---
title: "Keurig Dr Pepper | 8-K: FY2025 Revenue Beats Estimate at USD 16.6 B"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/276731322.md"
datetime: "2026-02-24T12:13:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/276731322.md)
  - [en](https://longbridge.com/en/news/276731322.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/276731322.md)
---

# Keurig Dr Pepper | 8-K: FY2025 Revenue Beats Estimate at USD 16.6 B

Revenue: As of FY2025, the actual value is USD 16.6 B, beating the estimate of USD 16.41 B.

EPS: As of FY2025, the actual value is USD 1.53, missing the estimate of USD 1.758.

EBIT: As of FY2025, the actual value is USD 3.441 B.

#### Full Year 2025 Financial and Operational Highlights

##### Consolidated Results

-   GAAP Operating Income was $3.6 billion, marking a 38.0% increase year-over-year.
-   Adjusted Operating Income reached $4.2 billion, a 4.9% increase, representing 25.0% of net sales.
-   GAAP Net Income stood at $2.1 billion, a 44.3% increase year-over-year.
-   Adjusted Net Income was $2.8 billion, a 6.6% increase.
-   Operating Cash Flow totaled $1,991 million.
-   Free Cash Flow was $1,519 million, which included a - $225 million headwind from one-time distribution termination payments related to the GHOST acquisition.
-   Adjusted EBITDA was $4,868 million.
-   The Management Leverage Ratio was 3.1 as of December 31, 2025.

##### U.S. Refreshment Beverages Segment (Full Year 2025)

-   GAAP Operating Income was $2.9 billion, a 56.5% increase.
-   Adjusted Operating Income was $3.1 billion, an 8.8% increase, representing 29.8% of net sales.

##### U.S. Coffee Segment (Full Year 2025)

-   GAAP Operating Income was $962 million, reflecting a -10.8% decrease.
-   Adjusted Operating Income was $1,233 million, a -4.4% decrease, representing 30.9% of net sales.

##### International Segment (Full Year 2025)

-   GAAP Operating Income was $546 million, a 0.2% increase.
-   Adjusted Operating Income was $556 million, a 3.3% increase, representing 25.6% of net sales.

#### Fourth Quarter 2025 Financial and Operational Highlights

##### Consolidated Results

-   GAAP Operating Income was $881 million, an increase from $63 million in the prior year quarter.
-   Adjusted Operating Income was $1,190 million, a 4.8% increase, representing 26.5% of net sales.
-   GAAP Net Income was $353 million, an increase from a loss of - $144 million in the prior year quarter.
-   Adjusted Net Income was $813 million, a 2.3% increase.
-   Operating Cash Flow was $712 million.
-   Free Cash Flow was $564 million.

##### U.S. Refreshment Beverages Segment (Fourth Quarter 2025)

-   GAAP Operating Income was $737 million, an increase from a loss of - $176 million in the prior year quarter.
-   Adjusted Operating Income was $841 million, an 8.7% increase, representing 30.9% of net sales.

##### U.S. Coffee Segment (Fourth Quarter 2025)

-   GAAP Operating Income was $290 million, a -16.9% decrease.
-   Adjusted Operating Income was $364 million, a -8.8% decrease, representing 31.0% of net sales.

##### International Segment (Fourth Quarter 2025)

-   GAAP Operating Income was $160 million, a 27.0% increase.
-   Adjusted Operating Income was $163 million, a 20.0% increase, representing 27.0% of net sales.

#### 2026 Outlook

Keurig Dr Pepper Inc. expects net sales for 2026 to be between $25.9 billion and $26.4 billion. The company targets constant currency Adjusted diluted EPS growth in a low-double-digit range, which includes an incremental contribution from JDE Peet’s. For Keurig Dr Pepper Inc.’s standalone business, this guidance is based on 4-6% constant currency net sales growth and 4-6% constant currency Adjusted diluted EPS growth.

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