Keurig Dr Pepper (KDP) Q2 FY2026 earnings: revenue $7.3 billion, up 75.6% on the year

Keurig Dr Pepper Inc. (KDP) reported revenue of $7.3 billion for Q2 FY2026, the quarter ended 30 June 2026, up 75.6% on the same quarter a year earlier. Net income was $142 million, down 74.0% on the year, and diluted earnings per share $0.04. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue

$7.3 billion

+75.6% on the year · +83.8% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

8.6%

21.6% a year earlier

Q3 FY2024Q2 FY2026

Net income

$142 million

-74.0% on the year · -47.4% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.04

-90.0% on the year · -80.0% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 1 new, 4 kept.

Net sales rose on JDE Peet's: Reported net sales rose 75.6% to $7.3 billion, and 74.6% on a constant currency basis.
Adjusted EPS rose 16.3%: Adjusted diluted EPS reached $0.57, up 16.3%, on higher Adjusted operating income.
JDE Peet's adjusted profit reported: JDE Peet's net sales were $2.8 billion, with adjusted operating income of $414 million and a GAAP operating loss of $62 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	7,309	3,976	4,163	+83.8%	+75.6%
Cost of revenue	4,243	1,878	1,908	+125.9%	+122.4%
Gross profit	3,066	2,098	2,255	+46.1%	+36.0%
Gross margin	41.9%	52.8%	54.2%
Selling, general and administrative	2,397	1,342	1,356	+78.6%	+76.8%
Operating income	628	756	898	-16.9%	-30.1%
Operating margin	8.6%	19.0%	21.6%
Interest expense	336	281	180	+19.6%	+86.7%
Pre-tax income	305	357	718	-14.6%	-57.5%
Income tax	95.0	87.0	171	+9.2%	-44.4%
Effective tax rate	31.1%	24.4%	23.8%
Net income	142	270	547	-47.4%	-74.0%
Net margin	1.9%	6.8%	13.1%
Diluted EPS	$0.04	$0.20	$0.40	-80.0%	-90.0%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	895	281	431	+218.5%	+107.7%
Capital expenditure	181	116	106	+56.0%	+70.8%
Free cash flow	714	165	325	+332.7%	+119.7%
Free cash flow margin	9.8%	4.1%	7.8%
Cash from investing	-16,801	-98.0	-221
Cash from financing	-1,093	17,639	-402
Depreciation and amortisation	332	151	145	+119.9%	+129.0%
Share-based compensation	177	30.0	23.0	+490.0%	+669.6%
Buybacks	n/a	n/a	9.0
Dividends paid	312	312	313	0.0%	-0.3%
Dividend per share	$0.23	$0.23	$0.23	0.0%	0.0%
Diluted shares, weighted	1,364m	1,364m	1,363m	+0.1%	+0.1%
Shares outstanding at period end	1,361m	1,360m	1,358m	+0.0%	+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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	25,032	25,261	24,985	-0.9%	+0.2%
Non-controlling interest	4,196	3,921	n/a	+7.0%
Redeemable equity	4,418	4,418	n/a	0.0%
Debt	29,980	25,707	15,896	+16.6%	+88.6%
Operating lease liabilities	951	753	749	+26.3%	+27.0%
Finance lease liabilities	835	815	685	+2.5%	+21.9%
Other liabilities	22,207	12,265	12,053	+81.1%	+84.2%
Total liabilities and equity	87,619	73,140	54,368	+19.8%	+61.2%
Fixed assets	6,323	3,249	2,996	+94.6%	+111.0%
Goodwill	29,760	20,210	20,228	+47.3%	+47.1%
Intangible assets	38,113	23,653	23,841	+61.1%	+59.9%
Cash and equivalents	1,517	898	509	+68.9%	+198.0%
Receivables	2,423	1,539	1,498	+57.4%	+61.7%
Inventory	3,857	1,829	1,741	+110.9%	+121.5%
Other assets	5,626	21,762	3,555	-74.1%	+58.3%
Total assets	87,619	73,140	54,368	+19.8%	+61.2%

Questions

What was Keurig Dr Pepper's revenue in Q2 FY2026?

Keurig Dr Pepper (KDP) reported revenue of $7.3 billion for Q2 FY2026, the quarter ended 30 June 2026, up 75.6% on the same quarter a year earlier.

How much did Keurig Dr Pepper earn in Q2 FY2026?

Net income for Q2 FY2026 was $142 million, down 74.0% on the year, and diluted earnings per share $0.04.

When did Keurig Dr Pepper report Q2 FY2026 results?

Keurig Dr Pepper filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 10 August 2026.

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-Q for the period ended 30 June 2026, filed 10 August 2026: the filing.