Revenue has contracted for seven consecutive quarters, accelerating to -12.8% year-over-year in 2026Q2, while operating margins remain persistently negative, indicating a failure to achieve scale with its cost structure.
Krispy Kreme, Inc. (DNUT) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jan'16 | Feb'15 | Feb'14 | Feb'13 | Jan'12 |
|---|
| Sales/Revenue | 1.47B | 1.52B | 1.67B | 1.69B | 1.53B | 1.38B | 1.12B | 959.41M | 518.71M | 490.33M | 460.33M | 435.84M | 403.22M |
| Revenue Growth % | -4.75% | -8.57% | -1.23% | 10.21% | 10.51% | 23.38% | 16.95% | 84.96% | 5.79% | 6.52% | 5.62% | 8.09% | - |
| Cost of Goods Sold | 779.73M | 1.31B | 409.18M | 443.24M | 406.23M | 354.09M | 879.37M | 262.01M | 414.48M | 395.94M | 376.65M | 362.83M | 346.43M |
| COGS % of Revenue | - | 85.95% | 24.57% | 26.29% | 26.55% | 25.58% | 78.37% | 27.31% | 79.91% | 80.75% | 81.82% | 83.25% | 85.92% |
| Gross Profit | 685.96M | 213.95M | 1.26B | 1.24B | 1.12B | 1.03B | 242.67M | 697.39M | 104.23M | 94.39M | 83.68M | 73.02M | 56.78M |
| Gross Margin % | 46.8% | 14.05% | 75.43% | 73.71% | 73.45% | 74.42% | 21.63% | 72.69% | 20.09% | 19.25% | 18.18% | 16.75% | 14.08% |
| Gross Profit Growth % | - | -82.97% | 1.07% | 10.61% | 9.06% | 324.57% | -65.2% | 569.07% | 10.43% | 12.8% | 14.6% | 28.59% | - |
| Operating Expenses | 700.39M | 247.22M | 1.26B | 1.23B | 1.09B | 989.2M | 238.39M | 659.4M | 51.13M | 45.72M | 38.18M | 35.17M | 24.93M |
| OpEx % of Revenue | - | 16.24% | 75.96% | 72.93% | 71.55% | 71.45% | 21.25% | 68.73% | 9.86% | 9.33% | 8.29% | 8.07% | 6.18% |
| Selling, General & Admin | 250.07M | 271.34M | 325.41M | 312.74M | 265.76M | 261.88M | 216.32M | 190.24M | 30.31M | 31.09M | 25.71M | 25.09M | 22.19M |
| SG&A % of Revenue | - | 17.82% | 19.54% | 18.55% | 17.37% | 18.92% | 19.28% | 19.83% | 5.84% | 6.34% | 5.59% | 5.76% | 5.5% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | -24.12M | 939.55M | 916.98M | 828.93M | 727.31M | 22.07M | 469.16M | 21.82M | 15.06M | 11.4M | 10.08M | 2.74M |
| Operating Income | -14.43M | -33.27M | -8.73M | 13.14M | 28.98M | 41.1M | 4.28M | 38M | 52.1M | 48.24M | 46.57M | 38.03M | 26.36M |
| Operating Margin % | -0.98% | -2.19% | -0.52% | 0.78% | 1.89% | 2.97% | 0.38% | 3.96% | 10.04% | 9.84% | 10.12% | 8.73% | 6.54% |
| Operating Income Growth % | - | -280.9% | -166.45% | -54.63% | -29.5% | 860.33% | -88.74% | -27.06% | 8% | 3.58% | 22.44% | 44.29% | - |
| EBITDA | 112.09M | 103.8M | 124.86M | 139.04M | 139.24M | 142.71M | 84.68M | 101.77M | 68.3M | 61.08M | 57.68M | 47.93M | 34.59M |
| EBITDA Margin % | 7.65% | 6.82% | 7.5% | 8.25% | 9.1% | 10.31% | 7.55% | 10.61% | 13.17% | 12.46% | 12.53% | 11% | 8.58% |
| EBITDA Growth % | 132.28% | -16.87% | -10.2% | -0.14% | -2.43% | 68.53% | -16.79% | 49.01% | 11.82% | 5.9% | 20.34% | 38.53% | - |
| D&A (Non-Cash Add-back) | 126.51M | 137.07M | 133.6M | 125.89M | 110.26M | 101.61M | 80.4M | 63.77M | 16.2M | 12.84M | 11.11M | 9.89M | 8.23M |
| EBIT | -22.6M | -478.8M | 79.83M | 9.35M | 25.94M | 38.91M | 5.38M | 38.61M | 56.82M | 49.62M | 47.94M | 38.03M | 26.36M |
| Net Interest Income | -61.9M | -65.8M | -60.07M | -50.34M | -34.1M | -43.01M | -57.21M | -60.03M | -1.27M | -450K | -441K | -1.53M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.27M | 450K | 441K | 1.53M | 1.5M |
| Interest Expense | 61.9M | 65.8M | 60.07M | 50.34M | 34.1M | 43.01M | 57.21M | 60.03M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -70.08M | -511.33M | 28.5M | -54.14M | -37.14M | -45.2M | -56.11M | -59.42M | -264K | -21K | -1.51M | -1.72M | 4M |
| Pretax Income | -84.5M | -544.6M | 19.77M | -40.99M | -8.16M | -4.1M | -51.83M | -21.42M | 51.83M | 48.22M | 45.06M | 36.32M | 30.36M |
| Pretax Margin % | -5.77% | -35.77% | 1.19% | -2.43% | -0.53% | -0.3% | -4.62% | -2.23% | 9.99% | 9.83% | 9.79% | 8.33% | 7.53% |
| Income Tax | 7.26M | -20.82M | 15.95M | -4.35M | 612K | 10.74M | 9.11M | 12.58M | 19.44M | 18.16M | 10.8M | 15.54M | -135.91M |
| Effective Tax Rate % | -8.59% | 3.82% | 80.7% | 10.6% | -7.5% | -262.2% | -17.58% | -58.71% | 37.5% | 37.66% | 23.98% | 42.78% | -447.69% |
| Net Income | -95.72M | -515.77M | 3.1M | -37.92M | -15.62M | -24.51M | -64.78M | -37.41M | 32.4M | 30.06M | 34.26M | 20.78M | 166.27M |
| Net Margin % | -6.53% | -33.87% | 0.19% | -2.25% | -1.02% | -1.77% | -5.77% | -3.9% | 6.25% | 6.13% | 7.44% | 4.77% | 41.24% |
| Net Income Growth % | 78.8% | -16764.52% | 108.16% | -142.77% | 36.25% | 62.17% | -73.16% | -215.47% | 7.78% | -12.25% | 64.86% | -87.5% | - |
| Net Income (Continuing) | -91.76M | -523.78M | 3.81M | -36.65M | -8.78M | -14.84M | -60.94M | -34M | 32.4M | 30.06M | 34.26M | 20.78M | 166.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.72M | 22.55M | 29.89M | 94.1M | 102.54M | 104.07M | 163.68M | 148.6M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.55 | -3.04 | 0.02 | -0.23 | -0.10 | -0.16 | -0.39 | -0.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 79.25% | -17083.24% | 107.78% | -130% | 37.5% | 58.97% | -69.57% | - | - | - | - | - | - |
| EPS (Basic) | - | -3.04 | 0.02 | -0.23 | -0.10 | -0.16 | -0.39 | -0.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 172.58M | 170.92M | 171.5M | 168.29M | 167.47M | 167.25M | 164.89M | 159.73M | 116.75M | 120.28M | 123.99M | 121.97M | 124.76M |
| Basic Shares Outstanding | 172.58M | 170.92M | 169.34M | 168.29M | 167.47M | 167.25M | 164.89M | 159.73M | 114.08M | 116.06M | 117.72M | 118.06M | 127.9M |
| Dividend Payout Ratio | - | - | 765.49% | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying DNUT stock.
For fiscal year 2025, Krispy Kreme, Inc. (DNUT) reported total revenue of $1.52B. This represents a 277.6% increase compared to $403.2M in 2011.
Krispy Kreme, Inc. (DNUT) reported a net loss of $515.8M for the fiscal year ending 2025.
Krispy Kreme, Inc. (DNUT) reported an operating income of $-33.3M, resulting in an operating profit margin of -2.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Krispy Kreme, Inc. (DNUT) generated $214.0M in gross profit for the year, representing a gross profit margin of 14.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and revenue decline
Metrics are mathematically derived from official filings.
Revenue Decline Accelerates
Krispy Kreme's revenue has contracted for seven consecutive quarters, with the decline accelerating to -12.8% year-over-year in 2026Q2, according to the company's reported financials, signaling significant and worsening top-line pressure.
The consistent negative revenue growth, which has deepened from -6.8% in 2024Q3 to -12.8% in 2026Q2, suggests the company is facing fundamental demand challenges rather than a temporary cyclical dip. This sustained contraction indicates potential market share loss or a strategic pivot that has yet to gain traction, making a near-term recovery appear unlikely without a significant operational shift.
Volatile Gross Margin Masks Core Weakness
Reported gross margins swing wildly between 15.9% and 76.3% quarter-to-quarter, a pattern that appears to be driven by significant, non-recurring items rather than underlying operational performance, as seen in the 2025Q2 COGS spike.
The extreme volatility in gross margin, particularly the collapse to 15.9% in 2026Q1 followed by a rebound to 74.0%, suggests the income statement is heavily influenced by large, irregular charges or accounting adjustments. This obscures the true underlying profitability of the core business and makes it difficult to assess sustainable pricing power or cost control, warranting further investigation into the nature of these fluctuations.
Negative Operating Leverage Persists
Operating losses have been a constant feature, with the operating margin remaining negative in eight of the last ten quarters, indicating that the company's cost structure is not scaling down effectively with its declining revenue base.
Despite revenue falling from $442.7M to $331.0M over the period, SG&A expenses have not declined proportionally, remaining in the $58M-$84M range. This suggests a high fixed-cost base that is difficult to reduce, creating negative operating leverage where each dollar of lost revenue directly erodes operating income. The path to profitability appears to require more aggressive cost restructuring than has been implemented.
Net Income Distorted by Non-Operating Items
The quality of reported net income is low, as evidenced by the massive $435.3M net loss in 2025Q2 and a positive $39.6M net income in 2024Q3 despite an operating loss, indicating significant non-operating gains or losses.
The disconnect between operating income and net income in several quarters, such as the $39.6M net profit in 2024Q3 on a -$16.0M operating loss, points to substantial non-operating items like asset impairments, tax benefits, or one-time gains. This volatility makes EPS an unreliable metric for assessing core operational performance and suggests investors should focus on operating metrics to gauge the true health of the business.
Structural Profitability Remains Elusive
The strongest bear case focuses on the company's inability to generate consistent positive operating income, with losses persisting even during quarters with seemingly healthy gross margins, as reported in the financial statements.
Even in quarters where gross margin appears strong (e.g., 74-76%), the company fails to translate this into operating profit, with SG&A consuming the entire gross profit and more. This indicates that the core business model, as currently structured, may not be viable at its current scale. The persistent negative net margins, averaging -16.4% over the last four quarters, suggest that without a dramatic improvement in operational efficiency or a reversal in revenue trends, the company's financial trajectory is unsustainable.