Krispy Kreme (DNUT) Earnings: Q3 Fiscal 2026 Results

The quarter ended September 27, 2026 and Krispy Kreme published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Krispy Kreme reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Krispy Kreme refranchised its Japan business on March 2, 2026 and deconsolidated its western U.S. joint venture with WKS Restaurant Group on March 23, 2026. Revenue from those operations left the U.S. and International segments, and the royalties now land in Market Development, so segment changes against Q3 2025 are not like for like.
• Q3 2025 Adjusted EBITDA included a $9.3 million cybersecurity insurance recovery.

Source: Krispy Kreme Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 27, 2026. Figures as reported; checked against the release on November 10, 2026.

How Krispy Kreme splits revenue in its own release, under its own labels, for Q3 fiscal 2026 against Q3 fiscal 2025. Indented lines are parts of the line above them.

• Krispy Kreme's U.S. revenue was $161 million in Q3 fiscal 2026, down 26% from $216 million in Q3 fiscal 2025, 49% of total revenue.
• Krispy Kreme's International revenue was $123 million in Q3 fiscal 2026, down 12% from $140 million in Q3 fiscal 2025, 38% of total revenue.
• Krispy Kreme's Market Development revenue was $44.4 million in Q3 fiscal 2026, up 135% from $18.9 million in Q3 fiscal 2025, 14% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 fiscal 2026 release, Krispy Kreme said:

“Increasing and narrowing net revenue to $1.35 billion to $1.40 billion from $1.25 billion to $1.35 billion previously”

“Systemwide sales up 2% to 4% year over year in constant currency, from $1.96 billion in 2025”

“Open at least 100 shops, nearly all of which are expected to be franchised”

“Reducing and narrowing capital expenditures to $40 million to $45 million from $50 million to $60 million previously”

Source: Krispy Kreme Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the DNUT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total net revenues and GAAP diluted loss per share, each as first reported in that quarter's release.

We do not hold a confirmed date for Krispy Kreme's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 fiscal 2026 (this page), reported Nov 5, 2026

Krispy Kreme's net revenue fell 12.4% to $328.8 million in Q3 2026, a decline of $46.5 million that the company put down mainly to refranchising the western U.S. joint venture with WKS and the Japan business. Organic revenue, which strips out acquisitions, divestitures and currency, was down 0.1%. Systemwide sales, which include franchisee sales that are not Krispy Kreme revenue, rose 1.0% in constant currency to $490.2 million. (Krispy Kreme Q3 2026 release, Nov 5, 2026)

Krispy Kreme reports three segments. U.S., all company-owned U.S. operations, had net revenue of $160.9 million, down 25.6%, with organic revenue up 0.9% on growth in fresh delivery and digital. International, the company-owned operations in the U.K., Ireland, Australia, New Zealand, Mexico and Canada, had $123.5 million, down 12.0%, with organic revenue down 5.4% mainly on declines in the U.K. Market Development, the franchise business, rose 135.3% to $44.4 million. (Krispy Kreme Q3 2026 release, Nov 5, 2026; Krispy Kreme Form 10-K, fiscal 2025, Mar 6, 2026)

Most revenue is product sales: $313.6 million in the quarter, against $15.1 million of royalties and other revenues, which were $9.6 million a year earlier. Krispy Kreme said about 42% of systemwide sales came through franchised locations in the quarter, against about 25% in fiscal 2025, and its goal is about 50% from fiscal 2027. (Krispy Kreme Q3 2026 release, Nov 5, 2026)

Fresh delivery puts doughnuts in grocery, convenience and other stores. Krispy Kreme added 715 net U.S. fresh delivery doors over the year and 526 in the first three quarters of 2026, and global points of access rose 7.0% to 15,889. Average revenue per door per week was $606, down 1.5%. The business relationship agreement with McDonald's USA was terminated effective July 2, 2025. (Krispy Kreme Q3 2026 release, Nov 5, 2026; Krispy Kreme Form 10-Q, Q3 2026, Nov 5, 2026)

Krispy Kreme had a GAAP diluted loss of $0.08 per share in Q3 2026, against a loss of $0.11, and Adjusted EPS of $0.06, against $0.01. Net loss was $13.3 million and Adjusted net income $9.9 million. The adjustments add back share-based compensation ($4.8 million), strategic initiatives ($4.7 million), shop closure expenses ($4.0 million), amortization of acquisition related intangibles ($6.2 million) and other items, net of tax effects. (Krispy Kreme Q3 2026 release, Nov 5, 2026)

Adjusted EBITDA fell 13.1% to $35.3 million, a 10.7% margin, because Q3 2025 included a $9.3 million cybersecurity insurance recovery. Excluding it, Krispy Kreme said Adjusted EBITDA rose $4.0 million and the margin improved 240 basis points, led by a 320 basis point increase in the U.S. segment. Interest expense, net was $13.2 million, against $16.4 million. (Krispy Kreme Q3 2026 release, Nov 5, 2026)

Diluted weighted average shares were 176.2 million, against 172.6 million a year earlier. Net leverage was 5.5x at the end of the quarter, a 1.2x reduction from the end of fiscal 2025, with total liquidity of $250.5 million. (Krispy Kreme Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Krispy Kreme gives full-year guidance in its release and raised its fiscal 2026 net revenue range to $1.35 billion to $1.40 billion, from $1.25 billion to $1.35 billion. It also guides systemwide sales up 2% to 4% in constant currency, Adjusted EBITDA of $140 million to $150 million, capital expenditures of $40 million to $45 million, free cash flow of more than $15 million and a net leverage ratio below 5.5x. (Krispy Kreme Q3 2026 release, Nov 5, 2026)

The guidance includes the Japan and western U.S. refranchising deals but no further refranchising in 2026. Krispy Kreme said it is pursuing at least one more international refranchising deal this year, against a goal of two to three. (Krispy Kreme Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Krispy Kreme, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Krispy Kreme's own release and filings put weight on for Q3 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning DNUT is on is DNUT a buy or a sell?, what analysts expect next is on the DNUT forecast, and what the company does is on the Krispy Kreme (DNUT) stock page.

Every number on this page can be traced to a document Krispy Kreme published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.