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12:00
Aug 06 ◎

KDP FY2026 Q2 Watch

Keurig Dr Pepper Inc. (KDP) FY2026 Q2 Earnings Call

MCD KDP PEP KO JDEP ▾

Tim Cofer

The licensed McCafe K-Cup business with McDonald's is growing, expanding market share in the single-serve coffee pod category through strong commercial execution.

"In coffee products, our licensed McCafe K-Cups grew retail sales at a mid single digit rate and expanded market share, reflecting high quality commercial execution and effective marketing."

MCD WATCH

Tim Cofer

Management reaffirms full-year guidance with confidence, citing strong Q2 results that beat expectations and visibility into improving U.S. coffee trends in the back half. The tone is positive and forward-looking, anchored on delivering EPS growth and successful separation.

"Halfway through the year we remain on track to achieve the goals we set at the beginning of 2026, delivering our low double-digit EPS growth guidance, integrating and activating JDE-PETS, and hitting key separation milestones."

KDP WATCH

Tim Cofer

KDP crossed 9% market share in the energy drink category, and in 15 major U.S. customers has already crossed the double-digit threshold, driven by brands like C4, Bloom, and Ghost. — KDP's energy portfolio is gaining share rapidly, pushing toward its double-digit market share goal, directly competing with major players like Celsius (PEP) and Monster (KO).

"And in fact, I would tell you in 15 major customers across the U.S., we've already crossed that double-digit."

PEP WATCH KO WATCH

Anthony DiSilvestro

KDP's total enterprise pricing will be less of a net sales contributor in H2 vs H1, primarily due to coffee dynamics, as carryover pricing anniversaries and JDE Peet's passes through lower coffee prices. — As pricing tailwinds fade in the back half, KDP's top-line growth increasingly relies on volume/mix, making execution in U.S. coffee and refreshment beverages crucial to hitting guidance.

"Our JDE PEAT segment generated $2.8 billion in net sales and $414 million in operating income in the second quarter, exceeding our expectations."

JDEP WATCH

HIGH

12:00
Apr 23 ◎

KDP FY2026 Q1 Watch

Keurig Dr Pepper Inc. (KDP) FY2026 Q1 Earnings Call

NSRGY STBFY JDEP KDP ▾

Tim Cofer

Renewal and expansion of the K-Cup agreement with Nestle USA enables broader distribution and innovation for the Starbucks brand within the Keurig ecosystem, a positive for Nestle's coffee business in the US.

"We are continuing to execute our coffee partnership strategy, as evidenced by the recent renewal and expansion of our K-Cup agreement with Nestle USA."

NSRGY WATCH

Tim Cofer

Evolving the Suntory partnership to a concentrate supply model opens access to new consumers in Europe with a lower capital investment for KDP.

"We recently evolved our Suntory partnership in Europe to a more collaborative concentrate supply model that will provide access to incremental consumers through a capital light low-risk model."

STBFY WATCH

Tim Cofer

JDE Peet's performance is expected to be constrained in the first half but accelerate in the second half as green coffee cost pressures ease, aligning with KDP's overall coffee segment outlook.

"J.D.E. Peet's will have a profile that follows one that's similar to our U.S. coffee segment, right? As coffee prices improve, their quarterly performance will improve as well."

JDEP WATCH

Anthony DiSalvestro

Management provides clear visibility to accelerating EPS growth in the back half of the year, driven by easing cost pressures and building synergies, reaffirming confidence in the low double-digit EPS guidance.

"From a phasing perspective, we expect high single-digit EPS growth in Q2 with further acceleration in the back half as costs improve and synergies build."

KDP WATCH

HIGH

13:00
Feb 24 ◎

KDP FY2025 Q4 Watch

Keurig Dr Pepper Inc. (KDP) FY2025 Q4 Earnings Call

KDP ▾

Anthony DiSilvestro

Guidance is in line with expectations, reflecting a solid but not accelerating base business; the narrative is dominated by the transformative JDE Peet's acquisition and planned separation, while U.S. coffee profitability faces headwinds.

"For standalone KDP, our outlook embeds 4% to 6% net sales growth and 4% to 6% EPS growth, both in constant currency."

KDP WATCH

HIGH

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