Krispy Kreme Inc

Latest Results (06.07.2026):

Krispy Kreme, Inc. — First Quarter 2026: The company reported Q1 2026 net revenue of $367 million and an adjusted EBITDA of $33.1 million (company non-GAAP), with adjusted EBITDA growth of 38% and positive free cash flow of $11.4 million. Krispy Kreme cited progress on its turnaround plan — including refranchising transactions, outsourcing U.S. logistics, and deleveraging — and reported a net leverage ratio of 5.5x as of March 29, 2026. The company also issued full-year 2026 outlook metrics.

Key financials (Q1 2026)

Net revenue: $367 million; Adjusted EBITDA: $33.1 million (non-GAAP); Adjusted EBITDA growth: +38% (YoY per company); Free cash flow: $11.4 million; Reported net leverage ratio: 5.5x (as of March 29, 2026).

Operational progress

Krispy Kreme highlighted completion or advancement of several turnaround actions: completed refranchising deals (including Japan and progress toward a Western U.S. joint venture), expanded fresh-doughnut access in the U.S., and completed outsourcing of U.S. logistics (noted as completed in April, ahead of schedule).

2026 outlook / guidance

Company-provided 2026 guidance includes systemwide sales of $1.25–$1.35 billion, net revenue growth of ~2–4% year-over-year, adjusted EBITDA guidance in the ~$140–$150 million range, capital expenditures of $50–$60 million, free cash flow target of more than $15 million, and a target to get net leverage below 5.5x. The plan also anticipates 100+ shop openings and continued shift toward franchised sales.

Margin and cash-flow trajectory

Management emphasized margin expansion (adjusted EBITDA margin improved by ~260 basis points year-over-year per the presentation) and a move to sustainable positive free cash flow after prior periods of negative cash flow.

Non-GAAP and forward-looking cautions

Results and outlook cite non-GAAP measures (Adjusted EBITDA, free cash flow, net debt); the company warns these are not GAAP and that forward-looking figures are subject to risks (see their cautionary statements regarding assumptions, refranchising, supply chain, indebtedness, and other factors).