Keurig Dr Pepper

Keurig Dr Pepper Inc. (KDP) sells soft drinks and coffee. Its U.S. Refreshment Beverages segment owns brands such as Dr Pepper, Canada Dry, 7UP, A&W, Snapple, Mott's, GHOST and Core Hydration. Its U.S.

Coffee segment sells Keurig single-serve brewers and pods. KDP bought JDE Peet's, which owns coffee brands such as Jacobs, L'OR and Peet's, on April 1, 2026. Its KDP International segment sells beverages in Canada, Mexico and other markets. Net sales were $7.34 billion in Q3 2026 and $16.6 billion in 2025, before JDE Peet's.

KDP plans to separate into two public companies, Beverage Co. and Global Coffee Co., in early 2027. The shares trade on the Nasdaq. The head offices are in Frisco, Texas, and Burlington, Massachusetts. Tim Cofer is Chief Executive Officer.

KDP's price already includes lower debt and a clean split in two, after KDP took on much debt to buy JDE Peet's. U.S. Refreshment Beverages grows fast, with net sales up 10.9% in Q3 2026, but U.S.

Coffee has had price cuts, and net debt is 4.1 times pro forma Adjusted EBITDA. For the price to hold, three things must be true. KDP must reach its 2026 guidance of low-double-digit Adjusted EPS growth and the planned cost savings from JDE Peet's.

It must reduce debt with free cash flow and asset sales, such as the Chobani stake. And the separation into Beverage Co. and Global Coffee Co., targeted for early 2027, must leave both companies with investment-grade balance sheets. The Q4 2026 report, expected in February 2027, and the separation are the next tests.

1. Nov 3, 2026Passed

   Q3 2026 results and 2026 guidanceReaffirmed 2026 guidance passes; a cut fails.Outcome: KDP reaffirmed its 2026 guidance, and Adjusted diluted EPS rose 22.2% to $0.66.
2. Feb 3, 2027 · est.Pending

   Q4 2026 results and 2027 outlook2026 Adjusted EPS growth in the low double digits and lower leverage pass; a miss fails.
3. Q1 2027 · est.Pending

   Separation into Beverage Co. and Global Coffee Co.A separation in early 2027 with investment-grade ratings for both companies passes; a delay or a rating below investment grade fails.

Every passed and failed checkpoint across all picks

• November 3, 2026KDP reported Q3 2026 results. Net sales rose 70.6% to $7.34 billion with JDE Peet's, and legacy KDP net sales grew 8.6%. Adjusted diluted EPS rose 22.2% to $0.66. KDP reaffirmed its 2026 guidance.
• November 3, 2026Russ Torres joined KDP as Chief Executive Officer of the coffee business. He will lead Global Coffee Co. after the separation, which is targeted for early 2027.
• September 28, 2026KDP completed the sale of its stake in Chobani for $800 million, $400 million in cash and a $400 million note due December 26, 2026, and the sale of its Allentown facilities for $125 million. It uses the proceeds to reduce debt.

Last earnings

November 3, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 9, 2026 · kdp-20260930
• 8-KEarnings releaseFiled November 3, 2026 · Press release and exhibits
• 8-KOther company newsFiled October 1, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 28, 2026 · kdp-20260928
• 8-KOther company newsFiled September 16, 2026 · kdp-20260916
• 8-KOther company newsFiled September 1, 2026 · kdp-20260828
• 8-KChange of directors or officersFiled August 12, 2026 · kdp-20260810
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 10, 2026 · kdp-20260630
• 8-KEarnings releaseFiled August 6, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled June 25, 2026 · kdp-20260622

Every filing on SEC EDGAR (CIK 1418135)

• Debt principal was $29,235 million at September 30, 2026, 4.1 times pro forma Adjusted EBITDA. Moody's and S&P downgraded KDP to Baa3 and BBB-, the lowest investment-grade ratings. A further downgrade would raise borrowing costs.
• The separation into two companies is complex and costly. Delays, extra costs or weak results in one company can lower the total value.
• In U.S. Coffee, net price realization fell 4.2% in Q3 2026. Green coffee costs and competition from private-label pods can lower margins.
• The $4,500 million of convertible preferred stock converts at $37.25 per share, which can add new shares, and it takes part of the earnings.
• Mexico's special tax on sweetened drinks (IEPS) increased costs in KDP International.
• Tariffs on imported goods can raise costs. KDP has claimed refunds of tariffs that the U.S. Supreme Court invalidated, but more tariffs can follow.

KDP funds its business with senior notes, commercial paper, a term loan and convertible preferred stock. At September 30, 2026, debt principal was $29,235 million: $24,805 million of senior notes, $1,242 million of commercial paper and $3,188 million under the delayed draw term loan. Read more

Dividend yield

2.4% (last 12 months, at today’s price of $37.59)

Paid per share

$0.92 in the last 12 months (4 payments)

Current annual rate

$0.92 ($0.23 × 4 a year)

Payout ratio

60% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 28, 2026, $0.23 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 8.9% a year. From 2015 to 2025, the dividend fell by about 7.1% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.