Companies · DNUT
Krispy Kreme
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Latest analysis
Updated Aug 6, 2026
Krispy Kreme Q2 2026: Adjusted EBITDA up 43% and leverage down 1.3x as refranchising-driven turnaround gains traction, but organic revenue remains marginally negative.
Krispy Kreme's Q2 2026 results confirm that the August 2025 turnaround plan is delivering on its margin and balance sheet objectives: Adjusted EBITDA margin expanded 340 basis points to 8.7% and net leverage fell to 5.4x from 6.7x at year-end 2025. The top-line story is more complex — reported net revenue declined to $331.0 million from $379.8 million, driven by refranchising and door closures rather than demand erosion, while systemwide sales grew 2.6% excluding the now-ended McDonald's USA partnership. The critical remaining execution risk is the International segment, where organic revenue declined 5.1% on U.K. and Australia weakness, and achieving the 50% franchised systemwide sales target by fiscal 2027 requires at least one more refranchising deal beyond Japan.
Tone: cautiousRevenue
$1.5B
DNUT 10-K · FY 2025
Employees
17,000
Revenue growth YoY
-8.6%
EBITDA margin
8.9%
Profile
DNUT 10-K Item 1 · Mar 6, 2026Krispy Kreme is a global omni-channel doughnut brand operating in 42 countries through a Hub and Spoke production and distribution model. The company sells fresh doughnuts through company-owned Hot Light Theater Shops and Fresh Shops, a fresh delivery network serving grocery, convenience, and QSR retailers, and digital channels. With 15,194 global points of access as of fiscal year-end 2025, the company is executing a turnaround plan centered on refranchising, margin expansion, and capital discipline.
Read filing description ↓ Collapse description ↑
Krispy Kreme, Inc. is one of the most beloved and well-known sweet treat brands in the world. Over its nearly 89-year history, Krispy Kreme has developed a broad consumer base globally and currently operates in 42 countries through its unique network of shops, partnerships with leading retailers, and growing digital business. The Company's purpose is to touch and enhance lives through the joy that is Krispy Kreme. We are an omni-channel business that focuses on fresh, high-quality doughnuts with 15,194 points of access globally as of the end of fiscal 2025. We sell doughnuts to consumers through three main channels: Hot Light Theater Shops and Fresh Shops, fresh delivery, and digital. These channels are supported by a capital-efficient Hub and Spoke model, which leverages production capabilities of our Hubs to deliver fresh doughnuts to our Spokes. In the U.S., our sales are derived from Points of Access that are primarily operated by the Company. Internationally, our sales are derived from Points of Access that are operated by both the Company and franchise partners. Digital is our fastest-growing channel in the U.S. and represents a significant opportunity to capitalize on the multi-year acceleration in third-party channel growth. In 2025, we implemented a turnaround plan to de-leverage the balance sheet and deliver sustainable, profitable growth focused on our two biggest opportunities, profitable U.S. expansion and our capital-light international franchise model. We expect to open in at least three new countries every year and at least 100 new shops globally in fiscal 2026.
Primary products
- Original Glazed doughnut
- specialty doughnuts
- limited time offerings (LTOs)
- seasonal activations
- doughnut dots
- minis
Business segments
End markets
Geographies
Named customers
Our fresh delivery business channels depend on key customers and are subject to risks if such key customers reduce their purchases or terminate their relationships with us.
“We view our brand engagement, overall consumer experience and the uniqueness of our doughnuts, including the Original Glazed doughnut, as important factors that distinguish our brand from competitors, both in the doughnut and broader indulgence categories.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues declined 8.6% in fiscal 2025, with organic revenue declining 1.3%, reflecting strategic closures of underperforming fresh delivery doors, the exit of McDonald's USA doors, and the Insomnia Cookies deconsolidation.
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