Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Filippo Falorni | Citigroup | 7 (14%) |
| Chris Carey | Wells Fargo | 6 (0%) |
| Peter Grom | UBS | 6 (0%) |
| Kaumil Gajrawala | Jefferies | 5 (0%) |
| Peter Galbo | Bank of America | 4 (25%) |
| Dara Mohsenian | Morgan Stanley | 4 (0%) |
| Lauren Lieberman | Barclays | 4 (25%) |
| Andrea Teixeira | JPMorgan | 3 (0%) |
| Steve Powers | Deutsche Bank | 3 (0%) |
| Rob Moskow | TD Cowen | 3 (33%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Citigroup | 1 | 7 (14%) |
| UBS | 1 | 6 (0%) |
| Wells Fargo | 1 | 6 (0%) |
| Jefferies | 1 |
| Bank of America | 1 | 4 (25%) |
| Barclays | 1 | 4 (25%) |
| Morgan Stanley | 1 | 4 (0%) |
| Deutsche Bank | 1 | 3 (0%) |
Keurig Dr Pepper delivered Q1 2026 net sales growing 8.1% as US Refreshment Beverages sustained double-digit momentum and the energy portfolio continued outsized market share gains, while EPS declined 7.1% to $0.39 on the JDE Peet's acquisition drag. The JDE Peet's acquisition closed with integration underway, and the separation was targeting operational readiness by year-end 2026. Full-year 2026 outlook was reaffirmed with low double-digit EPS growth on a combined basis. US Coffee declined as expected with peak green coffee and commodity cost headwinds, and Mexico was impacted by a new beverage tax.
Competitive Dynamics | Demand | M&A | Guidance Reliability | Revenue Growth | Capital Allocation | Pricing | Cost Pressure | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 2 | 2 | 1 | 1 | 1 | 1 | |
| 2025Q1 | 2 | 3 | 1 | 2 | 1 | 1 | 2 | |
| 2025Q2 | 3 | 2 | 1 | 2 | 2 | |||
| 2025Q3 | 1 | 1 | 4 | 3 | 1 | 3 | ||
| 2025Q4 | 2 | 1 | 1 | 2 | 1 | 2 | 1 | 1 |
| 2026Q1 | 2 | 1 | 1 | 2 | 2 | 2 | 1 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 4 | 2 | 3 | 1 | 2 | 2 |
| Demand | 2 | 3 | 2 | 1 | 1 | 1 |
| M&A | 2 | 1 | 1 | 4 | 1 | 1 |
| Guidance Reliability | 1 | 2 | 3 | 2 | 2 | |
| Revenue Growth | 1 | 1 | 2 | 1 | 1 | 2 |
| Capital Allocation | 1 | 3 | 2 | 2 | ||
| Pricing | 1 | 2 | 2 | 1 | 1 | |
| Cost Pressure | 1 | 1 | 3 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $4.07B | +5.2% | $-0.11 | -122.4% | 55.9% | 19.2% | -3.5% | $674M |
| FY2025 Q1 | $3.63B | +4.8% | $0.38 | +15.2% | 54.6% | 22.0% | 14.2% | $89M |
| FY2025 Q2 | $4.16B | +6.1% | $0.40 | +5.3% | 54.2% | 21.6% | 13.1% | $323M |
| FY2025 Q3 | $4.31B | +10.7% | $0.49 | +8.9% | 54.3% | 23.1% | 15.4% | $527M |
| FY2025 Q4 | $4.50B | +10.5% | $0.26 | +336.4% | 53.8% | 21.3% | 7.8% | $566M |
| FY2026 Q1 | $3.98B | +9.4% | $0.20 | -47.4% | 52.8% | 19.0% | 6.8% | $165M |
| FY2026 Q2 | $7.31B | +75.6% | $0.04 | -89.0% | 41.9% | 9.2% | 1.9% | $714M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What KDP and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“$0.02 gain on the sale of our Vita Coco state”
KDP lapped a prior-year gain on the sale of its Vita Coco stake, indicating divestiture of that minority investment.
“On C4, we feel great about our partnership with Nutrabolt, and what we're building together on C4, we've created a lot of value for both parties.”
KDP reaffirms its C4 energy-drink distribution partnership with Nutrabolt, noting C4 more than doubled retail sales since 2023; a read-through on Nutrabolt/C4.
“we recently evolved our Suntory partnership in Europe to a more collaborative concentrate supply model that will provide access to incremental consumers through a capital-light, low-risk model.”
KDP shifted its Suntory partnership in Europe to a concentrate-supply model to reach incremental consumers, a read-through on the KDP-Suntory relationship structure.
“Our sports hydration partnership with Electrolit is also delivering healthy results, with the brand gaining significant share in Q1 through distribution expansion and strong velocities.”
KDP's sports-hydration distribution partnership with Electrolit is gaining share, a positive read-through on Electrolit's U.S. growth.
“Our licensed Lavazza brand was a standout performer, growing K-Cup sales more than 50% in the quarter through brand strength, successful innovation and increased distribution breadth and quality.”
KDP's licensed Lavazza brand grew K-Cup sales more than 50%, a positive read-through on Lavazza's U.S. single-serve momentum.
“This agreement deepens and extends a highly successful relationship, and will enable us to expand distribution and innovation for the Starbucks brand in the Keurig ecosystem.”
KDP's renewed Nestlé K-Cup deal lets it expand distribution and innovation for the licensed Starbucks brand in Keurig; a read-through on Starbucks's at-home pod presence.
“We are continuing to execute our coffee partnership strategy as evidenced by the recent renewal and expansion of our K-Cup agreement with Nestlé USA.”
KDP renewed and expanded its K-Cup licensing agreement with Nestlé USA, which underpins Starbucks-brand pods in the Keurig ecosystem.
“On April 1, we closed the acquisition of JDE Peet's, welcoming over 20,000 new colleagues to KDP and bringing our complementary portfolios and capabilities together, united by a shared passion for great brands and exceptional coffee experiences.”
KDP closed its acquisition of JDE Peet's on April 1, adding 20,000+ employees and forming the basis of its future Global Coffee Co.; a direct read-through on JDE Peet's ownership change.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
KDP Keurig Dr Pepper | 6 | +9.4% | |
| KO The Coca-Cola Company | 9 | +12.1% | |
| MNST Monster Beverage | 8 | +26.9% | |
| PEP PepsiCo | 8 | +8.5% |