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Sep 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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