Krispy Kreme Q1 Revenue Reaches $367M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 07 2026
0mins
Reports Q1 revenue $367M, consensus $359.43M. "The first quarter highlighted significant progress across every pillar of our turnaround plan. We reduced net leverage, increased adjusted EBITDA margin by 260 basis points, and delivered positive free cash flow. We also closed two refranchising transactions, expanded access to our fresh doughnuts in the U.S. quarter-over-quarter, and accelerated the outsourcing of U.S. logistics, which is now complete. Strong consumer demand during recent holidays such as Valentine's Day and St. Patrick's Day also demonstrated that we remain a top choice for gifting, sharing, and celebrating," said Krispy Kreme CEO Josh Charlesworth. "We expect this momentum to continue through 2026, driven by profitable growth in the U.S. with key strategic partners, higher digital sales, and international expansion. For the full year, we are issuing guidance for net revenue and adjusted EBITDA, updating our net leverage reduction target, and reaffirming our outlook for systemwide sales growth."
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Analyst Views on DNUT
Wall Street analysts forecast DNUT stock price to rise
3 Analyst Rating
1 Buy
0 Hold
2 Sell
Moderate Sell
Current: 3.530
Low
3.00
Averages
4.00
High
5.00
Current: 3.530
Low
3.00
Averages
4.00
High
5.00
About DNUT
Krispy Kreme, Inc. and its subsidiaries operate through its omni-channel business model to produce doughnuts and deliver fresh doughnut experiences for Doughnut Shops, Delivered Fresh Daily (DFD) Doors, and digital channels, expanding consumer access to the Krispy Kreme brand. The Company operates through three segments: U.S., International and Market Development. The U.S. segment includes all Krispy Kreme Company-owned operations in the U.S. The International segment includes all Krispy Kreme Company-owned operations in the U.K., Ireland, Australia, New Zealand, Mexico, Canada, and Japan. The Market Development segment includes franchise operations across the globe. It operates in more than 40 countries through its network of fresh doughnut shops, partnerships with retailers, and a rapidly growing digital business with more than 17,500 fresh points of access.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Investment Analysis: CAVA vs. Krispy Kreme
- CAVA Growth Potential: CAVA Group's revenue reached nearly $1.2 billion in FY 2025, reflecting a 22.4% increase, although its net income of $63.7 million and net margin contraction to 5.4% indicate challenges; nonetheless, its strong growth in the health-focused fast-casual market makes it appealing to long-term investors.
- Krispy Kreme Financial Challenges: Krispy Kreme experienced an 8.6% revenue decline to approximately $1.5 billion in FY 2025, with a significant net loss of nearly $515.8 million and a negative net margin of 33.9%, highlighting the high costs associated with its ongoing transition and raising concerns about its recovery potential.
- Risk Comparison: CAVA faces risks from supply chain concentration, relying on a limited number of suppliers which could lead to ingredient shortages, while Krispy Kreme's high debt and complex turnaround strategy present execution risks, compounded by intense competition in the market.
- Valuation Discrepancy: CAVA's forward P/E ratio stands at 140x with a P/S ratio of 7.7x, indicating a high valuation, whereas Krispy Kreme's forward P/E is 61.4x with a P/S ratio of only 0.4x, suggesting it is undervalued, yet its profitability must improve to attract investors.
See More
Investment Comparison: CAVA vs. Krispy Kreme
- CAVA Growth Momentum: CAVA Group's revenue reached nearly $1.2 billion in FY 2025, marking a 22.4% increase, with a net income of approximately $63.7 million, despite a slight decline in net margin to 5.4%, indicating strong growth potential in the healthy fast-casual market.
- Krispy Kreme Transformation Challenges: Krispy Kreme reported approximately $1.5 billion in revenue for FY 2025, an 8.6% decline, alongside a significant net loss of nearly $515.8 million, reflecting high costs and competitive pressures during its strategic restructuring.
- Financial Health Comparison: As of December 2025, CAVA's debt-to-equity ratio stood at 0.6 with a current ratio of 2.7, indicating strong short-term solvency; in contrast, Krispy Kreme's debt-to-equity ratio was 2.2 with a current ratio of only 0.4, suggesting financial strain.
- Market Positioning Differences: CAVA focuses on healthy, customizable dining experiences with 459 locations across 26 states, while Krispy Kreme aims to expand its retail access points and digital partnerships, facing intense competition from larger players in the market.
See More
Krispy Kreme Launches New Doughnut Collection for Independence Day Celebration
- Independence Day Promotion: From July 2 to 5, Krispy Kreme is offering a buy-one-get-one (BOGO) deal where customers can add a dozen Original Glazed® doughnuts for just $2.50 with any dozen or 16-count Minis purchased, aiming to attract more customers to celebrate the holiday.
- New Doughnut Collection: The Independence Day collection features two new doughnuts and two returning favorites, specifically designed for family gatherings and backyard barbecues, enhancing the brand's appeal in the festive market.
- Patriotic Spirit Promotion: On July 4, customers wearing red, white, and blue can receive a free Original Glazed® doughnut, which not only boosts customer engagement but also strengthens the brand's community ties.
- Multi-Channel Sales Strategy: The Independence Day collection is available for purchase in-store, for pickup, and via the Krispy Kreme app, showcasing the brand's flexibility and adaptability in digital transformation to meet diverse consumer needs.
See More
Krispy Kreme Launches Summer Seasonal Collection
- Summer Product Launch: Krispy Kreme unveiled its Summer Seasonal Collection on June 16, featuring new offerings like the Original Glazed Strawberry Cake Doughnut and Lemon Bar Doughnut, aimed at boosting sales during the summer season.
- Beverage Innovation: In addition to classic Frozen Lemonade and Strawberry Chillers, the company introduced limited-time Watermelon Infused Lemonade Chiller and Mango Infused Lemonade Chiller, enhancing its product lineup to cater to diverse consumer tastes.
- Seasonal Replacement: The summer collection replaces the Spring Seasonal Collection, which included HERSHEY'S Double Chocolate and Blueberry Cake Doughnuts, highlighting the company's commitment to seasonal product updates to maintain market competitiveness.
- Stock Performance: Krispy Kreme shares closed at $4.31 on Friday, up 2.62%, reflecting positive market sentiment towards the new product launch, which may drive future sales growth.
See More
Krispy Kreme Launches Summer Seasonal Collection
- Summer Product Launch: Krispy Kreme is debuting its new summer collection on June 16, featuring the all-new Strawberry Cake Doughnut and two new beverages, aiming to enhance customer experience during the summer and attract more visitors.
- Diverse Offerings: The new collection includes six products, such as the Strawberry Cake Doughnut, Lemon Bar Doughnut, and Watermelon Infused Lemonade Chiller, providing a variety of flavors to meet different customer preferences and enhance brand appeal.
- Seasonal Promotion Strategy: The launch of the summer collection coincides with the conclusion of the spring collection, reflecting Krispy Kreme's agile approach to seasonal products, aiming to attract customers and boost sales through new flavors.
- Digital Sales Channels: The new collection will be available in-store, via drive-thru, and through Krispy Kreme's app and website, further expanding its digital sales channels and enhancing customer convenience and purchasing experience.
See More
Krispy Kreme Launches Soccer-Themed Doughnuts for Match Day
- Limited-Time Promotion: Krispy Kreme is offering the Match Day Dozen from June 11-14, where customers can purchase any dozen and get an Original Glazed dozen for just $2, aimed at attracting soccer fans and boosting sales.
- New Product Line: The new doughnuts include Kickoff Doughnuts, an unglazed shell filled with Cookies & Kreme™, and Soccer Rainbow Doughnuts, an Original Glazed® doughnut, both themed around soccer to enhance brand appeal in the market.
- Member Rewards Program: Krispy Kreme Rewards members who purchase any dozen will automatically enter a giveaway for a chance to win an exclusive soccer jersey, designed to increase customer engagement and enhance brand loyalty.
- Multi-Channel Sales: The Match Day Dozen is available for pre-order via Krispy Kreme's app and website, supporting in-store pickup and delivery, reflecting the company's efforts in digital transformation to meet modern consumer demands.
See More
Investment Analysis: CAVA vs. Krispy Kreme
- CAVA Growth Potential: CAVA Group's revenue reached nearly $1.2 billion in FY 2025, reflecting a 22.4% increase, although its net income of $63.7 million and net margin contraction to 5.4% indicate challenges; nonetheless, its strong growth in the health-focused fast-casual market makes it appealing to long-term investors.
- Krispy Kreme Financial Challenges: Krispy Kreme experienced an 8.6% revenue decline to approximately $1.5 billion in FY 2025, with a significant net loss of nearly $515.8 million and a negative net margin of 33.9%, highlighting the high costs associated with its ongoing transition and raising concerns about its recovery potential.
- Risk Comparison: CAVA faces risks from supply chain concentration, relying on a limited number of suppliers which could lead to ingredient shortages, while Krispy Kreme's high debt and complex turnaround strategy present execution risks, compounded by intense competition in the market.
- Valuation Discrepancy: CAVA's forward P/E ratio stands at 140x with a P/S ratio of 7.7x, indicating a high valuation, whereas Krispy Kreme's forward P/E is 61.4x with a P/S ratio of only 0.4x, suggesting it is undervalued, yet its profitability must improve to attract investors.
See More
Investment Comparison: CAVA vs. Krispy Kreme
- CAVA Growth Momentum: CAVA Group's revenue reached nearly $1.2 billion in FY 2025, marking a 22.4% increase, with a net income of approximately $63.7 million, despite a slight decline in net margin to 5.4%, indicating strong growth potential in the healthy fast-casual market.
- Krispy Kreme Transformation Challenges: Krispy Kreme reported approximately $1.5 billion in revenue for FY 2025, an 8.6% decline, alongside a significant net loss of nearly $515.8 million, reflecting high costs and competitive pressures during its strategic restructuring.
- Financial Health Comparison: As of December 2025, CAVA's debt-to-equity ratio stood at 0.6 with a current ratio of 2.7, indicating strong short-term solvency; in contrast, Krispy Kreme's debt-to-equity ratio was 2.2 with a current ratio of only 0.4, suggesting financial strain.
- Market Positioning Differences: CAVA focuses on healthy, customizable dining experiences with 459 locations across 26 states, while Krispy Kreme aims to expand its retail access points and digital partnerships, facing intense competition from larger players in the market.
See More
Krispy Kreme Launches New Doughnut Collection for Independence Day Celebration
- Independence Day Promotion: From July 2 to 5, Krispy Kreme is offering a buy-one-get-one (BOGO) deal where customers can add a dozen Original Glazed® doughnuts for just $2.50 with any dozen or 16-count Minis purchased, aiming to attract more customers to celebrate the holiday.
- New Doughnut Collection: The Independence Day collection features two new doughnuts and two returning favorites, specifically designed for family gatherings and backyard barbecues, enhancing the brand's appeal in the festive market.
- Patriotic Spirit Promotion: On July 4, customers wearing red, white, and blue can receive a free Original Glazed® doughnut, which not only boosts customer engagement but also strengthens the brand's community ties.
- Multi-Channel Sales Strategy: The Independence Day collection is available for purchase in-store, for pickup, and via the Krispy Kreme app, showcasing the brand's flexibility and adaptability in digital transformation to meet diverse consumer needs.
See More
Krispy Kreme Launches Summer Seasonal Collection
- Summer Product Launch: Krispy Kreme unveiled its Summer Seasonal Collection on June 16, featuring new offerings like the Original Glazed Strawberry Cake Doughnut and Lemon Bar Doughnut, aimed at boosting sales during the summer season.
- Beverage Innovation: In addition to classic Frozen Lemonade and Strawberry Chillers, the company introduced limited-time Watermelon Infused Lemonade Chiller and Mango Infused Lemonade Chiller, enhancing its product lineup to cater to diverse consumer tastes.
- Seasonal Replacement: The summer collection replaces the Spring Seasonal Collection, which included HERSHEY'S Double Chocolate and Blueberry Cake Doughnuts, highlighting the company's commitment to seasonal product updates to maintain market competitiveness.
- Stock Performance: Krispy Kreme shares closed at $4.31 on Friday, up 2.62%, reflecting positive market sentiment towards the new product launch, which may drive future sales growth.
See More
Krispy Kreme Launches Summer Seasonal Collection
- Summer Product Launch: Krispy Kreme is debuting its new summer collection on June 16, featuring the all-new Strawberry Cake Doughnut and two new beverages, aiming to enhance customer experience during the summer and attract more visitors.
- Diverse Offerings: The new collection includes six products, such as the Strawberry Cake Doughnut, Lemon Bar Doughnut, and Watermelon Infused Lemonade Chiller, providing a variety of flavors to meet different customer preferences and enhance brand appeal.
- Seasonal Promotion Strategy: The launch of the summer collection coincides with the conclusion of the spring collection, reflecting Krispy Kreme's agile approach to seasonal products, aiming to attract customers and boost sales through new flavors.
- Digital Sales Channels: The new collection will be available in-store, via drive-thru, and through Krispy Kreme's app and website, further expanding its digital sales channels and enhancing customer convenience and purchasing experience.
See More
Krispy Kreme Launches Soccer-Themed Doughnuts for Match Day
- Limited-Time Promotion: Krispy Kreme is offering the Match Day Dozen from June 11-14, where customers can purchase any dozen and get an Original Glazed dozen for just $2, aimed at attracting soccer fans and boosting sales.
- New Product Line: The new doughnuts include Kickoff Doughnuts, an unglazed shell filled with Cookies & Kreme™, and Soccer Rainbow Doughnuts, an Original Glazed® doughnut, both themed around soccer to enhance brand appeal in the market.
- Member Rewards Program: Krispy Kreme Rewards members who purchase any dozen will automatically enter a giveaway for a chance to win an exclusive soccer jersey, designed to increase customer engagement and enhance brand loyalty.
- Multi-Channel Sales: The Match Day Dozen is available for pre-order via Krispy Kreme's app and website, supporting in-store pickup and delivery, reflecting the company's efforts in digital transformation to meet modern consumer demands.
See More
