Keurig Dr Pepper

Recurring, staple‑like demand in CSDs and a large, renewing Keurig installed base support medium‑term visibility. Consolidated 2025 net sales were $16.6 billion; free cash flow was $1.519 billion, and TTM FCF through Q1 2026 is ~$1.60 billion.

Q1 2026 grew net sales 9.4 percent, led by U.S. refreshment beverages, while U.S. coffee declined low single digits as expected. Walmart represented ~$2.65 billion of 2025 sales, an important but stable counterpart.

Integration and separation of JDE Peet’s add near‑term variability but the combined coffee exposure broadens geography and formats, which can improve longer‑run predictability post‑spin.