Keurig Dr Pepper完成179億美元收購JDE Peet's 第二季銷售增75.5%惟盈利受壓

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026 
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                     TO             
Commission file number 001-33829 

Keurig Dr Pepper Inc.
(Exact name of registrant as specified in its charter)

Delaware98-0517725
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification number)

6425 Hall of Fame Lane, Frisco, Texas 75034

(Address of principal executive offices)

800 527-7096

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Common stockKDPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ☒ No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934.
Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes   ☐   No    ☒
As of August 6, 2026, there were 1,360,826,038 shares of the registrant's common stock, par value $0.01 per share, outstanding.

KEURIG DR PEPPER INC.
FORM 10-Q
TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1
Financial Statements (Unaudited)

Condensed Consolidated Statements of Income
1

Condensed Consolidated Statements of Comprehensive Income
2

Condensed Consolidated Balance Sheets
3

Condensed Consolidated Statements of Cash Flows
4

Condensed Consolidated Statements of Changes in Equity
6

Notes to Condensed Consolidated Financial Statements
8

1
General
8

2
JDE Peet's Acquisition
9

3
Long-Term Obligations and Borrowing Arrangements
12

4
Pod Manufacturing JV
16

5
Convertible Preferred Stock
17

6
Earnings Per Share
18

7
Goodwill and Intangible Assets
18

8
Risk Management and Financial Instruments
19

9
Leases
24

10
Segments
27

11
Net Sales
30

12
Stock-Based Compensation
31

13
Equity Method Investments
32

14
Income Taxes
32

15
Accumulated Other Comprehensive (Loss) Income
33

16
Other Financial Information
34

17
Commitments and Contingencies
34

18
Restructuring
36

19
Transactions with Variable Interest Entities
37

Item 2
Management's Discussion and Analysis of Financial Condition and Results of Operations
38

Item 3
Quantitative and Qualitative Disclosures About Market Risk
52

Item 4
Controls and Procedures
53

PART II - OTHER INFORMATION

Item 1
Legal Proceedings
54

Item 1A
Risk Factors
54

Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
79

Item 5
Other Information
79

Item 6
Exhibits
80

KEURIG DR PEPPER INC.
FORM 10-Q
MASTER GLOSSARY

TermDefinition
2025 Revolving Credit AgreementKDP's revolving credit agreement, which was executed in March 2025 and amended in September 2025

Annual ReportAnnual Report on Form 10-K for the year ended December 31, 2025

AOCIAccumulated other comprehensive income or loss

Apollo InvestorAP Pour Holdings, L.P., together with its affiliates, who are party to the Preferred Investment Agreement

Athletic BrewingAthletic Brewing Holding Company, LLC, an equity method investment of KDP

BoardThe Board of Directors of KDP
bpsbasis points
Bridge Credit AgreementThe bridge credit agreement entered into on August 24, 2025, amended on December 18, 2025 and terminated on March 30, 2026

CEOChief Executive Officer
Certificate of DesignationsCertificate of Designations, Preferences and Rights of Series A Convertible Perpetual Preferred Stock
ChobaniFHU US Holdings LLC, an equity method investment of KDP

CODMChief Operating Decision Maker
Coffee Production AssetsCertain assets located in the United States that are used for the production, roasting, and grinding of single serve un-brewed beverage products (including K-Cup pods and K-Rounds)
Convertible Preferred StockKDP's Series A Convertible Perpetual Preferred Stock

Delayed Draw Term Loan AgreementThe delayed draw term loan agreement entered into by KDP on December 18, 2025 and amended on March 6, 2026
DPSDr Pepper Snapple Group, Inc.
DPS MergerThe combination of the business operations of Keurig and DPS as of July 9, 2018

EPSEarnings per share
EUDREuropean Union Deforestation Regulation
EURIBOREuro Interbank Offered Rate
Exchange ActSecurities Exchange Act of 1934, as amended

FXForeign exchange
GHOSTGHOST Lifestyle LLC
IEPSMexico’s Special Tax on Production and Services related to sugar-sweetened beverages and noncaloric sweetened drinks

JDE Peet'sJDE Peet's N.V., which became JDEP Coffee B.V. on May 1, 2026
JDE Peet's AcquisitionThe acquisition of JDE Peet's on April 1, 2026
JDE Peet's Acquisition AgreementThe merger protocol between KDP and JDE Peet's, whereby KDP agreed to commence a tender offer to acquire all of the issued ordinary shares, excluding ordinary shares held in treasury, of JDE Peet's

JDE Peet's NotesCollectively, the notes issued by JDE Peet's

JV CommitteeThe committee managing the business of the Pod Manufacturing JV

JV InvestmentThe minority investment made by the JV Investor Partner into the Pod Manufacturing JV

JV Investor PartnerThe holding company through which the JV Investors contributed cash to the Pod Manufacturing JV

JV InvestorsCertain funds or accounts managed, advised, or sub-advised by each of Apollo Capital Management, Inc., KKR & Co. Inc., and Goldman Sachs Asset Management L.P.
JV LP AgreementThe Amended and Restated Limited Partnership Agreement of the Pod Manufacturing JV, by and among the Pod Manufacturing JV, KDP, and the JV Investor Partner, dated March 30, 2026, as amended from time to time

KDPKeurig Dr Pepper Inc.
KDP NotesCollectively, the senior unsecured notes issued by KDP (excluding the JDE Peet's Notes and the Maple Notes)

KeurigKeurig Green Mountain, Inc., a wholly-owned subsidiary of KDP, and the brand of our brewers

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KEURIG DR PEPPER INC.
FORM 10-Q
MASTER GLOSSARY

TermDefinition
KKR InvestorPour Purchaser L.P., together with its affiliates, who are party to the Preferred Investment Agreement

LRBLiquid refreshment beverages
MapleMaple Parent Holdings Corp., a wholly-owned subsidiary of KDP
Maple NotesCollectively, the senior unsecured notes issued by Maple Parent Holdings Corp.
NotesCollectively, the JDE Peet's Notes, the KDP Notes, and the Maple Notes
NutraboltWoodbolt Holdings LLC, d/b/a Nutrabolt, an equity method investment of KDP

PFASPer- and polyfluoroalkyl substances

Pod Manufacturing JVKeurig JV, LP

PPWRThe European Union’s Packaging and Packaging Waste Regulation (EU) 2025/40
Preferred InvestmentThe issuance and sale of KDP's Convertible Preferred Stock under the Preferred Investment Agreement

Preferred Investment AgreementThe investment agreement, dated as of October 27, 2025, by and among KDP, the KKR Investor, the Apollo Investor, and certain other investors party thereto

Preferred InvestorsHolders of our Convertible Preferred Stock

PSUPerformance share unit
Qualified IPOInitial public offering of our refreshment beverage portfolio, meeting certain criteria

RSURestricted share unit

RVGResidual value guarantee
S&PStandard & Poor's

SECSecurities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
SeparationThe intended separation of KDP's beverage and coffee portfolios into two independent, publicly traded companies, as announced on August 25, 2025

SG&ASelling, general, and administrative
SOFRSecured Overnight Financing Rate

TractorTractor Beverages, Inc., an equity method investment of KDP
U.S. GAAPAccounting principles generally accepted in the U.S.

VIEVariable interest entity

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Table of Contents 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

KEURIG DR PEPPER INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

Second QuarterFirst Six Months
(in millions, except per share data)2026202520262025
Net sales$7,309 $4,163 $11,285 $7,798 
Cost of sales4,243 1,908 6,121 3,558 
Gross profit3,066 2,255 5,164 4,240 
Selling, general, and administrative expenses2,397 1,356 3,739 2,548 

Other operating expense (income), net41 1 41 (7)
Income from operations628 898 1,384 1,699 
Interest expense, net336 180 617 328 

Other (income) expense, net(13)— 105 (7)
Income before provision for income taxes305 718 662 1,378 
Provision for income taxes95 171 182 314 
Net income210 547 480 1,064 
Less: Net income attributable to non-controlling interests68 — 68 — 
Net income attributable to KDP$142 $547 $412 $1,064 

Earnings per common share:
Basic$0.04 $0.40 $0.24 $0.78 
Diluted0.04 0.40 0.24 0.78 
Weighted average common shares outstanding:
Basic1,360.6 1,358.3 1,359.9 1,357.7 
Diluted1,364.5 1,362.8 1,364.2 1,362.6 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Table of Contents 

KEURIG DR PEPPER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

Second QuarterFirst Six Months
(in millions)2026202520262025
Net income$210 $547 $480 $1,064 
Other comprehensive (loss) income:
Foreign currency translation adjustments— 319 (242)332 
Net change in pension and post-retirement liability, net of tax of $2, $—, $2 and $—, respectively
2 — (1)— 
Net change in cash flow hedges, net of tax of $(2), $5, $(23), and $6, respectively
(5)(34)22 (46)
Total other comprehensive (loss) income(3)285 (221)286 
Comprehensive income207 832 259 1,350 

Less: Comprehensive income attributable to non-controlling interests65 — 65 — 
Comprehensive income attributable to KDP$142 $832 $194 $1,350 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Table of Contents 

KEURIG DR PEPPER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

(in millions, except share and per share data)June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$1,517 $1,026 
Restricted cash and restricted cash equivalents36 18 
Trade accounts receivable, net2,423 1,671 
Inventories3,857 1,733 
Prepaid expenses and other current assets1,628 818 
Total current assets9,461 5,266 
Property, plant, and equipment, net6,323 3,230 
Equity method investments1,733 1,660 
Goodwill29,760 20,247 
Intangible assets, net38,113 23,725 
Deferred tax assets192 36 
Other non-current assets2,037 1,295 
Total assets$87,619 $55,459 
Liabilities, convertible preferred stock, and equity
Current liabilities:
Accounts payable$6,293 $2,996 
Accrued expenses2,430 1,379 
Structured payables1,018 25 
Short-term borrowings and current portion of long-term obligations8,394 3,105 
Other current liabilities1,604 785 
Total current liabilities19,739 8,290 
Long-term obligations21,586 13,036 
Deferred tax liabilities8,936 5,526 
Other non-current liabilities3,712 3,091 
Total liabilities53,973 29,943 

Convertible preferred stock, $0.01 par value, 4,500,000 shares authorized, 4,500,000 and 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. Liquidation preference of $4,500 million as of June 30, 2026
4,418 — 
Stockholders' equity:
Preferred stock, $0.01 par value, 10,500,000 shares authorized, no shares issued as of June 30, 2026 and December 31, 2025
— — 
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 1,360,776,911 and 1,358,663,795 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
14 14 
Additional paid-in capital19,808 19,778 
Retained earnings5,326 5,622 
Accumulated other comprehensive (loss) income(116)102 
Total stockholders' equity25,032 25,516 
Non-controlling interests4,196 — 
Total equity29,228 25,516 
Total liabilities, convertible preferred stock, and equity$87,619 $55,459 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Table of Contents 

KEURIG DR PEPPER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

First Six Months
(in millions)20262025
Operating activities:
Net income$480 $1,064 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense322 217 
Amortization of intangibles161 68 
Amortization of inventory step-up314 15 
Other amortization expense82 63 
Provision for sales returns67 24 
Deferred income taxes(22)4 
Employee stock-based compensation expense62 45 
Amortization of deferred financing costs109 6 

Loss (gain) on disposal of property, plant, and equipment
10 (6)
Unrealized gain on foreign currency
48 (6)
Unrealized gain on derivatives
(171)(56)
Settlements of interest rate contracts70 — 
Earnings of equity method investments(40)(27)
Earned equity from distribution arrangements(8)(10)

Other, net10 (11)
Changes in assets and liabilities, excluding the effects of business acquisitions:
Trade accounts receivable50 3 
Inventories133 (431)
Income