Business
Krispy Kreme Reports Fourth Quarter and Full Year 2025 Financial Results Demonstrating Meaningful Progress on Turnaround
Strengthens balance sheet while increasing adjusted EBITDA and margin in the fourth quarter of 2025 CHARLOTTE, N.C.--(BUSINESS WIRE)-- Krispy Kreme, Inc.
About this update from Krispy Kreme, Inc.
[{"type":"text","content":"\nStrengthens balance sheet while increasing adjusted EBITDA and margin in the fourth quarter of 2025\n\n\n CHARLOTTE, N.C.--(BUSINESS WIRE)--\nKrispy 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.\n\n\nFourth Quarter Highlights (vs Q4 2024)\n\n\n\nNet revenue of $392.4 million\n\n\n\nOrganic revenue decreased 3.9%, reflecting the strategic closure of underperforming doors\n\n\n\nGAAP net loss of $29.1 million\n\n\n\nAdjusted EBITDA of $55.6 million\n\n\n\nCash provided by operating activities of $45.0 million, free cash flow of $27.9 million\n\n\n\nFull Year Highlights (vs FY 2024)\n\n\n\nNet revenue of $1,522.6 million\n\n\n\nSystemwide Sales of $1.96 billion, up 0.7% in constant currency\n\n\n\nOrganic revenue decreased 1.3%\n\n\n\nGAAP net loss of $523.8 million\n\n\n\nAdjusted EBITDA of $140.3 million\n\n\n\nCash provided by operating activities of $33.9 million, free cash flow of $(64.0) million\n\n\n\nGlobal Points of Access decreased 2,363, or 13.5% to 15,194 reflecting the strategic closure of underperforming doors\n\n\n\n“During the fourth quarter, we demonstrated meaningful progress on our turnaround, unlocking strong consumer demand for Krispy Kreme’s iconic, fresh doughnuts through our two biggest opportunities: profitable U.S. expansion and capital-light international franchise growth. Although our decision to exit underperforming U.S. doors resulted in a modest decline in net revenue, we expanded adjusted EBITDA margin 280 basis points year-over-year. In addition, we reduced our financial leverage quarter-over-quarter, delivered positive free cash flow, and secured a strategic refranchising agreement for our operations in Japan.”\n\n\n“We are pleased to have ended 2025 with positive momentum, driven by quality growth in the U.S. with key strategic partners, higher digital sales, and international expansion. In 2026, we look forward to building on this momentum through systemwide sales growth, additional refranchising activity, disciplined capital expenditures, lower net leverage, and positive free cash flow generation,” said Krispy Kreme CEO Josh Charlesworth.\n\n\nTurnaround Plan\n\n\nThe Company’s comprehensive turnaround plan is designed to deleverage the balance sheet and deliver sustainable, pr...