Krispy Kreme Raises 2026 Net Revenue Forecast, Keeps Systemwide Sales Growth Outlook

Krispy Kreme lifted its 2026 net revenue range after third-quarter revenue declined amid refranchising, while maintaining its annual systemwide sales growth projection at 2%-4% year over year on a constant-currency basis.

The Nov. 5 revision set the revenue forecast at $1.35 billion-$1.40 billion, up from $1.25 billion-$1.35 billion. The new range incorporates refranchising transactions already described by the company and leaves out any additional transactions in 2026.

The annual systemwide sales growth target was unchanged from August guidance. It uses 2025 systemwide sales of $1.96 billion as its base. The 2%-4% range is a full-year outlook; for the quarter ended Sept. 27, systemwide sales rose 1.0% in constant currency to $490.2 million.

Net revenue for the quarter was $328.8 million, down from $375.3 million a year earlier. The decline reflected previously announced refranchising deals. Krispy Kreme recorded a $13.3 million net loss, compared with $20.1 million in the year-earlier quarter.

Systemwide sales count products sold at both company-operated and franchise-operated locations. Franchisee sales are reported to Krispy Kreme but are excluded from its net revenue, so the two figures measure different parts of the business.

For 2026, Krispy Kreme forecast adjusted EBITDA of $140 million-$150 million and free cash flow above $15 million. It lowered its capital expenditure outlook to $40 million-$45 million from $50 million-$60 million.