The earnings call for Keurig Dr Pepper's Q1 2025 reflected strong financial performance and market share gains, particularly in U.S. Refreshment Beverages and international growth. However, challenges in the U.S. Coffee segment, gross margin pressure, and tariff-related impacts were notable lowlights. Overall, the highlights significantly outweigh the lowlights, indicating a strong start to the fiscal year.

Company Guidance

During the first quarter of 2025, Keurig Dr Pepper (KDP) reported impressive financial results, with net sales increasing by over 6% and earnings per share (EPS) rising by more than 10%. The company saw a standout performance from its U.S. Refreshment Beverages segment, which achieved an 11% growth in net sales, driven by strength in its core carbonated soft drink (CSD) portfolio and contributions from the GHOST acquisition. While U.S. Coffee faced challenges with a 3.7% decline in net sales, KDP remained focused on mitigating green coffee inflation and fortifying its long-term growth model. Internationally, KDP recorded mid-single-digit sales growth, fueled by strong trends in liquid refreshment beverages. Despite tariff-related pressures, the company reaffirmed its full-year guidance, expecting mid-single-digit net sales growth and high single-digit EPS growth, with a constant currency outlook. The company also highlighted strong price realization and disciplined cost management as key factors supporting its robust performance and strategic priorities for 2025.

Strong Financial Performance

Net sales advanced more than 6% and EPS increased more than 10% in Q1 2025. U.S. Refreshment Beverages segment grew 11%, driven by strong CSD trends and the GHOST acquisition.

Market Share Gains and Product Innovation

Achieved market share gains across brands like Dr Pepper and Canada Dry. Launched successful new products like Dr Pepper Blackberry, which captured nearly a point of market share.

Successful Integration of Ghost Energy

Integration of Ghost Energy is progressing smoothly with a 6.5% market share position and building momentum.

International Growth

International sales grew in the mid-single digits, driven by liquid refreshment beverages and inflation-related pricing.

Positive Cash Flow Management

Generated $102 million in free cash flow in Q1, despite a one-time $225 million GHOST distribution transition payment.

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Keurig Dr Pepper (DE:DP5) Earnings, Revenues Date & History

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DE:DP5 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 24, 2025	2025 (Q2)	0.43 / -	0.398	―	―	―
Apr 24, 2025	2025 (Q1)	0.34 / 0.37	0.336	10.53% (+0.04)	―
Feb 25, 2025	2024 (Q4)	0.51 / 0.51	0.487	5.45% (+0.03)	―
Oct 24, 2024	2024 (Q3)	0.45 / 0.45	0.425	6.25% (+0.03)	―
Jul 25, 2024	2024 (Q2)	0.40 / 0.40	0.372	7.14% (+0.03)	―
Apr 25, 2024	2024 (Q1)	0.31 / 0.34	0.301	11.76% (+0.04)	―
Feb 22, 2024	2023 (Q4)	0.48 / 0.49	0.443	10.00% (+0.04)	―
Oct 26, 2023	2023 (Q3)	0.41 / 0.43	0.407	4.35% (+0.02)	―
Jul 27, 2023	2023 (Q2)	0.35 / 0.37	0.345	7.69% (+0.03)	―
Apr 27, 2023	2023 (Q1)	0.29 / 0.30	0.292	3.03% (<+0.01)	―

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

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DE:DP5 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 24, 2025	€30.91	€30.16	-2.39%
Feb 25, 2025	€32.45	€32.89	+1.38%
Oct 24, 2024	€33.35	€31.68	-5.00%
Jul 25, 2024	€29.34	€30.07	+2.47%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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