Filing Flows › Keurig Dr Pepper (KDP) › How it makes money
How Keurig Dr Pepper (KDP) makes money
Keurig Dr Pepper (KDP) made $7.3B of revenue in the third quarter 2026 (Q3 2026), +71% from a year earlier. U.S. Refreshment Beverages brought in $3.0B (41%); JDE Peet's brought in $2.6B (36%); U.S. Coffee brought in $1.0B (14%). Of every dollar of revenue, 48¢ was left as gross profit, 18¢ was left as operating profit, 12¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| U.S. Refreshment Beverages | $3.0B | 41.3% | — | +11% |
| JDE Peet's | $2.6B | 36.1% | — | — |
| U.S. Coffee | $1.0B | 13.9% | — | +3% |
| KDP International | $644M | 8.8% | — | +11% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $7.3B | 100.0% |
| Cost of revenue | $3.8B | 52.0% |
| Gross profit | $3.5B | 48.0% |
| Operating expenses | $2.2B | 29.8% |
| Operating profit | $1.3B | 18.2% |
| Income tax | $260M | 3.5% |
| Net earnings | $882M | 12.0% |
| Operating cash flow | $1.0B | 14.2% |
| Free cash flow | $884M | 12.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $7.3B | +71% |
| Q2 2026 | $7.3B | +76% |
| Q1 2026 | $4.0B | +9% |
| Q4 2025 | $4.5B | +10% |
| Q3 2025 | $4.3B | +11% |
| Q2 2025 | $4.2B | +6% |
| Q1 2025 | $3.6B | +5% |
From Keurig Dr Pepper's 8-K filed Nov 3, 2026 (on EDGAR).
Questions
How does Keurig Dr Pepper make money?
Keurig Dr Pepper (KDP) made $7.3B of revenue in the third quarter 2026 (Q3 2026), +71% from a year earlier. U.S. Refreshment Beverages brought in $3.0B (41%); JDE Peet's brought in $2.6B (36%); U.S. Coffee brought in $1.0B (14%). Of every dollar of revenue, 48¢ was left as gross profit, 18¢ was left as operating profit, 12¢ was left as net earnings.
What is Keurig Dr Pepper's biggest business?
U.S. Refreshment Beverages: $3.0B in the third quarter 2026, 41% of revenue, +11% from a year earlier.
What is Keurig Dr Pepper's profit margin?
Net earnings were $882M, 12.0% of revenue, in the third quarter 2026; the operating margin was 18.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.