Jun 2026 (Q2 FY26) — Aug 6, 2026
Keurig Dr Pepper Q2 FY26 — Strong Performance Across Beverages and JDE Peet's Integration Progress
Read the full callKeurig Dr Pepper (KDP) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Keurig Dr Pepper earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,309 | +75.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 8.6 | −13.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 142 | −74.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 8 judged targets kept · 25 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Net leverage at midyear FY26 | approximately 4.5x | Mar 2026 | reducing pro forma management leverage to 4.4x at quarter end. This was slightly better than our expectations | Achieved |
| FY26 effective tax rate | approximately 22% to 23% | Dec 2025 | effective tax rate of approximately 22% to 23% | Revised Down |
| Year-end FY26 management leverage | approximately 4.1x | Jun 2026 | we remain on track to end the year with leverage of 4.1x | New |
25 of Keurig Dr Pepper Inc.'s 33 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 30 more targets are in the full ledger.
Claimed
- Consolidated net sales grew 74.6% in Q2, reflecting the JDE Peet's acquisition and 7.3% growth in legacy KDP.
- Consolidated operating income increased 42.9% and EPS grew 16.3% to $0.57 in Q2.
- U.S. Refreshment Beverages net sales grew 10% with 6.5 percentage points from volume/mix, and operating income grew 11.9%.
- The energy portfolio achieved 9% market share, up from less than 1% four years ago, with a current $1.5 billion net revenue run rate.
- Pro forma management leverage reduced to 4.4x at quarter-end, better than expected, with a target of 4.1x by year-end.
Qualified
- U.S. Coffee net sales declined 3.2% and operating income declined 24.7% due to significantly higher input costs (green coffee, tariffs) and category slowdown.
- Consolidated gross margin was 46.5%, 860 basis points below prior year, primarily due to the mix impact of adding JDE Peet's.
- Legacy KDP gross margin contracted 210 basis points as elevated cost pressures more than offset benefits from pricing and productivity.
Price
$34.46 −0.46% · −$0.16
Performance +22.9% 1Y
1Y: $28.03 on 17 Oct 2025 → $34.46. High $34.62 (16 Oct 2026), low $25.31 (2 Apr 2026).
- Previous close
- $34.62
- 52-week range
- $25.31 – $34.62
- One year
- +24.18%
Overview
- Symbol
- KDP
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 8 judged targets kept · 25 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Net leverage at midyear FY26 | approximately 4.5x | Mar 2026 | reducing pro forma management leverage to 4.4x at quarter end. This was slightly better than our expectations | Achieved |
| FY26 effective tax rate | approximately 22% to 23% | Dec 2025 | effective tax rate of approximately 22% to 23% | Revised Down |
| Year-end FY26 management leverage | approximately 4.1x | Jun 2026 | we remain on track to end the year with leverage of 4.1x | New |
Claimed
- Consolidated net sales grew 74.6% in Q2, reflecting the JDE Peet's acquisition and 7.3% growth in legacy KDP.
- Consolidated operating income increased 42.9% and EPS grew 16.3% to $0.57 in Q2.
- U.S. Refreshment Beverages net sales grew 10% with 6.5 percentage points from volume/mix, and operating income grew 11.9%.
- The energy portfolio achieved 9% market share, up from less than 1% four years ago, with a current $1.5 billion net revenue run rate.
- Pro forma management leverage reduced to 4.4x at quarter-end, better than expected, with a target of 4.1x by year-end.
Qualified
- U.S. Coffee net sales declined 3.2% and operating income declined 24.7% due to significantly higher input costs (green coffee, tariffs) and category slowdown.
- Consolidated gross margin was 46.5%, 860 basis points below prior year, primarily due to the mix impact of adding JDE Peet's.
- Legacy KDP gross margin contracted 210 basis points as elevated cost pressures more than offset benefits from pricing and productivity.
The full ledger
Open Keurig Dr Pepper Inc.’s full ledger
A free account opens 5 company ledgers a month. All 33 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Keurig Dr Pepper Inc. Q1 FY26 — Strong Refreshment Beverages and Transformation Progress
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
Keurig Dr Pepper Q4 FY25 — Strong 2025 Performance and JDE Peet's Acquisition Progress
Read the full callEvery analysed call
Keurig Dr Pepper earnings calls (KDP)
Financials
What the filings say
Net profit, year on year: −74% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,891 | 4,070 | 3,635 | 4,163 | 4,306 | 4,499 | 3,976 | 7,309 |
| Operating profit | 902 | 63 | 801 | 898 | 995 | 881 | 756 | 628 |
| Operating margin | 23.2% | 1.6% | 22.0% | 21.6% | 23.1% | 19.6% | 19.0% | 8.6% |
| Profit before tax | 802 | -154 | 660 | 718 | 852 | 457 | 357 | 305 |
| Tax rate | 23.2% | 6.5% | 21.7% | 23.8% | 22.3% | 22.8% | 24.4% | 31.1% |
| Net profit | 616 | -144 | 517 | 547 | 662 | 353 | 270 | 142 |
| EPS ($ per share) | 0.45 | — | 0.38 | 0.40 | 0.49 | — | 0.20 | 0.04 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 1,178 | 1,582 | 2,061 | 3,199 | 3,539 | 4,559 | 4,793 | 5,622 |
| Total liabilities | 26,385 | 26,261 | 25,949 | 25,626 | 26,712 | 26,454 | 29,187 | 29,943 |
| Fixed assets | 2,310 | 2,028 | 2,212 | 2,494 | 2,491 | 2,699 | 2,964 | 3,230 |
| Total assets | 48,918 | 49,518 | 49,779 | 50,598 | 51,837 | 52,130 | 53,430 | 55,459 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,613 | 2,474 | 2,456 | 2,874 | 2,837 | 1,329 | 2,219 | 1,991 |
| Cash from investing | -19,131 | -150 | -316 | 210 | -1,135 | -784 | -1,614 | -573 |
| Cash from financing | 17,577 | -2,364 | -1,990 | -2,762 | -1,728 | -832 | -223 | -999 |
| Capital expenditure | -180 | -330 | -461 | -423 | -353 | -425 | -563 | -486 |
| Free cash flow | 1,433 | 2,144 | 1,995 | 2,451 | 2,484 | 904 | 1,656 | 1,505 |
KDP revenue by segment
US Refreshment Beverages shrank from 61% to 40% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| US Refreshment Beverages | 61% | — | 64% | 64% | 64% | — | 65% | 40% | +10.0% |
| JDE Peets | — | — | — | — | — | — | — | 38% | — |
| US Coffee | 25% | — | 24% | 23% | 23% | — | 22% | 13% | -3.2% |
| KDP International | — | — | — | — | — | — | — | 9% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
KDP operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Employees | 29KThis outcome was a direct output of the talent, dedication and hard work of our 29,000 colleagues across KDP.Source: earnings call transcript | 50K+I want to recognize and thank our more than 50,000 colleagues from around the world for their contributions to our inaugural quarter as a newly combined organization.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
69 filings between Dec 12, 2025 and Sep 14, 2026.
Open market
decisions to buy or sellPurchases
$250.2K
1 purchase by 1 insider
Sales
$1.38M
4 sales by 2 insiders
Compensation
not trading decisions- 38
- Option exercise — converted options into shares
- 26
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| DeNooyer Mary Beth | — | $778.2K | Sep 9, 2026 |
| Stephens Angela A. | — | $605.9K | Sep 3, 2026 |
| Alt Aaron E | $250.2K | — | Aug 25, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 14, 2026 | Shoemaker Anthony Chief Legal Officer | Option exercise | 59,781 | $0 |
| Sep 14, 2026 | Sandler Debra A. Director | Option exercise | 2,285 | $0 |
| Sep 14, 2026 | Gorli Eric President, US Refreshment Bev. | Tax withheld | 1,306 | $41.2K |
| Sep 14, 2026 | Shoemaker Anthony Chief Legal Officer | Tax withheld | 23,833 | $752.6K |
| Sep 14, 2026 | Gorli Eric President, US Refreshment Bev. | Option exercise | 3,317 | $0 |
| Sep 14, 2026 | Shoemaker Anthony Chief Legal Officer | Option exercise | 785 | $0 |
| Sep 9, 2026 | DeNooyer Mary Beth Chief Human Resources Officer | Sale | 12,000 | $387.6K |
| Sep 8, 2026 | DeNooyer Mary Beth Chief Human Resources Officer | Sale | 12,000 | $390.6K |
| Sep 3, 2026 | Stephens Angela A. Senior VP & Controller | Sale | 9,500 | $310.6K |
| Aug 25, 2026 | Alt Aaron E Director | Purchase | 7,862 | $250.2K |
| Jun 1, 2026 | Stephens Angela A. Senior VP & Controller | Option exercise | 2,950 | $0 |
| Jun 1, 2026 | Stephens Angela A. Senior VP & Controller | Tax withheld | 1,161 | $35.1K |
| May 20, 2026 | Cofer Timothy P. CEO & President | Tax withheld | 34,670 | $994.7K |
| May 20, 2026 | Cofer Timothy P. CEO & President | Option exercise | 88,106 | $0 |
| Mar 5, 2026 | Johnson Roger Frederick Chief Supply Chain Officer | Option exercise | 6,757 | $0 |
| Mar 5, 2026 | Cofer Timothy P. CEO & President | Option exercise | 30,969 | $0 |
| Mar 5, 2026 | Shoemaker Anthony Chief Legal Officer | Tax withheld | 2,659 | $74.6K |
| Mar 5, 2026 | Lemire Olivier President, U.S. Coffee | Option exercise | 2,394 | $0 |
| Mar 5, 2026 | DeNooyer Mary Beth Chief Human Resources Officer | Tax withheld | 3,404 | $95.5K |
| Mar 5, 2026 | Stephens Angela A. Senior VP & Controller | Tax withheld | 900 | $25.2K |
| Mar 5, 2026 | DeNooyer Mary Beth Chief Human Resources Officer | Option exercise | 6,757 | $0 |
| Mar 5, 2026 | Lemire Olivier President, U.S. Coffee | Tax withheld | 1,239 | $34.8K |
| Mar 5, 2026 | Gamgort Robert James Director | Tax withheld | 5,540 | $155.4K |
| Mar 5, 2026 | Cofer Timothy P. CEO & President | Tax withheld | 12,187 | $341.8K |
| Mar 5, 2026 | Shoemaker Anthony Chief Legal Officer | Option exercise | 6,757 | $0 |
| Mar 5, 2026 | Gorli Eric President, US Refreshment Bev. | Tax withheld | 2,659 | $74.6K |
| Mar 5, 2026 | Stephens Angela A. Senior VP & Controller | Option exercise | 2,394 | $0 |
| Mar 5, 2026 | Gorli Eric President, US Refreshment Bev. | Option exercise | 6,757 | $0 |
| Mar 5, 2026 | Johnson Roger Frederick Chief Supply Chain Officer | Tax withheld | 2,659 | $74.6K |
| Mar 5, 2026 | Gamgort Robert James Director | Option exercise | 14,077 | $0 |
| Mar 3, 2026 | PATSLEY PAMELA H Director | Option exercise | 5,226 | $0 |
| Mar 3, 2026 | Hickman Juliette Director | Option exercise | 5,226 | $0 |
| Mar 3, 2026 | Singer Robert S Director | Option exercise | 5,226 | $0 |
| Mar 3, 2026 | Stephens Angela A. Senior VP & Controller | Tax withheld | 1,031 | $30.5K |
| Mar 3, 2026 | Stephens Angela A. Senior VP & Controller | Option exercise | 2,776 | $0 |
| Mar 3, 2026 | Johnson Roger Frederick Chief Supply Chain Officer | Tax withheld | 1,173 | $34.7K |
| Mar 3, 2026 | Johnson Roger Frederick Chief Supply Chain Officer | Option exercise | 2,776 | $0 |
| Mar 3, 2026 | Shoemaker Anthony Chief Legal Officer | Tax withheld | 1,093 | $32.3K |
| Mar 3, 2026 | Shoemaker Anthony Chief Legal Officer | Option exercise | 2,776 | $0 |
| Mar 3, 2026 | DeNooyer Mary Beth Chief Human Resources Officer | Tax withheld | 2,339 | $69.2K |
| Mar 3, 2026 | DeNooyer Mary Beth Chief Human Resources Officer | Option exercise | 4,572 | $0 |
| Mar 3, 2026 | Gorli Eric President, US Refreshment Bev. | Tax withheld | 1,093 | $32.3K |
| Mar 3, 2026 | Lemire Olivier President, U.S. Coffee | Option exercise | 1,291 | $0 |
| Mar 3, 2026 | Gamgort Robert James Director | Tax withheld | 12,081 | $357.2K |
| Mar 3, 2026 | Lemire Olivier President, U.S. Coffee | Tax withheld | 653 | $19.3K |
| Mar 3, 2026 | Gamgort Robert James Director | Option exercise | 30,699 | $0 |
| Mar 3, 2026 | Gorli Eric President, US Refreshment Bev. | Option exercise | 2,776 | $0 |
| Mar 2, 2026 | Stephens Angela A. Senior VP & Controller | Tax withheld | 3,603 | $108.0K |
| Mar 2, 2026 | Stephens Angela A. Senior VP & Controller | Option exercise | 2,202 | $0 |
| Mar 2, 2026 | Gorli Eric President, US Refreshment Bev. | Option exercise | 2,202 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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