The earnings call presented a mixed picture. While there are strong efforts in international franchise growth, U.S. marketing, and digital retail expansion, significant challenges remain, particularly with declining adjusted EBITDA, substantial impairment charges, and a net revenue decline. The termination of the McDonald's USA partnership also highlighted strategic difficulties.

Company Guidance -

Q3 2025

During the Krispy Kreme Second Quarter 2025 Earnings Call, the company outlined its strategic guidance focused on enhancing profitability and growth while managing its balance sheet. The key metrics highlighted include a net revenue of $379.8 million and an adjusted EBITDA of $20.1 million, both impacted by the divestiture of Insomnia Cookies and the termination of the McDonald's USA partnership, which incurred an estimated $7 million to $9 million in losses for the quarter. The company is implementing a comprehensive turnaround plan with a focus on refranchising, improving returns on capital, expanding margins, and driving sustainable, profitable U.S. growth. This includes halting the quarterly cash dividend, restructuring joint ventures, and refranchising select international markets. They also reported a 15% reduction in G&A roles, and a strategic shift in marketing towards their Original Glazed doughnut. Moreover, Krispy Kreme plans to leverage its capital-light international franchise growth model, with expectations to boost profitability through refranchising initiatives and optimizing their U.S. fresh delivery footprint. The company is actively managing its debt levels, with a current bank leverage ratio of 4.5x and available liquidity exceeding $200 million, positioning it to meet both short-term obligations and long-term investments.

International Franchise Model Expansion

Krispy Kreme is focused on a capital-light international franchise model, achieving exceptional returns with minimal capital investment in markets like South Korea, Middle East, France, and Brazil. New market entries, such as a Hot Light Theater Shop in Spain, are planned, and expansion through existing and new sales channels is ongoing.

U.S. Marketing Campaign Success

A new multimedia marketing campaign focused on the Original Glazed doughnut drove incremental sales and excitement around the core product. The campaign's launch on National Donut Day showed positive early results.

Digital Growth and Retail Expansion

Digital growth increased by double digits, accounting for more than 20% of U.S. retail sales. Krispy Kreme expanded by adding over 400 doors with major customers like Costco, Walmart, Target, and Kroger in the second quarter alone.

Leadership Strengthening

Promotions of Alison Holder to Chief Brand and Product Officer and Raphael Duvivier to Chief Financial Officer, both with extensive experience within Krispy Kreme, strengthen the leadership team.

Krispy Kreme (DNUT) Earnings, Revenues Date & History

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DNUT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	-0.06 / -	-0.01	―	―	―
Aug 07, 2025	2025 (Q2)	-0.03 / -0.15	0.05	-400.00% (-0.20)
May 08, 2025	2025 (Q1)	-0.05 / -0.05	0.07	-171.43% (-0.12)
Feb 25, 2025	2024 (Q4)	0.10 / 0.01	0.09	-88.89% (-0.08)
Nov 07, 2024	2024 (Q3)	0.01 / -0.01	0.03	-133.33% (-0.04)
Aug 08, 2024	2024 (Q2)	0.05 / 0.05	0.07	-28.57% (-0.02)
May 09, 2024	2024 (Q1)	0.06 / 0.07	0.09	-22.22% (-0.02)
Feb 13, 2024	2023 (Q4)	0.13 / 0.09	0.11	-18.18% (-0.02)
Nov 09, 2023	2023 (Q3)	0.06 / 0.03	0.03	0.00% (0.00)
Aug 10, 2023	2023 (Q2)	0.07 / 0.07	0.08	-12.50% (>-0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DNUT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$3.42	$3.18	-7.02%
May 08, 2025	$4.33	$3.26	-24.71%
Feb 25, 2025	$9.06	$7.07	-21.96%
Nov 07, 2024	$12.27	$11.71	-4.56%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.