Keurig Dr Pepper Inc. · NASDAQ:KDP
Keurig Dr Pepper — Q4 2025 Earnings Presentation
39 slides from Keurig Dr Pepper's earnings presentation, Feb 24, 2026
Slide 1: Q4 and FY 2025 Results
Q4 and FY 2025 Results February 24, 2026 1
Slide 2: Forward looking statements
Forward looking statements Certain statements in this Presentation (this “Presentation”) of Keurig Dr Pepper Inc. (the “Company” or “KDP”), including statements relating to the Company’s contemplated acquisition (the “Acquisition”) of JDE Peet’s, N.V. (“JDE Peet’s”), the structured manufacturing JV
Slide 3: Agenda
Image TBU Agenda 1. Business Update 2. Results & Outlook 3. Q&A 3
Slide 4: Conference call participants
Conference call participants Tim Cofer Anthony DiSilvestro Chief Executive Officer Chief Financial Officer 4
Slide 5: Business Update
Business Update Tim Cofer Chief Executive Officer 5
Slide 6: 2026 to build on a strong 2025
2026 to build on a strong 2025 2025 Accomplishments 2026 Objectives Delivered against guidance Low-double-digit EPS growth2 Fastest growing major food & beverage manufacturer1 Seamless JDE Peet’s integration Laid groundwork for Position future pure play transformational next chapter companies for su
Slide 7: Transformation updates
Transformation updates On track to Significant Designed Advancing key close JDE Peet’s progress on Combined Co. separation acquisition integration operating model milestones: in early April workstreams leadership, BODs, financing Continue to target operational readiness to separate by end of 2026 7
Slide 8: 2025 enterprise performance
2025 enterprise performance Standout +HSD% net sales performance in & EPS growth U.S. Refreshment Beverages Softer U.S. Coffee Resilient trends, with International underlying progress growth 8 All financial metrics presented on an adjusted, constant currency basis.
Slide 9: 2025 commercial highlights
2025 commercial highlights 9th straight Successful More agile, Progress year Dr Pepper GHOST digitally-led readying share gains1 integration marketing Keurig Alta for launch 9 1 Source: Circana
Slide 10: Q4 2025 highlights
Q4 2025 highlights Net sales growth of 10%, with positive contributions from each segment Mid-single-digit net price realization, reflecting actions to mitigate inflation Healthy volume/mix increase, from GHOST addition and base business gains EPS growth of 2%, as expected, given cost & investment p
Slide 11: U.S. Refreshment Beverages
U.S. Refreshment Beverages Q4 Segment Highlights Continued top & bottom-line momentum Core portfolio strength, led by CSDs Robust growth in emerging platforms, energy & sports hydration 11
Slide 12: U.S. Coffee
U.S. Coffee Q4 Segment Highlights Coffee category & Keurig ecosystem resilience Meaningful near-term cost pressure due to green coffee inflation and tariffs Continued investment to position business for long-term success 12
Slide 13: International
International Q4 Segment Highlights Strong top & bottom-line growth Momentum led by Mexico, supported by market share & distribution gains Healthy growth in Canada coffee, driven by pricing actions 13
Slide 14: Launching robust 2026 innovation slate
Launching robust 2026 innovation slate Refreshment Beverages Coffee CSDs Keurig Coffee Collective The RTD Energy Original Coffee Donut Shop Sports Still Hydration Beverages Keurig K-Mini+, K-Supreme, Keurig Alta 14
Slide 15: Key objectives for 2026
Key objectives for 2026 Deliver Unlock JDE Peet’s Execute key low-double-digit combination benefits separation milestones EPS growth1 15 1 Low-double-digit Adjusted EPS growth inclusive of JDE Peet’s.
Slide 16: Results & Outlook
Results & Outlook Anthony DiSilvestro Chief Financial Officer 16
Slide 17: FY 2025 consolidated results
FY 2025 consolidated results Constant currency NET SALES ($B) ADJ. OPERATING INCOME ($B) ADJUSTED EPS ($ PER SHARE) $16.6 8.6% 4.9% $4.2 7.3% $2.05 YoY YoY $15.4 YoY $4.0 $1.92 2024 2025 2024 2025 2024 2025 25.9% 25.0% Adjusted OI Margin 17 Financial metrics presented on an adjusted basis. Growth ra
Slide 18: Q4 2025 consolidated results
Q4 2025 consolidated results Constant currency NET SALES ($B) ADJ. OPERATING INCOME ($B) ADJUSTED EPS ($ PER SHARE) $4.5 9.9% 4.8% $1.2 1.7% YoY YoY YoY $0.60 $4.1 $1.1 $0.58 Q4’24 Q4’25 Q4’24 Q4’25 Q4’24 Q4’25 27.7% 26.5% Adjusted OI Margin 18 Financial metrics presented on an adjusted basis. Growt
Slide 19: U.S. Refreshment Beverages
U.S. Refreshment Beverages Q4 2025 Change Net Sales $2.7B 11.5% Adjusted Operating Income $841M 8.7% Adjusted Operating Margin 30.9% (0.8pts) • Net sales increased 11.5%, with volume/mix adding 7.0% and net price realization contributing 4.5% • Sales growth driven by CSDs, sports hydration, and ener
Slide 20: U.S. Coffee
U.S. Coffee Q4 2025 Change Net Sales $1.2B 3.9% Adjusted Operating Income $364M (8.8%) Adjusted Operating Margin 31.0% (4.3pts) • Net sales increased 3.9%, with net price realization adding 8.0%, partially offset by a volume/mix decline of (4.1%) • Sales growth driven by pod revenue increases, parti
Slide 21: International
TBU International Q4 2025 Change Net Sales $604M 16.0% Adjusted Operating Income $163M 20.0% Adjusted Operating Margin 27.0% 0.8pts • Net sales increased 16.0%, with net price realization adding 9.2% and volume/mix gains of 6.8% • Sales growth reflected increases across categories & regions • Operat
Slide 22: Balance sheet and cash flow
Balance sheet and cash flow 2026 Priorities Strong cash generation: ~$2B1 in KDP free cash flow, up from $1.5B in ‘25; outlook to increase post JDEP close Optimized acquisition financing: ~$9B of new debt, $8.5B of equity, $5B legacy JDEP debt - Upsized convertible to $4.5B given strong demand Commi
Slide 23: 2026 outlook
2026 outlook Net Sales Growth (Constant FX) Other Items $25.9-$26.4B $1.07-1.12B Interest Expense 4-6% KDP standalone growth (const. FX) $8.5-$8.7B JDE Peet’s net sales1 22-23% Tax Rate ~1.37B Diluted Shares Outstanding Adjusted EPS Growth (Constant FX) ~190M Pre-Tax Coffee JV Cost Low-Double-Digit%
Slide 24: Closing Remarks
Closing Remarks Tim Cofer Chief Executive Officer
Slide 25: Refreshing Board and enhancing governance
Refreshing Board and enhancing governance Succession Planning Director Recruitment Effective March 31, 2026 Effective March 2, 2026 Bob Pamela Amie Bill Gamgort Patsley Thuener Newlands Outgoing Future Chair & Independent Independent Chairman Current Lead Director Director Independent Director Also
Slide 26: Questions & Answers
© J iKeuri “¢ DrPepper Questions & Answers «DP
Slide 27: Appendix
© J iKeuri “¢ DrPepper Appendix «DP
Slide 28: Reconciliations of GAAP to non-GAAP information
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Slide 29: Reconciliations of GAAP to non-GAAP information
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Slide 30: Reconciliations of GAAP to non-GAAP information
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Slide 31: Reconciliations of GAAP to non-GAAP information
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Slide 32: Reconciliations of GAAP to non-GAAP information
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Slide 33: Reconciliations of GAAP to non-GAAP information
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Slide 34: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 34
Slide 35: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 35
Slide 36: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 36
Slide 37: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 37
Slide 38: Reconciliations of GAAP to non-GAAP information
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Slide 39: Reconciliations of GAAP to non-GAAP information
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