Krispy Kreme, Inc.

Krispy Kreme, Inc. makes and sells fresh doughnuts and related sweet treats through a global omni-channel network of shops, fresh delivery routes, and digital ordering. The company combines company-operated locations with franchised shops and uses a hub-and-spoke production model to keep products fresh while expanding internationally.

−21,8 %

−33,9 %

−8,6 %

0.38

0.32

— Krispy Kreme, Inc.
%
Retail doughnuts and sweet treats45% Fresh doughnuts and other indulgent bakery items sold directly to consumers in shops and kiosks.
Fresh delivery30% Delivered doughnuts sold through grocery, club, convenience, drug, and restaurant partners.
Digital channels10% Online and app-based pickup and delivery orders through Krispy Kreme and third-party platforms.
Franchise and royalty revenue10% Fees, royalties, and related income from franchise partners operating Krispy Kreme shops.
Supply and equipment sales5% Sales of doughnut mix, concentrate, ingredients, and equipment to franchisees and partners.

Krispy Kreme sells to individual consumers seeking fresh, branded indulgent treats, but a meaningful share of revenue...

  • Consumer retail shoppersprimary

    Individuals buying doughnuts in Hot Light Theater Shops, Fresh Shops, or online because the brand is tied to freshness and impulse indulgence.

  • Fresh delivery retail partnersprimary

    Grocery, club, convenience, and drug stores that buy doughnuts for resale in branded cabinets and merchandising units.

  • Foodservice partnerssecondary

    QSR and fast-casual operators that carry Krispy Kreme products to add traffic and dessert offerings.

  • Franchise operatorsprimary

    Domestic and international franchisees that buy mix, equipment, and brand access to operate shops.

  • Digital customersemerging

    Consumers ordering pickup or delivery through Krispy Kreme's own platforms or third-party apps.

Krispy Kreme operates in 42 countries and reported more than 40 countries in recent filings, with a mix of...

  • •Operates in 42 countries with a global shop and delivery network
  • •U.S. is the main company-operated market and core revenue base
  • •International markets are being refranchised to reduce capital intensity
  • •Mix concentrate is made in Winston-Salem, North Carolina
  • •Domestic mix production also uses a third-party facility in California

Krispy Kreme is shifting toward a more franchised, capital-light model while keeping the brand visible through shops,...

01
Refranchise international and selected U.S. assetsmedium-term

A more franchised model shifts capital and operating responsibility to partners and should improve scalability.

02
Scale digital and third-party deliveryshort-term

Digital is the fastest-growing U.S. channel and can raise convenience and order frequency.

03
Expand fresh delivery distributionmedium-term

Fresh delivery broadens access points and supports brand visibility in high-traffic retail channels.

04
Protect freshness and product consistency

The brand depends on a consistent hot-off-the-line experience and reliable supply chain execution.

Krispy Kreme faces execution risk from refranchising, international expansion, and the need to keep fresh product...

high

Food safety and product contamination

The business sells fresh food under a strong consumer brand, so any illness or contamination event could quickly hurt demand and reputation.

Scope
All consumer-facing channels
Materiality
high
high

Key customer concentration in fresh delivery

Retail partners are not committed to fixed volumes and can reduce purchases or reallocate shelf space.

Scope
Fresh delivery channel
Materiality
high
high

Supply chain concentration

Krispy Kreme is the exclusive or primary supplier of doughnut mixes and key ingredients, with production concentrated in a few facilities.

Scope
Mix, concentrate, and ingredient supply
Materiality
high
medium

Cybersecurity and IT disruption

Digital ordering, retail operations, and internal controls depend on functioning systems and secure data handling.

Scope
Digital and enterprise systems
Materiality
medium
medium

International and refranchising execution

The company is changing its operating model across markets, which can create partner, regulatory, and currency complexity.

Scope
International operations
Materiality
high
Revenue recognition for franchise fees and royalties
Changes the timing and mix of reported revenue
Goodwill and other asset impairment
Can sharply reduce net income without affecting cash
Lease accounting and sale-leaseback transactions
Affects operating expenses, gains, and leverage presentation
Insurance recoveries and cyber incident costs
Can distort comparability between periods
Interest rate swaps and variable-rate debt
Affects interest expense and earnings volatility

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: 28/04/2026