Analyst Consensus ?
ConsensusBuy29 ratings
Bullish1862.1%
Neutral1137.9%
Bearish00.0%
Keurig Dr Pepper Inc. · KDP · FY2026 Q3 · Calendar Q4 2026
Keurig Dr Pepper’s Q3 growth highlights a widening split between beverages and coffee
The supplied Q3 analysis describes strong refreshment-beverage momentum and a sizable contribution from JDE Peet’s, while weakness in coffee and a planned corporate separation make execution and the durability of growth central to the outlook.
Reported Before market openNASDAQConsumer Defensive
$50.11B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.62
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $7.33B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-5.6%
Event window
SPY move
+0.5%
Same window
Abnormal move
-6.1%
Stock minus SPY
Volume
0.6×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
KDPSPY benchmark
Ask FN2 about KDP FY2026 Q3
Transcript, numbers and history already loaded
What drove KDP's -5.6% move after FY2026 Q3 earnings?What changed in KDP's guidance and outlook in FY2026 Q3?Give me the bull and bear case for KDP after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current analysis describes continued strength in U.S. refreshment beverages and further JDE Peet’s contribution, but identifies softer coffee demand and a more gradual coffee-profit improvement outlook. It also reports that the planned separation into BevCo and Global Coffee Co remains on schedule for early 2027.
Guidance delta
Guidance sentiment is described as maintained. The supplied analysis does not indicate a change to guidance.
Key takeaways
- The analysis attributes Q3 net-sales growth of 70% to the JDE Peet’s acquisition and reports legacy sales growth of 8.6%.
- U.S. refreshment beverages showed double-digit growth across carbonated soft drinks, energy and hydration, supported by volume mix and price realization.
- Coffee softness tied to value-sensitive consumer shifts led to a more gradual profit-improvement outlook.
- JDE Peet’s integration is contributing sales and operating income, with additional synergies still a management priority.
Management priorities
- Capture further cost synergies through JDE Peet’s integration.
- Expand refreshment and energy offerings through product innovation and distribution.
- Prepare the planned early-2027 separation into BevCo and Global Coffee Co.
- Develop the Keurig Alta brewer and ready-to-drink products with Chobani.
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Analyst 52W Price Targets
$35.29Current
$24Low
$36.25Average
$43High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | Oct 22, 2026 |
| Argus Research | Buy | Buy | Maintain | Sep 15, 2026 |
| HSBC | Buy | Hold | Upgrade | Aug 13, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 10, 2026 |
| UBS | Buy | Buy | Maintain | Aug 7, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Aug 7, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 14, 2026 |
| BNP Paribas | Neutral | Underperform | Upgrade | Apr 22, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 8, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Mar 30, 2026 |
| Jefferies | Hold | Buy | Downgrade | Dec 17, 2025 |
| Piper Sandler | Overweight | Overweight | Maintain | Dec 15, 2025 |
| B of A Securities | Buy | Buy | Maintain | Oct 8, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 2, 2025 |
| RBC Capital | Outperform | Outperform | Maintain | Apr 22, 2025 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Apr 1, 2025 |
| TD Cowen | Hold | Hold | Maintain | Jan 8, 2025 |
| Truist Securities | Hold | Sell | Upgrade | Jun 17, 2024 |
| Wedbush | Outperform | Outperform | Maintain | Feb 26, 2024 |
| Bernstein | Outperform | Outperform | Maintain | Oct 12, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 30, 2021 |
| Bank of America | Buy | Buy | Maintain | Aug 9, 2019 |
| BMO Capital | Outperform | Market Perform | Upgrade | Jun 17, 2019 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Dec 7, 2018 |
| Macquarie | Outperform | Outperform | Maintain | Dec 4, 2018 |
| Gabelli & Co. | Hold | Buy | Downgrade | Nov 9, 2018 |
| Guggenheim | Neutral | Neutral | Maintain | Sep 14, 2018 |
| Susquehanna | Outperform | Positive | Maintain | Jul 25, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jul 11, 2018 |
Named analyst price targets
Upside is calculated against the persisted current price $35.29. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Dara Mohsenian | $38 | $31.06 | +7.7% | Aug 20, 2026 |
| HSBC | Analyst unavailable | $40 | $29.56 | +13.4% | Aug 13, 2026 |
| Barclays | Analyst unavailable | $38 | $30.01 | +7.7% | Aug 10, 2026 |
| RBC Capital | Nik Modi | $42 | $30.88 | +19.0% | Aug 4, 2026 |
| UBS | Peter Grom | $38 | $31.05 | +7.7% | Jul 16, 2026 |
| Bernstein | Analyst unavailable | $39 | $31.24 | +10.5% | Jul 8, 2026 |
| Wells Fargo | Analyst unavailable | $37 | $32.73 | +4.9% | Jul 1, 2026 |
| Bernstein | Analyst unavailable | $38 | $31.23 | +7.7% | Jun 11, 2026 |
| UBS | Analyst unavailable | $34 | $28.85 | -3.6% | Apr 24, 2026 |
| Evercore ISI | Analyst unavailable | $30 | $28.76 | -15.0% | Apr 24, 2026 |
| Barclays | Analyst unavailable | $28 | $25.93 | -20.6% | Apr 14, 2026 |
| UBS | Peter Grom | $36 | $30.49 | +2.0% | Feb 26, 2026 |
| Jefferies | Kaumil Gajrawala | $32 | $28.59 | -9.3% | Dec 16, 2025 |
| Piper Sandler | Michael Lavery | $38 | $29.5 | +7.7% | Dec 15, 2025 |
| Deutsche Bank | Analyst unavailable | $32 | $29.5 | -9.3% | Dec 15, 2025 |
| UBS | Peter Grom | $35 | $28.69 | -0.8% | Oct 28, 2025 |
| Barclays | Lauren Lieberman | $30 | $28.64 | -15.0% | Oct 28, 2025 |
| Wells Fargo | Analyst unavailable | $35 | $28.68 | -0.8% | Oct 28, 2025 |
| BNP Paribas | Kevin Grundy | $24 | $27.11 | -32.0% | Sep 22, 2025 |
| HSBC | Sorabh Daga | $30 | $30.48 | -15.0% | Aug 26, 2025 |
| Jefferies | Kaumil Gajrawala | $41 | $31.1 | +16.2% | Aug 25, 2025 |
| HSBC | Analyst unavailable | $42 | $34.4 | +19.0% | Apr 25, 2025 |
| Barclays | Analyst unavailable | $39 | $34.2 | +10.5% | Feb 27, 2025 |
| Piper Sandler | Mike Lavery | $35 | $34.12 | -0.8% | Feb 25, 2025 |
| Jefferies | Kaumil Gajrawala | $42 | $36.92 | +19.0% | Oct 16, 2024 |
| Barclays | Lauren Lieberman | $41 | $36.51 | +16.2% | Oct 11, 2024 |
| Deutsche Bank | Steve Powers | $37 | $37.46 | +4.9% | Sep 23, 2024 |
| Citigroup | Filippo Falorni | $43 | $37.46 | +21.9% | Sep 23, 2024 |
| Barclays | Lauren Lieberman | $37 | $33.14 | +4.9% | Jul 19, 2024 |
| Truist Financial | Bill Chappell | $34 | $34.06 | -3.6% | Jun 17, 2024 |
| UBS | Sean King | $40 | $34.22 | +13.4% | Jun 10, 2024 |
| Wells Fargo | Bonnie Herzog | $41 | $34.82 | +16.2% | Jun 5, 2024 |
| Jefferies | Kaumil Gajrawala | $39 | $33.84 | +10.5% | Apr 25, 2024 |
| Jefferies | Kaumil Gajrawala | $35 | $30.73 | -0.8% | Mar 27, 2024 |
| Credit Suisse | Theo Brito | $38 | $35 | +7.7% | Mar 21, 2023 |
| Wells Fargo | Analyst unavailable | $40 | $35.34 | +13.4% | Jan 3, 2023 |
| Deutsche Bank | Analyst unavailable | $39 | $37.76 | +10.5% | Dec 6, 2022 |
| Deutsche Bank | Steve Powers | $38 | $38.11 | +7.7% | Oct 28, 2022 |
| Goldman Sachs | Bonnie Herzog | $37 | $37.28 | +4.9% | Sep 27, 2022 |
| Barclays | Analyst unavailable | $46 | $37.8 | +30.4% | May 2, 2022 |
| RBC Capital | Analyst unavailable | $43 | $37.99 | +21.9% | Apr 29, 2022 |
| UBS | Sean King | $41 | $34.67 | +16.2% | Jul 30, 2021 |
| Morgan Stanley | Dara Mohsenian | $36 | $35.11 | +2.0% | Apr 30, 2021 |
Track every rating change on KDP the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationKeurig Dr Pepper Inc. is a prominent beverage firm with operations spanning both the United States and global markets. The company structures its business across four primary divisions: Coffee Systems, Packaged Beverages, Beverage Concentrates, and Latin America Beverages. Its Coffee Systems division is responsible for the production and distribution of an array of finished products linked to its coffee brewing systems, including K-Cup single-serve pods, brewing machines, and specialized coffee blends. Brewers are offered for sale via external distributors, various retail outlets, and directly through its official website, keurig.com. The Packaged Beverages segment focuses on manufacturing and distributing its proprietary packaged drink labels.…
Historical context
All KDP earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ADM Archer-Daniels-Midland Company | FY2026 Q3 · Calendar Q4 2026 | — | -4.7% | ADM raises its outlook as biofuel margins and crush volumes strengthen |
| CLX The Clorox Company | FY2027 Q1 · Calendar Q4 2026 | +44.9% | +2.2% | Clorox Holds FY27 Outlook as Inflation Pressures Q1 Margins |
| EL The Estée Lauder Companies Inc. | FY2027 Q1 · Calendar Q4 2026 | +42.0% | -4.1% | Estée Lauder raises FY2027 outlook after broad Q1 growth |
| CHD Church & Dwight Co., Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.2% | +1.2% | Church & Dwight raises sales outlook after strong Q3 organic growth |
Latest beats and misses
Who reports nextBeat on EPS
- EQH-PAFY2026 Q3 · November 2, 2026+14.5% EPS— move
- WMBFY2026 Q3 · November 2, 2026+0.2% EPS+3.5% move
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
Missed on EPS
- CRBGFY2026 Q3 · November 2, 2026-0.8% EPS+2.5% move
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
Get the KDP recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-11-03T16:08:39.218534+00:00
- FN2 earnings calendar · 2026-11-03T01:23:13.143323+00:00
- Polygon adjusted daily market bars · 2026-11-03T16:20:49.159472+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T16:20:49.156813+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.