Keurig Dr Pepper (NASDAQ: KDP) reaffirms 2026 guidance amid coffee leadership change
Rhea-AI Filing Summary
Keurig Dr Pepper Inc. announced leadership changes and reaffirmed its 2026 financial outlook as it prepares to split into two companies, Beverage Co. and Global Coffee Co., targeted for early 2027. Rafa Oliveira, head of the Coffee Operating Unit, plans to leave at the end of July 2026 for an external CEO role. CEO Tim Cofer will continue to oversee the coffee business while the board, led by Chairman Pamela Patsley, searches for a CEO of Global Coffee Co. The company reiterated 2026 guidance for net sales of $25.9–$26.4 billion and constant currency Adjusted diluted EPS growth in a low-double-digit range, based on non-GAAP measures.
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Insights
Keurig Dr Pepper pairs a key coffee leadership transition with reaffirmed 2026 guidance during its planned business separation.
Keurig Dr Pepper is managing simultaneous strategic moves: integrating JDE Peet’s, preparing a separation into Beverage Co. and Global Coffee Co., and handling the planned departure of coffee head Rafa Oliveira in July 2026. CEO Tim Cofer will directly oversee the coffee unit during the transition.
The board, led by Chairman Pamela Patsley, has launched a search for a Global Coffee Co. CEO and named her future chairman of that board, signaling defined post-separation governance. Reaffirmed 2026 guidance for net sales of $25.9–$26.4 billion and low-double-digit constant currency Adjusted diluted EPS growth suggests current plans remain on track.
Execution risk remains around integrating JDE Peet’s, completing the separation, and filling senior coffee leadership, as highlighted in the extensive risk factors. Subsequent disclosures around the separation timeline and leadership appointments will further clarify how effectively the company navigates these parallel initiatives.
8-K Event Classification
Key Figures
Key Terms
Global Coffee Co. financial
Adjusted diluted EPS financial
non-GAAP financial measures financial
items affecting comparability financial
separation of our beverage and coffee portfolios financial
JDE Peet’s acquisition financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
On June 23, 2026, Keurig Dr Pepper Inc. (the “Company” or “KDP”) issued a press release regarding leadership updates and reaffirming its previously announced 2026 guidance for net sales and constant currency Adjusted diluted EPS growth. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act or the Exchange Act.
Item 8.01. Other Events.
Also on June 23, 2026, the Company announced that Rafa Oliveira, the head of its Coffee Operating Unit, has informed the Company of his intention to depart at the end of July 2026 for an external Chief Executive Officer opportunity. Tim Cofer, the Chief Executive Officer of KDP, will continue to oversee the coffee business, while the Company’s Board of Directors conducts a search for the future CEO of Global Coffee Co., the standalone entity expected to result from the previously-announced separation of the Company’s coffee and beverage businesses.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of applicable securities laws and regulations. These forward-looking statements include those preceded by, followed by or that include the words such as “outlook,” “guidance,” “anticipate,” “enable,” “expect,” “believe,” “could,” “confident,” “estimate,” “feel,” “continue,” “ongoing,” “forecast,” “intend,” “may,” “on track,” “plan,” “positioned,” “potential,” “project,” “should,” “target,” “will,” “would” and similar words, phrases, or expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These statements are based on the current expectations of our management, are not predictions of actual performance, and actual results may differ materially. Forward-looking statements are subject to a number of risks and uncertainties, including the factors disclosed in our Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Our actual financial performance could differ materially from the projections in the forward-looking statements due to a variety of factors, including, but not limited to, (i) the inherent uncertainty of estimates, forecasts and projections, (ii) global economic uncertainty or economic downturns, (iii) tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, sanctions, geopolitical disturbances and conflicts, or threats of such actions and related uncertainty, (iv) the risk that our financial performance may be better or worse than anticipated, (v) risks related to the completion of the separation of our beverage and coffee portfolios in the anticipated timeframe or at all, (vi) our ability to identify and retain key executives to lead our beverage and coffee portfolios following the separation, (vii) our incurrence of significant debt and entry into other financings to fund the acquisition of JDE Peet’s, which may result in dilution to our stockholders or introduce complexity to our capital structure, (viii) additional risks associated with the acquisition of JDE Peet’s and those geographies, countries and associated governments where JDE Peet’s currently operates, (ix) our ability to successfully integrate JDE Peet’s into our business, or that such integration may be more difficult, time-consuming or costly than expected, (x) constraints on management’s attention to operating and growing our business during the integration of JDE Peet’s and the separation, (xi) the potential downgrade of our credit ratings as a result of debt incurred and/or assumed in connection with the JDE Peet’s acquisition, (xii) the possibility of negative impacts on business relationships in connection with the acquisition of JDE Peet’s and the separation, (xiii) the risk that the acquisition of JDE Peet’s and the separation may incur significant additional costs, (xiv) the risk of potential litigation, (xv) risks related to negative effects of the acquisition of JDE Peet’s and the separation on our share price and (xvi) the ability to achieve the anticipated strategic and financial benefits from the separation. We are under no obligation to update, modify or withdraw any forward-looking statements, except as required by applicable law.
Item 9.01. Financial Statements and Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press release, dated June 23, 2026 | |
| 101 | Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| KEURIG DR PEPPER INC. | ||||
| Dated: June 23, 2026 | By: | /s/ Anthony Shoemaker | ||
| Name: | Anthony Shoemaker | |||
| Title: | Chief Legal Officer, General Counsel and Secretary | |||
EXHIBIT 99.1
Keurig Dr Pepper Announces Leadership Updates
FRISCO, TX and BURLINGTON, MA June 23, 2026 – Keurig Dr Pepper Inc. (NASDAQ: KDP) today announced leadership updates as the Company advances preparations for its planned separation into Beverage Co. and Global Coffee Co., which is targeted for early 2027.
Rafa Oliveira, head of KDP’s Coffee Operating Unit, has informed the Company of his intention to depart at the end of July for an external Chief Executive Officer opportunity. The KDP Board of Directors has opened a search process for the future CEO of Global Coffee Co. Pamela Patsley, Chairman of KDP’s Board and Chairman of its Nominating and Governance Committee, will lead the search.
Tim Cofer, CEO of KDP, will continue to oversee the coffee business, partnering closely with the talented Coffee Operating Unit Leadership Team to deliver key commitments and separation milestones. As previously announced, Cofer will serve as CEO of Beverage Co. post-separation.
Cofer commented, “Our business has strong momentum, and we remain focused on executing our 2026 priorities: delivering our full year guidance, successfully integrating JDE Peet’s and achieving separation milestones. We have highly capable and experienced leadership teams for our Beverage Operating Unit, Coffee Operating Unit and Transformation Management Office, and I will work closely with each group to deliver on our commitments while standing up two advantaged companies.”
The Company also announced that Patsley will serve as Chairman of the Board for Global Coffee Co. following the separation. Patsley, who has been a KDP Board member since the Company’s formation in 2018, is well-suited for the role given her deep knowledge of the coffee industry and vast experience with public company governance.
Patsley said, “KDP’s acquisition of JDE Peet’s is creating a scaled, global coffee leader with iconic brands, broad participation across formats and occasions and deep category expertise. Our conviction in the value creation opportunity for Global Coffee Co. has only strengthened since the transaction’s close. We are confident we will secure the right world-class executive to lead the coffee business and maximize shareholder returns.”
“It has been an honor to lead JDE Peet’s and lay the foundation for Global Coffee Co.,” added Oliveira. “I’m proud of the progress we’ve made in integrating our coffee businesses, bringing our teams together and beginning to execute on meaningful synergy opportunities. While I have made the difficult decision to pursue a different opportunity, my confidence in Global Coffee Co.’s potential is unwavering, and I’m committed to a smooth transition.”
In connection with today’s announcements, KDP reaffirmed its 2026 guidance for net sales of $25.9-$26.4 billion and constant currency Adjusted diluted EPS growth in a low-double-digit range.
The 2026 guidance provided is presented on a constant currency, non-GAAP basis. The Company does not provide reconciliations of such forward-looking non-GAAP measures to GAAP measures, due to the inability to predict the amount and timing of impacts outside of the Company's control on certain items, such as non-cash gains or losses resulting from mark-to-market adjustments of derivative instruments, among others, which could be material. Reconciling such items would require unreasonable efforts.
Investor Contact:
Investor Relations
T: 888-340-5287 / IR@kdrp.com
Media Contact:
Katie Gilroy
T: 781-418-3345 / katie.gilroy@kdrp.com
ABOUT KEURIG DR PEPPER
Keurig Dr Pepper (Nasdaq: KDP) is a leading beverage company with more than 150 owned, licensed and partner brands that meet a wide range of needs and occasions. Our North American refreshment beverage business holds leadership positions across carbonated soft drinks, water, juice and mixers with a portfolio of iconic brands such as Dr Pepper®, Canada Dry®, Mott’s®, A&W®, Peñafiel®, GHOST®, 7UP®, Snapple®, Clamato® and Core Hydration®. Our global coffee business spans more than 100 markets and includes the leading Keurig® single-serve brewing system in the U.S. and Canada, along with powerhouse brands such as Peet’s, L’OR and Jacobs, and other regional coffee leaders. Our more than 50,000 employees aim to enhance the experience of every beverage and coffee occasion while making a positive impact for people, communities and the planet. Learn more at www.keurigdrpepper.com and follow us @KeurigDrPepper on LinkedIn and Instagram.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein are "forward-looking statements" within the meaning of applicable securities laws and regulations. These forward-looking statements include those preceded by, followed by or that include the words such as "outlook," "guidance," "anticipate," "enable," "expect," "believe," "could," "confident," "estimate," "feel," "continue," "ongoing," "forecast," "intend," "may," "on track," "plan," "positioned," "potential," "project," "should," "target," "will," "would" and similar words, phrases, or expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These statements are based on the current expectations of our management, are not predictions of actual performance, and actual results may differ materially. Forward-looking statements are subject to a number of risks and uncertainties, including the factors disclosed in our Annual Report on Form 10-K and subsequent filings with the SEC. Our actual financial performance could differ materially from the projections in the forward-looking statements due to a variety of factors, including, but not limited to, (i) the inherent uncertainty of estimates, forecasts and projections, (ii) global economic uncertainty or economic downturns, (iii) tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, sanctions, geopolitical disturbances and conflicts, or threats of such actions and related uncertainty, (iv) the risk that our financial performance may be better or worse than anticipated, (v) risks related to the completion of the separation of our beverage and coffee portfolios in the anticipated timeframe or at all, (vi) our ability to identify and retain key executives to lead our beverage and coffee portfolios following the separation, (vii) our incurrence of significant debt and entry into other financings to fund the acquisition of JDE Peet’s, which may result in dilution to our stockholders or introduce complexity to our capital structure, (viii) additional risks associated with the acquisition of JDE Peet’s and those geographies, countries and associated governments where JDE Peet’s currently operates, (ix) our ability to successfully integrate JDE Peet's into our business, or that such integration may be more difficult, time-consuming or costly than expected, (x) constraints on management’s attention to operating and growing our business during the integration of JDE Peet's and the separation, (xi) the potential downgrade of our credit ratings as a result of debt incurred and/or assumed in connection with the JDE Peet’s acquisition, (xii) the possibility of negative impacts on business relationships in connection with the acquisition of JDE Peet’s and the separation, (xiii) the risk that the acquisition of JDE Peet's and the separation may incur significant additional costs, (xiv) the risk of potential litigation, (xv) risks related to negative effects of the acquisition of JDE Peet’s and the separation on our share price and (xvi) the ability to achieve the anticipated strategic and financial benefits from the separation. We are under no obligation to update, modify or withdraw any forward-looking statements, except as required by applicable law.
NON-GAAP FINANCIAL MEASURES
This release includes certain non-GAAP financial measures, which differ from results using U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures should be considered as supplements to and should not be considered replacements for, or superior to, the GAAP measures. These measures may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define the non-GAAP financial measure in the same way. Non-GAAP financial measures typically exclude certain charges, including one-time costs that are not expected to occur routinely in future periods, described by the Company as "items affecting comparability". The Company uses non-GAAP financial measures to evaluate our operating and financial performance and to compare such performance to that of prior periods and to the performance of our competitors. Additionally, we use non-GAAP financial measures in making operational and financial decisions and in our budgeting and planning process. We believe that providing non-GAAP financial measures to investors helps investors evaluate our operating performance, profitability and business trends in a way that is consistent with how management evaluates such performance.
Adjusted diluted EPS. Adjusted diluted EPS is defined as Diluted EPS, as adjusted for items affecting comparability as described below. Management believes that Adjusted diluted EPS is useful for investors in providing period-to-period comparisons of the results of our operations since it adjusts for certain items affecting overall comparability.
Items affecting comparability: Defined as certain items that are excluded for comparison to prior year periods, adjusted for the tax impact as applicable. Tax impact is determined based upon an approximate rate for each item. For each period, management typically adjusts for (i) the unrealized mark-to-market impact of derivative instruments not designated as hedges in accordance with U.S. GAAP that do not have an offsetting risk reflected within the financial results; (ii) the amortization associated with definite-lived intangible assets; (iii) the amortization of the deferred financing costs associated with the DPS merger; (iv) the amortization of the fair value adjustment of the senior unsecured notes obtained as a result of the DPS merger; (v) stock compensation expense and the associated windfall tax benefit attributable to the matching awards made to employees who made an initial investment in KDP; (vi) transaction costs for significant business combinations (completed or abandoned), excluding costs related to the JDE Peet’s acquisition; (vii) non-cash changes in deferred tax liabilities related to goodwill and intangible assets as a result of tax rate or apportionment changes; and (viii) other certain items that are excluded for comparison purposes to prior year periods.