Keurig Dr Pepper Inc. · NASDAQ:KDP
Keurig Dr Pepper — Q3 2026 Earnings Presentation
48 slides from Keurig Dr Pepper's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Results
Q3 2026 Results November 3, 2026
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 acquisition (the “Acquisition”) of JDE Peet’s, N.V. (“JDE Peet’s”), the combined business, the contemplated separ
Slide 3: Agenda
Agenda 1. Business Update 2. Global Coffee Co. CEO Introduction 3. Results & Outlook 4. 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: Delivered strong Q3 results
Delivered strong Q3 results Healthy net sales On track to Investing to support and Adjusted EPS deliver 2026 future companies growth commitments 6
Slide 7: Welcoming Russ Torres
Welcoming Russ Torres CEO, Coffee Operating Unit Future CEO, Global Coffee Co. 7
Slide 8: Q3 2026 highlights
Q3 2026 highlights Consolidated net sales growth of 70%, including the contribution from JDE Peet’s Legacy KDP net sales growth of 8.6%, led by volume/mix, along with positive net price Adjusted diluted EPS growth of 22%, driven by acquisition accretion, pricing discipline, cost savings, and tariff
Slide 9: U.S. Refreshment Beverages
U.S. Refreshment Beverages Q3 Segment Highlights +DD% net sales and +HSD% adjusted operating income growth Healthy CSD trends, led by Dr Pepper and Canada Dry Energy milestones in Q3: 10% market share & GHOST surpassing $1B retail sales All financial metrics presented on an adjusted, constant curren
Slide 10: U.S. Coffee
U.S. Coffee Q3 Segment Highlights Net sales returned to growth, increasing +LSD%, led by volume/mix, with brewers growing +DD% Q3 adjusted operating income increased +DD%, aided by tariff refunds Underlying profitability improved vs. H1, though more modestly than planned All financial metrics presen
Slide 11: JDE Peet's
JDE Peet’s Q3 Segment Highlights Net sales performance reflected lapping year-ago pricing actions and the current year pass-through of lower costs Marketplace trends improved, driven by the resolution of retailer negotiations and solid execution Healthy profitability, reflecting pricing discipline a
Slide 12: KDP International
KDP International Q3 Segment Highlights +HSD% net sales growth, with positive net price and volume/mix contributions Mexico net sales increased +DD%, with Peñafiel a standout Canada growth led by energy drinks and ready-to-drink teas 12 All financial metrics presented on an adjusted, constant curren
Slide 13: Third quarter demonstrated good progress
Third quarter demonstrated good progress Delivered on Invested to strengthen Advanced key our plans future businesses separation milestones 13
Slide 14: Global Coffee Co. CEO Introduction
Global Coffee Co. CEO Introduction Russ Torres CEO, Coffee Operating Unit Future CEO, Global Coffee Co. 14
Slide 15: Results & Outlook
Results & Outlook Anthony DiSilvestro Chief Financial Officer 15
Slide 16: Q3 2026 consolidated results
Q3 2026 consolidated results Constant currency NET SALES ($B) ADJ. OPERATING INCOME ($B) ADJUSTED EPS ($ PER SHARE) $7.3 $1.7 70.1% 52.5% 22.2% YoY YoY YoY $0.66 $1.1 $0.54 $4.3 Q3’25 Q3’26 Q3’25 Q3’26 Q3’25 Q3’26 16 Financial metrics presented on an adjusted basis. Growth rates presented on an adju
Slide 17: U.S. Refreshment Beverages
U.S. Refreshment Beverages Q3 2026 Change Net Sales $3.0B 10.9% Adjusted Operating Income $884M 8.3% Adjusted Operating Margin 29.1% (0.7pts) • Net sales increased 10.9%, with volume/mix adding 7.2% and net price realization contributing 3.7% • Sales growth led by energy, CSDs, sports hydration, and
Slide 18: U.S. Coffee
To update image U.S. Coffee Q3 2026 Change Net Sales $1.0B 2.7% Adjusted Operating Income $353M 11.4% Adjusted Operating Margin 34.7% 2.7pts • Net sales increased 2.7%, with volume/mix adding 6.9%, partially offset by a net price decline of (4.2%) • Volume/mix growth driven by brewer and pod shipmen
Slide 19: JDE Peet's
JDE Peet’s Q3 2026 Change Net Sales $2.6B - Adjusted Operating Income $480M - Adjusted Operating Margin 18.1% - • Net sales of $2.6B and adjusted operating income of $480M • Profitability driven by favorable pricing net of inflation, productivity, and cost synergies All financial metrics presented o
Slide 20: KDP International
KDP International Q3 2026 Change Net Sales $644M 7.6% Adjusted Operating Income $160M (0.6%) Adjusted Operating Margin 24.8% (2.0pts) • Net sales increased 7.6%, with net price realization contributing 5.7% and volume/mix adding 1.9% • Sales growth driven by refreshment beverages, led by Peñafiel in
Slide 21: Balance sheet and cash flow
Balance sheet and cash flow Key Takeaways Robust cash generation: $1.0B in Q3 free cash flow Deleveraging progress: ended the quarter with 4.1x Committed to strong management leverage1 balance sheet and investment grade ratings For KDP and future Beverage Co. and Capital allocation priorities: inves
Slide 22: 2026 outlook
2026 outlook Net Sales Other Items $25.9-$26.4B $1.09-1.11B Interest Expense $8.3-$8.4B JDE Peet’s net sales1 ~22-23% Tax Rate Adjusted EPS Growth (Constant FX) ~1.37B Diluted Shares Outstanding ~$190M Pre-Tax Coffee JV Cost Low-Double-Digit% Convertible Preferred P&L Impact3 as Greater of: Legacy K
Slide 23: Closing Remarks
Closing Remarks Tim Cofer Chief Executive Officer
Slide 24: Questions & Answers
© J iKeuri “¢ DrPepper Questions & Answers «DP
Slide 25: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 25
Slide 26: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 26
Slide 27: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 27
Slide 28: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 28
Slide 29: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 29
Slide 30: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 30
Slide 31: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 31
Slide 32: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 32
Slide 33: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 33
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
Reconciliations of GAAP to non-GAAP information 38
Slide 39: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 39 See Q3 Earnings Press Release for corresponding notes.
Slide 40: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 40 See Q3 Earnings Press Release for corresponding notes.
Slide 41: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 41
Slide 42: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 42
Slide 43: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 43 See Q3 Earnings Press Release for corresponding notes.
Slide 44: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 44 See Q3 Earnings Press Release for corresponding notes.
Slide 45: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 45
Slide 46: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 46
Slide 47: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 47
Slide 48: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 48