We delivered our 18th consecutive quarter of organic sales growth, despite the Cyber Security Incident we disclosed in December.
— Josh Charlesworth
03Detailed Report
DNUT
Company DNUT
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 27, 2026
Swipe to view all report sections
Executive Summary
Krispy Kreme reported a challenging Q4 2024 backdrop marred by a Cyber Security Incident that disrupted online ordering, labor planning, and materials replenishment. Net revenue reached $404 million, marking organic growth of 1.8% for the quarter, with a full-year 2024 revenue up 21% driven by robust Delivered Fresh Daily (DFD) expansion and a broader omnichannel strategy. The quarter featured a management-driven emphasis on scaling with national distribution partners, accelerating U.S. hub-and-spoke logistics, and pursuing a capital-light international franchise model. However, the period was characterized by a roughly $11 million revenue headwind and an estimated $10 million EBITDA impact from the cyber disruption, alongside the divestiture of Insomnia Cookies that weighed on U.S. segment profitability. Management stressed a multi-year transformation toward a bigger, more profitable Krispy Kreme, including refranchising select international markets and outsourcing U.S. logistics to achieve EBIT-neutral outcomes in the medium term.
Key Performance Indicators
Revenue
Decreasing
404.02M
QoQ: 6.36% | YoY: -10.40%
Gross Profit
Increasing
305.55M
75.63% margin
QoQ: 7.58% | YoY: 203.83%
Operating Income
Decreasing
-11.50M
QoQ: 28.16% | YoY: -177.60%
Net Income
Decreasing
-22.44M
QoQ: -156.73% | YoY: -959.89%
EPS
Decreasing
-0.13
QoQ: -156.52% | YoY: -938.71%
Revenue Trend
Margin Analysis
Financial Highlights
Overview of key Q4 2024 metrics and 2025 outlook (USD, in millions unless noted):
- Revenue (Q4 2024): 404.0; YoY change: -10.4%; QoQ: 6.4% (per income metrics linkage)
- Gross Profit: 305.5; Gross margin: 75.6%
- Operating Income: -11.5; Operating Margin: -2.85%
- Net Income: -22.4; Net Margin: -5.55%
- Adjusted EBITDA: 45.9; EBITDA Margin: 11.4%
- Delivered Fresh Daily (DFD) revenue: >$100.0 million in Q4; DFD doors growth: +34% YoY (US); Global points of access growth: +24% in 2024
- APD (US DFD): $631; mix shift toward high-velocity, lower-Apd channels noted
- Organic revenue growth (full year): +1.8% in 4Q; 24% points of access expansion; 21% revenue growth in 2024 (company-wide)
- Free Cash Flow: -$6.87 million; Operating cash flow: $27.05 million; Capital expenditures: -$33.92 million
- Balance sheet snapshot: Total assets $3.072B; Total liabilities $1.908B; Total stockholders’ equity $1.134B; Cash $29.3 million; Net debt $1.324B; Current ratio 0.356; Debt-to-capitalization 0.544; Leverage (debt to equity) ≈ 1.19
- 2025 guidance: Net revenue $1.55–$1.65B; Organic revenue growth 5%–7%; Adjusted EBITDA $180–$200M; Adjusted EPS $0.04–$0.08; Capex 6–7% of net revenue; FX headwinds of $3–$5M; Q1 2025 revenue guidance $379–$390M; Q1 2025 adj EBITDA $25–$30M
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
404.02M
-10.40%
6.36%
Gross Profit
305.55M
203.83%
7.58%
Operating Income
-11.50M
-177.60%
28.16%
Net Income
-22.44M
-959.89%
-156.73%
EPS
-0.13
-938.71%
-156.52%
Key Financial Ratios
Gross Profit Margin
Excellent
75.60%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Weak
-0.03%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.06%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.01%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.02%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.36
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
1.19
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Negative
-18.08x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.43x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
Krispy Kreme Inc (DNUT) QQ3 2024 Earnings Review: Expanding Access Through McDonald’s DFD Rollout, Insomnia Cookies Divestiture, and a Path to Margi...