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Keurig Dr Pepper (KDP) earnings and revenue breakdown

Latest: Q3 2026 · 8-K filed Nov 3, 2026

Q3 2026 Revenue up 71% year over year to $7.3B · 12¢ of every $1 of revenue kept as net profit · operating margin 18.2%

Keurig Dr Pepper made $7.3B in Q3 2026 (+71% Y/Y): U.S. Refreshment Beverages $3.0B, JDE Peet's $2.6B, U.S. Coffee $1.0B. Operating margin 18.2%, net earnings $882M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Nov 3, 2026 (preliminary, from the earnings release).

Revenue$7.3B
Year over year+71%
Operating margin18.2%
Net earnings$882M
Operating cash flow$1.0B

Drawing the Sankey…

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Keurig Dr Pepper Q3 2026 revenue breakdown: Sankey diagram of revenue (U.S. Refreshment Beverages, JDE Peet's, U.S. Coffee, KDP International), costs, profit and cash flow
Keurig Dr Pepper Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $7.3B in Q3 2026, up 71% year over year and roughly flat from the previous quarter. U.S. Refreshment Beverages was the largest line at 41% of revenue. U.S. Refreshment Beverages added $0.30B year over year (up 11%), 10% of the total change.

Gross margin was 48.0%, down 6.3 points from Q3 2025. Operating profit was $1.3B, a 18.2% margin (down 5.0 points year over year). Of the extra revenue versus Q3 2025, 11% reached operating profit, below the 23% margin then. Operating expenses grew 63% against revenue growth of 71%. Net earnings were $0.88B, up 33% year over year. The effective tax rate was 21.5%.

Operating cash flow was $1.0B (up 63% year over year), 110% of net income including minority interests. Non-cash charges added back $0.20B of depreciation. Working capital and other items used $0.11B. Capital expenditures of $0.16B left free cash flow of $0.88B.

Quarterly history

Keurig Dr Pepper revenue by quarterKeurig Dr Pepper revenue by quarter$3.6BQ1 2025$4.2BQ2 2025$4.3BQ3 2025$4.5BQ4 2025$4.0BQ1 2026$7.3BQ2 2026$7.3BQ3 2026
Keurig Dr Pepper net earnings by quarterKeurig Dr Pepper net earnings by quarter$517MQ1 2025$547MQ2 2025$662MQ3 2025$353MQ4 2025$270MQ1 2026$142MQ2 2026$882MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 20268-KNov 3, 2026$7.3B+71%18.2%$882M$1.0B
Q2 202610-QAug 10, 2026$7.3B+76%8.6%$142M$895M
Q1 202610-QApr 23, 2026$4.0B+9%19.0%$270M$281M
Q4 202510-KFeb 24, 2026$4.5B+10%19.6%$353M$712M
Q3 202510-QOct 28, 2025$4.3B+11%23.1%$662M$639M
Q2 202510-QJul 24, 2025$4.2B+6%21.6%$547M$431M
Q1 202510-QApr 24, 2025$3.6B+5%22.0%$517M$209M

Charts

Keurig Dr Pepper: revenue growth, year over year and quarter over quarterKeurig Dr Pepper: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q1 2025+6%+15%Q2 2025+11%+3%Q3 2025+10%+4%Q4 2025+9%-12%Q1 2026+76%+84%Q2 2026+71%+0%Q3 2026
Latest (Q3 2026): Y/Y +71%, Q/Q +0%.
Keurig Dr Pepper: where the cash came from (+) and went (−), TTM to Q2 2026Keurig Dr Pepper: where the cash came from (+) and went (−), TTM to Q2 2026Acquisitions−$16.7BOther financing$10.0BNet borrowing (+) / repaid (−)$6.0BOperating cash flow$2.5BCash drawn (+) / kept (−)−$988MCapital spending−$557MExchange rates−$301MTaxes on employees’ shares−$34.0MAsset & business sales$20.0MOther investing−$4.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Keurig Dr Pepper: profit against cash, quarter by quarterKeurig Dr Pepper: profit against cash, quarter by quarterNet incomeOperating cash flow$616M$628MQ3 2024−$144M$849MQ4 2024$517M$209MQ1 2025$547M$431MQ2 2025$662M$639MQ3 2025$353M$712MQ4 2025$270M$281MQ1 2026$142M$895MQ2 2026
Latest (Q2 2026): Net income $142M, Operating cash flow $895M.
Keurig Dr Pepper: diluted shares by fiscal yearKeurig Dr Pepper: diluted shares by fiscal year1.42BFY20201.43BFY20211.43BFY20221.41BFY20231.37BFY20241.36BFY2025
-4.2% since FY2020: buybacks shrank the count.
Keurig Dr Pepper in its industry: growth against margin (22 companies, SIC 2080)Keurig Dr Pepper in its industry: growth against margin (22 companies, SIC 2080)revenue growth, year over year →↑ operating marginmedian +7%median 1%PEPKOSTZPRMBBF-BWESTCOCOBRCCSUJACWGLJSDAWVVIAMSSBUDASRXHMOJOCIRXIPSTMDWKYHCEDVAKDP (+71%, 18%)
Beverages; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

Sells to

About Keurig Dr Pepper

Keurig Dr Pepper Inc. is a leading beverage company in North America that manufactures, markets, distributes, and sells hot and cold beverages and single serve brewing systems. We have a broad portfolio of iconic beverage brands, including Dr Pepper, Canada Dry, Mott's, A&W, Peñafiel, GHOST, 7UP, Snapple, Green Mountain Coffee Roasters, Clamato, The Original Donut Shop, and Core Hydration, as well as the Keurig brewing system. Our beverage brands are some of the most recognized beverage brands in North America, with significant consumer awareness levels and long histories that evoke strong emotional connections with consumers. We offer more than 125 owned, licensed, and partner brands, supported by powerful distribution capabilities.

In its own words, from its 10-K, filed Feb 24, 2026.

Keurig Dr Pepper against its Beverages peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +71% against the peers' median +6%. Operating margin: 18.2% against the peers' median 18.2%.

CompanyQuarterRevenueY/YOp. margin
KDP Keurig Dr PepperQ3 2026$7.3B+71%18.2%
PEP PepsiCoQ3 2026$25.3B+6%16.9%
KO Coca ColaQ3 2026$13.4B+7%33.4%
STZ Constellation BrandsQ2 FY27$2.8B+6%28.6%
PRMB Primo BrandsQ3 2026$1.8B+3%13.7%
BF-B Brown FormanQ1 FY27$1.2B-0.8%21.3%
WEST Westrock CoffeeQ3 2026$300M-15%1.1%
COCO Vita Coco CompanyQ3 2026$244M+34%18.6%
BRCC BRCQ3 2026$108M+7%-6.9%

Source: Keurig Dr Pepper 8-K on SEC EDGAR · CIK 1418135 · Beverages

Guidance and outlook

Keurig Dr Pepper: what its forward-looking statements are about (10-Q filed 2026-08-10)Keurig Dr Pepper: what its forward-looking statements are about (10-Q filed 2026-08-10)Financing2Deals1
3 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.
Keurig Dr Pepper: outlook statements against the filing beforeKeurig Dr Pepper: outlook statements against the filing beforeNew1Updated1

13F: who owns KDP and who is buying

Largest holders of KDP (13F)Largest holders of KDP (13F)FMR LLC$5.6BBlackRock$4.7BVanguard Group$4.5BCapital World Investors$3.9BHarris Associates L P$3.0BVanguard Capital Management LLC$2.8BState Street$2.1BVanguard Portfolio Management LLC$2.1BWellington Management Group LLP$1.8BInvesco$1.5B
Funds' net buying of KDP by quarter (13F)Funds' net buying of KDP by quarter (13F)−$825M2024-09$446M2024-12$2.2B2025-03$2.2B2025-06−$390M2025-09$3.1B2025-12$437M2026-03$4.0B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on KDP

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Keurig Dr Pepper（KDP）财报

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