Preheat your oven to 350°F (175°C).

Combine all ingredients in a large bowl, mixing until fully combined and no lumps remain.

Spray your donut pan with non-stick spray to prevent sticking.

Use a spoon to fill each donut cavity in the pan about 2/3 full. The donuts will rise significantly during baking, so don't overfill.

Bake the donuts for 10-12 minutes. Check for doneness by inserting a toothpick into a donut; it should come out clean.

Remove the pan from the oven and place it on a cooling rack for 5-7 minutes. Allow the donuts to cool slightly before gently removing them from the pan. Transfer the donuts to the cooling rack to cool completely.

Place your icing in a microwave-safe bowl and microwave for 30 seconds. Stir to thin the consistency.

Lay out a sheet of wax paper on your counter. Once the donuts are completely cool, dip the tops into the warm icing and set them on the wax paper to dry. Immediately sprinkle Valentine’s Day-themed sprinkles onto the icing before it sets.

Let the donuts dry for at least 30 minutes before serving to allow the icing to set properly.