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What is the revenue and EPS growth rate for Keurig Dr Pepper year over year?

What does Keurig Dr Pepper do and what are its main business segments?

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What guidance did Keurig Dr Pepper's management provide for the next earnings period?

- **2025 Growth**: 8.6% net sales, 7.3% EPS growth, driven by U.S. Refreshment Beverages (11.5% net sales) and International (16% constant currency). 
- **2026 Outlook**: Low double-digit EPS growth (4-6% for standalone KDP), $2B+ free cash flow, and 10% EPS accretion from JDE Peet's. 
- **Strategic Moves**: JDE Peet's integration by Q2, separation into Beverage Co and Global Coffee Co by end-2026, with leadership teams finalized. 
- **Key Risks**: Q1 2026 EPS down 14% YoY due to cost headwinds, but accelerating growth in Q2+ as coffee costs moderate. 
- **Innovation Focus**: 2026 launches include Dr Pepper Creamy Coconut, GHOST 8.4oz cans, Keurig Coffee Collective, and Keurig Alta beta testing.

**【CEO Summary Section】**
- **2025 Performance Highlights**: Achieved 8.6% net sales growth, 7.3% EPS growth, and market share gains across core and emerging categories. U.S. Refreshment Beverages led with 11.5% net sales growth, driven by CSD innovation (e.g., Dr Pepper Blackberry) and energy drinks (GHOST, C4). International segment grew 16% in constant currency, with Mexico and Canada outperforming. U.S. Coffee faced cost headwinds but maintained pod category growth and invested in long-term initiatives like Keurig Alta.
- **2026 Strategic Priorities**: 
  1. Deliver low double-digit EPS growth (4-6% for standalone KDP). 
  2. Integrate JDE Peet's by Q2 and achieve 10% EPS accretion in FY26. 
  3. Separate into Beverage Co and Global Coffee Co by end-2026, with leadership teams and Boards in place.
- **Innovation Pipeline**: 2026 launches include Dr Pepper Creamy Coconut LTO, GHOST 8.4oz cans, Keurig Coffee Collective, and Keurig Alta beta testing.

**【CFO Financial Commentary】**
- **Full Year 2025 Results**: 
  - Net sales: $25.9B-$26.4B (8.6% growth). 
  - EPS: $1.08 (7.3% growth). 
  - Free cash flow: $1.519B, targeting $2B in 2026. 
- **Q4 2025 Performance**: 
  - Net sales: $6.8B (9.9% growth). 
  - U.S. Refreshment Beverages: 11.5% net sales growth, 8.7% operating income growth. 
  - U.S. Coffee: 3.9% net sales growth, 8.8% operating income decline due to cost inflation. 
  - International: 16% constant currency net sales growth, 20% operating income growth. 
- **2026 Guidance**: 
  - Net sales: $25.9B-$26.4B. 
  - EPS: Low double-digit growth (6-7% contribution from JDE Peet's). 
  - Free cash flow: $2B+ for standalone KDP, with JDE Peet's contribution to be updated post-close. 
  - Q1 EPS: $0.36-$0.37 (down 14% YoY due to lapping gains, cost headwinds, and inventory adjustments). 

**【Q&A Highlights】**
- **Coffee Cost Phasing**: Q1 2026 will see peak green coffee and tariff headwinds, moderating in Q2 and easing in H2. 
- **Energy Drinks Growth**: 1.5% market share gain in 2025, driven by GHOST, C4, Bloom, and Black Rifle. 2026 plans include flavor innovation, 8.4oz GHOST cans, and convenience store distribution expansion. 
- **Leadership Separation**: Global Coffee Co CEO search nearing completion, with announcements expected by deal close. 
- **Free Cash Flow Confidence**: Standalone KDP targeting $2B+ in 2026, JDE Peet's contributing $1.1B+ in 2025. 
- **SNAP Waiver Impact**: Monitoring state-level SNAP changes, with early signals indicating minimal consumption impact but potential payment method shifts.

Keurig Dr Pepper Inc. (KDP) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 net sales up 10.6% to $4.2B, driven by Ghost integration and energy/sports hydration innovation. 
- **Coffee Synergies**: $400M cost savings target with JDE Peet's, including 10% EPS accretion in year 1. 
- **Financial Discipline**: 3.5-4x leverage at separation, with $6B+ free cash flow for Beverage Co. and $5B+ for Global Coffee Co. 
- **Innovation Focus**: Keurig Alta launch, Ghost expansion, and digital DSD tools for 2026+ growth. 
- **Tariff Resilience**: 70% cost offset via pricing, stable pod elasticity at 1.2:1.

**【CEO Summary Section】**
- CEO highlighted Q3 revenue growth of 10.6%, driven by Refreshment Beverage and international segments. Key drivers included Ghost integration, net price realization, and strong innovation in energy and sports hydration. U.S. Coffee segment faced headwinds from brewer and pod volume declines, but elasticity remained manageable. Global Coffee Co. is expected to deliver low single-digit net sales growth and high single-digit EPS growth, supported by $400 million in synergies. Beverage Co. targets mid-single-digit net sales growth and high single-digit EPS growth, with a focus on DSD efficiency and new category expansion.

**【CFO Financial Commentary】**
- CFO outlined Q3 financials: net income of $420 million, Non-GAAP EPS of $1.08, and free cash flow of $500 million. Guidance updated to reflect $6 billion+ free cash flow for Beverage Co. and $5 billion+ for Global Coffee Co. over 2026-2028. Synergies from JDE Peet's acquisition include $400 million in cost savings and 10% EPS accretion in year 1. Capital structure optimization with Apollo and KKR investments aims for 3.5-4x leverage at separation.

**【Q&A Key Highlights】**
- **Acquisition Synergies**: CEO and CFO emphasized $400 million in actionable cost savings across procurement, manufacturing, and SG&A, with confidence in achieving targets through lean processes and automation. 
- **Tariff Management**: CFO detailed Q4 and 2026H1 green coffee inflation impacts, with pricing actions offsetting 70% of costs. Elasticity in pods and brewers remained stable. 
- **Separation Strategy**: Management reaffirmed milestone-based separation by end-2026, focusing on operational readiness, capital structure optimization, and independent board appointments. Partial IPO or minority stake sales could enhance flexibility. 
- **Coffee Category Outlook**: CEO highlighted 40-year volume CAGR of 2%, driven by premiumization, digital innovation (e.g., Keurig Alta), and global expansion into tea legacy markets. 
- **Beverage Co. Optionality**: CEO noted potential for new category adjacencies (e.g., cold and super-premium coffee) and strategic partnerships to unlock growth beyond core CSDs.

Keurig Dr Pepper (KDP)-27 Oct 25-2025 Q3 Earnings call transcript

- **Revenue Growth**: U.S. refreshment beverages up 11%, driven by Dr Pepper and energy portfolio ($1B+ annual run rate). International segment grew 6%.
- **Profitability**: Operating income rose 7% to $420M; EPS increased 10% to $1.08 (non-GAAP). Gross margin contracted 110bps due to inflation.
- **Coffee Segment**: Q2 net sales down 0.2%, but sequential improvement. Back-half challenges include higher coffee costs and tariffs.
- **Strategic Moves**: Acquired Dyla (drink mixes), launched Bloom Pop (prebiotic CSDs), and expanded Dr Pepper DSD in key markets.
- **Cash Flow**: Generated $325M in Q2, with full-year guidance for healthy cash generation and 3.3x leverage.


**【CEO Summary Section】**
- **Strong Q2 Results**: Net sales grew 7% year-over-year, driven by U.S. refreshment beverages (11% growth) and international segments (6% growth). Energy portfolio contributed significantly, with a 30%+ retail sales growth in Q2.
- **Strategic Pillars**: 
  - **Brand Building**: Dr Pepper gained market share for the 9th consecutive year; Dr Pepper Blackberry is the #1 new CSD product.
  - **Portfolio Expansion**: Acquired full ownership of Dyla (drink mixes) and launched Bloom Pop (prebiotic CSDs) in Q3.
  - **DSD Network**: Expanded Dr Pepper distribution in California, Nevada, and Midwest, enhancing point-of-sale influence.
- **Coffee Segment**: Sequential improvement in Q2, but back-half challenges include higher green coffee costs and tariffs. Innovations like K-Mini Mate and K-Crema aim to attract new consumers.

**【CFO Financial Commentary】**
- **Top Line**: Q2 net sales $3.2B (7.2% YoY), driven by U.S. refreshment (10.5% growth) and international (5.7% growth). GHOST acquisition added 4ppt to sales.
- **Margins**: Gross margin contracted 110bps due to inflation, but operating income grew 7% to $420M. EPS rose 10% YoY to $1.08 (non-GAAP).
- **Cash Flow**: Generated $325M in free cash flow, with full-year guidance for healthy cash generation. Debt refinanced to 3.3x leverage (target 2.5x+).
- **Guidance**: Full-year outlook unchanged: mid-single-digit sales growth, high-single-digit EPS growth. Q2 FX headwind of ~0.5ppt expected for full year.

**【Q&A Key Highlights】**
- **U.S. Refreshment Portfolio**: GHOST and energy brands (GHOST, C4, Bloom) now represent $1B+ annual run rate. Electrolyte sports hydration grew 30% Q2, targeting long-term growth.
- **Coffee Challenges**: Q2 net sales down 0.2% due to inventory management and tariffs. Back-half expects OI pressure from higher coffee hedges and tariffs.
- **Pricing Dynamics**: CSD price increases flowed through Q2; energy and sports hydration categories show strong elasticity resilience.
- **Marketing Transformation**: New CMO focusing on digital, AI-driven content. Dr Pepper's Fansville campaign and coffee innovations (e.g., K-Crema) highlight personalized engagement.
- **Protein Beverages**: Exploring white spaces in functional beverages; Dyla acquisition (drink mixes) supports hydration and immunity claims.


Keurig Dr Pepper Inc. (KDP) Q2 2025 Earnings Call Transcript

- **Q1 Growth Drivers**: U.S. Refreshment (+11%) and international (+5.4%) offset U.S. Coffee decline, with Ghost Energy contributing $225M.
- **Profitability Signals**: Non-GAAP EPS beat ($1.08 vs. $0.95) despite 170bps gross margin contraction; H2 pricing/productivity improvements expected.
- **Risk Management**: 1% EPS headwind from tariffs mitigated via pricing, productivity, and alternative sourcing.
- **Strategic Wins**: Dr Pepper Blackberry gains 1pt CSD share; Electrolit +30% Q1 retail sales; Bloom Energy captures 0.5pts of energy share.
- **Cash Flow Focus**: $102M FCF (excluding one-time payment); 2025 FCF expected to improve sequentially with 25-30% conversion target.

**【CEO Opening Remarks】**
- Q1 net sales grew 6.4% YoY, driven by U.S. Refreshment Beverages (+11%) and international (+5.4%).
- U.S. Coffee segment faced headwinds from green coffee inflation, with net sales down 3.7%.
- Key achievements: 1) Market share gains in Dr Pepper, Canada Dry, and Electrolit; 2) Strong price realization across segments; 3) Smooth integration of Ghost Energy (6.5% market share post-Q1).
- 2025 guidance reaffirmed: mid-single-digit net sales growth, high single-digit EPS growth.

**【CFO Financial Highlights】**
- Q1 GAAP net income: $420M; Non-GAAP EPS: $1.08 (vs. $0.95 consensus).
- Gross margin contracted 170bps YoY due to inflation, but pricing and productivity expected to improve in H2.
- SG&A expenses declined 5% YoY, with disciplined cost management.
- Free cash flow: $102M (excluding $225M one-time Ghost transition payment).
- Capital allocation: $102M from Vita Coco sale, prioritizing debt reduction and growth investments.

**【Q&A Key Takeaways】**
1. **Tariff Mitigation**: 
   - Tariffs on green coffee and brewers add ~1% headwind to 2025 EPS.
   - Countermeasures: additional pricing, productivity savings, and alternative sourcing.
2. **U.S. Coffee Elasticity**: 
   - Q1 volume decline due to delayed industry pricing alignment; expects normalization in H2.
   - Long-term focus on premium cold beverages (e.g., La Calombe RTD coffee +30% Q1 sales).
3. **Ghost Energy Momentum**: 
   - Q1 net sales contribution: $225M; 6.5% market share post-integration.
   - Bloom Sparkling Energy gained 0.5pts of share; Black Rifle launch in Q2.
4. **Free Cash Flow Outlook**: 
   - 2025 FCF expected to improve sequentially, with long-term target of 25-30% conversion ratio.
   - Priorities: dividend growth, share buybacks, and strategic M&A.


Keurig Dr Pepper (KDP)-24 Apr 25-2025 Q1 Earnings call transcript

- **2024 Strong Finish**: 4% sales growth, 8% EPS growth, with U.S. refreshment beverages up 10% in Q4. 
- **Energy Expansion**: Acquired GHOST (6% market share), targeting double-digit energy share via C4, Black Rifle, and GHOST DSD ramp. 
- **Coffee Resilience**: 2025 focus on pricing, productivity, and innovation (pod Refreshers, K-Brew Shell Brewer). 
- **2025 Outlook**: Mid-single-digit sales growth, high single-digit EPS growth, with Q1 phasing challenges but acceleration in Q2+. 
- **Margin Management**: 3-4% productivity savings, offsetting green coffee inflation and supporting EPS growth. 


**【CEO Summary Section】**
- **2024 Key Achievements**: Delivered 4% constant currency net sales growth and 8% EPS growth, driven by U.S. refreshment beverages (10% Q4 growth) and International segments. 
- **Strategic Pillars**: 
  - **Brand Innovation**: Dr Pepper Creamy Coconut, Canada Dry Fruitsplash Cherry, and Mott's fall campaign drove market share gains. 
  - **Portfolio Expansion**: Acquired GHOST (6% energy market share) and onboarding Black Rifle, Kicking Horse. 
  - **Route-to-Market**: Arizona territory acquisition added scale; DSD distribution boosted Electrolit growth. 
  - **Cost Efficiency**: Achieved high-end of SG&A leverage target, $1.1B share buybacks, and 4th dividend increase. 
- **2025 Outlook**: Mid-single-digit sales growth, high single-digit EPS growth, with focus on U.S. refreshment beverages and energy expansion. 

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Net sales +6.2% (constant currency), operating income +3.4%, EPS +5.5%. 
  - **Segment Performance**: 
    - U.S. Refreshment: +10.3% net sales, driven by CSDs (Dr Pepper #2 brand, 7UP market share gain). 
    - U.S. Coffee: -2.4% net sales due to pricing headwinds, but pod volume +1.1%. 
    - International: +8.5% net sales, Mexico LRBs growth offset macroeconomic slowdown. 
  - **Margins**: Gross margin -120bps vs. prior year, SG&A leverage 20bps despite higher marketing spend. 
- **2025 Guidance**: 
  - Mid-single-digit sales growth, high single-digit EPS growth. 
  - $680-700M interest expense, 22-23% tax rate. 
  - Q1 phasing challenges (1 fewer shipping day, green coffee inflation), with acceleration in Q2+ from GHOST ramp. 

**【Q&A Highlights】**
- **Coffee Strategy**: 
  - 2025 focus on preserving profit through pricing, mix, and productivity. 
  - Pod price increase in Q1, potential additional moves if green coffee costs rise further. 
  - Long-term optimism on premiumization (Lavazza expansion) and RTD (La Colombe partnership). 
- **Energy Growth**: 
  - Targeting double-digit market share via GHOST (AZ DSD launch Q2), C4 performance energy, and Black Rifle expansion. 
  - 2025 energy retail sales >$1B, with focus on ZSplash and Zero Sugar SKUs. 
- **Inflation Management**: 
  - 2025 productivity savings at high end of 3-4% target. 
  - Aluminum hedging covers 6-9 months, but no permanent offset for green coffee costs. 
  - Gross margin pressure expected to ease as pricing actions flow through. 


Actual																0.29	0.33	0.39	0.39	0.33	0.38	0.44	0.45	0.33	0.39	0.46	0.5	0.34	0.42	0.48	0.55	0.38	0.45	0.51	0.58	0.42	0.49	0.54	0.6
Forecast																0.2735	0.3152	0.3715	0.3962	0.3167	0.3702	0.4404	0.4502	0.3289	0.3866	0.4603	0.503	0.3331	0.3999	0.4683	0.5412	0.3457	0.4495	0.5067	0.5714	0.3824	0.4853	0.5371	0.5889	0.3682
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+6.03%	+4.70%	+4.98%	-1.56%	+4.20%	+2.65%	-0.09%	-0.04%	+0.33%	+0.88%	-0.07%	-0.60%	+2.07%	+5.03%	+2.50%	+1.63%	+9.92%	+0.11%	+0.65%	+1.51%	+9.83%	+0.97%	+0.54%	+1.88%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.61B	2.86B	3.02B	3.12B	2.90B	3.14B	3.25B	3.39B	3.08B	3.55B	3.62B	3.80B	3.35B	3.79B	3.81B	3.87B	3.47B	3.92B	3.89B	4.07B	3.63B	4.16B	4.31B	4.50B	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.55B	2.82B	2.96B	3.03B	2.72B	3.06B	3.16B	3.30B	3.01B	3.38B	3.63B	3.78B	3.30B	3.69B	3.77B	3.92B	3.41B	3.91B	3.92B	4.01B	3.57B	4.14B	4.15B	4.36B	3.84B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+2.50%	+1.67%	+2.07%	+3.01%	+6.68%	+2.54%	+2.70%	+2.61%	+2.22%	+5.07%	-0.31%	+0.61%	+1.53%	+2.65%	+0.94%	-1.28%	+1.79%	+0.23%	-0.84%	+1.46%	+1.92%	+0.65%	+3.68%	+3.18%	0.00%

KDP

KDP fundamentals

KDP Q1 2026 Earnings Preview

Earnings Call

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KDP

KDP fundamentals

KDP Q1 2026 Earnings Preview

Earnings Call

KDP Earnings Call Summary for Q1/2026Upcoming8:00 AM on Apr 23, 2026

KDP Earnings Call Summary for Q4/20258:00 AM on Feb 24, 2026

KDP Earnings Call Summary for Q3/20258:45 AM on Oct 27, 2025

KDP Earnings Call Summary for Q2/20258:00 AM on Jul 24, 2025

KDP Earnings Call Summary for Q1/20257:30 AM on Apr 24, 2025

You can ask Aime