Keurig Dr Pepper Inc.

Company facts

Industry

Beverages

Headquarters

Frisco, Texas

Most recent report

10-Q, filed Nov 9, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 1418135

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 10 sections worth reading, with 0 positive, 19 notable, and 1 negative flags.

• Financial Statements (Item 1)

  Massive acquisition transforms balance sheet; debt, preferred stock, and JV all new.
  Notable

  • Inventory step-up of $361M fully expensed in cost of sales in first nine months of 2026 as acquired inventory was sold.
  • Preliminary goodwill of $9.7B and $14.8B in intangible assets recorded from JDE Peet's acquisition.
  • Pod Manufacturing JV raised $4B from investors for a 49% stake; KDP retains 51% and consolidates the VIE.
  • Chobani sale: $400M gain on equity sale, plus $125M from facility sale; KDP remains guarantor on leases up to $213M.
  • Antitrust litigation: court dismissed material claims; plaintiffs originally claimed >$1.5B; no accrual recorded.
  • Tariff refunds: $99M received and recorded as benefit to gross profit in Q3 2026; more claims pending.
  • Restructuring programs total up to $575M through 2029; $257M incurred in first nine months of 2026 for JDE Peet's integration.

• Management's Discussion (Item 2)

  Major acquisition, debt-funded, EPS down 33%, credit downgraded, Chobani gain distorts earnings.
  Notable

  • Chobani transactions generated a $330M net pre-tax gain in Q3 2026, boosting reported net income.
  • JDE Peet's contributed 61.5 percentage points of volume/mix growth in Q3 2026; legacy KDP grew 6.5% organically.
  • U.S. Coffee coffee volume fell 6.7% in first nine months 2026; appliance volume rose 5.4% on easy compare.
  • Net cash from operations rose to $2,220M for first nine months 2026 from $1,279M, helped by working capital.
  Negative

  • Credit ratings downgraded to Baa3/BBB- in March 2026; may raise borrowing costs and reduce flexibility.

• Market Risk (Item 3)

  New JDE Peet's acquisition adds material FX, interest rate, and commodity risks with specific numbers.
  Notable

  • JDE Peet's added $6.1B in FX derivatives (Sept 30, 2026), maturing through Feb 2034, to manage euro/USD and other exposures.
  • A 10% euro weakening vs USD would cut fair value of those FX derivatives by ~$62M (Sept 30, 2026).
  • JDE Peet's has $4.5B fixed-rate and $682M variable-rate notes outstanding as of Sept 30, 2026.
  • Coffee bean price risk is the main commodity exposure; $192M in derivatives hedge through Dec 2027.
  • Commodity derivatives had a net asset fair value of $22M as of Sept 30, 2026; a 10% price swing changes value by ~$20M.

• Controls and Procedures (Item 4)

  Acquisition integration is ongoing; internal controls over acquired business are excluded for the year.
  Notable

  • JDE Peet's Acquisition completed April 1, 2026, materially affecting financial position, results, and cash flows.
  • Internal controls over financial reporting are being redesigned and integrated for JDE Peet's; effectiveness testing is pending.
  • JDE Peet's will be excluded from management's 2026 annual report on internal control over financial reporting, per SEC transition rules.

What changed: Sep 2026 vs. Jun 2026

About 5% of KDP's Sep 2026 10-Q is new information. 24 paragraphs were added, 169 changed, and 254 removed. Below are the most important lines SECSift identified.

• Item 1 75
• Item 2 69
• Item 3 4
• Item 4 2
• Item 1A 1
• Item 5 1