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KDP US S&P 500NASDAQ-100Russell 1000 Earnings call · transcribed from the recording

Keurig Dr Pepper (KDP) · Q3 2026 results and valuation

Share price: $38.25 · 2026-11-11

Results Q3 2026 vs Q2 2026 · previous quarter · published 3 Nov 2026 and 6 Aug 2026

Management sounded upbeat, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

—

Figures not yet filed

Outlook given

2 · How management spoke

Upbeat

More upbeat than 72% of company calls

Answers to analysts: upbeat, in line with the script.

Last call it was different: the answers were more upbeat than the script.

3 · What stood out

Guidance

Keurig Dr Pepper expects these drivers to persist, though the price-cost benefit should moderate from Q3 levels.

Valuation

Is Keurig Dr Pepper undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 5.7% growth a year (3-year revenue growth), the model's fair value is $16.93 a share — the stock trades 126% above it. Today's price assumes 15.9% growth a year.

Current price

$38.25

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+15.9% for 10 yrs

Fair value / share

$16.93

Buy below

$12.70

Price vs fair value

Overvalued 126%

Price vs buy-below price

Overvalued >200%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    Coffee operating unit

    Source quote
    “Russ Torres, the head of KDP's Coffee Operating Unit and the future Pepper's Chief Executive Officer Tim Cofer and Chief Financial Officer Anthony DeSylvestro. will also provide brief prepared remarks.”
  2. Guidance

    On the bottom line, Keurig Dr Pepper is reaffirming its outlook for low double-digit constant currency EPS growth, which now includes an anticipated 7 to 8 percentage points contribution from the JDE PETES...

  3. Figure

    Total net sales grew 70%, which included the benefit of the JDP's acquisition.

  4. Fading

    As Keurig Dr Pepper signaled last quarter, this was due to its hedging approach and inventory positioning, which caused elevated green coffee…

    Source quote
    “As we signaled last quarter, this was due to our hedging approach and inventory positioning, which caused elevated green coffee... Year-over-year profit pressure was primarily driven by the impact of significantly higher input costs. While we always anticipated subdued segment performance in the quarter, the magnitude was larger than we initially estimated.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.

Prepared remarks Upbeat (was cautious)
Answers to analysts Upbeat (was very upbeat)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“Finally, KDP International delivered solid results with net sales growing at a high single-digit rate led by good momentum in refreshment beverages across our markets.”
“We maintained our strong momentum in refreshment beverages, drove another quarter of solid performance in JDE Peets, and grew both top and bottom line in our U.S.”
“Looking ahead, we expect a consistent profit growth contribution from the KDP international segment over time, including an improved trend in Q4.”

Full figures

Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.

Topics

Most discussed now

  • This volume mix growth more than offset lower net price in the period, which was driven by reinvestment of moderating...
  • Underlying profit trends also improved from the first half, but at a more modest pace than Keurig Dr Pepper had expected, given...
  • Russ is a proven leader with a decades-long track record of cultivating consumer brands, executing large-scale transformations, driving…
  • Pepper is rooted in its distinctive brand positioning, which Keurig Dr Pepper continually reinforce with compelling marketing.
  • This incremental distribution opportunity should serve as another ongoing tailwind for the brand.

Faded since Q2 2026

  • Fading Bloom and GHOST were 2 of the top-performing trademarks in the category, underscoring their meaningful consumer resonance and reflecting…
  • Fading Customers to an integrated sales force and single invoice for the joint Keurig and Peet's portfolio with the transition completed...
  • Fading For more information, please refer to Keurig Dr Pepper's earnings release and the risk factors discussed in its most recent Form 10-K...

Latest announcements

Official filings, newest first.

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