Keurig Dr Pepper Inc.
- What it sells
- LRB is 70% of revenue (fiscal year to Dec 2025), up from 67% two years earlier.
- Growing?
- Yes: revenue up 71% on a year earlier (quarter ended Sep 2026); earnings per share down 7% over the last four quarters.
- Expensive?
- Pricier than usual: 32.5× trailing earnings; its five-year median is 24.8×. In line with the peer median of 28.7x.
- Analysts?
- 68% of 19 say buy; average 12-month target $38.08, 8% above today's price.
- Risky?
- About average for a large company: its price swung 28% over the past year (the S&P 500's 14%), and it fell as much as 37% since Nov 2021.
Keurig Dr Pepper Inc. (KDP) is a North American beverage company that sells packaged beverages (e.g., Dr Pepper, Canada Dry, 7UP (U.S.), Snapple) and operates the Keurig single-serve coffee platform, monetizing through beverage sales plus recurring Keurig® K-Cup® pod consumption and brewer hardware sales.
More about Keurig Dr Pepper
Market Position
KDP combines a scaled cold beverage portfolio with the #1 single-serve coffee brewing system in the U.S. and Canada, supported by broad retail distribution and a large installed brewer base that drives repeat pod purchases.
Key Segments
KDP reports major segments including Coffee Systems (Keurig brewers and K-Cup® pods) and cold beverage businesses spanning Packaged Beverages and Beverage Concentrates, with additional operations in Latin America Beverages.
How has the stock done?
Over the past month KDP rose 8.2%; the consumer staples ETF (XLP) rose 7.9% and the S&P 500 fell 2.7%.
Over the past six months KDP rose 21.4%; the consumer staples ETF (XLP) rose 7.8% and the S&P 500 rose 2.6%.
Over the past year KDP rose 31.7%; the consumer staples ETF (XLP) rose 17.8% and the S&P 500 rose 10.8%.
Over five years KDP fell 0.7%; the consumer staples ETF (XLP) rose 25.0% and the S&P 500 rose 62.0%.
From Aug 16, 2022 to Oct 6, 2025, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.1% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Nov 3, 2026 | ended Sep 2026 | $7.3B (+71% vs a year earlier) | $0.66 vs $0.62 (beat) | −0.1% | +2.1% |
| Aug 6, 2026 | ended Jun 2026 | $7.3B (+76% vs a year earlier) | $0.57 vs $0.54 (beat) | −2.4% | +1.2% |
| Apr 23, 2026 | ended Mar 2026 | $4.0B (+9% vs a year earlier) | $0.39 vs $0.37 (beat) | +10.1% | +10.8% |
| Feb 24, 2026 | ended Dec 2025 | $4.5B (+11% vs a year earlier) | $0.60 vs $0.59 (beat) | +1.3% | −0.7% |
| Oct 27, 2025 | ended Sep 2025 | $4.3B (+11% vs a year earlier) | — | +6.2% | −1.9% |
| Jul 24, 2025 | ended Jun 2025 | $4.2B (+6% vs a year earlier) | — | −0.7% | −2.5% |
| Apr 24, 2025 | ended Mar 2025 | $3.6B (+5% vs a year earlier) | — | −2.2% | −3.3% |
| Feb 25, 2025 | ended Dec 2024 | $4.1B (+5% vs a year earlier) | — | −1.1% | −1.5% |
| Oct 24, 2024 | ended Sep 2024 | $3.9B (+2% vs a year earlier) | — | −5.8% | −10.2% |
| Jul 25, 2024 | ended Jun 2024 | $3.9B (+4% vs a year earlier) | — | +3.0% | +5.5% |
| Apr 25, 2024 | ended Mar 2024 | $3.5B (+3% vs a year earlier) | — | +4.3% | +3.8% |
| Feb 22, 2024 | ended Dec 2023 | $3.9B (+2% vs a year earlier) | — | −4.5% | −5.3% |
| Oct 26, 2023 | ended Sep 2023 | $3.8B (+5% vs a year earlier) | — | +2.6% | +6.0% |
| Jul 27, 2023 | ended Jun 2023 | $3.8B (+7% vs a year earlier) | — | +4.2% | +4.3% |
| Apr 27, 2023 | ended Mar 2023 | $3.4B (+9% vs a year earlier) | — | −7.9% | −8.5% |
| Feb 23, 2023 | ended Dec 2022 | $3.8B (+12% vs a year earlier) | — | 0.0% | −3.4% |
| Oct 27, 2022 | ended Sep 2022 | $3.6B (+11% vs a year earlier) | — | +2.0% | −6.4% |
| Jul 28, 2022 | ended Jun 2022 | $3.6B (+13% vs a year earlier) | — | +4.4% | +4.2% |
| Apr 28, 2022 | ended Mar 2022 | $3.1B (+6% vs a year earlier) | — | −1.2% | −2.1% |
| Feb 24, 2022 | ended Dec 2021 | $3.4B (+9% vs a year earlier) | — | +0.6% | +1.4% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $7.3B in the quarter ended Sep 2026, up 71% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $3.8B | +12% |
| Mar 2023 | $3.4B | +9% |
| Jun 2023 | $3.8B | +7% |
| Sep 2023 | $3.8B | +5% |
| Dec 2023 | $3.9B | +2% |
| Mar 2024 | $3.5B | +3% |
| Jun 2024 | $3.9B | +4% |
| Sep 2024 | $3.9B | +2% |
| Dec 2024 | $4.1B | +5% |
| Mar 2025 | $3.6B | +5% |
| Jun 2025 | $4.2B | +6% |
| Sep 2025 | $4.3B | +11% |
| Dec 2025 | $4.5B | +11% |
| Mar 2026 | $4.0B | +9% |
| Jun 2026 | $7.3B | +76% |
| Sep 2026 | $7.3B | +71% |
Revenue went from $14.1B in FY22 to $16.6B in FY25; net income from $1.4B to $2.1B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $14.1B | $1.4B |
| FY23 | $14.8B | $2.2B |
| FY24 | $15.4B | $1.4B |
| FY25 | $16.6B | $2.1B |
In the fiscal year to Dec 2025, LRB was 70% and Pods was 23% of revenue; LRB rose from 67% in the fiscal year to Dec 2023.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | LRB | $9.9B | 67% |
| FY2023 | Pods | $3.7B | 25% |
| FY2023 | Appliances | $799M | 5% |
| FY2023 | Other | $426M | 3% |
| FY2024 | LRB | $10.6B | 69% |
| FY2024 | Pods | $3.6B | 24% |
| FY2024 | Appliances | $772M | 5% |
| FY2024 | Other | $399M | 3% |
| FY2025 | LRB | $11.6B | 70% |
| FY2025 | Pods | $3.8B | 23% |
| FY2025 | Appliances | $646M | 4% |
| FY2025 | Other | $578M | 3% |
In the fiscal year to Dec 2025, United States was 87% and Outside the United States was 13% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | United States | $13.0B | 87% |
| FY2023 | Outside the United States | $1.9B | 13% |
| FY2024 | United States | $13.4B | 87% |
| FY2024 | Outside the United States | $2.0B | 13% |
| FY2025 | United States | $14.5B | 87% |
| FY2025 | Outside the United States | $2.1B | 13% |
A year earlier $0.49
Diluted, from SEC filings
Quarters: Keurig Dr Pepper Inc.'s SEC filings, named by the month they end. Fiscal years: Keurig Dr Pepper Inc.'s annual reports to the SEC.
How it makes money
Of every $100 in revenue, $12.5 ends up as net income. Net margin rose from 10.2% to 12.5% over the past 3 years.
Show the data
| Quarter ended | Gross | Operating | Net |
|---|---|---|---|
| Dec 2022 | 52.5% | 17.7% | 11.9% |
| Mar 2023 | 52.0% | 17.4% | 13.9% |
| Jun 2023 | 53.9% | 20.3% | 13.3% |
| Sep 2023 | 55.5% | 23.5% | 13.6% |
| Dec 2023 | 56.5% | 24.4% | 17.9% |
| Mar 2024 | 55.9% | 22.1% | 13.1% |
| Jun 2024 | 55.4% | 22.0% | 13.1% |
| Sep 2024 | 55.0% | 23.2% | 15.8% |
| Dec 2024 | 55.9% | 1.5% | −3.5% |
| Mar 2025 | 54.6% | 22.0% | 14.2% |
| Jun 2025 | 54.2% | 21.6% | 13.1% |
| Sep 2025 | 54.3% | 23.1% | 15.4% |
| Dec 2025 | 53.8% | 19.6% | 7.8% |
| Mar 2026 | 52.8% | 19.0% | 6.8% |
| Jun 2026 | 41.9% | 8.6% | 1.9% |
| Sep 2026 | 48.0% | 18.2% | 12.0% |
+2.1 pts over 3 years
+3.0 pts over 3 years
+2.3 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Keurig Dr Pepper Inc.'s annual reports to the SEC; quarters: SEC filings.
Customers and suppliers
In its latest annual report Keurig Dr Pepper sells to Walmart, Starbucks, Dunkin' and 2 more; it names no suppliers. Since then its 8-K filings name La Colombe as a partner (Mar 10, 2026).
KDPKeurig Dr PepperCustomers
Partners
Starbucks SBUXK-Cup pod licensing and manufacturingDunkin'K-Cup pod licensing and manufacturingFolgers SJMK-Cup pod licensing and manufacturingPeet'sK-Cup pod licensing and manufacturing
Celestial Seasonings HAINManufacturing, distributing, and selling tea K-Cup pods
Swiss Miss CAGLicenses brand for cocoa K-Cup pods
Bloom Energy BEDistribution of prebiotic sodas
Vita Coco COCOTrademark licensing and coconut water distribution
Apollo APOInvesting in pod manufacturing joint venture
KKR KKRManaged funds investing in pod manufacturing venture
Goldman Sachs Asset Management GSInvesting in pod manufacturing joint ventureChanges since the previous annual report (10-K filed Feb 25, 2025)
Apollo APONamed for the first time, as a partnerGoldman Sachs Asset Management GSNamed for the first time, as a partnerKKR KKRNamed for the first time, as a partnerNamed in other companies’ filings
PepsiCo PEPlicensing deal with it · Licenses beverage brands for manufacture and distributionShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Walmart | customer | “Our largest retailer, Walmart, represented approximately 16% of our consolidated net sales in 2025.” |
| Nutrabolt | partner · Keurig Dr Pepper invested in it | “(1)We hold a 35.8% interest on an as-converted basis in Nutrabolt, consisting of 30.4% in Class A preferred shares acquired through our initial investment, which are treated as in-substance common stock, and 5.4% in Class B common shares earned through the achievement of certain milestones included in the distribution agreement with Nutrabolt.” |
| Chobani | partner · Keurig Dr Pepper invested in it | “(2)We hold a 5.9% interest in Chobani, reflecting additional equity interests issued through the achievement of certain milestones included in the distribution agreement with Chobani.” |
| Athletic Brewing | partner · Keurig Dr Pepper invested in it | “Athletic Brewing Athletic Brewing Holding Company, LLC, an equity method investment of KDP” |
| Tractor | partner · Keurig Dr Pepper invested in it | “Tractor Tractor Beverages, Inc., an equity method investment of KDP” |
| Starbucks | customer | “We manufacture K-Cup pods for our partner brands, who in turn sell them to retailers and consumers. Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others.” |
| Starbucks | partner · licensing deal with it | “Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others....We have differentiated ourselves and the Keurig brand through our ability to create and sustain partnerships with other leading coffee, tea, and beverage brand companies through multi-year licensing and manufacturing agreements that best suit each brand's interests and strengths.” |
| Dunkin' | customer | “We manufacture K-Cup pods for our partner brands, who in turn sell them to retailers and consumers. Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others.” |
| Dunkin' | partner · licensing deal with it | “Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others....We have differentiated ourselves and the Keurig brand through our ability to create and sustain partnerships with other leading coffee, tea, and beverage brand companies through multi-year licensing and manufacturing agreements that best suit each brand's interests and strengths.” |
| Folgers | customer | “We manufacture K-Cup pods for our partner brands, who in turn sell them to retailers and consumers. Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others.” |
| Folgers | partner · licensing deal with it | “Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others....We have differentiated ourselves and the Keurig brand through our ability to create and sustain partnerships with other leading coffee, tea, and beverage brand companies through multi-year licensing and manufacturing agreements that best suit each brand's interests and strengths.” |
| Peet's | customer | “We manufacture K-Cup pods for our partner brands, who in turn sell them to retailers and consumers. Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others.” |
| Peet's | partner · licensing deal with it | “Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others....We have differentiated ourselves and the Keurig brand through our ability to create and sustain partnerships with other leading coffee, tea, and beverage brand companies through multi-year licensing and manufacturing agreements that best suit each brand's interests and strengths.” |
| Celestial Seasonings | partner · distribution deal with it | “We have agreements for manufacturing, distributing, and selling K-Cup pods for tea under brands such as Celestial Seasonings and Bigelow.” |
| Bigelow | partner · distribution deal with it | “We have agreements for manufacturing, distributing, and selling K-Cup pods for tea under brands such as Celestial Seasonings and Bigelow.” |
| Swiss Miss | partner · licensing deal with it | “We produce and sell K-Cup pods for cocoa, including through a licensing agreement for the Swiss Miss brand, and hot apple cider, including under our own brand, Mott's.” |
| Bloom Energy | partner · distribution deal with it | “Additionally, through our partnership with Bloom, we entered the prebiotic CSD market during the year with the distribution of Bloom Pop.” |
| Vita Coco | partner · licensing deal with it | “For beverages in emerging and fast growing categories where we may not currently have a brand presence, we license various trademarks from third-party partners, which generally allow us to sell and distribute certain products or brands throughout the U.S., Canada, or Mexico....As of December 31, 2025, our portfolio of partner brands included C4 energy drinks, Electrolit instant hydration beverages, Vita Coco coconut water, Bloom energy drinks and prebiotic sodas, evian water, Polar Beverages seltzer water, La Colombe shelf-stable RTD coffee, and Black Rifle Coffee Company energy drinks.” |
| Electrolit | partner · licensing deal with it | “For beverages in emerging and fast growing categories where we may not currently have a brand presence, we license various trademarks from third-party partners, which generally allow us to sell and distribute certain products or brands throughout the U.S., Canada, or Mexico....As of December 31, 2025, our portfolio of partner brands included C4 energy drinks, Electrolit instant hydration beverages, Vita Coco coconut water, Bloom energy drinks and prebiotic sodas, evian water, Polar Beverages seltzer water, La Colombe shelf-stable RTD coffee, and Black Rifle Coffee Company energy drinks.” |
| evian | partner · licensing deal with it | “For beverages in emerging and fast growing categories where we may not currently have a brand presence, we license various trademarks from third-party partners, which generally allow us to sell and distribute certain products or brands throughout the U.S., Canada, or Mexico....As of December 31, 2025, our portfolio of partner brands included C4 energy drinks, Electrolit instant hydration beverages, Vita Coco coconut water, Bloom energy drinks and prebiotic sodas, evian water, Polar Beverages seltzer water, La Colombe shelf-stable RTD coffee, and Black Rifle Coffee Company energy drinks.” |
| Polar Beverages | partner · licensing deal with it | “For beverages in emerging and fast growing categories where we may not currently have a brand presence, we license various trademarks from third-party partners, which generally allow us to sell and distribute certain products or brands throughout the U.S., Canada, or Mexico....As of December 31, 2025, our portfolio of partner brands included C4 energy drinks, Electrolit instant hydration beverages, Vita Coco coconut water, Bloom energy drinks and prebiotic sodas, evian water, Polar Beverages seltzer water, La Colombe shelf-stable RTD coffee, and Black Rifle Coffee Company energy drinks.” |
| La Colombe | partner · licensing deal with it | “For beverages in emerging and fast growing categories where we may not currently have a brand presence, we license various trademarks from third-party partners, which generally allow us to sell and distribute certain products or brands throughout the U.S., Canada, or Mexico....As of December 31, 2025, our portfolio of partner brands included C4 energy drinks, Electrolit instant hydration beverages, Vita Coco coconut water, Bloom energy drinks and prebiotic sodas, evian water, Polar Beverages seltzer water, La Colombe shelf-stable RTD coffee, and Black Rifle Coffee Company energy drinks.” |
| Black Rifle Coffee Company | partner · licensing deal with it | “For beverages in emerging and fast growing categories where we may not currently have a brand presence, we license various trademarks from third-party partners, which generally allow us to sell and distribute certain products or brands throughout the U.S., Canada, or Mexico....As of December 31, 2025, our portfolio of partner brands included C4 energy drinks, Electrolit instant hydration beverages, Vita Coco coconut water, Bloom energy drinks and prebiotic sodas, evian water, Polar Beverages seltzer water, La Colombe shelf-stable RTD coffee, and Black Rifle Coffee Company energy drinks.” |
| Apollo | partner · joint venture with it | “JV Investors Apollo Capital Management L.P., certain funds or accounts managed, advised, or sub-advised by Kohlberg Kravis Roberts & Co., L.P., and Goldman Sachs Asset Management, L.P. and its affiliates...In connection with the previously announced JV Commitment Letter, we entered into the JV Transaction Agreement, under which we will contribute the Coffee Production Assets, as well as certain of our related coffee assets (including sales and distribution) in Canada to the Pod Manufacturing JV, and the JV Investors will contribute, through the JV Investor Partner, $4 billion in cash in exchange for a 49% interest in the Pod Manufacturing JV.” |
| KKR | partner · joint venture with it | “JV Investors Apollo Capital Management L.P., certain funds or accounts managed, advised, or sub-advised by Kohlberg Kravis Roberts & Co., L.P., and Goldman Sachs Asset Management, L.P. and its affiliates...In connection with the previously announced JV Commitment Letter, we entered into the JV Transaction Agreement, under which we will contribute the Coffee Production Assets, as well as certain of our related coffee assets (including sales and distribution) in Canada to the Pod Manufacturing JV, and the JV Investors will contribute, through the JV Investor Partner, $4 billion in cash in exchange for a 49% interest in the Pod Manufacturing JV.” |
| Goldman Sachs Asset Management | partner · joint venture with it | “JV Investors Apollo Capital Management L.P., certain funds or accounts managed, advised, or sub-advised by Kohlberg Kravis Roberts & Co., L.P., and Goldman Sachs Asset Management, L.P. and its affiliates...In connection with the previously announced JV Commitment Letter, we entered into the JV Transaction Agreement, under which we will contribute the Coffee Production Assets, as well as certain of our related coffee assets (including sales and distribution) in Canada to the Pod Manufacturing JV, and the JV Investors will contribute, through the JV Investor Partner, $4 billion in cash in exchange for a 49% interest in the Pod Manufacturing JV.” |
| Veyron SPEs | partner · distribution deal with it | “ABC, a wholly-owned subsidiary of ours, has provided a guarantee in connection with its distribution agreement with the Veyron SPEs to be paid only in the event the Veyron SPEs sell specific distribution rights and the value of those distribution rights does not exceed $142 million, which is the maximum undiscounted amount that we could pay under the RVG.” |
| La Colombe (8-K filed Mar 10, 2026) | partner · distribution deal with it | “As used herein, (1) “KDP Coffee Co” refers to (A) the “U.S. Coffee” operating segment of the Company, excluding the sales related to the distribution of ready-to-drink La Colombe coffee beverages, and (B) that portion of the “International” operating segment of the Company consisting of sales in Canada from the manufacture and distribution of finished goods relating to single serve brewers, K-Cup pods, AltaRounds pressed coffee and other coffee products, in each case as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and (2) “Global Coffee Co.” refers to the planned publicly traded company that is expected to hold (A) KDP Coffee Co and (B) the business of JDE Peet’s and its subsidiaries upon completion of the JDE Peet’s Acquisition and the Separation.” |
| PepsiCo (10-K filed Feb 3, 2026) | licensing deal with it | “Further, PBNA manufactures and distributes certain brands licensed from Keurig Dr Pepper Inc., including Crush, Dr Pepper and Schweppes, and certain juice brands licensed from Dole Food Company, Inc. and Ocean Spray Cranberries, Inc.” |
Only the companies Keurig Dr Pepper names in its 10-K filed Feb 24, 2026 (SEC) and in the 8-Ks it filed since, each with its date. Named in other companies' filings: those whose own latest annual report or an 8-K since names Keurig Dr Pepper. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 32.5x, in line with the peer median of 28.7x, with earnings still growing.
In line with the peer median of 28.7x.
Show the data
| Company | P/E (trailing) |
|---|---|
| PRMB · Primo Brands Corporation | 44.9× |
| MNST · Monster Beverage Corporation | 41.4× |
| KDP · Keurig Dr Pepper Inc. | 32.5× |
| KO · The Coca-Cola Company | 28.7× |
| COKE · Coca-Cola Consolidated, Inc. | 24.3× |
| PEP · PepsiCo, Inc. | 17.9× |
At 32.5× trailing earnings KDP is above most of its five-year range; the five-year median is 24.8×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 29.6× |
| Feb 8, 2022 | 25.9× |
| May 10, 2022 | 22.0× |
| Aug 10, 2022 | 26.1× |
| Nov 8, 2022 | 29.6× |
| Feb 9, 2023 | 34.5× |
| May 11, 2023 | 34.9× |
| Aug 11, 2023 | 29.6× |
| Nov 9, 2023 | 22.4× |
| Feb 12, 2024 | 20.1× |
| May 13, 2024 | 21.9× |
| Aug 13, 2024 | 22.2× |
| Nov 11, 2024 | 20.0× |
| Feb 13, 2025 | 30.1× |
| May 15, 2025 | 30.2× |
| Aug 15, 2025 | 30.8× |
| Nov 13, 2025 | 23.1× |
| Feb 17, 2026 | 19.0× |
| May 18, 2026 | 21.8× |
| Aug 18, 2026 | 31.1× |
| Nov 12, 2026 | 32.5× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $38.08, 8% above the current price; 68% of 19 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.
Buy or Strong Buy: 13 analysts (68%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $32.91 to $39.00 (+19%), while KDP went from $27.00 to $35.42 (+31%). In the past three months targets were raised 9 times and never cut. 3 upgrades and 1 downgrade over the year; the latest: HSBC moved it to Buy from Hold on Aug 13, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 5, 2026 | Barclays | Target raised | Overweight | $41.00, was $38.00 |
| Nov 4, 2026 | UBS | Target raised | Buy | $42.00, was $39.00 |
| Nov 4, 2026 | Citigroup | Target raised | Buy | $40.00, was $37.00 |
| Nov 4, 2026 | JP Morgan | Target raised | Overweight | $41.00, was $39.00 |
| Nov 4, 2026 | TD Cowen | Target raised | Hold | $35.00, was $33.00 |
| Nov 4, 2026 | Morgan Stanley | Target raised | Overweight | $40.00, was $38.00 |
| Nov 4, 2026 | Wells Fargo | Target raised | Overweight | $40.00, was $37.00 |
| Nov 4, 2026 | Evercore ISI Group | Target raised | In-Line | $36.00, was $34.00 |
| Oct 22, 2026 | JP Morgan | Target raised | Overweight | $39.00, was $38.00 |
| Sep 15, 2026 | Argus Research | Target kept | Buy | $36.00 |
| Aug 13, 2026 | HSBC | Upgrade | Buy, was Hold | $40.00 |
| Aug 10, 2026 | Barclays | Target raised | Overweight | $38.00, was $36.00 |
| Aug 7, 2026 | UBS | Target raised | Buy | $39.00, was $38.00 |
| Aug 7, 2026 | Evercore ISI Group | Target raised | In-Line | $32.00, was $30.00 |
| Jul 23, 2026 | JP Morgan | Target raised | Overweight | $38.00, was $33.00 |
| Jul 16, 2026 | UBS | Target raised | Buy | $38.00, was $34.00 |
| Jul 14, 2026 | Citigroup | Target raised | Buy | $37.00, was $32.00 |
| Jun 25, 2026 | Barclays | Upgrade | Overweight, was Equal-Weight | $36.00, was $30.00 |
| Jun 12, 2026 | Bernstein | Began coverage | Outperform | $38.00 |
| Jun 11, 2026 | Bernstein | Began coverage | Outperform | $38.00 |
| Apr 27, 2026 | Barclays | Target raised | Equal-Weight | $30.00, was $28.00 |
| Apr 24, 2026 | UBS | Target raised | Buy | $34.00, was $32.00 |
| Apr 24, 2026 | Evercore ISI Group | Target raised | In-Line | $30.00, was $28.00 |
| Apr 24, 2026 | JP Morgan | Target raised | Overweight | $33.00, was $32.00 |
| Apr 22, 2026 | BNP Paribas | Upgrade | Neutral, was Underperform | $28.00 |
| Apr 16, 2026 | JP Morgan | Target cut | Overweight | $32.00, was $36.00 |
| Apr 15, 2026 | Citigroup | Target cut | Buy | $32.00, was $37.00 |
| Apr 14, 2026 | Barclays | Target cut | Equal-Weight | $28.00, was $32.00 |
| Apr 8, 2026 | Wells Fargo | Target cut | Overweight | $37.00, was $40.00 |
| Apr 7, 2026 | UBS | Target cut | Buy | $32.00, was $36.00 |
| Mar 30, 2026 | Deutsche Bank | Target cut | Hold | $28.00, was $34.00 |
| Feb 26, 2026 | Barclays | Target raised | Equal-Weight | $32.00, was $30.00 |
| Feb 25, 2026 | Wells Fargo | Target raised | Overweight | $40.00, was $35.00 |
| Dec 17, 2025 | Jefferies | Downgrade | Hold, was Buy | $32.00, was $39.00 |
| Dec 15, 2025 | Piper Sandler | Target raised | Overweight | $38.00, was $35.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $0.59 | $0.60 | +1.7% |
| Mar ’26 | $0.37 | $0.39 | +5.4% |
| Jun ’26 | $0.54 | $0.57 | +5.6% |
| Sep ’26 | $0.62 | $0.66 | +6.5% |
The day after each of these reports the stock moved +1.3% (Dec 2025, beat); +10.1% (Mar 2026, beat); −2.4% (Jun 2026, beat); −0.1% (Sep 2026, beat).
For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.67 a share, 11% more than the $0.60 of a year earlier, and revenue of $7.6B, up 70% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $2.54 a share, 10% more than the year before's estimate of $2.30, and revenue of $29.9B, up 14% on the year before's estimate.
Adjusted. Dec 2025: $0.60; range $0.64 to $0.71; 16 analysts
Dec 2025: $4.5B; range $7.6B to $7.7B; 13 analysts
Adjusted. The year to Dec 2026: $2.30 expected; range $2.42 to $2.60; 20 analysts
The year to Dec 2026: $26.3B expected; range $28.9B to $30.4B; 18 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $0.67 | $0.64 to $0.71 | 16 | $0.60 (Dec 2025) | +11% |
| Quarter ending Dec 2026 | Revenue | $7.6B | $7.6B to $7.7B | 13 | $4.5B (Dec 2025) | +70% |
| Quarter ending Mar 2027 | EPS (adjusted) | $0.49 | $0.45 to $0.54 | 12 | $0.39 (Mar 2026) | +26% |
| Quarter ending Mar 2027 | Revenue | $7.0B | $6.7B to $7.7B | 8 | $4.0B (Mar 2026) | +75% |
| Year ending Dec 2026 | EPS (adjusted) | $2.30 | $2.27 to $2.33 | 20 | — | — |
| Year ending Dec 2026 | Revenue | $26.3B | $26.2B to $26.4B | 18 | $16.6B (year to Dec 2025) | +58% |
| Year ending Dec 2027 | EPS (adjusted) | $2.54 | $2.42 to $2.60 | 20 | $2.30 (expected, year to Dec 2026) | +10% |
| Year ending Dec 2027 | Revenue | $29.9B | $28.9B to $30.4B | 18 | $26.3B (expected, year to Dec 2026) | +14% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $2.3B in free cash flow over the year, of which $900M went back to shareholders (dividends plus buybacks), leaving $1.4B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $2.9B |
| Capex | −$600M |
| Free cash flow | $2.3B |
| Dividends | −$900M |
| Buybacks | — |
| Cash retained | $1.4B |
For every $100 of market cap, the company generates about $4.8 in free cash flow a year.
For every $100 of market cap, you receive about $2.6 in dividends a year.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $143M | $300M | $249M |
| Mar 2024 | −$73M | $299M | $1.1B |
| Jun 2024 | $542M | $292M | $0 |
| Sep 2024 | $503M | $292M | $0 |
| Dec 2024 | $684M | $311M | $5.0M |
| Mar 2025 | $89M | $312M | $0 |
| Jun 2025 | $325M | $313M | $9.0M |
| Sep 2025 | $527M | $312M | $0 |
| Dec 2025 | $564M | $313M | $0 |
| Mar 2026 | $165M | $312M | — |
| Jun 2026 | $714M | — | — |
| Sep 2026 | $884M | $314M | $0 |
Keurig Dr Pepper had 1.37B diluted shares in the quarter ended Sep 2026, 0.2% more than a year earlier, and 0.6% fewer each year on average since Jun 2020.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2020 | 1.42B |
| Sep 2020 | 1.42B |
| Mar 2021 | 1.43B |
| Jun 2021 | 1.43B |
| Sep 2021 | 1.43B |
| Mar 2022 | 1.43B |
| Jun 2022 | 1.43B |
| Sep 2022 | 1.43B |
| Mar 2023 | 1.42B |
| Jun 2023 | 1.41B |
| Sep 2023 | 1.41B |
| Mar 2024 | 1.39B |
| Jun 2024 | 1.36B |
| Sep 2024 | 1.36B |
| Mar 2025 | 1.36B |
| Jun 2025 | 1.36B |
| Sep 2025 | 1.36B |
| Mar 2026 | 1.36B |
| Jun 2026 | 1.36B |
| Sep 2026 | 1.37B |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 0.6, short-term debt coverage is tight; debt-to-equity 0.6, debt is moderate.
Assets that can be turned into cash soon are 0.6x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.6 of debt. The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $1.0B against debt of $16.1B. It also holds $1.7B of long-term investments, which can be stakes in other companies rather than cash.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 8 funds whose copy leaves KDP out (not traded on the exchange): Swiss National Bank, Mirae Asset Global Investments, Norges Bank, Canada Pension Plan Investment Board, Maverick Capital, Bridgewater Associates and 2 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 13 held KDP at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 6 cut, 1 bought new and 2 held the same. The largest of them is Harris Associates L P, 92.85M shares worth $3.0B at Jun 30, 2026, 0.2% fewer than a quarter earlier.
1 of them new holders
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Harris Associates L P | Q2 2026 | 92.85M | $3.0B | −228,016 | −0.2% | Aug 14, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 16.04M | $525M | −4.25M | −21% | Aug 12, 2026 |
| Swiss National Bank | Q3 2026 | 3.72M | $113M | +81,000 | +2.2% | Nov 12, 2026 |
| National Pension Service | Q3 2026 | 2.61M | $79.1M | −43,329 | −1.6% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 1.89M | $61.9M | −1.94M | −51% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 1.04M | $31.7M | +172,545 | +20% | Nov 3, 2026 |
| Korea Investment | Q2 2026 | 466,758 | $15.3M | −375,628 | −45% | Aug 12, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 150,100 | $4.9M | 0 | 0.0% | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 93,822 | $3.1M | −25,887 | −22% | Aug 14, 2026 |
| Temasek Holdings (Private) | Q3 2026 | 99,805 | $3.0M | 0 | 0.0% | Oct 28, 2026 |
| Bridgewater Associates | Q2 2026 | 75,377 | $2.5M | +26 | 0.0% | Aug 14, 2026 |
| Maverick Capital | Q2 2026 | 58,380 | $1.9M | +2,557 | +4.6% | Aug 14, 2026 |
| Fisher Asset Management | Q3 2026 | 8,331 | $253K | +8,331 | New | Nov 6, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of KDP at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.