Segments (Tables)

9 Months Ended

Sep. 26, 2025

Segment Reporting [Abstract]

Summary of Financial Information by Segment

The Company’s segment results are as follows:

	Third Quarter 2025
(in thousands)	Nonalcoholic Beverages		All Other		Eliminations(1)		Total
Net sales	$	1,876,999	$	85,702	$	(74,384)	$	1,888,317
Cost of goods sold	1,147,875		47,168		(55,242)		1,139,801
Gross profit	729,124		38,534		(19,142)		748,516
Selling, delivery and administrative expenses:
Payroll costs(2)	$	314,529	$	13,689	$	—	$	328,218
Fleet costs(3)	25,723		8,281		—		34,004
Depreciation and amortization expense(4)	29,137		552		—		29,689
All other segment items(5)	121,374		7,739		(19,142)		109,971
Total selling, delivery and administrative expenses	490,763		30,261		(19,142)		501,882
Income from operations	$	238,361	$	8,273	$	—	$	246,634
Total depreciation and amortization expense(4)	$	49,993	$	5,093	$	—	$	55,086

	Third Quarter 2024
(in thousands)	Nonalcoholic Beverages		All Other		Eliminations(1)		Total
Net sales	$	1,751,495	$	86,230	$	(72,073)	$	1,765,652
Cost of goods sold	1,066,387		54,656		(53,427)		1,067,616
Gross profit	685,108		31,574		(18,646)		698,036
Selling, delivery and administrative expenses:
Payroll costs(2)	$	297,420	$	13,165	$	—	$	310,585
Fleet costs(3)	26,210		7,801		—		34,011
Depreciation and amortization expense(4)	25,859		497		—		26,356
All other segment items(5)	111,547		7,128		(18,646)		100,029
Total selling, delivery and administrative expenses	461,036		28,591		(18,646)		470,981
Income from operations	$	224,072	$	2,983	$	—	$	227,055
Total depreciation and amortization expense(4)	$	44,511	$	4,259	$	—	$	48,770

	First Nine Months 2025
(in thousands)	Nonalcoholic Beverages		All Other		Eliminations(1)		Total
Net sales	$	5,291,060	$	242,900	$	(210,147)	$	5,323,813
Cost of goods sold	3,224,211		137,341		(155,855)		3,205,697
Gross profit	2,066,849		105,559		(54,292)		2,118,116
Selling, delivery and administrative expenses:
Payroll costs(2)	$	875,401	$	39,612	$	—	$	915,013
Fleet costs(3)	72,812		22,654		—		95,466
Depreciation and amortization expense(4)	86,517		1,637		—		88,154
All other segment items(5)	342,651		22,586		(54,292)		310,945
Total selling, delivery and administrative expenses	1,377,381		86,489		(54,292)		1,409,578
Income from operations	$	689,468	$	19,070	$	—	$	708,538
Total depreciation and amortization expense(4)	$	147,427	$	15,797	$	—	$	163,224

	First Nine Months 2024
(in thousands)	Nonalcoholic Beverages		All Other		Eliminations(1)		Total
Net sales	$	5,106,359	$	260,930	$	(214,068)	$	5,153,221
Cost of goods sold	3,090,378		165,902		(158,364)		3,097,916
Gross profit	2,015,981		95,028		(55,704)		2,055,305
Selling, delivery and administrative expenses:
Payroll costs(2)	$	843,169	$	39,833	$	—	$	883,002
Fleet costs(3)	77,989		23,587		—		101,576
Depreciation and amortization expense(4)	76,398		1,485		—		77,883
All other segment items(5)	327,186		19,761		(55,704)		291,243
Total selling, delivery and administrative expenses	1,324,742		84,666		(55,704)		1,353,704
Income from operations	$	691,239	$	10,362	$	—	$	701,601
Total depreciation and amortization expense(4)	$	131,332	$	11,847	$	—	$	143,179

(1)The entire net sales elimination represents net sales from the All Other segment to the Nonalcoholic Beverages segment. The entire cost of goods sold and SD&A eliminations represent costs incurred by the All Other segment in the generation of net sales to the Nonalcoholic Beverages segment.

(2)Payroll costs includes compensation, incentive plans, defined contribution plans, healthcare benefits and tax-advantaged spending accounts.

(3)Fleet costs includes fleet repairs, maintenance and fuel and oil costs.

(4)Total depreciation and amortization expense is included within both cost of goods sold and SD&A expenses. For segment reporting, the difference between total depreciation and amortization expense and the portion within SD&A expenses is the amount within cost of goods sold.

(5)All other segment items includes information technology costs, stewardship, insurance and other costs incurred in the selling and delivery of the Company’s products.