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KDP · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 75.6% y/y to $7.31B, operating margin 8.6% vs 21.6%, net income $60M (−89.0% y/y).
Net income attributable to common shareholders
$60M
down 89.0% y/y
Net sales
$7,309M
up 75.6% y/y
Income from operations
$628M
down 30.1% y/y
Gross profit
$3,066M
up 36.0% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net sales | $7,309 · +75.6% |
| Cost of sales | $4,243 · +122% |
| Gross profit | $3,066 · +36.0% · 41.9% margin |
| Selling, general, and administrative expenses | $2,397 · +76.8% |
| Other operating expense, net | $41 · ×41 |
| Income from operations | $628 · −30.1% · 8.6% margin |
| Interest expense, net | $336 · +86.7% |
| Other income, net | $13 · vs $0 |
| Income before provision for income taxes | $305 · −57.5% |
| Provision for income taxes | $95 · −44.4% · 31.1% effective rate |
| Net income attributable to non-controlling interests | $68 · vs $0 |
| Net income allocated to Preferred Investors | $82 · vs $0 |
| Net income attributable to common shareholders | $60 · −89.0% · $0.04/sh · 0.8% margin |
Verdict: revenue grew 75.6% y/y to $7.31B, operating margin 8.6% vs 21.6%, net income $60M (−89.0% y/y).
Diluted EPS $0.04 vs $0.40 a year earlier; adjusted diluted EPS $0.57, up 16.3% (non-GAAP); free cash flow $714 million; full year guidance reaffirmed.
Source and notation
Source: Keurig Dr Pepper earnings release, 8-K EX-99 of 08/06/2026 (SEC EDGAR). The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open as an image: KDP, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “KDP Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/kdp/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/kdp/q2-2026"><img src="https://whoreportstoday.com/t/kdp/q2-2026/sankey.png" alt="KDP Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/kdp/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/kdp/q2-2026">KDP Q2 2026 earnings chart (Who Reports Today)</a>
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- Net sales increased 75.6% to $7.3 billion mainly because of the JDE Peet's acquisition; excluding it, legacy KDP net sales increased 7.3% on price realization of 4.2% and volume/mix growth of 3.1%.
- GAAP operating income decreased 30.1% to $628 million on acquisition and integration-related costs; interest expense nearly doubled to $336M from $180M.
- Of the $142M net income attributable to KDP, $82M was allocated to Preferred Investors, leaving $60M for common shareholders; the company is preparing a separation in early 2027.
- Gross margin was 41.9% vs 54.2% a year earlier.
- Operating income was $628M, a 8.6% margin vs 21.6% a year earlier.
- The effective tax rate was 31.1% vs 23.8% a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
KDP — Keurig Dr Pepper is a beverage company: soft drinks (Dr Pepper, Canada Dry, 7UP), the Keurig single-serve coffee system and, after its acquisition of JDE Peet's, a global coffee business; it plans to separate into two companies.
Headquarters: Frisco, Texas.
Heads-up
- net income fell 89% y/y in Q2 2026
Net income for Q2 2026: $60M, −89% y/y. In the report's figures: costs grew faster than revenue: cost of sales +122% y/y, interest expense, net +87% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: KHC · Q2 2026 · KMB · Q2 2026 · KO · Q3 2026 · KR · Q2 FY2026 · KVUE · Q3 2026 · MDLZ · Q3 2026 · MKC · Q3 FY2026 · MNST · Q2 2026 · MO · Q3 2026 · PEP · Q3 2026 · all reports