Keurig Dr Pepper Inc.
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
KDP$36.63-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0001418135-25-000103
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0001418135-25-000125
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 113 previous paragraphs and 124 current paragraphs.
55 unchanged; 46 reworded; 22 added; 12 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
This Quarterly Report does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in JDE Peet's. Any offer will be made only by means of an offer memorandum approved by the Dutch Authority for the Financial Markets. This Quarterly Report is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, in any jurisdiction in which such release, publication, or distribution would be unlawful.
Current report
Third Quarter of 2025 as compared to Third Quarter of 2024
Current report
Announcement of JDE Peet's Acquisition and Intended Separation of Beverage and Coffee Portfolios
Current report
On August 24, 2025, we entered into the JDE Peet's Acquisition Agreement. Refer to Note 2 of the Notes to our Unaudited Consolidated Financial Statements for additional information.
Current report
On August 25, 2025, we announced our intention to separate our beverage and coffee portfolios into two independent, publicly traded companies, subsequent to the closure of the JDE Peet's Acquisition.
Current report
Third Quarter of 2025 Compared to Third Quarter of 2024
Current report
Net sales increased 10.5% to $580 million in the third quarter of 2025, reflecting higher net price realization, volume / mix growth, and favorable FX translation.
Current report
First Nine Months of 2025 Compared to First Nine Months of 2024
Current report
SG&A expenses increased 4.7% to $3,892 million for the first nine months of 2025, primarily driven by increased transportation and warehousing expenses (4 percentage points) and higher labor costs (1 percentage points).
Current report
Income from operations decreased 7.9% to $672 million for the first nine months of 2025, driven by a net unfavorable impact from changes in ingredients, materials, and productivity, inclusive of tariffs (19 percentage points) and increased costs associated with productivity projects (6 percentage points), partially offset by the benefit of higher net price realization (14 percentage points).
Current report
LRB sales volume was approximately flat. Appliance volumes decreased 1.2% and K-Cup pod volumes increased 3.1%.
Current report
Net sales increased 1.0% to $1,570 million in the first nine months of 2025, reflecting higher net price realization and volume / mix growth, partially offset by unfavorable FX translation.
Current report
JDE Peet's Acquisition
Current report
In connection with the JDE Peet's Acquisition, we entered into the Bridge Credit Agreement, which provides for a 364-day senior unsecured bridge loan facility in an aggregate amount not to exceed €16.2 billion. We expect to reduce or replace the Bridge Credit Agreement with permanent financing arrangements, which may include issuance of debt securities and other financing options as warranted, prior to the transaction close date. As of September 30, 2025, the full amount of this facility remains available and undrawn. Refer to Note 3 of the Notes to our Unaudited Consolidated Financial Statements for additional information.
Current report
On October 26, 2025, we entered into the JV Commitment Letter, pursuant to the terms of which the JV Investors will make, subject to certain conditions, a strategic minority investment into the Pod Manufacturing JV, for an aggregate purchase price of $4 billion. On October 27, 2025, we entered into the Preferred Investment Agreement. The Preferred Investment Agreement provides for the issuance and sale of 3 million shares of Convertible Preferred Stock for an aggregate purchase price of $3 billion. The closings of the JV Investment and Preferred Investment are expected to occur concurrently with the closing of the JDE Peet's Acquisition, and the proceeds thereof will be used to partially finance the JDE Peet's Acquisition. Refer to Note 18 of the Notes to our Unaudited Consolidated Financial Statements for additional information.
Current report
Bridge Credit Agreement
Current report
Upon the closing of the JV Investment and the Preferred Investment, the Bridge Credit Agreement will be reduced by an amount equal to the net proceeds from the JV Investment and Preferred Investment, subject to applicable de minimis exceptions.
Current report
Credit Ratings
Current report
Our credit ratings are as follows:
Current report
As a result of our announcement of the JDE Peet's Acquisition, as well as the corresponding Bridge Credit Agreement entered into for this anticipated transaction, Moody's and S&P have revised their outlook on our credit ratings. On August 25, 2025, Moody's placed KDP ratings under review for downgrade, and S&P has placed KDP on CreditWatch Negative.
Current report
These debt and commercial paper ratings impact the interest we pay on our financing arrangements. A downgrade of one or both of our debt and commercial paper ratings could increase our interest expense and decrease the cash available to fund anticipated obligations.
Current report
Refer to "Risk Factors" in Part II, Item 1A below for additional risks and uncertainties related to the JDE Peet's Acquisition.
Removed paragraphs (12)
Previous report
COMPARABLE RESULTS OF OPERATIONS
Previous report
Second Quarter of 2025 as compared to Second Quarter of 2024
Previous report
Debt Issuance
Previous report
On May 5, 2025, we completed the issuance of an aggregate principal amount of $2 billion of senior unsecured notes. The proceeds from the issuance were used for the repayment of outstanding commercial paper borrowings. Refer to Note 2 of the Notes to our Unaudited Consolidated Financial Statements for further information.
Previous report
Second Quarter of 2025 Compared to Second Quarter of 2024
Previous report
Other operating expense, net decreased in the second quarter of 2025, primarily reflecting a favorable comparison to losses incurred in 2024 on the disposal of assets related to our Network Optimization program.
Previous report
LRB sales volume decreased 2.2%, driven by carbonated soft drinks. Appliance volumes increased 4.8% and K-Cup pod volumes increased 4.5%, reflecting category growth and market share gains in key brands.
Previous report
Net sales decreased 1.8% to $555 million in the second quarter of 2025, reflecting unfavorable FX translation, partially offset by higher net price realization and volume / mix growth.
Previous report
First Six Months of 2025 Compared to First Six Months of 2024
Previous report
SG&A expenses increased 3.1% to $2,548 million for the first six months of 2025, primarily driven by increased transportation and warehousing expenses (4 percentage points), partially offset by lower marketing expense (1 percentage point).
Previous report
Income from operations decreased 8.6% to $435 million for the first six months of 2025, driven by a net unfavorable impact from changes in ingredients, materials, and productivity (13 percentage points), partially offset by lower marketing expense (5 percentage points).
Previous report
Net sales decreased 3.8% to $990 million in the first six months of 2025, reflecting unfavorable FX translation, partially offset by higher net price realization and volume / mix growth.
Reworded paragraphs (46)
Previous wording
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, including, in particular, statements about the impact of future events, future financial performance, plans, strategies, business combinations, expectations, prospects, competitive environment, regulation, labor matters, supply chain issues, tariffs or trade wars and related uncertainty, inflation, and availability of raw materials. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as “outlook,” “guidance,” “anticipate,” “expect,” “believe,” “could,” “estimate,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would,” and similar words, phrases, or expressions and variations or negatives of these words in this Quarterly Report on Form 10-Q. We have based these forward-looking statements on our current views with respect to future events and financial performance. Our actual financial performance could differ materially from those projected in the forward-looking statements due to a variety of factors, including the inherent uncertainty of estimates, forecasts, and projections, global economic uncertainty or economic downturns, tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, or threats of such actions and related uncertainty, as well as the possibility that we are unable to successfully integrate GHOST into our business, and our financial performance may be better or worse than anticipated. Given these uncertainties, you should not put undue reliance on any forward-looking statements. All of the forward-looking statements are qualified in their entirety by reference to the factors discussed under "Risk Factors" in Part I, Item 1A of our Annual Report, as well as our subsequent filings with the SEC. Forward-looking statements represent our estimates and assumptions only as of the date that they were made. We do not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, after the date of this Quarterly Report on Form 10-Q, except to the extent required by applicable securities laws.
Current wording
Our actual financial performance could differ materially from those projected in the forward-looking statements due to a variety of factors, including the inherent uncertainty of estimates, forecasts, and projections; global economic uncertainty or economic downturns; tariffs or the imposition of new tariffs, trade wars, barriers, or restrictions, or threats of such actions and related uncertainty; the risk that our financial performance may be better or worse than anticipated; the possibility that we are unable to successfully integrate GHOST into our business; risks related to the completion of the JDE Peet's Acquisition, the Preferred Investment, the JV Investment, or the Separation in the anticipated timeframe, or at all; additional risks associated with the JDE Peet's Acquisition and those geographies where JDE Peet's currently operates; 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; constraints on management's attention to operating and growing our business during the execution of the JDE Peet's Acquisition and the Separation; the potential downgrade of our credit ratings as a result of debt incurred and/or assumed in connection with the JDE Peet's Acquisition; the possibility of negative impacts on business relationships in connection with the JDE Peet's Acquisition and the Separation; the risk that the JDE Peet's Acquisition and the Separation incur significant additional costs; the risk of potential litigation; negative effects of the announcement and pendency of the JDE Peet's Acquisition and the Separation on our share price; and the ability to achieve the anticipated strategic and financial benefits from the Separation. Given these uncertainties, you should not put undue reliance on any forward-looking statements. All of the forward-looking statements are qualified in their entirety by reference to the factors discussed under "Risk Factors" in Part I, Item 1A of our Annual Report, as well as our subsequent filings with the SEC. Forward-looking statements represent our estimates and assumptions only as of the date that they were made. We do not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, after the date of this Quarterly Report on Form 10-Q, except to the extent required by applicable securities laws.
Previous wording
Key Events During the Second Quarter of 2025
Current wording
Key Events During the Third Quarter of 2025
Previous wording
We eliminate from our financial results all applicable intercompany transactions between entities included in our consolidated financial statements and the intercompany transactions with our equity method investees. References in tables below to percentage changes that are not meaningful are denoted by "NM".
Current wording
References in tables below to percentage changes that are not meaningful are denoted by "NM".
Previous wording
(1)The acquisition of GHOST contributed 4.0 percentage points to our consolidated volume / mix growth in the quarter.
Current wording
(1)The acquisition of GHOST contributed 4.4 percentage points to our consolidated volume / mix growth in the quarter.
Previous wording
Gross profit increased 3.8% to $2,255 million for the second quarter of 2025. This performance primarily reflected the gross profit impact of net sales growth (6 percentage points), partially offset by the net impact from changes in ingredients, materials, and productivity (3 percentage points).
Current wording
Gross profit increased 9.3% to $2,340 million for the third quarter of 2025. This performance primarily reflected the gross profit impact of net sales growth (14 percentage points), partially offset by the net impact from changes in ingredients, materials, and productivity, inclusive of tariffs (6 percentage points).
Previous wording
SG&A expenses increased 4.7% to $1,356 million for the second quarter of 2025, primarily driven by increased transportation and warehousing expenses (4 percentage points) and integration expenses associated with acquisitions (2 percentage points), partially offset by lower marketing expense (2 percentage points).
Current wording
SG&A expenses increased 8.0% to $1,344 million for the third quarter of 2025, primarily driven by increased transportation and warehousing expenses (2 percentage points) and higher labor costs (2 percentage points).
Previous wording
Income from operations increased 4.3% to $898 million for the second quarter of 2025, driven by increased gross profit, partially offset by higher SG&A expenses.
Current wording
Income from operations increased 10.3% to $995 million for the third quarter of 2025, driven by increased gross profit, partially offset by higher SG&A expenses.
Previous wording
Interest expense, net decreased 11.8% to $180 million for the second quarter of 2025, primarily driven by a favorable year-over-year change in unrealized mark-to-market activity (15 percentage points), which was partially offset by increased debt and higher financing costs (4 percentage points).
Current wording
Interest expense, net increased 77.4% to $188 million for the third quarter of 2025, driven by an unfavorable year-over-year change in unrealized mark-to-market activity (15 percentage points) and increased debt and higher financing costs (4 percentage points).
Previous wording
Other income, net decreased in the second quarter of 2025, primarily reflecting an increase of approximately $29 million in our mandatory redemption liability for GHOST during the quarter, partially offset by net gains on our investments in unconsolidated affiliates.
Current wording
Other income, net increased in the third quarter of 2025, reflecting net gains on our investments in unconsolidated affiliates of $30 million and unrealized gains on FX contracts of $28 million related to the JDE Peet's Acquisition, partially offset by an increase of approximately $20 million in our mandatory redemption liability for GHOST.
Previous wording
The effective tax rate increased 40 bps to 23.8% for the second quarter of 2025, compared to 23.4% for the second quarter of 2024, primarily driven by an increase in uncertain tax positions (170 bps) and an unfavorable comparison to a non-cash revaluation of state deferred tax liabilities in the second quarter of 2024 (110 bps), which was fully offset by a shift in the mix of income from higher tax jurisdictions to lower tax jurisdictions (280 bps).
Current wording
The effective tax rate decreased 90 bps to 22.3% for the third quarter of 2025, compared to 23.2% for the third quarter of 2024, primarily driven by a shift in the mix of income from higher tax jurisdictions to lower tax jurisdictions (110 bps) and a favorable comparison to a true-up of prior year tax provisions in the third quarter of 2024 (60 bps), partially offset by an increase in uncertain tax positions (80 bps).
Previous wording
Net income increased 6.2%, to $547 million for the second quarter of 2025, primarily driven by increased income from operations and reduced interest expense.
Current wording
Net income increased 7.5%, to $662 million for the third quarter of 2025, primarily driven by increased income from operations.
Previous wording
Diluted EPS increased 5.3% to $0.40 per diluted share for the second quarter of 2025 as compared to $0.38 in the second quarter of 2024.
Current wording
Diluted EPS increased 8.9% to $0.49 per diluted share for the third quarter of 2025 as compared to $0.45 in the third quarter of 2024.
Previous wording
The following tables provide certain results of operations for our reportable segments for the second quarter of 2025 and 2024.
Current wording
The following tables provide certain results of operations for our reportable segments for the third quarter of 2025 and 2024.
Previous wording
(1)The acquisition of GHOST contributed 6.6 percentage points to our volume / mix growth in U.S. Refreshment Beverages in the quarter.
Current wording
(1)The acquisition of GHOST contributed 7.2 percentage points to our volume / mix growth in U.S. Refreshment Beverages in the quarter.
Previous wording
Sales volume increased 2.0% in the second quarter of 2025, driven by growth in our energy portfolio, including the acquisition of GHOST, as well as in carbonated soft drinks. These benefits were partially offset by softness in our still beverages portfolio.
Current wording
Sales volume increased 0.7% in the third quarter of 2025, led by growth in our energy portfolio, including the acquisition of GHOST, partially offset by softness in our still beverages portfolio.
Previous wording
Net sales increased 10.5% to $2,660 million for the second quarter of 2025, led by volume / mix growth, including a benefit from the acquisition of GHOST, as well as higher net price realization.
Current wording
Net sales increased 14.4% to $2,735 million for the third quarter of 2025, led by volume / mix growth, including a benefit from the acquisition of GHOST, as well as higher net price realization.
Previous wording
Income from operations increased 4.0% to $746 million for the second quarter of 2025. This performance was led by the gross profit impact of net sales growth (17 percentage points), partially offset by increased transportation and warehousing expenses (6 percentage points), a net unfavorable change in ingredients, materials, and productivity (3 percentage points), and integration expenses associated with acquisitions (3 percentage points).
Current wording
Income from operations increased 11.1% to $802 million for the third quarter of 2025. This performance was led by the gross profit impact of net sales growth (26 percentage points), partially offset by increased transportation and warehousing expenses (4 percentage points), a net unfavorable change in ingredients, materials, and productivity, inclusive of tariffs (4 percentage points), higher labor costs (4 percentage points), the impact of a smaller earned equity achievement in 2025 compared to 2024 (1 percentage point) and increases in other manufacturing costs.
Previous wording
Appliance volume decreased 22.6%, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases.
Current wording
Appliance volume decreased 26.5%, reflecting price elasticity impacts and continued retailer inventory management. K-Cup pod volume decreased 6.5%, reflecting category elasticity in response to price increases.
Previous wording
Net sales decreased 0.2% to $948 million for the second quarter of 2025, as favorable net price realization was fully offset by unfavorable volume / mix.
Current wording
Net sales increased 1.5% to $991 million for the third quarter of 2025, led by favorable net price realization, which was partially offset by unfavorable volume / mix.
Previous wording
Income from operations increased 2.2% to $233 million for the second quarter of 2025, reflecting the impacts of favorable net price realization (15 percentage points) and lower marketing expense (7 percentage points), partially offset by a net unfavorable change in ingredients, materials, and productivity (14 percentage points), unfavorable volume / mix (4 percentage points) and increases in other manufacturing costs.
Current wording
Income from operations decreased 6.7% to $237 million for the third quarter of 2025, reflecting a net unfavorable change in ingredients, materials, and productivity, inclusive of tariffs (29 percentage points) and increased costs associated with productivity projects (6 percentage points), partially offset by the benefit of favorable net price realization (26 percentage points).
Previous wording
LRB sales volume increased 0.5%, primarily driven by growth in carbonated soft drinks. Appliance volumes decreased 0.4% and K-Cup pod volumes increased 1.5%.
Current wording
LRB sales volume decreased 1.4%. Appliance volumes decreased 2.4%, and K-Cup pod volumes increased 5.9%.
Previous wording
Income from operations decreased 4.7%, to $143 million for the second quarter of 2025, as the benefit from the gross profit impact of the higher net price realization and volume / mix growth (17 percentage points) was more than offset by increased transportation and warehousing expenses (8 percentage points), unfavorable FX impacts (7 percentage points), a net unfavorable impact from changes in ingredients, materials, and productivity (1 percentage point), and increases in other manufacturing costs.
Current wording
Income from operations decreased 2.5%, to $153 million for the third quarter of 2025, as the benefit from the gross profit impact of the higher net price realization (20 percentage points) was more than offset by a net unfavorable impact from changes in ingredients, materials, and productivity (13 percentage points), increased transportation and warehousing expenses (4 percentage points), and increases in other manufacturing costs.
Previous wording
(1)The acquisition of GHOST contributed 3.5 percentage points to our consolidated volume / mix growth in the first six months of 2025.
Current wording
(1)The acquisition of GHOST contributed 3.8 percentage points to our consolidated volume / mix growth in the first nine months of 2025.
Previous wording
Gross profit increased 3.1% to $4,240 million for the first six months of 2025. This performance primarily reflected the gross profit impact of net sales growth (5 percentage points), partially offset by a net unfavorable impact from changes in ingredients, materials, and productivity (2 percentage points).
Current wording
Gross profit increased 5.2% to $6,580 million for the first nine months of 2025. This performance primarily reflected the gross profit impact of net sales growth (8 percentage points), partially offset by a net unfavorable impact from changes in ingredients, materials, and productivity, inclusive of tariffs (4 percentage points).
Previous wording
Income from operations increased 4.5% to $1,699 million for the first six months of 2025, primarily driven by increased gross profit, partially offset by higher SG&A expenses.
Current wording
Income from operations increased 6.6% to $2,694 million for the first nine months of 2025, primarily driven by increased gross profit, partially offset by higher SG&A expenses.
Previous wording
Interest expense, net decreased 14.1% to $328 million for the first six months of 2025, primarily driven by a favorable change in unrealized mark-to-market activity (22 percentage points), which was partially offset by increased debt and higher financing costs (8 percentage points).
Current wording
Interest expense, net increased 5.7% to $516 million for the first nine months of 2025, primarily driven by increased debt and higher financing costs (10 percentage points), which was partially offset by a favorable change in unrealized mark-to-market activity (6 percentage points).
Previous wording
Other income, net decreased in the first six months of 2025, primarily reflecting an increase of approximately $40 million in our mandatory redemption liability for GHOST, partially offset by net gains on our investments in unconsolidated affiliates.
Current wording
Other income, net increased $24 million in the first nine months of 2025, reflecting net gains on our investments in unconsolidated affiliates of $55 million and unrealized gains on FX contracts of $28 million related to our intended acquisition of JDE Peet's, partially offset by an increase of approximately $60 million in our mandatory redemption liability for GHOST.
Previous wording
The effective tax rate decreased 70 bps to 22.8% for the first six months of 2025, compared to 23.5% in the first six months of 2024, primarily driven by a shift in the mix of income from higher tax jurisdictions to lower tax jurisdictions (170 bps), which was partially offset by an increase in uncertain tax positions (100 bps).
Current wording
The effective tax rate decreased 80 bps to 22.6% for the first nine months of 2025, compared to 23.4% in the first nine months of 2024, led by a shift in the mix of income from higher tax jurisdictions to lower tax jurisdictions (140 bps), which was partially offset by an increase in uncertain tax positions (90 bps).
Previous wording
Net income increased 9.8% to $1,064 million for the first six months of 2025, driven primarily by increased income from operations and lower interest expense.
Current wording
Net income increased 8.9% to $1,726 million for the first nine months of 2025, driven primarily by increased income from operations.
Previous wording
Diluted EPS increased 11.4% to $0.78 per diluted share for the first six months of 2025 as compared to $0.70 in the first six months of 2024.
Current wording
Diluted EPS increased 9.5% to $1.27 per diluted share for the first nine months of 2025 as compared to $1.16 in the first nine months of 2024.
Previous wording
The following tables provide certain results of operations for our reportable segments for the first six months of 2025 and 2024.
Current wording
The following tables provide certain results of operations for our reportable segments for the first nine months of 2025 and 2024.
Previous wording
(1)The acquisition of GHOST contributed 5.7 percentage points to our volume / mix growth in U.S. Refreshment Beverages in the quarter.
Current wording
(1)The acquisition of GHOST contributed 6.3 percentage points to our volume / mix growth in U.S. Refreshment Beverages in the first nine months of 2025.
Previous wording
Sales volume increased 2.0% for the first six months of 2025, driven by growth in our energy portfolio, including the acquisition of GHOST, and in carbonated soft drinks. These benefits were partially offset by softness in our still beverages portfolio.
Current wording
Sales volume increased 1.5% for the first nine months of 2025, led by growth in our energy portfolio, including the acquisition of GHOST, and in carbonated soft drinks. These benefits were partially offset by softness in our still beverages portfolio.
Previous wording
Net sales increased 10.7% to $4,983 million for the first six months of 2025, led by volume / mix growth, including a benefit from the acquisition of GHOST, as well as higher net price realization.
Current wording
Net sales increased 12.0% to $7,718 million for the first nine months of 2025, led by volume / mix growth, including a benefit from the acquisition of GHOST, as well as higher net price realization.
Previous wording
Income from operations increased 5.1% to $1,400 million for the first six months of 2025. This performance was led by the gross profit impact of net sales growth (17 percentage points), partially offset by increased transportation and warehousing expenses (6 percentage points), higher labor costs driven by acquisitions (3 percentage points), and the impact of a smaller earned equity achievement in 2025 compared to 2024 (3 percentage points).
Current wording
Income from operations increased 7.2% to $2,202 million for the first nine months of 2025. This performance was led by the gross profit impact of net sales growth (21 percentage points), partially offset by increased transportation and warehousing expenses (6 percentage points), a net unfavorable impact from changes in ingredients, materials, and productivity, inclusive of tariffs (5 percentage points) higher labor costs (3 percentage points), and the impact of a smaller earned equity achievement in 2025 compared to 2024 (2 percentage points).
Previous wording
Appliance volume decreased 16.6%, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 5.1%, reflecting category elasticity in response to price increases.
Current wording
Appliance volume decreased 21.1%, reflecting price elasticity impacts and continued retailer inventory management, and K-Cup pod volume decreased 5.6%, reflecting category elasticity in response to price increases.
Previous wording
Net sales decreased 1.9% to $1,825 million for the first six months of 2025, as higher net price realization was more than offset by unfavorable volume / mix.
Current wording
Net sales decreased 0.7% to $2,816 million for the first nine months of 2025, as higher net price realization was more than offset by unfavorable volume / mix.
Previous wording
Income from operations decreased 11.1% to $233 million for the first six months of 2025, as the benefit from the gross profit impact of the higher net price realization and volume/mix growth (20 percentage points) was more than offset by increased transportation and warehousing expenses (10 percentage points), unfavorable FX impacts (8 percentage points), a net unfavorable impact from changes in ingredients, materials, and productivity (4 percentage points), and increases in other manufacturing costs.
Current wording
Income from operations decreased 7.9% to $386 million for the first nine months of 2025, as the benefit from the gross profit impact of the higher net price realization and volume/mix growth (23 percentage points) was more than offset by increased transportation and warehousing expenses (8 percentage points), a net unfavorable impact from changes in ingredients, materials, and productivity, inclusive of tariffs (7 percentage points), unfavorable FX impacts (5 percentage points), and increases in other manufacturing costs.
Previous wording
Net cash provided by operating activities decreased $102 million for the first six months of 2025, as compared to the first six months of 2024, driven by the unfavorable comparison in working capital versus the prior year period and lower net income adjusted for non-cash items.
Current wording
Net cash provided by operating activities decreased $91 million for the first nine months of 2025, as compared to the first nine months of 2024, driven by lower net income adjusted for non-cash items.
Previous wording
We have declared total dividends of $0.46 per share and $0.43 per share for the first six months of 2025 and 2024, respectively.
Current wording
We have declared total dividends of $0.69 per share and $0.66 per share for the first nine months of 2025 and 2024, respectively.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, including, in particular, statements about the impact of future events, future financial performance, plans, strategies, business combinations, expectations, prospects, competitive environment, regulation, labor matters, supply chain issues, tariffs or trade wars and related uncertainty, inflation, and availability of raw materials. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology 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 in this Quarterly Report on Form 10-Q. We have based these forward-looking statements on our current views with respect to future events and financial performance.