Keurig Dr Pepper reported $3.6 billion in operating income for FY2025 — a 38% year-over-year surge. But $865 million of that growth came from lapping prior-year impairment charges, all three operating segments show gross margin compression, and operating cash flow actually declined 10.3%. The filing reveals a business where organic operating income grew approximately 3.4%, appliance volume collapsed 19.9%, and the coming JDE Peet's acquisition will push pro-forma FCF payout to 93.6%.
Mondelez International's FY 2025 10-K reveals a $729M gap between input cost inflation and pricing recovery — but that's the number everyone can find. What the filing buries across three separate disclosures is how the company funded $5.5B in shareholder returns on just $2.3B in free cash flow: a 37-fold commercial paper surge, $3.6B in bank-intermediated 'supplier' payables, and a Board that quietly doubled the company's debt authorization. Neither the 44.7% GAAP EPS decline nor management's 12.8% adjusted figure tells the truth.
Philip Morris trades at 22x earnings — double Altria's multiple — on the promise that ZYN and IQOS justify a consumer tech premium. But MetricDuck's ROIC data shows Altria earns 44.8% on invested capital versus PM's 34.5%. The FY2025 10-K reveals why: $28 billion in goodwill and intangibles from the Swedish Match acquisition, $11.7 billion in trade receivable factoring inflating operating cash flow, and an Americas segment earning just 10.4% margins while East Asia delivers 47%. The transformation is real. The valuation premium may not be.
CL has the highest ROIC (34.4%), yet PG—with the lowest ROIC (23.9%)—shows the strongest improvement trajectory (+21.6% over 8 quarters). Meanwhile, KO's superior cash generation masks a $12 billion tax liability. Here's how to read beyond the headline metrics.