KDP

MKT CAP:$40B

Keurig Dr Pepper Inc.

Market Cap

$40B

Consumer Defensive·Beverages - Non-Alcoholic·🇺🇸 United States·NASDAQ

Consumer Def.·Beverages·🇺🇸·NASDAQ

Stock Price

$29.06+$1.33 (+4.78%)

Apr 24, 2026

Company Details

Keurig Dr Pepper Inc. operates as a beverage company in the United States and internationally. It operates through Coffee Systems, Packaged Beverages, Beverage Concentrates, and Latin America Beverages segments. The Coffee Systems segment m...

CEO

Timothy Cofer

IPO Date

May 7, 2008

Website

www.keurigdrpepper.com

Key Metrics TTM

Revenue

$16.9B

+9.2% YoY

Net Income

$1.8B

EPS (Diluted)

$1.35

Free Cash Flow

$1.6B

Revenue / Share

$12.43

Gross Margin

53.8%

Operating Margin

21.3%

Net Margin

10.8%

FCF Margin

9.3%

P/S

2.3x

P/E

21.6x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$4.0B+9.4%EPS $0.20

FY 2025

Feb 24, 2026

$16.6B+8.2%EPS $1.53

Q4 2025

Feb 24, 2026

$4.5B+10.5%EPS $0.26

Q3 2025

Oct 27, 2025

$4.3B+10.7%EPS $0.49

Q2 2025

Jul 24, 2025

$4.2B+6.1%EPS $0.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$3.6B	$1.8B	$572M
Q3 22	$3.6B	$1.9B	$394M
Q4 22	$3.8B	$2.0B	$673M
Q1 23	$3.4B	$1.7B	$584M
Q2 23	$3.8B	$2.0B	$769M
Q3 23	$3.8B	$2.1B	$896M
Q4 23	$3.9B	$2.2B	$943M
Q1 24	$3.5B	$1.9B	$765M
Q2 24	$3.9B	$2.2B	$861M
Q3 24	$3.9B	$2.1B	$902M
Q4 24	$4.1B	$2.3B	$63M
Q1 25	$3.6B	$2.0B	$801M
Q2 25	$4.2B	$2.3B	$898M
Q3 25	$4.3B	$2.3B	$995M
Q4 25	$4.5B	$2.4B	$960M
Q1 26	$4.0B	$2.1B	$756M

Valuation

Quarter	P/S	P/E
Q2 22	3.8x	23.4x
Q3 22	3.8x	28.6x
Q4 22	3.6x	35.3x
Q1 23	3.5x	37.6x
Q2 23	3.0x	27.4x
Q3 23	2.9x	22.4x
Q4 23	3.0x	20.1x
Q1 24	2.8x	19.5x
Q2 24	3.0x	20.4x
Q3 24	3.4x	22.4x
Q4 24	2.8x	30.2x
Q1 25	3.0x	30.9x
Q2 25	2.8x	29.2x
Q3 25	2.2x	22.0x
Q4 25	2.3x	18.4x
Q1 26	2.1x	19.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$676M	$599M
Q3 22	$759M	$676M
Q4 22	$739M	$639M
Q1 23	$71M	-$42M
Q2 23	$381M	$290M
Q3 23	$580M	$458M
Q4 23	$297M	$142M
Q1 24	$85M	-$104M
Q2 24	$657M	$524M
Q3 24	$628M	$503M
Q4 24	$849M	$674M
Q1 25	$209M	$89M
Q2 25	$431M	$323M
Q3 25	$639M	$527M
Q4 25	$712M	$566M
Q1 26	$281M	$165M

Capital Expenditures

Quarter	CapEx
Q2 22	$77M
Q3 22	$83M
Q4 22	$100M
Q1 23	$113M
Q2 23	$91M
Q3 23	$122M
Q4 23	$155M
Q1 24	$189M
Q2 24	$133M
Q3 24	$125M
Q4 24	$175M
Q1 25	$120M
Q2 25	$108M
Q3 25	$112M
Q4 25	$146M
Q1 26	$116M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+13.2%	+23.9%
Q3 22	+11.4%	+31.5%
Q4 22	+12.1%	+17.4%
Q1 23	+8.9%	+31.1%
Q2 23	+6.6%	+1.3%
Q3 23	+5.1%	-9.9%
Q4 23	+1.7%	-6.6%
Q1 24	+3.4%	-2.4%
Q2 24	+3.5%	+1.4%
Q3 24	+2.3%	+2.8%
Q4 24	+5.2%	+37.0%
Q1 25	+4.8%	+4.8%
Q2 25	+6.1%	+6.7%
Q3 25	+10.7%	+10.8%
Q4 25	+10.5%	-11.7%
Q1 26	+9.4%	+13.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$27M	0.8%
Q3 22	$31M	0.9%
Q4 22	$9M	0.2%
Q1 23	$29M	0.9%
Q2 23	$28M	0.7%
Q3 23	$29M	0.8%
Q4 23	$30M	0.8%
Q1 24	$28M	0.8%
Q2 24	$24M	0.6%
Q3 24	$24M	0.6%
Q4 24	$22M	0.5%
Q1 25	$22M	0.6%
Q2 25	$23M	0.6%
Q3 25	$25M	0.6%
Q4 25	$27M	0.6%
Q1 26	$30M	0.8%

OpEx Breakdown

Quarter	G&A	SG&A
Q2 22	—	$1.2B
Q3 22	—	$1.2B
Q4 22	—	$1.2B
Q1 23	—	$1.2B
Q2 23	—	$1.3B
Q3 23	—	$1.2B
Q4 23	—	$1.3B
Q1 24	—	$1.2B
Q2 24	—	$1.3B
Q3 24	—	$1.2B
Q4 24	—	$1.3B
Q1 25	—	$1.2B
Q2 25	—	$1.4B
Q3 25	—	$1.3B
Q4 25	—	$1.4B
Q1 26	$1.3B	—

Revenue Segments

Quarter	Beverage Concentrates	Coffee Systems	Latin America Beverages	Packaged Beverages	Appliances	K-Cup Pods	Lrb	Other Products
Q2 22	$460M	$1.2B	$210M	$1.7B	—	—	—	—
Q3 22	$459M	$1.2B	$198M	$1.8B	—	—	—	—
Q4 22	$447M	$1.5B	$189M	$1.7B	—	—	—	—
Q1 23	—	—	—	—	$137M	$888M	$2.2B	$105M
Q2 23	—	—	—	—	$190M	$869M	$2.6B	$103M
Q3 23	—	—	—	—	$231M	$889M	$2.6B	$105M
Q4 23	—	—	—	—	$241M	$1.0B	$2.5B	$113M
Q1 24	—	—	—	—	$141M	$862M	$2.4B	$100M
Q2 24	—	—	—	—	$182M	$863M	$2.8B	$101M
Q3 24	—	—	—	—	$222M	$859M	$2.7B	$99M
Q1 25	—	—	—	—	$124M	$833M	$2.6B	$125M
Q2 25	—	—	—	—	$134M	$905M	$3.0B	$146M
Q3 25	—	—	—	—	$183M	$935M	$3.0B	$144M
Q4 25	—	—	—	—	$205M	$1.1B	$3.0B	$163M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$552M	$0	$552M
Q3 22	$925M	$0	$925M
Q4 22	$535M	$0	$535M
Q1 23	$204M	$0	$204M
Q2 23	$278M	$0	$278M
Q3 23	$260M	$0	$260M
Q4 23	$267M	$0	$267M
Q1 24	$317M	$0	$317M
Q2 24	$438M	$0	$438M
Q3 24	$552M	$0	$552M
Q4 24	$510M	$0	$510M
Q1 25	$653M	$0	$653M
Q2 25	$509M	$0	$509M
Q3 25	$516M	$0	$516M
Q4 25	$1.0B	$0	$1.0B
Q1 26	$898M	$0	$898M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	1.43B	-0.1%	+0.0%
Q3 22	1.43B	-0.1%	-0.1%
Q4 22	1.43B	+0.0%	-0.1%
Q1 23	1.42B	-0.7%	-0.9%
Q2 23	1.41B	-0.6%	-1.4%
Q3 23	1.41B	-0.2%	-1.5%
Q4 23	1.40B	-0.3%	-1.8%
Q1 24	1.39B	-1.0%	-2.1%
Q2 24	1.36B	-1.9%	-3.4%
Q3 24	1.36B	+0.1%	-3.2%
Q4 24	1.37B	+0.5%	-2.4%
Q1 25	1.36B	-0.4%	-1.8%
Q2 25	1.36B	+0.0%	+0.1%
Q3 25	1.36B	+0.0%	+0.1%
Q4 25	1.36B	-0.0%	-0.4%
Q1 26	1.36B	+0.1%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$129.2K	28K
Q3 22	$131.7K	28K
Q4 22	$172.1K	22K
Q1 23	$151.7K	22K
Q2 23	$171.4K	22K
Q3 23	$172.2K	22K
Q4 23	$137.6K	28K
Q1 24	$123.4K	28K
Q2 24	$139.6K	28K
Q3 24	$138.5K	28K
Q4 24	$138.4K	29K
Q1 25	$123.6K	29K
Q2 25	$141.6K	29K
Q3 25	$146.5K	29K
Q4 25	$147.0K	31K
Q1 26	$129.9K	31K

Revenue / Employee