What factors drove KDP's Q4 earnings above expectations?

Keurig Dr Pepper's (KDP) Q4 earnings exceeded expectations due to several key factors:

1. **Strong Pricing and Volume Mix in Refreshment Beverages**: The Refreshment Beverages segment experienced significant growth, driven by higher net price realization and a rise in volume/mix. This segment includes popular brands like Dr Pepper and Squirt, which have seen strong market share gains.
2. **International Business Growth**: The company's international business recorded more than 15% higher sales, contributing to the overall revenue growth. This growth is attributed to broad-based strength across the portfolio.
3. **Effective Omnichannel Distribution**: Keurig Dr Pepper's focus on creating value across three key dimensions—growth in core brands, enriching the portfolio, and effective omnichannel, selling, and distribution systems—has paid off. This strategic approach has enhanced the company's ability to reach consumers effectively, driving sales growth.

In summary, KDP's Q4 earnings exceeded expectations due to strong performance in its Refreshment Beverages segment, international business growth, and effective distribution strategies. These factors collectively contributed to the company's robust financial performance.