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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 MARCH 31, 2026

☐ 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)

	6425 Hall of Fame Lane, Frisco, Texas 75034
	(Address of principal executive offices)

	800 527-7096
	(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 April 21, 2026, there were 1,360,559,471 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 Equity		6
	Notes to Condensed Consolidated Financial Statements		7
	1	General	7
	2	JDE Peet's Acquisition and Related Transactions	7
	3	Long-Term Obligations and Borrowing Arrangements	8
	4	Convertible Preferred Stock	11
	5	Pod Manufacturing JV	12
	6	Goodwill and Intangible Assets	13
	7	Derivatives	14
	8	Leases	18
	9	Segments	20
	10	Net Sales	22
	11	Earnings Per Share	22
	12	Stock-Based Compensation	23
	13	Equity Method Investments	23
	14	Income Taxes	24
	15	Accumulated Other Comprehensive Loss	24
	16	Other Financial Information	25
	17	Commitments and Contingencies	25

	18	Restructuring	27

	19	Subsequent Event	27
Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operations		28
Item 3	Quantitative and Qualitative Disclosures About Market Risk		36
Item 4	Controls and Procedures		37

PART II - OTHER INFORMATION
Item 1	Legal Proceedings		38
Item 1A	Risk Factors		38
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds		38
Item 5	Other Information		38
Item 6	Exhibits		39

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, 2025
AOCI						Accumulated other comprehensive income or loss

Apollo Investor						AP Pour Holdings, L.P., together with its affiliates, who are party to the Preferred Investment Agreement

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						The bridge credit agreement entered into on August 24, 2025, amended on December 18, 2025 and terminated on March 30, 2026

CEO						Chief Executive Officer
Certificate of Designations						Certificate of Designations, Preferences and Rights of Series A Convertible Perpetual Preferred Stock
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


Delayed Draw Term Loan Agreement						The delayed draw term loan agreement entered into by KDP on December 18, 2025 and amended on March 6, 2026
DPS						Dr Pepper Snapple Group, Inc.
DPS Merger						The combination of the business operations of Keurig and DPS as of July 9, 2018



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



JAB						JAB Holding Company S.a.r.l. and affiliates
JDE Peet's						JDE Peet's N.V.
JDE Peet's Acquisition						The acquisition of JDE Peet's


JV Committee						The committee managing the business of the Pod Manufacturing JV
JV Investment						The minority investment made by the JV Investor Partner into the Pod Manufacturing JV
JV Investor Partner						The holding company through which the JV Investors contributed cash to the Pod Manufacturing JV
JV Investors						Certain funds or accounts managed, advised, or sub-advised by each of Apollo Capital Management, Inc., KKR & Co. Inc., and Goldman Sachs Asset Management L.P.
JV LP Agreement						The Amended and Restated Limited Partnership Agreement of the Pod Manufacturing JV, by and among the Pod Manufacturing JV, KDP, and the JV Investor Partner, dated March 30, 2026, as amended from time to time



KDP						Keurig Dr Pepper Inc.

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

KKR Investor						Pour Purchaser L.P., together with its affiliates, who are party to the Preferred Investment Agreement

LRB						Liquid refreshment beverages
Maple						Maple Parent Holdings Corp., a wholly-owned subsidiary of KDP
Maple Notes						Collectively, the senior unsecured notes issued by Maple Parent Holdings Corp.
Notes						Collectively, the senior unsecured notes excluding the Maple Notes
Nutrabolt						Woodbolt Holdings LLC, d/b/a Nutrabolt, an equity method investment of KDP

KEURIG DR PEPPER INC.

FORM 10-Q

MASTER GLOSSARY


Term						Definition
Pod Manufacturing JV						Keurig JV, LP

Preferred Investment						The issuance and sale 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, the Apollo Investor, and certain other investors party thereto
Preferred Investors						Holders of our Convertible Preferred Stock
PSU						Performance share unit

RSU						Restricted share unit


S&P						Standard & Poor's
SEC						Securities and Exchange Commission
Securities Act						Securities Act of 1933, as amended
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

Tractor						Tractor Beverages, Inc., an equity method investment of KDP
U.S. GAAP						Accounting principles generally accepted in the U.S.

VIE						Variable interest entity

PART I - FINANCIAL INFORMATION

Next: Item 1. Financial Statements (Unaudited)