Keurig Dr Pepper (KDP) Q4 FY2025 earnings: revenue $4.5 billion, up 10.5% on the year

Keurig Dr Pepper Inc. (KDP) reported revenue of $4.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.5% on the same quarter a year earlier. Net income was $353 million, and diluted earnings per share $0.26. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue

$4.5 billion

+10.5% on the year · +4.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

19.6%

1.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$353 million

-46.7% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.26

-46.9% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new.

Full-year net sales grew 8.6% constant currency: Net sales were $16.6 billion, up 8.2% reported and 8.6% constant currency. Volume/mix rose 4.8% and net price realization added 3.8%; GHOST contributed 3.8 points to volume/mix.
Adjusted diluted EPS rose 7.3%: Adjusted diluted EPS was $2.05, up 7.3%, on adjusted net income of $2.8 billion, up 6.6%. Reported diluted EPS was $1.53.
Q4 adjusted EPS up 1.7%: Adjusted diluted EPS rose 1.7% to $0.60. Adjusted operating income growth was partly offset by a slightly higher tax rate and higher interest expense.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,499	4,306	4,070	+4.5%	+10.5%
Cost of revenue	2,080	1,966	1,793	+5.8%	+16.0%
Gross profit	2,419	2,340	2,277	+3.4%	+6.2%
Gross margin	53.8%	54.3%	55.9%
Selling, general and administrative	1,459	1,344	1,297	+8.6%	+12.5%
Operating income	881	995	63.0	-11.5%	+1,298.4%
Operating margin	19.6%	23.1%	1.5%
Interest expense	238	188	247	+26.6%	-3.6%
Pre-tax income	457	852	-154	-46.4%
Income tax	104	190	-10.0	-45.3%
Effective tax rate	22.8%	22.3%	n/a
Net income	353	662	-144	-46.7%
Net margin	7.8%	15.4%	-3.5%
Diluted EPS	$0.26	$0.49	-$0.11	-46.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	712	639	849	+11.4%	-16.1%
Capital expenditure	148	112	165	+32.1%	-10.3%
Free cash flow	564	527	684	+7.0%	-17.5%
Free cash flow margin	12.5%	12.2%	16.8%
Cash from investing	-183	-112	-1,076
Cash from financing	-65.0	-525	281
Depreciation and amortisation	156	152	145	+2.6%	+7.6%
Share-based compensation	27.0	25.0	22.0	+8.0%	+22.7%
Buybacks	0.0	0.0	5.0
Dividends paid	313	312	311	+0.3%	+0.6%
Dividend per share	n/a	$0.23	n/a
Diluted shares, weighted	1,363m	1,363m	1,362m	+0.0%	+0.1%
Shares outstanding at period end	1,359m	1,359m	1,357m	+0.0%	+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	25,516	25,324	24,243	+0.8%	+5.3%
Non-controlling interest	0.0	n/a	0.0
Redeemable equity	0.0	n/a	n/a
Debt	16,141	15,816	15,554	+2.1%	+3.8%
Operating lease liabilities	764	747	790	+2.3%	-3.3%
Finance lease liabilities	745	704	677	+5.8%	+10.0%
Other liabilities	12,293	12,014	12,166	+2.3%	+1.0%
Total liabilities and equity	55,459	54,605	53,430	+1.6%	+3.8%
Fixed assets	3,230	3,039	2,964	+6.3%	+9.0%
Goodwill	20,247	20,198	20,053	+0.2%	+1.0%
Intangible assets	23,725	23,786	23,634	-0.3%	+0.4%
Cash and equivalents	1,026	516	510	+98.8%	+101.2%
Receivables	1,671	1,497	1,502	+11.6%	+11.3%
Inventory	1,733	1,840	1,299	-5.8%	+33.4%
Other assets	3,827	3,729	3,468	+2.6%	+10.4%
Total assets	55,459	54,605	53,430	+1.6%	+3.8%

Questions

What was Keurig Dr Pepper's revenue in Q4 FY2025?

Keurig Dr Pepper (KDP) reported revenue of $4.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.5% on the same quarter a year earlier.

How much did Keurig Dr Pepper earn in Q4 FY2025?

Net income for Q4 FY2025 was $353 million, and diluted earnings per share $0.26.

When did Keurig Dr Pepper report Q4 FY2025 results?

Keurig Dr Pepper filed its 10-K for the year that ended with the quarter on 24 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,250	3,391	3,078	3,554	3,622	3,803	3,353	3,789	3,805	3,867	3,468	3,922	3,891	4,070	3,635	4,163	4,306	4,499	3,976	7,309
Cost of revenue	1,415	1,619	1,428	1,778	1,721	1,807	1,609	1,748	1,694	1,683	1,528	1,750	1,751	1,793	1,650	1,908	1,966	2,080	1,878	4,243
Gross profit	1,835	1,772	1,650	1,776	1,901	1,996	1,744	2,041	2,111	2,184	1,940	2,172	2,140	2,277	1,985	2,255	2,340	2,419	2,098	3,066
Gross margin	56%	52%	54%	50%	52%	52%	52%	54%	55%	56%	56%	55%	55%	56%	55%	54%	54%	54%	53%	42%
SG&A	1,040	1,113	1,018	1,204	1,196	1,227	1,165	1,272	1,217	1,258	1,176	1,295	1,245	1,297	1,192	1,356	1,344	1,459	1,342	2,397
Operating income	795	725	966	572	394	673	584	769	896	943	765	861	902	63.0	801	898	995	881	756	628
Operating margin	24%	21%	31%	16%	11%	18%	17%	20%	24%	24%	22%	22%	23%	2%	22%	22%	23%	20%	19%	9%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	178	204	106	247	148	180	188	238	281	336
Pre-tax income	678	1,109	765	213	183	558	581	613	664	899	594	672	802	-154	660	718	852	457	357	305
Tax rate	22%	24%	24%	-2%	2%	19%	20%	18%	22%	23%	24%	23%	23%	n/a	22%	24%	22%	23%	24%	31%
Net income	530	843	585	218	180	453	467	503	518	693	454	515	616	-144	517	547	662	353	270	142
Net margin	16%	25%	19%	6%	5%	12%	14%	13%	14%	18%	13%	13%	16%	-4%	14%	13%	15%	8%	7%	2%
Diluted EPS	$0.37	$0.59	$0.41	$0.15	$0.13	$0.32	$0.33	$0.36	$0.37	$0.49	$0.33	$0.38	$0.45	-$0.11	$0.38	$0.40	$0.49	$0.26	$0.20	$0.04
Operating cash flow	794	941	663	676	759	739	71.0	381	580	297	85.0	657	628	849	209	431	639	712	281	895
Capital expenditure	121	98.0	109	77.0	74.0	93.0	62.0	87.0	122	154	158	115	125	165	120	106	112	148	116	181
Free cash flow	673	843	554	599	685	646	9.0	294	458	143	-73.0	542	503	684	89.0	325	527	564	165	714
Buybacks	0.0	n/a	0.0	88.0	0.0	291	231	226	0.0	249	1,105	0.0	0.0	5.0	0.0	9.0	0.0	0.0	n/a	n/a
Dividends paid	263	268	265	266	265	284	281	282	279	300	299	292	292	311	312	313	312	313	312	312
Shares outstanding	1,418m	1,418m	1,418m	1,416m	1,416m	1,408m	1,404m	1,397m	1,398m	1,390m	1,356m	1,356m	1,356m	1,357m	1,358m	1,358m	1,359m	1,359m	1,360m	1,361m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 24 February 2026: the filing.