KDP · Full Picture

Keurig Dr Pepper Inc. — the full picture

Trailing window · 2026-05-11 to 2026-08-09

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

1. Revenue Performance and Mix · Revenue growth & mixPriority 77
   +43.1% revenue (realized); 2 sources (news, press_release); quote_verified
   Q2 2026 Net sales increase vs prior year (GAAP): 75.6%
2. Acquisition / Partnership / Divestiture · M&A and divestituresPriority 74
   -10.8% operating_income (realized); 2 sources (news, press_release); 4 forward row(s); quote_verified
   First six months 2026 net cash used in investing activities: $(16,899) million (includes acquisitions of businesses, net of cash acquired $(16,615) million)
3. Guidance / Outlook · Guidance & outlookPriority 69
   2 sources (news, press_release); 7 forward row(s); quote_verified
   2026 guidance comprises 4-6% constant currency net sales growth and 4-6% constant currency Adjusted diluted EPS growth for legacy KDP plus incremental JDE Peet's contribution
4. Liquidity and Debt Position · Debt, leverage & refinancingPriority 62
   1 forward row(s); quote_verified
   Company expects to end 2026 with a pro-forma management leverage ratio of approximately 4.1x
5. Gross Margin Drivers · Gross marginPriority 60
   quote_verified
   Third Quarter of 2025 Pro forma gross profit: $3,287 and gross margin: 47.6%
6. Net Income and Profitability · Operating income & profitabilityPriority 56
   -5.2% net_income (realized); 2 sources (news, press_release); quote_verified
   Q2 Adjusted net income attributable to common shareholders: $783 million, increased 15.2%
7. Operating Cash Flow Trends · Cash flow generationPriority 55
   quote_verified
   Q2 operating cash flow: $895 million
8. Operating Expense Trends · Operating expenses (SG&A)Priority 55
   quote_verified
   Productivity (items affecting comparability) for the last twelve months ended June 30, 2026: $110
9. Outstanding Indebtedness · Debt, leverage & refinancingPriority 55
   quote_verified
   Convertible preferred stock liquidation preference as of June 30, 2026: $4,500 million and reported convertible preferred stock carrying amount $4,418 million
10. U.S. Coffee Demand Pressure · Demand, orders & backlogPriority 53
    2 sources (news, press_release); quote_verified
    Q2 U.S. Coffee net sales: $918 million, decreased 3.2%
11. Operating Income and Margins · Operating income & profitabilityPriority 52
    +3.6% operating_income (realized); quote_verified
    Q2 Adjusted operating income: $1,478 million and totaled 20.2% of net sales; increased 42.9%
12. U.S. Refreshment Demand · Demand, orders & backlogPriority 51
    quote_verified
    Q2 U.S. Refreshment Beverages net sales: $2,925 million, increased 10.0%

Threads by pillar

Revenue & Demand Priority 79 · 4 threads

• Revenue Performance and MixPriority 77 · News, Release
• U.S. Coffee Demand PressurePriority 53 · News, Release
• U.S. Refreshment DemandPriority 51 · Release
• Market Demand TrendsPriority 32 · News

Costs & Margins Priority 69 · 5 threads

• Gross Margin DriversPriority 60 · Release
• Net Income and ProfitabilityPriority 56 · News, Release
• Operating Income and MarginsPriority 52 · Release
• Operating Expense TrendsPriority 55 · Release
• Headcount / RestructuringPriority 32 · Release

Capital & Balance Sheet Priority 73 · 5 threads

• Liquidity and Debt PositionPriority 62 · Release
• Outstanding IndebtednessPriority 55 · Release
• Operating Cash Flow TrendsPriority 55 · Release
• Capital Return Program (Dividend)Priority 41 · Release
• Income Tax Rate ChangesPriority 36 · Release

Strategy & Portfolio Priority 74 · 1 thread

• Acquisition / Partnership / DivestiturePriority 74 · News, Release

Guidance & Outlook Priority 69 · 1 thread

• Guidance / OutlookPriority 69 · News, Release

Unclassified Priority 54 · 2 threads

• Combined Coffee Platform PerformancePriority 50 · Release
• International Beverage GrowthPriority 45 · Release

Expected impact by metric