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Domino’s Pizza (DPZ) investor relations material
Domino’s Pizza Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Global retail sales grew 5.6% year-over-year, with U.S. same store sales up 3.4% and international same store sales up 2.4% (excluding FX), driven by new product launches and expanded aggregator partnerships.
Net store growth totaled 178 in Q2 2025, including 30 in the U.S. and 148 internationally.
Income from operations increased 14.8% year-over-year; excluding FX, up 14.9%.
Both delivery and carryout segments contributed to meaningful U.S. market share gains despite a flat QSR pizza market.
Successful launch of Parmesan stuffed crust pizza and national DoorDash rollout supported customer growth and satisfaction.
Financial highlights
Q2 2025 revenues were $1,145.1M, up 4.3% from Q2 2024, driven by higher supply chain revenues and franchise royalties.
Net income for Q2 2025 was $131.1M, down 7.7% year-over-year, mainly due to investment losses and higher taxes.
Diluted EPS was $3.81 in Q2 2025, down from $4.03 in Q2 2024.
Free cash flow for the first two quarters was $331.7M, up 43.9% year-over-year.
Gross margin improved to 40.3% in Q2 2025 from 39.8% in Q2 2024.
Outlook and guidance
U.S. comp for 2025 expected at 3%, with higher growth anticipated in the second half due to timing of initiatives.
International same store sales growth projected at 1% to 2%, reflecting macro and geopolitical uncertainty.
Net store growth guidance: 175+ in the U.S. and international growth in line with 2024.
Operating income growth expected at approximately 8% for 2025, excluding FX, severance, and refranchising gains.
Management highlights strong positioning with aggregator partnerships, robust supply chain, and enhanced rewards program.
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Frequently asked questions
The world's largest pizza chain
Domino’s operates the world's largest pizza franchise, and is considered one of the pioneers in home delivery. Domino’s was one of the most resilient restaurant chains during the pandemic, and their ventures in digital innovations - including apps, smart-speaker features, and delivery robots - have given them an edge in the home delivery space.
Domino’s operates over 19.000 restaurants worldwide and continuously opens more than 500 new restaurants yearly. Out of those 19.000, 98 percent are franchised. Since 2006, the number of stores has increased by a whopping 125 percent.
The franchising model
The pizza giant operates this franchise model by issuing Master Franchise Agreements and collects fees and royalties based on sales percentages. They also dominate the supply chains of the franchisees, selling over 240 products ranging from toppings, sauce, and dough to the specific equipment needed. These supply chain activities are actually where Domino’s makes most of their money - amounting to around 60 percent of total sales. Their supply chain network enables them to minimize operating costs and maximize profits both for their franchisees and for Domino’s.
Other notable businesses deploying the franchise model are McDonald's, O’Reilly Automotive and Alimentation Couche-Tard.
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