Keurig Dr Pepper Inc. · NASDAQ:KDP
Keurig Dr Pepper — Q2 2026 Earnings Presentation
49 slides from Keurig Dr Pepper's earnings presentation, Aug 6, 2026
Slide 1: Q2 2026 Results
Q2 2026 Results August 6, 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. 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: Strong first half of the year
Strong first half of the year Q2 results Steady progress on On track to exceeded integration and deliver 2026 expectations separation work commitments 6
Slide 7: Meaningful progress on integration & separation
Meaningful progress on integration & separation Advanced Purpose-built Started capturing Transitioned Began deleveraging post-separation interim cost synergies U.S. coffee balance sheet org. structures and operating model and mitigating customers to following JDE Peet’s IT & financial functioning we
Slide 8: Q2 2026 highlights
Image to Q2 2026 highlights update Consolidated net sales growth of 75%, including the acquisition of JDE Peet’s Legacy KDP sales growth of 7%, with positive net price and volume/mix contributions Adjusted diluted EPS growth of 16%, driven by top-line strength, operating efficiency, and the acquisit
Slide 9: U.S. Refreshment Beverages
U.S. Refreshment Beverages Q2 Segment Highlights Double-digit top- & bottom-line growth Healthy trends in core CSD category, led by Dr Pepper, Canada Dry, and Bloom Pop Energy portfolio achieved 9% market share in Q2 9 All financial metrics presented on an adjusted, constant currency basis.
Slide 10: U.S. Coffee
U.S. Coffee Q2 Segment Highlights Results consistent with Q1, with net sales down LSD% and adjusted operating income down 25%, though brewer shipments returned to growth Profit performance primarily driven by significantly higher input costs Visibility to improving segment trends in H2 as cost press
Slide 11: JDE Peet's
JDE Peet’s Q2 Segment Highlights Strong profitability, driven by pricing discipline, productivity, and timing L’OR and Peet’s were standout performers, supported by innovation and marketing Integration with legacy Keurig progressing well, with synergies to increase in H2 11 All financial metrics pre
Slide 12: KDP International
KDP International Q2 Segment Highlights Double-digit sales growth, accelerating from Q1 Performance driven by strength across regions and categories Expect continued segment momentum over the balance of the year 12 All financial metrics presented on an adjusted, constant currency basis.
Slide 13: Remain on track to achieve our 2026 commitments
Remain on track to achieve our 2026 commitments Deliver Unlock JDE Peet’s Meet key separation low-double-digit combination benefits milestones EPS growth1 13 1 Low-double-digit Adjusted EPS growth inclusive of JDE Peet’s. See “Non-GAAP Metrics” and the Appendix for additional information regarding n
Slide 14: Results & Outlook
Results & Outlook Anthony DiSilvestro Chief Financial Officer 14
Slide 15: Q2 2026 consolidated results
Q2 2026 consolidated results Constant currency NET SALES ($B) ADJ. OPERATING INCOME ($B) ADJUSTED EPS ($ PER SHARE) $7.3 $1.5 74.6% 42.9% 16.3% YoY YoY YoY $0.57 $0.49 $1.0 $4.2 Q2’25 Q2’26 Q2’25 Q2’26 Q2’25 Q2’26 15 Financial metrics presented on an adjusted basis. Growth rates presented on an adju
Slide 16: U.S. Refreshment Beverages
U.S. Refreshment Beverages Q2 2026 Change Net Sales $2.9B 10.0% Adjusted Operating Income $874M 11.9% Adjusted Operating Margin 29.9% 0.5pts • Net sales increased 10.0%, with volume/mix adding 6.5% and net price realization contributing 3.5% • Sales growth led by energy, CSDs, water, and sports hydr
Slide 17: U.S. Coffee
U.S. Coffee Q2 2026 Change Net Sales $918M (3.2%) Adjusted Operating Income $225M (24.7%) Adjusted Operating Margin 24.5% (7.0pts) • Net sales declined (3.2%), driven by a volume/mix decrease of (8.2%), partially offset by net price realization of 5.0% • Volume/mix decline driven by subdued category
Slide 18: JDE Peet's
JDE Peet’s Q2 2026 Change Net Sales $2.8B - Adjusted Operating Income $414M - Adjusted Operating Margin 14.8% - • Net sales of $2.8B and operating income of $414M, exceeding expectations • Profitability driven by pricing discipline, productivity savings and timing benefits, partially offset by cost
Slide 19: KDP International
KDP International Q2 2026 Change Net Sales $664M 12.4% Adjusted Operating Income $155M 0.0% Adjusted Operating Margin 23.3% (2.9pts) • Net sales increased 12.4%, with volume/mix adding 6.5% and net price realization contributing 5.9% • Sales growth led by Peñafiel ‘Ades and Twist platforms, as well
Slide 20: Balance sheet and cash flow
Balance sheet and cash flow Key Takeaways Strong cash generation: $714M in Q2 free cash flow Deleveraging progress: ended Q2 with better-than- Committed to strong expected 4.4x management leverage1 balance sheet and investment grade ratings For KDP and future Beverage Co. and Capital allocation prio
Slide 21: 2026 outlook
2026 outlook Net Sales Growth (Constant FX) Other Items $25.9-$26.4B $1.12-1.14B Interest Expense 4-6% legacy KDP growth (const. FX) $8.5-$8.7B 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% Co
Slide 22: Closing Remarks
Closing Remarks Tim Cofer Chief Executive Officer
Slide 23: Questions & Answers
© J iKeuri “¢ DrPepper Questions & Answers «DP
Slide 24: Appendix
© J iKeuri “¢ DrPepper Appendix «DP
Slide 25: Reconciliations of GAAP to non-GAAP information
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Slide 26: Reconciliations of GAAP to non-GAAP information
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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 33: Reconciliations of GAAP to non-GAAP information
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Slide 34: Reconciliations of GAAP to non-GAAP information
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Slide 35: Reconciliations of GAAP to non-GAAP information
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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 See Q2 Earnings Press Release for corresponding notes.
Slide 39: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 39 See Q2 Earnings Press Release for corresponding notes.
Slide 40: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 40
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 See Q2 Earnings Press Release for corresponding notes.
Slide 43: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 43 See Q2 Earnings Press Release for corresponding notes.
Slide 44: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 44
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 See Q2 Earnings Press Release for corresponding notes.
Slide 47: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 47 See Q2 Earnings Press Release for corresponding notes.
Slide 48: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 48
Slide 49: Reconciliations of GAAP to non-GAAP information
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