Keurig Dr Pepper Q3 Revenue Beats; GAAP EPS $0.49

Keurig Dr Pepper posted Q3 2025 net sales of about $4.31 billion, up 10.7% year‑over‑year and beating estimates, driven by ~6.4% volume/mix growth, ~4.2% favorable net price realization and contributions from the GHOST acquisition. GAAP net income rose to $662 million, or $0.49 diluted EPS, with adjusted EPS of $0.54; operating cash flow was roughly $639 million and free cash flow about $528 million. U.S. Refreshment Beverages led performance with 14.4% sales growth—helped materially by GHOST and gains in carbonated soft drinks, energy and sports hydration—while U.S. Coffee was modestly up ~1.5% as pricing offset lower brewer shipments; International sales grew ~10.5% led by Mexico and Canada. Unit trends showed LRB volumes up slightly (~0.3%) while K‑Cup pods and appliances declined. Management raised fiscal‑2025 constant‑currency net‑sales growth guidance to a high‑single‑digit range (from mid‑single digits) but left profit guidance intact, noted a modest FX headwind, and emphasized integration plans for JDE Peet’s and a planned future split into two pure‑play businesses. Shares rose about 4% in premarket trading on the stronger outlook.