The raised revenue guidance signals confidence in the turnaround plan's execution, but the unchanged EBITDA guidance suggests margin pressure from refranchising mix shift. Monitor Q4 for free cash flow inflection and progress toward the 50% franchise sales mix target by FY2027.
How the stock moved after the report
⚠ Clustered BULLISH VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Nov 5 $4.60entry
- T+1 · 4d ago −9.35%α −9.66% · $4.17
- T+3 · todayOpen
- T+5 · tomorrow Pending
- T+20 · in 24d Pending
- T+60 · in 3mo Pending
Price Chart
How similar events traded
Executive Summary
Krispy Kreme reported Q3 2026 net revenue of $328.8M, down 12.4% YoY due to refranchising, but organic revenue was nearly flat at -0.1%. The company raised and narrowed its full-year revenue guidance to $1.35B-$1.40B from $1.25B-$1.35B, while maintaining Adjusted EBITDA guidance of $140M-$150M. GAAP net loss improved to $13.3M from $20.1M, and Adjusted EPS turned positive at $0.06 vs $0.01 a year ago.
Key Financial Metrics
Key Facts
- Q3 2026 net revenue $328.8M, down 12.4% YoY (refranchising impact); organic revenue -0.1%
- GAAP net loss improved to $13.3M from $20.1M YoY; diluted loss per share $0.08 vs $0.11
- Adjusted EBITDA $35.3M, down 13.1% YoY; excluding $9.3M cyber insurance recovery in prior year, Adjusted EBITDA up 12.7%
- Adjusted EPS $0.06 vs $0.01 YoY; Adjusted net income $9.9M vs $1.4M
- Full-year revenue guidance raised and narrowed to $1.35B-$1.40B from $1.25B-$1.35B
- Adjusted EBITDA guidance maintained at $140M-$150M; capital expenditure guidance reduced to $40M-$45M
- Net leverage ratio 5.5x, down 1.2x from end of FY2025; total available liquidity $250.5M
- Systemwide sales up 1.0% in constant currency to $490.2M; global points of access up 7.0% to 15,889
- U.S. segment organic revenue +0.9%; U.S. Adjusted EBITDA margin improved 320 bps excluding cyber recovery
- Market Development segment revenue +135.3% driven by refranchising; organic revenue +14.0%
Financial Impact
Revenue guidance raised by $100M at midpoint ($1.375B vs prior $1.30B); Adjusted EBITDA guidance unchanged at $140M-$150M
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| U.S. | $160.9M | -25.6% |
| International | $123.5M | -12.0% |
| Market Development | $44.4M | +135.3% |
Risk Factors
- Revenue decline of 12.4% YoY due to refranchising; organic revenue still slightly negative at -0.1%
- Adjusted EBITDA margin declined 10 bps to 10.7% (though up 240 bps excluding cyber recovery)
- Net leverage remains elevated at 5.5x; free cash flow still negative at -$10M year-to-date
- International organic revenue declined 5.4%, driven by U.K. weakness
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001857154-26-000049 |
| Document: pressrelease8-kshellq32026.htm | 0001857154-26-000049 |
| Document: 0001857154-26-000049-index-headers.html | 0001857154-26-000049 |
| Document: 0001857154-26-000049-index.html | 0001857154-26-000049 |
| Document: 0001857154-26-000049.txt | 0001857154-26-000049 |
| 8-K Data (Synthetic) | 0001857154-26-000049 |
Track record
10 reports on DNUT
Filters
- Nov 10, 2026today SC 13G Neutral 3/10 Entry $3.98 Now $3.85 −3.27% settles Nov 12
- Nov 5, 20265d ago 8-K Neutral 2/10 Entry $4.17 to $4.03 Now $3.85 −7.67% ▼ −3.36% −5.72% vs SPY
- Nov 5, 20265d ago 8-K Bullish 5/10 Viewing Entry $4.60 to $4.17 Now $3.85 −16.30% ▼ −9.35% −9.66% vs SPY
- Aug 6, 202613w ago 8-K Neutral 5/10 Entry $3.23 to $3.34 Now $3.85 +19.20% ▲ +3.41% +2.79% vs SPY
- Jun 12, 202621w ago 3/A Neutral 1/10 Entry $3.99 to $3.85 Now $3.85 −3.51% ▼ −3.51% −2.91% vs SPY
- Jun 11, 202621w ago Institutional Cluster Neutral 3/10 Entry $4.20 to $4.31 Now $3.85 −8.33% ▲ +2.62% +2.08% vs SPY
- May 7, 202626w ago DEFA14A Neutral 2/10 Entry $3.64 to $3.60 Now $3.85 +5.77% ▼ −1.10% −1.93% vs SPY
- May 7, 202626w ago 8-K Mixed 6/10 Entry $3.64 to $3.60 Now $3.85 +5.77% ▼ −1.10% −1.93% vs SPY
- Apr 10, 202630w ago 3 Neutral 2/10 Entry $3.31 to $3.32 Now $3.85 +16.31% ▲ +0.30% −0.91% vs SPY
- Feb 26, 202636w ago 8-K Mixed 6/10 Entry $3.82 to $3.75 Now $3.85 +0.79% ▼ −1.83% −1.38% vs SPY
US Market Status
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