Keurig Dr Pepper (KDP) official guidance

Interest expense of approximately $1.13 billion-$1.16 billion, an effective tax rate of approximately 22%, and approximately $1.37 billion diluted weighted average shares outstanding.

To help with your below-the-line modeling, we expect the following for 2026: interest expense of approximately $1.07 billion-$1.12 billion, an effective tax rate of approximately 22%-23%, and approximately 1.37 billion diluted weighted average shares outstanding.

Interest expense of approximately $1.13 billion-$1.16 billion, an effective tax rate of approximately 22%, and approximately $1.37 billion diluted weighted average shares outstanding.

To help with your below-the-line modeling, we expect the following for 2026: interest expense of approximately $1.07 billion-$1.12 billion, an effective tax rate of approximately 22%-23%, and approximately 1.37 billion diluted weighted average shares outstanding.

On the bottom line, we expect low double-digit EPS growth in constant currency, which includes an anticipated 6 percentage points to 7 percentage points contribution from the JDE Peet's acquisition and 4%-6% growth for legacy KDP.

This includes an anticipated 6-7 percentage points contribution from JDE Peet's on a three-quarter basis, consistent with our unchanged outlook for approximately 10% accretion in the first year after acquisition close.

On the bottom line, we expect low double-digit EPS growth in constant currency, which includes an anticipated 6 percentage points to 7 percentage points contribution from the JDE Peet's acquisition and 4%-6% growth for legacy KDP.

On the bottom line, we expect low double-digit EPS growth in constant currency.

Incorporating the net cash flow contribution from JDE Peet's this year, including the impact of incremental financing costs and one-time deal and transformation-related expenses, we expect approximately $2.5 billion of aggregate company free cash flow in 2026.

We did $1.5 billion of free cash flow in 2025, and are forecasting $2 billion of free cash flow in 2026, so a significant improvement.

Interest expense of approximately $1.13 billion-$1.16 billion, an effective tax rate of approximately 22%, and approximately $1.37 billion diluted weighted average shares outstanding.

To help with your below-the-line modeling, we expect the following for 2026: interest expense of approximately $1.07 billion-$1.12 billion, an effective tax rate of approximately 22%-23%, and approximately 1.37 billion diluted weighted average shares outstanding.

For the total company, we expect net sales in a range of $25.9 billion-$26.4 billion, reflecting 4%-6% constant currency growth for legacy KDP, and an $8.5 billion-$8.7 billion contribution from JDE Peet's.

This outlook assumes continued momentum in U.S. Refreshment Beverages and healthy trends in International, as well as growth in U.S. Coffee. It also embeds an incremental contribution from JDE Peet's beginning in Q2, which we expect to add approximately $8.5 billion-$8.7 billion to net sales.

We are reaffirming our 2026 outlook, which uses current FX rates and includes the anticipated contribution from JDE Peet's as of the April 1st deal close date. We plan to report JDE Peet's as a separate segment until separation. For the total company, we expect net sales in a range of $25.9 billion-$26.4 billion, reflecting 4%-6% constant currency growth for legacy KDP, and an $8.5 billion-$8.7 billion contribution from JDE Peet's.

Turning now to our 2026 P&L guidance, which we are providing inclusive of the JDE Peet's acquisition, based on the expectation of an early April close and using current FX rates. We expect net sales in a range of $25.9 billion-$26.4 billion.

For the total company, we expect net sales in a range of $25.9 billion-$26.4 billion, reflecting 4%-6% constant currency growth for legacy KDP, and an $8.5 billion-$8.7 billion contribution from JDE Peet's.

For 2026, KDP expects net sales of $25.9-$26.4 billion and constant currency Adjusted diluted EPS growth in a low-double-digit range.

For 2026, KDP expects net sales of $25.9-$26.4 billion and constant currency Adjusted diluted EPS growth in a low-double-digit range.

For 2026, KDP expects net sales of $25.9-$26.4 billion and constant currency Adjusted diluted EPS growth in a low-double-digit range.

For 2026, KDP expects net sales of $25.9-$26.4 billion and constant currency Adjusted diluted EPS growth in a low-double-digit range.