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Dec 28, 2025
Krispy Kreme Q4 2025 Earnings Report
Krispy Kreme reported lower revenue and a wider net loss in Q4 2025, while expanding adjusted EBITDA margin and generating positive free cash flow.
Key Takeaways
In Q4 2025, Krispy Kreme generated $392367000 in revenue, down 2.9% year-over-year, with organic revenue declining 3.9% due to strategic door closures. The company reported a GAAP net loss of $29125000, while Adjusted EBITDA rose 21.0% to $55565000, expanding margin to 14.2%. Free cash flow was positive at $27934000, reflecting improved operating performance despite lower sales.
Net revenue declined 2.9% year-over-year to $392367000, with organic revenue down 3.9%.
GAAP net loss widened to $29125000, with diluted EPS of -0.17.
Adjusted EBITDA increased 21.0% to $55565000, with margin expanding 280 basis points to 14.2%.
Free cash flow was positive at $27934000, supported by improved operating cash flow.
Revenue by Segment
Forward Guidance
For 2026, Krispy Kreme expects systemwide sales growth of 2% to 4% in constant currency, at least 100 new shops globally, capital expenditures of $50000000 to $60000000, positive free cash flow, and a net leverage ratio at or below 5.5x.
Positive Outlook
- Systemwide sales expected to grow 2% to 4% in constant currency.
- At least 100 new shops planned globally.
- Capital expenditures reduced to $50000000–$60000000.
- Positive free cash flow expected.
- Net leverage ratio targeted at or below 5.5x.
Challenges Ahead
- Organic revenue declined 3.9% in Q4 2025.
- Global Points of Access decreased 13.5% year-over-year.
- GAAP net loss of $29125000 in Q4.
- Net leverage ratio remains elevated at 6.7x as of year-end.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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