Keurig Dr Pepper (KDP) Q1 FY2026 earnings: revenue $4.0 billion, up 9.4% on the year
Keurig Dr Pepper Inc. (KDP) reported revenue of $4.0 billion for Q1 FY2026, the quarter ended 31 March 2026, up 9.4% on the same quarter a year earlier. Net income was $270 million, down 47.8% on the year, and diluted earnings per share $0.20. The figures are the company's own, from the 10-Q it filed with the SEC on 23 April 2026.
Revenue
$4.0 billion
+9.4% on the year · -11.6% on the quarter
Q2 FY2024Q1 FY2026
Operating margin
19.0%
22.0% a year earlier
Q2 FY2024Q1 FY2026
Net income
$270 million
-47.8% on the year · -23.5% on the quarter
Q2 FY2024Q1 FY2026
Diluted EPS
$0.20
-47.4% on the year · -23.1% on the quarter
Q2 FY2024Q1 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 4 kept.
Net sales grew on price and volume: Reported net sales rose 9.4%; constant currency growth was 8.1%, with net price realization of 5.5% and volume/mix growth of 2.6%.
Adjusted operating income declined 1.9%: Adjusted operating margin was 21.1% of net sales; the prior-year comparable margin in the reconciliation was 23.3%.
Full-year guidance reaffirmed unchanged: Management reaffirmed full-year 2026 net sales and adjusted EPS guidance; the figures match those given in February.
$ million except per share. Read moreFourth 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
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
281
712
209
-60.5%
+34.4%
Capital expenditure
116
148
120
-21.6%
-3.3%
Free cash flow
165
564
89.0
-70.7%
+85.4%
Free cash flow margin
4.1%
12.5%
2.4%
Cash from investing
-98.0
-183
-57.0
Cash from financing
17,639
-65.0
-7.0
Depreciation and amortisation
151
156
140
-3.2%
+7.9%
Share-based compensation
30.0
27.0
22.0
+11.1%
+36.4%
Buybacks
n/a
0.0
0.0
Dividends paid
312
313
312
-0.3%
0.0%
Dividend per share
$0.23
n/a
$0.23
0.0%
Diluted shares, weighted
1,364m
1,363m
1,362m
+0.1%
+0.1%
Shares outstanding at period end
1,360m
1,359m
1,358m
+0.1%
+0.2%
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
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
25,261
25,516
24,447
-1.0%
+3.3%
Non-controlling interest
3,921
0.0
n/a
Redeemable equity
4,418
0.0
n/a
Debt
25,707
16,141
15,926
+59.3%
+61.4%
Operating lease liabilities
753
764
763
-1.4%
-1.3%
Finance lease liabilities
815
745
681
+9.4%
+19.7%
Other liabilities
12,265
12,293
11,882
-0.2%
+3.2%
Total liabilities and equity
73,140
55,459
53,699
+31.9%
+36.2%
Fixed assets
3,249
3,230
2,951
+0.6%
+10.1%
Goodwill
20,210
20,247
20,062
-0.2%
+0.7%
Intangible assets
23,653
23,725
23,616
-0.3%
+0.2%
Cash and equivalents
898
1,026
653
-12.5%
+37.5%
Receivables
1,539
1,671
1,329
-7.9%
+15.8%
Inventory
1,829
1,733
1,539
+5.5%
+18.8%
Other assets
21,762
3,827
3,549
+468.6%
+513.2%
Total assets
73,140
55,459
53,699
+31.9%
+36.2%
Questions
What was Keurig Dr Pepper's revenue in Q1 FY2026?
Keurig Dr Pepper (KDP) reported revenue of $4.0 billion for Q1 FY2026, the quarter ended 31 March 2026, up 9.4% on the same quarter a year earlier.
How much did Keurig Dr Pepper earn in Q1 FY2026?
Net income for Q1 FY2026 was $270 million, down 47.8% on the year, and diluted earnings per share $0.20.
When did Keurig Dr Pepper report Q1 FY2026 results?
Keurig Dr Pepper filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 23 April 2026.
Each quarter as filed, linked to its filing. Read more* 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-Q for the period ended 31 March 2026, filed 23 April 2026: the filing.