Keurig Dr Pepper Reports Q1 Earnings of 39 Cents Per Share, Beats Estimates

Keurig Dr Pepper Inc. reported first-quarter adjusted earnings per share of 39 cents on April 23, 2026, beating the analyst consensus estimate of 37 cents.

Quarterly sales of $3.976 billion (+9.4% year over year) outpaced the Street view of $3.838 billion.

On a constant currency basis, net sales advanced 8.1%, driven by favorable net price realization of 5.5% and volume/mix growth of 2.6%. Refreshment Beverages net sales for the first quarter increased 11.9% to $2.6 billion, while sales in U.S. Coffee decreased 2.3% to $857 million.

International net sales for the quarter increased 19.5% to $520 million. Adjusted operating income decreased 1.9% to $838 million and totaled 21.1% of net sales.

The decline stemmed mainly from inflationary pressures and higher selling, general, and administrative expenses, including increased marketing spend, though these were partially offset by net sales growth and productivity savings. Operating cash flow for the first quarter was $281 million, and free cash flow totaled $184 million.

The company, which owns brands such as Dr Pepper, 7Up, Snapple, and Green Mountain Coffee, highlighted pricing power across key segments in its report. The earnings beat and sales growth occurred amid ongoing inflation, with the company demonstrating favorable net price realization.

The firm affirmed the 2026 sales outlook of $25.900 billion-$26.400 billion, compared with the $26.081 billion estimate.

“With well-constructed plans in place, high-quality execution, and improving cost visibility as the year unfolds, we remain confident in our ability to deliver on our commitments while standing up two pure-play companies positioned for success,” said the CEO.