v3.26.3
Segments (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of segment reporting information, by segment
Information about our operations and significant expenses by reportable segment is as follows:
(in millions)U.S. Refreshment BeveragesU.S. CoffeeKDP International
JDE Peet's(1)
Total
Third Quarter of 2026
Net sales$3,033 $1,018 $644 $2,649 $7,344 
Cost of sales1,272 531 322 1,694 
SG&A expenses890 159 164 671 
Other segment expense (income) 51 9 — (5)
Income from operations - reportable segments$820 $319 $158 $289 $1,586 
Unallocated corporate costs(253)
Income from operations1,333 
Interest expense, net474 
Gain on sale of equity method investment(400)
Other expense, net47 
Income before provision for income taxes$1,212 
Third Quarter of 2025
Net sales$2,735 $991 $580 $—$4,306 
Cost of sales1,120 586 287 —
SG&A expenses813 166 140 —
Other segment expense— 2 — —
Income from operations - reportable segments$802 $237 $153 $—$1,192 
Unallocated corporate costs(197)
Income from operations995 
Interest expense, net188 
Other income, net(45)
Income before provision for income taxes$852 
(1)The JDE Peet's segment was acquired on April 1, 2026. As such, amounts presented above only include activity subsequent to the date of acquisition. For selected pro forma information, refer to Note 2.
(in millions)U.S. Refreshment BeveragesU.S. CoffeeKDP International
JDE Peet's(1)
Total
First Nine Months of 2026
Net sales$8,557 $2,793 $1,828 $5,451 $18,629 
Cost of sales3,563 1,634 954 3,778 
SG&A expenses2,545 476 479 1,456 
Other segment expense (income)51 55 — (10)
Income from operations - reportable segments$2,398 $628 $395 $227 $3,648 
Unallocated corporate costs(931)
Income from operations2,717 
Interest expense, net1,091 
Gain on sale of equity method investment(400)
Other expense, net152 
Income before provision for income taxes$1,874 
First Nine Months of 2025
Net sales$7,718 $2,816 $1,570 $—$12,104 
Cost of sales3,156 1,660 775 —
SG&A expenses2,361 480 411 —
Other segment (income) expense(1)4 (2)—
Income from operations - reportable segments$2,202 $672 $386 $—$3,260 
Unallocated corporate costs(566)
Income from operations2,694 
Interest expense, net516 
Other income, net(52)
Income before provision for income taxes$2,230
(1)The JDE Peet's segment was acquired on April 1, 2026. As such, amounts presented above only include activity subsequent to the date of acquisition. For selected pro forma information, refer to Note 2.
Reconciliation of operating profit (loss) from segments to consolidated
Information about our operations and significant expenses by reportable segment is as follows:
(in millions)U.S. Refreshment BeveragesU.S. CoffeeKDP International
JDE Peet's(1)
Total
Third Quarter of 2026
Net sales$3,033 $1,018 $644 $2,649 $7,344 
Cost of sales1,272 531 322 1,694 
SG&A expenses890 159 164 671 
Other segment expense (income) 51 9 — (5)
Income from operations - reportable segments$820 $319 $158 $289 $1,586 
Unallocated corporate costs(253)
Income from operations1,333 
Interest expense, net474 
Gain on sale of equity method investment(400)
Other expense, net47 
Income before provision for income taxes$1,212 
Third Quarter of 2025
Net sales$2,735 $991 $580 $—$4,306 
Cost of sales1,120 586 287 —
SG&A expenses813 166 140 —
Other segment expense— 2 — —
Income from operations - reportable segments$802 $237 $153 $—$1,192 
Unallocated corporate costs(197)
Income from operations995 
Interest expense, net188 
Other income, net(45)
Income before provision for income taxes$852 
(1)The JDE Peet's segment was acquired on April 1, 2026. As such, amounts presented above only include activity subsequent to the date of acquisition. For selected pro forma information, refer to Note 2.
(in millions)U.S. Refreshment BeveragesU.S. CoffeeKDP International
JDE Peet's(1)
Total
First Nine Months of 2026
Net sales$8,557 $2,793 $1,828 $5,451 $18,629 
Cost of sales3,563 1,634 954 3,778 
SG&A expenses2,545 476 479 1,456 
Other segment expense (income)51 55 — (10)
Income from operations - reportable segments$2,398 $628 $395 $227 $3,648 
Unallocated corporate costs(931)
Income from operations2,717 
Interest expense, net1,091 
Gain on sale of equity method investment(400)
Other expense, net152 
Income before provision for income taxes$1,874 
First Nine Months of 2025
Net sales$7,718 $2,816 $1,570 $—$12,104 
Cost of sales3,156 1,660 775 —
SG&A expenses2,361 480 411 —
Other segment (income) expense(1)4 (2)—
Income from operations - reportable segments$2,202 $672 $386 $—$3,260 
Unallocated corporate costs(566)
Income from operations2,694 
Interest expense, net516 
Other income, net(52)
Income before provision for income taxes$2,230
(1)The JDE Peet's segment was acquired on April 1, 2026. As such, amounts presented above only include activity subsequent to the date of acquisition. For selected pro forma information, refer to Note 2.