Keurig Dr Pepper Inc (KDP.O): 2Q‘26 Topline & EPS Beat; 2026 Guidance Reiterated

Research evidence excerpt

Flash |

06 Aug 2026 08:13:29 ET │ 12 pages

Keurig Dr Pepper Inc (KDP.O)

2Q’26 Topline & EPS Beat; 2026 Guidance Reiterated

CITI'S TAKE

KDP reported 2Q’26 adjusted EPS of $0.57 (above $0.54 Citi/cons.) with

legacy KDP CC NSG +7.3% (well above +4.7% Citi/VA cons.), driven by

+10.0% CC growth in U.S. Refreshment Beverages (vs. +7.3% consensus),

U.S. Coffee -3.2% (vs. -1.2% cons.), and International +12.4% (vs. +7.9%

consensus). Relative to our estimates, KDP’s 2Q’26 net sales were betterthan-expected with JDEP contribution of $2,802M, slightly below

$2,818M cons., and GM and OM beats. KDP reiterated 2026 guidance

calling for total company net sales of $25.9-$26.4B with +4–6% CC NSG

for legacy KDP (vs. +5.1% cons.), and CC adj. EPS growth +LDD% Y/Y (vs.

+11.9% cons. including FX). Net, results were better-than-expected, which

should drive a positive stock reaction today. Earnings call today at 8AM

ET.

CC Net Sales Growth +7.3% for Legacy KDP, Above Consensus — KDP’s 2Q’26

constant currency sales growth was +7.3% for legacy KDP (well above +4.7% Citi/VA

cons.), driven by volume/mix of +3.1% (vs. +1.0%/+1.1% Citi/cons.) and pricing of

+4.2% (vs. +3.7%/+3.6% Citi/cons.). By segment, constant currency sales were: (i)

+10.0% for U.S. Refreshment Beverages (vs. +6.3%/+7.3% Citi/cons.), with

volume/mix of +6.5% (vs. +3.3%/+3.7% Citi/cons.) and price +3.5% (vs.

+3.0%/+3.5% Citi/cons.); (ii) -3.2% for U.S. Coffee (vs. -1.5%/-1.2% Citi/cons.), with

volume/mix -8.2% (vs. -5.0%/-4.6% Citi/cons.) and price +5.0% (vs. +3.5%/+3.8%

Citi/cons.), and (iii) +12.4% for International (vs. +8.0%/+7.9% Citi/cons.), with

volume/mix +6.5% (vs. +0.5%/+0.8% Citi/cons.) and price +5.9% (vs. +7.5%/+7.0%

Citi/cons.). JDEP net sales were $2,802M slightly below $2,867M/$2,818M

Citi/cons. estimates.

Buy

Price (05 Aug 26 16:00)

US$30.75

Target price

US$37.00

Expected share price return

20.3%

Expected dividend yield

3.1%

Expected total return

23.4%

Market Cap

US$41,837M

Filippo Falorni, CFAAC

Jonmichael Shekian

GM/OM Ahead of Consensus — KDP’s GM was -850 bps Y/Y to 46.5% (vs.

44.2%/46.2% Citi/cons.) while OM was -450 bps Y/Y to 20.2% (vs. 19.5%

…