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Krispy Kreme (DNUT) Q3 2026 Earnings Report
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DNUT Q3 2026 EPS Results
- Actual EPS
- $0.06
- Consensus EPS
- $0.01
- Beat/Miss
- Beat by +$0.05
- One Year Ago EPS
- $0.01
DNUT Q3 2026 Revenue Results
- Actual Revenue
- $328.76M
- Expected Revenue
- $311.41M
- Beat/Miss
- Beat by +$17.35M
- YoY Revenue Growth
- -12.40%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
DNUT Upcoming Earnings
Krispy Kreme's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DNUT Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive. Management highlighted improved adjusted EBITDA excluding the prior-year cyber insurance recovery, substantial CapEx and free-cash-flow progress, lower leverage, US operating improvements, renewed fresh-delivery growth, and continued franchise-led expansion. These positives were partly offset by a 12% reported revenue decline, lower reported third-quarter adjusted EBITDA, international and UK weakness, and higher commodity and fuel inflation.
Company Guidance
For 2026, Krispy Kreme’s goal remains to grow system wide sales by 2% to 4% to more than $2 billion, with net revenue guidance narrowed to $1.35 billion to $1.4 billion, adjusted EBITDA guidance maintained at $140 million to $150 million, system wide sales growth maintained at 2% to 4% in constant currency, and CapEx lowered and narrowed to $40 million to $45 million; the company continues to expect positive free cash flow of more than $15 million in 2026 and still anticipates its full year net leverage ratio to be below 5.5x, while its plans continue to cover food commodity inflation through cost initiatives and some modest and selective pricing.
- Improved Full-Year Guidance and Turnaround ProgressManagement increased confidence in the turnaround and narrowed full-year net revenue guidance to $1.35 billion to $1.4 billion, while maintaining adjusted EBITDA guidance of $140 million to $150 million and system-wide sales growth guidance of 2% to 4% in constant currency.
- Year-to-Date Profitability and Cash Flow ImprovementYear-to-date adjusted EBITDA reached $97 million, up $13 million versus last year, while adjusted EBITDA margin improved by 200 basis points to 9.5%. Free cash flow increased by $82 million during the first three quarters, and the company continues to expect positive free cash flow of more than $15 million in 2026.
- Significant Capital Expenditure ReductionYear-to-date CapEx was $28.6 million, down approximately 65% versus the same period last year. Full-year CapEx guidance was lowered and narrowed to $40 million to $45 million, with invested capital focused on repair and maintenance of existing infrastructure.
- Balance Sheet and Leverage ProgressNet leverage was 1.2 turns lower than at the end of 2025, with the net leverage ratio at 5.5x. Management continues to expect the full-year net leverage ratio to be below 5.5x and identified net debt reduction and adjusted EBITDA growth as the main paths to further improvement.
- Margin Expansion from Productivity InitiativesThird-quarter adjusted EBITDA margin expanded by 240 basis points compared with last year when excluding the cyber insurance recovery. Excluding the one-time cyber recovery, adjusted EBITDA increased 13% and margin improved by 42 basis points, driven by network productivity initiatives and corporate cost controls.
- US Segment Operating ImprovementUS organic revenue increased 0.9%, driven by fresh delivery and digital. Sales per hub grew more than 10% year over year, while US adjusted EBITDA increased 18% excluding the $9.3 million cyber-related insurance recovery from the third quarter of last year. US adjusted EBITDA margin increased by 320 basis points.
- Fresh Delivery Returned to GrowthAfter exiting approximately 1.5 thousand underperforming doors, fresh delivery returned to growth in the third quarter. The company added 715 net new doors year over year, which had higher average weekly sales than the exited doors, and now serves approximately 7.7 thousand fresh delivery doors across the US together with franchisees.
- Digital Loyalty and Consumer EngagementThe digital channel continued to support US growth through improvements to proprietary digital platforms, more convenient payment options, and loyalty-program expansion. The US loyalty program now has more than 18 million members.
- International Franchise ExpansionKrispy Kreme announced franchise agreements in Estonia, Mauritius, the Netherlands, and Pakistan during the year. The Pakistan agreement with Grave McKenzie Restaurants includes a commitment to open 120 doughnut shops over the next 5 years.
- Strong Franchise-Led Shop DevelopmentThere were 98 new shop openings by the end of the third quarter, nearly all of which were franchised, led by India, South Korea, and the Middle East. Franchisees generate approximately 42% of system-wide sales, and the company expects that percentage to grow.
- New York City Franchise Development AgreementAn existing franchisee agreed to open 33 new doughnut shops across the New York City metropolitan area over the next 5 years. Management also noted that Krispy Kreme has more than 20 US franchisees and that WKS Restaurant Group is looking to expand in the West.
- Market Development Segment GrowthMarket Development organic revenue grew 14%, driven by higher royalty revenues from the US, Middle East, Japan, and Brazil. Adjusted EBITDA increased 54% to $18.5 million, supported by the refranchising of the Western US and Japan businesses.
- Operational Efficiency and Cost ControlsThe company reported improved doughnut-making efficiency through enhanced production planning, labor optimization, streamlined hub operations, improved route management, demand planning, and optimized production and delivery schedules. Management stated these actions resulted in a meaningful reduction in labor spend.
- Continued Consumer Demand and Product MomentumManagement described consumer demand as sustained despite a dynamic macro environment. Value-oriented dozen promotions, including discounts on a second dozen, performed particularly well, while the Pokémon collection and Halloween-related offerings were also described as successful.
- Fresh Delivery Distribution OpportunityWalmart and Target were identified as important contributors to the fresh delivery turnaround because of their higher traffic and focus on merchandising prominence. Krispy Kreme is in fewer than half of Walmart and Target locations, and management said it sees further opportunity to expand distribution with both retailers.
- New Capital-Light Shop PrototypeA long-time franchisee is scheduled to open a reimagined shop prototype in Las Vegas, featuring the hot light experience and fresh Original Glazed doughnuts in a smaller format. The company said it was encouraged by franchisee interest in the Hotline Express concept.
- Research Supports Occasional and Sharing ConsumptionCompany research found that Krispy Kreme consumers using GLP-1 medications were just as likely as non-users to purchase sweet treats for holidays and special occasions, while having higher purchase consideration for Krispy Kreme. Management stated that approximately 80% of purchases are shared and 40% are gifted.
DNUT Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 17, 2027 | 2026 (Q4) | 0.06- | 0.09 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.010.06 | 0.01 | 500.00% (+0.05) | |
| Aug 06, 2026 | 2026 (Q2) | -0.03-0.03 | -0.15 | 80.00% (+0.12) | |
| May 07, 2026 | 2026 (Q1) | -0.02-0.05 | -0.05 | 0.00% (+0.00) | |
| Feb 26, 2026 | 2025 (Q4) | 0.030.09 | 0.01 | 800.00% (+0.08) | |
| Nov 06, 2025 | 2025 (Q3) | -0.050.01 | -0.01 | 200.00% (+0.02) | |
| 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) | 0.100.01 | 0.09 | -88.89% (-0.08) | |
| Nov 07, 2024 | 2024 (Q3) | 0.01-0.01 | 0.03 | -133.33% (-0.04) |
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
