Keurig Dr Pepper Delivers Strong Q1 2025, Reaffirms Full-Year Outlook

Keurig Dr Pepper reported Q1 2025 net sales of $3.64 billion, up 4.8% (6.4% constant currency). Adjusted EPS rose 10.5% to $0.42. U.S. Refreshment Beverages grew 11%, while U.S. Coffee fell 3.7% and International dropped 6.3% (but rose 5.4% in constant currency). GAAP net income increased to $517 million. Free cash flow totaled $102 million. The company reaffirmed its 2025 guidance of mid-single-digit constant currency net sales growth and high-single-digit adjusted EPS growth, despite macro challenges. Two new independent directors joined the board on April 24.