Keurig Dr Pepper Inc. (KDP) is a leading beverage company in North America that specializes in the manufacturing, marketing, distribution, and sale of a diverse range of hot and cold beverages and single-serve brewing systems. The company operates through three main segments: U.S. Refreshment Beverages, U.S. Coffee, and International, offering over 125 owned, licensed, and partner brands with significant consumer awareness and loyalty . KDP utilizes a flexible and scalable route-to-market network, including a direct-to-consumer e-commerce platform, to effectively distribute its products .
- U.S. Refreshment Beverages - Manufactures, markets, and sells a variety of popular beverage brands, including Dr Pepper, Canada Dry, and Snapple, across the United States.
- U.S. Coffee - Offers a range of coffee products, including K-Cup pods and Keurig brewers, catering to coffee enthusiasts in the United States.
- International - Operates in Canada, Mexico, and the Caribbean, distributing a selection of beverages tailored to these markets.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert Gamgort ExecutiveBoard | Executive Chairman | Director at National Veterinary Associates, Inc.; Board Member at Chobani | Robert Gamgort transitioned to Executive Chairman in April 2024, having previously served as CEO since KDP's formation in July 2018. | |
Anthony Shoemaker Executive | Chief Legal Officer, General Counsel, and Secretary | None | Anthony Shoemaker has been in his role since October 2021, overseeing legal affairs at KDP. | |
Justin Whitmore Executive | President of KDP Energy | Board of Directors at Nutrabolt and Athletic Brewing Co.; Corporate Advisory Board of the University of Notre Dame’s Mendoza College of Business | Justin Whitmore was appointed President of KDP Energy in 2024, overseeing the energy brand portfolio. | |
Karin Rotem-Wildeman Executive | Chief Research & Development Officer | Advisory boards of University of Massachusetts Amherst and Lehigh University | Karin Rotem-Wildeman joined KDP in January 2023, leading product development and innovation. | |
Monique Oxender Executive | Chief Corporate Affairs Officer | Board of Directors at World Coffee Research; Strategic Advisory Council Member at The Erb Institute | Monique Oxender joined KDP in 2014 and became Chief Corporate Affairs Officer in November 2023, leading sustainability and corporate affairs. | |
Patrick Minogue Executive | President, U.S. Coffee | None | Patrick Minogue has been with KDP since 2015 and became President, U.S. Coffee in November 2023, driving leadership in the single-serve coffee category. | |
Roger Johnson Executive | Chief Supply Chain Officer | None | Roger Johnson has been with KDP since 2016 and became Chief Supply Chain Officer in October 2022, focusing on global operations and innovation. | |
Sudhanshu Priyadarshi Executive | Chief Financial Officer and President, International | Board of Directors at Wabash (NYSE: WNC) | Sudhanshu Priyadarshi has been CFO since November 2022 and President, International since November 2023, with extensive experience in finance and strategy. | |
Timothy Cofer Executive | Chief Executive Officer | None | Timothy Cofer is the CEO of KDP, appointed in April 2024. He has a strong track record in driving growth and leading transformations in the CPG industry. | View Report → |
Frank Engelen Board | Director | Managing Partner and CFO of JAB Holding Company; Managing Director for multiple JAB-related entities | Frank Engelen joined the KDP Board in October 2024, reflecting JAB's commitment to KDP's strategy. | |
Joachim Creus Board | Director | Managing Partner, CEO, and Vice Chairman of JAB Holding Company; Board Member at Coty Inc., JDE Peet’s N.V. | Joachim Creus joined the KDP Board in 2024, with extensive experience in managing complex transactions and legal matters. | |
Juliette Hickman Board | Director | Board Member at Waldencast Plc; Advisor to Jove Island Capital | Juliette Hickman joined the KDP Board in January 2021, bringing over 20 years of investing experience and expertise in corporate strategy. | |
Olivier Goudet Board | Director | Chairman of the Board at JDE Peet’s N.V., Pret A Manger, Krispy Kreme, Inc.; Director at Panera Brands, National Veterinary Associates, Inc., Coty Inc.; Senior Investment Advisor at JAB Holding Company | Olivier Goudet has been a director since KDP's formation in July 2018, with a strong track record in strategic acquisitions and governance. | |
Oray Boston Board | Director | CEO Council for Growth of Philadelphia | Oray Boston joined the KDP Board in November 2022, bringing expertise in brand and marketing innovation. | |
Pamela Patsley Board | Director | Director at Texas Instruments Incorporated, Hilton Grand Vacations, Inc., Payoneer Global Inc. | Pamela Patsley has been a director since April 2008, with extensive management experience and expertise in audit and financial control. | |
Paul Michaels Board | Lead Director and Chair of the Remuneration and Nominating Committee | Board Member at Krispy Kreme, Inc. | Paul Michaels has been a director since July 2018, with extensive expertise in operational efficiency and brand growth. | |
Robert Singer Board | Director and Chair of the Audit and Finance Committee | Director at Coty Inc., Panera Brands, Swarovski International Holding, Bally International | Robert Singer has been a director since July 2018, overseeing financial reporting and compliance. |
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Given the sluggish performance in the at-home coffee category and continued pricing pressure, how confident are you in returning the U.S. Coffee segment to growth in 2025, and what specific measures are you taking to offset rising green coffee costs?
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With your recent acquisitions and partnerships in the energy drink category, including GHOST, C4, Black Rifle, and Bloom, is there a risk of overextending your infrastructure, and how do you plan to manage potential operational complexities and ensure successful integration?
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GHOST has been stuck at a 3% market share in its previous distribution network; what concrete steps will you take to significantly expand its market presence, and what key performance indicators will you track to measure success?
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You mentioned the need for portfolio optimization, including potential pruning of less-performing brands; can you provide more details on which areas you are targeting and how this strategy might impact your short-term revenues?
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Given the current subdued operating environment and varied consumer health, how are you preparing for the uncertain elasticity impacts of your planned pricing actions, and what contingencies are in place if consumer response is more negative than anticipated?
Research analysts who have asked questions during Keurig Dr Pepper earnings calls.
Christopher Carey
Wells Fargo & Company
4 questions for KDP
Kaumil Gajrawala
Jefferies
4 questions for KDP
Dara Mohsenian
Morgan Stanley
3 questions for KDP
Filippo Falorni
Citigroup Inc.
3 questions for KDP
Peter Grom
UBS Group
3 questions for KDP
Robert Ottenstein
Evercore ISI
2 questions for KDP
Andrea Teixeira
JPMorgan Chase & Co.
1 question for KDP
Bonnie Herzog
Goldman Sachs
1 question for KDP
Brett Cooper
Consumer Edge Research
1 question for KDP
Lauren Lieberman
Barclays
1 question for KDP
Nik Modi
RBC Capital Markets
1 question for KDP
Peter Galbo
Bank of America
1 question for KDP
Stephen Robert Powers
Deutsche Bank
1 question for KDP
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company competes with multinational corporations that can rapidly respond to competitive pressures and changes in consumer preferences. This competitor is mentioned as a primary competitor in the beverage industry and also owns manufacturing and distribution rights to certain brands outside the U.S., Canada, and Mexico. | |
This competitor is identified as a primary competitor in the beverage industry, competing in various categories where the company operates. | |
This competitor is listed as a primary competitor in the beverage industry, particularly in categories where the company operates. | |
This competitor is mentioned as a primary competitor in the beverage industry, offering competing brands in categories where the company participates. | |
This competitor is noted as a primary competitor in the beverage industry, offering competing brands in categories where the company operates. | |
Nestlé S.A. | This competitor is identified as a primary competitor in the beverage industry, offering competing brands in categories where the company participates. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Walmart | Major customer | All | 16% of 2024 net sales , $2,514 million in net sales , and $205 million in accounts receivable (exceeding 10% of total). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
GHOST Lifestyle LLC | 2024 | KDP will acquire a 60% stake in GHOST for approximately $990 million in cash, with the remaining 40% targeted for acquisition in 2028 based on Adjusted EBITDA. This deal, expected to close in late 2024/early 2025, strengthens KDP’s presence in the energy drink category by integrating GHOST into its U.S. Refreshment Beverages segment with continued leadership from the founders. |
Kalil Bottling Co. | 2024 | KDP acquired all production, sales, and distribution assets for key brands in Arizona for $103 million, with an $8 million escrow holdback. The acquisition, completed on August 9, 2024, enhances KDP’s direct-store-delivery (DSD) capabilities in a fast-growing region and supports the addition of approximately 425 employees. |
La Colombe | 2023 | KDP invested $300 million for a 33.3% ownership interest in La Colombe, with an additional $7 million of third-party costs capitalized. The deal, closed on August 31, 2023, includes sales, licensing, and distribution agreements designed to leverage KDP’s extensive network to scale La Colombe’s ready-to-drink coffee and K-Cup platforms. |
Atypique | 2022 | KDP acquired global rights to Atypique, a non-alcoholic, ready-to-drink cocktail brand, for $30 million, with the transaction closing on September 1, 2022. The acquisition, announced in Q2 2022, is recorded as a definite-lived brand asset with a five-year useful life and expands KDP's portfolio in the innovative non-alcohol cocktail sector in Canada. |
Recent press releases and 8-K filings for KDP.
- BNP Paribas Exane analysts led by Kevin Grundy cut Keurig Dr Pepper to underperform, marking its only sell rating.
- Shares tumbled up to 4.28%, hitting the lowest intraday level since May 2020 and extending a three-day decline.
- The $18.4 billion acquisition of JDE Peet’s NV was labeled “poorly-received,” driving the negative outlook.
- Analysts highlighted risks from elevated coffee prices and a weakening consumer staples environment.
- KDP will host an investor update in New York City on October 27, 2025, covering strategy and value creation from the JDE Peet’s acquisition and the planned separation into two independent companies, including expected cost synergies, capital structure, path to deleveraging, and capital allocation priorities.
- The event will feature KDP’s board members and management, including Chairman Bob Gamgort, Lead Independent Director Pamela Patsley, Independent Director Juliette Hickman, CEO Tim Cofer, and CFO Sudhanshu Priyadarshi.
- Access to a live audio webcast and replay will be available on KDP’s website for those unable to attend in person.
- KDP will release its third-quarter 2025 financial results before market open on October 27, 2025, ahead of the investor update.
- Keurig Dr Pepper (KDP) agreed to acquire 100% of JDE Peet’s for an enterprise value of $23 billion, at 13× 2026 EV/EBITDA (10.5× post-synergies), paying $31.85/share (20% premium).
- After closing (expected in 2026), KDP will execute a tax-free spin-off into two US-listed pure-plays: Global Coffee Co (HQ in Burlington, MA; Intl HQ in Amsterdam) and Beverage Co (HQ in Frisco, TX).
- The transaction, funded with debt and cash, targets $400 million in annual cost synergies (SG&A, procurement, manufacturing, logistics) and is immediately EPS accretive; leverage is projected to peak at ~5× in 2026 with a commitment to rapid deleveraging.
- Pro forma, Global Coffee Co will have $16 billion in net sales within the $400 billion global coffee market; Beverage Co will have $11 billion in net sales in the $300 billion refreshment beverage market.
- Dividend Declaration: The Board of Directors declared a quarterly cash dividend of $0.23 per share as detailed in the filing on May 21, 2025.
- Payment Schedule: The dividend will be paid on July 11, 2025, with the record date set for June 27, 2025.
- Filing Details: This announcement is documented in an 8-K filing, ensuring transparency to investors.
- Keurig Dr Pepper Inc. has issued $2.0 billion of senior unsecured notes, comprising Floating Rate Senior Notes due 2026, 4.350% Senior Notes due 2028, 4.600% Senior Notes due 2030, and 5.150% Senior Notes due 2035.
- The Floating Rate Notes bear interest at a floating rate (compounded secured overnight financing rate plus 0.580%), with scheduled quarterly interest payments starting August 15, 2025, while fixed-rate notes follow specified redemption terms.
- The company also executed an underwriting agreement for the sale of 75,000,000 shares of common stock, as noted in the related exhibit.
- Strong Q1 2025 performance: GAAP net sales reached $3.64bn, GAAP net income was $517 million, and GAAP diluted EPS hit $0.38, with net sales up over 6% and EPS more than 10% .
- Full-year guidance reaffirmed: The company expects mid-single digit net sales growth and high-single digit adjusted EPS growth on a constant currency basis .
- Enhanced governance: Bob Gamgort transitioned from Executive to nonexecutive Chairman, and the board expanded to 10 directors with the addition of independent directors Michael Van de Ven, Lawson Whiting and 2 new independent directors .
- Segment insights: U.S Refreshment Beverages drove growth with an 11% increase in net sales, while the U.S Coffee segment declined by 3.7% due to commodity pressures .
- Profitability drivers: Strong top-line momentum, volume/mix improvements, and productivity savings bolstered performance .
- Innovative momentum: The launch of Dr Pepper Blackberry captured nearly 1% market share shortly after its February release .
- New Credit Agreement: On March 31, 2025, Keurig Dr Pepper Inc. entered into a new unsecured revolving credit agreement providing a $4 billion revolving credit facility maturing on March 31, 2030, with specified margins and terms.
- Termination of Previous Facility: The company simultaneously terminated its existing revolving credit agreement dated February 23, 2022, with no prior borrowings drawn.