Jupiter Asset Management Ltd. Acquires New Position in Keurig Dr Pepper, Inc $KDP
Jupiter Asset Management Ltd. has acquired a new position in Keurig Dr Pepper, Inc., purchasing 678,965 shares valued at approximately $17.32 million. Other institutional investors have also adjusted their holdings in the company, which has an average analyst rating of "Moderate Buy" and a consensus target price of $34.87. Keurig Dr Pepper also recently announced a quarterly dividend of $0.23 per share, payable on April 10th.
Beverage Stocks Earnings Roster Next Week: KDP, MNST, FMX, SAM
The article highlights that beverage stocks, both alcoholic and non-alcoholic, are a key focus for earnings next week, with companies like Keurig Dr Pepper (KDP), Monster Beverage (MNST), Fomento Economico Mexicano (FMX), and Boston Beer Company (SAM) scheduled to report. It discusses the mixed backdrop of the industry, emphasizing factors like premiumization, functional beverages, and effective pricing. While these companies face challenges from rising costs and shifting consumer preferences, strong brands and innovation are expected to drive performance.
Unveiling Keurig Dr Pepper (KDP) Q4 outlook: Wall Street estimates for key metrics
This article provides Wall Street's estimations for Keurig Dr Pepper's (KDP) Q4 performance. It focuses on key financial metrics to give an outlook on the company's expected results.
Burling Wealth Partners LLC Reduces Position in Keurig Dr Pepper, Inc $KDP
Burling Wealth Partners LLC significantly reduced its stake in Keurig Dr Pepper (NASDAQ:KDP) by 87.0% in the third quarter, now holding 12,199 shares valued at $311,000. Despite this, other institutional investors have recently modified their holdings, with some increasing their positions in the company. Keurig Dr Pepper announced a quarterly dividend of $0.23 per share, payable on April 10th, and has received a consensus rating of "Moderate Buy" from analysts.
139,800 Shares in Keurig Dr Pepper, Inc $KDP Purchased by Alberta Investment Management Corp
Alberta Investment Management Corp recently purchased 139,800 shares of Keurig Dr Pepper (NASDAQ:KDP) in the third quarter, valued at approximately $3.57 million, establishing a new position in the company. Other institutional investors also adjusted their holdings in KDP, which currently has 93.99% institutional ownership and a "Moderate Buy" consensus rating from analysts with an average price target of $34.87. Keurig Dr Pepper also declared a quarterly dividend of $0.23 per share, yielding 3.2% annually.
Zacks Industry Outlook Highlights The Coca-Cola, PepsiCo, Monster Beverage, Keurig Dr Pepper and Vita Coco
The soft drink industry is experiencing growth fueled by innovation in natural, low-sugar, and functional beverages, alongside digital transformation and expansion into adjacent categories like RTD alcoholic drinks. Despite rising input costs and tariff uncertainties that squeeze margins, companies like Coca-Cola, PepsiCo, Monster Beverage, Keurig Dr Pepper, and Vita Coco are expected to outperform through continued investment in innovation and digital capabilities. The industry maintains a positive outlook, with a Zacks Industry Rank signaling bright prospects, and several key players are highlighted as stocks to watch.
Popular soda flavor returns as Keurig Dr Pepper rolls out 35 new drinks
Keurig Dr Pepper is significantly expanding its beverage portfolio with over 35 new drinks across various brands, including carbonated soft drinks, teas, waters, juices, and energy drinks. Notably, the popular Dr Pepper Creamy Coconut flavor is returning to shelves due to consumer demand, alongside other new and returning flavors like A&W Root Beer Float and 7UP Shirley Temple. The company is focusing on evolving consumer preferences, such as the demand for zero-sugar options and innovative flavors.
Unveiling Keurig Dr Pepper (KDP) Q4 Outlook: Wall Street Estimates for Key Metrics
Analysts project Keurig Dr Pepper (KDP) to report Q4 earnings of $0.59 per share, a 1.7% increase year over year, with revenues reaching $4.36 billion, up 7.2%. Key metric estimates include $1.15 billion for U.S. Coffee net sales, $556.49 million for International net sales, and $2.67 billion for U.S. Refreshment Beverages net sales. The company currently holds a Zacks Rank #2 (Buy).
Keurig Dr Pepper Q4 Earnings Approaching: Will It Surprise Investors?
Keurig Dr Pepper (KDP) is set to announce its Q4 2025 earnings on February 24, with expectations of growth in both revenue and earnings per share. While strong brand performance and strategic expansions are anticipated to boost results, the company faces challenges from tariffs, inflationary pressures, and a sluggish Coffee segment. The Zacks model, however, does not conclusively predict an earnings beat for KDP this quarter.
Keurig Dr Pepper launches 35+ new flavours across beverage portfolio
Keurig Dr Pepper has unveiled over 35 new beverage flavors for 2026 across its extensive portfolio, including carbonated soft drinks, teas, waters, energy drinks, and juices, alongside the return of several popular seasonal offerings. Highlights include new fruit-flavored ginger ales from Canada Dry, a blood orange Bai, and Mott's first foray into zero-sugar juice drinks. The launch also features significant energy drink innovations from brands like Ghost Energy, C4 Energy, and Bloom Sparkling Energy, as well as new ready-to-drink coffee flavors from La Colombe Draft Latte.
Why COKE Could Outperform PepsiCo Stock
This article suggests that Coca-Cola Consolidated (COKE) could be a better investment than PepsiCo (PEP) due to its lower valuation (P/OpInc) and higher revenue and operating income growth. The analysis compares key metrics between the two companies, highlighting COKE's stronger recent performance. However, it also advises further investigation to understand if PepsiCo maintains any underlying advantages that might not be immediately apparent from these figures.
Keurig Dr Pepper Q4 Earnings Approaching: Will It Surprise Investors?
Keurig Dr Pepper (KDP) is expected to report fourth-quarter 2025 results on February 24, with anticipated growth in both revenues and earnings per share. While strengths in its Refreshment Beverages segment and strategic initiatives are tailwinds, the company faces challenges from inflation, tariffs, high SG&A costs, and a struggling Coffee segment. Despite these factors, KDP's stock appears undervalued compared to historical and industry benchmarks, although current models do not conclusively predict an earnings beat.
Coca-Cola rival launches Kroger-exclusive soda flavor
Keurig Dr Pepper's 7UP is launching a new Mandarin Orange flavor exclusively at Kroger stores, following a successful Watermelon Strawberry exclusive last year. This strategy allows brands to test new products and strengthen partnerships with retailers like Kroger, which also offers its own private-label soda line. The move highlights the increasing trend of exclusive and limited-time offerings in the competitive soda market.
Keurig Dr Pepper announces 5 unique soda flavors, 1 Kroger exclusive
Keurig Dr Pepper is releasing five unique soda flavors, including returning fan-favorites and one exclusive to Kroger. The lineup features Dr Pepper Creamy Coconut, 7UP Shirley Temple, 7UP Endless Summer Mandarin Orange (Kroger exclusive), A&W Root Beer Float, and Canada Dry Fruit Splash Strawberry. These flavors will be launched throughout 2026, with some available in both full and zero-sugar options.
CraniUS Therapeutics Appoints Johnson & Johnson Senior Executive, Oray Boston Jr. to Board of Directors
CraniUS Therapeutics has appointed Oray B. Boston Jr., a former Johnson & Johnson senior executive with extensive global leadership experience in medical devices and pharmaceuticals, to its Board of Directors. Boston's expertise in craniofacial device innovation and product commercialization is expected to be invaluable as CraniUS advances its NeuroPASS™ platform for localized neurological drug delivery. The company aims to leverage his insights as it moves towards clinical development, regulatory pathways, and eventual commercialization.
Keurig Dr Pepper Q4 Earnings Approaching: Will It Surprise Investors?
Keurig Dr Pepper (KDP) is set to release its Q4 2025 earnings, with expectations of revenue growth to $4.36 billion and EPS up 1.7% to 59 cents. While strong brand performance, pricing actions, and growth in the Refreshment Beverages segment are expected to drive results, the company faces headwinds from tariff and inflationary pressures, rising SG&A costs, and a struggling Coffee segment. Based on the Zacks model, KDP is not conclusively predicted to beat earnings this quarter due to a 0.00% Earnings ESP despite a Zacks Rank of 2.
Keurig Dr Pepper Q4 Earnings Approaching: Will It Surprise Investors?
Keurig Dr Pepper (KDP) is set to release its Q4 2025 earnings on February 24, with expectations of revenue growth to $4.36 billion and EPS of $0.59. The company's performance is driven by strong brands, pricing actions, and growth in the Refreshment Beverages segment, despite challenges like inflation and a sluggish Coffee segment. The Zacks model, however, does not conclusively predict an earnings beat for KDP, which currently has an Earnings ESP of 0.00% and a Zacks Rank of 2.
More than 35 new Keurig Dr Pepper drinks hit shelves in 2026
Keurig Dr Pepper (KDP) announced over 35 new beverage varieties for 2026 across its carbonated soft drinks, teas, waters, energy, and juice portfolios. Key innovations include the limited-time return of Dr Pepper Creamy Coconut, a nationwide launch of Mott's Zero Sugar juice, and expanded zero-sugar and energy drink options. The company emphasizes flavor leadership and catering to consumer demand for bold new tastes, nostalgic twists, and healthier choices.
CraniUS Therapeutics Appoints Johnson & Johnson Senior Executive, Oray Boston Jr. to Board of Directors
CraniUS Therapeutics has appointed Oray Boston Jr., a former Johnson & Johnson senior executive with extensive global leadership experience in medical devices and pharmaceuticals, to its Board of Directors. Boston's expertise in commercialization, product launches, and international market expansion is expected to be invaluable as CraniUS Therapeutics advances its NeuroPASS™ platform, an investigational device for localized drug delivery to the brain, towards clinical and commercial milestones.
Heartland Advisors Inc. Buys Shares of 226,469 Keurig Dr Pepper, Inc $KDP
Heartland Advisors Inc. has acquired a new position in Keurig Dr Pepper, Inc. (NASDAQ:KDP), purchasing 226,469 shares valued at approximately $5,777,000. This investment comes as several other hedge funds have also adjusted their stakes in the company. Analysts currently rate KDP as a "Moderate Buy" with a consensus price target of $34.87, and the company recently announced a quarterly dividend of $0.23 per share.
NEOS Investment Management LLC Has $14.13 Million Stake in Keurig Dr Pepper, Inc $KDP
NEOS Investment Management LLC significantly increased its stake in Keurig Dr Pepper (NASDAQ:KDP) by 63.9% in the third quarter, bringing its total holdings to $14.13 million. Other institutional investors also adjusted their positions in the company. Analysts maintain a "Moderate Buy" consensus rating for KDP with an average price target of $34.87, and the company recently declared a quarterly dividend of $0.23 per share.
Beverage Stocks: KO, PEP, KDP, SNYR Positioned for Accelerating Growth and Sector Expansion in 2026
Leading beverage companies Coca-Cola (KO) and PepsiCo (PEP) are seen as stable investments with proven global strength and defensive growth, while Keurig Dr Pepper (KDP) is undergoing a strategic restructuring with a potential spinoff. Smaller cap Synergy CHC (SNYR) presents an asymmetric growth opportunity in the rapidly expanding functional beverage market, leveraging its FOCUSfactor® brand. The 2026 outlook for the sector highlights margin expansion, international growth, functional beverages, and strategic M&A.
Keurig Dr Pepper (KDP) to Release Earnings on Tuesday
Keurig Dr Pepper (KDP) is scheduled to release its Q4 2025 earnings before market open on Tuesday, February 24th, with analysts expecting $0.59 EPS and $4.3468 billion in revenue. The company recently announced a quarterly dividend of $0.23 per share, payable on April 10th. Market analysts currently rate KDP as a "Moderate Buy" with a consensus price target of $34.87, following several recent rating changes and target price adjustments.
Aberdeen Group plc Buys 388,567 Shares of Keurig Dr Pepper, Inc $KDP
Aberdeen Group plc increased its stake in Keurig Dr Pepper, Inc (NASDAQ:KDP) by 26.7% during the third quarter, purchasing an additional 388,567 shares to bring its total holdings to 1,844,123 shares worth $47,044,000. Other institutional investors also modified their positions in the company. Several analysts have issued reports on KDP shares, with a consensus "Moderate Buy" rating and a target price of $34.87.
Responsibly-Sourced Coffee Companies
Westrock Coffee Company announced that it has achieved its goal of becoming 100% responsibly sourced by the end of 2025, a commitment made in 2021. This means all their tea, green coffee, and soluble purchases are verified through third-party programs, and all direct suppliers undergo third-party auditing for compliance. Moving forward, the company will focus on strengthening supply resiliency through diversified sourcing options.
Keurig Dr Pepper Announces New Directors and Governance Changes; Appoints two highly qualified independent directors to the Board; Establishes new Board committees reinforcing strong governance
Keurig Dr Pepper (NASDAQ: KDP) announced the appointment of two new independent directors, Amie Thuener and William "Bill" Newlands, to its Board, effective March 2. The company will also separate its Remuneration & Nominating Committee into new Nominating & Governance and Compensation Committees as part of its ongoing transformation and value creation agenda. These changes are in preparation for the closing of the JDE Peet's acquisition and the eventual separation into two independent companies.
Keurig Dr Pepper, Inc $KDP Shares Purchased by Tobam
Tobam significantly increased its stake in Keurig Dr Pepper (NASDAQ:KDP) by 82.6% in the third quarter, now owning 160,589 shares worth over $4 million. Other institutional investors like Bank of New York Mellon Corp and Candriam S.C.A. also adjusted their positions, with institutions collectively owning 93.99% of the stock. Analyst ratings currently indicate a "Moderate Buy" with a consensus target price of $34.87 for KDP shares.
ABN Amro Investment Solutions Has $3.47 Million Stock Holdings in Keurig Dr Pepper, Inc $KDP
ABN Amro Investment Solutions significantly increased its stake in Keurig Dr Pepper (NASDAQ:KDP) by 79.4% in the third quarter, bringing its total holdings to 135,974 shares valued at $3.47 million. This move is part of broader institutional investment interest, with other hedge funds also adjusting their positions in KDP. The company recently declared a quarterly dividend of $0.23, and analysts maintain a "Moderate Buy" rating for KDP with an average target price of $34.87.
Coca-Cola stock price drifts into Presidents Day break as KO investors eye CAGNY update
Coca-Cola's stock (KO) closed slightly down at $78.68 before the Presidents Day long weekend, with investors anticipating an update from incoming CEO Henrique Braun and CFO John Murphy at the CAGNY conference on February 17. The update is expected to provide further details on Coca-Cola's 2026 volumes and pricing, especially after a recent earnings release and an analyst price target increase from Barclays. The company's 2026 outlook projects 4-5% organic revenue growth and 7-8% comparable EPS growth, though potential IRS litigation and the sale of Coca-Cola Beverages Africa present wild cards.
Keurig Dr Pepper, Inc (NASDAQ:KDP) Receives Consensus Recommendation of "Moderate Buy" from Analysts
Keurig Dr Pepper, Inc (NASDAQ:KDP) has received a consensus "Moderate Buy" rating from analysts, with an average 12-month price target of $34.87. The company recently announced a quarterly dividend of $0.23 per share, offering a 3.1% yield. Institutional investors hold a significant 93.99% stake, including recent large purchases by Norges Bank, Capital International, Vanguard, Invesco, and State Street.
PEP Stock Price, Forecast & Analysis | PEPSICO INC (NASDAQ:PEP)
This article provides a comprehensive analysis of PepsiCo Inc. (NASDAQ: PEP) stock, including its current price, key statistics, technical and fundamental ratings from ChartMill, and analysts' forecasts. As of February 13, 2026, PEP's stock price is $165.94, with a 3.4% dividend yield, and analysts project a slight price decrease but anticipate EPS and revenue growth in the next year. The company operates in the Consumer Staples sector under the Soft Drinks & Non-alcoholic Beverages industry.
Public Sector Pension Investment Board Acquires 643,524 Shares of Keurig Dr Pepper, Inc $KDP
The Public Sector Pension Investment Board recently increased its stake in Keurig Dr Pepper, Inc. (NASDAQ:KDP) by 101.9% during the third quarter, acquiring an additional 643,524 shares. This acquisition brings their total holdings to 1,275,329 shares, valued at approximately $32.53 million, representing 0.09% of the company's stock. Other institutional investors have also adjusted their positions in KDP, which currently holds a "Moderate Buy" consensus rating from analysts with an average price target of $34.87.
Keurig Dr Pepper adds two independent directors, restructures board committees
Keurig Dr Pepper (KDP) is adding two independent directors, Amie Thuener and William Newlands, to its board and restructuring its committee organization, effective March 2. This move comes as the company prepares for the closing of its JDE Peet's acquisition and a subsequent separation into two independent companies. Thuener will join the Audit & Finance Committee, while Newlands will serve on the newly created Nominating & Governance Committee, separating the previous Remuneration & Nominating Committee into two distinct bodies.
Keurig Dr Pepper Announces New Directors and Governance Changes
Keurig Dr Pepper (KDP) announced the appointment of two new independent directors, Amie Thuener and William "Bill" Newlands, to its Board, effective March 2. The company is also separating its Remuneration & Nominating Committee into new Nominating & Governance and Compensation Committees to strengthen governance as it approaches the JDE Peet's acquisition closing and plans for a future separation into two independent companies. These changes aim to enhance KDP's transformation and value creation agenda, bringing diverse expertise to the Board at a pivotal time.
ING Groep NV Boosts Stock Position in Onto Innovation Inc. $ONTO
ING Groep NV significantly increased its stake in Onto Innovation Inc. (NYSE:ONTO) by 80.8% in Q3, acquiring 43,300 additional shares, bringing its total holding to 96,900 shares valued at $12.52 million. Other institutional investors, such as Goldman Sachs, also boosted their positions, leading to institutional investors owning nearly 98.35% of the company's stock. Analysts maintain a "Moderate Buy" consensus rating with an average price target of $193.75, even as ONTO currently trades around $222.34.
Campbell’s to shutter Cape Cod potato chip plant
Campbell’s plans to close its Cape Cod potato chip plant in Hyannis, Massachusetts, by April, moving production to other facilities to improve efficiency. This facility is the smallest in Campbell's network for potato chips and accounts for only 4% of the total annual volume of Cape Cod Chips. The closure will impact 49 employees and is part of Campbell's broader strategy to consolidate operations and invest in more efficient plants, similar to actions taken by other major food companies.
New TBIL Treasury fund ends ETF vs mutual fund tradeoff for investors
F/m Investments has launched a dual-share class for its flagship TBIL U.S. Treasury 3-Month Bill strategy, allowing investors to access the same portfolio as both an ETF (TBIL) and a mutual fund (TBFMX). This innovative structure, cleared by the SEC under existing regulatory frameworks, eliminates the need for investors to choose between the tax efficiency and liquidity of an ETF and the familiarity and accessibility of a mutual fund. It provides a single strategy, set of holdings, and track record across both vehicle types.
VTAMA launch leader joins Verrica to drive YCANTH skin treatment
Verrica Pharmaceuticals has appointed Chris Chapman as its Chief Commercial Officer, effective February 12, 2026. Chapman brings over 25 years of pharmaceutical experience, particularly in dermatology, and is expected to expand U.S. commercial capabilities for YCANTH, support the global Phase 3 program for common warts, and advance the development of VP-315 for basal cell carcinoma. His prior experience includes leading the launch of VTAMA cream and integrating Dermavant's commercial organization.
ABC Arbitrage SA Takes Position in Keurig Dr Pepper, Inc $KDP
ABC Arbitrage SA has acquired a new stake in Keurig Dr Pepper (NASDAQ:KDP) during the third quarter, purchasing 40,366 shares valued at approximately $1.03 million. Other institutional investors have also adjusted their positions in the beverage company, which currently has a market cap of $40.61 billion and offers a quarterly dividend of $0.23 per share. Analysts have provided mixed ratings, with a consensus of "Moderate Buy" and an average target price of $34.87, while also noting recent insider stock sales.
Fund Update: New $15.3M $KDP stock position opened by Fidelity National Financial, Inc.
Fidelity National Financial, Inc. has established a new $15.3 million position in Keurig Dr Pepper (KDP) stock as of December 31, 2025, according to a recent SEC 13F filing. The article also details significant hedge fund activities, insider trading, congressional stock trades, and analyst ratings for KDP, including several buy ratings and recent price targets.
Keurig Dr Pepper Inc (KDP) Shares Up 3.47% on Feb 11
Keurig Dr Pepper Inc (KDP) shares increased by 3.47% on February 11, trading at $29.71. This places the stock 17.76% below its 52-week high and 18.68% above its 52-week low. Analysts forecast an average target price of $35.01, implying an 17.86% upside from the current price, with a consensus "Outperform" rating.
Envestnet Asset Management Inc. Sells 1,308,929 Shares of Keurig Dr Pepper, Inc $KDP
Envestnet Asset Management Inc. reduced its stake in Keurig Dr Pepper (NASDAQ:KDP) by 43.1% in the third quarter, selling over 1.3 million shares and retaining 1.7 million shares worth approximately $44.05 million. The company announced a quarterly dividend of $0.23 per share, yielding 3.2% annually. Wall Street analysts maintain a "Moderate Buy" consensus rating for KDP with an average target price of $34.87, although some recent price target adjustments have occurred.
Unveiling Keurig Dr Pepper (KDP) Q4 Outlook: Wall Street Estimates for Key Metrics
This article provides an outlook on Keurig Dr Pepper's (KDP) Q4 performance based on Wall Street estimates for key metrics. Analysts predict a year-over-year revenue increase of 2.7% to $3.89 billion and an earnings per share (EPS) of $0.51 for the quarter. Investors will be closely watching for any management commentary on future growth drivers and market trends.
Keurig Dr Pepper's (NASDAQ:KDP) earnings trajectory could turn positive as the stock increases 3.8% this past week
Keurig Dr Pepper Inc. (NASDAQ:KDP) has seen a 3.8% stock increase recently, which could signal a positive turn for its earnings trajectory. Despite a 20% decline in stock price over the last three years, underperforming the market, the company's total shareholder return for the same period is -13% when including dividends. While EPS declined by 3.3% annually over the past three years, insider buying and long-term shareholder gains suggest potential for sustainable growth.
ProShare Advisors LLC Cuts Stock Position in Keurig Dr Pepper, Inc $KDP
ProShare Advisors LLC significantly reduced its holdings in Keurig Dr Pepper (NASDAQ:KDP) by 18.1% in the third quarter, selling 387,279 shares and now owning 1,746,897 shares valued at approximately $44.56 million. Despite this, Keurig Dr Pepper recently declared a quarterly dividend of $0.23 per share, yielding 3.2% annually, with an ex-dividend date of March 27th. The company maintains a "Moderate Buy" consensus rating from analysts, with an average price target of $34.87, and has a market capitalization of $38.73 billion.
Earnings Flash (KO) The Coca-Cola Company Reports Q4 Revenue $11.8B, vs. FactSet Est of $12.05B
The Coca-Cola Company reported Q4 revenue of $11.8 billion, falling short of FactSet's estimate of $12.05 billion. The company also announced adjusted EPS of $0.58 per share, which exceeded FactSet's estimate of $0.56. This comes amidst reports of choppy demand for sodas in North America.
Coca-Cola falls after organic sales guidance disappoints; Pepsico also lower (KO:NYSE)
The Coca-Cola Company (KO) saw its stock decline after its fourth-quarter earnings report, where revenue increased by 2.2% year-over-year but missed consensus estimates. The company's organic revenue growth was attributed to gains in Latin America and EMEA, with volume growth primarily in Brazil, the U.S., and Japan. Coca-Cola provided guidance for future organic sales growth of 4–5% and EPS growth of 7–8%, which appeared to disappoint investors.
Coca-Cola Reconsiders Growth As Pricing Power Meets Volume Headwinds
Coca-Cola (NYSE:KO) is facing challenges as its traditional pricing power meets slower and negative volume growth in key markets. The company is shifting its strategy towards premium, health-oriented products like Fairlife milk and plans to resume bolt-on mergers and acquisitions to drive future growth. This move signals a change in management's approach, aiming to balance pricing, product mix, and acquisitions to adapt to changing consumer preferences and maintain relevance.
Fairlife Expansion Gives Coca-Cola a Protein-Powered Edge
Coca-Cola's Fairlife brand is a key growth driver, capitalizing on rising consumer demand for healthier, high-protein beverages. Strategic investments in expanding Fairlife's production capacity are expected to boost volume and innovation, strengthening Coca-Cola's position in the functional nutrition market. While competitors like PepsiCo and Keurig Dr Pepper also vie for market share, Fairlife provides Coca-Cola with a differentiated edge in a competitive landscape.
Dividend Aristocrat Kimberly-Clark Is Spending More Than It Generates on Its Dividend
Kimberly-Clark, a Dividend Aristocrat, is currently paying out more in dividends than it generates in free cash flow, with a 101.3% free cash flow payout ratio in 2025. This is due to a significant increase in capital expenditure (80% higher year-over-year) for its largest transformation in 150 years. While the dividend's safety margin has narrowed, management expects double-digit EPS growth in 2026 and normalization of free cash flow as transformation spending moderates, suggesting the dividend is not in immediate danger despite the thin margin.
