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Keurig Dr Pepper (KDP) investor relations material
Keurig Dr Pepper Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Oct, 2025
Executive summary
Announced acquisition of JDE Peet's to create a leading global coffee business, followed by a planned separation into two pure-play companies: Global Coffee Co. and Beverage Co.
Q3 2025 net sales rose 10.7% year-over-year to $4.31 billion, with strong U.S. Refreshment Beverages growth and improving U.S. Coffee trends.
Raised full-year constant currency net sales outlook to high-single-digit growth and reaffirmed adjusted EPS guidance.
Management and board emphasized flexibility, milestone-based execution, and responsiveness to shareholder feedback.
Announced $7 billion in new strategic investments to support the JDE Peet's acquisition and planned separation.
Financial highlights
Q3 2025 net sales: $4.31 billion (+10.7% year-over-year); YTD net sales: $12.10 billion (+7.3%).
Q3 GAAP net income: $662 million (+7.5%); adjusted net income: $738 million (+6.5%).
Q3 adjusted diluted EPS: $0.54 (+5.9%); YTD adjusted diluted EPS: $1.45 (+9.7%).
Free cash flow for first nine months: $955 million, with Q3 FCF at $528 million.
U.S. Refreshment Beverages Q3 net sales: $2.7B (+14.4%), U.S. Coffee: $991M (+1.5%), International: $580M (+10.5%).
Outlook and guidance
Fiscal 2025 constant currency net sales growth now expected in high-single-digit range; adjusted EPS growth outlook remains in high-single-digit range.
Management expects to close the JDE Peet's acquisition in the first half of 2026, with separation of beverage and coffee businesses anticipated after deal close.
Interest expense expected at ~$700M, tax rate ~23%, diluted shares outstanding ~1.36B.
Foreign currency translation expected to be a 0.5 percentage point headwind to full-year growth.
Year one EPS accretion from JDE Peet's acquisition expected at ~10%.
U.S. Coffee volume decline mitigation plan?
Global Coffee Co. CEO appointment timeline?
Post-separation leverage target achievement?
What triggers additional deleveraging options?
Bridge Global Coffee Co. sales to EPS growth.
What strategic optionality does Bev Co. gain?
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Next Keurig Dr Pepper earnings date
Q4 202524 Feb, 2026
Next Keurig Dr Pepper earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Hot and Cold Beverages
Keurig Dr Pepper is an American beverage conglomerate that sells various types of sodas, juices, coffees, teas, and more under a number of various brands. The current form of the company was the result of a merger between the coffee company Keurig, and the Dr Pepper Snapple Group company sells its products worldwide and has dual headquarters in Burlington, Massachusetts, and Frisco, Texas. Its shares are traded on the Nasdaq.
The Merger
The previously mentioned merger between Keurig Green Mountain and Dr Pepper Snapple Group took place in 2018. Keurig Green Mountain, founded in 1981, specialized in single-serve coffee brewing systems, while Dr Pepper Snapple Group, with its origins dating back to 1885, owned a variety of soda, tea, and juice brands. The merger was a strategic move to combine Keurig's coffee brewing technology with Dr Pepper Snapple's established beverage portfolio. The resulting company now offers a diverse range of products spanning both hot and cold beverage categories. Today, the company competes in the international beverage market, with names such as Coca-Cola, PepsiCo, Nestlé, and several other large companies among the competition.
Dr Pepper, Snapple, and More
Under the former Dr Pepper Snapple umbrella, the company produces a variety of beverage products. This range primarily includes carbonated soft drinks, with Dr Pepper, 7UP, and A&W Root Beer as flagship brands. The portfolio also extends to non-carbonated drinks, such as Snapple, which offers a wide selection of teas and fruit-flavored drinks. Additionally, the lineup includes juices like Mott's apple juice and the tomato drink Clamato.
Sing-serve coffee
Keurig became known for its single-serve coffee brewing systems, which offer a convenient and quick way to make coffee both at home and at the office. This system utilizes pre-packaged coffee pods, known as K-Cups, offering a wide variety of coffee flavors and blends, including those from notable brands like Green Mountain Coffee Roasters and The Original Donut Shop. In addition to coffee, Keurig's product line also includes single-serve brewing systems for other hot beverages like teas and hot chocolates.
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