Skip to content
AnalystLens

Keurig Dr Pepper 8-K Report, Financial Results (Apr 24, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 24, 2025
Period End
April 24, 2025
Security
KDP
In the record · 2016–202610-K1210-Q338-K216

KDP filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 216 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’18Jan ’18
  2. Material agreement8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed April 24, 2025. Cited figures are marked; the original filing is the authoritative source.

Keurig Dr Pepper Inc. (KDP) reported first-quarter 2025 results on April 24, 2025, with net sales of $3.6 billiona, up 4.8% as reported and 6.4% on a constant currency basis.

Volume/mix growth of 3.6% and favorable net price realization of 2.8% drove the increase, and the GHOST acquisition contributed 2.9 percentage points to volume/mix. GAAP net income rose 13.9% to $517 millionb, or $0.38 per diluted share, aided by a favorable year-over-year impact of items affecting comparability. Adjusted diluted EPS increased 10.5% to $0.42, supported by adjusted operating income growth and a realized gain on the sale of the company's Vita Coco investment.

Results were mixed by segment. U.S. Refreshment Beverages net sales grew 11.0% to $2.3 billionc on market share gains in carbonated soft drinks, energy, and sports hydration, as well as GHOST. U.S. Coffee net sales fell 3.7% to $0.9 billion, as a 5.2% volume/mix decline, tied to the timing of category pricing actions implemented in response to escalating green coffee costs, more than offset 1.5% favorable net price realization.

International net sales decreased 6.3% to $0.4 billiond, although constant currency net sales increased 5.4%. Operating cash flow was $209 million and free cash flow was $102 million for the quarter. KDP reaffirmed its 2025 guidance, calling for mid-single-digit constant currency net sales growth and high-single-digit Adjusted diluted EPS growth.

The company expects foreign currency translation to be roughly a one percentage point headwind to full-year top- and bottom-line growth at current rates. The filing also notes that two new independent directors were appointed to the Board effective April 24, 2025. The filing lists risks including global economic uncertainty, tariffs, and the possibility that the GHOST integration does not succeed as planned.

02—Key points

Key Highlights

  1. Net sales rose 4.8% to $3.6 billion (6.4% on a constant currency basis), driven by volume/mix growth of 3.6% and net price realization of 2.8%.
  2. GAAP diluted EPS was $0.38, up 15.2%; Adjusted diluted EPS was $0.42, up 10.5%, aided by a realized gain on the sale of the Vita Coco investment.
  3. U.S. Refreshment Beverages net sales increased 11.0% to $2.3 billion, with adjusted operating margin of 29.1%.
  4. U.S. Coffee net sales declined 3.7% to $0.9 billion, with a volume/mix decline of 5.2% linked to category pricing timing amid higher green coffee costs.
  5. International net sales decreased 6.3% to $0.4 billion, but constant currency net sales increased 5.4%.
  6. Operating cash flow was $209 million and free cash flow was $102 million for the first quarter.
  7. 2025 guidance was reaffirmed: mid-single-digit constant currency net sales growth and high-single-digit Adjusted diluted EPS growth, with foreign currency expected to be about a one percentage point headwind.

03—Questions

Frequently Asked Questions

  1. Did Keurig Dr Pepper change its full-year 2025 outlook?

    No. The company reaffirmed its fiscal 2025 guidance for constant currency net sales growth in a mid-single-digit range and Adjusted diluted EPS growth in a high-single-digit range. It said foreign currency translation is forecast to be roughly a one percentage point headwind to full-year top- and bottom-line growth at current rates.

  2. Why did U.S. Coffee results decline in the quarter?

    The filing attributes the decline to a volume/mix decrease of 5.2%, which the company says reflected the timing of category pricing actions implemented in reaction to escalating green coffee costs. Favorable net price realization of 1.5% was more than offset by that volume decline, reducing net sales 3.7% to $0.9 billion. Adjusted operating income fell 12.5% to $253 million.

  3. How much did the GHOST acquisition contribute to growth?

    The acquisition of GHOST contributed 2.9 percentage points to consolidated volume/mix growth in the first quarter. It also contributed to U.S. Refreshment Beverages segment growth. The filing lists GHOST integration risk among its forward-looking risk factors.

  4. What drove the difference between GAAP and adjusted earnings?

    Adjusted results exclude items affecting comparability. For the first quarter, these included a mark-to-market gain on derivatives of $43 million at the operating income level, productivity expenses of $32 million, amortization of intangibles of $34 million, and inventory step-up of $15 million. Adjusted diluted EPS of $0.42 also reflected a realized gain on the sale of the Vita Coco investment, which the company cited as a growth driver.

04—Continue

← View all 8-K filings