Keurig Dr Pepper Inc. stock research
FY2026 Q1
Keurig Dr Pepper (KDP) Gross Margin & Quarterly History
Explore Keurig Dr Pepper Inc. (KDP) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue decreased compared to the prior quarter while cost of revenue fell proportionally less, causing gross profit to decline and gross margin to weaken. Versus the same quarter last year, revenue and gross profit both increased, yet gross margin was lower as cost of revenue grew at a faster rate.
- Gross margin for the current quarter is lower than both the immediately preceding quarter and the same quarter one year earlier, driven by a higher proportion of cost of revenue relative to revenue.
- Compared to the prior quarter, revenue and gross profit both decreased, and gross margin weakened. Compared to the same quarter one year earlier, revenue and gross profit were higher, but gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
52.8%
Gross profit
$2.1B
Revenue
$4.0B
Cost of revenue
$1.9B
Quarter-over-quarter change
-1.0 pts
Year-over-year change
-1.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $4.2B | $2.3B | $1.9B | 54.2% |
| Sep 30, 2025 | $4.3B | $2.3B | $2.0B | 54.3% |
| Dec 31, 2025 | $4.5B | $2.4B | $2.1B | 53.8% |
| Mar 31, 2026 | $4.0B | $2.1B | $1.9B | 52.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-1.0 pts
Year-over-year change
Mar 31, 2025
-1.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin for the current quarter is lower than both the immediately preceding quarter and the same quarter one year earlier, driven by a higher proportion of cost of revenue relative to revenue.
Compared to the prior quarter, revenue and gross profit both decreased, and gross margin weakened. Compared to the same quarter one year earlier, revenue and gross profit were higher, but gross margin was lower.
Monitor the trend in cost of revenue relative to revenue, as its growth rate has outpaced revenue on a year-over-year basis.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Keurig Dr Pepper Inc. (KDP) | 52.8% |