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Call sheet · Q2'26

Keurig Dr Pepper (KDP)

Q2'26 earnings call · held August 6, 2026 · compared with the Q1'26 call · management-credibility review
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Disclosure score
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Financial quality
Bottom line
The beverage franchise provides credible operating strength. The investment question is whether coffee can turn that strength into recurring earnings for common shareholders after acquisition costs, financing claims and timing benefits. An unchanged EPS target is insufficient evidence: demand recovery, refund realization and cash available for deleveraging must each be verified separately. [1][3][4]

What changed this quarter

MetricQ1'26Q2'26Change
Revenue, Q2 YoY$4.163B$7.309B; +75.6%Legacy constant-currency growth +7.3%; acquisition dominates reported growth.
Common-shareholder net income, Q2$547M$60M; -89.0%$210M consolidated income less $68M NCI and $82M preferred allocation.
Diluted EPS, Q2$0.40 GAAP; $0.49 adjusted$0.04 GAAP; $0.57 adjustedKeep the $0.53 adjustment bridge separate from operating delivery.
U.S. Refreshment Beverages, Q2 YoYComparison quarterSales +10.0%; adjusted profit +11.9%Volume/mix +6.5 points supports the core operating case.
U.S. Coffee pod shipments, YoYQ1 -7.0%Q2 -11.6%; -8.3% excluding Peet’s shiftWeakness persists even after correcting the reporting perimeter.
First-half cash generationCFO $640M; issuer FCF $427MCFO $1.176B; issuer FCF $898MInventory cash-flow swing +$564M; acquisition affects comparability.
Full-year EPS assumptionsPrior low-double-digit CC growth targetTarget unchanged; ~2% depreciation headwind offset by refundsA maintained target with a changed earnings composition.
Leverage checkpointApril midyear expectation ~4.5xJune pro forma management leverage 4.4xYear-end ~4.1x target remains open; it is not an all-obligation ratio.

Accountability tracked

6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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