Companies /Consumer Defensive

Keurig Dr Pepper Inc

NASDAQ: KDP Beverages - Non-alcoholic
$32.59
▲ $0.70 (+2.20%) today
Markets closed · 2:57am ET

Q2 2025 Earnings

Reported Jul 24, 2025, 7:01am ET · SEC source
$0.49
Beat +0.99%
EPS · est. $0.49
$4.2B
Beat +0.63%
Revenue · est. $4.1B
−8.6%
Trailing market
KDP vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−0.7%0+0.7%+1.4%Jul 24Jul 25report 7:01am ETearnings+0.4%−0.7%
−0.7%0+0.7%+1.4%Jul 24Jul 25earnings+0.4%−0.7%
KDP −0.7%S&P 500 +0.4%
−0.7%0+0.7%+1.4%Jul 24Jul 25report 7:01am ETearnings+0.3%−0.7%
−0.7%0+0.7%+1.4%Jul 24Jul 25earnings+0.3%−0.7%
KDP −0.7%NASDAQ +0.3%
−2%0+2%Jul 23Aug 1report 7:01am ETearnings−1.2%−2.8%
−2%0+2%Jul 23Aug 1earnings−1.2%−2.8%
KDP −2.8%S&P 500 −1.2%
−2%0+2%Jul 23Aug 1report 7:01am ETearnings−1.0%−2.8%
−2%0+2%Jul 23Aug 1earnings−1.0%−2.8%
KDP −2.8%NASDAQ −1.0%
+0.21%
Day of report
−0.89%
Next session
−2.74%
One week
−7.36%
30 days

S&P 500 over the same 30 days: +1.27%.

Did KDP Beat Earnings? Q2 2025 Results

Keurig Dr Pepper posted a solid second quarter, nudging past Wall Street expectations with adjusted diluted EPS of $0.49 against a consensus of $0.49, a beat of roughly 0.99%, while revenue of $4.16 billion edged ahead of the $4.14 billion estimate and grew 6.1% year over year. The primary engine behind the results was the U.S. Refreshment Beverages segment, where net sales climbed 10.5% to $2.66 billion, fueled by market share gains across carbonated soft drinks, energy, and sports hydration, as well as the contribution of the recently acquired GHOST energy brand. Adjusted operating income for the company overall rose 7.0% to $1.03 billion, underscoring the breadth of the momentum even as U.S. Coffee net sales remained essentially flat and foreign currency translation created modest drag on international results. The performance fits into a broader narrative of large beverage companies leveraging scale and strategic acquisitions to sustain growth. Management reaffirmed full-year 2025 guidance, calling for mid-single-digit constant currency net sales growth and high-single-digit adjusted diluted EPS growth, with foreign currency expected to represent roughly a half-percentage-point headwind.

Key Takeaways
  • Market share gains in carbonated soft drinks, energy, and sports hydration
  • GHOST acquisition contributing 4.0 percentage points to volume/mix growth
  • K-Cup pricing actions to combat inflation
  • Productivity savings and cost discipline
  • Mineral water share gains in Mexico and single-serve coffee share gains in Canada

“Our Q2 results cemented a strong first half of the year, as we drove robust performance in U.S. Refreshment Beverages, good growth in International, and sequential progress in U.S. Coffee. Today's dynamic environment puts a premium on operational excellence, which we are demonstrating while pushing ahead on our multi-year strategic agenda. Though the back half will present new challenges, we are on track to deliver our 2025 outlook and are confident in the long-term value creation ahead.”

Keurig Dr Pepper CEO, on the earnings call

Forward Guidance & Outlook

KDP reaffirmed its fiscal 2025 guidance for constant currency net sales growth in a mid-single-digit range and adjusted diluted EPS growth in a high-single-digit range. At current rates, foreign currency translation is forecasted to approximate a one half of one percentage point headwind to full year top- and bottom-line growth.

KDP YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$2.0B$4.0B$3.9B$4.2BRevenue$2.2B$2.3BGross Profit$861.0M$898.0MOperating Income$515.0M$547.0MNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

KDP Revenue by Segment

U.S. Refreshment Beverages$2.7B+10.5%
U.S. Coffee$948.0M−0.2%
International$555.0M−1.8%

Figures from SEC filings and company reports. Not investment advice.