Filing Flows › Keurig Dr Pepper (KDP) › Q2 2025
Keurig Dr Pepper (KDP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
Keurig Dr Pepper (KDP) reported revenue of $4.2B for the second quarter 2025 (Q2 2025), +6% from a year earlier and +15% from the quarter before. Operating margin was 21.6%, net earnings $547M (13.1% of revenue).
Keurig Dr Pepper, Q2 2025: revenue $4.2B (+6% year over year), operating margin 21.6%, net earnings $547M, operating cash flow $431M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | +15% | +6% |
| Gross profit | $2.3B | +14% | +4% |
| Operating profit | $898M | +12% | +4% |
| Net earnings | $547M | +6% | +6% |
| Operating cash flow | $431M | +106% | -34% |
| Free cash flow | $325M | +265% | -40% |
What changed
Revenue was $4.2B in Q2 2025, up 6% year over year and up 15% from the previous quarter. LRB was the largest line at 72% of revenue. LRB added $0.20B year over year (up 7%), 84% of the total change. Appliances declined 26%.
Gross margin was 54.2%, down 1.2 points from a year earlier. Operating profit was $0.90B, a 21.6% margin (down 0.4 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, below the 22% margin then. Operating expenses grew 4% against revenue growth of 6%. Net earnings were $0.55B, up 6% year over year. The effective tax rate was 23.8%.
Operating cash flow was $0.43B (down 34% year over year), 79% of net earnings. Non-cash charges added back $0.14B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.28B. Capital expenditures of $0.11B left free cash flow of $0.33B.
Questions
What was Keurig Dr Pepper's revenue in the second quarter 2025?
Keurig Dr Pepper (KDP) reported revenue of $4.2B for the second quarter 2025 (Q2 2025), +6% from a year earlier and +15% from the quarter before.
Was Keurig Dr Pepper profitable in the second quarter 2025?
Operating profit was $898M (21.6% of revenue) and net earnings $547M.
Source: Keurig Dr Pepper 10-Q on SEC EDGAR.