Krispy Kreme, Inc.
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Range $4 – $6
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About the company
Krispy Kreme, Inc. , operating alongside its various subsidiaries, focuses on creating and distributing distinctive doughnut experiences through a comprehensive omni-channel business model. Its operations are structured across three primary divisions: U.
- CEO
- Joshua Charlesworth
- IPO
- 2021
- Employees
- 17,000
- HQ
- Charlotte, NC, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $600.81M
- P/E
- -6.34
- Fwd P/E
- 46.80
- PEG
- -0.11
- P/S
- 0.41
- P/B
- 0.97
- EV/EBITDA
- 10.09
- Div Yield
- 0.00%
- Gross Margin
- 46.80%
- Op Margin
- -0.98%
- Net Margin
- -6.53%
- ROE
- -14.85%
- ROIC
- -0.72%
Latest fiscal year · YoY change
- Revenue
- $1.52B-8.6%
- Gross Profit
- $213.95M-83.0%
- Op Income
- $-33,272,000
- Net Income
- $-515,767,000-16764.5%
- EPS
- $-3.04-16712.0%
- OCF Growth
- -26.0%
- FCF Growth
- +14.6%
- 52W High
- $5.11
- 52W Low
- $2.88
- 50D MA
- $3.42
- 200D MA
- $3.60
- Beta
- 1.26
- RSI (14)
- 58
- Avg Volume
- 2.89M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Krispy Kreme said Q2 showed continued turnaround progress, with sales stable on an organic basis, adjusted EBITDA up sharply, and leverage and capex both moving lower as the company reiterated full-year guidance.· August 6, 2026
- Net revenue was $331 million, down 13% year over year, but organic revenue was essentially flat after re-franchising and system-wide sales were $497 million, up 2.6% in constant currency excluding McDonald’s.
- Adjusted EBITDA rose 43% to $28.8 million, with margin expanding 340 basis points to 8.7%; U.S. adjusted EBITDA increased 38% to $13.8 million and U.S. margin improved about 370 basis points to 8%.
- The company is pushing a capital-light model: franchisees now represent 42% of system-wide sales versus about 25% last year, and management still expects about 50% to begin next year.
- CapEx was $16.1 million year to date, down 70% versus the first half of 2025, and management said this supports a path to positive free cash flow in 2026.
- Full-year guidance was unchanged: net revenue of $1.25 billion to $1.35 billion, system-wide sales growth of 2% to 4% in constant currency, adjusted EBITDA of $140 million to $150 million, and CapEx of $50 million to $60 million.
Net revenue in the second quarter was $331 million, down 13% year over year, reflecting planned re-franchising of the Western U.S. and Japan; excluding re-franchising, revenue was essentially flat organically. System-wide sales were $497 million, up 2.6% in constant currency excluding the impact of the ended McDonald’s USA partnership. Adjusted EBITDA was $28.8 million, up 43%, and adjusted EBITDA margin improved 340 basis points to 8.7%. Adjusted EPS improved by $0.12 year over year, with about $0.02 of that benefit tied to re-franchising deals. In the U.S., organic revenue rose 0.1% and 4.4% excluding McDonald’s; U.S. adjusted EBITDA was $13.8 million, up 38%, and margin expanded about 370 basis points to 8%. International organic revenue fell 5.1%, and international adjusted EBITDA declined 22% to $14.2 million; Market Development organic revenue grew 14.4% and adjusted EBITDA rose 117% to $19.4 million. Net leverage ended the quarter at 5.4x trailing four-quarter adjusted EBITDA. Year to date, CapEx was $16.1 million, down 70%, and free cash flow improved by more than $100 million versus the first half of last year. Full-year guidance was maintained: net revenue of $1.25 billion to $1.35 billion, system-wide sales growth of 2% to 4% in constant currency, adjusted EBITDA of $140 million to $150 million, and CapEx of $50 million to $60 million. Management also said Q4 is typically stronger seasonally than Q3.
Josh Charlesworth framed the quarter as further evidence that the turnaround is working, emphasizing balance-sheet repair, lower leverage, and a more profitable growth model. He said the company is focused on two main growth engines: profitable U.S. expansion and capital-light international franchise growth. He also highlighted stronger digital sales, expanded retail partnerships like Target, and the view that the brand remains underpenetrated in key channels and markets.
Raphael Duvivier highlighted that the quarter’s improvement came from productivity initiatives, cost controls, and re-franchising, which reduced reported revenue but improved profitability and cash generation. He cited adjusted EBITDA of $28.8 million, margin of 8.7%, net leverage of 5.4x, and CapEx of $16.1 million year to date, down 70% year over year; he also said free cash flow improved by more than $100 million in the first half. He reiterated the full-year targets and said the company expects higher growth and margins in Q4 than Q3, with low-single-digit commodity inflation and logistics savings expected to offset fuel pressure.
Analysts focused on where margin expansion can go next, what is driving U.S. delivery performance, and why EBITDA margins were not even stronger given the underlying sales improvement. Management said the largest margin benefits from logistics outsourcing are still coming through, and that future margin gains should come from more re-franchising, lower capital intensity, and continued operational efficiency. Questions on weak international performance centered on the U.K. and Australia; management pointed to door rationalization and extreme hot weather in the U.K., while saying they still see opportunity in those markets and want the right local partners. On retail partner penetration, management said Krispy Kreme is still only present in about 30% of partner networks and sees room to expand through better merchandising and online availability at Walmart, Kroger, and soon Target.com.
The call showed steady progress on the turnaround: adjusted EBITDA grew strongly, margins expanded, capex fell sharply, and leverage moved down again. Management also sounded confident that the existing U.S. production footprint has room to support more fresh delivery and digital growth, while international franchise interest remains strong with three new markets already added this year.
Reported revenue fell 13% because of re-franchising, and international organic sales declined 5.1% with the U.K. and Australia still under pressure. Analysts also pressed on whether margins can expand enough from here, suggesting some of the near-term profit benefit may already be visible and that the second half still depends on seasonal strength and continued execution.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 52.5%
- Shares Outstanding
- 172.40M
- Float Shares
- 90.46M
of shares held by institutions
186 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for DNUT, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Tim MooreHouse · NC14 | Sell | Mar 17, 26 | Filing → |
| Tim MooreHouse · NC14 | Buy | Feb 12, 26 | Filing → |
| Tim MooreHouse · NC14 | Sell | Oct 22, 25 | Filing → |
| Tim MooreHouse · NC14 | Buy | Aug 1, 25 | Filing → |
| Tim MooreHouse · NC14 | Buy | Aug 4, 25 | Filing → |
| Tim MooreHouse · NC14 | Buy | Jul 30, 25 | Filing → |
| Tim MooreHouse · NC14 | Buy | Jul 29, 25 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 5.11M | ▼ 145.90K |
| California State Teachers Retirement System | 77.28K | ▼ 575 |
| Cwm, LLC | 56.54K | ▲ 51.32K |
| Janus Henderson Group PLC | 38.94K | 0 |
| Wolverine Trading, LLC | 19.74K | ▲ 5.79K |
| Skopos Labs, Inc. | 16.36K | ▼ 4.68K |
| Quest Partners LLC | 3.42K | 0 |
| Comerica Bank | 1.53K | 0 |
| Guerra Advisors Inc | 192 | ▲ 192 |
| Capital A Wealth Management, LLC | 145 | ▲ 145 |
Held by 150 ETFs
Biggest fund positions in DNUT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 3, 26 | Nicholas Suk | other | 0 |
| Jul 1, 26 | Suess Lori M. | other | 8,391 |
| Jul 1, 26 | Esposito Joseph J | other | 7,998 |
| Jun 12, 26 | JAB Holdings B.V. | other | 7,069,936 |
| Jun 10, 26 | Werneck Melissa | other | 39,653 |
| Jun 10, 26 | Sundaram Easwaran | other | 33,334 |
| Jun 10, 26 | Shear David Chan | other | 39,653 |
| Jun 10, 26 | Hees Bernardo | other | 64,103 |
| Jun 10, 26 | Grismer Patrick J | other | 33,334 |
| Jun 10, 26 | Deno David J. | other | 33,334 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our DNUT coverage
Recent articles, reports, and earnings notes.
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fastcompany.com · Aug 13
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businesswire.com · Aug 13
Deciphering Krispy Kreme (DNUT) International Revenue Trends
zacks.com · Aug 10
Comparing H World Group (NASDAQ:HTHT) and Krispy Kreme (NASDAQ:DNUT)
defenseworld.net · Aug 8
Pumpkin Spice is Back! KRISPY KREME® Welcomes Fall with New Autumn Seasonal Collection on Aug. 11
businesswire.com · Aug 7
Krispy Kreme, Inc. (DNUT) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 6
Compared to Estimates, Krispy Kreme (DNUT) Q2 Earnings: A Look at Key Metrics
zacks.com · Aug 6
Krispy Kreme CEO Says Turnaround Plan Is Working
youtube.com · Aug 6
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
