Keurig Dr Pepper (KDP)
NASDAQ:KDP
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Earnings Data
Report Date
Jul 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.54Last Year’s EPS
0.49Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call balanced clear near-term challenges with strong areas of execution and a supportive strategic outlook. Material short-term headwinds were highlighted — chiefly in U.S. Coffee (pod and brewer shipment declines, elevated green coffee costs), a 220-basis-point gross margin contraction, Q1 EPS decline (‑7.1%) and increased leverage following the JDE Peet's financing. Offsetting these negatives were robust results in U.S. Refreshment Beverages (11.9% net sales growth; operating income +9.8%), healthy International top-line growth (+8.5% CC), successful product innovation and distribution wins, the closed JDE Peet's acquisition with confirmed $400M synergy target, and reaffirmed full-year guidance (low double-digit EPS growth) supported by visible phasing and ~$2.5B aggregate free cash flow expected in 2026. Management communicated confidence in cost tailwinds and synergy delivery that should accelerate results in the back half of the year.Company Guidance
Acquisition of JDE Peet's Closed and Integration Underway
Closed the JDE Peet's acquisition on April 1, adding ~20,000 employees and complementary portfolios; integration operationalized with a transformation management office. Company confirms $400 million of targeted synergies and incremental North American revenue opportunities; targeting operational readiness to separate into Beverage Co. and Global Coffee Co. by end of 2026 (separation likely early 2027).
Net Sales Growth — Company-wide
Total company net sales grew 8.1% in Q1, driven by net price realization (5.5 percentage points) and volume/mix (2.6 points). Reaffirmed 2026 net sales guidance of $25.9 billion to $26.4 billion (includes expected JDE Peet's contribution).
U.S. Refreshment Beverages Strong Performance
U.S. Refreshment Beverages net sales increased 11.9% with volume/mix contributing 7.2 points and net price realization adding 4.7 points. Segment operating income rose 9.8%, driven by robust CSD trends, successful innovations (e.g., Canada Dry Fruit Splash, Dr Pepper Creamy Coconut relaunch), and energy/sports hydration momentum (Bloom, GHOST, Electrolit).
International Top-Line Strength
International constant-currency net sales increased 8.5%, with net price realization contributing ~9.2 percentage points. Management highlights resilient consumer demand and share trends in Canada and Mexico and expects the International segment to be a meaningful growth contributor over time.
Cash Flow and Free Cash Flow Outlook
Generated $184 million of free cash flow in Q1. Legacy KDP free cash flow expected to be ~ $2.0 billion for 2026; aggregate company free cash flow (including JDE Peet's and acquisition-related impacts) expected to be ~ $2.5 billion, which management will use to delever and target investment-grade ratings.
Reaffirmed Full-Year EPS Guidance and Visible Phasing
Reaffirmed low double-digit EPS growth guidance in constant currency for 2026 (includes 6–7 percentage point contribution from JDE Peet's and 4–6% growth for legacy KDP). Management expects high single-digit EPS growth in Q2 with acceleration in the back half as costs improve and synergies build.
Coffee Strategic Investments and Distribution Wins
Continued investments to support long-term coffee growth: Keurig Coffee Collective innovation rollout with early retailer enthusiasm, renewal/expansion of K-Cup agreement with Nestlé USA, Keurig Alta DTC targeted launch later in 2026, and strong Lavazza K-Cup performance (Lavazza K-Cup sales grew >50% in the quarter).
Portfolio and Route-to-Market Optionality Post-Separation
Management outlines strategic optionality for Beverage Co. as a standalone — opportunity to optimize route-to-market (DSD focus), portfolio white-space expansion, partnerships and capital allocation flexibility to drive long-term value creation.
KDP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
KDP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 23, 2026 | $26.54 | $28.53 | +7.50% |
Feb 24, 2026 | $29.51 | $30.76 | +4.23% |
Oct 27, 2025 | $26.70 | $28.74 | +7.62% |
Jul 24, 2025 | $32.64 | $32.71 | +0.21% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Keurig Dr Pepper (KDP) report earnings?
Keurig Dr Pepper (KDP) is schdueled to report earning on Jul 23, 2026, Before Open (Confirmed).
What is Keurig Dr Pepper (KDP) earnings time?
Keurig Dr Pepper (KDP) earnings time is at Jul 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is KDP EPS forecast?
KDP EPS forecast for the fiscal quarter 2026 (Q2) is 0.54.
