Domino's Pizza® Announces Fourth Quarter and Fiscal 2025 Financial Results

PR Newswire

ANN ARBOR, Mich., Feb. 23, 2026

	Fourth Quarter				Fiscal Year
	2025		2024		2025		2024
(in millions of U.S. dollars)Global retail sales:
U.S. stores	$	3,056.1	$	2,897.6	$	9,952.9	$	9,500.1
International stores		3,240.4		3,042.2		10,173.9		9,624.1
Total	$	6,296.5	$	5,939.8	$	20,126.8	$	19,124.2

	Fourth Quarter		Fiscal Year
	2025	2024	2025	2024
(versus prior year period, excluding foreign currency impact)Global retail sales growth:
U.S. stores	+ 5.5 %	+ 2.3 %	+ 4.8 %	+ 5.3 %
International stores	+ 4.5 %	+ 6.4 %	+ 5.9 %	+ 6.5 %
Total	+ 4.9 %	+ 4.4 %	+ 5.4 %	+ 5.9 %

	Fourth Quarter		Fiscal Year
	2025	2024	2025	2024
(versus prior year period)Same store sales growth:
U.S. Company-owned stores	+ 2.7 %	(0.7) %	+ 1.5 %	+ 3.5 %
U.S. franchise stores	+ 3.7 %	+ 0.5 %	+ 3.0 %	+ 3.2 %
U.S. stores	+ 3.7 %	+ 0.4 %	+ 3.0 %	+ 3.2 %
International stores (excluding foreign currency impact)	+ 0.7 %	+ 2.7 %	+ 1.9 %	+ 1.6 %

	U.S. Company-	U.S. Franchise	Total	International	Total
Fourth quarter of 2025 store counts:
Store count at September 7, 2025	260	6,830	7,090	14,660	21,750
Openings	3	93	96	320	416
Closings	—	—	—	(24)	(24)
Transfers	(1)	1	—	—	—
Store count at December 28, 2025	262	6,924	7,186	14,956	22,142
Fourth quarter 2025 net store growth	3	93	96	296	392

	U.S. Company-	U.S. Franchise	Total	International	Total
Fiscal 2025 store counts:
Store count at December 29, 2024	292	6,722	7,014	14,352	21,366
Openings	5	174	179	953	1,132
Closings	—	(7)	(7)	(349)	(356)
Transfers	(35)	35	—	—	—
Store count at December 28, 2025	262	6,924	7,186	14,956	22,142
Fiscal 2025 net store growth	5	167	172	604	776

	Fourth Quarter			Fiscal Year
(In millions, except percentages, percentage points, per	2025	2024	Increase/	2025	2024	Increase/
Total revenues	$1,535.7	$1,443.9	+ 6.4 %	$4,940.0	$4,706.4	+ 5.0 %

U.S. Company-owned store gross margin	10.1 %	15.5 %	(5.4) pp	14.3 %	16.7 %	(2.4) pp
Supply chain gross margin	11.4 %	11.3 %	+ 0.1 pp	11.5 %	11.1 %	+ 0.4 pp

Income from operations	$295.7	$273.7	+ 8.0 %	$954.0	$879.0	+ 8.5 %

Net income	$181.6	$169.4	+ 7.2 %	$601.7	$584.2	+ 3.0 %
Diluted earnings per share	$5.35	$4.89	+ 9.4 %	$17.57	$16.69	+ 5.3 %

Leverage ratio				4.4x	4.9x	(0.5)x

Net cash provided by operating activities				$792.1	$624.9	+ 26.8 %
Capital expenditures				(120.6)	(112.9)	+ 6.8 %
Free cash flow				$671.5	$512.0	+ 31.2 %

	December 28,			December 29,
2015 Ten-Year Notes	$	—		$	742,000
2017 Ten-Year Notes		940,000			940,000
2018 7.5-Year Notes		—			402,688
2018 9.25-Year Notes		379,000			379,000
2019 Ten-Year Notes		648,000			648,000
2021 7.5-Year Notes		826,625			826,625
2021 Ten-Year Notes		972,500			972,500
2025 Five-Year Notes		500,000			—
2025 Seven-Year Notes		500,000			—
Total fixed-rate notes	$	4,766,125		$	4,910,813

Segment Income - fourth quarter of 2025 and 2024	$	368,018		$	340,968
Segment Income - third quarter of 2025 and 2024		273,771			252,117
Segment Income - second quarter of 2025 and 2024		273,758			253,565
Segment Income - first quarter of 2025 and 2024		268,417			260,016
Segment Income - trailing four quarters	$	1,183,964		$	1,106,666

General and administrative - other - fourth quarter of 2025 and 2024	$	(30,687)		$	(27,818)
General and administrative - other - third quarter of 2025 and 2024		(19,771)			(22,839)
General and administrative - other - second quarter of 2025 and 2024		(20,925)			(26,165)
General and administrative - other - first quarter of 2025 and 2024		(27,313)			(18,173)
General and administrative - other - trailing four quarters	$	(98,696)		$	(94,995)

Consolidated Adjusted EBITDA - trailing four quarters	$	1,085,268		$	1,011,671
Leverage ratio		4.4	x		4.9	x


(1)		The Company also calculates and reviews its Senior Leverage Ratio and Holdco Leverage Ratio as defined in the indenture governing the Company's securitized debt.

Domino's Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited)

	Fiscal Quarter Ended
	December 28,		% of			December 29,		% of
(In thousands, except share and per share data)
Revenues:
U.S. Company-owned stores	$	108,350				$	119,812
U.S. franchise royalties and fees		212,698					196,025
Supply chain		935,584					876,009
International franchise royalties and fees		107,432					98,396
U.S. franchise advertising		171,676					153,672
Total revenues		1,535,740		100.0	%		1,443,914		100.0	%
Cost of sales:
U.S. Company-owned stores		97,404					101,264
Supply chain		828,795					776,796
Total cost of sales		926,199		60.3	%		878,060		60.8	%
Gross margin		609,541		39.7	%		565,854		39.2	%
General and administrative		142,343		9.2	%		138,530		9.6	%
U.S. franchise advertising		171,676		11.2	%		153,672		10.6	%
Refranchising gain		(145)		0.0	%		—		—
Income from operations		295,667		19.3	%		273,652		19.0	%
Other (expense) income		(7,580)		(0.5)	%		3,193		0.2	%
Interest expense, net		(57,681)		(3.8)	%		(55,852)		(3.9)	%
Income before provision for income taxes		230,406		15.0	%		220,993		15.3	%
Provision for income taxes		48,763		3.2	%		51,549		3.6	%
Net income	$	181,643		11.8	%	$	169,444		11.7	%
Earnings per share:
Common stock – diluted	$	5.35				$	4.89
Weighted average diluted shares		33,958,449					34,655,676

Domino's Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited)

	Fiscal Year Ended
	December 28,		% of			December 29,		% of
(In thousands, except share and per share data)
Revenues:
U.S. Company-owned stores	$	375,153				$	393,898
U.S. franchise royalties and fees		677,114					638,193
Supply chain		2,989,529					2,845,781
International franchise royalties and fees		338,704					318,691
U.S. franchise advertising		559,494					509,853
Total revenues		4,939,994		100.0	%		4,706,416		100.0	%
Cost of sales:
U.S. Company-owned stores		321,646					327,986
Supply chain		2,644,788					2,529,928
Total cost of sales		2,966,434		60.0	%		2,857,914		60.7	%
Gross margin		1,973,560		40.0	%		1,848,502		39.3	%
General and administrative		464,120		9.4	%		459,492		9.8	%
U.S. franchise advertising		559,494		11.3	%		509,853		10.8	%
Refranchising (gain) loss		(4,028)		0.0	%		158		0.0	%
Income from operations		953,974		19.3	%		878,999		18.7	%
Other (expense) income		(2,544)		0.0	%		22,064		0.5	%
Interest expense, net		(181,092)		(3.7)	%		(178,848)		(3.9)	%
Income before provision for income taxes		770,338		15.6	%		722,215		15.3	%
Provision for income taxes		168,634		3.4	%		138,045		2.9	%
Net income	$	601,704		12.2	%	$	584,170		12.4	%
Earnings per share:
Common stock – diluted	$	17.57				$	16.69
Weighted average diluted shares		34,237,646					34,991,484

Domino's Pizza, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)

	December 28,		December 29,
(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	125,675	$	186,126
Restricted cash and cash equivalents		216,110		195,370
Accounts receivable, net		315,958		309,104
Inventories		79,189		70,919
Prepaid expenses and other		39,767		40,363
Advertising fund assets, restricted		117,502		103,396
Total current assets		894,201		905,278
Property, plant and equipment, net		324,022		301,179
Operating lease right-of-use assets		219,485		210,302
Investment in DPC Dash		36,070		82,699
Other assets		242,681		237,555
Total assets	$	1,716,459	$	1,737,013
Liabilities and stockholders' deficit
Current liabilities:
Current portion of long-term debt	$	6,131	$	1,149,679
Accounts payable		135,029		85,898
Operating lease liabilities		47,553		39,920
Advertising fund liabilities		115,412		101,567
Other accrued liabilities		237,496		235,398
Total current liabilities		541,621		1,612,462
Long-term liabilities:
Long-term debt, less current portion		4,810,683		3,825,659
Operating lease liabilities		183,917		181,983
Other accrued liabilities		81,380		79,200
Total long-term liabilities		5,075,980		4,086,842
Total stockholders' deficit		(3,901,142)		(3,962,291)
Total liabilities and stockholders' deficit	$	1,716,459	$	1,737,013

Domino's Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited)

	Fiscal Year Ended
	December 28,		December 29,
(In thousands)
Cash flows from operating activities:
Net income	$	601,704	$	584,170
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		88,827		87,732
Refranchising (gain) loss		(4,028)		158
Loss on sale/disposal of assets		1,855		1,527
Amortization of debt issuance costs		5,748		5,298
Provision (benefit) for deferred income taxes		1,288		(9,117)
Non-cash equity-based compensation expense		44,640		43,255
Excess tax benefits from equity-based compensation		(3,158)		(22,241)
(Benefit) provision for losses on accounts and notes receivable		(109)		191
Unrealized and realized losses (gains) on investments, net		2,544		(22,064)
Changes in operating assets and liabilities		42,015		(37,035)
Changes in advertising fund assets and liabilities, restricted		10,736		(6,977)
Net cash provided by operating activities		792,062		624,897
Cash flows from investing activities:
Capital expenditures		(120,558)		(112,885)
Sale of investments		44,085		82,918
Proceeds from sale of assets		8,558		74
Other		(2,275)		(1,336)
Net cash used in investing activities		(70,190)		(31,229)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		1,000,000		—
Repayments of long-term debt and finance lease obligations		(1,149,528)		(17,647)
Proceeds from exercise of stock options		18,792		36,024
Purchases of common stock		(357,697)		(329,557)
Tax payments for restricted stock upon vesting		(11,360)		(11,098)
Payments of common stock dividends and equivalents		(236,861)		(209,945)
Cash paid for financing costs		(15,439)		—
Net cash used in financing activities		(752,093)		(532,223)
Effect of exchange rate changes on cash		1,782		(2,154)
Change in cash and cash equivalents, restricted cash and cash equivalents		(28,439)		59,291

Cash and cash equivalents, beginning of period		186,126		114,098
Restricted cash and cash equivalents, beginning of period		195,370		200,870
beginning of period		80,928		88,165
beginning of period		462,424		403,133

Cash and cash equivalents, end of period		125,675		186,126
Restricted cash and cash equivalents, end of period		216,110		195,370
Cash and cash equivalents included in advertising fund assets, restricted, end of period		92,200		80,928
cash equivalents included in advertising fund assets, restricted, end of period	$	433,985	$	462,424

Global retail sales growth (excluding foreign currency impact) of 4.9% for the fourth quarter; 5.4% growth for fiscal 2025

U.S. same store sales growth of 3.7% for the fourth quarter; 3.0% growth for fiscal 2025

International same store sales growth (excluding foreign currency impact) of 0.7% for the fourth quarter; 1.9% growth for fiscal 2025

Global net store growth of 392 for the fourth quarter; global net store growth of 776 for fiscal 2025

Income from operations increased 8.0% for the fourth quarter; 8.5% for fiscal 2025

(Income from operations increased 7.3% and 8.6% for the fourth quarter and fiscal 2025, respectively, excluding the $1.9 million positive impact for fourth quarter and the $0.6 million negative impact for fiscal 2025 of foreign currency exchange rates on international franchise royalty revenues)

Board of Directors approves 15% increase in quarterly dividend to $1.99 per share

(Nasdaq: DPZ), the largest pizza company in the world, announced results for the fourth quarter and fiscal 2025.Domino's Pizza, Inc.ANN ARBOR, Mich.Feb. 23, 2026

"In 2025 we demonstrated that when we execute our Hungry for MORE strategy it delivers MORE sales, MORE stores, and MORE profits," said Russell Weiner, Domino's Chief Executive Officer. "In our international business, we delivered a remarkable 32^nd

Fourth Quarter and Fiscal 2025 Operational and Financial Highlights (Unaudited):

The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer toComments on Regulation G

Quarterly Dividend

Subsequent to the end of the fourth quarter of 2025, on February 18, 2026, the Company's Board of Directors approved a 15% increase to its per share quarterly dividend and a $1.99 per share quarterly dividend was declared on its outstanding common stock for shareholders of record as of March 13, 2026, to be paid on March 30, 2026.

Share Repurchases

During the fourth quarter of 2025, the Company repurchased and retired 188,526 shares of common stock for a total of $80.0 million. During 2025, the Company repurchased and retired 785,280 shares of common stock for a total of $354.7 million. As of December 28, 2025, the Company had a total remaining authorized amount for share repurchases of $459.7 million.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G, including free cash flow, income from operations, excluding foreign currency impact and Consolidated Adjusted EBITDA. The Company has also included metrics such as global retail sales, global retail sales growth (excluding foreign currency impact), same store sales growth, net store growth, food basket pricing change, impact of changes in foreign currency exchange rates on international franchise royalty revenues and the leverage ratio, which are commonly used statistical measures in the quick-service restaurant industry that are important to understanding Company performance.

The Company uses"global retail sales,""Global retail sales growth, excluding foreign currency impact"

The Company uses"same store sales growth,"

The Company uses"net store growth,"

The Company uses"food basket pricing change,"

The Company uses"free cash flow,"

The Company uses"income from operations, excluding foreign currency impact,""impact of changes in foreign currency exchange rates on international franchise royalty revenues,"

The Company uses"Consolidated Adjusted EBITDA,"Segment Reporting,

The Company uses the"leverage ratio¹

The reconciliation of the leverage ratio for the fourth quarters of 2025 and 2024 is as follows below.

Conference Call Information

The Company will file its Annual Report on Form 10-K today. As previously announced, Domino's Pizza, Inc. will hold a conference call today at 8:30 a.m. (Eastern) to review its fourth quarter and fiscal 2025 financial results. The webcast is available atir.dominos.com

About Domino's Pizza^®

Founded in 1960, Domino's Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout. It ranks among the world's top public restaurant brands with a global enterprise of more than 22,100 stores in over 90 markets. Domino's had global retail sales of over $20.1 billion in 2025. Its system is comprised of independent franchise owners who accounted for 99% of Domino's stores as of the end of the fourth quarter of 2025. In the U.S., Domino's generated more than 85% of U.S. retail sales in 2025 via digital channels and has developed many innovative ordering platforms.

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Please visit our Investor Relations website atir.dominos.com

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the "safe harbor" provisions of the Act. You can identify forward-looking statements by the use of words such as "anticipates," "believes," "could," "should," "estimates," "expects," "intends," "may," "will," "plans," "predicts," "projects," "seeks," "approximately," "potential," "outlook" and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including information concerning future results of operations and business strategy, our anticipated profitability, estimates in same store sales growth, store growth and the growth of our U.S. and international business in general, our ability to service our indebtedness, our future cash flows, our operating performance, trends in our business and other descriptions of future events reflect the Company's expectations based upon currently available information and data. While we believe these expectations and projections are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our filings with the Securities and Exchange Commission, including under the section headed "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including but not limited to: our substantial indebtedness and our ability to incur additional indebtedness or refinance or renegotiate key terms of that indebtedness in the future; the impact a downgrade in our credit rating may have on our business, financial condition and results of operations; our future financial performance and our ability to pay principal and interest on our indebtedness; the strength of our brand, including our ability to compete in the U.S. and internationally in our intensely competitive industry, including the food service and food delivery markets; our ability to successfully implement our growth strategy, including through our participation in the third-party order aggregation marketplace; labor shortages or changes in operating expenses resulting from increases in prices of food (particularly cheese), fuel and other commodity costs, labor, utilities, insurance, employee benefits and other operating costs or negative economic conditions; the effectiveness of our advertising, operations and promotional initiatives; shortages, interruptions or disruptions in the supply or delivery of fresh food products and store equipment; the additional risks our international operations subject us to, which may differ in each country in which we and our franchisees do business; the dependence of our earnings and business growth strategy on the success of our franchisees; our ability and that of our franchisees to successfully operate in the current and future credit environment; the impact of social media, the rise of artificial intelligence-generated content, or a boycott on our business, brand and reputation; the impact of new or improved technologies, including artificial intelligence, and alternative methods of delivery on consumer behavior; new product, digital ordering and concept developments by us, and other food-industry competitors; our ability to maintain good relationships with and attract new franchisees, and franchisees' ability to successfully manage their operations without negatively impacting our royalty payments and fees or our brand's reputation; our ability to successfully implement cost-saving strategies; changes in the level of consumer spending given general economic conditions, including interest rates, energy prices and consumer confidence or negative economic conditions in general; our ability and that of our franchisees to open new restaurants and keep existing restaurants in operation and maintain demand for new stores; the impact that widespread illness, health epidemics or general health concerns, severe weather conditions and natural disasters may have on our business and the economies of the countries where we operate; changes in foreign currency exchange rates; changes in income tax rates; our ability to retain or replace our executive officers and other key members of management and our ability to adequately staff our stores and supply chain centers with qualified personnel; our ability to find and/or retain suitable real estate for our stores and supply chain centers; changes in government legislation or regulation, including changes in laws and regulations regarding information privacy, payment methods, advertising and consumer protection and social media; adverse legal judgments or settlements; food-borne illness or contamination of products or food tampering or other events that may impact our reputation; data breaches, power loss, technological failures, user error or other cyber risks threatening us or our franchisees; the impact that environmental, social and governance matters may have on our business and reputation; the effect of war, terrorism, catastrophic events, geopolitical or reputational considerations or climate change; our ability to pay dividends and repurchase shares; changes in consumer tastes, spending and traffic patterns and demographic trends; changes in accounting policies; and adequacy of our insurance coverage. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. All forward-looking statements speak only as of the date of this press release and should be evaluated with an understanding of their inherent uncertainty. Except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, or other applicable law, we will not undertake, and specifically disclaim, any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by, or on behalf of, us. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

TABLES TO FOLLOW

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SOURCE Domino's Pizza, Inc.

increased $91.8 million, or 6.4%, in the fourth quarter of 2025 as compared to the fourth quarter of 2024, primarily due to higher supply chain revenues, U.S. franchise advertising revenues and U.S. franchise royalties and fees. The increase in supply chain revenues was primarily attributable to higher order volumes, as well as an increase in the Company's food basket pricing to stores, which increased 1.7% during the fourth quarter of 2025 as compared to the fourth quarter of 2024. These increases were partially offset by a shift in the relative mix of products sold by the Company. The increase in U.S. franchise advertising revenues was driven by a decrease in advertising incentives in the fourth quarter of 2025 as compared to the fourth quarter of 2024, higher same store sales and net store growth. U.S. franchise royalties and fees increased as a result of higher same store sales and net store growth.Revenues
decreased 5.4 percentage points in the fourth quarter of 2025 as compared to the fourth quarter of 2024, primarily due to higher insurance costs, higher labor rates and the increase in the Company's food basket pricing to stores.U.S. Company-owned store gross margin
increased 0.1 percentage points in the fourth quarter of 2025 as compared to the fourth quarter of 2024, primarily due to procurement productivity, partially offset by higher insurance costs and the increase in the cost of the Company's food basket.Supply chain gross margin
increased $22.0 million, or 8.0%, in the fourth quarter of 2025 as compared to the fourth quarter of 2024. Excluding the positive impact of foreign currency exchange rates on international franchise royalty revenues of $1.9 million, income from operations increased $20.1 million, or 7.3%. The increase in income from operations was primarily due to higher franchise royalties and fees and gross margin dollar growth within supply chain but was partially offset by a decrease in U.S. Company-owned store gross margin.Income from operations
increased $12.2 million, or 7.2%, in the fourth quarter of 2025 as compared to the fourth quarter of 2024, primarily due to higher income from operations as discussed above. To a lesser extent, a decrease in the provision for income taxes also contributed to the increase in net income. The effective tax rate decreased to 21.2% in the fourth quarter of 2025 as compared to 23.3% in the fourth quarter of 2024, resulting in a decrease in the provision for income taxes of $2.8 million. These increases in net income were partially offset by an unfavorable change of $10.8 million in the pre-tax net realized and unrealized losses and gains associated with the Company's investment in DPC Dash Ltd.Net income
was $5.35 in the fourth quarter of 2025 as compared to $4.89 in the fourth quarter of 2024, representing a $0.46, or 9.4%, increase. The increase in diluted EPS in the fourth quarter of 2025 as compared to the fourth quarter of 2024 was driven by higher net income and a lower weighted average diluted share count resulting from the Company's share repurchases during the trailing four quarters.Diluted EPS
of $671.5 million in 2025 as compared to $512.0 million in 2024. The increase in free cash flow was primarily driven by the positive impact of changes in operating assets and liabilities. Additionally, higher net income excluding non-cash operating activities and the timing and amount of advertising activities also contributed to the increase in free cash flow. These increases were partially offset by a higher investments in capital expenditures.Net cash provided by operating activities free cash flow