Krispy Kreme Inc
NASDAQ:DNUT

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Krispy Kreme Inc Logo
Krispy Kreme Inc
NASDAQ:DNUT
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Price: 3.45 USD 1.47% Market Closed
Market Cap: $594.1m

Krispy Kreme Inc
Investor Relations

Krispy Kreme Inc., with its roots tracing back to 1937 in Winston-Salem, North Carolina, is a cherished brand that has captivated the sweet tooth of many with its iconic glazed doughnuts. The company primarily makes money by crafting fresh doughnuts and other baked goods, which are then sold via multiple channels. At the heart of its operations lie their Hot Light™ stores, where customers are drawn in by the promise of freshly made doughnuts. These serve as both production hubs and retail stores, allowing consumers to witness the doughnut-making process firsthand, adding to the brand's allure. Beyond the storefront, Krispy Kreme has expanded its distribution reach into convenience stores, grocery outlets, and vending machines, allowing the brand to entice even those who might not have easy access to a standalone location.

While their primary revenue generator remains the direct sale of doughnuts, Krispy Kreme has smartly diversified its business model. It's embraced a franchising approach in certain markets, leveraging local expertise while also streamlining operations through centralized production facilities in some regions to maintain consistency and quality. Furthermore, Krispy Kreme cleverly taps into strategic partnerships and co-branded initiatives, expanding its footprint without the heavy lifting of solo ventures. Through a combination of traditional retail, direct-to-consumer delivery, and wholesale distribution, Krispy Kreme continues to position its sweet offerings in front of consumers around the globe, ensuring that its legacy of indulgence and nostalgia remains as tempting as ever.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 26, 2026
AI Summary
Q4 2025

Turnaround Progress: Krispy Kreme delivered strong progress on its turnaround plan, with significant improvements in profitability, margin expansion, and free cash flow.

Revenue Decline: Net revenue fell 2.9% in Q4, primarily due to the strategic closure of underperforming U.S. doors, but higher sales from new, higher-margin locations and partners helped offset some of the decline.

Profitability Growth: Adjusted EBITDA rose 21% year-over-year and 37% quarter-over-quarter in Q4, reaching $55.6 million, driven by productivity initiatives and cost controls.

Deleveraging: The net leverage ratio improved to 6.7x in Q4, down 0.6x QoQ, with a target of at or below 6x by the end of Q1 2026 and 5.5x by year-end 2026.

Capital-Light Shift: The company is shifting toward a franchise-heavy model, aiming for nearly half of system-wide sales to come from franchisees by early 2027, with multiple international refranchising deals targeted for 2026.

CapEx Reduction: Full-year 2025 CapEx dropped 19% from 2024; 2026 CapEx is expected to be nearly half of 2025’s level.

Guidance: 2026 guidance calls for system-wide sales growth of 2% to 4%, at least 100 shop openings globally, positive free cash flow, and continued improvement in leverage.

Key Financials
System-wide Sales
$2 billion
Net Revenue
$392.4 million
Adjusted EBITDA
$55.6 million
Adjusted EBITDA (Second Half 2025)
$96.2 million
Free Cash Flow
$27.9 million
Operating Cash Flow
$45 million
Net Leverage Ratio
6.7x
Average Weekly Sales per Door (U.S.)
$660
U.S. Adjusted EBITDA
$32.8 million
International Segment Adjusted EBITDA
$26.8 million
International Adjusted EBITDA Margin
18.8%
Market Development Adjusted EBITDA
$12.1 million
Market Development Adjusted EBITDA Margin
61.5%
Digital Sales (U.S., Q4)
22.5% of U.S. retail sales
Number of Shops (End of 2025)
2,125 shops
Liquidity (Year-end 2025)
$207 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Joshua Charlesworth
President, CEO & Director
No Bio Available
Mr. Jeremiah Ashukian
Executive VP & CFO
No Bio Available
Mr. Matthew Spanjers
Chief Growth Officer & President of International
No Bio Available
Mr. Raphael Duvivier
Chief Development Officer
No Bio Available
Mr. Kelly P. McBride
Chief Accounting Officer
No Bio Available
Ms. Angela J. Yochem
Chief Information Officer
No Bio Available
Ms. Stephanie Daukus
Vice President of Investor Relations
No Bio Available
Mr. Atiba D. Adams
Chief Legal Officer & Corporate Secretary
No Bio Available
Eloise Hale
Vice President of Global Corporate Communications
No Bio Available
Ms. Theresa Zandhuis
Chief People Officer
No Bio Available

Contacts

Address
NORTH CAROLINA
Charlotte
2116 Hawkins Street
Contacts
+18004574779.0
www.krispykreme.com
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