Keurig Dr Pepper (KDP), the beverage and coffee company, returned to adjusted earnings growth in the second quarter as JDE Peet’s contributions and stronger cold-drink demand offset pressure in U.S. coffee.

The acquisition reshaped the quarter while the legacy business showed a shifting growth mix. Excluding JDE Peet’s, sales grew 7.3%, compared with 8.1% constant-currency growth in the first quarter. Volume and mix accelerated to 3.1% from 2.6%, while price realization eased to 4.2% from 5.5%.

Total sales rose 75.6% from a year earlier, reflecting the April 1 acquisition. Adjusted earnings increased 16.3% to $0.57 a share, reversing the first quarter’s 7.1% decline. GAAP earnings fell 90% to $0.04 a share as acquisition and integration expenses weighed on reported results.

U.S. Refreshment Beverages led the legacy portfolio, with sales rising 10% to $2.93 billion on 6.5% volume and mix growth. Adjusted operating income increased 11.9% to $874 million. U.S. Coffee sales declined 3.2% to $918 million as an 8.2% volume and mix drop outweighed higher pricing, and adjusted operating income fell 24.7%.

International sales rose 19.6% to $664 million, or 12.4% at constant currency, though adjusted operating income was flat as Mexico’s beverage tax, other costs and marketing spending absorbed the growth. JDE Peet’s contributed $2.80 billion of sales and $414 million of adjusted operating income in its first quarter as a separate segment, while recording a $62 million GAAP operating loss.

Adjusted operating income rose 42.9% to $1.48 billion after declining in the first quarter, but adjusted operating margin narrowed to 20.2% from 24.7% a year earlier. Acquisition-related items included a $314 million inventory step-up and $318 million of acquisition, integration, financing and planned-spinoff costs. Free cash flow increased sequentially to $714 million from $184 million.

Keurig Dr Pepper maintained its 2026 outlook for net sales of $25.9 billion to $26.4 billion and low-double-digit constant-currency adjusted EPS growth, leaving the forecast unchanged from its June update. It also kept its target for year-end pro-forma leverage at approximately 4.1 times as integration costs continued to separate reported profit from the underlying business.