Keurig Dr Pepper's first quarter 2026 results beat estimates, led by 11.9% growth in U.S. Refreshment Beverages.

Keurig Dr Pepper reported first quarter 2026 net sales of $3.98 billion, an increase of 9.4% year-over-year, and an Adjusted EPS of $0.39, beating consensus estimates. The company reaffirmed its full-year 2026 guidance for net sales and constant currency Adjusted EPS.

Key Highlights

• Constant currency net sales grew 8.1%, driven by a 5.5% increase in net price realization and a 2.6% rise in volume/mix.
• The U.S. Refreshment Beverages segment was the primary growth engine, with net sales increasing 11.9% to $2.6 billion on strong volume/mix growth of 7.2%.
• Strength in beverages was partially offset by a 2.3% sales decline in the U.S. Coffee segment, while overall Adjusted operating income fell 1.9% due to inflation and higher marketing spend.