Krispy Kreme, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Krispy Kreme, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	959	1,122	1,384	1,530	1,686	1,665	1,523
Selling, general and administrative	161	182	222	223	267	274	226
Operating income	38	4.28	41.1	29	13.1	-8.74	-469
Other non-operating income	0.61	1.1	-2.19	-3.04	-3.8	-1.89	1.97
Pre-tax income	-21.4	-51.8	-4.1	-8.16	-41	19.8	-545
Income tax	12.6	9.11	10.7	0.61	-4.35	16	-20.8
Net income to minority interests	3.41	3.36	9.66	6.85	1.28	0.72	-8.01
Net income	-37.4	-64.3	-24.5	-15.6	-37.9	3.1	-516
EBITDA	102	84.7	143	139	139	125	-332
EPS, basic	-0.30	-0.52	-0.18	-0.10	-0.23	0.02	-3.04
EPS, diluted	-0.30	-0.52	-0.18	-0.10	-0.23	0.02	-3.04
Shares, basic (weighted)	125	125	148	167	168	169	171
Shares, diluted (weighted)	125	125	148	167	168	172	171
Dividend per share			0.04	0.04	0.04	0.04	0.04

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	35.4	37.5	38.6	35.4	38.2	29	42.4
Receivables		39.6	41.1	40.1	45.9	57.4	61.6
Inventory		38.5	34.9	46.2	34.7	28.1	26.9
Other current assets		12.7	20.7	27	25.4	31.6	18.9
Total current assets		164	157	178	174	173	174
Property, plant and equipment		395	439	472	538	511	461
Lease right-of-use assets		400	435	417	457	410	396
Goodwill	1,050	1,087	1,105	1,088	1,102	1,048	712
Intangible assets		998	993	966	946	820	798
Other non-current assets		17.4	16.4	26.5	20.7	19.5	13.6
Total assets		3,061	3,145	3,149	3,241	3,072	2,593
Accounts payable		149	182	225	156	123	134
Accrued liabilities		125	141	104	134	124	99.8
Deferred revenue		16	17.5	19.4	22.1	16.5	16.7
Short-term debt		41.2	36.6	40	54.6	56.4	66
Total current liabilities		498	526	516	526	486	457
Long-term debt		786	680	739	837	845	912
Lease liabilities		376	415	413	455	405	396
Total liabilities		2,213	1,810	1,850	1,977	1,908	1,916
Total debt		827	717	779	891	901	978
Paid-in capital		845	1,415	1,426	1,444	1,467	1,474
Retained earnings		-142	-178	-217	-279	-300	-821
Other comprehensive income		-1.21	-2.48	-9.15	7.25	-32.1	-2.06
Shareholders' equity		685	1,232	1,196	1,170	1,135	650
Minority interests		164	104	75.1	66.1	2.6	2.66
Total equity	883	848	1,336	1,271	1,236	1,137	653
Total liabilities and equity		3,061	3,145	3,149	3,241	3,072	2,593
Shares outstanding		125	167	168	169	170	172

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-34	-60.9	-14.8	-8.78	-36.6	3.82	-524
Depreciation and amortization	63.8	80.4	102	110	126	134	137
Stock-based compensation	10.7	11.6	22.9	18.2	24.2	35.1	12.9
Deferred income tax	8.42	-0.04	-3.5	-14.2	-18.5	3.07	-35.6
Change in receivables	-1.26	-11.9	-3.82	-9.49	-3.52	-13.9	5.48
Change in inventory	-3.22	-15.4	-0.3	-12.5	0.78	-2.01	-19.9
Change in payables	-10.2	12.9	30.2	32	-74.5	-20.2	15.1
Cash from operations	80.8	28.7	141	140	45.5	45.8	33.9
Capital expenditures	-76.4	-97.8	-119	-112	-121	-121	-97.9
Acquisitions	-150	-74.9	-46.3	-17.3	0	-31.9	0
Cash from investing	-227	-168	-153	-121	-113	19.3	-12.1
Debt issued	804	288	695	149	1,176	676	779
Share buybacks	0	0	-139	-4.02	-1.88	-5.49	-1.35
Dividends paid	-2.63	-0.04	-48.2	-23.4	-23.6	-23.7	-11.9
Cash from financing	129	139	16.1	-16.8	71.9	-73.9	-7.76
Exchange rate effect	-0.94	2.05	-2.2	-4.97	-1.93	-0.46	-0.45
Net change in cash	-17.7	2.03	1.71	-3.46	2.88	-9.3	13.6
Free cash flow	4.44	-69.2	21.7	28.1	-75.9	-75	-64
Income taxes paid	9.3	9.3	13.6	16.7	11.1	18.5	9.82

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $2.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-2.0%	Operating income / revenue.
EBITDA margin	6.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.1%	Pre-tax income / revenue.
Net margin	-6.2%	Net income / revenue.
FCF margin	2.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.6%	Cash from operations / revenue.
Return on equity (ROE)	-14.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.8%	Net income / average total assets.
Return on invested capital (ROIC)	-1.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	14.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	8.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-366.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-16,765.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-15,300.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-26.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-37.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-42.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-18.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-15.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.36x	Current assets / current liabilities.
Quick ratio	0.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.40x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.6%	Total debt / total assets.
Liabilities / assets	73.8%	Total liabilities / total assets.
Net debt	$843.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	8.65x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$299.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	59.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$779.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	3.90x	Revenue / average property, plant and equipment.
Receivables turnover	18.9x	Revenue / average receivables.
Days sales outstanding	19 days	365 x average receivables / revenue.
Capex / operating cash flow	61.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.49	Revenue / diluted weighted shares.
FCF per share	$0.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.56	Cash from operations / diluted weighted shares.
Book value per share	$3.58	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.51	Tangible book value / shares outstanding.
Cash per share	$0.13	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	2.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$501.4M	Share price x shares outstanding.
Enterprise value	$1.34B	Market cap + total debt - cash - short-term investments.
P/S	0.34x	Market cap / revenue.
P/B	0.81x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	13.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.16x	Market cap / cash from operations, when positive.
EV/Sales	0.92x	Enterprise value / revenue.
EV/EBITDA	13.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	36.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.4%	Free cash flow / market cap.
Earnings yield	-18.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was Krispy Kreme, Inc.'s revenue in fiscal 2025?

Krispy Kreme, Inc. reported revenue of $1.52B for fiscal 2025, 8.6% lower than the year before.

Was Krispy Kreme, Inc. profitable in fiscal 2025?

No. It reported a net loss of $515.8M.

How much free cash flow did Krispy Kreme, Inc. generate in fiscal 2025?

Cash from operations of $33.9M minus capital expenditures of $97.9M left free cash flow of -$64.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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