Filing Flows › Keurig Dr Pepper (KDP) › Q3 2025
Keurig Dr Pepper (KDP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Keurig Dr Pepper (KDP) reported revenue of $4.3B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +3% from the quarter before. Operating margin was 23.1%, net earnings $662M (15.4% of revenue).
Keurig Dr Pepper, Q3 2025: revenue $4.3B (+11% year over year), operating margin 23.1%, net earnings $662M, operating cash flow $639M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | +3% | +11% |
| Gross profit | $2.3B | +4% | +9% |
| Operating profit | $995M | +11% | +10% |
| Net earnings | $662M | +21% | +7% |
| Operating cash flow | $639M | +48% | +2% |
| Free cash flow | $527M | +62% | +5% |
What changed
Revenue was $4.3B in Q3 2025, up 11% year over year and up 3% from the previous quarter. LRB was the largest line at 71% of revenue. LRB added $0.33B year over year (up 12%), 80% of the total change. Appliances declined 18%.
Gross margin was 54.3%, down 0.7 points from a year earlier. Operating profit was $1.0B, a 23.1% margin (down 0.1 points year over year). Of the extra revenue versus a year earlier, 22% reached operating profit, below the 23% margin then. Operating expenses grew 9% against revenue growth of 11%. Net earnings were $0.66B, up 7% year over year. The effective tax rate was 22.3%.
Operating cash flow was $0.64B (up 2% year over year), 97% 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 $0.20B. Capital expenditures of $0.11B left free cash flow of $0.53B.
Questions
What was Keurig Dr Pepper's revenue in the third quarter 2025?
Keurig Dr Pepper (KDP) reported revenue of $4.3B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +3% from the quarter before.
Was Keurig Dr Pepper profitable in the third quarter 2025?
Operating profit was $995M (23.1% of revenue) and net earnings $662M.
Source: Keurig Dr Pepper 10-Q on SEC EDGAR.