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Keurig Dr Pepper
Keurig Dr Pepper (KDP) investor relations material
Keurig Dr Pepper Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Achieved all 2025 guidance targets with 8.6% net sales growth and 7.3% adjusted EPS growth, driven by innovation, market share gains, and strong U.S. Refreshment Beverages and international performance.
Announced and progressed on the acquisition and integration of JDE Peet's, with plans for separation into Beverage Co. and Global Coffee Co.; operational readiness targeted by end of 2026.
Successfully integrated GHOST Lifestyle, contributing to volume/mix growth.
Board leadership transition: Pamela Patsley to become board chair, with new independent directors joining.
Positioned for a transformational next chapter, focusing on innovation and digital marketing.
Financial highlights
FY 2025 net sales reached $16.6 billion, up 8.6% year-over-year (constant currency); adjusted operating income grew 4.9% to $4.2 billion; adjusted EPS rose 7.3% to $2.05.
Q4 2025 net sales up 9.9% to $4.5 billion; adjusted operating income up 4.8% to $1.2 billion; adjusted EPS up 1.7% to $0.60.
Free cash flow for 2025 was $1.52 billion, including a $225 million one-time distribution termination payment; 2026 outlook is ~$2 billion.
Adjusted EBITDA for the last twelve months reached $4.87 billion; management leverage ratio at 3.1x.
Gross margin contracted 150 bps in Q4 due to inflation, partly offset by price realization and productivity savings.
Outlook and guidance
2026 net sales expected at $25.9–$26.4 billion, including $8.5–$8.7 billion from JDE Peet's (from Q2 onward); standalone growth guidance is 4–6%.
Low double-digit adjusted EPS growth targeted for 2026, with 6–7 percentage points from JDE Peet's accretion.
Interest expense projected at $1.07–$1.12 billion; effective tax rate at 22–23%; ~1.37 billion diluted shares outstanding.
Q1 2026 EPS expected at $0.36–$0.37, below prior year due to cost headwinds, inventory adjustments, and lapping a one-time gain.
Free cash flow forecasted to rise to $2 billion in 2026, with further updates post-acquisition.
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Next Keurig Dr Pepper earnings date
Q1 202623 Apr, 2026
Keurig Dr Pepper
Next Keurig Dr Pepper earnings date
Q1 202623 Apr, 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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