Earnings call transcript: Keurig Dr Pepper tops Q3 2026 estimates, shares fall premarket

Keurig Dr Pepper exceeded analyst expectations for Q3 2026 in terms of both earnings and revenue, but the stock declined 4.16% in premarket trading following the announcement. The company reported adjusted earnings per share of $0.66, surpassing the estimated $0.62, while revenue reached $7.34 billion, slightly above the forecasted $7.33 billion.

Shares opened at $35.29, down from the previous close of $36.82. Keurig Dr Pepper saw modest earnings growth, with EPS 6.45% above forecasts. Revenue also outpaced expectations, but the growth was narrow.

U.S. Refreshment Beverages contributed to the strong quarter, marking its eighth consecutive quarter of double-digit sales growth. However, the main concern was the performance of U.S. Coffee, where single-serve demand weakened more than anticipated. The company maintained its full-year guidance but reduced expectations for legacy KDP growth.

The earnings beat was respectable, but investor concerns about slower coffee trends and the revised outlook for legacy KDP growth overshadowed the news. Despite the positive results, shares fell 4.16% in premarket trading, reflecting a cautious reaction to the report.