Keurig Dr Pepper (KDP) delivered a solid QQ2 2025 quarter with a resilient top line and meaningful cash generation amidst a competitive beverage landscape. Revenue of $4.163 billion rose 6.14% year-over-year and 14.53% quarter-over-quarter, reflecting sustained demand for Packaged Beverages and strength in the Coffee Systems category. Gross profit reached $2.161 billion, yielding a gross margin of 51.9%, while operating income of $892 million produced an operating margin of 21.4% and a net income of $547 million (net margin 13.1%), with diluted EPS of $0.40. EBITDA stood at $1.085 billion, underscoring ongoing scale benefits and efficiency. Free cash flow was $323 million, supported by cash from operations of $431 million and capital expenditures of $108 million. The company returned $313 million to shareholders via dividends, and net debt stood at approximately $17.1 billion, with cash at period-end of $565 million. Balance sheet strength is notable in the context of a high-intangible asset base (Goodwill $20.2B; Intangibles $23.8B) and a total asset base of $54.37B. Liquidity remains modest (current ratio 0.64, quick ratio 0.40; CCC negative 24.3 days), highlighting the importance of ongoing optimization of working capital. Management commentary specific to QQ2 2025 guidance was not included in the provided data; thus, forward-looking statements rely on the quarterly results as the basis for potential trajectory, with a focus on price realization, cost controls, mix effects, and capital allocation. Overall, the QQ2 2025 result signals earnings resilience and continued cash generation, supporting a constructive, but measured, investment thesis in a high-multiple equity environment.