Krispy Kreme, Inc. (NASDAQ: DNUT) has reported its financial results for the fourth quarter and full year ended December 28, 2025. The company's net revenue for the fourth quarter was $392.4 million, reflecting a 2.9% decrease from the same period in 2024. Organic revenue saw a 3.9% decrease due to the strategic closure of underperforming doors.
The company reported a GAAP net loss of $29.1 million for the fourth quarter, compared to a net loss of $22.2 million in the prior year fourth quarter. Adjusted EBITDA increased by 21.0% to $55.6 million, and the adjusted EBITDA margin increased to 14.2% from 11.4% in the fourth quarter of 2024.
For the full year 2025, Krispy Kreme reported net revenue of $1,522.6 million, a decrease of 8.6% from the prior year. The company's organic revenue decreased by 1.3%, primarily attributed to the strategic closure of underperforming doors.
GAAP net loss for the full year was $523.8 million, compared to a net income of $3.8 million in the prior year. Adjusted EBITDA declined by 27.5% to $140.3 million.
The company's global points of access decreased by 13.5% to 15,194, reflecting the strategic closure of underperforming doors. Digital sales as a percentage of retail sales increased to 18.2%, up from 14.4% in the previous year.
In terms of refranchising, Krispy Kreme announced an agreement for Unison Capital, Inc. to purchase its operations in Japan, with projected cash proceeds of approximately $65 million in the first quarter of 2026.
Looking ahead to 2026, the company provided annual financial guidance, including a systemwide sales growth of 2% to 4% in constant currency from $1.96 billion in 2025, as well as the opening of at least 100 shops globally.
The company's comprehensive turnaround plan aims to deliver sustainable, profitable growth through refranchising, improving return on invested capital, expanding margins, and driving sustainable, profitable growth.
Krispy Kreme's CEO, Josh Charlesworth, expressed optimism about building on the positive momentum from 2025 through systemwide sales growth, additional refranchising activity, disciplined capital expenditures, lower net leverage, and positive free cash flow generation.
Krispy Kreme operates in more than 40 countries through its network of fresh doughnut shops, partnerships with leading retailers, and a rapidly growing digital business. The company's purpose of "touching and enhancing lives through the joy that is Krispy Kreme" guides its operations and is reflected in its commitment to its people, communities, and the planet. As a result of these announcements, the company's shares have moved -1.76% on the market, and are now trading at a price of $3.63. Check out the company's full 8-K submission here.
