Companies /Consumer Defensive

Keurig Dr Pepper Inc

NASDAQ: KDP Beverages - Non-alcoholic
$32.59
▲ $0.70 (+2.20%) today
Markets closed · 4:37am ET

Q4 2025 Earnings

Reported Feb 24, 2026, 7:01am ET · SEC source
$0.60
Beat +1.92%
EPS · est. $0.59
$4.5B
Beat +3.44%
Revenue · est. $4.3B
−9.2%
Trailing market
KDP vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%Feb 24Feb 25report 7:01am ETearnings+1.3%+1.3%
0+2%Feb 24Feb 25earnings+1.3%+1.3%
KDP +1.3%S&P 500 +1.3%
0+2%Feb 24Feb 25report 7:01am ETearnings+1.9%+1.3%
0+2%Feb 24Feb 25earnings+1.9%+1.3%
KDP +1.3%NASDAQ +1.9%
−2%0+2%Feb 23Mar 4report 7:01am ETearnings+0.1%−2.8%
−2%0+2%Feb 23Mar 4earnings+0.1%−2.8%
KDP −2.8%S&P 500 +0.1%
−2%0+2%Feb 23Mar 4report 7:01am ETearnings+0.4%−2.8%
−2%0+2%Feb 23Mar 4earnings+0.4%−2.8%
KDP −2.8%NASDAQ +0.4%
+4.23%
Day of report
−2.84%
Next session
−4.71%
One week
−15.34%
30 days

S&P 500 over the same 30 days: −6.15%.

Did KDP Beat Earnings? Q4 2025 Results

Keurig Dr Pepper closed out fiscal 2025 on a strong note, delivering a fourth-quarter earnings beat across both the top and bottom lines as robust pricing power and acquisition-driven volume gains lifted results well above Wall Street expectations. Adjusted diluted EPS came in at $0.60, ahead of the $0.59 consensus estimate by 1.92%, while net sales of $4.50 billion exceeded forecasts by 4.41% and grew 10.5% year-over-year. The single biggest driver was the U.S. Refreshment Beverages segment, which posted 11.5% net sales growth to $2.72 billion and captured market share in carbonated soft drinks, energy, and sports hydration, with the GHOST acquisition contributing 3.6 percentage points to volume and mix growth across the portfolio. GAAP net income swung to $353 million, compared to a loss of $144 million a year ago when outsized impairment charges weighed on results. Looking ahead, the company issued 2026 guidance targeting net sales of $25.90 billion to $26.40 billion, reflecting the pending JDE Peet's acquisition, with analysts maintaining a broadly constructive outlook on the stock despite recent share price underperformance.

Key Takeaways
  • Market share gains in carbonated soft drinks, energy, and sports hydration
  • GHOST acquisition contributed 3.6 percentage points to Q4 volume/mix growth
  • Favorable net price realization of 6.0% in Q4
  • Productivity savings across segments
  • Strong International performance led by mineral water in Mexico and single serve coffee in Canada
  • K-Cup pod sales growth partially offset by brewer sales decline in U.S. Coffee

“2025 was another strong year for KDP. We delivered on our guidance, navigated the dynamic operating environment with agility, and executed well in the marketplace with winning innovation and robust commercial activation of our brands. In 2026, we intend to build upon our momentum with the acquisition and integration of JDE Peet's and progress towards the subsequent separation into two advantaged pure play companies.”

Keurig Dr Pepper CEO, on the earnings call

Forward Guidance & Outlook

For 2026, KDP expects net sales of $25.9–$26.4 billion and constant currency Adjusted diluted EPS growth in a low-double-digit range. This guidance is predicated on 4-6% constant currency net sales growth and 4-6% constant currency Adjusted diluted EPS growth for KDP's standalone business, as well as an incremental contribution from JDE Peet's assuming an early April transaction close. At current rates, foreign currency translation is forecasted to approximate a one percentage point tailwind to 2026 full year net sales and EPS growth.

KDP YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$2.0B$4.0B$4.1B$4.5BRevenue$2.3B$2.4BGross Profit$63.0M$881.0MOperating Income$79.3M$353.0MNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

KDP Revenue by Segment

U.S. Refreshment Beverages$2.7B+11.5%
U.S. Coffee$1.2B+3.9%
International$604.0M+21.0%

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