SCHEDULE: FMR LLC and Abigail Johnson Disclose 10% Stake in Keurig Dr Pepper

FMR LLC and Abigail P. Johnson have filed an amended Schedule 13G, reporting a 10.0% beneficial ownership stake in Keurig Dr Pepper Inc. as of December 31, 2025.

Summary

• FMR LLC and Abigail P. Johnson, as reporting persons, collectively hold a 10.0% beneficial ownership stake in Keurig Dr Pepper Inc.
• This stake amounts to 135,874,927.49 shares of common stock.
• FMR LLC holds sole voting power over 97,295,097.18 shares and sole dispositive power over 135,874,927.49 shares.
• Abigail P. Johnson, as an individual and a controlling person of FMR LLC, also reports sole dispositive power over 135,874,927.49 shares.
• The filing is an Amendment No. 2 to a previous Schedule 13G.
• Several FMR LLC subsidiaries, including Fidelity Management & Research Company LLC, beneficially own shares, with Fidelity Management & Research Company LLC owning 5% or greater of the outstanding shares.

Sentiment

Score: 7

Explanation: The filing indicates a substantial and continued institutional investment by FMR LLC and its affiliates in Keurig Dr Pepper, which is generally a positive signal of confidence from a major asset manager. The filing is a routine disclosure of ownership, not an announcement of new strategic initiatives or financial performance.

Positives

• A significant 10.0% beneficial ownership by a major institutional investor like FMR LLC and its affiliates signals confidence in Keurig Dr Pepper Inc.
• The continued substantial stake by FMR LLC, a prominent asset manager, suggests a long-term investment perspective.

Negatives

• No specific negative points are disclosed in this beneficial ownership filing.

Risks

• The filing itself does not detail specific risks related to Keurig Dr Pepper Inc.'s operations or financial health; it is a disclosure of ownership.
• Potential risk related to concentration of voting power if FMR LLC were to exert significant influence, though the filing states securities were acquired in the ordinary course of business and not for control purposes.

Future Outlook

NA

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing reflects a significant institutional stake in a major beverage and coffee company. Large institutional ownership is common in established consumer goods companies like Keurig Dr Pepper, indicating a stable investment for diversified portfolios.

Stakeholder Impact

• Shareholders: Existing shareholders may view the significant and stable institutional ownership by FMR LLC as a positive indicator of long-term value and stability.
• Management: The company's management can be assured of a significant institutional investor with a stated passive investment intent.

Next Steps

• FMR LLC and Abigail P. Johnson will continue to monitor their beneficial ownership in Keurig Dr Pepper Inc. and file further amendments to Schedule 13G as required by SEC regulations if their ownership percentage changes significantly.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a significant beneficial ownership stake by FMR LLC and Abigail P. Johnson in Keurig Dr Pepper Inc. While a 10% stake from a major institutional investor is a positive signal of confidence, the filing itself does not contain new operational or financial information that would warrant a change in investment thesis. It confirms a substantial, existing position. Therefore, a "hold" recommendation is appropriate, maintaining current positions based on broader company fundamentals rather than this specific ownership disclosure.

Keywords

Keurig Dr Pepper, KDP, FMR LLC, Abigail P. Johnson, Beneficial Ownership, Schedule 13G, Institutional Investor, Common Stock, Fidelity