Keurig Dr Pepper Inc. (KDP) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Keurig Dr Pepper published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Keurig Dr Pepper reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Keurig Dr Pepper closed its acquisition of JDE Peet's on April 1, 2026, so the JDE Peet's segment has no year-ago figure and most of the 70.6% net sales increase is acquired. Excluding JDE Peet's, legacy KDP net sales rose 8.6%.
• EPS here is per common share. Since the second quarter of 2026, net income allocated to holders of KDP's convertible preferred stock ($72 million in Q3) is deducted before EPS, as is income attributable to non-controlling interests ($70 million).
• GAAP results include a $400 million gain on the sale of KDP's equity interests in Chobani in September 2026, which Adjusted EPS excludes.

Source: Keurig Dr Pepper Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Keurig Dr Pepper splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Keurig Dr Pepper's U.S. Refreshment Beverages revenue was $3.0 billion in Q3 2026, up 11% from $2.7 billion in Q3 2025, 41% of total revenue.
• Keurig Dr Pepper's U.S. Coffee revenue was $1.0 billion in Q3 2026, up 3% from $991 million in Q3 2025, 14% of total revenue.
• Keurig Dr Pepper's KDP International revenue was $644 million in Q3 2026, up 11% from $580 million in Q3 2025, 9% of total revenue.
• Keurig Dr Pepper's JDE Peet's revenue was $2.6 billion in Q3 2026, 36% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Keurig Dr Pepper said:

“For 2026, KDP expects net sales of $25.9-$26.4 billion and constant currency Adjusted diluted EPS growth in a low-double-digit range.”

“This guidance now includes approximately $8.3-$8.4 billion in net sales and a 7 to 8 percentage point EPS growth contribution from the JDE Peet's acquisition, as well as 3-5% constant currency EPS growth for KDP's legacy business, due to revised expectations for U.S. Coffee.”

“At current exchange rates, foreign currency translation is forecasted to approximate a one half of one percentage point tailwind to 2026 full year net sales and EPS growth.”

Source: Keurig Dr Pepper Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the KDP forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and diluted EPS, each as first reported in that quarter's release. Q2 and Q3 2026 include JDE Peet's, acquired April 1, 2026.

We do not hold a confirmed date for Keurig Dr Pepper's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Keurig Dr Pepper reported net sales of $7,344 million in Q3 2026, up 70.6% from $4,306 million. JDE Peet's, acquired on April 1, contributed $2,649 million, all of it incremental. U.S. Refreshment Beverages brought in $3,033 million, U.S. Coffee $1,018 million and KDP International $644 million. Excluding JDE Peet's, legacy KDP net sales rose 8.6%, from volume/mix growth of 6.5% and net price realization of 2.1%. (Keurig Dr Pepper Q3 2026 release, Nov 3, 2026)

U.S. Refreshment Beverages net sales rose 10.9%, with volume/mix up 7.2% and net price realization up 3.7%. Sales volume rose 3.2%, led by energy, sports hydration drinks and carbonated soft drinks, partly offset by declines in the still portfolio. KDP's North American refreshment beverage brands include Dr Pepper, Canada Dry, A&W, 7UP, Snapple, GHOST and Core Hydration. (Keurig Dr Pepper Q3 2026 release, Nov 3, 2026; Keurig Dr Pepper Form 10-Q, Q3 2026, Nov 9, 2026)

U.S. Coffee net sales rose 2.7%: volume/mix added 6.9% and net price realization took off 4.2%. Appliance volume rose 16.7%, which the 10-Q attributes mainly to a favorable comparison with retailer inventory management in the prior year, while coffee and related products volume fell 0.5%. KDP International net sales rose 11.0%, or 7.6% in constant currency. (Keurig Dr Pepper Q3 2026 release, Nov 3, 2026; Keurig Dr Pepper Form 10-Q, Q3 2026, Nov 9, 2026)

Keurig Dr Pepper's largest retailer, Walmart, represented approximately 16% of consolidated net sales in 2025, and sales to Walmart are included in all reportable segments. KDP plans to separate its beverage and coffee portfolios into two independent, publicly traded companies, as announced on August 25, 2025. (Keurig Dr Pepper Form 10-K, 2025, Feb 24, 2026; Keurig Dr Pepper Form 10-Q, Q3 2026, Nov 9, 2026)

Keurig Dr Pepper reported GAAP diluted EPS of $0.59 in Q3 2026, against $0.49, and Adjusted diluted EPS of $0.66, against $0.54, up 22.2%. The items KDP excludes include amortization of intangibles ($0.07 per share), mark-to-market on derivatives ($0.04), acquisition, integration and financing costs for JDE Peet's and the coffee spin ($0.06), and the Chobani transactions, which added $0.18 to GAAP EPS. (Keurig Dr Pepper Q3 2026 release, Nov 3, 2026)

In September 2026 KDP sold its equity interests in Chobani for $800 million, half in cash and half as a promissory note maturing December 26, 2026, and booked a $400 million gain. It also sold its Allentown, Pennsylvania facilities to Chobani for $125 million. Operating income included a $99 million benefit from tariff refunds, which is in both GAAP and Adjusted results. (Keurig Dr Pepper Q3 2026 release, Nov 3, 2026; Keurig Dr Pepper Form 10-Q, Q3 2026, Nov 9, 2026)

Financing the JDE Peet's deal raised costs below operating income. Interest expense, net rose 152.1% to $474 million, net income attributable to non-controlling interests (primarily the Pod Manufacturing JV) was $70 million, and $72 million was allocated to preferred investors. Diluted weighted average shares were 1,366.1 million, against 1,362.9 million. The effective tax rate was 21.5%, against 22.3%. (Keurig Dr Pepper Q3 2026 release, Nov 3, 2026; Keurig Dr Pepper Form 10-Q, Q3 2026, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Keurig Dr Pepper reaffirmed its 2026 guidance, given on a constant currency, non-GAAP basis: net sales of $25.9 to $26.4 billion and Adjusted diluted EPS growth in a low-double-digit range. The guidance includes approximately $8.3 to $8.4 billion of net sales and a 7 to 8 percentage point EPS growth contribution from JDE Peet's, plus 3-5% constant currency EPS growth for the legacy business, a range KDP says reflects revised expectations for U.S. Coffee. (Keurig Dr Pepper Q3 2026 release, Nov 3, 2026)

KDP expects its JDE Peet's integration and separation program to incur cumulative pre-tax restructuring charges of approximately $325 million to $400 million through the first quarter of 2029. (Keurig Dr Pepper Form 10-Q, Q3 2026, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Keurig Dr Pepper, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Keurig Dr Pepper's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning KDP is on is KDP a buy or a sell?, what analysts expect next is on the KDP forecast, and what the company does is on the Keurig Dr Pepper Inc. (KDP) stock page.

Every number on this page can be traced to a document Keurig Dr Pepper published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.