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.
Kaumil Gajrawala
Jefferies
6 questions for KDP
Dara Mohsenian
Morgan Stanley
5 questions for KDP
Filippo Falorni
Citigroup Inc.
5 questions for KDP
Peter Grom
UBS Group
5 questions for KDP
Christopher Carey
Wells Fargo & Company
4 questions for KDP
Lauren Lieberman
Barclays
3 questions for KDP
Andrea Teixiera
JPMorgan Chase & Co.
2 questions for KDP
Chris Carey
Wells Fargo Securities
2 questions for KDP
Kevin Grundy
BNP Paribas
2 questions for KDP
Michael Lavery
Piper Sandler & Co.
2 questions for KDP
Robert Ottenstein
Evercore ISI
2 questions for KDP
Rob Moskow
TD Cowen
2 questions for KDP
Steve Powers
Deutsche Bank
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
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.
- Keurig Dr Pepper agreed to sell 3,000,000 shares of Series A Convertible Perpetual Preferred Stock to a group of investors, including Apollo, KKR and GSAM affiliates, under an Investment Agreement dated October 27, 2025.
- Investors committed to provide equity financing for Project Kona through AP Kona, LLC via a Commitment Letter, with each party’s funding amount and conditions set forth in Annex D.
- The Preferred Stock is convertible into Common Stock and carries customary registration rights, including shelf, demand and piggyback registrations under a Registration Rights Agreement.
- In Q4 2025, revenues rose 92% YoY to CAD $4.0 M, with a 58% gross margin and gross profit of CAD $2.3 M.
- For FY 2025, revenues reached CAD $13.2 M, nearly a sevenfold increase, with gross profit of CAD $7.5 M and a 57% margin.
- Q4 2025 adjusted EBITDA was CAD $(2.5 M) and net loss was CAD $(4.7 M); FY 2025 adjusted EBITDA was CAD $(8.9 M) and net loss was CAD $(13.9 M)**.
- The company ended FY 2025 with CAD $3.1 M in cash as of July 31, 2025.
- Expanded distribution via a deal with Van Houtte Coffee Services (a Keurig Dr Pepper subsidiary), adding 30,000 potential Canadian points and over 5,200 total locations in North America and Europe.
- The Board reaffirmed its conviction in acquiring JDE Peet’s to create a global coffee powerhouse alongside a standalone North American beverage company, and has adjusted execution optionality following investor feedback.
- KDP expects post-close leverage below 5.0×, supported by a minority JV and private convertible issuance, and targets standalone leverage of 3.5–4.0× for Beverage Co and 3.75–4.25× for Global Coffee Co, with year-one EPS accretion of ~10%.
- The combined Global Coffee Co will feature $16 billion in net sales and $3 billion in adjusted EBITDA, and is projected to realize $400 million in cost synergies over three years.
- Separation is planned by end-2026, with BevCo set to generate >$6 billion and Global Coffee Co >$5 billion of free cash flow over three years, and long-term targets of mid single-digit net sales & high single-digit EPS growth for BevCo, and low single-digit net sales & high single-digit EPS growth for Global Coffee Co.
- Raised constant-currency net sales outlook to high single digit for Q3 and reaffirmed high-single-digit EPS growth guidance.
- Announced acquisition of JDE Peet’s to close in H1 2026, with pro forma net leverage below 5.0× at close; standalone BevCo targeting 3.5–4.0× and Global Coffee 3.75–4.25× upon separation.
- BevCo set to deliver mid-single-digit net sales growth and high-single-digit EPS growth, while Global Coffee Company will target low-single-digit net sales growth and high-single-digit EPS growth; projected free cash flow of >$6 billion and >$5 billion respectively over three years.
- Synergy targets include €500 million of cost savings at JDE Peet’s over seven years and $400 million of integration synergies over three years.
- Acquisition and separation: KDP will acquire JDE Peet’s in H1 2026 and split into Beverage Co (North American refreshment) and Global Coffee Co, tripling coffee net sales to $16 billion to become the largest pure-play global coffee competitor.
- Financing package: Secured a $7 billion strategic equity investment led by Apollo and KKR—$4 billion for a controlling coffee‐manufacturing JV and $3 billion in a 4.75% convertible security (conversion price $37.25).
- Leverage targets: Post-close net leverage now expected at ~4.6× (down from 5.6×), with annual deleveraging of ~0.5 turns; targeted initial leverage ranges of 3.35–4.0× for Beverage Co and 3.75–4.25× for Global Coffee Co.
- Guidance update: Raised Q3 2025 constant currency net sales outlook to high single-digit growth (from mid single-digit) and reaffirmed high single-digit EPS growth for FY 2025.
- Timeline and execution: A dedicated Transformation Management Office is driving integration planning, with deal close in H1 2026 and standalone readiness for both companies by end of 2026.
- Keurig Dr Pepper plans to acquire JDE Peet’s to form a Global Coffee Company and a BevCo, targeting $400 million in cost synergies over three years and separation by year-end 2026.
- Standalone financial targets: BevCo aims for mid-single digit net sales growth and high-single digit EPS growth with $6 billion free cash flow over 2026–2028; Global Coffee Company targets low-single digit sales growth and high-single digit EPS growth with $5 billion free cash flow.
- Balance sheet commitments: upon separation, BevCo net leverage of 3.5–4.0× and Global Coffee Company 3.75–4.25×, with plans for rapid deleveraging and maintained dividends.
- For Q3 2025, KDP raised its constant currency net sales outlook to high-single digit from mid-single digit and reaffirmed high-single digit EPS growth guidance.
- Keurig Dr Pepper is advancing its $18 billion acquisition of JDE Peet’s with a $7 billion investment co-led by Apollo and KKR to reduce debt and support the transaction.
- The funding includes a $4 billion commitment to a new K-Cup pod and single-serve manufacturing joint venture, where KDP retains operational control.
- KDP will split JDE Peet’s into two independent companies—Beverage Co and Global Coffee Co—by end-2026, with Tim Cofer to become Beverage Co CEO post-separation.
- A $3 billion convertible preferred stock investment was announced, with an initial conversion price of $37.25 per share (41% premium to 20-day VWAP).
- Full-year 2025 net sales are expected to grow in the high-single-digit range, with about 10% adjusted EPS accretion in the first full year post-acquisition.
- $7 billion strategic investment co-led by Apollo and KKR to reduce projected net leverage by ~1.0x to 4.6x at closing of the JDE Peet’s acquisition in H1 2026.
- $4 billion binding commitment for a Pod Manufacturing JV and $3 billion convertible preferred stock investment with a 4.75% dividend rate and $37.25 conversion price.
- Plans to separate into two independent companies—Global Coffee Co. (target leverage 3.75–4.25x) and Beverage Co. (target leverage 3.5–4.0x)—operationally ready by end of 2026.
- Leadership updates: Tim Cofer to become CEO of Beverage Co. post-separation; nomination of Brian Driscoll to KDP’s board; search initiated for Global Coffee Co. CEO.
- KDP secured a $7 billion strategic investment co-led by Apollo and KKR to reduce projected net leverage by ~1.0x to 4.6x upon the JDE Peet’s acquisition close in H1 2026, targeting ~10% adjusted EPS accretion in the first full year.
- Financing comprises a $4 billion investment in a pod manufacturing JV and a $3 billion convertible preferred stock issuance at $37.25 conversion price with a 4.75% annual dividend.
- Upon separation into Global Coffee Co. and Beverage Co., KDP aims for investment-grade profiles with target net leverage of 3.75–4.25x and 3.5–4.0x, respectively.
- Leadership updates include Tim Cofer remaining CEO through separation to lead Beverage Co., an external search for Global Coffee Co.’s CEO, and Roger Johnson’s appointment as Chief Transformation & Supply Chain Officer.
- Keurig Dr Pepper reported Q3 revenue of $4.3 billion (+10.7% YoY), surpassing analysts' consensus of ~$4.15 billion.
- GAAP profit was $616 million, or $0.45 per share, with adjusted EPS of $0.51–$0.54, in line with estimates.
- Revenue growth was driven by volume & mix improvement (~6.4%), net price realization (~4.2%), contributions from the GHOST acquisition, and resilient demand for energy drinks and carbonated soft beverages.
- The company raised its fiscal 2025 constant-currency net sales-growth outlook to a high-single-digit range, kept adjusted EPS growth guidance unchanged, and expects a 0.5 pp foreign-currency headwind.