Krispy Kreme

DNUT

Market cap $642M

Krispy Kreme is upgraded to "Hold" after a strong Q4 double beat and above-expectations FY 2026 guidance. DNUT's turnaround focuses on refranchising, deleveraging, and shifting toward a capital-lighter, higher-margin omni-channel model. Despite a 28% post-earnings surge, DNUT faces ongoing operating losses, high short interest, and macro risks targeting lower-middle-income consumers.

Krispy Kreme, Inc. (DNUT) Q4 2025 Earnings Call Transcript

Krispy Kreme is pivoting the business model of its doughnut shops. In reporting its earnings Thursday (Feb. 26), the company said it is moving from owning and operating its own locations toward a “capital-light” strategy that leans heavily on third-party retailers and digital sales.

Krispy Kreme, Inc. (NASDAQ: DNUT) shares rose Thursday after the doughnut chain topped profit expectations and edged past Wall Street's sales forecast.

Krispy Kreme Doughnuts Inc (NASDAQ:DNUT) shares jumped more than 34% on Thursday morning following the company's fourth-quarter earnings report, which topped Wall Street estimates and highlighted strong operational improvements. The doughnut chain reported Q4 revenue of $392.4 million, slightly above analysts' expectations of $389.5 million but down 2.9% from a year earlier.

While the top- and bottom-line numbers for Krispy Kreme (DNUT) give a sense of how the business performed in the quarter ended December 2025, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Krispy Kreme (DNUT) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.03 per share. This compares to earnings of $0.01 per share a year ago.

Krispy Kreme's stock was soaring Thursday as fourth-quarter results provide signs that a turnaround may be starting to take hold.

Krispy Kreme said fourth-quarter revenue fell after the doughnut company exited lower-traffic distribution points, even as margins improved amid the chain's ongoing turnaround

CHARLOTTE, N.C.--(BUSINESS WIRE)--Krispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme”, “KKI”, or the “Company”) today reported financial results for the fourth quarter and full year ended December 28, 2025. Fourth Quarter Highlights (vs Q4 2024) Net revenue of $392.4 million Organic revenue decreased 3.9%, reflecting the strategic closure of underperforming doors GAAP net loss of $29.1 million Adjusted EBITDA of $55.6 million Cash provided by operating activities of $45.0 million, free cash flow.