In Q4 2025, net sales totaled $4.50 billion, up 10.5% on a GAAP basis and 9.9% on an adjusted basis, while GAAP diluted EPS jumped 336.4% to $0.26 and adjusted EPS rose 1.7% to $0.60. For the full year, net sales reached $16.60 billion (+8.2% GAAP, +8.6% adjusted) and GAAP diluted EPS climbed 45.7% to $1.53, with adjusted EPS up 7.3% to $2.05.

Constant currency net sales growth of 8.6% was driven by 4.8% volume/mix improvement and 3.8% net price realization, including a 3.8-point contribution from the GHOST acquisition. GAAP operating income grew 38.0% to $3.6 billion, adjusted operating income rose 4.9% to $4.2 billion, operating cash flow approached $2.0 billion and free cash flow totaled $1.52 billion despite a $225 million acquisition-related payment headwind.

The company targets double-digit adjusted EPS growth in 2026, factoring in the anticipated contribution from the JDE Peet's acquisition. Management plans to build upon 2025 momentum through brand innovation, commercial activation and the strategic integration of JDE Peet's ahead of a planned separation into two pure play beverage companies.

At the end of Q1 2026, Board Chair Bob Gamgort will step off the board and Pamela Patsley, current lead independent director, will assume the chair role. The transition is intended to support governance and strategic oversight during the integration and future split of the combined business.