Filing Flows › Keurig Dr Pepper (KDP) › Q4 2025
Keurig Dr Pepper (KDP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Keurig Dr Pepper (KDP) reported revenue of $4.5B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +4% from the quarter before. Operating margin was 19.6%, net earnings $353M (7.8% of revenue).
Keurig Dr Pepper, Q4 2025: revenue $4.5B (+10% year over year), operating margin 19.6%, net earnings $353M, operating cash flow $712M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.5B | +4% | +11% |
| Gross profit | $2.4B | +3% | +6% |
| Operating profit | $881M | -11% | 14× |
| Net earnings | $353M | -47% | — |
| Operating cash flow | $712M | +11% | -16% |
| Free cash flow | $564M | +7% | -18% |
What changed
Revenue was $4.5B in Q4 2025, up 11% year over year and up 4% from the previous quarter. LRB was the largest line at 67% of revenue.
Gross margin was 53.8%, down 2.2 points from a year earlier. Operating profit was $0.88B, a 19.6% margin (up 18.0 points year over year). Of the extra revenue versus a year earlier, 191% reached operating profit, above the 2% margin then. Operating expenses fell 31% while revenue rose 11%. The fastest-growing cost line was SG&A (+12%). Net earnings were $0.35B. The effective tax rate was 22.8%.
Operating cash flow was $0.71B (down 16% year over year), 202% of net earnings. Non-cash charges added back $0.16B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.18B. Capital expenditures of $0.15B left free cash flow of $0.56B.
Questions
What was Keurig Dr Pepper's revenue in the fourth quarter 2025?
Keurig Dr Pepper (KDP) reported revenue of $4.5B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +4% from the quarter before.
Was Keurig Dr Pepper profitable in the fourth quarter 2025?
Operating profit was $881M (19.6% of revenue) and net earnings $353M.
Source: Keurig Dr Pepper 10-K on SEC EDGAR.