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Dec 31, 2025
Keurig Dr Pepper Q4 2025 Earnings Report
Keurig Dr Pepper reported double-digit net sales growth in the fourth quarter of 2025, with strong performance in U.S. Refreshment Beverages and improved profitability year-over-year.
Key Takeaways
Keurig Dr Pepper delivered 10.5% net sales growth in Q4 2025, driven by strong U.S. Refreshment Beverages momentum and price realization. GAAP net income improved significantly year-over-year, while adjusted operating income rose 4.8%.
Net sales increased 10.5% year-over-year to $4.50 billion.
GAAP net income improved to $353 million from a prior-year loss.
Adjusted operating income rose 4.8% to $1.19 billion.
International net sales grew 21.0% reported in the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, the company expects net sales of $25.9 billion to $26.4 billion and low-double-digit adjusted EPS growth, including contribution from JDE Peet's.
Positive Outlook
- Expected net sales range of 25900000000 to 26400000000.
- Low-double-digit adjusted EPS growth outlook.
- Incremental contribution from JDE Peet's acquisition.
- 4-6% standalone constant currency net sales growth expected.
- Foreign currency forecasted as a one-point tailwind.
Challenges Ahead
- Guidance excludes reconciliation to GAAP due to uncertainty.
- Dependence on successful JDE Peet's transaction close.
- Exposure to foreign currency fluctuations.
- Ongoing inflationary pressures.
- Higher interest expense impacting profitability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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