Form 8-K

8-K — Keurig Dr Pepper Inc.

Accession: 0001418135-26-000020

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0001418135

SIC: 2080 (BEVERAGES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — kdp-20260423.htm (Primary)

EX-99.1 — EX-99.1 Q1 2026 EARNINGS RELEASE (ex991-keurigdrpepperreport.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: kdp-20260423.htm · Sequence: 1

kdp-20260423

0001418135FALSE00014181352026-04-232026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2026

Keurig Dr Pepper Inc.

(Exact name of registrant as specified in its charter)

Delaware 001-33829 98-0517725

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

6425 Hall of Fame Lane, Frisco, Texas 75034

(Address of principal executive offices, including zip code)

(800) 527-7096

(Registrant's telephone number including area code)

Not Applicable

(Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-14(c) under the Exchange Act (17 CFR 240.13e-14(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

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

Title of each class Trading Symbol Name of each exchange on which registered

Common stock KDP The Nasdaq Stock Market LLC

Item 2.02. Results of Operations and Financial Condition.

The information contained in this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

On April 23, 2026, Keurig Dr Pepper Inc. (the "Company" or "KDP") issued a press release announcing the Company's financial results for the first quarter of 2026. A copy of such press release is attached as Exhibit 99.1 and is also available on the Company's website at http://www.keurigdrpepper.com.

Item 9.01. Financial Statements and Exhibits.

Exhibit No. Description

99.1

Keurig Dr Pepper Inc. Press Release dated April 23, 2026 - "Keurig Dr Pepper Reports Q1 Results and Reaffirms Guidance for 2026"

104 Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

KEURIG DR PEPPER INC.

Dated: April 23, 2026

By: /s/ Anthony Shoemaker

Name: Anthony Shoemaker

Title: Chief Legal Officer, General Counsel and Secretary

EX-99.1 — EX-99.1 Q1 2026 EARNINGS RELEASE

EX-99.1

Filename: ex991-keurigdrpepperreport.htm · Sequence: 2

Document

EXHIBIT 99.1

Keurig Dr Pepper Reports Q1 Results and Reaffirms Guidance for 2026

Q1 Performance Led by Strong Momentum in U.S. Refreshment Beverages

Company Completed Acquisition of JDE Peet’s on April 1

Company Reaffirms 2026 Constant Currency Net Sales and Adjusted EPS Outlook

BURLINGTON, MA and FRISCO, TX (April 23, 2026) – Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported results for the first quarter of 2026 and reaffirmed its full year guidance.

Reported GAAP Basis Adjusted Basis1

Q1 Q1

Net Sales $3.98 bn $3.98 bn

% vs prior year 9.4% 8.1%

Diluted EPS $0.20 $0.39

% vs prior year (47.4)% (7.1)%

Commenting on the results, CEO Tim Cofer stated, "The year is off to a good start. We delivered a solid first quarter, with strong momentum in our cold beverage portfolio and coffee results that tracked with our expectations, even as we navigated elevated costs. Earlier this month, we also completed our acquisition of JDE Peet’s, achieving a significant milestone in our transformation agenda and uniting our complementary organizations under a shared vision for global coffee leadership. With well-constructed plans in place, high-quality execution, and improving cost visibility as the year unfolds, we remain confident in our ability to deliver on our commitments while standing up two pure-play companies positioned for success.”

First Quarter Consolidated Results

Net sales for the first quarter increased 9.4% to $4.0 billion. On a constant currency basis, net sales advanced 8.1%, driven by favorable net price realization of 5.5% and volume/mix growth of 2.6%.

GAAP operating income decreased 5.6% to $756 million, including an unfavorable year-over-year impact of items affecting comparability. Adjusted operating income decreased 1.9% to $838 million and totaled 21.1% of net sales. The Adjusted operating income decline was primarily due to the impact of inflationary pressures and higher SG&A expenses, including increased marketing, partially offset by net sales growth and productivity savings.

GAAP net income decreased 47.8% to $270 million, or $0.20 per diluted share, including an unfavorable year-over-year impact of items affecting comparability, primarily due to transaction and acquisition-related costs. Adjusted net income decreased 6.9% to $534 million and Adjusted diluted EPS decreased 7.1% to $0.39, driven by the Adjusted operating income decline and the impact of lapping an investment gain in the prior year.

Operating cash flow for the first quarter was $281 million and free cash flow totaled $184 million.

First Quarter Segment Results

U.S. Refreshment Beverages

Net sales for the first quarter increased 11.9% to $2.6 billion, driven by volume/mix growth of 7.2% and favorable net price realization of 4.7%.

1 Adjusted financial metrics presented in this release are non-GAAP, excluding items affecting comparability. Adjusted growth rates are non-GAAP, excluding items affecting comparability and presented on a constant currency basis. See reconciliations of GAAP results to Adjusted results on a constant currency basis in the accompanying tables.

GAAP operating income increased 10.2% to $721 million. Adjusted operating income increased 9.8% to $742 million and totaled 28.5% of net sales. GAAP and Adjusted operating income growth were driven by net sales growth and productivity savings, partially offset by the impact of inflationary pressures and higher SG&A expenses, including increased marketing.

U.S. Coffee

Net sales for the first quarter decreased 2.3% to $857 million. Volume/mix declined 8.2%, which more than offset favorable net price realization of 5.9%.

GAAP operating income decreased 20.8% to $160 million. Adjusted operating income decreased 21.3% to $199 million and totaled 23.2% of net sales. The Adjusted operating income decline was primarily due to the impact of cost pressures, the volume/mix decline, and increased marketing. These factors were partially offset by net price realization and productivity savings.

International

Net sales for the first quarter increased 19.5% to $520 million. On a constant currency basis, net sales increased 8.5%, driven by favorable net price realization of 9.2%, partially offset by a volume/mix decline of 0.7%.

GAAP operating income decreased 5.6% to $85 million, including a favorable year-over-year impact from currency translation. Adjusted operating income decreased 15.1% to $87 million and totaled 16.7% of net sales. The Adjusted operating income decline was primarily due to the impact of cost pressures, the volume/mix decline, and increased marketing. These factors were partially offset by net price realization and productivity savings.

2026 Guidance

The 2026 guidance provided below is presented on a constant currency, non-GAAP basis. The Company does not provide reconciliations of such forward-looking non-GAAP measures to GAAP measures, due to the inability to predict the amount and timing of impacts outside of the Company's control on certain items, such as non-cash gains or losses resulting from mark-to-market adjustments of derivative instruments, among others, which could be material. Reconciling such items would require unreasonable efforts.

For 2026, KDP expects net sales of $25.9-$26.4 billion and constant currency Adjusted diluted EPS growth in a low-double-digit range. This guidance is comprised of 4-6% constant currency net sales growth and 4-6% constant currency Adjusted diluted EPS growth for KDP’s legacy business, as well as an incremental contribution from the JDE Peet’s acquisition. At current exchange rates, foreign currency translation is forecasted to approximate a one percentage point tailwind to 2026 full year net sales and EPS growth.

Investor Contact:

Investor Relations

T: 888-340-5287 / IR@kdrp.com

Media Contact:

Katie Gilroy

T: 781-418-3345 / katie.gilroy@kdrp.com

ABOUT KEURIG DR PEPPER

Keurig Dr Pepper (Nasdaq: KDP) is a leading beverage company with more than 150 owned, licensed and partner brands that meet a wide range of needs and occasions. Our North American refreshment beverage business holds leadership positions across carbonated soft drinks, water, juice and mixers with a portfolio of iconic brands such as Dr Pepper®, Canada Dry®, Mott’s®, A&W®, Peñafiel®, GHOST®, 7UP®, Snapple®, Clamato® and Core Hydration®. Our global coffee business spans more than 100 markets and includes the leading Keurig® single‑serve brewing system in the U.S. and Canada, along with powerhouse brands such as Peet’s, L’OR and Jacobs, and other regional coffee leaders. Our more than 50,000 employees aim to enhance the experience of every beverage and coffee occasion while making a positive impact for people, communities and the planet. Learn more at www.keurigdrpepper.com and follow us @KeurigDrPepper on LinkedIn and Instagram.

FORWARD LOOKING STATEMENTS

Certain statements contained herein are "forward-looking statements" within the meaning of applicable securities laws and regulations. These forward-looking statements include those preceded by, followed by or that include the words such as "outlook," "guidance," "anticipate," "enable," "expect," "believe," "could," "confident," "estimate," "feel," "continue," "ongoing," "forecast," "intend," "may," "on track," "plan," "positioned," "potential," "project," "should," "target," "will," "would" and similar words, phrases, or expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These statements are based on the current expectations of our management, are not predictions of actual performance, and actual results may differ materially.

Forward-looking statements are subject to a number of risks and uncertainties, including the factors disclosed in our Annual Report on Form 10-K and subsequent filings with the SEC. Our actual financial performance could differ materially from the projections in the forward-looking statements due to a variety of factors, including, but not limited to, (i) the inherent uncertainty of estimates, forecasts and projections, (ii) global economic uncertainty or economic downturns, (iii) tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, or threats of such actions and related uncertainty, (iv) the risk that our financial performance may be better or worse than anticipated, (v) risks related to the completion of the separation of our beverage and coffee portfolios in the anticipated timeframe or at all, (vi) our incurrence of significant debt or our entry into other funding alternatives, in each case, to fund the acquisition of JDE Peet’s, which may result in dilution to our stockholders or introduce complexity to our capital structure, (vii) additional risks associated with the acquisition of JDE Peet's and those geographies where JDE Peet's currently operates, (viii) our ability to successfully integrate JDE Peet's into our business, or that such integration may be more difficult, time-consuming or costly than expected, (ix) constraints on management’s attention to operating and growing our business during the execution of the acquisition of JDE Peet's and the separation, (x) the potential downgrade of our credit ratings as a result of debt incurred and/or assumed in connection with the JDE Peet’s acquisition, (xi) the possibility of negative impacts on business relationships in connection with the acquisition of JDE Peet’s and the separation, (xii) the risk that the acquisition of JDE Peet's and the separation may incur significant additional costs, (xiii) the risk of potential litigation, (xiv) risks related to negative effects of the acquisition of JDE Peet’s and the separation on our share price and (xv) the ability to achieve the anticipated strategic and financial benefits from the separation. We are under no obligation to update, modify or withdraw any forward-looking statements, except as required by applicable law.

NON-GAAP FINANCIAL MEASURES

This release includes certain non-GAAP financial measures, which differ from results using U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures should be considered as supplements to and should not be considered replacements for, or superior to, the GAAP measures. These measures may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define the non-GAAP financial measure in the same way. Non-GAAP financial measures typically exclude certain charges, including one-time costs that are not expected to occur routinely in future periods, described by the Company as "items affecting comparability". Refer to page A-6 for the Company's description of items affecting comparability for each period presented. The Company uses non-GAAP financial measures to evaluate our operating and financial performance and to compare such performance to that of prior periods and to the performance of our competitors. Additionally, we use non-GAAP financial measures in making operational and financial decisions and in our budgeting and planning process. We believe that providing non-GAAP financial measures to investors helps investors evaluate our operating performance, profitability and business trends in a way that is consistent with how management evaluates such performance.

Adjusted gross profit. Adjusted gross profit is defined as Net sales less Cost of sales, as adjusted for items affecting comparability as described on page A-6. Management believes that Adjusted gross profit is useful for investors in evaluating the Company’s operating results and understanding the Company's operating trends by adjusting certain items that can vary significantly depending on specific underlying transactions or events, thereby affecting comparability.

Adjusted operating income. Adjusted operating income is defined as Income from operations, as adjusted for items affecting comparability as described on page A-6. Management believes that Adjusted operating income is useful for investors in evaluating the Company’s operating results and understanding the Company's operating trends by adjusting certain items that can vary significantly depending on specific underlying transactions or events, thereby affecting comparability.

Adjusted net income. Adjusted net income is defined as Net income, as adjusted for items affecting comparability as described on page A-6. Management believes that Adjusted net income is useful for investors in evaluating the Company’s operating results and understanding the Company's operating trends by adjusting certain items that can vary significantly depending on specific underlying transactions or events, thereby affecting comparability.

Adjusted diluted EPS. Adjusted diluted EPS is defined as Diluted EPS, as adjusted for items affecting comparability as described on page A-6. Management believes that Adjusted diluted EPS is useful for investors in providing period-to-period comparisons of the results of our operations since it adjusts for certain items affecting overall comparability.

Adjusted gross margin. Adjusted gross margin is defined as Adjusted gross profit divided by Net sales. Management believes that Adjusted gross margin is useful for investors as supplemental measures to evaluate our operating performance and ability to manage ongoing costs.

Adjusted operating margin. Adjusted operating margin is defined as Adjusted Income from operations divided by Net sales. Management believes that Adjusted operating margin is useful for investors as supplemental measures to evaluate our operating performance and ability to manage ongoing costs.

Adjusted interest expense. Adjusted interest expense is defined as Interest expense, net, as adjusted for items affecting comparability as described on page A-6. Management believes that Adjusted interest expense is useful for investors in evaluating our performance and establishing expectations for the impacts of interest expenses.

Adjusted EBITDA. Adjusted EBITDA is defined as EBITDA, as adjusted for items affecting comparability as described on page A-6. EBITDA is defined as Net income as adjusted for interest expense, net; provision for income taxes; depreciation expense; amortization of intangibles; and other amortization. Management believes that Adjusted EBITDA is useful for investors in evaluating the Company's operating results and understanding the Company's operating trends by adjusting certain items that can vary significantly depending on specific underlying transactions or events, thereby affecting comparability.

Management leverage ratio. Management leverage ratio is defined as KDP's total principal amounts of debt less cash and cash equivalents, divided by Adjusted EBITDA. Management believes that the Management leverage ratio is useful for investors in evaluating the Company’s liquidity and assessing the Company's ability to meet its financial obligations.

Free cash flow. Free cash flow is defined as net cash provided by operating activities adjusted for purchases of property, plant and equipment, proceeds from sales of property, plant and equipment, and certain items excluded for comparison to prior year periods. Management uses this measure to evaluate the company’s performance and make resource allocation decisions.

Financial measures presented on a constant currency basis. Defined as certain financial statement captions and metrics adjusted for certain items affecting comparability, calculated on a constant currency basis by converting our current period local currency financial results using the prior period foreign currency exchange rates. Because our reporting currency is the U.S. Dollar, the value of financial measures presented in U.S. Dollar will be affected by changes in currency exchange rates. Therefore, we present certain financial measures on a constant currency basis for greater comparability.

KEURIG DR PEPPER INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

First Quarter

(in millions, except per share data) 2026 2025

Net sales $ 3,976 $ 3,635

Cost of sales 1,878 1,650

Gross profit 2,098 1,985

Selling, general, and administrative expenses 1,342 1,192

Other operating income, net — (8)

Income from operations 756 801

Interest expense, net 281 148

Other expense (income), net 118 (7)

Income before provision for income taxes 357 660

Provision for income taxes 87 143

Net income $ 270 $ 517

Earnings per common share:

Basic $ 0.20 $ 0.38

Diluted 0.20 0.38

Weighted average common shares outstanding:

Basic 1,359.2 1,357.1

Diluted 1,363.7 1,362.2

A-1

KEURIG DR PEPPER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

March 31, December 31,

(in millions, except share and per share data) 2026 2025

Assets

Current assets:

Cash and cash equivalents $ 898 $ 1,026

Restricted cash and restricted cash equivalents 17,818 18

Trade accounts receivable, net 1,539 1,671

Inventories 1,829 1,733

Prepaid expenses and other current assets 1,048 818

Total current assets 23,132 5,266

Property, plant, and equipment, net 3,249 3,230

Equity method investments 1,703 1,660

Goodwill 20,210 20,247

Intangible assets, net 23,653 23,725

Deferred tax assets 17 36

Other non-current assets 1,176 1,295

Total assets $ 73,140 $ 55,459

Liabilities, convertible preferred stock, and equity

Current liabilities:

Accounts payable $ 2,843 $ 2,996

Accrued expenses 1,466 1,379

Structured payables 22 25

Short-term borrowings and current portion of long-term obligations 4,816 3,105

Other current liabilities 878 785

Total current liabilities 10,025 8,290

Long-term obligations 20,891 13,036

Deferred tax liabilities 5,467 5,526

Other non-current liabilities 3,157 3,091

Total liabilities 39,540 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 March 31, 2026 and December 31, 2025, respectively. Liquidation preference of $4,500 million as of March 31, 2026

4,418 —

Stockholders' equity:

Preferred stock, $0.01 par value, 10,500,000 shares authorized, no shares issued as of March 31, 2026 and December 31, 2025

— —

Common stock, $0.01 par value, 2,000,000,000 shares authorized, 1,360,434,759 and 1,358,663,795 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

14 14

Additional paid-in capital 19,783 19,778

Retained earnings 5,580 5,622

Accumulated other comprehensive (loss) income (116) 102

Total stockholders' equity 25,261 25,516

Non-controlling interest 3,921 —

Total equity 29,182 25,516

Total liabilities, convertible preferred stock, and equity $ 73,140 $ 55,459

A-2

KEURIG DR PEPPER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

First Quarter

(in millions) 2026 2025

Operating activities:

Net income $ 270 $ 517

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense 114 106

Amortization of intangibles 37 34

Other amortization expense 34 23

Provision for sales returns 11 11

Deferred income taxes 4 (6)

Employee stock-based compensation expense 30 22

Amortization of deferred financing costs 98 3

Loss (gain) on disposal of property, plant, and equipment

10 (6)

Unrealized gain on foreign currency

(20) —

Unrealized gain on derivatives

(64) (62)

Settlements of interest rate contracts 70 —

Earnings of equity method investments (16) (10)

Earned equity from distribution arrangements (8) (10)

Other, net (14) (5)

Changes in assets and liabilities, excluding the effects of business acquisitions:

Trade accounts receivable 118 164

Inventories (101) (239)

Income taxes receivable and payable, net 43 (27)

Other current and non-current assets (216) (110)

Accounts payable and accrued expenses (129) (173)

Other current and non-current liabilities 10 (23)

Net change in operating assets and liabilities (275) (408)

Net cash provided by operating activities 281 209

Investing activities:

Purchases of property, plant, and equipment (116) (120)

Proceeds from sales of property, plant, and equipment 19 13

Purchases of intangibles (2) (14)

Other, net 1 64

Net cash used in investing activities $ (98) $ (57)

A-3

KEURIG DR PEPPER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

First Quarter

(in millions) 2026 2025

Financing activities:

Proceeds from issuance of Maple Notes $ 6,003 $ —

Net (repayment) issuance of commercial paper (21) 1,356

Proceeds from delayed draw term loan

3,626 —

Repayment of term loan — (990)

Net proceeds from issuance of convertible preferred stock 4,489 —

Net proceeds from sale of non-controlling interest 3,948 —

Proceeds from structured payables 3 8

Repayments of structured payables (7) (18)

Cash dividends paid (312) (312)

Tax withholdings related to net share settlements (25) (23)

Payments on finance leases (34) (25)

Deferred financing charges paid (28) (3)

Other, net (3) —

Net cash provided by (used in) financing activities

17,639 (7)

Cash, cash equivalents, restricted cash, and restricted cash equivalents:

Net change from operating, investing, and financing activities 17,822 145

Effect of exchange rate changes (150) (2)

Beginning balance 1,044 608

Ending balance $ 18,716 $ 751

A-4

KEURIG DR PEPPER INC.

RECONCILIATION OF SEGMENT INFORMATION

(UNAUDITED)

First Quarter

(in millions) 2026 2025

Net Sales

U.S. Refreshment Beverages $ 2,599 $ 2,323

U.S. Coffee 857 877

International 520 435

Total net sales $ 3,976 $ 3,635

Income from Operations

U.S. Refreshment Beverages $ 721 $ 654

U.S. Coffee 160 202

International 85 90

Unallocated corporate costs (210) (145)

Total income from operations $ 756 $ 801

A-5

KEURIG DR PEPPER INC.

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

CERTAIN LINE ITEMS - CONSOLIDATED

(UNAUDITED)

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures that reflect the way management evaluates the business may provide investors with additional information regarding the Company's results, trends and ongoing performance on a comparable basis.

Specifically, investors should consider the following with respect to our financial results:

Adjusted: Defined as certain financial statement captions and metrics adjusted for certain items affecting comparability.

Items affecting comparability: Defined as certain items that are excluded for comparison to prior year periods, adjusted for the tax impact as applicable. Tax impact is determined based upon an approximate rate for each item. For each period, management adjusts for (i) the unrealized mark-to-market impact of derivative instruments not designated as hedges in accordance with U.S. GAAP that do not have an offsetting risk reflected within the financial results, as well as the unrealized mark-to-market impact of our Vita Coco investment prior to its sale in the first quarter of 2025; (ii) the amortization associated with definite-lived intangible assets; (iii) the amortization of the deferred financing costs associated with the DPS Merger; (iv) the amortization of the fair value adjustment of the senior unsecured notes obtained as a result of the DPS Merger; (v) stock compensation expense and the associated windfall tax benefit attributable to the matching awards made to employees who made an initial investment in KDP; (vi) transaction costs for significant business combinations (completed or abandoned), excluding costs related to the JDE Peet’s acquisition; (vii) non-cash changes in deferred tax liabilities related to goodwill and intangible assets as a result of tax rate or apportionment changes; and (viii) other certain items that are excluded for comparison purposes to prior year periods.

For the first quarter of 2026, the other certain items excluded for comparison purposes include (i) productivity expenses; (ii) restructuring adjustments associated with the 2023 CEO Succession and Associated Realignment; (iii) costs related to significant non-routine legal matters, including the antitrust litigation; (iv) restructuring expenses associated with the Network Optimization program; (v) integration expenses associated with the Dyla acquisition; (vi) the change in our mandatory redemption liability for GHOST; and (vii) acquisition, integration, and financing costs associated with the acquisition of JDE Peet's and subsequent spin of Global Coffee Co.

The acquisition, integration, and financing costs associated with the acquisition of JDE Peet's and subsequent spin of Global Coffee Co. includes costs to obtain proceeds to close the JDE Peet's acquisition and costs to manage the FX risk associated with the purchase price. In connection with the acquisition of JDE Peet's, we entered into financing arrangements and incurred deferred financing costs associated with these agreements. Further, we executed certain FX forward contracts to protect against negative foreign exchange movement against the Euro-denominated purchase price prior to the close of the acquisition of JDE Peet's.

For the first quarter of 2025, the other certain items excluded for comparison purposes include (i) productivity expenses; (ii) restructuring expenses associated with the 2023 CEO Succession and Associated Realignment; (iii) costs related to significant non-routine legal matters, including the antitrust litigation; (iv) restructuring expenses associated with the Network Optimization program; (v) the impact of the step-up of acquired inventory associated with the GHOST acquisition; (vi) integration expenses associated with the GHOST acquisition; (vii) the change in our mandatory redemption liability for GHOST; and (viii) non-cash changes in deferred tax liabilities related to goodwill and other intangible assets as a result of tax rate or apportionment changes.

Constant currency adjusted: Defined as certain financial statement captions and metrics adjusted for certain items affecting comparability, calculated on a constant currency basis by converting our current period local currency financial results using the prior period foreign currency exchange rates.

For the first quarter of 2026 and 2025, the supplemental financial data set forth below includes reconciliations of adjusted and constant currency adjusted financial measures to the applicable financial measure presented in the unaudited condensed consolidated financial statements for the same period.

A-6

KEURIG DR PEPPER INC.

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

CERTAIN LINE ITEMS - CONSOLIDATED

(UNAUDITED)

(in millions, except %) Gross profit Gross margin Income from operations Operating margin

First Quarter of 2026

Reported $ 2,098 52.8 % $ 756 19.0 %

Items Affecting Comparability:

Productivity 1 14

Mark-to-market (23) (92)

Amortization of intangibles — 37

Stock compensation — 5

Non-routine legal matters — 4

Restructuring - 2023 CEO Succession and Associated Realignment — 1

Restructuring - Network Optimization 4 23

Acquisition, integration, and financing costs - Acquisition of JDE Peet's and Spin of Global Coffee Co. 6 88

Integration of acquisitions, excluding JDE Peet's — 2

Adjusted $ 2,086 52.5 % $ 838 21.1 %

Impact of foreign currency — % 0.1 %

Constant currency adjusted 52.5 % 21.2 %

First Quarter of 2025

Reported $ 1,985 54.6 % $ 801 22.0 %

Items Affecting Comparability:

Productivity 25 32

Mark-to-market (39) (43)

Amortization of intangibles — 34

Stock compensation — 2

Non-routine legal matters — 3

Restructuring - 2023 CEO Succession and Associated Realignment — (1)

Restructuring - Network Optimization 1 2

Integration of acquisitions, excluding JDE Peet's — 3

Inventory step-up 15 15

Transaction costs — (1)

Adjusted $ 1,987 54.7 % $ 847 23.3 %

Refer to pages A-10 and A-11 for reconciliations of reported net sales to constant currency net sales and adjusted income from operations to constant currency adjusted income from operations.

A-7

KEURIG DR PEPPER INC.

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

CERTAIN LINE ITEMS - CONSOLIDATED

(UNAUDITED)

(in millions, except % and per share data) Interest expense, net Other expense (income), net Income before provision for income taxes Provision for income taxes Effective tax rate Net income Diluted earnings per share

First Quarter of 2026

Reported $ 281 $ 118 $ 357 $ 87 24.4 % $ 270 $ 0.20

Items Affecting Comparability:

Productivity — — 14 3 11 0.01

Mark-to-market (1) — (91) (3) (88) (0.06)

Amortization of intangibles — — 37 7 30 0.02

Stock compensation — — 5 1 4 —

Amortization of fair value debt adjustment (3) — 3 1 2 —

Non-routine legal matters — — 4 1 3 —

Restructuring - 2023 CEO Succession and Associated Realignment — — 1 — 1 —

Restructuring - Network Optimization — — 23 4 19 0.01

Acquisition, integration, and financing costs - Acquisition of JDE Peet's and Spin of Global Coffee Co. (99) (111) 298 37 261 0.19

Change in mandatory redemption liability for GHOST — (24) 24 5 19 0.01

Integration of acquisitions, excluding JDE Peet's — — 2 — 2 —

Adjusted $ 178 $ (17) $ 677 $ 143 21.1 % $ 534 $ 0.39

Impact of foreign currency (0.1) %

Constant currency adjusted 21.0 %

Diluted earnings per common share may not foot due to rounding.

A-8

KEURIG DR PEPPER INC.

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

CERTAIN LINE ITEMS - CONSOLIDATED

(UNAUDITED)

First Quarter of 2025

Reported $ 148 $ (7) $ 660 $ 143 21.7 % $ 517 $ 0.38

Items Affecting Comparability:

Productivity — — 32 6 26 0.02

Mark-to-market 23 (32) (34) (1) (33) (0.02)

Amortization of intangibles — — 34 6 28 0.02

Stock compensation — — 2 — 2 —

Amortization of fair value of debt adjustment (4) — 4 1 3 —

Non-routine legal matters — — 3 — 3 —

Restructuring - 2023 CEO Succession and Associated Realignment — — (1) — (1) —

Restructuring - Network Optimization — — 2 — 2 —

Change in mandatory redemption liability for GHOST — (11) 11 2 9 0.01

Integration of acquisitions, excluding JDE Peet's — — 3 1 2 —

Inventory step-up — — 15 2 13 0.01

Transaction costs — — (1) — (1) —

Change in deferred tax liabilities related to goodwill and other intangible assets — — — 2 (2) —

Adjusted $ 167 $ (50) $ 730 $ 162 22.2 % $ 568 $ 0.42

Change - adjusted 6.6 % (6.0) % (7.1) %

Impact of foreign currency 0.6 % (0.9) % — %

Change - Constant currency adjusted 7.2 % (6.9) % (7.1) %

Diluted earnings per common share may not foot due to rounding.

A-9

KEURIG DR PEPPER INC.

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

INCOME FROM OPERATIONS - CONSOLIDATED AND SEGMENTS

(UNAUDITED)

(in millions, except %) U.S. Refreshment Beverages U.S. Coffee International Unallocated corporate costs Total

First Quarter of 2026

Reported - Income from Operations $ 721 $ 160 $ 85 $ (210) $ 756

Items Affecting Comparability:

Productivity — 1 — 13 14

Mark-to-market — — — (92) (92)

Amortization of intangibles 12 23 2 — 37

Stock compensation — — — 5 5

Non-routine legal matters — — — 4 4

Restructuring - 2023 CEO Succession and Associated Realignment — — — 1 1

Restructuring - Network Optimization 7 15 — 1 23

Acquisition, integration, and financing costs - Acquisition of JDE Peet's and Spin of Global Coffee Co. — — — 88 88

Integration of acquisitions, excluding JDE Peet's 2 — — — 2

Adjusted - Income from Operations $ 742 $ 199 $ 87 $ (190) $ 838

First Quarter of 2025

Reported - Income from Operations $ 654 $ 202 $ 90 $ (145) $ 801

Items Affecting Comparability:

Productivity — 25 — 7 32

Mark-to-market — — — (43) (43)

Amortization of intangibles 7 24 3 — 34

Stock compensation — — — 2 2

Non-routine legal matters — — — 3 3

Restructuring - 2023 CEO Succession and Associated Realignment — — — (1) (1)

Restructuring - Network Optimization — 2 — — 2

Integration of acquisitions, excluding JDE Peet's — — — 3 3

Inventory step-up 15 — — — 15

Transaction costs — — — (1) (1)

Adjusted - Income from Operations $ 676 $ 253 $ 93 $ (175) $ 847

Change - adjusted 9.8 % (21.3) % (6.5) % 8.6 % (1.1) %

Impact of foreign currency — % — % (8.6) % (0.6) % (0.8) %

Change - constant currency adjusted 9.8 % (21.3) % (15.1) % 8.0 % (1.9) %

A-10

KEURIG DR PEPPER INC.

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

CHANGE IN NET SALES AND OPERATING MARGIN - CONSOLIDATED AND SEGMENTS

(UNAUDITED)

Reported Impact of Foreign Currency Constant Currency

First Quarter of 2026

Change in net sales

U.S. Refreshment Beverages 11.9 % — % 11.9 %

U.S. Coffee (2.3) — (2.3)

International 19.5 (11.0) 8.5

Total change in net sales 9.4 (1.3) 8.1

Reported Items Affecting Comparability Adjusted Impact of Foreign Currency Constant Currency Adjusted

First Quarter of 2026

Operating margin

U.S. Refreshment Beverages 27.7 % 0.8 % 28.5 % — % 28.5 %

U.S. Coffee 18.7 4.5 23.2 — 23.2

International 16.3 0.4 16.7 — 16.7

Total operating margin 19.0 2.1 21.1 0.1 21.2

Reported Items Affecting Comparability Adjusted

First Quarter of 2025

Operating margin

U.S. Refreshment Beverages 28.2 % 0.9 % 29.1 %

U.S. Coffee 23.0 5.8 28.8

International 20.7 0.7 21.4

Total operating margin 22.0 1.3 23.3

A-11

KEURIG DR PEPPER INC.

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

ADJUSTED EBITDA AND MANAGEMENT LEVERAGE RATIO

(UNAUDITED)

(in millions, except for ratio) Last Twelve Months

Net income $ 1,832

Interest expense, net 887

Provision for income taxes 552

Depreciation expense 463

Other amortization 171

Amortization of intangibles 141

EBITDA 4,046

Items affecting comparability:

Productivity 140

Mark-to-market (120)

Stock compensation 16

Non-routine legal matters 22

Restructuring - 2023 CEO Succession and Associated Realignment 3

Restructuring - Network Optimization 74

Impairment of intangible assets 78

Acquisition, integration, and financing costs - Acquisition of JDE Peet's and Spin of Global Coffee Co. 319

Change in mandatory redemption liability for GHOST 227

Integration of acquisitions, excluding JDE Peet's 39

Inventory step-up 2

Transaction costs, excluding JDE Peet’s 5

Adjusted EBITDA $ 4,851

March 31,

2026

Principal amounts of:

Commercial paper notes $ 2,189

Senior unsecured notes 20,067

Delayed draw term loan 3,626

Total principal amounts 25,882

Less:

Cash and cash equivalents 898

Certain restricted cash and cash equivalents(1)

17,800

Total principal amounts less cash and cash equivalents $ 7,184

March 31, 2026 Management Leverage Ratio

1.5

(1)Reflects cash legally segregated to be utilized for the completion of the JDE Peet's Acquisition, which occurred on April 1, 2026.

A-12

KEURIG DR PEPPER INC.

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

ADJUSTED EBITDA - LAST TWELVE MONTHS

(UNAUDITED)

(in millions)

Second Quarter of 2025

Third Quarter of 2025

Fourth Quarter of 2025

First Quarter of 2026 Last Twelve Months

Net income $ 547 $ 662 $ 353 $ 270 $ 1,832

Interest expense, net 180 188 238 281 887

Provision for income taxes 171 190 104 87 552

Depreciation expense 111 119 119 114 463

Other amortization 40 54 43 34 171

Amortization of intangibles 34 33 37 37 141

EBITDA $ 1,083 $ 1,246 $ 894 $ 823 $ 4,046

Items affecting comparability:

Productivity $ 40 $ 31 $ 56 $ 13 $ 140

Mark-to-market (6) (40) 18 (92) (120)

Stock compensation 4 4 3 5 16

Non-routine legal matters 5 9 4 4 22

Restructuring - 2023 CEO Succession and Associated Realignment 1 — 1 1 3

Restructuring - Network Optimization 10 26 15 23 74

Impairment of intangible assets — — 78 — 78

Acquisition, integration, and financing costs - Acquisition of JDE Peet's and Spin of Global Coffee Co. — (15) 135 199 319

Change in mandatory redemption liability for GHOST 29 20 154 24 227

Integration of acquisitions, excluding JDE Peet's 28 4 5 2 39

Inventory step-up 2 — — — 2

Transaction costs, excluding JDE Peet’s 5 — — — 5

Adjusted EBITDA $ 1,201 $ 1,285 $ 1,363 $ 1,002 $ 4,851

A-13

KEURIG DR PEPPER INC.

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

FREE CASH FLOW

(UNAUDITED)

Free cash flow is defined as net cash provided by operating activities adjusted for purchases of property, plant, and equipment, proceeds from sales of property, plant, and equipment, and certain items excluded for comparison to prior year periods. For the first quarter of 2026 and 2025, there were no certain items excluded for comparison to prior year periods.

First Quarter

(in millions) 2026 2025

Net cash provided by operating activities $ 281 $ 209

Purchases of property, plant, and equipment (116) (120)

Proceeds from sales of property, plant, and equipment 19 13

Free Cash Flow $ 184 $ 102

A-14

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