Revenue growth remains under pressure with a 2.2% year-over-year decline in 2026Q1, while operating margins have struggled to remain positive, hitting -2.7% in the same period.
| Sales/Revenue | 1.51B | 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 % | -5.22% | -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 | 786.32M | 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 | 728.14M | 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 % | 48.08% | 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 | 1.17B | 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 | 260.4M | 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 | -438M | -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 % | -28.92% | -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 | -302.71M | 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 % | -19.99% | 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 % | -425.5% | -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) | 135.29M | 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 | -463.33M | -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 | -65.22M | -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 | 65.22M | 65.8M | 60.07M | 50.34M | 34.1M | 43.01M | 57.21M | 60.03M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -83.98M | -511.33M | 28.5M | -54.14M | -37.14M | -45.2M | -56.11M | -59.42M | -264K | -21K | -1.51M | -1.72M | 4M |
| Pretax Income | -521.99M | -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 % | -34.47% | -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 | -8.94M | -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 % | 1.71% | 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 | -510.67M | -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 % | -33.72% | -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 % | -2258.21% | -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) | -513.05M | -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 | 1.48M | 22.55M | 29.89M | 94.1M | 102.54M | 104.07M | 163.68M | 148.6M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.97 | -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 % | -2149.06% | -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 | 172.02M | 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 | 172.02M | 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% | - | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
According to the most recent quarterly filings, DNUT's revenue has experienced a consistent downward trend, with the 2026Q1 figure of $367.0M representing a 2.2% year-over-year decline, signaling that the company's expansion efforts have yet to overcome broader demand headwinds in its core markets.
The persistent revenue decay suggests that the company's hub-and-spoke model is struggling to maintain volume growth across its retail and wholesale channels. Investors should monitor whether this deceleration reflects a saturation of points of access or a fundamental shift in consumer preference away from the brand's core offerings.
As reported in financial statements, the company's gross margin has exhibited extreme volatility, swinging from a high of 76.3% in 2025Q4 to a low of 15.9% in 2026Q1, which suggests significant inconsistencies in how the firm accounts for its Delivered Fresh Daily distribution costs.
This erratic margin behavior complicates the assessment of true pricing power and operational efficiency. The sharp drop in the most recent quarter warrants further investigation into whether this represents a structural change in cost recognition or an inability to pass through rising commodity inputs to retail partners.
Based on the provided income statement data, DNUT has failed to achieve positive operating leverage, with operating income consistently trailing gross profit and dipping to -$10.0M in 2026Q1, indicating that corporate overhead and logistics costs are scaling faster than the company's ability to generate revenue.
The inability to convert gross profit into operating income suggests that the fixed-cost burden of the hub-and-spoke infrastructure is currently too heavy for the existing revenue base. Without a significant increase in hub utilization, the company may continue to face challenges in reaching a sustainable break-even point.
Analysis of the reported figures reveals that net income is frequently distorted by non-operating items and significant quarterly swings, such as the -$435.3M net loss in 2025Q2, which makes it difficult for investors to gauge the underlying profitability of the core doughnut manufacturing business.
The reliance on stock-based compensation, which reached $4.9M in 2025Q4, further complicates the earnings picture by diluting shareholders while the company remains net-loss positive. The lack of consistent bottom-line performance suggests that the current business model may be prioritizing growth at the expense of shareholder value.
Data from the income statement suggests that the company's reliance on high-cost, fresh-daily logistics may be fundamentally incompatible with the current scale of operations, as evidenced by the persistent negative net margins that have plagued the firm since its re-IPO.
Short-sellers would likely focus on the company's inability to achieve profitability despite its aggressive expansion of points of access. The risk remains that the hub-and-spoke model is inherently too capital-intensive to generate the returns required to justify its current valuation in a high-interest-rate environment.
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.