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Sep 30
Keurig Dr Pepper Q3 2025 Earnings Report
Keurig Dr Pepper reported strong Q3 2025 results with double-digit net sales growth and raised its full-year sales outlook.
Key Takeaways
Keurig Dr Pepper delivered a solid third quarter, with revenue rising to $4.31 billion and net income reaching $662 million. The company saw strong performance in U.S. Refreshment Beverages, driven by innovation and acquisitions like GHOST. It reaffirmed EPS guidance while raising full-year sales expectations.
Net sales increased 10.7% to $4.31 billion, with strong volume/mix and pricing contributions.
Adjusted EPS grew to $0.54, driven by operational efficiency and investment benefits.
U.S. Refreshment Beverages led growth, with a 14.4% sales increase supported by the GHOST acquisition.
Free cash flow totaled $528 million in Q3, supporting future strategic initiatives.
Keurig Dr Pepper
Keurig Dr Pepper
Keurig Dr Pepper Revenue by Segment
Keurig Dr Pepper Revenue by Geographic Location
Revenue by Segment
U.S. Refreshment Beverages Revenue
CapyFin.comU.S. Coffee Revenue
CapyFin.comInternational Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Keurig Dr Pepper raised its full-year constant currency net sales growth outlook to high-single-digits and reaffirmed its adjusted EPS guidance.
Positive Outlook
- Upgraded full-year constant currency net sales growth outlook to high-single-digit range.
- Maintained adjusted EPS guidance in high-single-digit growth range.
- Strong contribution from recent GHOST acquisition.
- Continued momentum in U.S. Refreshment Beverages.
- Disciplined pricing and productivity initiatives aiding margin performance.
Challenges Ahead
- U.S. Coffee volumes declined despite pricing gains.
- International adjusted operating income declined due to inflationary pressures.
- EPS growth partially offset by inflation and cost headwinds.
- Flat to modest declines in brewer and pod shipments in U.S. Coffee.
- Foreign exchange expected to be a headwind of ~0.5 percentage points for full year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income