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Krispy Kreme (DNUT) investor relations material
Krispy Kreme Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
A comprehensive turnaround plan was implemented, focusing on deleveraging, refranchising, cost reduction, margin expansion, and sustainable U.S. and international growth, including the exit from the McDonald's USA partnership and closure of underperforming locations.
Early progress included reduced leverage, positive free cash flow, and higher adjusted EBITDA compared to the previous quarter.
Optimization of the U.S. fresh delivery model, productivity improvements, and cost removal from the ended McDonald's USA partnership contributed to improved results.
International expansion continued, with new openings in Spain, Brazil, and upcoming entry into Uzbekistan.
Net revenues for the quarter ended September 28, 2025, were $375.3 million, down 1.2% year-over-year; net loss attributable to shareholders was $19.4 million compared to net income of $39.6 million in the prior year quarter.
Financial highlights
Net revenue for Q3 2025 was $375.3 million, with organic revenue growth of 0.6% year-over-year, primarily driven by international segment; total net revenue declined 1.2% year-over-year due to the Insomnia Cookies divestiture.
Adjusted EBITDA grew 17% year-over-year to $40.6 million, with margin improving to 10.8% from 9.1%; up 20% excluding the Insomnia Cookies sale.
Free cash flow was $15.5 million and operating cash flow was $42.3 million in Q3.
Net loss for the quarter was $20.1 million, compared to net income of $37.6 million in the prior year; for the nine-month period, net loss was $494.7 million, driven by $411.9 million in non-cash goodwill and asset impairments.
Adjusted net income for the quarter was $1.4 million, compared to an adjusted net loss of $2.5 million in the prior year quarter.
Outlook and guidance
Management expects further improvement in adjusted EBITDA and positive free cash flow for the remainder of 2025 and beyond.
CapEx is projected to decrease in fiscal 2025 and further in 2026, supporting a capital-light growth model.
No formal guidance or quarterly cash dividends provided, with management confident in continued improvement and capital allocation aligned with growth strategy.
Targeting 1-2 international refranchising deals and restructuring the Western U.S. joint venture.
Outsourcing of U.S. logistics is underway, with 54% completed and 100% expected by 2026.
WKS JV restructuring: expected ownership stake?
U.S. delivery outsourcing: P&L impact beyond predictability?
Walmart expansion: What's the remaining footprint?
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Next Krispy Kreme earnings date
Q4 202519 Feb, 2026
Next Krispy Kreme earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Krispy Kreme Doughnuts, known for its distinctive taste and high-quality ingredients, offers a wide variety of doughnuts, including traditional glazed varieties and non-traditional offerings such as the original Glazed Holes and chocolate covered options. In addition to offering coffee, hot tea and other beverages, Krispy Kreme also sells packaged doughnuts that can be baked at home.
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