Domino's

DPZ · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

DPZ · Last close · October 26, 2026

$313.32

Domino's revenue rose 5.0% to $4.9 billion in fiscal 2025. Its operating margin was 19.3%, up from 18.7% a year earlier. Free cash flow was $672 million, up 31.1%. It paid out $595 million in dividends and buybacks, 89% of free cash flow. The diluted share count fell 2.1%.

Read our report: Domino's net income rose 9.2% in the third quarter as U.S. same store sales grew 0.3%

Domino’s Pizza, Inc. Latest fiscal year ended December 28, 2025 10-K filed February 23, 2026 · 0001193125-26-062321 Updated October 13, 2026

Revenue

$4.9B

5.0%

Operating margin

19.3%

0.6 pts

Net income

$602M

3.0%

Free cash flow

$672M

31.1%

Return on capital

92.2%

5.1 pts

Market cap

$10.4B

Oct 26 close

P/E

17.3x

On $18.15 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Total debt is Domino's long-term debt and finance leases including the current portion; the SEC data's plain long-term debt tag holds only a small part of it.

What Domino's does

Domino's sells pizza for delivery and carryout, along with sides such as bread, wings, chicken, pasta, sandwiches and desserts. It has more than 22,100 stores in over 90 markets, and about 99% of them are owned and run by independent franchisees. In the US, more than 85% of its sales in 2025 came through digital channels such as its website and app.

Domino's makes money mainly by charging franchisees royalties, a share of their sales, and fees, by selling them dough, cheese and other supplies, and by running some US stores itself. Its supply chain segment, which makes dough and delivers food and supplies to stores in the US and Canada, brought in 60.5% of revenue in 2025. The US stores segment, its franchise operations and company-owned stores, brought in 32.6%, and international franchising 6.9%. In the US it competes mainly with Pizza Hut, Papa John's and Little Caesars, plus regional and local pizzerias; abroad, mainly with Pizza Hut and Papa John's.

Most stores outside the US are run by master franchisees that hold the rights to whole countries or regions. The largest, Domino's Pizza Enterprises, ran 3,524 stores in 12 markets. Domino's itself had about 10,200 employees at the end of 2025.

Its biggest risks, as it describes them

Strong competition in pizza and in food delivery generally.
Failing to open new stores and grow sales as its strategy plans.
Rising food and labor costs, including cheese, its largest food cost, or shortages of workers.
Its dependence on the success of its franchisees, whose actions it doesn't control.
Its large debt, including securitized debt with strict terms.

From Domino's's annual report on Form 10-K, filed February 23, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 16.9% a year and net income 12.1% a year, as buybacks cut the share count by 31%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Domino's yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Domino's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Domino's fiscal 2025 free cash flow of $672M, net cash of −$4.7B at December 28, 2025 and 34 million diluted shares, from its filings. The scenarios are fitted to Domino's: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Restaurants); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 28, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Domino's's own revenue growth, as above. Cautious: growth of 1% then 1.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 3% then 3% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 5% then 4% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $313.32
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Domino's earnings per share of $18.15 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.8×, the middle of Domino's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 6, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Brinker International, Texas Roadhouse, Cheesecake Factory, Cracker Barrel.

Earnings growth in the years ahead (% a year) Starts at Domino's revenue growth over the last 3 years, 2.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $313.32
Value at this multiple, against the last close: —
Domino's P/E at the last close: 17.3×

Company	Last close	Earnings per share	P/E today
Cracker BarrelCBRL	$68.84	$1.40	49.2×
Cheesecake FactoryCAKE	$110.13	$3.69	29.8×
Texas RoadhouseTXRH	$165.82	$6.25	26.5×
Brinker InternationalEAT	$187.98	$10.87	17.3×
Domino'sDPZ	$313.32	$18.15	17.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	148	60	114	186	126
Debt incl. finance leases	5,070	5,022	4,990	4,975	4,817
Net debt (negative means net cash)	4,922	4,962	4,876	4,789	4,691
Net debt to EBITDA	5.8x	5.8x	5.4x	5.0x	4.5x
Debt to equity	—	—	—	—	—
Interest coverage	4.1x	3.9x	4.2x	4.5x	4.9x
Current ratio	1.5x	1.5x	1.5x	0.6x	1.6x
Quick ratio	1.3x	1.3x	1.3x	0.5x	1.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Domino's shares on the open market, and 6 insiders sold $14.7 million, $8.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 22, 2026	Kelly E GarciaEVP, Chief Tech & Data Ofcr	Sold	12,430	$322.04	$4.0 million	Form 4
Jul 17, 2026	Russell J WeinerChief Executive Officer, Director	Sold plan	10,850	$330.83	$3.6 million	Form 4
Jul 16, 2026	Joseph Hugh JordanCOO and President-Domino's US	Sold plan	5,450	$311.29	$1.7 million	Form 4
Jul 9, 2026	Kelly E GarciaEVP, Chief Tech & Data Ofcr	Sold plan	487	$297.01	$144,644	Form 4
Jun 11, 2026	Kelly E GarciaEVP, Chief Tech & Data Ofcr	Sold plan	487	$311.74	$151,817	Form 4
May 21, 2026	Kelly E GarciaEVP, Chief Tech & Data Ofcr	Sold plan	488	$313.16	$152,822	Form 4
Apr 30, 2026	Kelly E GarciaEVP, Chief Tech & Data Ofcr	Sold plan	488	$332.31	$162,167	Form 4
Mar 13, 2026	Cynthia A HeadenEVP, Chief Supply Chain Offr	Sold plan	738	$396.50	$292,617	Form 4
Mar 13, 2026	Reddy SandeepEVP, Chief Financial Officer	Sold plan	307	$396.50	$121,726	Form 4
Mar 13, 2026	Jessica L ParrishVP, Chief Accounting Officer	Sold plan	47	$396.50	$18,636	Form 4
Mar 12, 2026	Reddy SandeepEVP, Chief Financial Officer	Sold plan	253	$391.69	$99,098	Form 4
Mar 12, 2026	Jessica L ParrishVP, Chief Accounting Officer	Sold plan	47	$391.69	$18,409	Form 4

The latest 12 of 16 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	9 of 9	8 of 9	8 of 9
Accruals ratio	−4.4%	−2.4%	−11.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Domino's side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Domino's	FY25	5.0%	19.3%	13.6%	92.2%	4.5x	8
Brinker International	FY26	7.9%	10.7%	9.6%	66.0%	0.4x	8	Compare
Texas Roadhouse	FY25	9.4%	8.1%	5.8%	33.0%	−0.2x	4	Compare
Cheesecake Factory	FY25	4.8%	5.0%	4.1%	20.5%	1.4x	5	Compare
Cracker Barrel	FY26	−4.7%	−0.4%	2.7%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,473	2,788	3,433	3,619	4,117	4,357	4,537	4,479	4,706	4,940
Revenue growth	11.6%	12.8%	23.1%	5.4%	13.8%	5.8%	4.1%	−1.3%	5.1%	5.0%
Gross profit	768	866	1,303	1,402	1,594	1,688	1,649	1,727	1,848	1,974
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	454	521	572	629	726	780	768	820	879	954
Net income	215	278	362	401	491	510	452	519	584	602
Diluted EPS (US$)	4.30	5.83	8.35	9.56	12.39	13.54	12.53	14.66	16.69	17.57
Diluted shares (millions)	50	48	43	42	40	38	36	35	35	34
Cash flow
Cash from operations	292	341	394	497	593	654	475	591	625	792
Capital expenditure	59	90	120	86	89	94	87	105	113	121
Free cash flow	234	251	274	411	504	560	388	485	512	672
Dividends paid	74	84	92	106	122	139	158	170	210	237
Share buybacks	300	1,064	591	699	305	1,321	294	269	330	358
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	19	21	23	20	24	29	29	38	43	45
Balance sheet at fiscal year end
Cash and short-term investments	43	36	25	191	169	148	60	114	186	126
Debt incl. finance leases	2,188	3,154	3,532	4,114	4,119	5,070	5,022	4,990	4,975	4,817
Total assets	716	837	907	1,382	1,567	1,672	1,602	1,675	1,737	1,716
Total liabilities	2,599	3,572	3,947	4,798	4,868	5,881	5,791	5,745	5,699	5,618
Shareholders' equity	−1,883	−2,735	−3,040	−3,416	−3,300	−4,210	−4,189	−4,070	−3,962	−3,901
Margins and ratios
Gross margin	31.1%	31.1%	38.0%	38.8%	38.7%	38.7%	36.3%	38.6%	39.3%	40.0%
Operating margin	18.4%	18.7%	16.6%	17.4%	17.6%	17.9%	16.9%	18.3%	18.7%	19.3%
Net margin	8.7%	10.0%	10.5%	11.1%	11.9%	11.7%	10.0%	11.6%	12.4%	12.2%
Free cash flow margin	9.5%	9.0%	8.0%	11.4%	12.2%	12.8%	8.6%	10.8%	10.9%	13.6%
Return on capital	99.4%	112.3%	113.7%	107.3%	110.9%	93.5%	81.6%	82.6%	87.1%	92.2%
Return on equity	—	—	—	—	—	—	—	—	—	—
Return on assets	28.3%	35.8%	41.5%	35.0%	33.3%	31.5%	27.6%	31.7%	34.2%	34.9%
Net debt to EBITDA	4.4x	5.5x	5.6x	5.7x	5.0x	5.8x	5.8x	5.4x	5.0x	4.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Domino's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Domino's.