Krispy Kreme, Inc.
- Open
- 3.40
- Day high
- 3.43
- Day low
- 3.33
- Prev close
- 3.42
- Volume
- 125K
- Mkt cap
- $594M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.0
- P/S
- 0.4
- Yield
- —
- Per share
- —
- ▲Insiders net buying $2.2M over the last 3 months (5 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
Krispy Kreme, Inc. (DNUT) is a Consumer Defensive company listed on NASDAQ. The stock is up 3% over the past year. Over the trailing 3 months, insiders filed 5 open-market buys and 0 sales (SEC Form 4).
Krispy Kreme, Inc. (DNUT) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DNUT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.03 | $-0.03 | +8.3% | $331M | +8.1% |
| May 7, 2026 | $-0.03 | $-0.05 | -66.7% | $367M | +2.4% |
| Feb 26, 2026 | $0.03 | $0.09 | +200.0% | $392M | +1.8% |
| Nov 6, 2025 | $-0.06 | $0.01 | +116.7% | $375M | -2.3% |
| Aug 7, 2025 | $-0.04 | $-0.15 | -275.0% | $380M | -1.7% |
| May 8, 2025 | $-0.06 | $-0.05 | +16.7% | $375M | -4.6% |
| Feb 25, 2025 | $0.10 | $0.01 | -90.0% | $404M | +3.1% |
| Nov 7, 2024 | $-0.00 | $-0.01 | -190.7% | $380M | -8.4% |
| Aug 8, 2024 | $0.05 | $0.05 | +0.0% | $439M | +14.8% |
| May 9, 2024 | $0.07 | $0.07 | +0.0% | $443M | +1.7% |
| Feb 13, 2024 | $0.13 | $0.09 | -30.8% | $451M | +2.7% |
| Nov 9, 2023 | $0.06 | $0.03 | -50.0% | $407M | -1.5% |
DNUT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Esposito Joseph Jofficer: Chief Accounting Officer | Tax | 7,998 | $3.53 |
| Jul 1, 2026 | Suess Lori M.officer: Head of People and Culture | Tax | 8,391 | $3.53 |
| Jun 12, 2026 | Suess Lori M.officer: Head of People and Culture | Grant | 38,462 | — |
| Jun 12, 2026 | Steele Nicolaofficer: Chief Operating Officer | Grant | 76,924 | — |
| Jun 12, 2026 | Holder Alisonofficer: Chief Brand & Product Officer | Grant | 76,924 | — |
| Jun 12, 2026 | Esposito Joseph Jofficer: Chief Accounting Officer | Grant | 25,642 | — |
| Jun 12, 2026 | Duvivier Raphaelofficer: Chief Financial Officer | Grant | 96,154 | — |
| Jun 12, 2026 | Adams Atibaofficer: CLO & Corporate Secretary | Grant | 76,924 | — |
| Jun 12, 2026 | Werneck Melissadirector | Grant | 39,653 | — |
| Jun 12, 2026 | Sundaram Easwarandirector | Grant | 33,334 | — |
| Jun 12, 2026 | Shear David Chandirector | Grant | 39,653 | — |
| Jun 12, 2026 | Hees Bernardodirector | Grant | 64,103 | — |
| Jun 12, 2026 | Grismer Patrick Jdirector | Grant | 33,334 | — |
| Jun 12, 2026 | Deno David J.director | Grant | 33,334 | — |
| Jun 12, 2026 | Charlesworth Joshdirector, officer: President & CEO | Grant | 128,206 | — |
Source: DNUT SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full DNUT insider & 13F page →Krispy Kreme, Inc. company profile
Overview
Krispy Kreme, Inc. (NASDAQ:DNUT) is a global doughnut company founded in 1937 and headquartered in Charlotte, North Carolina. The company went public for the second time in July 2021, having previously been public from 2000 to 2016 before being taken private. Krispy Kreme operates through an omni-channel business model, manufacturing and distributing fresh doughnuts through company-owned stores, franchise locations, and delivered-fresh-daily partnerships with major retailers. The company has expanded from its original glazed doughnut recipe to operate approximately 1,810 Krispy Kreme and Insomnia Cookies-branded shops across 30 countries worldwide.
Business
Krispy Kreme operates in the specialty bakery and quick-service restaurant industry, focusing primarily on fresh doughnut manufacturing and distribution. The company's core business revolves around producing doughnuts using proprietary recipes and equipment, then distributing them through multiple channels to ensure freshness - a key differentiator in the bakery market. The company operates through three main business segments. The U.S. and Canada segment represents the largest portion of revenue, encompassing company-owned retail shops and the "delivered fresh daily" (DFD) network where doughnuts are manufactured at central hubs and distributed to grocery stores, convenience stores, and other retail partners like Walmart, Target, and McDonald's. This segment generates approximately 40-45% of total revenue. The International segment includes company-owned operations in markets like the United Kingdom, Ireland, Australia, New Zealand, Japan, and Mexico. These markets operate similar hub-and-spoke models, manufacturing doughnuts centrally and distributing to retail partners. This segment contributes roughly 25-30% of total revenue. The Market Development segment consists of franchise operations both domestically and internationally, where Krispy Kreme licenses its brand, recipes, and operational systems to third-party operators. This segment, while smaller in absolute revenue terms at approximately 25-30%, generates higher margins through royalty fees and equipment sales. Beyond traditional doughnuts, Krispy Kreme also produces cookies, brownies, cookie cakes, ice cream, and doughnut-making equipment. The company previously owned Insomnia Cookies, a late-night cookie delivery brand, but sold its majority stake in 2024 to focus on its core doughnut business.
Revenue model
Krispy Kreme generates revenue through multiple streams within its omni-channel business model. Product sales constitute the primary revenue source, with doughnuts sold through company-owned retail stores, franchise locations, and wholesale distribution to retail partners. The company charges wholesale prices to grocery stores, convenience stores, and major retailers like McDonald's, Walmart, and Target, who then resell the products to consumers. Franchise fees and royalties provide a second revenue stream, where franchisees pay initial franchise fees, ongoing royalty payments (typically as a percentage of sales), and purchase proprietary equipment and ingredients from Krispy Kreme. This creates a recurring revenue model with higher margins since the company doesn't bear the operational costs of individual locations. Equipment and ingredient sales to both franchisees and some third-party operators generate additional revenue, as Krispy Kreme maintains control over key production inputs to ensure product consistency and quality. The company's profitability is influenced by several key factors. Commodity costs for ingredients like flour, sugar, and oil directly impact margins, with the company typically hedging about 75% of its commodity exposure. Labor costs affect both manufacturing hubs and retail operations, with the company working to optimize routes and automate processes where possible. Distribution efficiency is crucial, as the hub-and-spoke model's success depends on maximizing delivery density and minimizing transportation costs per unit. Consumer spending patterns significantly impact performance, as doughnuts are often considered discretionary purchases that can decline during economic downturns. The company has noted particular sensitivity to value-conscious consumer behavior in recent quarters. Real estate costs for both hubs and retail locations affect margins, with the company increasingly focusing on high-traffic, efficient locations while potentially exiting underperforming sites.
Competitive moat
Krispy Kreme's competitive moat is moderate but narrowing, built primarily on brand recognition, operational expertise, and distribution relationships rather than insurmountable barriers to entry. The company's strongest defensive position comes from its established brand equity and emotional connection with consumers, particularly around the iconic "Hot Now" experience and original glazed doughnut recipe that has remained largely unchanged since 1937. The company's hub-and-spoke distribution model creates some operational advantages through economies of scale in manufacturing and logistics, allowing fresh daily delivery to thousands of retail partners. This system requires significant capital investment and operational know-how that competitors would need time and resources to replicate effectively. However, Krispy Kreme faces meaningful competitive threats. Large food manufacturers like Hostess, Bimbo Bakeries, and regional players can produce similar products at scale, often with longer shelf lives that reduce distribution complexity. Grocery store private label brands offer lower-cost alternatives that appeal to price-sensitive consumers. Coffee chains and quick-service restaurants increasingly offer competing bakery items, with players like Dunkin' having stronger beverage attachment and higher visit frequency. The company's moat is further challenged by changing consumer preferences toward healthier options and the commoditized nature of basic bakery products. Unlike software or pharmaceutical companies with patent protection, Krispy Kreme's recipes and processes can be approximated by competitors. The high fixed costs of the hub-and-spoke model also create operational leverage that works against the company during demand downturns, as evidenced by recent performance struggles.
Risks & safety
Krispy Kreme presents significant financial risk with limited margin of safety for investors. • Liquidity concerns: Current ratio of 0.35 indicates current liabilities exceed current assets by nearly 3:1, with only $18.7 million in cash against $449 million in current liabilities • High leverage: Debt-to-equity ratio of 1.32 and total liabilities of $1.96 billion against $1.13 billion in equity • Negative cash generation: Free cash flow of -$46.7 million in Q1 2025, with operating cash flow also negative at -$20.8 million • Valuation concerns: EV/EBITDA of 40.1x based on latest quarterly EBITDA, though this reflects temporarily depressed earnings • Dividend suspended: Company discontinued quarterly dividend to preserve cash • Covenant risk: Management has increased term loan capacity by $125 million, suggesting potential covenant pressure • Working capital deficit: Graham net-net value of -10.9 indicates the company would not cover liquidation value • Profitability challenges: Negative net income in recent quarters despite revenue growth, indicating operational difficulties
Recent development
Over the past several years, Krispy Kreme has undergone significant strategic transformation focused on expanding distribution reach while optimizing operational efficiency. The company's most significant development has been the partnership with McDonald's, which began testing in 2023 and launched nationally in late 2024. This partnership aims to place Krispy Kreme doughnuts in up to 12,000 McDonald's locations by 2026, representing a massive expansion of points of access. However, the McDonald's rollout has encountered challenges, with management pausing the nationwide expansion in early 2025 due to below-expected performance. The companies are collaboratively working to improve sales and operations before continuing the rollout. The company has also pursued operational restructuring to improve efficiency and reduce costs. This includes outsourcing logistics operations to third-party providers, targeting over half of U.S. deliveries by the end of 2025. Management has also announced plans to potentially exit 5-10% of underperforming U.S. network locations to focus resources on higher-performing sites. International strategy has shifted toward a more capital-light approach, with management evaluating the refranchising of company-owned international markets including the UK, Ireland, Australia, New Zealand, Japan, Mexico, and Canada. This would reduce capital requirements while maintaining brand presence through qualified local partners. The company divested its majority stake in Insomnia Cookies in 2024 to focus resources on the core Krispy Kreme brand. Additionally, management has implemented significant cost reduction initiatives, targeting $8-12 million in annual SG&A savings starting in 2025, while suspending the quarterly dividend to preserve cash for debt reduction and operational improvements.
DNUT company profile · for informational purposes only — not investment advice.
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