Domino’s Pizza (DPZ) Q4 2024 earnings summary

Executive summary

• Achieved 8% profitable growth in 2024, with global retail sales up 5.9% and strong performance in key international markets like India, China, and Europe.

• U.S. retail sales grew 5.3% year-over-year, with a 1% market share gain in QSR pizza and positive order count growth.

• International business delivered its 31st consecutive year of same-store sales growth.

• Net store growth was 775 for fiscal 2024, bringing total stores to 21,366.

• Board approved a 15% increase in quarterly dividend to $1.74 per share.

Financial highlights

• Income from operations increased 7.3% for the year; net income up 12.5% for the year.

• Global retail sales grew 4.4% in Q4 and 5.9% for the year, in line with updated guidance.

• U.S. same-store sales rose 3.2% for the year; international same-store sales up 1.6% for the year.

• Diluted EPS was $16.69 for the year (+13.8% YoY).

• Free cash flow for 2024 was $512.0 million, up from $485.5 million in 2023.

Outlook and guidance

• Expecting 3% U.S. same-store sales growth in 2025, with a stronger back half due to aggregator and loyalty initiatives.

• International same-store sales growth expected at 1%-2% in 2025, returning to normalized levels in 2026.

• Anticipate 175+ net new U.S. stores and international net store growth in line with 2024.

• Operating profit growth of approximately 8% expected in 2025, excluding currency impacts.

• Management projects continued market share gains and long-term value creation in 2025.