Krispy Kreme (DNUT) Company Report

Krispy Kreme reported Q3 2025 adjusted EBITDA of $40.6 million, a 17% year-over-year increase, and generated $15.5 million in positive free cash flow, reflecting early progress on its turnaround plan.
The company is focused on strategic initiatives including refranchising international markets and restructuring its U.S. joint venture to reduce net debt, alongside reducing CapEx spending for the second half of 2025 and into 2026.
U.S. operations saw significant optimization, with the exit of approximately 600 unprofitable doors and 2,400 doors related to the McDonald's partnership, while adding 1,000 profitable doors year-to-date with strategic partners.
The net leverage ratio decreased to 7.3 times from 7.5 times in the previous quarter, and management expects sequential EBITDA improvement and positive cash flow in Q4 2025 and into 2026.

Nov 6, 2025, 1:30 PM

Transcript

Krispy Kreme (DNUT) Announces Q3 2025 Financial Results and Turnaround Plan Progress

DNUT

Earnings

New Projects/Investments

Demand Weakening

Krispy Kreme (DNUT) reported net revenue of $375.3 million and adjusted EBITDA of $40.6 million for Q3 2025, representing a 17% adjusted EBITDA growth compared to Q3 2024.
The company achieved positive free cash flow of $15.5 million in Q3 2025.
CEO Josh Charlesworth noted progress on a comprehensive turnaround plan, which resulted in reduced leverage, positive free cash flow, and substantially higher adjusted EBITDA, focusing on profitable U.S. expansion and capital-light international franchise growth.
Strategic actions in Q3 2025 included outsourcing 54% of U.S. logistics, adding approximately 1,000 profitable doors year-to-date with national U.S. customers, and removing costs related to the now-ended McDonald's USA partnership.
While overall organic revenue grew by 0.6%, total net revenues declined by 1.2% compared to Q3 2024, with U.S. organic revenue experiencing a 2.2% decline.

Nov 6, 2025, 1:30 PM

Presentation

Krispy Kreme Reports Q3 2025 Financial Results and Turnaround Progress

DNUT

Earnings

Guidance Update

New Projects/Investments

Krispy Kreme, Inc. (DNUT) reported Q3 2025 net revenue of $375.3 million, with organic revenue increasing by 0.6%.
The company recorded a GAAP net loss of $20.1 million but saw Adjusted EBITDA rise 17.0% to $40.6 million compared to Q3 2024.
Krispy Kreme generated $15.5 million in free cash flow and strategically reduced Global Points of Access by 6.1% to 14,851.
The company is executing a turnaround plan, which includes refranchising international markets, restructuring a U.S. joint venture, and removing costs associated with the now-ended McDonald's USA partnership.

Nov 6, 2025, 12:40 PM

8-K

Krispy Kreme Reports Q2 2025 Results and Announces Turnaround Plan

DNUT

Earnings

Profit Warning

Debt Issuance

Krispy Kreme reported a GAAP net loss of $441.1 million for Q2 2025, a significant increase from the prior year, primarily due to $406.9 million in non-cash goodwill and other asset impairment charges and the impact of the now-ended McDonald's USA partnership. Net revenue declined 13.5% to $379.8 million, and Adjusted EBITDA fell to $20.1 million.
In response to these results, the company announced a comprehensive turnaround plan focusing on refranchising, driving return on invested capital, expanding margins, and driving sustainable, profitable growth.
Key actions under the plan include the sale of the remaining ownership stake in Insomnia Cookies for $75 million to reduce debt, halting the quarterly cash dividend, and amending its credit agreement for $125.0 million in incremental term loan commitments.
As of June 29, 2025, Krispy Kreme's total available liquidity was $243.8 million, with a net debt of $939.355 million and a net leverage ratio of 7.5x.

Aug 7, 2025, 10:45 AM

Press Release

Krispy Kreme confirms ransomware data breach

DNUT

In November 2024, a ransomware attack by the Play group compromised over 160,000 individuals’ data after Krispy Kreme refused to pay a ransom, with the data later published online.
Stolen data encompassed highly sensitive information including Social Security numbers, driver’s licenses, passport details, financial logins, credit card CVV codes, biometric and medical records, and US military IDs.
Krispy Kreme has found no evidence of misuse so far, is offering free credit monitoring and identity protection, and has strengthened security measures for affected individuals.
The breach caused online ordering disruptions, disclosed in a December 11, 2024 SEC filing, and impacted nearly 7,000 Texans, highlighting its operational and geographic reach.

Jun 19, 2025, 10:05 AM

Morningstar

Krispy Kreme Sells Remaining Stake in Insomnia Cookies

DNUT

M&A

Krispy Kreme, Inc. sold its remaining ownership stake in Insomnia Cookies, receiving approximately $75 million in aggregate cash proceeds.
The net proceeds are expected to be used for debt paydown, reinforcing the company’s focus on reducing its debt load and supporting profitable U.S. expansion and international franchise growth.

Jun 10, 2025, 12:00 AM

8-K

Krispy Kreme Announces Refreshed Board Nomination

DNUT

Board Change

Proxy Vote Outcomes

Krispy Kreme has nominated a refreshed slate of directors, including Bernardo Hees, Patrick Grismer, Easwaran Sundaram, and Gordon von Bretten, to support its ongoing transformation efforts.
Bernardo Hees is expected to chair a new Strategy and Operating Committee, reinforcing the company’s focus on profitable U.S. expansion and capital-light international growth.
The nominations will be subject to a shareholder vote at the Annual Meeting on June 17, 2025, finalizing a nine-member board slate.

Apr 23, 2025, 12:00 AM

8-K

Filings & Transcripts

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