Keurig Dr Pepper Inc. · NASDAQ:KDP
Keurig Dr Pepper — Q1 2026 Earnings Presentation
31 slides from Keurig Dr Pepper's earnings presentation, Apr 23, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results April 23, 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 structured manufacturing JV with Apollo M
Slide 3: Agenda
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: Solid start to the year
Solid start to the year Q1 results Steady progress on On track to slightly ahead transformation deliver 2026 of expectations initiatives commitments 6
Slide 7: Separation to establish two advantaged pure-plays
Separation to establish two advantaged pure-plays Beverage Co. Global Coffee Co. Strong and self-sustaining organic growth Steady and resilient growth and cash flow Advantaged portfolio and route-to-market Power in brands, system, and global reach Strategic optionality Combined revenue and cost oppo
Slide 8: Interim operating model to support execution & readiness
Interim operating model to support execution & readiness KDP Leadership Team Enterprise Delivery & Transformation Oversight TIM COFER Operating Units CEO, KDP Operating Plan Execution & Strategic Direction Shaping Future CEO, Beverage Co. Beverage Coffee Operating Unit Operating Unit RAFA OLIVEIRA F
Slide 9: Q1 2026 highlights
Q1 2026 highlights Net sales growth of 8%, led by U.S. Refreshment Beverages and International Balanced growth drivers, with positive net price and volume/mix contributions EPS decline vs. prior year, as expected, due to cost phasing and lapping a year-ago gain Visibility to strengthening go-forward
Slide 10: U.S. Refreshment Beverages
U.S. Refreshment Beverages Q1 Segment Highlights Robust top- & bottom-line growth Solid trends in core CSD business Continued momentum in energy & sports hydration 10
Slide 11: U.S. Coffee
U.S. Coffee Q1 Segment Highlights Healthy coffee category & Keurig ecosystem trends Impacts from temporary cost pressures Continued investment behind long-term growth initiatives 11
Slide 12: International
International Q1 Segment Highlights Strong pricing-led sales growth Resilient consumer demand with good share trends across key categories Impacts from inflation and investment spending 12
Slide 13: Key objectives for 2026
Key objectives for 2026 Deliver Unlock initial Prepare pure play low-double-digit JDE Peet’s companies for EPS growth1 combination benefits standalone success 13 1 Low-double-digit Adjusted EPS growth inclusive of JDE Peet’s.
Slide 14: Results & Outlook
Results & Outlook Anthony DiSilvestro Chief Financial Officer 14
Slide 15: Q1 2026 consolidated results
Q1 2026 consolidated results Constant currency NET SALES ($B) ADJ. OPERATING INCOME ($M) ADJUSTED EPS ($ PER SHARE) $4.0 $847 $0.42 8.1% (1.9%) $838 (7.1%) YoY YoY YoY $0.39 $3.6 Q1’25 Q1’26 Q1’25 Q1’26 Q1’25 Q1’26 23.3% 21.1% Adjusted OI Margin 15 Financial metrics presented on an adjusted basis. G
Slide 16: U.S. Refreshment Beverages
U.S. Refreshment Beverages Q1 2026 Change Net Sales $2.6B 11.9% Adjusted Operating Income $742M 9.8% Adjusted Operating Margin 28.5% (0.6pts) • Net sales increased 11.9%, with volume/mix adding 7.2% and net price realization contributing 4.7% • Sales growth led by CSDs, energy, and sports hydration
Slide 17: U.S. Coffee
U.S. Coffee Q1 2026 Change Net Sales $857M (2.3%) Adjusted Operating Income $199M (21.3%) Adjusted Operating Margin 23.2% (5.6pts) • Net sales declined (2.3%), with a volume/mix decrease of (8.2%), partially offset by net price realization of 5.9% • Volume/mix decline driven by price elasticity and
Slide 18: International
International Q1 2026 Change Net Sales $520M 8.5% Adjusted Operating Income $87M (15.1%) Adjusted Operating Margin 16.7% (4.7pts) • Net sales increased 8.5%, with net price realization adding 9.2%, partially offset by a volume/mix decline of (0.7%) • Sales growth led by Peñafiel and K-Cup pods • Ope
Slide 19: Balance sheet and cash flow
Balance sheet and cash flow Key Takeaways Resilient, optimized post-deal capital structure: ~4.5x post-deal leverage1 Strong cash generation: ~$2.5B in expected ‘26 free cash flow (including JDEP), up from $1.5B in ’25 Committed to strong balance sheet and investment grade ratings Focus on continued
Slide 20: 2026 outlook
2026 outlook Net Sales Growth (Constant FX) Other Items $25.9-$26.4B $1.13-1.16B Interest Expense 4-6% legacy KDP growth (const. FX) $8.5-$8.7B JDE Peet’s net sales1 ~22% Tax Rate ~1.37B Diluted Shares Outstanding Adjusted EPS Growth (Constant FX) ~190M Pre-Tax Coffee JV Cost Low-Double-Digit% Conve
Slide 21: Closing Remarks
Closing Remarks Tim Cofer Chief Executive Officer
Slide 22: Questions & Answers
© J iKeuri “¢ DrPepper Questions & Answers «DP
Slide 23: Appendix
© J iKeuri “¢ DrPepper Appendix «DP
Slide 24: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 24
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