Krispy Kreme (NASDAQ: DNUT) is a specialty sweet treat company that produces and distributes fresh doughnuts through an omni-channel network of company-owned shops, franchise locations, and fresh delivery partnerships with retailers. Revenue comes primarily from direct product sales, which represented 97.6% of total net revenues of $1.52 billion in FY2025 (52 weeks ended December 28, 2025), with royalties and other revenues contributing the remaining 2.4% ($36.5 million). The company operates in 42 countries with 15,194 global points of access as of the end of FY2025, using a Hub and Spoke distribution model in which centralized production facilities (Hubs) supply doughnuts to retail shops, fresh delivery doors, carts, and food trucks (Spokes). Total net revenues declined 8.6% year-over-year from $1.67 billion in FY2024. The company recorded a net loss of $523.8 million in FY2025, including $355.9 million in goodwill impairment. Krispy Kreme carries meaningful interest expense ($65.8 million in FY2025), indicating a debt-heavy capital structure.

Revenue model

Transactional product sales (97.6% of FY2025 net revenues) from doughnuts sold through company-owned shops, fresh delivery doors, and digital channels. Franchise royalties and other revenues account for 2.4% of FY2025 net revenues ($36.5 million).

Products and services

Fresh doughnuts, with the Original Glazed doughnut as the flagship product. Sold through Hot Light Theater Shops, Fresh Shops, Carts and Food Trucks, fresh delivery doors (retail and grocery partners), and digital ordering channels.

Customers and end markets

Retail consumers purchasing through company-owned and franchise doughnut shops, grocery and convenience fresh delivery doors, and digital channels. The company terminated its Business Relationship Agreement with McDonald's USA effective July 2, 2025, which removed approximately 2,400 fresh delivery doors in Q3 FY2025.

Value-chain role

Vertically integrated producer and distributor. Centralized Hub production facilities manufacture fresh doughnuts and distribute to Spoke locations via company-operated delivery routes and third-party logistics carriers. As of end of FY2025, the U.S. segment had 229 Hubs and the company was completing a transition to third-party logistics carriers for U.S. deliveries.

Geographic exposure

Operations in 42 countries as of FY2025. Reportable segments include U.S. and International. U.S. segment had Sales per Hub of $4.7 million in FY2025; International segment had Sales per Hub of $9.7 million in FY2025.

Source: SEC 10-K, filed 2026-03-06

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