Krispy Kreme (DNUT) jumped 17.1% in premarket trading on Thursday after posting fourth quarter results that beat analyst expectations on both earnings and revenue.
FY25 Earnings: Krispy Kreme $DNUT
Headline: Clear turnaround progress in Q4, but full-year still reflects restructuring pain.
Q4 2025 Snapshot (vs Q4 2024)
Revenue: $392.4M (-2.9%)
Organic Revenue: -3.9%
GAAP Net Loss: $29.1M
Adjusted EBITDA: $55.6M (+21%)
Adj. EBITDA… pic.twitter.com/gogmzfpVnA— Emmanuel – Big Tech & AI Investor (@EmmanuelInvest) February 26, 2026
The company reported adjusted EPS of $0.09 for Q4, well above the $0.03 consensus estimate. Revenue came in at $392.4 million, edging past the $389.47 million Wall Street expected.
That’s a solid beat, and the market wasted no time responding.
Q4 net revenue was down 2.9% from $404 million in the same quarter a year ago. The decline was intentional — DNUT has been closing underperforming locations as part of its broader turnaround.
Global Points of Access fell 13.5% to 15,194, down 2,363 from the prior year. That’s a big drop, but the company is trading volume for profitability.
It seems to be working. Adjusted EBITDA climbed 21% year-over-year to $55.6 million, and the adjusted EBITDA margin expanded 280 basis points to 14.2%.
The margin improvement was driven by productivity initiatives, SG&A savings, the removal of costs tied to the now-ended McDonald’s USA partnership, and $4.8 million in business interruption insurance recoveries related to a 2024 cybersecurity incident.
In the U.S. segment, average revenue per door per week rose 4.5% year-over-year to $660, as the exit of lower-volume locations lifted the average. U.S. Adjusted EBITDA increased $9.2 million to $32.8 million.
On the GAAP side, the picture is rougher. The company posted a net loss of $29.1 million, or $0.17 per share, compared to a net loss of $22.2 million, or $0.13 per share, in Q4 2024.
For the full year 2025, DNUT reported net revenue of $1.52 billion, down 8.6% from $1.67 billion. The full-year GAAP net loss was $523.8 million, compared to net income of $3.8 million in 2024. The large loss was tied in part to the sale of a majority stake in Insomnia Cookies and the termination of the McDonald’s partnership.
Full-year adjusted EBITDA fell 27.5% to $140.3 million.
Looking at the year ahead, Krispy Kreme expects systemwide sales to grow 2% to 4% in constant currency from the 2025 base of $1.96 billion.
The company plans to open at least 100 new shops globally and is targeting capital expenditures of $50 million to $60 million. It also expects positive free cash flow and a net leverage ratio at or below 5.5x.
DNUT announced a refranchising deal for its Japan operations, expected to close in Q1 2026 with cash proceeds of around $65 million. The company also plans to restructure its Western U.S. joint venture with WKS Restaurant Group.
Digital sales as a percentage of retail sales rose to 18.2% in 2025, up from 14.4% in 2024 — a 380 basis point increase.
CEO Josh Charlesworth said the company is focused on “profitable U.S. expansion and capital-light international franchise growth” as the core of its recovery plan.
The Japan refranchising deal is expected to close in the first quarter of 2026.
The post Krispy Kreme (DNUT) Stock Jumps 17% as Company Beats Q4 Earnings Estimates appeared first on CoinCentral.
