# Keurig Dr Pepper Inc. (KDP)

> Source: Nexqual · https://nexqual.com/KDP · data as of 2026-10-23 15:02 UTC · cite as "Nexqual, Keurig Dr Pepper Inc. (KDP), nexqual.com/KDP" · informational, not investment advice.

**Price:** USD 34.87 (-0.92% today) · US market open, as of October 23, 2026 at 15:02 UTC; quotes may be delayed. Prev close 35.19 · day 34.48–35.4 · 52w 24.88–35.4 · market cap $47.4B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $20.1B, net income $1.43B (7.1% margin), free cash flow $1.97B (SEC filings).
- Valuation: P/E 33.2x (avg 23.5x at the last 3 fiscal year-ends), EV/EBITDA 18.5x, net debt $23.3B.
- 2 of 80 tracked superinvestors hold KDP (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.1M; 2 not under a Rule 10b5-1 plan ($1.1M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $250K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +30.6% vs S&P 500 +14.8%; 5Y +10.3% vs S&P 500 +77.5%.
- Next earnings: 2026-11-03, EPS estimate USD 0.62, revenue estimate $7.33B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.7B | $14.1B | $14.8B | $15.4B | $16.6B | $20.1B |
| Gross profit | $6.98B | $7.32B | $8.08B | $8.53B | $9.00B | — |
| Operating income | $2.89B | $2.60B | $3.19B | $2.59B | $3.58B | $3.26B |
| Net income | $2.15B | $1.44B | $2.18B | $1.44B | $2.08B | $1.43B |
| EPS (diluted) | $1.50 | $1.01 | $1.55 | $1.05 | $1.53 | — |
| Free cash flow | $2.45B | $2.48B | $904M | $1.66B | $1.50B | $1.97B |
| Gross margin | 55.0% | 52.1% | 54.5% | 55.6% | 54.2% | — |
| Operating margin | 22.8% | 18.5% | 21.5% | 16.9% | 21.5% | 16.2% |
| Net margin | 16.9% | 10.2% | 14.7% | 9.4% | 12.5% | 7.1% |
| Revenue growth | +9.2% | +10.8% | +5.4% | +3.6% | +8.2% | — |
| Cash + short-term investments | $567M | $535M | $267M | $510M | $1.03B | — |
| Total debt | $11.7B | $11.6B | $11.1B | $13.9B | $13.9B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 33.2x · P/S 2.4x · EV/EBITDA 18.5x · EV/Sales 3.5x · P/FCF 24.1x · P/B 1.9x · FCF yield 4.15% · Earnings yield 3.01% · Dividend yield (paid, TTM) 2.63% · Net debt $23.3B · EV $70.7B
P/E at fiscal year-ends: Dec 2025 18.4x, Dec 2024 30.5x, Dec 2023 21.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold KDP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 4.04% | $3.04B | Reduced -0.2% |
| Lee Ainslie | Maverick Capital | 0.02% | $1.9M | Added +4.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-08…2026-09-09 | Denooyer Mary Beth | Chief Human Resources Officer | 24,000 | $778K | 25% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-03 | Stephens Angela A. | Senior VP & Controller | 9,500 | $311K | 14.6% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $250K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-25 | Alt Aaron E | Director | 7,862 | $250K | 31.83 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | JP Morgan | Target raised | Overweight | $38 → $39 |
| 2026-09-15 | Argus Research | Reiterated | Buy | $36 |
| 2026-08-13 | HSBC | Upgrade | Hold → Buy | $40 |
| 2026-08-10 | Barclays | Target raised | Overweight | $36 → $38 |
| 2026-08-07 | UBS | Target raised | Buy | $38 → $39 |
| 2026-08-07 | Evercore ISI Group | Target raised | In-Line | $30 → $32 |
| 2026-07-23 | JP Morgan | Target raised | Overweight | $33 → $38 |
| 2026-07-16 | UBS | Target raised | Buy | $34 → $38 |
| 2026-07-14 | Citigroup | Target raised | Buy | $32 → $37 |
| 2026-06-25 | Barclays | Upgrade | Equal-Weight → Overweight | $30 → $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +30.6% | +10.3% |
| S&P 500 (SPY) | +14.8% | +77.5% |
| Per year | +30.6% | +2.0% |
| Volatility (annualized) | 27.4% | 22.1% |
| Max drawdown | -17.7% (Feb 2026→Apr 2026) | -30.4% (Aug 2022→Sep 2025) |

## Peers (Beverages - Non-Alcoholic)
CCEP (Coca-Cola Europacific Partners ) USD 111.69 -2.22% · MNST (Monster Beverage Corporation) USD 46.83 -1.00% · COKE (Coca-Cola Consolidated, Inc.) USD 209.5 -2.53% · PEP (Pepsico, Inc.) USD 135.88 -2.12% · CELH (Celsius Holdings, Inc.) USD 28.49 +0.46% · PRMB (Primo Brands Corporation) USD 19.76 -1.91%

## More
Full page: https://nexqual.com/KDP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KDP's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Walmart (WMT) | "Net sales to Walmart are included in all reportable segments." |
| Partner | Starbucks (SBUX) | "Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others." |
| Competitor | Coca-Cola (KO) | "Our primary competitors include Coca-Cola, PepsiCo, Starbucks Corporation, The J.M." |
| Competitor | PepsiCo (PEP) | "Our primary competitors include Coca-Cola, PepsiCo, Starbucks Corporation, The J.M." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| U.S. Refreshment Beverages | $2.92B | 40.0% | +10.0% | $857.0M | 29.3% |
| JDE Peet's | $2.80B | 38.3% | — | -$62.0M | -2.2% |
| U.S. Coffee | $918.0M | 12.6% | -3.2% | $149.0M | 16.2% |
| KDP International | $664.0M | 9.1% | +19.6% | $152.0M | 22.9% |
| Corporate costs (not allocated) | — | — | — | -$468.0M | — |
| Total revenue | $7.31B | 100% | — | $628.0M | 8.6% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| LRB | $2.87B | 39.2% | +10.7% |
| Other | $58.0M | 0.8% | -18.3% |
| Total revenue | $7.31B | 100% | — |
The lines above cover 40% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $14.50B | 87.3% | +8.5% |
| Non Us | $2.10B | 12.7% | +6.0% |
| Total revenue | $16.60B | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "Guidance for 2026 Performance Led by U.S."
- "Refreshment Beverages and JDE Peet's Company Reaffirms 2026 Constant Currency Net Sales and Adjusted EPS Outlook Company Continues to Target a Pro-Forma Management Leverage Ratio of 4.1x at Year-End 1 FRISCO, TX and BURLINGTON, MA ( August 6, 2026 ) – Keurig Dr Pepper Inc."
- "(NASDAQ: KDP) today reported results for the second quarter of 2026 and reaffirmed its full year guidance."
- "Reported GAAP Basis Adjusted Basis 1 Q2 YTD Q2 YTD Net Sales $7.31 bn $11.29 bn $7.31 bn $11.29 bn % vs prior year 75.6% 44.7% 74.6% 43.6% Diluted EPS $0.04 $0.24 $0.57 $0.97 % vs prior year (90.0)% (69.2)% 16.3% 4.3% Commenting on the performance, CEO Tim Cofer stated, "We delivered another strong quarter of results, with Q2 EPS exceeding our expectations."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.62 | $0.64 | -2.5% | $7.33B | 15 |
| Next quarter (ends 2026-12-31) | $0.70 | $0.72 | -2.6% | $7.71B | 15 |
| Current fiscal year (ends 2026-12-31) | $2.29 | $2.29 | +0.2% | $26.31B | 19 |
| Next fiscal year (ends 2027-12-31) | $2.53 | $2.53 | -0.0% | $29.94B | 19 |