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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Darden Restaurants
Darden Restaurants (DRI) investor relations material
Darden Restaurants Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 earnings summary24 Sep, 2026
Executive summary
Q1 FY2027 sales rose 5.1% to $3,200.3M; same-restaurant sales increased 3.1% on a fiscal-calendar basis and 3.2% on an aligned-calendar basis, with 53 net new restaurants.
All segments posted positive same-restaurant sales growth.
Continuing-operations diluted EPS was $2.05, down 6.4% reported year-over-year; adjusted EPS rose 4.1% versus prior-year adjusted EPS.
Operating income declined 5.9% to $319.3M as operating costs increased; the prior-year Olive Garden Canada asset-sale gain affected the comparison.
Yard House reached $1B in trailing 52-week sales and plans 13 openings, including conversions and new prototypes.
Financial highlights
Continuing-operations earnings were $234.3M versus $257.9M; reported diluted EPS was $2.05 versus $2.19.
Adjusted EBITDA was $464M, or 14.5% of sales; restaurant-level EBITDA margin was 18.8%.
$406M was returned to shareholders: $184.2M in dividends and $220.8M in share repurchases.
Operating margin was 10.0%; continuing-operations earnings were 7.3% of sales.
Effective tax rate was 12.9%, versus 12.2% a year earlier.
Outlook and guidance
FY2027 continuing-operations sales guidance is $13.60B–$13.75B; same-restaurant sales growth is projected at 2.5%–3.5%.
Diluted EPS guidance was reaffirmed at $11.10–$11.35; EBITDA is forecast at $2.26B–$2.29B.
Plans call for 75–80 new restaurant openings and ~$875M in capital expenditures.
Total and commodity inflation are expected at ~3.0%; pricing is expected to moderate from 3.7% in Q1 to the low/mid-2% range by Q4.
Thanksgiving’s calendar shift is expected to create a 1% Q2 sales headwind, offset in Q3; impact varies by brand.
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Latest events from Darden Restaurants
- All directors re-elected, management proposals passed, and shareholder proposal rejected.DRI
AGM 2026 - Virtual annual meeting to vote on directors, pay, auditor, and a director support policy.DRIProxy filing
- Record sales, strong governance, and enhanced ESG drive 2026 proxy agenda and executive pay.DRIProxy filing
- Q2 sales up 7.3% to $3.1B, adjusted EPS $2.08, FY26 outlook raised, risks remain.DRIQ2 2026
- Sales up 10.4% and adjusted EPS up 12.6%, with strong fiscal 2026 outlook and margin risks.DRIQ1 2026
- Q2 sales up 6% to $2.9B, adjusted EPS up 10.3%, and FY25 outlook at $12.1B sales.DRIQ2 2025
- Q1 sales up 1% to $2.8B, adjusted EPS $1.75, FY25 outlook strong, Uber delivery and Chuy's deal ahead.DRIQ1 2025
- Sales and EPS hit record highs, with strong FY25 guidance and successful Ruth's Chris integration.DRIQ4 2024
- Q3 sales rose 6.2% and adjusted EPS climbed 6.9%, with strong 2025 outlook.DRIQ3 2025
Next Darden Restaurants earnings date
Q2 202717 Dec, 2026
Darden Restaurants
Next Darden Restaurants earnings date
Q2 202717 Dec, 2026
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Frequently asked questions
Unlimited Breadsticks and Full-Service Restaurants
Darden Restaurants is an American multi-brand restaurant operator. It owns and operates several popular chain restaurants concentrated in the US, Canada, and other countries across the Americas. Darden owns over 1,800, and several of their restaurant brands operate on a franchise model, with Olive Garden being the most notable example and holding. The company is headquartered in Orlando, Florida, and its shares are listed on the NYSE.
The Green Frog and General Mills
While the Darden of today is a diversified multinational corporation, its roots can be traced back to a small establishment called The Green Frog in Waycross, Georgia. Bill Darden opened the restaurant when he was just 19, and his little diner quickly became very popular. One of the most notable things about this is the fact that he welcomed everyone to his restaurant, something that was far from being the norm in the segregated Deep South at the time. Bill Darden founded Red Lobster in 1968 with the first locations seeing great early success, he eventually sold the chain to General Mills. However, he got a role within the company, and under his supervision and with the resources of General Mills, the company grew rapidly.
General Mills eventually decided to divest its restaurant operations, and in 1995 what we today know as Darden Restaurants saw the light of day. Following the divestiture, the company acquired and opened a number of new franchises, and today it owns several different chains.
The Restaurants
The company’s largest and most recognizable holding is Olive Garden, a full-service restaurant focusing on American-Italian food. Roughly 50% of the company’s revenue is generated by the chain, but it's far from being the only restaurant that Darden owns and operates. Other holdings include Ruth’s Chris Steakhouse, LongHorn Steakhouse, Seasons 52, Eddie V’s, and several others.
Franchising
Unlike companies such as McDonald’s and Starbucks, which operate more or less exclusively on a franchising model, Darden has traditionally owned and operated its locations itself, but in recent years the company has started offering select franchising opportunities for prospective franchisees.