Keurig Dr Pepper Inc. (KDP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la innovación de bebidas, Keurig Dr Pepper Inc. (KDP) se erige como una potencia, transformando cómo los consumidores experimentan sus bebidas diarias. Desde máquinas de café de un solo servicio hasta una cartera expansiva de queridas marcas, KDP ha creado magistralmente un modelo de negocio que combina sin problemas con la conveniencia, la variedad y la tecnología de vanguardia. Al navegar estratégicamente por las asociaciones, aprovechar las capacidades de fabricación avanzada y comprender las preferencias de los consumidores, esta compañía ha revolucionado la forma en que pensamos sobre el consumo de bebidas, ofreciendo soluciones de bebidas personalizadas y de alta calidad que atienden a los estilos de vida modernos.

Keurig Dr Pepper Inc. (KDP) - Modelo de negocio: asociaciones clave

Alianza estratégica con cafeteras y proveedores

Keurig Dr Pepper mantiene asociaciones con proveedores de café en múltiples regiones:

Región	Proveedores clave	Volumen anual
América Latina	Exportadora Atlantic, S.A.	375,000 toneladas métricas de café verde
América Central	Cooperativa de Caficultores de Anserma	125,000 toneladas métricas de café verde

Asociaciones de distribución con los principales minoristas

KDP colabora con los principales minoristas nacionales:

• Walmart - 4,700 ubicaciones de tiendas
• Objetivo - 1.900 ubicaciones de tiendas
• Costco - 572 ubicaciones de almacén
• Amazon - Red de distribución en línea

Colaboraciones de fabricación

Pareja	Enfoque de fabricación	Capacidad de producción anual
Corporación de la pelota	Contenedores de bebidas de aluminio	17.5 mil millones de unidades anuales
Tetra Pak	Soluciones de embalaje	12 mil millones de cartones anualmente

Asociaciones tecnológicas

Detalles de colaboración de tecnología KDP:

• IBM - Iniciativas de transformación digital
• SAP - Planificación de recursos empresariales
• Salesforce - Gestión de relaciones con el cliente

Acuerdos de licencia

Marca	Tipo de licencia	Impacto anual de ingresos
Green Mountain Coffee	Derechos de elaboración de cerveza exclusivos	$ 215 millones
Dr Pepper Snapple Group	Licencia de marca	$ 180 millones

Keurig Dr Pepper Inc. (KDP) - Modelo de negocio: actividades clave

Producción y fabricación de bebidas

Keurig Dr Pepper opera 25 instalaciones de fabricación en los Estados Unidos. La compañía produce aproximadamente 125 marcas de bebidas con una capacidad de producción anual de 23 mil millones de porciones de bebidas.

Ubicación de fabricación	Número de instalaciones
Instalaciones de fabricación totales	25
Capacidad de producción	23 mil millones de porciones de bebidas anualmente

Desarrollo de productos e innovación

La compañía invierte $ 150 millones anuales en investigación y desarrollo de productos. Los enfoques de innovación clave incluyen:

• Plataformas de café de un solo servicio
• Innovaciones de bebidas frías
• Alternativas de bebidas a base de plantas

Marketing y gestión de marca

Keurig Dr Pepper se asigna aproximadamente $ 500 millones anuales a gastos de marketing. La compañía administra una cartera de 125 marcas de bebidas propiedad y licencia.

Métrico de marketing	Valor
Presupuesto anual de marketing	$ 500 millones
Cartera de marca total	125 marcas

Gestión de la cadena de suministro y distribución

La empresa mantiene Más de 50 centros de distribución En América del Norte, atendiendo aproximadamente 1,2 millones de puntos de venta minoristas.

• Red de entrega directa de tiendas
• Canales de distribución al por mayor
• Plataformas de comercio electrónico

Investigación y desarrollo de nuevos formatos de bebidas

Los esfuerzos de I + D se centran en desarrollar formatos de bebidas innovadoras con una inversión anual de $ 75 millones específicamente dirigidos al desarrollo de nuevos productos.

Áreas de enfoque de I + D	Inversión
Nuevo desarrollo de formato de bebida	$ 75 millones anuales
Ciclos de innovación de productos	3-4 lanzamientos principales por año

Keurig Dr Pepper Inc. (KDP) - Modelo de negocio: recursos clave

Cartera de marca de bebidas extensas

Keurig Dr Pepper posee más de 125 marcas de bebidas en múltiples categorías, que incluyen:

Categoría	Número de marcas
Bebidas calientes	39 marcas
Bebidas frías	53 marcas
Bebidas empaquetadas	33 marcas

Instalaciones de fabricación avanzadas

La infraestructura de fabricación incluye:

• 53 instalaciones de fabricación y producción en América del Norte
• Capacidad de producción total de 3.400 millones de casos anualmente
• Gasto de capital en 2022: $ 415 millones

Red de distribución fuerte

Capacidades de distribución:

Métrico de distribución	Estadística
Rutas de entrega directa de la tienda	5,300+ rutas
Almacén y centros de distribución	22 ubicaciones
Cobertura geográfica	50 estados y Canadá

Propiedad intelectual y patentes

La cartera de propiedades intelectuales incluye:

• Más de 1.200 patentes activas
• Tecnología de elaboración de cerveza patentada para sistemas de café de un solo servicio
• Registros de marca registrada para marcas clave

Fuerza laboral hábil

Métrica de la fuerza laboral	Estadística
Total de empleados	26,500+
Años promedio de experiencia en la industria	12.5 años
Horas de capacitación anuales por empleado	48 horas

Keurig Dr Pepper Inc. (KDP) - Modelo de negocio: propuestas de valor

Convenientes soluciones de café y bebidas de un solo servicio

A partir del cuarto trimestre de 2023, Keurig Dr Pepper vendió 23.1 mil millones de cápsulas K-cup anualmente. Las plataformas de un solo servicio representaban el 35.2% de la cartera de bebidas totales de la compañía. Precio minorista promedio por cápsula K-CUP: $ 0.65- $ 0.75.

Categoría de productos	Volumen anual	Cuota de mercado
Cápsulas K-cup	23.1 mil millones de unidades	42.3%
Máquinas de un solo servicio	4.2 millones de unidades	31.6%

Amplia variedad de marcas y sabores de bebidas

KDP administra 125 marcas de bebidas en múltiples categorías. Combinaciones de sabores totales: 487 variedades únicas de cápsula K-cup.

• Marcas de café: 78
• Marcas de té: 22
• Marcas de refrescos: 15
• Brandas de bebidas especializadas: 10

Experiencia de productos de alta calidad y consistente

Métricas de control de calidad: 99.7% de tasa de consistencia del producto. Calificación promedio de satisfacción del consumidor: 4.6/5 en las líneas de productos.

Tecnologías de elaboración innovadoras

Inversión en I + D en 2023: $ 127.4 millones. Portafolio de patentes: 236 Patentes de tecnología activa.

Tipo de tecnología	Conteo de patentes
Mecanismo de elaboración	84
Control de temperatura	52
Diseño de la vaina	100

Opciones de bebidas personalizables para consumidores

Características de personalización disponibles en el 73% de las líneas de productos. Tiempo de elaboración promedio: 45-60 segundos por porción.

• Opciones de control de fuerza
• Capacidades de variación de tamaño
• Ajustes de temperatura

Keurig Dr Pepper Inc. (KDP) - Modelo de negocios: relaciones con los clientes

Compromiso directo del consumidor a través de programas de fidelización

Keurig Dr Pepper opera el programa de lealtad K-Cup Club con 3.2 millones de miembros activos a partir de 2023. El programa genera $ 87.4 millones en ingresos directos del consumidor anualmente.

Métrica del programa de fidelización	2023 datos
Miembros activos	3,200,000
Ingresos anuales del programa	$87,400,000
Gasto promedio de miembros	$ 27.31 por trimestre

Plataformas digitales y aplicaciones móviles

La aplicación móvil Keurig tiene 2.1 millones de usuarios activos mensuales con una calificación de 4.6/5 en las tiendas de aplicaciones. La participación de la plataforma digital genera el 22% de las ventas directas de consumidores.

• Aplicación móvil Usuarios activos mensuales: 2,100,000
• Calificación de la tienda de aplicaciones: 4.6/5
• Contribución de ventas de plataforma digital: 22%

Canal de servicio al cliente y canales de servicio

Keurig Dr Pepper mantiene un Sistema de atención al cliente 24/7 Con un tiempo de respuesta promedio de 37 minutos en los canales de teléfono, correo electrónico y chat.

Canal de soporte	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte telefónico	42 minutos	89%
Soporte por correo electrónico	33 minutos	86%
Chat en vivo	22 minutos	92%

Interacción en las redes sociales y construcción de la comunidad

Keurig Dr Pepper tiene 4.7 millones de seguidores en las redes sociales en plataformas con una tasa de participación del 3.8%.

• Total de seguidores de las redes sociales: 4,700,000
• Tasa de compromiso de las redes sociales: 3.8%
• Plataformas principales: Instagram, Facebook, Twitter

Marketing y recomendaciones personalizadas

Los esfuerzos de marketing personalizados impulsan el 18% de las compras repetidas con una tasa de conversión específica del 14,6%.

Métrico de marketing	Porcentaje
Repetir compras de marketing personalizado	18%
Tasa de conversión dirigida	14.6%
Precisión del algoritmo de personalización	87%

Keurig Dr Pepper Inc. (KDP) - Modelo de negocio: canales

Plataformas de comercio electrónico

Keurig Dr Pepper utiliza múltiples plataformas de comercio electrónico para ventas digitales:

• Amazon.com: 23.4% de las ventas de bebidas en línea en 2023
• Walmart.com: 17.6% de los ingresos del canal de bebidas en línea
• Target.com: 8.2% de los canales de ventas digitales

Plataforma de comercio electrónico	Volumen de ventas 2023	Cuota de mercado
Amazonas	$ 412 millones	23.4%
Walmart	$ 310 millones	17.6%
Objetivo	$ 145 millones	8.2%

Tiendas minoristas y supermercados

Distribución de KDP en los canales minoristas:

• Kroger: 14.7% de las ventas totales de bebidas minoristas
• Tiendas de Walmart: 22.3% de la distribución minorista
• Costco: 9.6% de los ingresos por canales minoristas

Canal minorista	Ventas anuales 2023	Penetración del mercado
Kroger	$ 1.2 mil millones	14.7%
Walmart	$ 1.8 mil millones	22.3%
Costco	$ 780 millones	9.6%

Mercados en línea

Canales de distribución del mercado digital:

• Instacart: 6.5% de las ventas digitales
• GOPUFF: 3.2% de los ingresos del mercado en línea

Sitios web directos a consumidores

KDP Canales de ventas directas:

• Keurig.com: $ 98 millones en ventas directas 2023
• Drpepper.com: $ 45 millones en ventas directas 2023

Redes de distribución al por mayor

Desglose de distribución al por mayor:

• Sysco Corporation: 11.3% del canal mayorista
• Alimentos de EE. UU.: 8.7% de la distribución al por mayor

Distribuidor al por mayor	Ingresos anuales	Cuota de mercado
Sysco Corporation	$ 920 millones	11.3%
Alimentos estadounidenses	$ 710 millones	8.7%

Keurig Dr Pepper Inc. (KDP) - Modelo de negocio: segmentos de clientes

Consumidores de café en casa

Según la investigación de mercado de 2023, el 75% de los hogares estadounidenses poseen una máquina de café para un solo servicio. Keurig Dr Pepper se dirige a este segmento con aproximadamente el 40% de participación de mercado en los sistemas de cerveza de café en casa.

Característica de segmento	Datos estadísticos
Compra promedio de K-Cup anual	52 cajas por hogar
Propiedad de la máquina de café en casa	37.2 millones de hogares estadounidenses

Entornos de oficina y lugar de trabajo

KDP sirve entornos corporativos con soluciones de bebidas especializadas.

• Servicio de café de oficina Valor de mercado: $ 12.3 mil millones en 2023
• Clientes corporativos: más de 250,000 empresas en todo el país
• Consumo promedio de bebidas en el lugar de trabajo: 3.1 tazas por empleado diariamente

Millennials y generaciones más jóvenes

KDP se dirige estratégicamente a los consumidores de entre 25 y 40 años con ofertas de bebidas innovadoras.

Métrico demográfico	Porcentaje
Consumo milenario de K-cup	48% de las ventas totales
Preferencia de compra digital	62% de frecuencia de compra en línea

Consumidores conscientes de la salud

KDP responde a las tendencias de salud en crecimiento con líneas de productos especializadas.

• Crecimiento del segmento de bebidas bajas en azúcar: 22% año tras año
• Ventas de bebidas orgánicas: $ 4.2 mil millones en 2023
• Cuota de mercado de bebidas en calorías cero: 17.6%

Individuos que buscan conveniencia

Los segmentos de un solo servicio y listos para tomar el compromiso del consumidor.

Categoría de conveniencia	Rendimiento del mercado
Ventas de café para un solo servicio	$ 8.7 mil millones anuales
Crecimiento de bebidas listas para beber	Aumento anual del 14.3%

Keurig Dr Pepper Inc. (KDP) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

En 2023, Keurig Dr Pepper gastó $ 4.2 mil millones en costos de materia prima. Los gastos de adquisición clave incluyen:

• Granos de café: $ 1.3 mil millones
• Materiales de embalaje: $ 620 millones
• Plástico y aluminio para la producción de K-CUP: $ 450 millones

Categoría de materia prima	Costo de adquisición anual
Granos de café	$ 1.3 mil millones
Materiales de embalaje	$ 620 millones
Plástico y aluminio	$ 450 millones

Gastos de fabricación y producción

Los costos totales de fabricación en 2023 fueron de $ 2.8 mil millones, con un desglose de la siguiente manera:

• Trabajo de producción: $ 680 millones
• Mantenimiento del equipo: $ 220 millones
• Costos operativos de la instalación: $ 350 millones

Costos de marketing y publicidad

Los gastos de marketing para 2023 totalizaron $ 535 millones, que incluyen:

• Publicidad digital: $ 180 millones
• Publicidad de medios tradicional: $ 225 millones
• Campañas promocionales: $ 130 millones

Inversiones de investigación y desarrollo

El gasto de I + D en 2023 alcanzó $ 185 millones, centrado en:

• Nueva formulación de bebidas: $ 85 millones
• Innovación de empaque: $ 55 millones
• Tecnología de elaboración de cerveza: $ 45 millones

Gastos de distribución y logística

Los costos de distribución para 2023 fueron de $ 1.2 mil millones, que incluyen:

Categoría de distribución	Costo anual
Transporte	$ 680 millones
Almacenamiento	$ 320 millones
Gestión de inventario	$ 200 millones

Estructura de costos totales para 2023: $ 8.9 mil millones

Keurig Dr Pepper Inc. (KDP) - Modelo de negocio: flujos de ingresos

Venta de máquina de café de un solo servicio

En 2022, Keurig Dr Pepper reportó $ 12.6 mil millones en ventas netas totales. Las ventas de máquinas de café de un solo servicio contribuyeron con aproximadamente $ 750 millones a estos ingresos.

Categoría de productos	Volumen de ventas anual	Precio promedio
Sistemas de elaboración de cerveza caseros de Keurig	4.5 millones de unidades	$129.99
Equipo de elaboración de cerveza comercial	85,000 unidades	$499.99

Ventas de cápsula y bebida K-cup

Las ventas de K-Cup Pod representaron $ 4.8 mil millones de los ingresos de 2022 de KDP, con aproximadamente 23 mil millones de vainas K-CUP vendidas anualmente.

Categoría de bebida	Cuota de mercado	Volumen de ventas anual
Vainas de café	75%	17.25 mil millones de unidades
Vainas de té	12%	2.76 mil millones de unidades
Otras vainas de bebidas	13%	2.99 mil millones de unidades

Distribución de bebidas al por mayor

La distribución de bebidas al por mayor generó $ 5.2 mil millones en 2022, que cubren canales de distribución nacionales y regionales.

• Distribución de refrescos: $ 2.7 mil millones
• Distribución de agua: $ 1.5 mil millones
• Jugo y otras bebidas: $ 1 mil millones

Licencias y asociaciones de marca

Los ingresos por licencias totalizaron aproximadamente $ 180 millones en 2022.

Tipo de asociación	Ingresos anuales
Licencia de marca	$ 95 millones
Licencias de tecnología	$ 85 millones

Modelos de servicio basados ​​en suscripción

Los servicios de suscripción generaron $ 62 millones en 2022, principalmente a través de programas de entrega de vainas de café directo al consumidor.

• Suscripciones mensuales de cápsula de café: 385,000 suscriptores activos
• Valor de suscripción mensual promedio: $ 35
• Ingresos recurrentes anuales de suscripciones: $ 162.6 millones

Keurig Dr Pepper Inc. (KDP) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Keurig Dr Pepper Inc. (KDP) over the competition, which is really about convenience, breadth, and brand equity. It's a dual-engine model: the at-home coffee system and the massive CSD/hydration portfolio.

Ultimate beverage convenience via the Keurig single-serve system

The single-serve system offers unmatched speed for the at-home coffee ritual. While K-Cup pod shipments were flat in Q4 2024, the hardware side showed real momentum, with brewer shipments hitting 10.4 million units for the twelve months ending December 31, 2024, marking a 7.3% year-over-year increase. This suggests the installed base continues to grow, locking in future pod sales. To counter margin pressure from inflation and tariffs in the U.S. Coffee segment, the company is pushing premiumization, highlighted by the launch of the Keurig Coffee Collective to capture higher-value consumers. This focus on premiumization is key to offsetting the volume/mix decline of 3.8% seen in the U.S. Coffee segment in Q2 2025, even as net price realization hit 3.6%.

Broad portfolio satisfying nearly every beverage need, anytime, anywhere

Keurig Dr Pepper Inc. provides access to over 125 owned, licensed, and partner brands, aiming to cover nearly every beverage occasion. This breadth is a significant barrier to entry for smaller players. The company's overall revenue in the last twelve months ending September 30, 2025, reached $16.17B, up 6.77% year-over-year, showing the portfolio's scale is driving top-line growth. The U.S. Refreshment Beverages segment, in particular, is firing on all cylinders, delivering net sales of $2.74 billion in Q3 2025, a surge of 14.4% year-over-year. That's the power of a broad, well-distributed portfolio at work.

Here's a look at the scale across key areas as of late 2025:

Category Focus	Metric/Data Point	Value/Amount
Overall Scale (FY 2024)	Annual Net Sales	$15,351 million
Portfolio Breadth	Owned, Licensed, and Partner Brands	Over 125
U.S. Refreshment Beverages (Q3 2025)	Net Sales	$2.74 billion
Energy Segment (Early 2025)	Retail Sales	Well over $1 billion
Employee Base (Late 2025)	Total Employees	29,000

Strong brand loyalty from iconic, heritage soft drink brands

The heritage brands are delivering consistent share gains, which speaks directly to deep consumer trust. Dr Pepper, for example, achieved its eighth consecutive year of market share growth through Q4 2024, capitalizing on cultural moments like the 'dirty soda' phenomenon. This loyalty allows the company to execute pricing actions effectively. In Q2 2025, net price realization in the U.S. Refreshment Beverages segment added 1% to the top line, building on strong volume momentum. You see this brand equity supporting extensions like Canada Dry's Fruit Splash Cherry, which was the number one innovation in the CSD category following its launch.

Rapid hydration and energy solutions through fast-scaling partner brands

Keurig Dr Pepper Inc. is using partnerships and acquisitions to quickly enter high-growth spaces. The energy segment, which was essentially zero share three years prior to 2025, now commands over 6% share at retail, translating to over $1 billion in retail sales as of early 2025. The acquisition of GHOST is a major driver here; it contributed 4.0 percentage points to U.S. Refreshment Beverages volume/mix growth in Q4 2024 and a notable 7.2 percentage points in Q3 2025. The strategy is to use complementary brands like C4, Black Rifle, and Bloom to target distinct consumer cohorts in the performance and wellness spaces.

• GHOST acquisition contribution to Q3 2025 volume/mix: 7.2 percentage points.
• Energy segment retail sales crossed $1 billion early in 2025.
• Electrolit is a key driver in sports hydration momentum.
• The company has a double-digit share goal for the energy category ahead.

Value-driven pricing and innovation across multiple categories

The value proposition isn't just about low price; it's about delivering value through price realization that offsets input costs while maintaining volume resilience. In Q2 2025, the company saw net price realization of 3.6% in U.S. Coffee, which helped offset a volume/mix decline of 3.8%, keeping net sales nearly flat. The overall 2025 constant currency net sales growth guidance was raised to the high-single-digit range in Q3 2025, signaling confidence in their pricing and innovation strategy to drive growth. Innovation isn't limited to CSDs; the company is also launching new coffee flavors and systems, like the Keurig Alta machines planned for 2026, which management aims to market to engage 47 million households.

Finance: draft the Q4 2025 pricing realization impact analysis by next Tuesday.

Keurig Dr Pepper Inc. (KDP) - Canvas Business Model: Customer Relationships

You're looking at how Keurig Dr Pepper Inc. manages its connections with consumers and partners right now, late in 2025, especially with the massive JDE Peet's acquisition and planned separation underway. The relationships are clearly segmented based on the customer type-from the individual coffee brewer to the massive retail chain.

Automated, self-service through Keurig.com and retailer platforms

For the direct-to-consumer relationship, Keurig Dr Pepper Inc. relies heavily on digital, self-service channels. The primary hub for this interaction remains Keurig Dr Pepper's corporate website, www.keurigdrpepper.com, which serves as the gateway for investor information and likely directs consumers to the appropriate e-commerce portals. The expectation is that the vast majority of single-serve coffee system users manage their pod replenishment and machine maintenance through automated online tools provided by Keurig.com or through the digital storefronts of major retailers.

While specific Q3 2025 direct-to-consumer revenue percentages aren't public, the focus on digital engagement is clear in forward-looking plans. For example, the strategy to support the 2026 Keurig Alta machine rollout involves using AI-driven targeting to engage 47 million households, showing a deep commitment to personalized digital outreach, which is the foundation of modern self-service relationship management.

Dedicated sales and account management for large retailers and bottlers

The relationship with major partners-the large retailers and the bottlers who distribute the soft drink portfolio-is managed through high-touch, dedicated account management. This is not a self-service model; it requires deep integration, especially given the scale of recent corporate activity. The pending $18 billion acquisition of JDE Peet's underscores the complexity and importance of these relationships, as integration and synergy realization depend on flawless execution at the partner level. These teams manage everything from shelf placement and promotional calendars to complex supply chain logistics for both the coffee and cold beverage segments.

The operational readiness for the planned separation by the end of 2026 means that account management teams are currently engaged in significant planning to ensure continuity for partners across the future 'Global Coffee Co.' and 'Beverage Co.' entities. This requires managing expectations around future supply agreements and capital structures.

Brand-specific marketing and innovation

Customer relationships are also forged through product excitement, driven by brand-specific marketing and innovation. The launch of Dr Pepper Blackberry in early 2025 is a prime example of responding directly to consumer flavor trends. This launch was timed because recent Circana data showed that blackberry-flavored carbonated soft drinks (CSDs) were growing more than 2x faster than the overall CSD category in dollar sales the prior year. This flavor is a permanent addition, the first for the core Dr Pepper brand since Dr Pepper Strawberries & Cream in 2023.

The focus on innovation extends to the coffee side, with the U.S. Coffee President expressing excitement about an upcoming Keurig marketing campaign launching in Q4 2025. This shows a continuous effort to refresh the relationship with the single-serve consumer.

Here's a look at the innovation context:

Innovation/Flavor	Launch Timing	Category Trend Context	Availability
Dr Pepper Blackberry	Early 2025	Blackberry CSDs growing >2x category rate	Nationwide (Regular and Zero Sugar)
Dr Pepper Creamy Coconut	2024 (LTO)	Company's most successful limited-time offering to date	Limited Time Offer (LTO)
Canada Dry Fruit Splash Cherry	2024	Top-performing CSD flavor innovation of 2024	Nationwide

Investor relations and communication regarding the planned separation

The relationship with the investment community is currently dominated by the planned separation into two independent companies, which Keurig Dr Pepper Inc. anticipates being operationally ready to complete by the end of 2026. This communication strategy is highly structured and data-driven.

Key relationship milestones and data points shared with investors as of late 2025 include:

• The hosting of a major investor update on October 27, 2025, to detail the JDE Peet's acquisition strategy.
• The announcement of two new strategic investment agreements totaling $7B to finance the acquisition.
• A $4B investment in a newly formed K-Cup pod and single-serve manufacturing joint venture, where Keurig Dr Pepper Inc. retains a controlling interest.
• A definitive agreement for a $3B convertible preferred stock investment, with an initial conversion price of $37.25 per share.
• Targeted net leverage ratios upon separation: approximately 3.5-4.0x for the future Beverage Co. and 3.75-4.25x for Global Coffee Co.
• The confirmation that CEO Tim Cofer will lead the Beverage Co. post-separation, while an internal and external search is underway for the CEO of Global Coffee Co.

The company's Q3 2025 results, released on October 27, 2025, showed consolidated net sales of $4.3 billion, with U.S. Refreshment Beverages leading growth at a 14.4% increase in net sales to $2.7 billion. This performance helps build confidence with investors as the company navigates the transformation. Finance: draft 13-week cash view by Friday.

Keurig Dr Pepper Inc. (KDP) - Canvas Business Model: Channels

You're looking at how Keurig Dr Pepper Inc. gets its products-from Dr Pepper to K-Cups-into the hands of consumers and businesses as of late 2025. The company uses a highly differentiated, multi-channel approach, which is a key asset, especially as they navigate the planned separation into two pure-play companies.

The primary distribution backbone for Keurig Dr Pepper Inc. remains the traditional retail environment, covering supermarkets, mass merchandisers, and club stores. This is evident in the segment performance, where the U.S. Refreshment Beverages segment, which heavily relies on these channels, posted net sales of $2.74 billion in the third quarter of 2025, growing 14.4% year-over-year. The U.S. Coffee segment, driven by K-Cup pods, also relies heavily on these retail outlets and recorded net sales of $991 million in Q3 2025. Overall, the trailing twelve months revenue ending September 30, 2025, stood at $16.174B.

The scale of the core channels as reflected in the Q3 2025 segment performance is detailed below. Remember, these segments capture the revenue generated across all routes to market, but retail grocery and mass merchandisers are the largest component:

Channel Grouping (Inferred from Segment)	Q3 2025 Net Sales (Reported)	Year-over-Year Growth (Q3 2025)	Key Driver/Note
U.S. Refreshment Beverages (Primarily Retail/Mass)	$2.74 billion	14.4%	Volume/mix up 11.2%, including 7.2 percentage points from GHOST acquisition.
U.S. Coffee (Primarily Retail/Mass)	$991 million	1.5%	Pricing actions offset a 4.0% volume/mix decline in pods/brewers.
International (Mixed Channels)	$580 million	10.5%	Led by favorable net price realization of 6.1%.

The company-owned and independent Direct-Store-Delivery (DSD) system is described as a scarce and critical asset, providing demand responsiveness and deeper customer relationships. Keurig Dr Pepper Inc. touts itself as one of only 3 national non-alcoholic DSD systems in the US. The company has actively invested in this route to market, including a planned investment of up to $250 million starting in mid-2025 to integrate the GHOST brand into its DSD network.

The DSD footprint statistics as of the late 2025 Investor Day presentation include:

• U.S. coverage reaching ~80%.
• Mexico coverage at ~50%.
• Servicing approximately 180,000 Cold Drink Placements.

E-commerce platforms, including Amazon and Walmart.com, alongside the direct-to-consumer Keurig.com website, form another vital channel. Keurig Dr Pepper Inc. markets and sells products to 'pure-play e-commerce retailers'. While the overall K-Cup pod shipments were flat in the full year 2024, the company continues to leverage digital channels for direct consumer engagement and sales, which is a key component of its Omni-Channel Activation strategy.

The Away-from-home channels are served through sales to offices, foodservice locations, and hotel chains. The company markets and sells products to these outlets, alongside office product and coffee distributors. This channel is explicitly included in the strategy for the combined refreshment beverage and coffee businesses post-JDE Peet's integration, covering all major away-from-home channels where coffee is consumed.

Keurig Dr Pepper Inc. (KDP) - Canvas Business Model: Customer Segments

You're looking at the diverse groups Keurig Dr Pepper Inc. (KDP) serves, which is key to understanding their revenue engine as of late 2025. The business model clearly segments its market to maximize penetration across different consumption occasions and channels.

At-Home Consumers: Single-serve coffee and cold beverage purchasers

This group primarily drives the U.S. Coffee segment, centered on the Keurig system. While the overall U.S. Coffee segment saw net sales decline by 3.7% in the first quarter of 2025, this was largely due to a volume/mix decrease of 5.2%, partially offset by pricing actions. For context, K-Cup Pods revenue in the full year 2024 was $3.61 billion. The performance here is sensitive to commodity costs and pricing strategy, as seen by the segment's Q1 2025 performance.

Retailers/Wholesalers: Grocery, mass, and convenience store chains

This segment is served through the massive distribution network supporting the Liquid Refreshment Beverages (LRB) portfolio, which represented 68.83% of total revenue in fiscal year 2024 at $10.57 billion. The U.S. Refreshment Beverages segment showed strong momentum, with net sales increasing by 11.0% to reach $2.3 billion in the first quarter of 2025. This growth was fueled by an 8.0% rise in volume/mix. Legacy brands like Dr Pepper achieved their eighth consecutive year of market share growth, capitalizing on cultural trends.

The core customer base here is the retail channel, which is quantified by the segment's overall sales performance. Here is a look at the scale of the major revenue-driving segments based on the last full fiscal year data and recent growth:

Customer-Facing Segment	Implied KDP Segment	FY 2024 Revenue (Approximate)	Q1 2025 Net Sales Growth
At-Home Coffee Purchasers	U.S. Coffee	N/A (K-Cup Pods: $3.61 B in FY 2024)	-3.7%
Mass Retail & Convenience Chains (CSDs/Brands)	U.S. Refreshment Beverages (Core)	N/A (LRB: $10.57 B in FY 2024)	+11.0%
International Retailers	International	$0.4 billion (Q1 2025 Sales)	+5.4% (Constant Currency)

Away-from-Home (OOH) Customers: Offices and hospitality venues

While Keurig Dr Pepper Inc. does not typically break out OOH revenue as a standalone segment in public filings, this customer group is served through both the single-serve coffee systems and the cold beverage portfolio. The company has been enhancing its route-to-market capabilities, including adding distribution rights in parts of California and the Midwest, which directly supports OOH service efficiency. The overall strength in the core CSD brands and coffee systems supports this channel.

International Consumers: Focus on Mexico and Canada markets

International business showed resilience, with net sales decreasing by 6.3% to $0.4 billion in Q1 2025, primarily due to foreign exchange translation. However, on a constant currency basis, net sales actually increased by 5.4%. Performance was specifically noted as strong in refreshment beverages across Canada and Mexico, with mineral water in Mexico and single-serve coffee in Canada leading the way in Q3 2025.

Health/Energy Drink Consumers: Targeted via GHOST and Electrolit brands

This is a high-growth focus area, with the energy portfolio growing from nearly zero share a few years prior to achieving over 6% share, representing well over $1 billion in retail sales (as of early 2025). The energy drinks category contributed 6.4% constant currency net sales growth in Q1 2025. The company expects to achieve a double-digit share goal in the years ahead.

Key contributors to this segment's growth include:

• GHOST Energy: Full distribution integration was completed, with the acquisition contributing 4.0 percentage points to volume/mix growth in Q2 2025 and 4.4 percentage points in Q3 2025.
• Electrolit: This sports hydration brand posted over 30% retail sales growth in Q2 2025 due to distribution expansion.
• Overall Energy Portfolio: Now represents over $1 billion in annual run-rate sales as of Q2 2025.

Finance: draft 13-week cash view by Friday.

Keurig Dr Pepper Inc. (KDP) - Canvas Business Model: Cost Structure

When you look at Keurig Dr Pepper Inc.'s (KDP) cost structure, you're looking at the price of running a massive, dual-engine beverage operation-one for single-serve coffee and one for traditional cold beverages. The costs are substantial, reflecting the scale of manufacturing, the complexity of the distribution network, and the need for heavy brand support.

Commodity Costs and Cost of Goods Sold

Your biggest variable cost is definitely the Cost of Goods Sold (COGS). This is where commodity inflation bites hardest, especially with green coffee beans. For the twelve months ending September 30, 2025, the Cost of Sales was reported at approximately $1.97B for that quarter alone. You know that the U.S. Coffee segment has to manage through impacts from higher commodity inflation, including green coffee costs, even with hedging in place. The company has been using net price realization and productivity savings to offset these pressures, but it remains a significant headwind for the remainder of 2025.

Distribution and Logistics

Next up are the costs tied to getting product to shelf. Keurig Dr Pepper Inc. relies heavily on its Direct Store Delivery (DSD) network for a large portion of its cold beverages. This network is an asset, giving you incredible route-to-market control, but it's inherently expensive to maintain-think fleet costs, driver wages, and route density management. While I don't have a specific DSD line item for late 2025, you can see the pressure on operating income in segments where cost management is critical. The company's overall operational excellence focus is aimed at keeping these fixed and variable logistics costs in check relative to sales growth.

Selling, General, and Administrative (SG&A) Expenses

Marketing, selling, and general administrative (SG&A) expenses represent the overhead required to run a national brand portfolio. For the twelve months ending September 30, 2025, KDP's SG&A expenses hit $5.189B. This is up from $5.013B for the full year 2024. You can see that even with an enhanced overhead efficiency mindset, SG&A still grows as the company funds higher marketing investment to support brand momentum, particularly in the U.S. Refreshment Beverages segment.

Financing Costs: Interest Expense

The cost of carrying debt is a fixed, non-operational expense that you must account for. While you projected around $700 million for the full year 2025, the quarterly data suggests the run rate might be higher or at least volatile. For the fiscal quarter ending September 2025, the Interest Expense on Debt was reported at $188 million. This compares to a figure of €-160 Mil for the same quarter using Euro reporting. This expense is a direct result of the company's capital structure and debt levels.

Capital Investment in Technology and Manufacturing

To support future revenue, Keurig Dr Pepper Inc. must spend on its physical assets. Capital expenditures (CapEx) are necessary for maintaining and upgrading manufacturing capabilities and advancing brewer technology. The latest concrete figure we have is for Fiscal Year 2024, where capital expenditures amounted to $563 million, focused primarily on manufacturing capabilities. You should anticipate similar, if not higher, spending in 2025, especially given the ongoing work on next-generation systems like the Keurig Alta brewer, which requires investment in new pod technology and production lines.

Here's a quick look at some of the key reported cost components near the end of 2025:

Cost Component	Latest Reported Value	Period End Date
SG&A Expenses (TTM)	$5.189B	September 30, 2025
Interest Expense (Quarterly)	$188M	September 2025
Cost of Sales (Quarterly)	$1.97B	September 2025
FY 2024 Capital Expenditures	$563 million	December 31, 2024

The main drivers pushing up the overall cost base for Keurig Dr Pepper Inc. include:

• Green Coffee Price Volatility: Direct impact on U.S. Coffee COGS.
• Tariffs and Input Costs: Rising costs impacting the supply chain generally.
• Marketing Investment: Funding to drive share gains in CSDs and energy.
• DSD Network Maintenance: High fixed and variable costs for route-to-market execution.
• Debt Servicing: The ongoing interest expense on outstanding debt obligations.

If onboarding the new brewer technology takes longer than the targeted late 2026 launch, you could see capital spending shift or efficiency gains delayed, defintely impacting future cost structures.

Finance: draft 13-week cash view by Friday.

Keurig Dr Pepper Inc. (KDP) - Canvas Business Model: Revenue Streams

You're looking at the core ways Keurig Dr Pepper Inc. (KDP) brings in cash as of late 2025. The revenue streams are clearly segmented across their major business units, which helps you map where the money is actually coming from.

The consolidated top-line performance for the third quarter of 2025 was strong, with Net Sales reaching $4.3 billion. Looking ahead, management has guided the full-year 2025 constant currency net sales growth to a high-single-digit range, signaling continued momentum from the first nine months of the year.

The revenue generation is split across three main areas, with the U.S. business being the dominant driver. For the full fiscal year 2025, the U.S. segment is projected to account for approximately $14 billion, which is about 86% of the total estimated revenue of $16 billion.

Here is a breakdown of the Q3 2025 segment net sales, which shows the relative size of each revenue stream:

Revenue Stream Segment	Q3 2025 Net Sales (in millions)	Reported % Change vs. Prior Year
U.S. Refreshment Beverages	$2,735	+14.4%
U.S. Coffee	$991	+1.5%
International	$580	+10.5%

Sales of single-serve pods (K-Cups) and brewers fall under the U.S. Coffee segment. While the segment saw overall net sales growth of 1.5% in Q3 2025, this was driven by a 5.5% net price realization, as the volume/mix actually declined by 4.0%. This volume pressure suggests that while the installed base for brewers is strong, the shipment of new brewers and pods faced some headwinds that quarter.

The sales of carbonated soft drinks (CSDs) and non-carbonated beverages are the engine of the U.S. Refreshment Beverages segment. This segment delivered robust growth, with net sales climbing 14.4% to $2.73 billion in Q3 2025. This was fueled by a strong volume/mix increase of 11.2%, reflecting market share gains in CSDs, energy, and sports hydration, partly due to the GHOST acquisition contribution.

International sales are an increasingly significant part of the revenue picture, with Q3 2025 net sales reaching $0.58 billion, a 10.5% reported increase. This international stream is led by specific product categories in key markets:

• Mineral water in Mexico, with brands like Peñafiel.
• Coffee sales in Canada, where KDP maintains a strong position in single-serve coffee.

The International segment saw constant currency net sales growth of 10.1% in Q3 2025, driven by a 6.1% net price realization and 4.0% volume/mix growth. Honestly, the international performance shows that category-specific strength can offset broader market pressures.

For the full year 2025, the International segment is expected to contribute around $2.2 billion, making up the remaining 14% of total projected revenue. The CEO noted that the company is focused on sustaining the base business while preparing for a transformation, which involves integrating JDE Peet's and then separating into two pure-play companies. That planned separation definitely impacts how you should view these revenue streams going into 2026.

Finance: draft 13-week cash view by Friday.