Domino’s Pizza (DPZ) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in 2025, with both carryout and delivery businesses expanding in the U.S. and internationally, despite a challenging macro environment.

• Gained approximately 1 point of U.S. market share in 2025, continuing an 11-year trend of annual share gains.

• Global retail sales grew 4.9% in Q4 and 5.4% for fiscal 2025, excluding currency impact.

• Net store growth reached 392 in Q4 and 776 for the year, with over 22,100 stores globally.

• Launched successful initiatives such as Parmesan Stuffed Crust and Best Deal Ever, driving sales, new customers, and franchisee profitability.

Financial highlights

• Income from operations increased 8.0% in Q4 and 8.5% for the year.

• Global retail sales grew 4.9% in Q4 and 5.4% for the year, driven by positive comps and net store growth.

• U.S. same-store sales up 3% for the year; carryout comps up 6.5%, delivery up 1.6% in Q4.

• Total revenues rose 6.4% in Q4 to $1.54B and 5.0% for the year to $4.94B.

• Free cash flow grew 31.2% to $671.5M for the year.

Outlook and guidance

• 2026 guidance: global retail sales growth of ~6% (excluding 53rd week impact), U.S. comp growth of 3%, and international same-store sales growth of 1%-2%.

• Expect higher U.S. comps in the first half of 2026, with continued macro pressures.

• Project 175+ net new U.S. stores and ~800 net new international stores in 2026.

• Operating income growth expected at ~8%, with slight margin expansion.

• Management expects to increase U.S. market share in 2026, leveraging value, scale, and digital initiatives.