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Edge25 Jul 2025
Global Doughmination: Breaking Down Domino's Pizza
Inside the rise of Domino's Pizza: how franchising, delivery control, and supply chain mastery built one of the world's most efficient food empires.
Domino’s Pizza (DPZ) investor relations material
Domino’s Pizza Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Oct, 2025
Executive summary
Global retail sales grew 6.3% year-over-year in Q3, driven by strong U.S. carryout, delivery, and order count, as well as international expansion and successful promotions.
Net store growth reached 214 in Q3, including 29 in the U.S. and 185 internationally, with the system total at 7,090 U.S. stores.
Income from operations increased 12.2% in Q3, or 11.8% excluding currency impacts, supported by higher franchise royalties and supply chain margin growth.
Initiatives such as DoorDash rollout, loyalty program enhancements, and a major brand refresh contributed to positive momentum and franchisee profitability.
The "Hungry for More" strategy and digital innovation continue to drive market share gains and long-term value creation.
Financial highlights
Q3 revenues rose 6.2% year-over-year to $1.15 billion, with global retail sales up 6.3% and U.S. retail sales up 7%.
Net income for Q3 was $139.3 million, down 5.2% year-over-year, mainly due to unrealized investment losses and higher tax provision.
Diluted EPS was $4.08 in Q3, down 2.6% year-over-year.
Gross margin improved to 40.1% in Q3, with supply chain gross margin up to 11.3%.
Free cash flow for the first three quarters was $495.6 million, up 31.8% year-over-year.
Outlook and guidance
2025 global retail sales growth is expected to be in line with 2024, with continued market share gains and long-term value creation anticipated.
U.S. same store sales guidance reiterated at 3%, with international same store sales growth expected at 1–2%.
U.S. net store growth expected at 175, with international net store growth in line with 2024.
Operating income growth projected at approximately 8%, excluding currency, severance, and refranchising gains.
Management expects ongoing investments in technology and marketing to support growth.
What caused the Q3 net income and EPS decline?
Why did US Company-owned store gross margin fall?
Detail the 2025 refinancing transaction
Sustain renowned value amid discounting?
How will base initiatives drive 2026+ growth?
Reaccelerate international unit growth?
Q4 macro impact on 2025 U.S. comp outlook?
Best Deal Ever sustainability for franchisees?
Path to re-accelerate international unit growth?
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Next Domino’s Pizza earnings date
Q4 202520 Feb, 2026
Next Domino’s Pizza earnings date
Q4 202520 Feb, 2026
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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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