Acquisition and Separation Strategy - Keurig Dr Pepper (KDP) plans to acquire JDE Peet's to create a global coffee leader and subsequently separate the beverage and coffee portfolios into two independent companies[6, 37] - The acquisition of JDE Peet's will position KDP to capture growth in the global coffee category, creating a stronger and more resilient business[89, 90] - The subsequent separation will unlock benefits such as tailored growth strategies, distinct cultures, strategic optionality, and attractive investment theses for shareholders[97] Financial Projections and Capital Structure - The transaction is expected to be approximately 10% EPS accretive in year 1 based on the new financing package[304] - KDP anticipates achieving approximately $400 million in cost savings over 3 years through synergies with JDE Peet's[93, 207] - The company expects to right-size net leverage to approximately 46x at transaction close[102, 306] - Long-term targets include high single-digit adjusted EPS growth for both Beverage Co and Global Coffee Co[296] Business Segment Performance and Outlook - In Q3 2025, KDP reported net sales of $43 billion, a 106% year-over-year increase[330] - U S Refreshment Beverages net sales increased by 144% to $27 billion in Q3 2025[332] - U S Coffee net sales increased by 15% to $991 million in Q3 2025[336]