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Keurig Dr Pepper

Keurig Dr Pepper (KDP) Q2 2026 Earnings

Reported Aug 6, 2026 at 7:02 AM ET · SEC Source

Q2 26 EPS Adjusted

$0.57

BEAT +6.18%

Est. $0.54

Q2 26 Revenue

$7.31B

MISS 0.69%

Est. $7.36B

vs S&P Since Q2 26

-2.0%

TRAILING MARKET

KDP -1.0% vs S&P +1.0%

Market Reaction

Did KDP Beat Earnings? Q2 2026 Results

Keurig Dr Pepper delivered a quarter defined more by transformation than triumph, as the company missed on both top and bottom lines in Q2 2026, snapping a four-consecutive-quarter streak of beating consensus EPS estimates. Adjusted diluted EPS of $0… Read more Keurig Dr Pepper delivered a quarter defined more by transformation than triumph, as the company missed on both top and bottom lines in Q2 2026, snapping a four-consecutive-quarter streak of beating consensus EPS estimates. Adjusted diluted EPS of $0.57 fell 10.46% short of the $0.64 Wall Street had expected, while revenue of $7.31 billion, up 69.7% year over year, came in 0.69% below the $7.36 billion consensus. The primary story behind both misses was the JDE Peet's acquisition, which closed April 1 and flooded results with $850 million in items affecting comparability, including a $314 million inventory step-up charge and $318 million in acquisition and integration costs, dragging GAAP diluted EPS to just $0.04 from $0.40 a year ago. Bright spots included U.S. Refreshment Beverages, where net sales rose 10.0% to $2.92 billion, though U.S. Coffee struggled with a 3.2% revenue decline. KDP reaffirmed its full-year 2026 net sales guidance of $25.90 to $26.40 billion and low-double-digit constant currency adjusted EPS growth, with a planned beverage and coffee portfolio separation targeted for early 2027.

Key Takeaways

  • • U.S. Refreshment Beverages double-digit top- and bottom-line growth
  • • Favorable net price realization of 4.2% for legacy KDP
  • • Volume/mix growth of 3.1% for legacy KDP
  • • Productivity savings
  • • JDE Peet's acquisition contribution (wholly incremental year-over-year)
  • • KDP International sequential improvement with 12.4% constant currency net sales growth

KDP Forward Guidance & Outlook

KDP reaffirmed 2026 guidance expecting net sales of $25.9–$26.4 billion and constant currency adjusted diluted EPS growth in a low-double-digit range. This guidance comprises 4-6% constant currency net sales growth and 4-6% constant currency adjusted diluted EPS growth for the legacy business, plus incremental contribution from JDE Peet's. Foreign currency translation is forecasted to approximate a one percentage point tailwind to full year net sales and EPS growth. The company targets a pro-forma management leverage ratio of approximately 4.1x at year-end 2026 and is preparing for a successful separation of its beverage and coffee portfolios in early 2027.

24/7 Wall St

KDP YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

KDP Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“We delivered another strong quarter of results, with Q2 EPS exceeding our expectations. U.S. Refreshment Beverages generated double-digit top- and bottom-line growth, KDP International sequentially improved as planned, and our combined coffee platform delivered solid performance, with healthy JDE Peet's results balanced against U.S. Coffee pressures. We also made meaningful progress on our integration and separation work, including capturing initial cost synergies, advancing key organizational readiness milestones, and generating robust free cash flow to support balance sheet deleveraging. At the midpoint of the year, we remain on track to achieve our 2026 financial and transformation commitments while preparing for a successful separation in early 2027.”

— Tim Cofer, Q2 2026 Earnings Press Release

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