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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission file number 001-33829


	Keurig Dr Pepper Inc.
	(Exact name of registrant as specified in its charter)

Delaware		98-0517725
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification number)

	53 South Avenue, Burlington, Massachusetts 01803
	(Address of principal executive offices)

	877 208-9991
	(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class						Trading Symbol						Name of each exchange on which registered
Common stock						KDP						The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934.

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒

As of October 23, 2025, there were 1,358,583,125 shares of the registrant's common stock, par value $0.01 per share, outstanding.

KEURIG DR PEPPER INC.

FORM 10-Q

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION
Item 1	Financial Statements (Unaudited)
	Condensed Consolidated Statements of Income		1
	Condensed Consolidated Statements of Comprehensive Income		2
	Condensed Consolidated Balance Sheets		3
	Condensed Consolidated Statements of Cash Flows		4
	Condensed Consolidated Statements of Changes in Stockholders' Equity		6
	Notes to Condensed Consolidated Financial Statements		8
	1	General	8
	2	Acquisitions	8
	3	Long-Term Obligations and Borrowing Arrangements	9
	4	Goodwill and Intangible Assets	12
	5	Derivatives	13
	6	Leases	17
	7	Segments	19
	8	Revenue	22
	9	Earnings Per Share	23
	10	Stock-Based Compensation	23
	11	Investments	24
	12	Income Taxes	24
	13	Accumulated Other Comprehensive (Loss) Income	25
	14	Other Financial Information	26
	15	Commitments and Contingencies	29

	16	Restructuring	29
	17	Related Parties	30
	18	Subsequent Events	30
Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operations		33
Item 3	Quantitative and Qualitative Disclosures About Market Risk		47
Item 4	Controls and Procedures		47

PART II - OTHER INFORMATION
Item 1	Legal Proceedings		48
Item 1A	Risk Factors		48
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds		55
Item 5	Other Information		55
Item 6	Exhibits		56

KEURIG DR PEPPER INC.

FORM 10-Q

MASTER GLOSSARY


Term						Definition
2025 Revolving Credit Agreement						KDP’s revolving credit agreement, which was executed in March 2025 and amended in September 2025

Annual Report						Annual Report on Form 10-K for the year ended December 31, 2024
AOCI						Accumulated other comprehensive income or loss

Apollo Investor						One or more affiliated investment funds of Apollo Management Holdings, L.P. who are party to the Preferred Investment Agreement
ASU						Accounting Standards Update
Athletic Brewing						Athletic Brewing Holding Company, LLC, an equity method investment of KDP

Board						The Board of Directors of KDP

bps						basis points
Bridge Credit Agreement						Bridge credit agreement entered into on August 24, 2025, among KDP, the lenders party thereto, and Morgan Stanley Senior Funding, Inc., as administrative agent

CEO						Chief Executive Officer
Chobani						FHU US Holdings LLC, an equity method investment of KDP

CODM						Chief Operating Decision Maker
Coffee Production Assets						Certain assets located in the United States that are used for the production, roasting, and grinding of single-serve un-brewed beverage products (including K-Cup pods and K-Rounds)
Convertible Preferred Stock						KDP's Series A Convertible Perpetual Preferred Stock


DPS						Dr Pepper Snapple Group, Inc.
DPS Merger						The combination of the business operations of Keurig and DPS as of July 9, 2018


Dyla						Dyla LLC, a wholly-owned subsidiary of KDP
EPS						Earnings per share
EURIBOR						Euro Interbank Offered Rate
Exchange Act						Securities Exchange Act of 1934, as amended

FX						Foreign exchange
GHOST						GHOST Lifestyle LLC, a Delaware limited liability company, and a portfolio of energy beverages
GHOST Transactions						The series of transactions by which KDP acquired 60% of the interests in GHOST effective December 31, 2024, agreed to purchase the remaining 40% of the interests in GHOST in 2028, and obtained the rights to distribute GHOST products effective March 3, 2025


JAB						JAB Holding Company S.a.r.l. and affiliates
JDE Peet's						JDE Peet's N.V.
JDE Peet's Acquisition						The planned acquisition of JDE Peet's, which was announced on August 25, 2025
JDE Peet's Acquisition Agreement						The merger protocol between KDP and JDE Peet's, whereby KDP agreed to commence a tender offer to acquire all of the issued ordinary shares, excluding ordinary shares held in treasury, of JDE Peet's
JV Commitment Letter						The commitment letter between KDP and each of the JV Investors, dated as of October 26, 2025
JV Investment						The minority investment to be made by the JV Investor Partner into the Pod Manufacturing JV
JV Investor Partner						Holding company through which the JV Investors will contribute assets to the Pod Manufacturing JV
JV Investors						Apollo Capital Management L.P., certain funds or accounts managed, advised, or sub-advised by Kohlberg Kravis Roberts & Co., L.P., and Goldman Sachs Asset Management, L.P. and its affiliates
Kalil						Kalil Bottling Company
Kalil Acquisition						The acquisition of all production, sales, and distribution assets of Kalil by KDP on August 9, 2024
KDP						Keurig Dr Pepper Inc.

Keurig						Keurig Green Mountain, Inc., a wholly-owned subsidiary of KDP, and the brand of our brewers

KKR Investor						One or more funds or accounts managed, advised, or sub-advised by Kohlberg Kravis Roberts & Co., L.P. who are party to the Preferred Investment Agreement

KEURIG DR PEPPER INC.

FORM 10-Q

MASTER GLOSSARY


Term						Definition
LRB						Liquid refreshment beverages
Notes						Collectively, KDP's senior unsecured notes
Nutrabolt						Woodbolt Holdings LLC, d/b/a Nutrabolt, an equity method investment of KDP


OBBB						U.S. legislation formally titled "An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14" and commonly referred to as the One Big Beautiful Bill
Pod Manufacturing JV						A limited partnership joint venture with the JV Investors and wholly-owned subsidiary of KDP
Preferred Investment						The issuance and sale of 3 million shares of KDP's Convertible Preferred Stock under the Preferred Investment Agreement
Preferred Investment Agreement						The investment agreement, dated as of October 27, 2025, by and among KDP, the KKR Investor, and the Apollo Investor
Preferred Investors						Holders of our Convertible Preferred Stock
PSU						Performance share unit
Qualified IPO						Initial public offering of our refreshment beverage portfolio, meeting certain criteria
RSU						Restricted share unit


S&P						Standard & Poor's
SEC						Securities and Exchange Commission
Separation						The intended separation of KDP's beverage and coffee portfolios into two independent, publicly traded companies, as announced on August 25, 2025
SG&A						Selling, general, and administrative
SOFR						Secured Overnight Financing Rate
Term Loan Agreement						Term loan agreement entered into on October 25, 2024 and terminated on May 7, 2025
Tractor						Tractor Beverages, Inc., an equity method investment of KDP
U.S. GAAP						Accounting principles generally accepted in the U.S.


Vita Coco						The Vita Coco Company, Inc.

PART I - FINANCIAL INFORMATION

Next: Item 1. Financial Statements (Unaudited)