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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Keurig Dr Pepper
Keurig Dr Pepper (KDP) investor relations material
Keurig Dr Pepper Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 net sales rose 70.6% to $7.344B, including JDE Peet’s; legacy sales grew 8.6% on 6.5 points of volume/mix and 2.1 points of pricing.
Adjusted diluted EPS increased 22.2% to $0.66; GAAP diluted EPS was $0.59. Q3 free cash flow was $1.01B.
JDE Peet’s performed ahead of expectations; Refreshment Beverages sustained strong growth while softer U.S. Coffee trends informed revised legacy EPS guidance.
FY2026 guidance was reaffirmed, with low-double-digit constant-currency adjusted EPS growth; separation of beverage and coffee portfolios remains planned for early 2027, subject to market conditions.
Financial highlights
Adjusted operating income rose 52.5% to $1.670B in constant currency, or 53.1% including currency; adjusted operating margin was 22.7%.
GAAP operating income increased 34.0% to $1.333B; GAAP net income was $952M, while net income attributable to common shareholders was $810M after preferred allocations.
Adjusted net income was $986M and adjusted diluted EPS was $0.66; reported net income attributable to common shareholders was $810M and reported diluted EPS was $0.59.
A $99M tariff refund benefited Q3 operating income by $0.05 per share; a $400M Chobani equity-sale gain contributed to reported results.
Q3 operating cash flow was $1.04B and free cash flow was $1.01B; nine-month free cash flow was $1.908B.
Outlook and guidance
FY2026 net sales guidance remains $25.9B–$26.4B, including $8.3B–$8.4B from JDE Peet’s; legacy sales imply mid-to-high-single-digit growth.
Low-double-digit constant-currency adjusted EPS growth is reaffirmed; JDE Peet’s is expected to contribute 7–8 points, while legacy EPS growth is expected at 3%–5%, down from 4%–6%.
FX is expected to add 0.5 points to FY sales and EPS growth; interest expense guidance is $1.09B–$1.11B, tax rate 22%–23%, and diluted weighted-average shares ~1.37B.
FY free cash flow target remains ~$2.5B; Q4 underlying U.S. Coffee profitability is expected to improve sequentially and grow YoY at a more gradual pace.
Separation remains targeted for early 2027, subject to market conditions; further 2027 outlook is expected early next year.
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Latest events from Keurig Dr Pepper
- Separation and integration on track, with strong USRB growth and improving coffee outlook.KDP
Barclays 19th Annual Global Consumer Conference - Q2 net sales surged 75.6% year-over-year, with strong adjusted EPS growth and reaffirmed guidance.KDPQ2 2026
- Separation into two focused leaders is progressing, targeting strong growth and synergy capture.KDP23rd annual dbAccess Global Consumer Conference
- Virtual meeting to vote on directors, compensation, auditor, and stock plan on June 16, 2026.KDPProxy filing
- Shareholders to vote on board, pay, auditor, and new equity plan amid major company transformation.KDPProxy filing
- Q1 2026 net sales up 9.4%, JDE Peet's acquired, EPS guidance reaffirmed amid higher costs.KDPQ1 2026
- Q3 2024 delivered strong sales and EPS growth, with GHOST acquisition and dividend hike.KDPQ3 2024
- Director elections, compensation, and auditor ratified; plastic packaging proposal rejected.KDPAGM 2024
- Q1 net income up 13.9% to $517M, driven by U.S. Refreshment Beverages and GHOST acquisition.KDPQ1 2025
Next Keurig Dr Pepper earnings date
Q4 202623 Feb, 2027
Keurig Dr Pepper
Next Keurig Dr Pepper earnings date
Q4 202623 Feb, 2027
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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.