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Krispy Kreme, Inc.

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Krispy Kreme, Inc. • NASDAQ
$4.18 ▲ 1.70% (+0.07)
Market Cap $716.03 M
52w High $11.08
52w Low $2.50
Dividend Yield 0.07%
P/E -1.4
Volume 1.61M
Outstanding Shares 171.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $375.298M ▼ $90.325M ▼ $-19.444M ▲ -5.181% ▲ $-0.11 ▲ $32.489M ▲
Q2-2025 $379.767M ▲ $721.691M ▲ $-435.26M ▼ -114.612% ▼ $-2.55 ▼ $-409.093M ▼
Q1-2025 $375.184M ▼ $304.717M ▼ $-33.284M ▼ -8.871% ▼ $-0.2 ▼ $14.025M ▼
Q4-2024 $404.023M ▲ $317.045M ▲ $-22.443M ▼ -5.555% ▼ $-0.13 ▼ $25.094M ▼
Q3-2024 $379.867M $300.031M $39.563M 10.415% $0.23 $102.907M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $31.152M ▲ $2.602B ▼ $1.906B ▼ $672.054M ▼
Q2-2025 $21.264M ▲ $2.63B ▼ $1.912B ▼ $693.591M ▼
Q1-2025 $18.722M ▼ $3.089B ▲ $1.958B ▲ $1.102B ▼
Q4-2024 $28.962M ▲ $3.072B ▲ $1.908B ▲ $1.135B ▼
Q3-2024 $25.41M $3.065B $1.856B $1.18B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-20.131M ▲ $42.282M ▲ $-27.518M ▼ $-3.85M ▲ $9.329M ▲ $15.544M ▲
Q2-2025 $-441.118M ▼ $-32.543M ▼ $56.748M ▲ $-20.55M ▼ $2.656M ▲ $-60.752M ▼
Q1-2025 $-33.405M ▼ $-20.834M ▼ $-25.811M ▼ $36.798M ▲ $-10.148M ▼ $-46.731M ▼
Q4-2024 $-22.163M ▼ $27.045M ▲ $-25.465M ▼ $3.399M ▲ $3.431M ▲ $-6.87M ▲
Q3-2024 $39.563M $3.262M $109.906M $-117.593M $-3.224M $-22.88M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Company Shops DFD And Branded Sweet Treat Line
Company Shops DFD And Branded Sweet Treat Line
 $0 ▲$360.00M ▲$360.00M ▲$360.00M ▲
Mix And Equipment Revenue From Franchisees
Mix And Equipment Revenue From Franchisees
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Royalty
Royalty
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Krispy Kreme’s sales have grown meaningfully over the last several years, but profit has not kept up with that growth. The company generates healthy gross margins for a food business, yet by the time overhead, store costs, and other expenses are deducted, operating profit has hovered around break-even. Net results have bounced between small losses and roughly flat profit, indicating the business is still in a transition phase from growth to consistent earnings. EBITDA is solidly positive, which shows the core operations have economic value, but interest, depreciation, and other costs are absorbing much of that value. Overall, the income statement reflects a strong brand with good unit economics but still working to turn scale into steady, meaningful bottom-line profits.

Balance Sheet

Balance Sheet The balance sheet shows a sizeable asset base and a meaningful level of debt, typical for a capital-intensive, expanding consumer brand. Equity has increased over time, signaling that the company has been building its net worth, likely through capital raises and retained value from operations. Debt has edged down from earlier highs but remains important to the capital structure, so leverage is a factor to monitor. Cash on hand appears relatively lean compared with total assets and debt, suggesting the company relies on ongoing cash generation and access to financing rather than holding large cash reserves. In short, the balance sheet looks workable but not conservative, with modest deleveraging progress and continued dependence on strong execution.

Cash Flow

Cash Flow Krispy Kreme is consistently generating cash from its day-to-day operations, but that cash is being more than consumed by investment in new shops, production capacity, and other capital spending. As a result, free cash flow has recently been negative, especially in the most recent years, after being only modestly positive for a short period. This pattern is typical of a company still in growth mode: it is reinvesting heavily to expand distribution and infrastructure. The flip side is that this increases the need for outside funding or additional debt if operating cash flow does not grow meaningfully. The key question going forward is whether the investments being made now will translate into stronger, more reliable free cash flow later.

Competitive Edge

Competitive Edge Krispy Kreme’s main competitive strength is its brand: the Original Glazed doughnut, the “Hot Light” experience, and high customer loyalty give it a recognizable and differentiated place in the sweet treats market. The hub‑and‑spoke model lets it serve many points of sale from centralized production, which can be more efficient than running full bakeries everywhere. Partnerships with grocery stores, convenience outlets, and especially a large fast‑food partner dramatically widen reach and help embed the brand into daily routines rather than just special trips to a doughnut shop. The moat is not extremely wide—customers can switch to other sweets or coffee chains—but the combination of emotional brand appeal, unique in‑store experience, and broad access gives Krispy Kreme a real, if narrow, competitive edge.

Innovation and R&D

Innovation and R&D Innovation at Krispy Kreme is less about lab research and more about process, distribution, and product creativity. The company designs and builds its own doughnut-making equipment, which supports consistency, efficiency, and quality control. Its hub‑and‑spoke distribution model is a strategic innovation that allows fresh product in many locations without duplicating full production lines. On the customer side, a strong focus on digital tools—apps, loyalty, and data‑driven promotions—aims to deepen engagement and drive repeat visits. Product innovation is constant, with frequent limited‑time flavors and collaborations that keep the brand culturally relevant and encourage impulse purchases. Looking ahead, expanding digitally, entering new countries, and scaling big partnerships are the main “R&D” levers that could compound growth if executed well.

Summary

Krispy Kreme sits at an interesting crossroads: it has a powerful global brand and a distinctive operating model, yet its financials still look more like a growth story than a mature, high‑margin consumer staple. Revenue growth and solid gross margins signal strong customer demand and attractive unit economics, but thin operating profits, ongoing capital intensity, and modest free cash flow highlight execution and efficiency risks. The balance sheet supports continued expansion but carries meaningful leverage, increasing the importance of driving higher cash generation over time. Strategically, the company’s omnichannel reach, big‑name partnerships, and process innovations give it multiple avenues for growth, though competition in snacks and coffee is intense and consumer tastes can shift. Overall, Krispy Kreme combines clear brand strength and growth opportunity with the financial profile of a business still proving it can convert that strength into durable, cash‑rich profitability.

NEWS

November 24, 2025 · 6:00 AM UTC

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November 10, 2025 · 6:00 AM UTC

KRISPY KREME® Spreads Joy on World Kindness Day, Nov. 13

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November 6, 2025 · 6:45 AM UTC

Krispy Kreme Reports Third Quarter 2025 Financial Results Demonstrating Progress on Turnaround

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November 3, 2025 · 6:00 AM UTC

This is How We Dozen! KRISPY KREME® Expands Everyday Menu, Offering Fans More Variety and ‘More Ways to Dozen'

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October 23, 2025 · 8:30 AM UTC

Krispy Kreme to Announce Third Quarter 2025 Results on November 6, 2025

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