsico","name":"PepsiCo","name_en":"PepsiCo","tier":1,"returns_yearly":{"2021":20.6,"2022":6.8,"2023":-3.3,"2024":-7.6,"2025":-1.8,"2026":-2.2}}],"benefiting":[{"slug":"mcdonalds","name":"McDonald's","name_en":"McDonald's","tier":1,"returns_yearly":{"2021":27.8,"2022":0.5,"2023":15.1,"2024":0.1,"2025":7.9,"2026":-21.5}},{"slug":"coca-cola","name":"Coca-Cola","name_en":"The Coca-Cola Company","tier":2,"returns_yearly":{"2021":11.4,"2022":10.6,"2023":-4.4,"2024":8.9,"2025":15.6,"2026":27.7}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":2,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":8.3}},{"slug":"cognizant","name":"코그니전트","name_en":"Cognizant Technology Solutions Corporation","tier":2,"returns_yearly":{"2021":9.6,"2022":-34.5,"2023":34.4,"2024":3.5,"2025":9.7,"2026":-23.6}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":168.1}},{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":3,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":163.4}},{"slug":"intel","name":"Intel","name_en":"Intel","tier":3,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":159.6}},{"slug":"wiwynn","name":"Wiwynn","name_en":"Wiwynn","tier":3,"returns_yearly":{"2021":24.7,"2022":-22.3,"2023":206.4,"2024":3.5,"2025":64.4,"2026":92.3}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":3,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":85.3}},{"slug":"flex-ltd","name":"플렉스","name_en":"Flex Ltd.","tier":3,"returns_yearly":{"2021":1.9,"2022":17.1,"2023":41.9,"2024":67.2,"2025":57.4,"2026":81.2}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":3,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":63.8}},{"slug":"ge-vernova","name":"GE Vernova","name_en":"GE Vernova","tier":3,"returns_yearly":{"2025":99,"2026":54}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":3,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":50.3}},{"slug":"arista","name":"Arista Networks","name_en":"Arista Networks","tier":3,"returns_yearly":{"2021":97.9,"2022":-15.6,"2023":94.1,"2024":87.7,"2025":18.5,"2026":47.9}},{"slug":"terawulf","name":"TeraWulf","name_en":"TeraWulf","tier":3,"returns_yearly":{"2021":77.1,"2022":-95.5,"2023":258.2,"2024":135.8,"2025":103,"2026":43.7}},{"slug":"alchip","name":"알칩","name_en":"Alchip Technologies","tier":3,"returns_yearly":{"2021":14.3,"2022":-8.7,"2023":365.1,"2024":-18.9,"2025":0.8,"2026":40.1}},{"slug":"eaton","name":"Eaton","name_en":"Eaton","tier":3,"returns_yearly":{"2021":46.7,"2022":-7.2,"2023":56.2,"2024":39.5,"2025":-2.8,"2026":36}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":23.2}},{"slug":"smurfit-westrock","name":"스머핏 웨스트록","name_en":"Smurfit Westrock plc","tier":3,"returns_yearly":{"2021":17.3,"2022":-28,"2023":14.1,"2024":37.6,"2025":-26.2,"2026":22}},{"slug":"live-nation-entertainment","name":"라이브 네이션 엔터테인먼트","name_en":"Live Nation Entertainment, Inc.","tier":3,"returns_yearly":{"2021":62.9,"2022":-41.7,"2023":34.2,"2024":38.4,"2025":10,"2026":21.8}},{"slug":"quanta","name":"Quanta","name_en":"Quanta Computer","tier":3,"returns_yearly":{"2021":22.2,"2022":-12.8,"2023":254.5,"2024":12.7,"2025":8.9,"2026":21.2}},{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":3,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":16.3}},{"slug":"coca-cola-europacific-partners","name":"코카콜라 유로퍼시픽 파트너스","name_en":"Coca-Cola Europacific Partners","tier":3,"returns_yearly":{"2021":15.6,"2022":2.3,"2023":24.5,"2024":18.4,"2025":21.2,"2026":16.2}},{"slug":"monster-beverage","name":"몬스터 베버리지","name_en":"Monster Beverage Corporation","tier":3,"returns_yearly":{"2021":3.8,"2022":5.7,"2023":13.5,"2024":-8.8,"2025":45.9,"2026":13.8}},{"slug":"schneider-electric","name":"Schneider Electric","name_en":"Schneider Electric","tier":3,"returns_yearly":{"2021":25.9,"2022":1.6,"2023":25.8,"2024":36.1,"2025":0.5,"2026":11.7}},{"slug":"ecolab","name":"에코랩","name_en":"Ecolab Inc.","tier":3,"returns_yearly":{"2021":9.4,"2022":-37.1,"2023":37.9,"2024":19.3,"2025":13.2,"2026":7}},{"slug":"nextera-energy","name":"NextEra Energy","name_en":"NextEra Energy","tier":3,"returns_yearly":{"2021":23.4,"2022":-8.5,"2023":-25.3,"2024":21.5,"2025":15.5,"2026":6.2}},{"slug":"duke-energy","name":"듀크 에너지","name_en":"Duke Energy Corporation","tier":3,"returns_yearly":{"2021":19.1,"2022":2,"2023":-1.6,"2024":15.6,"2025":12.7,"2026":5.3}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":5}},{"slug":"ameren","name":"아메렌","name_en":"Ameren Corporation","tier":3,"returns_yearly":{"2021":17.1,"2022":2.5,"2023":-16.1,"2024":27.5,"2025":15.3,"2026":4.5}},{"slug":"xcel-energy","name":"엑셀 에너지","name_en":"Xcel Energy","tier":3,"returns_yearly":{"2021":4.4,"2022":6.4,"2023":-8.7,"2024":12.3,"2025":13.9,"2026":4.1}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":4}},{"slug":"berkshire-hathaway","name":"Berkshire Hathaway","name_en":"Berkshire Hathaway","tier":3,"returns_yearly":{"2021":29,"2022":3.3,"2023":15.5,"2024":27.1,"2025":10.9,"2026":0.7}},{"slug":"workday","name":"워크데이","name_en":"Workday, Inc.","tier":3,"returns_yearly":{"2021":14,"2022":-38.7,"2023":65,"2024":-6.5,"2025":-16.8,"2026":-8.8}},{"slug":"fox","name":"폭스","name_en":"Fox Corporation","tier":3,"returns_yearly":{"2021":28.2,"2022":-16.6,"2023":-0.8,"2024":66.3,"2025":51.8,"2026":-13.8}},{"slug":"comcast","name":"컴캐스트","name_en":"Comcast Corporation","tier":3,"returns_yearly":{"2021":-2.2,"2022":-28.7,"2023":29.1,"2024":-11.8,"2025":-17.3,"2026":-22.3}},{"slug":"adobe","name":"어도비","name_en":"Adobe Inc.","tier":3,"returns_yearly":{"2021":13.4,"2022":-40.7,"2023":77.3,"2024":-25.5,"2025":-21.3,"2026":-23.9}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null}],"analysis":"북미 음료·커피 플랫폼. 2026년 +19.2%다. 본주(+19.2%)가 수요단(평균 -2.7%)과 공급단(평균 -14.7%)을 모두 앞선다. 사슬보다 먼저 달린 만큼, 수요단 숫자가 따라오지 못하면 되돌림이 먼저 오는 자리다. 연결 노드 중 가장 앞선 곳은 펩시코(-2.2%), 가장 처진 곳은 맥도날드(-14.7%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Keurig Dr Pepper Inc. operates across North American beverage and coffee platform. It is +19.2% in 2026. The stock (+19.2%) is ahead of both its demand side (avg -2.7%) and supply side (avg -14.7%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is PepsiCo (-2.2%) and the furthest behind is McDonald's (-14.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It buys coffee and packaging inputs, pays royalties for licensed brands, and acquires companies and equity interests to expand its beverage distribution and global coffee operations.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"JDE Peet's","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-08-10","basis":"JDE Peet's 발행주식 97.75% 공개매수에 지급한 총현금","value":17400000000,"period":"Acquisition completed through 2026-04-15","basis_en":"Aggregate cash paid for tendered shares representing 97.75% of JDE Peet's issued shares","qualifier":"approximately"},"note":"KDP는 공개매수로 JDE Peet's의 대부분 지분을 인수해 기존 큐리그 사업과 글로벌 커피 사업을 결합했다. 지급 현금은 최신 분기 공시 수치를 사용했고, 남은 주식도 취득할 방침이라고 공시했다.","note_en":"KDP acquired substantially all of JDE Peet's through a tender offer and combined it with the existing Keurig business to form a global coffee operation. The metric uses cash paid in the latest quarterly filing, which also states that KDP intends to acquire the remaining shares.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-08-10","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000051/kdp-20260630.htm","title":"큐리그 닥터페퍼 2026년 2분기 10-Q","title_en":"Keurig Dr Pepper Inc. Form 10-Q for the Quarter Ended June 30, 2026","excerpt":"KDP는 공개매수 주식에 지급한 총현금이 약 174억달러라고 공시했다.","excerpt_en":"aggregate cash paid for tendered shares was approximately €15.1 billion, or $17.4 billion"},{"stance":"mentions","publisher":"S&P 글로벌 레이팅스","publisher_en":"S&P Global Ratings","kind":"research","lang":"en","published_at":"2026-03-10","url":"https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3528533","title":"JDE Peet's 인수로 큐리그 닥터페퍼 신용등급을 BBB-로 하향","title_en":"Keurig Dr Pepper Inc. Downgraded To 'BBB-' From 'BBB' On Acquisition Of JDE Peet's N.V.; Removed From CreditWatch","excerpt":"S&P는 JDE Peet's 인수로 KDP의 레버리지가 높아진다고 분석해 장기 신용등급을 하향했다.","excerpt_en":"approximately $23 billion acquisition of JDE Peet's N.V."},{"stance":"mentions","publisher":"이데일리","publisher_en":"Edaily","kind":"news","lang":"ko","published_at":"2025-08-27","url":"https://www.edaily.co.kr/News/Read?mediaCodeNo=257&newsId=01144726642271584","title":"큐리그닥터페퍼, 180억달러 규모 'JDE피츠' 인수 부담…'중립' 하향-HSBC","title_en":"HSBC Cuts Keurig Dr Pepper to Neutral on Burden of $18 Billion JDE Peet's Acquisition","excerpt":"HSBC는 인수 가격과 단기 유동성 부담, 커피 부문 마진 희석 가능성을 이유로 투자의견을 낮췄다.","excerpt_en":"HSBC downgraded KDP, citing the acquisition price, near-term liquidity burden, and possible coffee-margin dilution."}]},{"direction":"revenue","counterparty":"Walmart Inc","counterparty_slug":"walmart","confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-02-24","basis":"Walmart가 차지한 KDP 연결 순매출 비중","value":16,"period":"FY2025","basis_en":"Walmart's share of KDP consolidated net sales","qualifier":"approximately"},"note":"Walmart는 KDP의 최대 소매 고객이며 모든 보고 부문에서 제품을 매입한다. 공시된 고객별 매출 비중을 metric에 반영했다.","note_en":"Walmart is KDP's largest retail customer and purchases products across every reportable segment. The disclosed customer revenue concentration is recorded in the metric.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm","title":"큐리그 닥터페퍼 2025 회계연도 10-K","title_en":"Keurig Dr Pepper Inc. Form 10-K for FY2025","excerpt":"KDP는 Walmart가 연결 순매출의 약 16%를 차지한 최대 소매 고객이라고 공시했다.","excerpt_en":"approximately 16%"}]},{"direction":"cost","counterparty":"McDonald's","counterparty_slug":"mcdonalds","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-24","basis":"McCafé 상표 사용에 대한 KDP의 라이선스 대가","value":null,"period":"Current agreement disclosed in FY2025 10-K","basis_en":"KDP licensing consideration for use of the McCafé trade name","qualifier":"confirmed_no_disclosed_value"},"note":"KDP는 McCafé 포장커피의 장기 마스터 라이선스를 받아 미국 내 조달·제조·유통·마케팅을 맡는다. KDP의 10-K는 이런 상표 라이선스가 로열티나 선급금을 포함할 수 있다고 설명하지만 McDonald's에 지급하는 계약별 금액은 공개하지 않았다.","note_en":"KDP holds the long-term master license for McCafé packaged coffee and manages U.S. sourcing, manufacturing, distribution, and marketing. KDP's 10-K says this class of trade-name license may include royalties or upfront payments, but it does not disclose the amount paid to McDonald's.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm","title":"큐리그 닥터페퍼 2025 회계연도 10-K","title_en":"Keurig Dr Pepper Inc. Form 10-K for FY2025","excerpt":"KDP는 파트너 상표 라이선스에 로열티가 포함될 수 있다고 공시했다.","excerpt_en":"may include royalty payments"},{"stance":"confirms","publisher":"큐리그 닥터페퍼","publisher_en":"Keurig Dr Pepper","kind":"ir","lang":"en","published_at":"2019-09-26","url":"https://www.keurigdrpepper.com/mcdonalds-usa-enters-agreement-with-keurig-dr-pepper-for-mccafe-packaged-coffee/","title":"McDonald's USA, McCafé 포장커피를 위해 큐리그 닥터페퍼와 계약","title_en":"McDonald's USA Enters Agreement with Keurig Dr Pepper for McCafé Packaged Coffee","excerpt":"양사는 미국 McCafé 포장커피에 관한 장기 마스터 라이선스·유통 계약을 발표했다.","excerpt_en":"long-term master licensing and distribution agreement"}]},{"direction":"cost","counterparty":"Sunkist Growers","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-24","basis":"Sunkist 탄산음료 상표 사용에 대한 KDP의 로열티","value":null,"period":"Current license disclosed in FY2025 10-K","basis_en":"KDP royalty consideration for use of the Sunkist soda trademark","qualifier":"confirmed_no_disclosed_value"},"note":"KDP는 Sunkist Growers의 상표를 라이선스해 미국에서 Sunkist 탄산음료를 제조·판매한다. KDP는 해당 유형의 상표 라이선스에 통상 로열티를 지급한다고 공시했지만 상대별 금액은 공개하지 않았다.","note_en":"KDP licenses the Sunkist Growers trademark to manufacture and sell Sunkist carbonated soft drinks in the U.S. KDP says this type of trademark license generally includes a royalty payment, but no counterparty-specific amount is disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm","title":"큐리그 닥터페퍼 2025 회계연도 10-K","title_en":"Keurig Dr Pepper Inc. Form 10-K for FY2025","excerpt":"KDP는 Sunkist 상표 라이선스가 통상 라이선서에 대한 로열티 지급을 포함한다고 공시했다.","excerpt_en":"generally include a royalty payment"},{"stance":"confirms","publisher":"미국 특허상표청 상표심판원","publisher_en":"U.S. Patent and Trademark Office, Trademark Trial and Appeal Board","kind":"filing","lang":"en","published_at":"2022-05-06","url":"https://ttabvue.uspto.gov/ttabvue/ttabvue-91254647-OPP-31.pdf","title":"Sunkist Growers 마케팅·글로벌 라이선싱 부사장 선언서","title_en":"Declaration of Mark Madden, Vice President of Marketing and Global Licensing of Sunkist Growers","excerpt":"Sunkist Growers의 담당 임원은 KDP가 Sunkist 상표를 라이선스해 미국 전역에서 탄산음료를 판매한다고 진술했다.","excerpt_en":"Keurig Dr. Pepper licenses use of the SUNKIST mark"}]},{"direction":"revenue","counterparty":"PepsiCo","counterparty_slug":"pepsico","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-24","basis":"PepsiCo 계열 병입·유통망에 대한 KDP 제품·라이선스 매출","value":null,"period":"FY2025","basis_en":"KDP product and licensing revenue from the PepsiCo-affiliated bottling and distribution system","qualifier":"confirmed_no_disclosed_value"},"note":"KDP는 PepsiCo 계열 병입·유통망에 탄산음료 제조·유통 권리를 부여하고 제품을 직접 판매한다. PepsiCo도 자사 공시에서 KDP가 라이선스한 Dr Pepper·Crush·Schweppes를 제조·유통한다고 확인했으며, 상대별 매출액은 공개하지 않았다.","note_en":"KDP grants carbonated-soft-drink manufacturing and distribution rights to PepsiCo-affiliated bottlers and sells products directly to partners and customers. PepsiCo independently confirms that it manufactures and distributes KDP-licensed Dr Pepper, Crush, and Schweppes; counterparty-specific revenue is not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm","title":"큐리그 닥터페퍼 2025 회계연도 10-K","title_en":"Keurig Dr Pepper Inc. Form 10-K for FY2025","excerpt":"KDP는 PepsiCo를 포함한 경쟁사 일부가 제품을 직접 매입하는 파트너 또는 고객이라고 설명했다.","excerpt_en":"partners or customers, as they purchase products directly from us"},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-03","url":"https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm","title":"펩시코 2025 회계연도 10-K","title_en":"PepsiCo, Inc. Form 10-K for FY2025","excerpt":"PepsiCo는 KDP가 라이선스한 Crush·Dr Pepper·Schweppes를 제조·유통한다고 공시했다.","excerpt_en":"manufactures and distributes certain brands licensed from Keurig Dr Pepper Inc."}]}]}