Share-based Compensation

9 Months Ended

Sep. 28, 2025

Share-Based Payment Arrangement [Abstract]

Restricted Stock Units (“RSUs”) and Performance Stock Units (“PSUs”)

KKI issues time-vested RSUs and PSUs under the Krispy Kreme, Inc. 2021 Omnibus Incentive Plan (“Omnibus Plan”). Certain subsidiaries issue time-vested RSUs under their respective executive ownership plans and long-term incentive plans.

RSU and PSU activity under these plans during the periods presented is as follows:


(in thousands, except per share amounts)	Non-vested shares outstanding at December 29, 2024		Granted	Vested	Forfeited	Non-vested shares outstanding at September 28, 2025
KKI
RSUs and PSUs	5,984		8,406	1,451	1,986	10,953
Weighted Average Grant Date Fair Value	$	14.29	3.80	14.88	12.61	$	6.46
KK U.K.
RSUs	7		—	3	4	—
Weighted Average Grant Date Fair Value	$	29.80	—	29.80	29.80	$	—



KK Australia
RSUs	137		—	63	—	74
Weighted Average Grant Date Fair Value	$	1.39	—	1.67	—	$	1.53
KK Mexico
RSUs	18		—	17	—	1
Weighted Average Grant Date Fair Value	$	30.01	—	29.21	—	$	40.14

The Company recorded total non-cash compensation expense related to the RSUs and PSUs under the plans of $2.0 million and $8.4 million for the quarter and three quarters ended September 28, 2025, respectively, and $9.2 million and $22.1 million for the quarter and three quarters ended September 29, 2024, respectively, which is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

The unrecognized compensation cost related to the unvested RSUs and PSUs and the weighted average period over which such cost is expected to be recognized are as follows:


	As of September 28, 2025
	Unrecognized Compensation Cost		Recognized Over a Weighted Average Period of
KKI	$	43,630	2.6 years


KK Australia	8		0.3 years
KK Mexico	13		1.0 year

The estimated fair value of restricted stock is calculated using a market approach whereby an agreed-upon EBITDA buyout multiple is used for KK Australia and KK Mexico plans.

Time-Vested Stock Options

KKI issues time-vested stock options under the Omnibus Plan. The fair value of time-vested stock options was estimated on the date of grant using the Black-Scholes option pricing model.

The status of the time-vested stock options as of December 29, 2024 and changes during the first three quarters of fiscal 2025 are presented below:


	Share options outstanding at					Share options outstanding at
(in thousands, except per share amounts)	December 29, 2024		Granted	Exercised	Forfeited or Expired	September 28, 2025
KKI
Options	2,662		2,060	—	789	3,933
Weighted Average Grant Date Fair Value	$	5.88	1.58	—	5.36	$	3.73
Weighted Average Exercise Price	$	14.27	3.22	—	13.45	$	8.64

The Company recorded total non-cash compensation (benefit)/expense related to the time-vested stock options of ($1.3 million) and ($0.5 million) for the quarter and three quarters ended September 28, 2025, respectively, and $0.8 million and $2.6 million for the quarter and three quarters ended September 29, 2024, respectively, which is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

The unrecognized compensation cost related to the stock options and the weighted average period over which such cost is expected to be recognized are as follows:


	As of September 28, 2025
	Unrecognized Compensation Cost		Recognized Over a Weighted Average Period of
KKI	$	3,362	2.5 years

No time-vested stock options vested during the quarter and three quarters ended September 28, 2025. During the three quarters ended September 29, 2024, 1.5 million time-vested stock options vested. No time-vested stock options vested during the quarter ended September 29, 2024.