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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Krispy Kreme, Inc. (DNUT). Click either name above to swap in a different company.
Krispy Kreme, Inc. is the larger business by last-quarter revenue ($392.4M vs $259.0M, roughly 1.5× ASHFORD HOSPITALITY TRUST INC). Krispy Kreme, Inc. runs the higher net margin — -7.1% vs -26.8%, a 19.7% gap on every dollar of revenue. On growth, Krispy Kreme, Inc. posted the faster year-over-year revenue change (-2.9% vs -6.0%). Krispy Kreme, Inc. produced more free cash flow last quarter ($27.9M vs $-86.8M). Over the past eight quarters, Krispy Kreme, Inc.'s revenue compounded faster (-5.9% CAGR vs -7.7%).
Ashford Hospitality Trust Inc is a U.S.-headquartered real estate investment trust focused on upper-upscale full-service hotel properties across key U.S. urban, suburban and resort markets. Its portfolio holds assets under top global hospitality brands, serving business and leisure travelers, with a focus on long-term value growth and stable shareholder returns.
Krispy Kreme, Inc. is an American multinational doughnut company and coffeehouse chain. Krispy Kreme was founded by Vernon Rudolph (1915–1973), who bought a yeast-raised recipe from a New Orleans chef, rented a building in 1937 in what is now historic Old Salem in Winston-Salem, North Carolina, and began selling to local grocery stores. Steady growth preceded an ambitious expansion as a public company in the period 2000 to 2016, which ultimately proved unprofitable. In 2016, the company retur...
AHT vs DNUT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $392.4M |
| Net Profit | $-69.3M | $-27.8M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | -1.9% |
| Net Margin | -26.8% | -7.1% |
| Revenue YoY | -6.0% | -2.9% |
| Net Profit YoY | 44.2% | -23.8% |
| EPS (diluted) | $-12.85 | $-0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $259.0M | $392.4M | ||
| Q3 25 | $266.1M | $375.3M | ||
| Q2 25 | $302.0M | $379.8M | ||
| Q1 25 | $277.4M | $375.2M | ||
| Q4 24 | $275.5M | $404.0M | ||
| Q3 24 | $276.6M | $379.9M | ||
| Q2 24 | $316.5M | $438.8M | ||
| Q1 24 | $303.9M | $442.7M |
| Q4 25 | $-69.3M | $-27.8M | ||
| Q3 25 | $-60.1M | $-19.4M | ||
| Q2 25 | $-30.4M | $-435.3M | ||
| Q1 25 | $-20.0M | $-33.3M | ||
| Q4 24 | $-124.2M | $-22.4M | ||
| Q3 24 | $-57.9M | $39.6M | ||
| Q2 24 | $50.3M | $-5.5M | ||
| Q1 24 | $71.6M | $-8.5M |
| Q4 25 | -2.6% | -1.9% | ||
| Q3 25 | 4.6% | -1.9% | ||
| Q2 25 | 16.3% | -114.4% | ||
| Q1 25 | 22.2% | -5.4% | ||
| Q4 24 | -17.8% | -2.8% | ||
| Q3 24 | 7.3% | -4.2% | ||
| Q2 24 | 42.8% | 1.6% | ||
| Q1 24 | 50.2% | 2.7% |
| Q4 25 | -26.8% | -7.1% | ||
| Q3 25 | -22.6% | -5.2% | ||
| Q2 25 | -10.1% | -114.6% | ||
| Q1 25 | -7.2% | -8.9% | ||
| Q4 24 | -45.1% | -5.6% | ||
| Q3 24 | -20.9% | 10.4% | ||
| Q2 24 | 15.9% | -1.3% | ||
| Q1 24 | 23.5% | -1.9% |
| Q4 25 | $-12.85 | $-0.18 | ||
| Q3 25 | $-11.35 | $-0.11 | ||
| Q2 25 | $-6.88 | $-2.55 | ||
| Q1 25 | $-4.91 | $-0.20 | ||
| Q4 24 | $-13.64 | $-0.13 | ||
| Q3 24 | $-12.39 | $0.23 | ||
| Q2 24 | $2.50 | $-0.03 | ||
| Q1 24 | $5.99 | $-0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $66.1M | $42.4M |
| Total DebtLower is stronger | $2.5B | $911.9M |
| Stockholders' EquityBook value | $-626.4M | $650.1M |
| Total Assets | $2.8B | $2.6B |
| Debt / EquityLower = less leverage | — | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $42.4M | ||
| Q3 25 | $81.9M | $30.7M | ||
| Q2 25 | $100.0M | $21.3M | ||
| Q1 25 | $85.8M | $18.7M | ||
| Q4 24 | $112.9M | $29.0M | ||
| Q3 24 | $119.7M | $25.4M | ||
| Q2 24 | $121.8M | $28.6M | ||
| Q1 24 | $111.1M | $33.1M |
| Q4 25 | $2.5B | $911.9M | ||
| Q3 25 | $2.6B | $906.2M | ||
| Q2 25 | $2.6B | $889.4M | ||
| Q1 25 | $2.7B | $935.0M | ||
| Q4 24 | $2.6B | $844.5M | ||
| Q3 24 | $2.7B | $804.6M | ||
| Q2 24 | $2.8B | $895.0M | ||
| Q1 24 | $2.9B | $881.8M |
| Q4 25 | $-626.4M | $650.1M | ||
| Q3 25 | $-548.7M | $670.3M | ||
| Q2 25 | $-485.5M | $693.6M | ||
| Q1 25 | $-446.1M | $1.1B | ||
| Q4 24 | $-419.2M | $1.1B | ||
| Q3 24 | $-288.4M | $1.2B | ||
| Q2 24 | $-225.9M | $1.1B | ||
| Q1 24 | $-276.8M | $1.2B |
| Q4 25 | $2.8B | $2.6B | ||
| Q3 25 | $3.0B | $2.6B | ||
| Q2 25 | $3.1B | $2.6B | ||
| Q1 25 | $3.1B | $3.1B | ||
| Q4 24 | $3.2B | $3.1B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.3B | $3.2B | ||
| Q1 24 | $3.5B | $3.2B |
| Q4 25 | — | 1.40× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | — | 1.28× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.79× | ||
| Q1 24 | — | 0.76× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.7M | $45.0M |
| Free Cash FlowOCF − Capex | $-86.8M | $27.9M |
| FCF MarginFCF / Revenue | -33.5% | 7.1% |
| Capex IntensityCapex / Revenue | 27.5% | 4.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $-64.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $45.0M | ||
| Q3 25 | $5.5M | $42.3M | ||
| Q2 25 | $16.3M | $-32.5M | ||
| Q1 25 | $-25.0M | $-20.8M | ||
| Q4 24 | $-23.6M | $27.0M | ||
| Q3 24 | $795.0K | $3.3M | ||
| Q2 24 | $8.0M | $33.2M | ||
| Q1 24 | $-46.5M | $-17.7M |
| Q4 25 | $-86.8M | $27.9M | ||
| Q3 25 | $-226.0K | $15.5M | ||
| Q2 25 | $-3.6M | $-60.8M | ||
| Q1 25 | $-44.8M | $-46.7M | ||
| Q4 24 | $-131.6M | $-6.9M | ||
| Q3 24 | $-21.8M | $-22.9M | ||
| Q2 24 | $-22.9M | $1.6M | ||
| Q1 24 | $-80.4M | $-46.8M |
| Q4 25 | -33.5% | 7.1% | ||
| Q3 25 | -0.1% | 4.1% | ||
| Q2 25 | -1.2% | -16.0% | ||
| Q1 25 | -16.2% | -12.5% | ||
| Q4 24 | -47.8% | -1.7% | ||
| Q3 24 | -7.9% | -6.0% | ||
| Q2 24 | -7.2% | 0.4% | ||
| Q1 24 | -26.5% | -10.6% |
| Q4 25 | 27.5% | 4.4% | ||
| Q3 25 | 2.1% | 7.1% | ||
| Q2 25 | 6.6% | 7.4% | ||
| Q1 25 | 7.2% | 6.9% | ||
| Q4 24 | 39.2% | 8.4% | ||
| Q3 24 | 8.2% | 6.9% | ||
| Q2 24 | 9.8% | 7.2% | ||
| Q1 24 | 11.2% | 6.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.08× | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | -0.65× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHT
| Occupancy | $190.2M | 73% |
| Food And Beverage | $51.8M | 20% |
| Hotel Other | $16.6M | 6% |
DNUT
Segment breakdown not available.
