Krispy Kreme, Inc., together with its subsidiaries, produces doughnuts in the United States, the United Kingdom, Ireland, Australia, New Zealand, Mexico, Canada, Japan, and internationally. It operates in three segments: U.S., International, and Market Development. The company offers doughnut experiences through hot light theater and fresh shops, delivers fresh daily branded cabinets and merchandising units within grocery and convenience stores, quick service restaurants, club memberships, drug stores, and digital channels, including delivery apps. It also operates Krispy Kreme company-owned shops and franchise shops. The company was formerly known as Krispy Kreme Doughnuts, Inc. and changed its name to Krispy Kreme, Inc. in May 2021. Krispy Kreme, Inc. was founded in 1937 and is based in Charlotte, North Carolina.
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Krispy Kreme Q2 2026 Earnings Call Transcript
Krispy Kreme reported second quarter 2026 net revenue of $331.0 million, a 12.8% decrease reflecting the planned re-franchising of Japan and the Western U.S. markets. Adjusted EBITDA grew 43.2% year over year to $28.8 million, with adjusted EBITDA margin expanding 340 basis points to 8.7% due to operational efficiencies and the exit of the McDonald's USA partnership. System-wide sales increased 2.6% to $497.3 million when excluding the impact of the concluded McDonald's USA partnership, and net leverage ratio improved 1.3 turns to 5.4x from 6.7x at the end of 2025. The company maintained its full-year guidance, including net revenue of $1.25 billion to $1.35 billion and adjusted EBITDA of $140 million to $150 million, while highlighting progress on its capital-light franchise model and U.S. logistics optimization.
Krispy Kreme turnaround lifts margins as fresh-delivery reset takes hold
Krispy Kreme's turnaround is gaining traction, with second-quarter adjusted EBITDA jumping 43 percent to $28.8 million and adjusted EBITDA margin expanding 340 basis points to 8.7 percent, even as net revenue fell 13 percent to $331 million due to refranchising and the end of its McDonald's partnership. Systemwide sales excluding the McDonald's impact rose 2.6 percent, while U.S. organic revenue grew 4.4 percent on the same basis. The company has rebuilt fresh-delivery distribution by adding roughly 450 doors year-to-date through retailers including Walmart, Target, Kroger, and Sam's Club, driving average weekly sales per U.S. door up 33 percent to approximately $697. CEO Josh Charlesworth said production utilization is only about 25 percent, leaving ample capacity to expand without heavy capital spending, and the chain is on track for at least 100 new shops in 2026, nearly all opened by franchisees.
Krispy Kreme downgraded to Zacks Rank #5 as earnings estimates keep falling
Krispy Kreme has been downgraded to a Zacks Rank #5 (Strong Sell) as analysts continue to cut earnings estimates despite some early signs of a turnaround. The consensus estimate for next quarter has fallen 14.9%, while next year's estimate has been cut by 43%, and revenues are projected to decline 13.1% this year and another 9% next year. The company's turnaround plan, focused on refranchising international markets and reducing debt, delivered a 38% increase in first-quarter adjusted EBITDA and positive free cash flow, but Wall Street remains unconvinced the improvements will translate into sustainable earnings growth. Krispy Kreme's shares have lost most of their value since returning to the public markets in 2021, weighed down by weak unit economics, slowing US growth, and a burdensome debt load, with the failed McDonald's rollout adding to its challenges.
Krispy Kreme CEO details turnaround strategy after earnings
Krispy Kreme CEO Joshua Charlesworth detailed the company's turnaround strategy following its latest earnings, highlighting a 340 basis point year-over-year increase in adjusted EBITDA and $100 million more cash generated compared to the same period last year. The company reduced its debt leverage by 1.3 turns, while organic revenue growth, excluding exited McDonald's business, rose 4.4% year over year. Charlesworth noted that 42% of sales now come from franchises, up from 25% last year, with plans to open at least 100 shops this year, nearly all franchises, as the company balances domestic company-operated expansion through retailers like Walmart and Kroger with international franchise growth across 42 countries. He reaffirmed guidance of 2% to 4% system-wide sales growth for the year, and said productivity initiatives, including AI-driven demand planning and outsourced logistics, are more than offsetting commodity inflation pressures.
McDonald's Outshines Krispy Kreme as the Better Restaurant Stock for 2026
McDonald's is the stronger investment choice over Krispy Kreme for 2026, according to a Motley Fool analysis. Krispy Kreme posted fiscal 2025 revenue of $1.5 billion, an 8.6% decline, and a net loss of $515.8 million, while its debt-to-equity ratio stood at 2.2x and free cash flow was negative $64 million. In contrast, McDonald's generated $26.9 billion in revenue, up 3.7%, with net income of $8.6 billion and robust free cash flow of $7.2 billion. Krispy Kreme's challenges include the end of its McDonald's partnership, nearly $900 million in debt, and ongoing store closures, whereas McDonald's delivered 9% first-quarter revenue growth to $6.5 billion and a 6% rise in net income to nearly $2 billion. The analysis concludes that McDonald's profitable, growing operations make it the better buy despite Krispy Kreme's lower price-to-sales ratio.
APL Sweets OÜ signs franchise deal to bring Krispy Kreme to the Baltics
APL Sweets OÜ, a subsidiary of Apollo Group OÜ, has entered into a five-year Development and Franchise Agreement with Krispy Kreme Doughnut Corporation to open up to 25 Krispy Kreme outlets across the Baltic States between 2026 and 2030. The agreement grants APL Sweets the right to develop shops of three varying sizes and includes an option, exercisable until 31 December 2027, to expand the franchise into Finland. The first shop is planned to open in Tallinn by the end of this year. The move aligns with Apollo Group’s long-term growth strategy and adds a new sweet-focused brand to its food service portfolio, which already includes Lido, Vapiano, KFC, MySushi, Blender, Delano, and CAN CAN Pizza.
CAVA vs. Krispy Kreme: Which Consumer Stock Is a Better Buy in 2026?
CAVA Group and Krispy Kreme present contrasting investment cases for 2026, with CAVA delivering rapid growth and profitability while Krispy Kreme pursues a capital-light turnaround amid heavy losses. CAVA reported fiscal 2025 revenue of nearly $1.2 billion, up about 22.4%, and net income of roughly $63.7 million, supported by 459 locations and a vertically integrated supply chain. Krispy Kreme's revenue declined about 8.6% to approximately $1.5 billion, with a net loss of nearly $515.8 million as it refranchises shops and expands third-party retail access points. CAVA trades at a forward price-to-earnings ratio of 140.0 times and a price-to-sales ratio of 7.7 times, while Krispy Kreme's ratios stand at 61.4 times and 0.4 times, respectively. The analysis favors CAVA for growth-oriented investors but notes its premium valuation, while Krispy Kreme's deep discount and high debt require evidence of a successful turnaround before committing.
Krispy Kreme shares jump 8.6% as oil price drop eases consumer pressure
Krispy Kreme shares surged 8.6% in afternoon trading after WTI crude fell below $70 per barrel, easing pressure on consumer wallets. Oil prices dropped 3% to their lowest levels since early March, acting as a de facto tax cut for middle- and lower-income consumers. The broader quick-service and casual dining sector, including McDonald's and Darden, also benefited from the macro tailwind, while Wendy's surged 30% on retail enthusiasm and a CFO change. Cheaper energy provides a much-needed catalyst for restaurant traffic recovery, though wage inflation remains a risk to operating margins.
Traditional Fast Food Stocks Post Mixed Q1 as Restaurant Brands Shares Fall 12%
Traditional fast food stocks reported a strong first quarter overall, with aggregate revenues beating analyst consensus estimates by 1.4%, but share prices have declined 3.7% on average since the latest earnings results. Restaurant Brands International posted revenue of $2.26 billion, up 7.3% year on year and exceeding expectations by 0.9%, yet its stock fell 12% to $71.91. El Pollo Loco was the best performer, with revenue of $126.2 million beating estimates by 3.2% and its stock rising 14.2% to $15.44. Papa John's was the weakest, with revenue of $478.6 million missing estimates by 1.4% and declining 7.7% year on year, though its stock edged up 2.9% to $34.78. Krispy Kreme reported revenue of $367 million, down 2.2% year on year but slightly above estimates, while McDonald's revenue rose 9.4% to $6.52 billion, beating estimates by 0.7%.