Krispy Kreme is continuing to execute its turnaround strategy, with the business’ Q4 providing positive signs amid a challenging financial year.

The company’s full financial year, ending December 28, saw revenues fall by 8.6 per cent compared with 2024, to $1.52 billion. Adjusted EBITDA also fell, declining to $140.3 million, a decrease of 27.5 per cent.

But the tides began to turn in Q4, with revenue decline shrinking to 2.9 per cent and EBITDA growing 21 per cent.

“During the fourth quarter, we demonstrated meaningful progress on our turnaround, unlocking strong consumer demand for Krispy Kreme’s iconic, fresh doughnuts through our two biggest opportunities: profitable US expansion and capital-light international franchise growth,” CEO Josh Charlesworth said.

Charlesworth attributed the revenue decline to the business’s restructuring of its network, which included leaving “underperforming” sites in the US. He added that a refranchising agreement with Unison Capital in Japan offered new opportunities for expansion.

“In 2026, we look forward to building on this momentum through systemwide sales growth, additional refranchising activity, disciplined capital expenditures, lower net leverage, and positive free cash flow generation,” Charlesworth said.

Krispy Kreme plans to open “at least” 100 more shops globally by the end of 2026, having ended 2025 with 2125 shops.