Keurig Dr Pepper Inc (KDP): Q2 Earnings Preview

研报英文原文证据摘录

Keurig Dr Pepper Inc (KDP): Q2 Earnings Preview

8 July 2026

Cristian Rios

+1 917 344 8615

U.S. Beverages, Household & Personal Care Products cristian.rios@bernsteinsg.com

Keurig Dr Pepper Inc Yolanda Zhang

+1 917 344 8346

Rating yolanda.zhang@bernsteinsg.com

Outperform

Price Target

KDP 39.00 USD (38.00 OLD)

We expect Q2 to be another solid quarter for KDP, with strength in U.S. Refreshment

Close Date 7 Jul 2026

Beverages offsetting continued pressure across Coffee. Our work suggests the primary

KDP Close Price (USD) 31.49

debate into the quarter is less about revenue growth and more about the timing of margin

Price Target (USD) 39.00

recovery, particularly within the coffee-related businesses. While near-term earnings remain

Upside/(Downside) 24%

pressured by elevated coffee costs, we continue to see a favorable setup for improving

52-Week Range 35.94/24.88

profitability as the year progresses.

SPX 7,503.85

We update our model based on our most recent forecasts, which are informed by the latest FYE Dec

scanner data, management commentary, and independent research. Div Yield 2.9%

Market Cap (USD) (M) 42,844

U.S. Refreshment Beverages EV (USD) (M) 77,962

Performance YTD 1M 6M 12M

U.S. Refreshment Beverages should remain the primary growth driver in Q2. Scanner data Absolute (%) 12.4 3.1 15.6 (6.8)

points to approximately 8-9% sales growth, which we believe is a reasonable indicator of SPX (%) 9.6 1.6 8.4 20.4

underlying business trends this quarter. Relative (%) 2.8 1.5 7.1 (27.2)

Source: Bloomberg, Bernstein estimates and analysis.

Volume growth will likely moderate from Q1 levels given the absence of prior distribution-

related benefits (Ghost) that boosted reported growth earlier in the year. Nevertheless, Price Performance, 1YR