Krispy Kreme remains a hold as turnaround progress is evident, but valuation uncertainty persists. Q1 marked the first positive free cash flow since IPO, with adjusted EBITDA up 38% YoY and 260 bps margin expansion. FY 2026 guidance targets $1.25–$1.35B net revenue, $140–$150M adjusted EBITDA, and over $15M free cash flow.