Filing Flows › Keurig Dr Pepper (KDP) › Q1 2026
Keurig Dr Pepper (KDP) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
Keurig Dr Pepper (KDP) reported revenue of $4.0B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -12% from the quarter before. Operating margin was 19.0%, net earnings $270M (6.8% of revenue).
Keurig Dr Pepper, Q1 2026: revenue $4.0B (+9% year over year), operating margin 19.0%, net earnings $270M, operating cash flow $281M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0B | -12% | +9% |
| Gross profit | $2.1B | -13% | +6% |
| Operating profit | $756M | -14% | -6% |
| Net earnings | $270M | -24% | -48% |
| Operating cash flow | $281M | -61% | +34% |
| Free cash flow | $184M | — | +80% |
What changed
Revenue was $4.0B in Q1 2026, up 9% year over year and down 12% from the previous quarter. LRB was the largest line at 72% of revenue. LRB added $0.31B year over year (up 12%), 92% of the total change. Appliances declined 6%.
Gross margin was 52.8%, down 1.8 points from Q1 2025. Operating profit was $0.76B, a 19.0% margin (down 3.0 points year over year). Operating profit fell $0.04B even though revenue rose $0.34B versus Q1 2025, so costs grew faster than sales. Operating expenses grew 13% against revenue growth of 9%. Net earnings were $0.27B, down 48% year over year. The effective tax rate was 24.4%.
Operating cash flow was $0.28B (up 34% year over year), 104% of net earnings. Non-cash charges added back $0.15B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.17B. After purchases of property, plant, and equipment, net ($0.10B), free cash flow as the company reports it was $0.18B.
Questions
What was Keurig Dr Pepper's revenue in the first quarter 2026?
Keurig Dr Pepper (KDP) reported revenue of $4.0B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -12% from the quarter before.
Was Keurig Dr Pepper profitable in the first quarter 2026?
Operating profit was $756M (19.0% of revenue) and net earnings $270M.
Source: Keurig Dr Pepper 10-Q on SEC EDGAR.