Filing Flows › Keurig Dr Pepper (KDP) › Q3 2026 › vs Q3 2025
Keurig Dr Pepper (KDP) Q3 2026 vs Q3 2025 (year over year)
Keurig Dr Pepper's revenue rose $3.0B (+71%) from $4.3B in Q3 2025 to $7.3B in Q3 2026. The biggest changes: JDE Peet's +$2.6B (—); U.S. Refreshment Beverages +$298M (+11%); KDP International +$64.0M (+11%). Gross margin 48.0% against 54.3% (-6.3 pts).
Keurig Dr Pepper, Q3 2026: revenue $7.3B (+71% year over year), operating margin 18.2%, net earnings $882M, operating cash flow $1.0B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 48.0% | 54.3% | -6.3 pts |
| Operating margin | 18.2% | 23.1% | -5.0 pts |
| Net margin | 12.0% | 15.4% | -3.4 pts |
| Free cash flow margin | 12.0% | 12.2% | -0.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| U.S. Refreshment Beverages | $3.0B | $2.7B | $298M | +11% |
| JDE Peet's | $2.6B | $0 | $2.6B | — |
| U.S. Coffee | $1.0B | $991M | $27.0M | +3% |
| KDP International | $644M | $580M | $64.0M | +11% |
| Revenue | $7.3B | $4.3B | $3.0B | +71% |
| Gross profit | $3.5B | $2.3B | $1.2B | +51% |
| Cost of revenue | $3.8B | $2.0B | $1.9B | +94% |
| Operating profit | $1.3B | $995M | $338M | +34% |
| Operating expenses | $2.2B | $1.3B | $847M | +63% |
| Pre-tax earnings | $1.2B | $852M | $360M | +42% |
| Other expense, net | $121M | $143M | −$22.0M | -15% |
| Net earnings | $882M | $662M | $220M | +33% |
| Minority interests | $70.0M | $0 | $70.0M | — |
| Income tax | $260M | $190M | $70.0M | +37% |
| Depreciation | $205M | $152M | $53.0M | +35% |
| Working capital & other | $43.0M | $200M | −$157M | -78% |
| Operating cash flow | $1.0B | $639M | $405M | +63% |
| Free cash flow (OCF − capex) | $884M | $527M | $357M | +68% |
| Capital expenditures | $160M | $112M | $48.0M | +43% |
Questions
How much did Keurig Dr Pepper's revenue grow year over year in Q3 2026?
Keurig Dr Pepper's revenue rose $3.0B (+71%) from $4.3B in Q3 2025 to $7.3B in Q3 2026.
What drove Keurig Dr Pepper's revenue change in Q3 2026?
JDE Peet's +$2.6B (—); U.S.