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Keurig Dr Pepper (KDP) Q1 2026 Earnings
Reported Apr 23, 2026 at 7:01 AM ET · SEC Source
Q1 26 EPS
$0.39
BEAT +4.75%
Est. $0.37
Q1 26 Revenue
$3.98B
BEAT +3.69%
Est. $3.83B
vs S&P Since Q1 26
+12.4%
BEATING MARKET
KDP +17.3% vs S&P +4.9%
Market Reaction
Did KDP Beat Earnings? Q1 2026 Results
Keurig Dr Pepper delivered a broad beat in Q1 2026, with revenue climbing 9.4% year-over-year to $3.98 billion against a consensus estimate of $3.83 billion, while adjusted diluted EPS of $0.39 topped the $0.37 estimate by 4.75%, as continued earning… Read more Keurig Dr Pepper delivered a broad beat in Q1 2026, with revenue climbing 9.4% year-over-year to $3.98 billion against a consensus estimate of $3.83 billion, while adjusted diluted EPS of $0.39 topped the $0.37 estimate by 4.75%, as continued earnings momentum carried into the company's most transformative quarter yet. The primary engine was U.S. Refreshment Beverages, where net sales surged 11.9% to $2.60 billion on the back of cold beverage demand and 7.2% volume/mix growth, more than compensating for an ongoing slump in U.S. Coffee, which saw net sales fall 2.3% to $857 million amid an 8.2% volume decline. GAAP net income dropped 47.8% to $270 million, heavily burdened by $298 million in acquisition and financing costs tied to the JDE Peet's deal that closed April 1, transforming KDP into a global coffee operator across more than 100 markets. Looking ahead, management reaffirmed full-year 2026 guidance for net sales of $25.90 to $26.40 billion and low-double-digit constant currency adjusted EPS growth, including incremental JDE Peet's contribution.
Key Takeaways
- • Favorable net price realization of 5.5% and volume/mix growth of 2.6% on a constant currency basis
- • U.S. Refreshment Beverages volume/mix growth of 7.2% driving 11.9% net sales increase
- • International net price realization of 9.2% driving constant currency net sales growth of 8.5%
- • Productivity savings partially offsetting cost pressures
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 the 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 the JDE Peet's acquisition. Foreign currency translation is forecasted to approximate a one percentage point tailwind to 2026 full year net sales and EPS growth.
KDP YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
KDP Revenue by Segment
With YoY comparisons, source: SEC Filings
“The year is off to a good start. We delivered a solid first quarter, with strong momentum in our cold beverage portfolio and coffee results that tracked with our expectations, even as we navigated elevated costs. Earlier this month, we also completed our acquisition of JDE Peet's, achieving a significant milestone in our transformation agenda and uniting our complementary organizations under a shared vision for global coffee leadership. With well-constructed plans in place, high-quality execution, and improving cost visibility as the year unfolds, we remain confident in our ability to deliver on our commitments while standing up two pure-play companies positioned for success.”
— Tim Cofer, Q1 2026 Earnings Press Release
KDP Earnings Trends
KDP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
KDP EPS Trend
Earnings per share: estimate vs actual
KDP Revenue Trend
Quarterly revenue: estimate vs actual
KDP Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.37 | $0.39 | +4.75% | $3.98B | +3.69% |
| Q4 25 BEAT FY | $0.59 | $0.60 | +1.92% | $4.50B | +3.44% |
| FY Full Year | $2.04 | $2.05 | +0.42% | $16.60B | +1.16% |
| Q3 25 BEAT | $0.54 | $0.54 | +0.45% | $4.31B | +3.63% |
| Q2 25 BEAT | $0.49 | $0.49 | +0.99% | $4.16B | +0.63% |