EarningsQ2 2026 Earnings Report
CH:DP5 Q2 2026 EPS Results
Actual EPSCHF0.47
Consensus EPSCHF0.45
Beat/MissBeat by +CHF0.03
One Year Ago EPSCHF0.41
CH:DP5 Q2 2026 Revenue Results
Actual RevenueCHF6.08B
Expected RevenueCHF6.02B
Beat/MissBeat by +CHF64.42M
YoY Revenue Growth+75.57%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
CH:DP5 Upcoming Earnings
Keurig Dr Pepper's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CH:DP5 Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted substantial enterprise-level strength driven by the JDE Peet's acquisition, robust performance in U.S. Refreshment Beverages (notably energy and CSDs), solid free cash flow and measurable integration progress (single invoice, organizational readiness, deleveraging). These positive outcomes materially outweighed the material but contained headwinds in U.S. Coffee—where elevated green coffee costs, hedging timing and pod category softness pressured sales and profitability. Management reaffirmed full-year guidance and outlined remediation steps (cost synergies, lower-cost inventory flow-through, commercial initiatives), signaling confidence in recovery in H2 while acknowledging near-term commodity volatility and certain timing-related limitations to sustainability of some JDE Peet's Q2 upside.Company Guidance
Strong Consolidated Top-Line Growth Driven by JDE Peet's
Consolidated net sales grew ~74.6%–75% in Q2 2026, driven by the April 1 acquisition of JDE Peet's; legacy KDP net sales (ex-JDE) grew 7.3% year-over-year (constant currency).
Material Profit and EPS Improvement
Consolidated operating income increased 42.9% year-over-year and diluted EPS rose 16.3% to $0.57 in Q2, reflecting top-line strength, productivity and acquisition contribution.
U.S. Refreshment Beverages Outperformance
U.S. Refreshment Beverages net sales increased 10% with volume/mix contributing +6.5 percentage points and net price realization +3.5 points; segment operating income grew 11.9%. Key drivers included CSD strength, Dr Pepper Zero Sugar (retail sales ~+30%), Bloom Pop scaling, and energy expansion.
Energy Portfolio Momentum and Market Share Gains
Energy portfolio crossed the ~9% market share threshold in Q2, with strong brand performance from Bloom and GHOST; C4 packaging refresh produced double-digit sales lifts in rollout regions. Management reiterated a path to double-digit market share over time.
JDE Peet's Delivered Ahead of Expectations
JDE Peet's segment posted approximately $2.8 billion in net sales and $414 million in operating income in Q2, driven by pricing discipline, productivity (Reignite the Amazing) and favorable timing; L'OR grew retail sales high single digits.
Integration and Separation Progress
Acquisition closed April 1; day‑1 interim operating model in place; consolidated U.S. customers to an integrated sales force and single invoice completed on schedule; post-separation organizational structures largely finalized and IT/financial reporting readiness underway.
Balance Sheet Deleveraging and Cash Generation
Pro forma management leverage reduced to 4.4x at quarter end (slightly better than expected) with a target of ~4.1x year-end; Q2 free cash flow of $714 million and full-year free cash flow target of ~$2.5 billion reaffirmed.
Guidance Reaffirmed with Positive Legacy Outlook
Full-year net sales guidance reaffirmed at $25.9B–$26.4B (including $8.5B–$8.7B from JDE Peet's); legacy KDP expected to grow ~4%–6% constant currency (management now favors high end) and management reaffirmed low double-digit constant-currency EPS growth guidance (with ~1 ppt FX tailwind expected).
Operational Productivity and SG&A Leverage
SG&A as a percent of sales declined ~400 basis points overall; excluding the JDE Peet's mix impact, SG&A leveraged ~100 basis points, reflecting productivity savings and disciplined cost management.
Strategic Brand Partnerships and Ownership Stakes
Bloom (Nutrabolt) is a high-growth partner brand; KDP holds a 36% stake in Nutrabolt and multiple board seats, supporting continued collaboration and distribution leverage.
CH:DP5 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed