Keurig Dr Pepper (KDP) FY2025 results: revenue $16.6 billion, up 8.2% on the year

Keurig Dr Pepper manufactures, markets, distributes and sells hot and cold beverages and single serve brewing systems, mainly in the United States, Canada, Mexico, the Caribbean and other international markets. It offers more than 125 owned, licensed and partner brands, alongside the Keurig brewing system. The company was created on 9 July 2018 by combining Keurig, a producer of single serve brewing systems and specialty coffee in the United States and Canada, with DPS, itself built over time through a series of strategic acquisitions that brought together beverage brands in North America. There were three reportable segments at the end of 2025: U.S. Refreshment Beverages, U.S. Coffee and International. It has about 30,600 employees, mostly in North America, of whom about 23,200 are in the United States, 5,700 in Mexico, 1,400 in Canada and 300 elsewhere.

U.S. Refreshment Beverages

This segment owns, manufactures and distributes liquid refreshment beverages in the United States, selling concentrates, syrups, finished beverages and other consumables to third-party bottlers, distributors and retailers. Concentrates are proprietary flavours, combined with carbonation, water, sweeteners and other ingredients, packaged and sold to retailers. They are also made into syrup and shipped to fountain customers such as fast food restaurants, who mix it with water and carbonation at the point of sale; Dr Pepper is most of the fountain channel volume. To use the scale of the manufacturing and distribution network, the company also distributes finished beverages for partner brands and manufactures for third parties including partners and private labels. Key brands here include Dr Pepper, Canada Dry, Mott's, A&W, GHOST, 7UP, Snapple, Squirt, Electrolit, Sunkist soda, C4 Energy, Hawaiian Punch, Vita Coco, Core Hydration, Clamato and Big Red.

U.S. Coffee

The coffee segment sells single serve brewers, specialty coffee both hot and iced, and ready-to-drink coffee. The commercial logic runs through the brewer: expanding Keurig brewer household adoption in turn sells K-Cup pods, which carry coffee, teas, hot cocoa and other beverages. It manufactures and sells all the K-Cup pods of its own and licensed brands, including Green Mountain Coffee Roasters, McCafé and The Original Donut Shop, and makes pods for partner brands including Starbucks, Dunkin', Folgers and Peet's, who sell them on themselves. Further agreements cover tea pods under Celestial Seasonings and Bigelow, cocoa pods under a licensed brand, and hot apple cider under Mott's, and it also competes in whole bean and ground coffee in bags, fractional packages and cans. The brewers are engineered and designed in-house but built by third-party contract manufacturers in Asia, and sold through distributors, retail partners and the company's own website.

International

The International segment sells branded concentrates, syrup and finished beverages, its own and third-party brands, to bottlers, distributors and retailers in Canada, Mexico, the Caribbean and other markets, under names including Peñafiel, Clamato, Canada Dry, Squirt, Dr Pepper, Mott's, Schweppes and Crush. It also sells brewers, K-Cup pods and other coffee products in Canada, where key pod brands are McCafé, Tim Hortons and Van Houtte alongside partner and private label brands.

How it gets to market and who buys

The direct-store-delivery network is run with a fleet of about 8,100 owned and leased vehicles in the United States and 2,200 in Mexico, plus third-party logistics providers. Retail customers run from supermarkets and mass merchandisers to club stores, e-commerce retailers, vending machines, fountains and convenience stores, and Walmart alone was about 16 percent of consolidated sales in 2025, spread across all three segments. In the United States and Canada it grants bottlers manufacturing and distribution licences for its carbonated soft drinks, typically exclusive, long-term and restricted to a territory; those bottlers may be affiliated with Coca-Cola or PepsiCo, or independent. Brands such as Snapple and Core are licensed instead to bottlers and smaller distributors including beer wholesalers, wine and spirit distributors and retail brokers. Brewers, accessories and pods also go to away from home channel participants such as office coffee distributors and hotel chains, and direct to consumers online.

Two pending changes

On 24 August 2025 the company agreed to acquire JDE Peet's, a pure-play coffee company whose brands include Jacobs, L'OR and Peet's, and it states that the acquisition is expected early in the second quarter of 2026, subject to closing conditions. On 25 August 2025 it announced an intention to separate its beverage and coffee portfolios into two independent publicly traded companies, after that acquisition closes.

From Keurig Dr Pepper's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.