Krispy Kreme

DNUT · Nasdaq · Consumer Discretionary · Financials, fiscal 2019 to 2025

DNUT · Last close · November 6, 2026

$4.17

Krispy Kreme's revenue fell 8.6% to $1.5 billion in fiscal 2025. Its operating margin was −30.8%, down from −0.5% a year earlier. Free cash flow was −$64 million. It paid out $13 million in dividends and buybacks. The diluted share count fell 0.3%.

Krispy Kreme, Inc. Latest fiscal year ended December 28, 2025 10-K filed March 6, 2026 · 0001857154-26-000015 Updated November 9, 2026

Revenue

$1.5B

8.6%

Operating margin

−30.8%

30.3 pts

Net income

−$516M

$3M a year earlier

Free cash flow

−$64M

Return on capital

−20.6%

20.4 pts

Market cap

$723M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Net debt to EBITDA for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

Charts show fiscal years, from the 10-K filings.

What Krispy Kreme does

Krispy Kreme makes and sells doughnuts in 42 countries. At the end of fiscal 2025 it had 15,194 points of access, the places where people can buy its doughnuts. It sells through three channels: its own shops (Hot Light Theater Shops and Fresh Shops), fresh delivery to grocery stores, club stores, convenience stores, restaurants and drug stores, and digital orders for pickup or delivery.

It uses a hub and spoke model. Hubs are doughnut factories and Hot Light Theater Shops, which make doughnuts and sell them on site. Spokes are Fresh Shops, kiosks and delivery doors, which sell doughnuts brought from the hubs. In the U.S., sales come from points of access that the company mostly runs itself. Abroad, they come from points run by the company and by franchise partners. Digital is its fastest-growing channel in the U.S.

In fiscal 2025 it began a turnaround plan to reduce debt and deliver profitable growth, which includes refranchising (selling company-run operations to franchisees).

Its biggest risks, as it describes them

Food safety problems such as food-borne illness, tampering or contamination.
Executing its turnaround plan, and getting benefits from acquisitions, sales and refranchising.
Past impairment charges on goodwill and long-lived assets, with more possible.
Limited influence over franchisees and subfranchisees who must keep up quality and safety.
Changes in consumer preferences, and failures or breaches of its information technology.

From Krispy Kreme's annual report on Form 10-K, filed March 6, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Krispy Kreme lost money in fiscal 2025: a net loss of $516 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	39	35	38	29	42
Debt incl. finance leases	717	779	891	901	978
Net debt (negative means net cash)	678	744	853	872	935
Net debt to EBITDA	4.8x	5.3x	6.1x	7.0x	—
Debt to equity	0.6x	0.7x	0.8x	0.8x	1.5x
Interest coverage	—	—	—	—	—
Current ratio	0.3x	0.3x	0.3x	0.4x	0.4x
Quick ratio	0.2x	0.3x	0.3x	0.3x	0.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Krispy Kreme's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Krispy Kreme's projections

What Krispy Kreme says to expect

Full year 2026: new shopsOpen at least 100 shops, nearly all of which are expected to be franchised

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed November 5, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

No officer, director or 10% owner of Krispy Kreme reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	3 of 8	5 of 8	4 of 8
Rule of 40	5.7%	−5.7%	−12.8%
Altman Z''	−0.31	−0.38	−2.61
Accruals ratio	−2.6%	−1.4%	−19.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Fail
F-score	3 of 8	5 of 8	4 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Krispy Kreme side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Krispy Kreme	FY25	−8.6%	−30.8%	−4.2%	−20.6%	—	4
Jack in the Box	FY25	−6.8%	−1.2%	5.1%	−1.8%	41.1x	5	Compare
Shake Shack	FY25	15.4%	4.3%	3.9%	9.6%	−0.6x	7	Compare
Dutch Bros	FY25	27.9%	9.8%	3.3%	11.9%	1.3x	5	Compare
BJ's Restaurants	FY25	3.1%	3.3%	2.9%	11.1%	0.5x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	959	1,122	1,384	1,530	1,686	1,665	1,523
Revenue growth	—	16.9%	23.4%	10.5%	10.2%	−1.2%	−8.6%
Gross profit	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—
Operating income	38	4	41	29	13	−9	−469
Net income	−37	−64	−24	−16	−38	3	−516
Diluted EPS (US$)	−0.30	−0.52	−0.18	−0.10	−0.23	0.02	−3.04
Diluted shares (millions)	125	125	148	168	168	172	171
Cash flow
Cash from operations	81	29	141	140	46	46	34
Capital expenditure	76	98	120	112	121	121	98
Free cash flow	4	−69	22	28	−76	−75	−64
Dividends paid	3	0	48	23	24	24	12
Share buybacks	0	0	139	4	2	6	1
Acquisitions	150	75	46	17	0	32	0
Stock-based compensation	11	12	23	18	24	35	13
Balance sheet at fiscal year end
Cash and short-term investments	35	38	39	35	38	29	42
Debt incl. finance leases	—	827	717	779	891	901	978
Total assets	—	3,061	3,145	3,148	3,241	3,072	2,593
Total liabilities	—	2,213	1,810	1,850	1,977	1,908	1,916
Shareholders' equity	883	685	1,232	1,196	1,170	1,134	650
Margins and ratios
Gross margin	—	—	—	—	—	—	—
Operating margin	4.0%	0.4%	3.0%	1.9%	0.8%	−0.5%	−30.8%
Net margin	−3.9%	−5.7%	−1.8%	−1.0%	−2.2%	0.2%	−33.9%
Free cash flow margin	0.5%	−6.2%	1.6%	1.8%	−4.5%	−4.5%	−4.2%
Rule of 40 (growth + FCF margin)	—	10.8%	24.9%	12.3%	5.7%	−5.7%	−12.8%
Return on capital	—	—	1.8%	1.1%	0.5%	−0.2%	−20.6%
Return on equity	—	—	−2.6%	−1.3%	−3.2%	0.3%	−57.8%
Return on assets	—	—	−0.8%	−0.5%	−1.2%	0.1%	−18.2%
Net debt to EBITDA	—	9.3x	4.8x	5.3x	6.1x	7.0x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Krispy Kreme's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Krispy Kreme.