CHARLOTTE, August 13, 2026, 09:47 EDT
- A Pokémon doughnut launch lifted U.S. search attention before its August 18 debut.
- Krispy Kreme’s latest quarterly interest expense equaled about 66% of adjusted EBITDA.
Krispy Kreme NASDAQ:DNUT drew a fresh burst of U.S. search interest on Thursday after unveiling six Pokémon-themed doughnuts. U.S. cash trading was open. The campaign arrives when the chain needs low-cost traffic more than novelty alone. Its shares closed Wednesday at $3.30, up 6.8%, according to Google Finance.
The investor test is unusually concrete. Krispy Kreme reported $20.27 million of adjusted EBITDA for the June quarter. Interest expense was $13.38 million, or roughly 66% of that amount. A busy promotion can help shop traffic. It cannot repair that earnings gap by itself.
The query “pokémon 30th anniversary donuts krispy kreme” was active in the United States after about five hours on Google Trends. That attention preceded product availability, making this a demand signal rather than a sales result.
| Campaign lever | Timing | What customers receive | Possible investor read-through |
|---|---|---|---|
| Six character doughnuts | From August 18 | Pikachu, Bulbasaur, Charmander, Squirtle, Jigglypuff and Poké Ball designs | Tests full-price, limited-time traffic |
| Pokémon dozen | Limited time | Assorted themed doughnuts in special packaging | May lift average ticket |
| Grocery six-pack | Limited time | Four themed doughnuts and two Original Glazed | Extends reach beyond shops |
| Costume giveaway | August 22 | One free Original Glazed for customers in Pokémon attire | Creates a measurable traffic day |
The products reach shops on August 18. A grocery six-pack and collectible cups widen distribution. Customers wearing Pokémon attire can receive one free Original Glazed on August 22. The company did not disclose licensing economics or a sales target.
The timing matters. Second-quarter revenue fell 13% from a year earlier to $331 million as Krispy Kreme closed weak locations. Still, sales beat the $303.4 million consensus tracked by The Wall Street Journal. Adjusted loss was three cents per share, matching that survey.
| June-quarter measure | Reported | Comparison | Investor signal |
|---|---|---|---|
| Revenue | $331.00 million | Down about 13% year over year | Smaller footprint still weighs on sales |
| Revenue versus Google Finance estimate | 5.58% above | $313.51 million estimate | Demand exceeded one tracked consensus |
| Adjusted EPS | -$0.03 | -$0.02 Google Finance estimate | Profit conversion lagged revenue |
| Net loss | -$20.31 million | -$435.3 million a year earlier | Prior period included large impairments |
| Adjusted EBITDA | $20.27 million | Interest expense of $13.38 million | Interest consumed about 66% of EBITDA |
That split is central. Revenue surprised positively, while earnings did not. The campaign therefore needs to produce profitable visits, not just social reach. Limited-time products can also complicate comparisons if discounts drive the volume.
Management is shrinking capital needs and widening points of access. Its turnaround emphasizes large U.S. retailers, outsourced delivery and international franchising. Fewer company-run shops reduce revenue, but they can improve returns if weaker stores disappear.
| 2026 company outlook | Range or target | Midpoint | What would show progress |
|---|---|---|---|
| Systemwide sales growth | 2% to 4% | 3% | Traffic and distribution offset closures |
| Revenue | $1.25 billion to $1.35 billion | $1.30 billion | Sales hold near guidance after refranchising |
| Adjusted EBITDA | $140 million to $150 million | $145 million | Margin expands faster than revenue |
| Capital spending | $50 million to $60 million | $55 million | Lower cash demands support deleveraging |
| Free cash flow | Positive | Not applicable | Operations cover investment and interest |
Krispy Kreme maintained that 2026 outlook after the June quarter, the Journal reported. The midpoint values the equity at about 0.44 times expected revenue, using Wednesday’s $572.6 million market capitalization. That low multiple reflects the debt and execution risk. It also magnifies any credible margin improvement.
Chief Executive Josh Charlesworth said earlier this year that the company expected “disciplined capital expenditures, lower net leverage, and positive free cash flow generation.” Those promises now provide the scorecard for every traffic initiative. Krispy Kreme results release via Nasdaq
| Analyst | Firm | Latest rating | Price target | Date |
|---|---|---|---|---|
| Sara Senatore | Bank of America | Buy | $4.90 | August 7 |
| David Palmer | Evercore ISI | Hold | $4.00 | August 7 |
| Jon Tower | Citi | Hold | Not stated | May 15 |
Google Finance’s three-month set contains one Buy and two Hold ratings. Its average 12-month target is $4.45, about 35% above Wednesday’s close. The low target is $4.00 and the high is $4.90. Small samples matter here. A single change can move the consensus sharply.
| Target case | Price | Change from $3.30 | Implied requirement |
|---|---|---|---|
| Low | $4.00 | +21.2% | Stable demand and cash discipline |
| Average | $4.45 | +34.8% | Visible margin improvement |
| High | $4.90 | +48.5% | Faster profit conversion and deleveraging |
The next useful evidence will not be search volume alone. Investors need traffic, ticket size and margin data after the launch. Grocery sell-through would also show whether licensed products extend demand beyond shops.
Risks: The promotion may be brief, discounted or costly to license. Store closures can keep reported revenue lower. High interest expense leaves little room for an earnings miss, while analyst coverage remains thin.
For now, Pokémon has delivered attention before launch. The harder task begins on August 18. Krispy Kreme must turn that buzz into cash without giving away margin.
