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Krispy Kreme (DNUT) investor relations material
Krispy Kreme Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 net revenue was $379.8M, down 13.5% year-over-year, with organic revenue declining 0.8%.
GAAP net loss reached $441.1M, driven by $406.9M in non-cash goodwill and asset impairment charges and the Insomnia Cookies divestiture.
Adjusted EBITDA fell to $20.1M from $54.7M year-over-year, reflecting lower transaction volumes and McDonald's USA partnership losses.
A comprehensive turnaround plan is underway, focused on deleveraging, refranchising, margin expansion, and sustainable growth.
McDonald's USA partnership ended July 2, 2025, with related cost removal and strategic shift in U.S. operations.
Financial highlights
Net revenues for Q2 2025 were $379.8M, down from $438.8M year-over-year; adjusted EBITDA was $20.1M, down from $54.7M.
Adjusted EBITDA margin dropped to 5.3% from 12.5% year-over-year.
Cash used for operating activities was $32.5M in Q2; free cash flow for H1 was $(107.5)M.
Goodwill and asset impairments totaled $406.9M, primarily in the U.S., U.K., and Australia.
Global Points of Access grew 14.3% to 18,113, including McDonald's doors exited post-Q2.
Outlook and guidance
Profitability is expected to improve in Q3 2025 as McDonald's-related costs are removed.
The turnaround plan targets positive cash flow in H2 2025, margin expansion, and capital-light franchise growth.
Plans to open in 3-4 new countries in fiscal 2025 and continue refranchising international equity markets.
Capital investment is expected to decrease, focusing on franchisee development and asset efficiency.
Targeting one to two international refranchising deals this year to further deleverage.
Assess impact of refranchising on debt.
Explain UK margin improvement drivers.
How will outsourcing logistics expand margins?
What is the expected timeline for international refranchising?
What factors led to adjusted EBITDA below expectations?
How will the bonus structure drive profitable growth?
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Next Krispy Kreme earnings date
Q3 20256 Nov, 2025
LIVEat 13:30
Next Krispy Kreme earnings date
Q3 20256 Nov, 2025
LIVEat 13:30
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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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