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Assenagon Asset Management S.A. lessened its holdings in Domino’s Pizza Inc (NASDAQ:DPZ – Free Report) by 64.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,977 shares of the restaurant operator’s stock after selling 8,901 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Domino’s Pizza were worth $1,491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of DPZ. Soroban Capital Partners LP bought a new stake in shares of Domino’s Pizza in the first quarter valued at $895,251,000. BlackRock Inc. purchased a new stake in Domino’s Pizza in the 2nd quarter worth approximately $715,704,000. Arrowstreet Capital Limited Partnership boosted its stake in Domino’s Pizza by 247.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 527,246 shares of the restaurant operator’s stock valued at $189,171,000 after buying an additional 375,709 shares during the period. Royal Bank of Canada boosted its position in shares of Domino’s Pizza by 5.2% during the 1st quarter. Royal Bank of Canada now owns 448,221 shares of the restaurant operator’s stock valued at $160,817,000 after acquiring an additional 22,320 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Domino’s Pizza by 937,192.2% in the second quarter. Van ECK Associates Corp now owns 478,019 shares of the restaurant operator’s stock worth $141,513,000 after purchasing an additional 477,968 shares during the last quarter. Institutional investors own 94.63% of the company’s stock.

Wall Street Analysts Forecast Growth A number of equities research analysts recently weighed in on DPZ shares. BTIG Research reaffirmed a “buy” rating and issued a $425.00 target price on shares of Domino’s Pizza in a research note on Wednesday, October 14th. Berenberg Bank raised shares of Domino’s Pizza to a “strong-buy” rating in a research note on Monday, October 5th. Evercore reissued an “outperform” rating on shares of Domino’s Pizza in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Domino’s Pizza from $435.00 to $385.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Benchmark reaffirmed a “buy” rating on shares of Domino’s Pizza in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $380.87.

Check Out Our Latest Report on DPZ Domino’s Pizza Stock Performance DPZ stock opened at $317.70 on Friday. Domino’s Pizza Inc has a 52 week low of $282.00 and a 52 week high of $442.35. The firm’s fifty day moving average is $317.51 and its 200 day moving average is $324.93. The firm has a market cap of $10.45 billion, a P/E ratio of 17.50, a P/E/G ratio of 1.44 and a beta of 0.94.

Domino’s Pizza (NASDAQ:DPZ – Get Free Report) last issued its earnings results on Tuesday, October 13th. The restaurant operator reported $4.60 EPS for the quarter, topping analysts’ consensus estimates of $4.33 by $0.27. Domino’s Pizza had a net margin of 12.03% and a negative return on equity of 15.48%. The company had revenue of $1.19 billion for the quarter. During the same quarter in the previous year, the business earned $4.08 EPS. Domino’s Pizza’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, analysts forecast that Domino’s Pizza Inc will post 19.04 EPS for the current year.

Domino’s Pizza Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Tuesday, December 15th will be issued a $1.99 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $7.96 annualized dividend and a dividend yield of 2.5%. Domino’s Pizza’s payout ratio is currently 43.86%.

About Domino’s Pizza (Free Report)

Domino’s Pizza, Inc is a global restaurant company that operates and franchises Domino’s-branded pizza stores. Its core business focuses on pizza delivery and carryout, supported by digital ordering platforms, delivery technology and a supply chain that provides food and related products to stores.

The company’s menu includes a variety of pizzas, along with items such as chicken, sandwiches, pasta, bread products, desserts and beverages. Domino’s serves customers through a combination of company-owned and franchised locations, with franchisees operating the majority of its stores.

Founded in 1960 when Tom and James Monaghan acquired a small Michigan pizzeria, the business adopted the Domino’s name in 1965 and expanded through franchising.

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Domino’s Pizza’s NASDAQ: DPZ Q3 report left something to be desired, but the market got it wrong and sold off in its wake. While near-term headwinds persist, the company is sustaining growth, expanding its footprint, and trading at a massive discount to historical norms.

Domino's Pizza Today

DPZ

Domino's Pizza

$302.24 +6.35 (+2.14%)

As of 12:02 PM Eastern

This is a fair market value price provided by Massive. Learn more.

$282.00▼

$442.352.63%

16.64

$380.87

Key factors for investors to consider are comp store numbers, central to the stock's weakness, and the root cause: consumer habits.

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The company quickly pointed out that while ticket averages were down, traffic was up. Consumers are cutting costs, but turning to Domino’s more frequently, setting the stage for a robust acceleration when consumer habits shift.

Valuation is a critical element. At about 15x current-year earnings, Domino’s trades at a 40% discount to normal levels, pricing in persistent weakness and a slow growth trajectory.

As it stands, analyst consensus estimates point to annual earnings-per-share growth at a high single-digit pace over the next 5 years, supported by share buybacks.

Domino’s Pizza Outperforms in Q3Domino’s Pizza struggled in Q3, as weaker consumer spending hurt overall results. That said, revenue grew 3.4% to $1.19 billion, narrowly beating MarketBeat’s consensus. Growth came from a 0.3% U.S. comp, a 4.39% increase in trailing 12-month store count, and a 3.2% gain in global retail sales.

Margins were also strong, with income from operations up 8.2%, net income up 9.25%, and GAAP earnings per share up 12%. GAAP earnings were boosted by aggressive share count reduction but don’t tell the whole story. More important are the improvements in operating and net income, which reflect the company’s optimization efforts. They include market basket price hikes for franchisees, as well as efficiency improvements and cost controls expected to be sustainable.

Guidance is a headwind for Q4 price action but aligns with the value opportunity. The company reduced its outlook for store count and profit growth, citing macroeconomic headwinds and a desire to help franchisees improve profitability, but expects to sustain growth, margin improvement, and expansion.

Domino’s Delivers Capital Returns, Dividend Growth AheadCapital returns are a catalyst for buyers, regardless of near-term headwinds. Dividends annualize to about 2.7% with shares trading at long-term lows; distributions are expected to increase annually, and buybacks are aggressive. Trailing 12-month activity reduced the count by nearly 3%, and the pace is expected to continue. With shares near long-term lows, the company could even accelerate the reduction and still lower expenses. Dividend growth is also expected to be robust; the company has sustained a high-teens CAGR over the last few years and pays about 40% of earnings.

Analysts responded cautiously following the earnings release, issuing numerous price target reductions because of the guidance cut. However, a major sentiment shift is not expected, with 32 tracked ratings pointing to a consensus Moderate Buy.

Price target reductions reflected some optimism despite the cuts, reaffirming a price floor near existing lows and the potential for a 30% rebound toward the consensus. The likely outcome is that DPZ continues to wallow near current lows, moving sideways until more news comes out.

Market Volume Says DPZ Is Near Its FloorChart action shows that buying activity spiked when DPZ shares reached long-term lows, and institutional data suggests that institutions are the ones buying. Institutions own nearly 100% of this stock and bought on balance the first three quarters of the year, running a solid $2-to-$1 pace and underpinning the price bottom. They are likely to continue buying shares, given the cash flow and capacity for capital returns.

The market gets Domino's right in acknowledging that its growth trajectory has changed. Once a fast-growing enterprise, the company has matured, and now organic growth is harder to come by and is heavily influenced by consumer habits. This can create lumpiness, with consumer swings driving business and making capital returns more important than ever.

In this scenario, DPZ is a maturing fast-food operator suffering a macro strain, but it is also a high-quality compounder worth more than 15x its earnings. The question is what the business is worth, and industry comparisons are interesting. McDonald’s NYSE: MCD, the fast food king, trades at a premium to DPZ today and historically, suggesting at least a modest multiple expansion ahead.

Domino's moat is built on its franchise network. The company owns its own supply chain, providing products to its franchisees, and spends 4x more on advertising than its competitors. It not only has the reach but also the capacity to enforce and profit from aggressive marketing campaigns. To maintain its leadership position and drive a full price recovery, Domino's needs only to keep executing its strategy and patiently wait for consumer habits to shift.

Should You Invest $1,000 in Domino's Pizza Right Now?Before you consider Domino's Pizza, you'll want to hear this.

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Global retail sales growth (excluding foreign currency impact) of 3.2%

U.S. same store sales growth of 0.3%

 International same store sales growth (excluding foreign currency impact) of 0.2%

Global net store growth of 175 stores, including 26 net store openings in the U.S. and 149 net store openings internationally

Income from operations increased 8.3%; excluding the $0.2 million negative impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 8.4%

, /PRNewswire/ -- Domino's Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the third quarter of 2026.

"As I step into the CEO role, I am honored to lead Domino's and build on the competitive advantages that have long set us apart: our iconic brand, best-in-class franchise system, global scale and proven operating capabilities," said Joe Jordan, Domino's Chief Executive Officer. "Our opportunity now is to capitalize on those strengths by getting even closer to our customers, helping our franchisees grow their profitability and turning our best performance into our everyday performance. By advancing winning ideas faster and executing them with greater clarity, speed and consistency, we can earn more occasions, continue gaining market share and create meaningful long-term value for shareholders. Domino's has always been at its best when we are a step ahead. That mindset has helped us set the pace for the industry before, and it's how we'll push ourselves to do it again. I believe our next chapter will be our strongest yet."

Third Quarter of 2026 Operational and Financial Highlights (Unaudited):

The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.

Third Quarter

Three Fiscal Quarters

2026

2025

2026

2025

Global retail sales: (in millions of U.S. dollars)                

U.S. stores

$

2,368.6

$

2,320.4

$

7,052.3

$

6,896.8

International stores

2,471.8

2,375.8

7,377.8

6,933.5

Total

$

4,840.4

$

4,696.2

$

14,430.1

$

13,830.3

Third Quarter

Three Fiscal Quarters

2026

2025

2026

2025

Global retail sales growth:
   (versus prior year period, excluding foreign currency impact)     

U.S. stores

+ 2.1 %

+ 7.0 %

+ 2.3 %

+ 4.5 %

International stores

+ 4.3 %

+ 5.7 %

+ 4.1 %

+ 6.6 %

Total

+ 3.2 %

+ 6.3 %

+ 3.2 %

+ 5.5 %

Third Quarter

Three Fiscal Quarters

2026

2025

2026

2025

Same store sales growth:
   (versus prior year period)

U.S. Company-owned stores

+ 1.0 %

+ 3.4 %

+ 2.5 %

+ 1.0 %

U.S. franchise stores

+ 0.3 %

+ 5.3 %

+ 0.4 %

+ 2.7 %

U.S. stores

+ 0.3 %

+ 5.2 %

+ 0.4 %

+ 2.7 %

International stores (excluding foreign currency impact)

+ 0.2 %

+ 1.7 %

(0.1) %

+ 2.5 %

U.S. Company-
owned Stores

U.S. Franchise
Stores

Total
U.S. Stores

International
Stores

Total

Third quarter of 2026 store counts:                              

Store count at June 14, 2026

186

7,045

7,231

15,300

22,531

Openings

1

27

28

200

228

Closings

—

(2)

(2)

(51)

(53)

Store count at September 6, 2026

187

7,070

7,257

15,449

22,706

Third quarter 2026 net store growth

1

25

26

149

175

Trailing four quarters net store growth

5

162

167

789

956

Third Quarter

Three Fiscal Quarters

(In millions, except percentages, percentage points, per-
share data and leverage ratio)

2026

2025

Increase/
(Decrease)

2026

2025

Increase/
(Decrease)

Total revenues

$1,185.6

$1,147.1

+ 3.4 %

$3,530.6

$3,404.3

+ 3.7 %

Supply chain gross margin

12.2 %

11.3 %

+ 0.9 pp

12.1 %

11.6 %

+ 0.5 pp

Income from operations

$241.8

$223.2

+ 8.3 %

$704.2

$658.3

+ 7.0 %

Net income

$152.2

$139.3

+ 9.2 %

$427.7

$420.1

+ 1.8 %

Diluted earnings per share

$4.60

$4.08

+ 12.7 %

$12.80

$12.22

+ 4.7 %

Leverage ratio

4.2x

4.5x

(0.3)x

Net cash provided by operating activities

$520.6

$552.3

(5.7) %

Capital expenditures

(60.8)

(56.7)

+ 7.2 %

Free cash flow

$459.8

$495.6

(7.2) %

Revenues increased $38.5 million, or 3.4%, in the third quarter of 2026 as compared to the third quarter of 2025, primarily due to higher supply chain revenues and higher global franchise royalty revenues. The increase in supply chain revenues was primarily attributable to higher order volumes, as well as an increase in the Company's food basket pricing to stores, which increased 2.2% in the third quarter of 2026 as compared to the third quarter of 2025. U.S. and international franchise royalties and fees revenues increased primarily as a result of net store growth during the trailing four quarters. These increases in revenues were partially offset by lower U.S. Company-owned store revenues as a result of the refranchising of certain U.S. Company-owned store markets in the second quarter of 2026. Supply chain gross margin increased 0.9 percentage points in the third quarter of 2026 as compared to the third quarter of 2025, primarily due to procurement productivity. Income from operations increased $18.6 million, or 8.3%, in the third quarter of 2026 as compared to the third quarter of 2025. Excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues of $0.2 million, income from operations increased $18.8 million, or 8.4%, primarily due to the increases in U.S. and international franchise royalties and fees revenues and gross margin dollar growth within supply chain. Net income increased $12.9 million, or 9.2%, in the third quarter of 2026 as compared to the third quarter of 2025, primarily due to higher income from operations. Diluted EPS was $4.60 in the third quarter of 2026 as compared to $4.08 in the third quarter of 2025, representing a $0.52, or 12.7%, increase. The increase in diluted EPS was driven by higher net income, as well as a lower weighted average diluted share count resulting from the Company's share repurchases during the trailing four quarters. Net cash provided by operating activities was $520.6 million in the three fiscal quarters of 2026 as compared to $552.3 million in the three fiscal quarters of 2025. The Company spent $60.8 million on capital expenditures in the three fiscal quarters of 2026 as compared to $56.7 million in the three fiscal quarters of 2025, resulting in free cash flow of $459.8 million in the three fiscal quarters of 2026 as compared to $495.6 million in the three fiscal quarters of 2025. The decrease in free cash flow was a result of the timing and amount of payments for advertising activities and the negative impact of changes in operating assets and liabilities. These decreases were partially offset by the increase in income from operations in the three fiscal quarters of 2026 (excluding the pre-tax realized gain on the sale of the Company's fully depreciated corporate aircraft in the first quarter of 2026). Quarterly Dividend

Subsequent to the end of the third quarter of 2026, on October 6, 2026, the Company's Board of Directors declared a $1.99 per share quarterly dividend on its outstanding common stock for shareholders of record as of December 15, 2026, to be paid on December 30, 2026.

Share Repurchases

During the third quarter of 2026, the Company repurchased and retired 216,282 shares of common stock for a total of $73.6 million. During the three fiscal quarters of 2026, the Company repurchased and retired 848,503 shares of common stock for a total of $304.9 million. As of September 6, 2026, the Company had a total remaining authorized amount for share repurchases of $1.15 billion.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G, including free cash flow, income from operations, excluding foreign currency impact and Consolidated Adjusted EBITDA. The Company has also included metrics such as global retail sales, global retail sales growth (excluding foreign currency impact), same store sales growth, net store growth, food basket pricing change, impact of changes in foreign currency exchange rates on international franchise royalty revenues and the leverage ratio, which are commonly used statistical measures in the quick-service restaurant industry that are important to understanding Company performance.

The Company uses "global retail sales," a statistical measure, to refer to total worldwide retail sales at Company-owned and franchised stores. The Company believes global retail sales information is useful in analyzing revenues because franchisees pay royalties and, in the U.S., advertising fees that are based on a percentage of franchise retail sales. The Company reviews comparable industry global retail sales information to assess business trends and to track the growth of the Domino's Pizza brand, and believes it is indicative of the financial health of the Company's franchisee base. In addition, supply chain revenues are directly impacted by changes in franchise retail sales in the U.S. and Canada. As a result, sales by Domino's franchisees have a direct effect on the Company's profitability. Retail sales for franchised stores are reported to the Company by its franchisees and are not included in Company revenues. "Global retail sales growth" is calculated as the change of U.S. Dollar global retail sales against the comparable period of the prior year. "Global retail sales growth, excluding foreign currency impact," is calculated as the change of local currency global retail sales against the comparable period of the prior year. Changes in global retail sales growth, excluding foreign currency impact are primarily driven by same store sales growth and net store growth.

The Company uses "same store sales growth," a statistical measure, which is calculated for a given period by including only sales from stores that also had sales in the comparable weeks of both periods. International same store sales growth is calculated similarly to U.S. same store sales growth. Changes in international same store sales are reported on a constant dollar basis, which reflects changes in international local currency sales. Same store sales growth for transferred stores is reflected in their current classification.

The Company uses "net store growth," a statistical measure, which is calculated by netting gross store openings with gross store closures during the period. Transfers between Company-owned stores and franchised stores are excluded from the calculation of net store growth.

The Company uses "food basket pricing change," a statistical measure, which is calculated as the percentage change of the food basket (including both food and cardboard products) purchased by an average U.S. store (based on average weekly unit sales) from U.S. supply chain centers against the comparable period of the prior year. The Company believes that the food basket pricing change is important to understanding Company performance because as food basket prices fluctuate, revenues, cost of sales and gross margin percentages in the Company's supply chain segment also fluctuate. Additionally, cost of sales, gross margins and gross margin percentages for the Company's U.S. Company-owned stores also fluctuate.

The Company uses "free cash flow," which is calculated as net cash provided by operating activities, less capital expenditures, both as reported under GAAP. The most directly comparable financial measure calculated and presented in accordance with GAAP is net cash provided by operating activities. The Company believes that the free cash flow measure is important to investors and other interested persons, and that such persons benefit from having a measure that communicates how much cash flow is available for working capital needs or repurchasing debt, making acquisitions, repurchasing common stock or paying dividends.

The Company uses "income from operations, excluding foreign currency impact," which is calculated as income from operations as reported under GAAP, less the "impact of changes in foreign currency exchange rates on international franchise royalty revenues," a statistical measure. The most directly comparable financial measure calculated and presented in accordance with GAAP is income from operations. The impact of changes in foreign currency exchange rates on international franchise royalty revenues is calculated as the difference in international franchise royalty revenues resulting from translating current period local currency results to U.S. dollars at current period exchange rates as compared to prior period exchange rates. The Company believes that the impact of changes in foreign currency exchange rates on international franchise royalty revenues is important to understanding Company performance given the significant variability in international franchise royalty revenues that can be driven by changes in foreign currency exchanges rates. International franchise royalty revenues do not have a cost of sales component, so changes in these revenues have a direct impact on income from operations.

The Company uses "Consolidated Adjusted EBITDA," which is calculated as income from operations as reported under GAAP, excluding depreciation and amortization, non-cash equity-based compensation expense, gains and losses from the sale and disposal of assets and refranchising gains and losses, each as reported under GAAP. Consolidated Adjusted EBITDA is defined in the base indenture governing the Company's securitized debt and is used by the Company and investors to calculate the leverage ratio (defined below), and other ratios defined in the indenture governing the Company's securitized debt. As such, Consolidated Adjusted EBITDA is important to investors and other interested persons to understand the financial performance of the Company, and to assess the ability of the Company to meet its financial obligations.

The Company uses the "leverage ratio1," which is calculated as the Company's securitized debt related to its fixed-rate notes and borrowings under its variable funding notes, divided by Consolidated Adjusted EBITDA on a trailing four quarters basis. The Company has historically operated with a leverage ratio between four and six times. The Company reviews its leverage ratio on at least a quarterly basis and believes its leverage ratio is important to investors and other interested persons to understand the capital structure of the Company, and to assess the ability of the Company to meet its financial obligations.

The reconciliation of the leverage ratio for the third quarters of 2026 and 2025 is as follows below.

September 6,
2026

September 7,
2025

2017 Ten-Year Notes

$

940,000

$

940,000

2018 9.25-Year Notes

379,000

379,000

2019 Ten-Year Notes

648,000

648,000

2021 7.5-Year Notes

826,625

826,625

2021 Ten-Year Notes

972,500

972,500

2025 Five-Year Notes

500,000

500,000

2025 Seven-Year Notes

500,000

500,000

Total fixed-rate notes

$

4,766,125

$

4,766,125

Income from operations – third quarter of 2026 and 2025

$

241,773

$

223,168

Income from operations – second quarter of 2026 and 2025

232,039

225,044

Income from operations – first quarter of 2026 and 2025

230,357

210,095

Income from operations – fourth quarter of 2025 and 2024

295,667

273,652

Income from operations – trailing four quarters

$

999,836

$

931,959

Depreciation and amortization – trailing four quarters

$

89,200

$

87,886

Non-cash equity-based compensation expense – trailing four quarters               

43,803

43,395

Refranchising gain – trailing four quarters

(4,025)

(3,883)

Gain on sale of assets – trailing four quarters

(7,780)

—

Loss on disposal of assets – trailing four quarters

2,331

1,730

Reconciliation of income from operations to
Consolidated Adjusted EBITDA – trailing four quarters

$

123,529

$

129,128

Consolidated Adjusted EBITDA – trailing four quarters

$

1,123,365

$

1,061,087

Leverage ratio

4.2

x

4.5

x

(1)

The Company also calculates and reviews its Senior Leverage Ratio and Holdco Leverage Ratio as defined in the indenture governing the Company's securitized debt.

Conference Call Information

The Company will file its Quarterly Report on Form 10-Q today. As previously announced, Domino's Pizza, Inc. will hold a conference call today at 8:30 a.m. (Eastern) to review its third quarter 2026 financial results. The webcast is available at ir.dominos.com and will be archived for one year.

About Domino's Pizza®

Founded in 1960, Domino's Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout. It ranks among the world's top public restaurant brands with a global enterprise of more than 22,700 stores in over 90 markets. Domino's had global retail sales of over $20.7 billion in the trailing four quarters ended September 6, 2026. Its system is comprised of independent franchise owners who accounted for 99% of Domino's stores as of the end of the third quarter of 2026. In the U.S., Domino's generated more than 85% of U.S. retail sales in 2025 via digital channels and has developed many innovative ordering platforms.

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Please visit our Investor Relations website at ir.dominos.com to view news, announcements, earnings releases, investor presentations and conference webcasts.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are based on current management expectations that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the "safe harbor" provisions of the Act. You can identify forward-looking statements by the use of words such as "anticipates," "believes," "could," "should," "estimates," "expects," "intends," "may," "will," "plans," "predicts," "projects," "seeks," "approximately," "potential," "outlook" and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including information concerning future results of operations and business strategy, our anticipated profitability, estimates in same store sales growth, store growth and the growth of our U.S. and international business in general, our ability to service our indebtedness, our future cash flows, our operating performance, trends in our business and other descriptions of future events that reflect the Company's expectations based upon currently available information and data. While we believe these expectations and projections are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our filings with the Securities and Exchange Commission, including under the section headed "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including but not limited to: our substantial indebtedness and our ability to incur additional indebtedness or refinance or renegotiate key terms of that indebtedness in the future; the impact a downgrade in our credit rating may have on our business, financial condition and results of operations; our future financial performance and our ability to pay principal and interest on our indebtedness; the strength of our brand, including our ability to compete in the U.S. and internationally in our intensely competitive industry, including the food service and food delivery markets; our ability to successfully implement our growth strategy, including through our participation in the third-party order aggregation marketplace; labor shortages or changes in operating expenses resulting from increases in prices of food (particularly cheese), fuel and other commodity costs, labor, utilities, insurance, employee benefits and other operating costs or negative economic conditions; the effectiveness of our advertising, operations and promotional initiatives; shortages, interruptions or disruptions in the supply or delivery of fresh food products and store equipment; the additional risks our international operations subject us to, which may differ in each country in which we and our franchisees do business; the dependence of our earnings and business growth strategy on the success of our franchisees; our ability and that of our franchisees to successfully operate in the current and future credit environment; the impact of social media, the rise of artificial intelligence–generated content, or a boycott on our business, brand and reputation; the impact of new or improved technologies, including artificial intelligence, and alternative methods of delivery on consumer behavior; new product, digital ordering and concept developments by us, and other food-industry competitors; our ability to maintain good relationships with and attract new franchisees, and franchisees' ability to successfully manage their operations without negatively impacting our royalty payments and fees or our brand's reputation; our ability to successfully implement cost-saving strategies; changes in the level of consumer spending given general economic conditions, including interest rates, energy prices and consumer confidence or negative economic conditions in general; our ability and that of our franchisees to open new restaurants and keep existing restaurants in operation and maintain demand for new stores; the impact that widespread illness, health epidemics or general health concerns, severe weather conditions and natural disasters may have on our business and the economies of the countries where we operate; changes in foreign currency exchange rates; changes in income tax rates; our ability to retain or replace our executive officers and other key members of management and our ability to adequately staff our stores and supply chain centers with qualified personnel; our ability to find and/or retain suitable real estate for our stores and supply chain centers; changes in government legislation or regulation, including changes in laws and regulations regarding information privacy, payment methods, advertising and consumer protection and social media; adverse legal judgments or settlements; food-borne illness or contamination of products or food tampering or other events that may impact our reputation; data breaches, power loss, technological failures, user error or other cyber risks threatening us or our franchisees; the impact that environmental, social and governance matters may have on our business and reputation; the effect of war, terrorism, catastrophic events, geopolitical or reputational considerations or climate change; our ability to pay dividends and repurchase shares; changes in consumer tastes, spending and traffic patterns and demographic trends; changes in accounting policies; and adequacy of our insurance coverage. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. All forward-looking statements speak only as of the date of this press release and should be evaluated with an understanding of their inherent uncertainty. Except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, or other applicable law, we will not undertake, and specifically disclaim, any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by, or on behalf of, us. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

TABLES TO FOLLOW

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

Fiscal Quarter Ended

September 6,
2026

% of
Total
Revenues

September 7,
2025

% of
Total
Revenues

(In thousands, except share and per-share data)

Revenues:

U.S. Company-owned stores

$

61,432

$

82,749

U.S. franchise royalties and fees

165,638

157,155

Supply chain

746,154

696,959

International franchise royalties and fees

83,700

78,549

U.S. franchise advertising

128,674

131,642

Total revenues

1,185,598

100.0

%

1,147,054

100.0

%

Cost of sales:

U.S. Company-owned stores

54,090

69,258

Supply chain

655,129

617,894

Total cost of sales

709,219

59.8

%

687,152

59.9

%

Gross margin

476,379

40.2

%

459,902

40.1

%

General and administrative

105,726

8.9

%

105,092

9.1

%

U.S. franchise advertising

128,674

10.9

%

131,642

11.5

%

Refranchising loss

206

0.0

%

—

—

Income from operations

241,773

20.4

%

223,168

19.5

%

Other expense

(2,539)

(0.2)

%

(3,017)

(0.3)

%

Interest expense, net

(44,160)

(3.7)

%

(40,952)

(3.6)

%

Income before provision for income taxes

195,074

16.5

%

179,199

15.6

%

Provision for income taxes

42,895

3.7

%

39,880

3.5

%

Net income

$

152,179

12.8

%

$

139,319

12.1

%

Earnings per share:

Common stock – diluted

$

4.60

$

4.08

Weighted average diluted shares

33,114,893

34,146,418

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

Three Fiscal Quarters Ended

September 6,
2026

% of
Total
Revenues

September 7,
2025

% of
Total
Revenues

(In thousands, except share and per-share data)     

Revenues:

U.S. Company-owned stores

$

225,359

$

266,803

U.S. franchise royalties and fees

487,817

464,416

Supply chain

2,176,835

2,053,945

International franchise royalties and fees

246,502

231,272

U.S. franchise advertising

394,106

387,818

Total revenues

3,530,619

100.0

%

3,404,254

100.0

%

Cost of sales:

U.S. Company-owned stores

198,653

224,242

Supply chain

1,912,847

1,815,993

Total cost of sales

2,111,500

59.8

%

2,040,235

59.9

%

Gross margin

1,419,119

40.2

%

1,364,019

40.1

%

General and administrative

332,505

9.4

%

321,777

9.5

%

U.S. franchise advertising

394,106

11.2

%

387,818

11.4

%

Refranchising gain

(3,881)

(0.1)

%

(3,883)

(0.1)

%

Gain on sale of assets

(7,780)

(0.2)

%

—

—

Income from operations

704,169

19.9

%

658,307

19.3

%

Other (expense) income

(20,895)

(0.6)

%

5,036

0.2

%

Interest expense, net

(132,329)

(3.7)

%

(123,411)

(3.6)

%

Income before provision for income taxes

550,945

15.6

%

539,932

15.9

%

Provision for income taxes

123,205

3.5

%

119,871

3.6

%

Net income

$

427,740

12.1

%

$

420,061

12.3

%

Earnings per share:

Common stock – diluted

$

12.80

$

12.22

Weighted average diluted shares

33,416,210

34,366,396

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

September 6,
2026

December 28,
2025

(In thousands)

Assets

Current assets:

Cash and cash equivalents

$

229,035

$

125,675

Restricted cash and cash equivalents          

167,958

216,110

Accounts receivable, net

286,489

315,958

Inventories

89,535

79,189

Prepaid expenses and other

45,775

39,767

Advertising fund assets, restricted

97,983

117,502

Total current assets

916,775

894,201

Property, plant and equipment, net

375,415

324,022

Operating lease right-of-use assets

225,213

219,485

Investment in DPC Dash

15,175

36,070

Other assets

233,795

242,681

Total assets

$

1,766,373

$

1,716,459

Liabilities and stockholders' deficit

Current liabilities:

Current portion of long-term debt

$

1,326,786

$

6,131

Accounts payable

132,253

135,029

Operating lease liabilities

46,150

47,553

Advertising fund liabilities

96,639

115,412

Other accrued liabilities

277,622

237,496

Total current liabilities

1,879,450

541,621

Long-term liabilities:

Long-term debt, less current portion

3,559,118

4,810,683

Operating lease liabilities

189,769

183,917

Other accrued liabilities

93,134

81,380

Total long-term liabilities

3,842,021

5,075,980

Total stockholders' deficit

(3,955,098)

(3,901,142)

Total liabilities and stockholders' deficit

$

1,766,373

$

1,716,459

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Fiscal Quarters Ended

September 6,
2026

September 7,
2025

(In thousands)

Cash flows from operating activities:

Net income

$

427,740

$

420,061

Adjustments to reconcile net income to net cash provided by operating activities:                 

Depreciation and amortization

61,501

61,128

Refranchising gain

(3,881)

(3,883)

Gain on sale of assets

(7,780)

—

Loss on disposal of assets

1,181

703

Amortization of debt issuance costs

4,455

3,768

Provision for deferred income taxes

12,009

9,255

Non-cash equity-based compensation expense

30,843

31,681

Excess tax benefits from equity-based compensation

(1,026)

(2,751)

Provision (benefit) for losses on accounts and notes receivable

418

(49)

Unrealized and realized loss (gain) on investments, net

20,895

(5,036)

Changes in operating assets and liabilities

(5,126)

10,242

Changes in advertising fund assets and liabilities, restricted

(20,628)

27,137

Net cash provided by operating activities

520,601

552,256

Cash flows from investing activities:

Capital expenditures

(60,829)

(56,667)

Proceeds from sale of assets

27,623

8,458

Sale of investments

—

44,085

Other

(961)

(1,939)

Net cash used in investing activities

(34,167)

(6,063)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

—

1,000,000

Repayments of long-term debt and finance lease obligations

(4,097)

(1,147,773)

Proceeds from exercise of stock options

9,205

12,882

Purchases of common stock

(308,239)

(277,698)

Tax payments for restricted stock upon vesting

(14,204)

(10,862)

Payments of common stock dividends and equivalents

(134,331)

(119,503)

Cash paid for financing costs

—

(15,287)

Net cash used in financing activities

(451,666)

(558,241)

Effect of exchange rate changes on cash

(338)

1,487

Change in cash and cash equivalents, restricted cash and cash equivalents

34,430

(10,561)

Cash and cash equivalents, beginning of period

125,675

186,126

Restricted cash and cash equivalents, beginning of period

216,110

195,370

Cash and cash equivalents included in advertising fund assets, restricted,
   beginning of period

92,200

80,928

Cash and cash equivalents, restricted cash and cash equivalents and
   cash and cash equivalents included in advertising fund assets, restricted,
   beginning of period

433,985

462,424

Cash and cash equivalents, end of period

229,035

139,728

Restricted cash and cash equivalents, end of period

167,958

202,501

Cash and cash equivalents included in advertising fund assets, restricted,
   end of period

71,422

109,634

Cash and cash equivalents, restricted cash and cash equivalents and cash and
   cash equivalents included in advertising fund assets, restricted, end of period

$

468,415

$

451,863

SOURCE Domino's Pizza, Inc.

Wall Street analysts forecast that Domino's Pizza (DPZ - Free Report) will report quarterly earnings of $4.33 per share in its upcoming release, pointing to a year-over-year increase of 6.1%. It is anticipated that revenues will amount to $1.17 billion, exhibiting an increase of 1.6% compared to the year-ago quarter.

Over the last 30 days, there has been an upward revision of 1.2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

Given this perspective, it's time to examine the average forecasts of specific Domino's Pizza metrics that are routinely monitored and predicted by Wall Street analysts.

It is projected by analysts that the 'Revenues- U.S. franchise advertising' will reach $132.10 million. The estimate suggests a change of +0.4% year over year.

The consensus estimate for 'Revenues- U.S. Company-owned stores' stands at $64.40 million. The estimate points to a change of -22.2% from the year-ago quarter.

Based on the collective assessment of analysts, 'Revenues- Supply chain' should arrive at $725.99 million. The estimate suggests a change of +4.2% year over year.

According to the collective judgment of analysts, 'Revenues- International franchise royalties and fees' should come in at $78.51 million. The estimate points to a change of -0.1% from the year-ago quarter.

Analysts forecast 'Store counts - Total U.S. Stores' to reach 7,263 . Compared to the current estimate, the company reported 7,090 in the same quarter of the previous year.

The combined assessment of analysts suggests that 'Same store sales growth - U.S. stores' will likely reach 1.1%. The estimate compares to the year-ago value of 5.2%.

The consensus among analysts is that 'Store counts - Total' will reach 22,740 . Compared to the present estimate, the company reported 21,750 in the same quarter last year.

The collective assessment of analysts points to an estimated 'Store counts - International Stores' of 15,477 . Compared to the present estimate, the company reported 14,660 in the same quarter last year.

The average prediction of analysts places 'Store counts - U.S. Franchise Stores' at 7,075 . The estimate compares to the year-ago value of 6,830 .

Analysts expect 'Store counts - U.S. Company-owned Stores' to come in at 188 . Compared to the current estimate, the company reported 260 in the same quarter of the previous year.

Analysts' assessment points toward 'Store counts - Opened - International Stores' reaching 217 . Compared to the present estimate, the company reported 220 in the same quarter last year.

Analysts predict that the 'Store counts - Opened - Total U.S. stores' will reach 33 . The estimate compares to the year-ago value of 30 .

View all Key Company Metrics for Domino's Pizza here>>>

Shares of Domino's Pizza have experienced a change of -5.7% in the past month compared to the +1.4% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), DPZ is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

McDonald's is handing income investors bigger checks each year while Domino's holds its payout flat, and the reason behind that gap reveals which pizza-and-burger giant faces a trickier road ahead.

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Domino’s Pizza (NASDAQ:DPZ | DPZ Price Prediction) and McDonald’s (NYSE:MCD) reported second-quarter results this summer. Their dividends now move at different speeds. McDonald’s raised its payout again. Domino’s has held its payout flat since its February increase. Income investors are inspecting the yields.

Pizza Orders Climbed While Burger Traffic Slipped Domino’s U.S. same-store sales grew just 0.1%, compared with 3.4% a year ago. Order counts rose in both delivery and carryout, but the lower average check caused the slowdown. CFO Sandeep Reddy blamed a Premium Series that underperformed and promised, “We had a one-quarter blip on ticket. We’re not going to have another blip.”

McDonald’s grew global comparable sales 1.3%. Every segment posted positive comps, but U.S. restaurant traffic fell and sales declined in China and France. CEO Chris Kempczinski named Skye Anderson president of McDonald’s USA to “bring focus and urgency” to its biggest market.

Dividend Lens Domino’s McDonald’s Quarterly Payout $1.99, flat $1.93, up from $1.86 Forward Yield About 2.67% About 3.12% 2025 Free Cash Flow $671.5M $7.186B Cash Engine Supply chain plus royalties Rent plus royalties Domino’s Flat Year Matches Its Usual Pattern Domino’s raised its quarterly dividend from $0.20 in 2013 to $1.99 in 2026, raising once yearly then holding flat. On the balance sheet, stockholders’ equity is at negative $3.98B due to debt and buybacks, and cash fell 39.6% to $164.8M. Supply chain revenue of $731.7M provides regular cash as franchisees buy dough weekly.

McDonald’s makes rent as a landlord, a recurring income stream. It paid about $1.3B in dividends in the second quarter alone, while it also funds $3.7 to $3.9B in capital spending. One risk: management expects interest expense to rise 4% to 6% this year.

February Will Show Whether Domino’s Is Pausing or Stalling Domino’s announced its last increase in February 2026. A skipped increase next February combined with lower average checks and cash-draining buybacks would signal a real problem. Management cut its U.S. store-opening outlook to about 175 as franchisees make less. At McDonald’s, watch whether U.S. traffic recovers under its new president.

Regular Rent Versus Faster Dividend Growth McDonald’s offers regular, more predictable income. Its yield is higher, raises come yearly, and rent supports them. The tradeoff is slower dividend growth.

Domino’s offers faster dividend growth alongside more debt. Its payout rose from $0.20 in 2013 to $1.99 in 2026. A ticket recovery would strengthen the case. Another lower quarter followed by a skipped increase would change the outlook.

Contact [email protected] for any questions or corrections.

Domino's has raised its dividend every year for over a decade and just approved another hefty increase, yet the balance sheet carries nearly $5 billion in debt and a stockholders' deficit that would alarm most retirees. Before you count on…

Income investors who own Domino’s Pizza (NASDAQ:DPZ | DPZ Price Prediction) just got their next check confirmed. The board declared a quarterly cash dividend of $1.99 per share on July 14, 2026, with an ex-dividend date of September 15, 2026 and a payment date of September 30, 2026. That payout sits on top of a trailing twelve month dividend of $7.46 per share, and it caps off one of the more aggressive dividend ramps in the restaurant group.

The tension for a retiree evaluating this stock is right there in the numbers. The dividend is rising quickly, the yield is modest, and the balance sheet carries the kind of leverage that makes conservative income investors nervous. This scorecard works through whether the payout is actually dependable.

A Four-Year Dividend Ramp on Full Display Look at the declared quarterly rate over four years and the pace is unmistakable:

2023: $1.21 per quarter 2024: $1.51 per quarter 2025: $1.74 per quarter 2026: $1.99 per quarter The February 2026 hike from $1.74 to $1.99 represented a 15% year-over-year dividend increase. That is a hefty raise for a mature restaurant chain, and it continues a multi-year growth streak that started when the dividend was initiated in 2013. A fast-rising payout looks great on a screener. It also demands scrutiny on whether cash flow is keeping pace.

Current Yield: Modest Despite the Raises With shares trading at $346.76 as of September 3, 2026, the dividend yield sits at 2.19%. That is not a rich income number. Domino’s has been raising the payout aggressively, but the starting yield is low enough that retirees comparing DPZ to REITs, utilities, or dividend aristocrats with 3.5% to 5% yields will notice the gap. Yield-hungry buyers usually get more elsewhere. What DPZ offers is dividend growth, provided that growth is sustainable.

It’s worth pointing out that DPZ is down 15.8% year to date and 24.2% over the past year, well off a 52-week high of $458.38. The pullback has lifted the yield somewhat but has not turned this into a high-yield name.

Why the Franchise Model Matters for Cash Flow Domino’s does not operate most of its stores. Franchisees do. Domino’s collects royalty streams, supply chain revenue, and franchise fees, then leaves store-level labor, food, rent, and remodel costs on the franchisee’s books. That produces a very asset-light parent company with high margins and consistent cash conversion. Operating margin runs at 19.1% and return on assets at 33.9%.

The upside of that model is what you see in the cash flow statement. In fiscal 2025, Domino’s generated operating cash flow of $792.06 million, spent $120.56 million on capex, and paid out $236.86 million in dividends. Free cash flow of $671.5 million covered the dividend with meaningful room to spare.

Payout Coverage: The Scorecard FY2025 diluted EPS came in at $17.57 against an annualized payout of roughly $7.96 based on the current quarterly rate. Trailing twelve month EPS is $17.96, and Domino’s trades at a 19 PE with a forward PE of 16.

On cash flow, the dividend is also well covered by the roughly $671 million of free cash flow generated last year. The dividend program consumed less than half of free cash flow in 2025.

The catch is that dividends are competing with a very large buyback program. In Q2 2026 alone, Domino’s repurchased 443,917 shares for $156.2 million, and the board authorized an additional $1.0 billion in buybacks in April 2026. Remaining authorization stood at $1.23 billion as of mid-June. Between dividends and buybacks, Domino’s is returning nearly all of its free cash flow to shareholders every year.

Debt on the Books As of the quarter ended June 30, 2026, total liabilities stood at $5.746 billion, long-term debt at $4.876 billion, and total shareholders’ equity at negative $3.98 billion. Domino’s has funded years of buybacks with securitized notes, and the equity account has been in deficit in every annual report from 2006 through 2025.

Cash on hand was $164.8 million at quarter end, down 39.6% year over year. The company carries roughly $4.77 billion in fixed-rate securitized notes. Domino’s regulatory filings have flagged “substantial indebtedness with negative stockholders’ equity” as a repeated risk factor.

For an income investor at or near retirement, that language matters. Negative book value is a byproduct of aggressive share repurchases here, and the interest burden is real. Any material deterioration in same-store sales or franchisee health could tighten the cash flow cushion in a hurry.

Business Behind the Coupon: Comps Decelerate Recent operating results give both bulls and bears something to point at. Q2 2026 revenue rose 4.3% to $1.194 billion, beating the $1.179 billion consensus. Diluted EPS of $4.07 missed the $4.17 consensus. U.S. same-store sales grew a barely visible 0.1%, decelerating from 3.4% in the prior year period. International same-store sales fell 0.1%.

CFO Sandeep Reddy said on the July 20 call: “We had a one-quarter blip on ticket. We’re not going to have another blip.” CEO Russell Weiner, who is transitioning to executive chairman with Joe Jordan taking over as CEO, added: “My conviction in Domino’s long-term growth potential remains as strong as ever.”

Domino’s added 183 international stores during Q2 and expects roughly 800 net international stores for the year, with the U.S. outlook trimmed to approximately 175 net stores.

Risks Retirees Should Weigh Carefully Leverage: roughly $4.9 billion of long-term debt against a stockholders’ deficit means limited balance sheet flexibility if operating results weaken. Same-store sales sensitivity: U.S. comps at +0.1% and international at -0.1% leave very little margin for error. Delivery aggregators: management is pursuing growth on Uber and DoorDash while trying to keep franchisee economics “profit neutral” on those orders. Execution risk is real. Franchisee health: a pressured pipeline and reduced U.S. store outlook reflect franchisee profitability strain. Food and labor inflation: cost pressure at the store level eventually reaches the parent through slower unit growth. Buyback competition: with $1.23 billion in remaining repurchase authorization, buybacks are competing with the dividend and debt service for the same free cash flow. Verdict on Dependability The dividend is dependable in the near and medium term. Free cash flow of $671.5 million comfortably funds the roughly $237 million dividend program, the securitized note structure is fixed rate, and management has an established record of raising the payout. A retiree who owns DPZ for income should expect the check to arrive on September 30, 2026 and expect further raises.

The dividend is less attractive as a primary income vehicle. A 2.19% yield is thin compensation for accepting a stockholders’ deficit, decelerating comps, and buybacks that consume the majority of surplus cash. This is a dividend growth story with balance sheet baggage. It earns a solid dependability grade for the next several years and a cautionary grade for the decade beyond, particularly if same-store sales cannot reaccelerate.

Contact [email protected] for any questions or corrections.

Berkshire Hathaway (BRKA -0.74%)(BRKB -0.55%) jettisoned 16 stocks since new CEO Greg Abel took the reins earlier this year, including Domino's Pizza (DPZ -0.64%). The sale of Domino's marked a stark reversal as Berkshire had spent several quarters building up a nearly 10% stake in the pizza chain.

While Berkshire Hathaway's new CEO is getting out of Domino's stock, I'm still holding. Even though the pizza stock has hit a rough patch, I have confidence in the long-term growth story, including its ability to continue increasing the dividend.

Image source: Getty Images.

A cold slice of realityThere's a reason Abel dumped Domino's stock. It has lost about a third of its value since the second quarter of 2024, when Berkshire began buying shares, with most of that decline occurring this year. That's due to its slowing growth.

During the first quarter, Domino's same-store sales growth slowed to an anemic 0.4% internationally and 0.9% in the U.S., as it battled what CEO Russell Weiner called a "intensifying macro and competitive environment." The war with Iran and continued inflation are impacting customer sentiment, with inflation having a meaningful impact on lower-income customers. That's leading rivals to aggressively discount to grab market share. Same-store sales growth slowed further in the second quarter to 0.1% in both the U.S. and international markets.

Today's Change

(

-0.64

%) $

-2.15

Current Price

$

334.37

A different appetiteBerkshire grabbed a slice of Domino's when Warren Buffett was still the CEO. He's no longer in charge of the company and its investment portfolio. New CEO Greg Abel has his own vision for the company, which he has started executing since taking over at the beginning of the year.

He embarked on a massive overhaul of the investment portfolio during the first quarter, dumping 16 positions, or a third of the portfolio. In addition to Domino's, Abel sold out of other very notable names, including Amazon, Visa, and Mastercard. Meanwhile, he significantly boosted the company's stake in Alphabet, tripling its holdings.

So, the sale of Domino's was more about Abel revamping Berkshire's entire investment portfolio than a specific vote against the stock.

Today's Change

(

-0.55

%) $

-2.76

Current Price

$

496.86

My tastes haven't changedWhile I acknowledge that Domino's is facing some headwinds, its recent issues haven't altered my view. Despite sluggish same-store sales growth, the company's overall growth remains solid. Global retail sales rose 3.4% in the first quarter and 3% in the second quarter, driven by a growing store footprint (955 net store growth over the last 12 months). As the CEO pointed out in the second-quarter earnings press release, the growing store count is adding new customers, which will "strengthen our long-term growth flywheel by engaging with our loyalty program, while their orders power our supply chain business, fuel store growth, and drive market share."

Meanwhile, the company is still generating lots of cash ($352.6 million year-to-date). Domino's is allocating that money to grow shareholder value. It's investing in the business, strengthening its balance sheet (leverage has fallen from 4.7x to 4.3x over the past year), and returning cash to investors. The company's board approved an additional $1 billion share repurchase program in the first quarter, which boosted the total remaining authorization to almost $1.3 billion at the time. It also hiked its dividend by another 15% earlier this year.

That growing dividend is one of the things I find most satisfying about the stock. Domino's has grown its dividend by nearly 112% over the past five years. It can easily afford its current payment level (2.4% yield). It paid out $68.2 million in dividends during the first half of this year, only about 22% of its free cash flow ($313.6 million). That leaves lots of room to grow the payout while it works to reignite its sluggish growth.

Long-time CEO Russell Weiner stated in the second-quarter earnings release that: "My conviction in Domino's long-term growth potential remains as strong as ever...Domino's is uniquely positioned to continue gaining market share and delivering long-term value for shareholders."

I share that same conviction, even with the knowledge that Weiner has since announced he's stepping out of that role and becoming the Executive Chairman, with current COO Joe Jordan taking over as CEO. That internal succession is a sign of continuity, much as it was for Berkshire. I still believe the company can grow its earnings, dividend, and shareholder value over the long-term, which is why I plan to continue holding. And, given how cheap the stock has gotten, I'm considering grabbing another slice of Domino's.

Matt DiLallo has positions in Alphabet, Amazon, Berkshire Hathaway, Domino's Pizza, Mastercard, and Visa and has the following options: long June 2028 $180 calls on Amazon and short September 2026 $280 calls on Amazon. The Motley Fool has positions in and recommends Alphabet, Amazon, Berkshire Hathaway, Domino's Pizza, Mastercard, and Visa. The Motley Fool has a disclosure policy.

A month has gone by since the last earnings report for Domino's Pizza (DPZ - Free Report) . Shares have added about 3% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Domino's Pizza due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.

Domino's Q2 Earnings Miss Estimates, Revenues Increase YoYDomino's reported second-quarter fiscal 2026 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top and bottom lines increased on a year-over-year basis.

The company reported meaningful second-quarter order growth across both delivery and carryout channels despite persistent consumer demand pressures in the broader U.S. quick-service restaurant industry. Sustained order expansion remains a central component of Domino’s long-term growth framework, supported by new customer acquisition, greater loyalty program participation, increased supply chain throughput and continued store development. The company also cited its scale and competitive positioning as structural advantages that could support additional market-share gains and long-term shareholder value creation.

DPZ's Q2 Earnings & RevenuesDomino's reported second-quarter 2026 earnings of $4.07 per share, missing the Zacks Consensus Estimate of $4.11 by 1%. However, the bottom line increased 6.8% from $3.81 reported in the year-ago quarter.

Quarterly revenues of $1.19 billion surpassed the consensus estimate of $1.17 billion by 2.1% and rose 4.3% year over year. Higher supply chain revenues, franchise royalties and advertising revenues supported growth, while U.S. same-store sales increased 0.1% year over year.

DPZ's Q2 Supply Chain Business Drives Revenue GrowthSupply chain revenues increased to $731.7 million from $687.1 million reported in the prior-year quarter. The improvement reflected higher-order volumes and a 2.2% increase in food basket pricing. Our estimate for the metric was $749.9 million.

In the second quarter, U.S. franchise royalties and fees rose to $164.2 million compared with $156.3 million reported in the prior-year quarter. Our estimate for the metric was $140.7 million.

International franchise royalties and fees advanced to $81.8 million from $77.2 million, supported by net store growth and a $1.1 million favorable foreign currency impact. Our estimate for the metric was $82.8 million.

U.S. franchise advertising revenues increased to $134.9 million from $132.2 million. Our estimate for the metric was $119.1 million.

Domino's Q2 Comparable Sales Show Uneven DemandGlobal retail sales increased 3% year over year, excluding foreign currency movements. U.S. retail sales rose 1.9%, while international retail sales increased 4.1% on a constant-currency basis.

Comparable sales trends were more subdued. U.S. same-store sales edged up 0.1% compared with 3.4% growth a year earlier. Company-owned store comps increased 2.1% year over year, while franchise store comps were flat. International same-store sales declined 0.1% against a 2.4% increase reported in the prior-year quarter.

Domino's Q2 Margin Performance Remains MixedIn the second quarter, Gross margin dollars came in at $478.2 million compared with $461 million reported in the prior-year quarter. However, gross margin as a percentage of revenues contracted 30 basis points year over year to 40%. Our estimate for the metric was 39%.

Supply chain gross margin expanded 20 basis points year over year to 12%, aided by procurement productivity. The benefit was partly offset by higher food basket costs. General and administrative expenses came in at $115.4 million compared with $107.6 million reported in the prior-year quarter.

DPZ Posts Higher Operating Income and Net ProfitIn the second quarter, income from operations increased 3.1% year over year to $232 million. Excluding the favorable currency impact on international franchise royalties, operating income rose 2.6%, driven by franchise royalty growth and higher supply chain gross profit. Our estimate for the metric was $242.1 million.

Net income advanced 3.6% year over year to $135.8 million. Results also benefited from a favorable $3.6 million change in pre-tax unrealized and realized losses tied to the company’s investment in DPC Dash.

DPZ Extends Its Global Store ExpansionDomino’s posted global net store growth of 209 during the quarter. The company added 26 net stores in the United States and 183 internationally, bringing its worldwide store count to 22,531.

The U.S. system ended the period with 7,231 locations, while the international network reached 15,300 stores. Over the trailing four quarters, net store growth totaled 995, including 170 domestic and 825 international additions.

Domino's Cash Flow Moderates in the First HalfNet cash provided by operating activities totaled $352.6 million during the first two quarters of 2026, down from $366.9 million in the comparable 2025 period. Capital expenditures increased to $39 million from $35.2 million reported in the prior-year period.

Free cash flow declined 5.5% year over year to $313.6 million. The decrease reflected changes in operating assets and liabilities, along with the timing and amount of advertising-related payments. Cash and cash equivalents stood at $164.8 million as of June 14, 2026.

DPZ Returns Capital While Lowering LeverageDomino’s repurchased 443,917 shares for $156.2 million during the quarter. The company had $1.23 billion remaining under its share repurchase authorization at quarter-end.

The leverage ratio improved to 4.3 times from 4.7 times a year earlier. Following the quarter, the board declared a quarterly dividend of $1.99 per share, payable Sept. 30, 2026, to its shareholders of record as of Sept. 15.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.

VGM ScoresCurrently, Domino's Pizza has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Domino's Pizza has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

First Trust Advisors LP decreased its holdings in shares of Domino’s Pizza Inc (NASDAQ:DPZ – Free Report) by 54.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,628 shares of the restaurant operator’s stock after selling 20,767 shares during the quarter. First Trust Advisors LP owned 0.05% of Domino’s Pizza worth $6,325,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Teacher Retirement System of Texas lifted its stake in shares of Domino’s Pizza by 55.7% in the 4th quarter. Teacher Retirement System of Texas now owns 45,212 shares of the restaurant operator’s stock valued at $18,845,000 after purchasing an additional 16,179 shares during the last quarter. Amica Mutual Insurance Co. increased its position in Domino’s Pizza by 59.8% during the fourth quarter. Amica Mutual Insurance Co. now owns 16,576 shares of the restaurant operator’s stock worth $6,909,000 after buying an additional 6,203 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Domino’s Pizza by 10.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 67,117 shares of the restaurant operator’s stock valued at $28,544,000 after buying an additional 6,223 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Domino’s Pizza by 21,977.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 914,672 shares of the restaurant operator’s stock valued at $381,254,000 after purchasing an additional 910,529 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of Domino’s Pizza by 18.0% in the fourth quarter. Fisher Asset Management LLC now owns 34,632 shares of the restaurant operator’s stock valued at $14,436,000 after purchasing an additional 5,282 shares during the period. 94.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In Several research firms recently issued reports on DPZ. Piper Sandler decreased their price objective on shares of Domino’s Pizza from $421.00 to $359.00 and set a “neutral” rating for the company in a report on Monday, April 27th. Robert W. Baird dropped their price target on Domino’s Pizza from $400.00 to $350.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 23rd. Loop Capital dropped their price objective on shares of Domino’s Pizza from $574.00 to $500.00 and set a “buy” rating on the stock in a report on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Domino’s Pizza from $435.00 to $385.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Finally, Benchmark restated a “buy” rating on shares of Domino’s Pizza in a research note on Tuesday, July 21st. Eighteen analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Domino’s Pizza has a consensus rating of “Moderate Buy” and an average target price of $402.16.

Read Our Latest Stock Analysis on DPZ

Insider Transactions at Domino’s Pizza In other news, EVP Kelly E. Garcia sold 12,430 shares of the business’s stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of $322.04, for a total transaction of $4,002,957.20. Following the completion of the transaction, the executive vice president directly owned 9,352 shares in the company, valued at approximately $3,011,718.08. The trade was a 57.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Russell J. Weiner sold 10,850 shares of the firm’s stock in a transaction on Friday, July 17th. The stock was sold at an average price of $330.83, for a total value of $3,589,505.50. Following the sale, the chief executive officer directly owned 43,829 shares in the company, valued at $14,499,948.07. The trade was a 19.84% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 24,742 shares of company stock worth $8,041,746. Corporate insiders own 0.89% of the company’s stock.

More Domino’s Pizza News Here are the key news stories impacting Domino’s Pizza this week:

Positive Sentiment: Zacks raised its Q3 2026 EPS estimate to $4.25 from $4.22, increased its Q4 2026 forecast to $6.00 from $5.98, and lifted its Q2 2027 estimate to $4.55 from $4.42. These revisions point to slightly stronger expectations for portions of the near-term earnings outlook. Domino’s Pizza analyst estimate report Neutral Sentiment: The current-year consensus EPS estimate remains approximately $18.90, while Zacks projects FY2026 EPS of $18.44. The small differences indicate that the revisions are unlikely to materially change the immediate earnings narrative on their own. Negative Sentiment: Zacks lowered its Q3 2027 EPS estimate to $4.64 from $4.79, cut Q4 2027 to $6.81 from $6.84, and reduced Q1 2028 to $4.58 from $4.60. It also lowered FY2026 EPS to $18.44 from $18.59, leaving the forecast below the current consensus. Negative Sentiment: The largest revision was to FY2028 EPS, which fell to $21.58 from $22.34. That reduction implies weaker longer-term earnings growth than previously expected and may be contributing to investor caution, particularly with the stock trading near its 200-day moving average. Domino’s Pizza Stock Performance NASDAQ DPZ opened at $347.44 on Monday. The firm has a market cap of $11.49 billion, a price-to-earnings ratio of 19.71, a PEG ratio of 1.67 and a beta of 0.94. The company has a 50 day moving average of $314.47 and a 200-day moving average of $353.06. Domino’s Pizza Inc has a 1-year low of $282.00 and a 1-year high of $477.00.

Domino’s Pizza (NASDAQ:DPZ – Get Free Report) last announced its earnings results on Monday, July 20th. The restaurant operator reported $4.07 EPS for the quarter, missing the consensus estimate of $4.17 by ($0.10). Domino’s Pizza had a negative return on equity of 15.15% and a net margin of 11.86%.The business had revenue of $1.19 billion during the quarter. During the same quarter in the prior year, the firm earned $3.81 earnings per share. Domino’s Pizza’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, analysts forecast that Domino’s Pizza Inc will post 18.88 earnings per share for the current year.

Domino’s Pizza Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $1.99 per share. This represents a $7.96 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Domino’s Pizza’s payout ratio is currently 45.15%.

About Domino’s Pizza (Free Report)

Domino’s Pizza, Inc (NASDAQ: DPZ) is a global pizza delivery and carryout chain founded in 1960 and headquartered in Ann Arbor, Michigan. The company specializes in a broad range of hand‐crafted pizzas, including hand-tossed, thin crust and specialty offerings, alongside side items such as chicken wings, sandwiches, pasta, desserts and beverages. Domino’s has built its brand on convenience and speed, leveraging proprietary ordering platforms and its Domino’s Tracker system to provide real-time status updates from order placement through delivery.

Operating predominantly under a franchise model, Domino’s has more than 17,000 stores worldwide, with approximately 95% of outlets owned and operated by independent franchisees.

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Russell J. Weiner, Chief Executive Officer of Domino's Pizza, Inc. (DPZ -2.00%), reported a sale of 10,850 shares of common stock on July 17, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$3.6 millionShares sold10,850Post-transaction shares (total)47,161Post-transaction shares (directly held)43,828Post-transaction shares (indirectly held)3,333Post-transaction value$15.2 millionTransaction value based on SEC Form 4 weighted average sale price ($330.83); post-transaction value based on July 17, 2026, market close ($322.18).

Key questionsWhat was the structural nature of this disposition?
Russell J. Weiner employed an exercise-and-sell strategy, converting 10,850 options with a strike price of $136.89 into common stock, then immediately liquidating the shares at $330.83. This method allows executives to realize gains from equity compensation without an initial cash outlay for the exercise price.How is the insider's remaining equity distributed?
Following the transaction, the Chief Executive Officer retains 43,828 shares in direct ownership. Indirect exposure is maintained through 1,120 shares held by the Russell Weiner Trust Agreement U/A DTD 09/03/2003 and 2,213 shares held by the Russell J. Weiner 2023 Grantor Trust, totaling a $15.2 million stake.What governed the timing and execution of this trade?
The transaction was non-discretionary at the time of execution, as it was governed by a Rule 10b5-1 trading plan established on March 13, 2025, more than a year prior. This structural insulation means the trade was pre-scheduled regardless of the -31% one-year return for the stock as of the July 17, 2026, transaction date.What is the company's current financial profile relative to this activity?
Domino's Pizza continues to operate as a major global pizza purveyor with trailing twelve-month revenue of $5.0 billion and net income of $596.5 million. As of July 20, 2026, market close, the company had a market capitalization of $10.9 billion, with insiders collectively holding a 0.14% ownership stake.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$328.97Market Capitalization$10.9 billionRevenue (TTM)$5.0 billionNet Income (TTM)$596.5 millionCompany SnapshotDomino's Pizza operates as a leading international and domestic pizza purveyor, generating revenue through the sale of Domino‘s-branded pizzas and complementary menu items, including oven-baked sandwiches, distributed across a vast network of corporate-owned and franchised outlets.The company operates through three distinct business segments—U.S. Stores, International Franchise, and Supply Chain—leveraging a franchise-based model that generates revenue from both direct store operations and royalties and fees from independent franchisees.Domino's serves consumers seeking convenient, value-oriented pizza delivery and carryout, with a primary customer base spanning residential and commercial markets across North America and internationally.Domino's Pizza has a market capitalization of $10.9 billion, TTM revenue of $5.0 billion, and net income of $596.5 million, positioning it as a significant player in the global quick-service restaurant sector. The company's franchise-centric operating model provides scalability and recurring revenue streams while minimizing capital intensity. Domino's competitive advantages include its established brand recognition, extensive distribution network spanning both domestic and international markets, and operational efficiency driven by technology-enabled ordering and delivery systems.

What this transaction means for investorsSince this transaction is part of a pre-planned, exercise-and-sell compensation strategy for Domino’s and its CEO, investors shouldn’t worry too much about it. We shouldn’t take this sale to heart too much in relation to DPZ stock or its recent performance.

From a Foolish perspective on Domino’s stock, I believe it is time for investors to start paying close attention to the steady-Eddie compounder. After completely reinventing its pizza in 2009, Domino’s went on to generate annualized total returns of 26% since -- even after the stock’s 34% pullback over the last year. While sales growth has slowed -- and the market may be sneaking up on saturation with over 22,500 locations globally -- the recent drawdown has Domino’s trading at a valuation it hasn’t seen since 2013.

Currently trading at just 17 times free cash flow (FCF), Domino’s would need to compound FCF by 5% annually over the long haul to live up to this discounted valuation, according to a reverse discounted cash flow calculation, which isn’t outrageous. Furthermore, the company has grown its dividend payments by 12% annually over the last decade, but these payments still use only 37% of Domino’s FCF, leaving ample room for further increases, and the 2.3% yield should be very secure. It may not be the most exciting investment right now, but Domino’s could be an excellent dividend-paying cornerstone for investors seeking more stability than many of today’s most popular AI or data center stocks offer.

Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Domino's Pizza. The Motley Fool has a disclosure policy.

Key Takeaways Domino's sees aggregators and carryout as key growth levers, with meaningful order incrementality.DPZ uses premium aggregator pricing and better fulfillment timing to support franchisee economics.Domino's scale, store density and supply chain help it compete despite weak near-term momentum. Domino’s Pizza, Inc. (DPZ - Free Report) is entering a phase in which pizza demand is less about one ordering channel and more about capturing occasions across delivery, carryout, loyalty and aggregators.

The company’s second-quarter fiscal 2026 results showed that order growth remains central to the story, even as ticket pressure, promotions and cautious consumer spending complicate the near-term setup.

DPZ's Aggregators Are Changing the PlaybookDomino’s continued to expand on Uber and DoorDash and believes it is now the leading pizza player on both platforms. Management still sees room to grow because the brand remains below what it views as its fair share of the broader aggregator marketplace.

The economics matter. Management continues to point to roughly 50% incrementality from aggregator orders, while premium pricing on those platforms is intended to keep franchisee profitability broadly neutral across channels.

Domino’s Carryout White Space Stands OutCarryout remains one of Domino’s clearer long-term growth levers. Management has said that when a new store opens, about 80% of the carryout business is incremental, rather than shifted from an existing location.

That supports the case for more U.S. development over time. Domino’s ended the fiscal second quarter with 7,231 U.S. stores and added 26 net U.S. stores in the period, while its carryout share of about 20% leaves room for further penetration.

DPZ's Technology Supports Better FulfillmentDomino’s orchestration agent is designed to connect third-party ordering and the company’s own operating platform more effectively. The goal is to align food preparation with driver availability and customer pickup timing.

That coordination matters in pizza. A pie made too early can sit before handoff, hurting temperature and the delivery experience. Better timing can protect product quality while supporting aggregator, delivery and carryout growth.

Domino’s Scale Is a Strategic EdgeDomino’s scale gives it tools that smaller operators often lack. Management points to lower market-basket costs for franchisees, a large advertising budget and supply-chain infrastructure as advantages in a promotional restaurant market.

That edge may matter more when pricing flexibility is limited. Papa John's International, Inc. (PZZA - Free Report) , which currently carries a Zacks Rank #5 (Strong Sell), is part of the same pizza-demand discussion, as investors assess which brands can balance value messaging with franchisee economics.

Yum! Brands, Inc. (YUM - Free Report) , which carries a Zacks Rank #3 (Hold) at present, gives investors another large franchised restaurant model to compare against Domino’s through Pizza Hut. The contrast highlights why digital execution, store density and supply-chain support remain central in pizza competition.

How DPZ's Ratings Capture the CrosscurrentsThe bottom line is that Domino’s long-term growth story still has several visible supports, including aggregators, carryout, loyalty, technology and scale. The near term is less clean, with second-quarter U.S. same-store sales up only 0.1% and ticket pressure offsetting meaningful order-count growth.

DPZ currently carries a Zacks Rank #4 (Sell). That rank reflects pressure in the estimate picture, including a decline in fiscal 2026 earnings estimates over the past 30 days.

The Style Scores show the split. Domino’s has a Growth Score of A, underscoring favorable longer-term growth characteristics, while its Momentum Score of F signals weak price and earnings momentum. For investors, that combination points to a business with structural strengths, but a stock that still needs cleaner execution and estimate support before sentiment improves.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Domino's Pizza Inc (NYSE:DPZ) is expected to report weaker-than-expected US same-store sales for the second quarter as macroeconomic pressures, elevated promotional activity across the pizza category and tougher year-over-year comparisons weigh on performance, according to UBS.

Ahead of the company's July 20 earnings report, the brokerage wrote that investors are likely to focus on current and planned sales initiatives, as well as management's outlook for sales in the second half of the year.

UBS forecasts US same-store sales will decline 1.5% in the second quarter, compared with Wall Street consensus expectations for 0.3% growth. The analysts wrote that softer consumer spending and heightened promotional competition are likely to offset benefits from value offers, marketing investments, the company's loyalty program and third-party delivery partnerships.

The firm expects management to highlight initiatives aimed at improving sales momentum, including continued value promotions, further growth through DoorDash, enhancements to Domino's app and loyalty platform, increased marketing and new menu offerings.

UBS also expects the company to discuss product innovation, including new sauces, expanded chicken options and additional crust platforms following the launch of Parmesan Stuffed Crust. The analysts added that store closures among competitors could help Domino's expand its market share over time.

While UBS continues to view Domino's as well-positioned for longer-term market share gains and global expansion, it sees risks to the company's current 2026 guidance.

UBS wrote that it sees downside risk to the company's current 2026 guidance, including low-single-digit growth in US and international same-store sales and mid- to high-single-digit operating income growth, excluding foreign exchange effects and the benefit of a 53rd week.

Outside the US, UBS forecasts global net store growth of 4.6% in the second quarter, in line with consensus estimates, including 31 net new stores in the US and 165 internationally. The analysts noted that global expansion outside Domino's Pizza Enterprises remains a relative strength, supported by attractive franchise economics, strong franchisee profitability, competitor closures and contributions from key international markets.

UBS added that investors are also likely to focus on Domino's Pizza Enterprises, including the arrival of its new chief executive in August, management's confidence in its turnaround strategy and potential portfolio changes to improve performance.

The firm maintained its $375 price target, saying Domino's valuation appears near a support level despite ongoing macroeconomic uncertainty, with longer-term upside supported by the company's potential to gain market share and accelerate sales growth through its strategic initiatives.

Shares of Domino’s traded hands at $305 on Wednesday afternoon.

Joe Jordan to Become Chief Executive Officer
Russell Weiner to Retire as CEO and Become Executive Chairman
David Brandon to Retire from the Board Following 28 Years of Service

, /PRNewswire/ -- Domino's Pizza Inc. (Nasdaq: DPZ), the largest pizza company in the world, today announced that Russell Weiner has informed the Company's Board of Directors of his intention to retire as Chief Executive Officer following a distinguished career with Domino's. Consistent with its multi-year succession planning process, the Domino's Board of Directors has appointed Joe Jordan, currently Chief Operating Officer and President – Domino's U.S., as Chief Executive Officer, effective October 1, 2026. Jordan will also join the Company's Board of Directors at that time. Russell Weiner will transition from Chief Executive Officer to Executive Chairman Designate on October 1, 2026, and become Executive Chairman following the Company's 2027 annual shareholder meeting. David Brandon, Executive Chairman, will retire and not stand for reelection to the Board in 2027, concluding 28 years of service to Domino's. 

Domino's has announced the next chapter of the company's leadership. Joe Jordan (left), currently COO and President of Domino's U.S., has been appointed CEO effective Oct. 1, 2026, succeeding Russell Weiner (right), who will retire as CEO and transition to Executive Chairman in 2027. Current Executive Chairman David A. Brandon (middle) will retire from the Board in 2027 after nearly three decades of service to the company. "Joe is a proven leader whose experience spans virtually every aspect of our business," said David Brandon, Executive Chairman. "After a thoughtful succession planning process, the Board unanimously concluded that Joe is the right leader to serve as Domino's next CEO. He embodies Domino's culture of developing leaders from within, has earned the trust of franchisees across our global system and is uniquely qualified to guide the Company through its next phase of growth. At the same time, Russell is one of the most innovative, strategic leaders in our industry, and Domino's will continue to benefit from his creativity, franchisee relationships and extensive knowledge of the QSR category in his role as Executive Chairman." 

Joe Jordan has spent nearly 15 years in leadership roles across Domino's marketing, U.S. and international operations, technology and franchisee support. He has built a proven track record of driving growth and innovation across the business, from delivering strong same store sales growth to leading Domino's international business through a period of record expansion, opening more than 3,000 stores worldwide during his tenure. Most recently, he has overseen key strategic initiatives, including the relaunch of the Company's loyalty and e-commerce platforms and the launch of Domino's global digital marketplace partnerships, leveraging strong relationships across the Company's system.

"I am honored by the Board's confidence and grateful for the opportunity to lead Domino's," said Joe Jordan, Chief Operating Officer and President – Domino's U.S. "What makes Domino's special is the strength of the people behind the brand, starting with our franchisees and including our team members and leaders around the world. I have also been fortunate to work closely with Russell over the past four years and am grateful for his leadership and contributions to Domino's. I look forward to continuing to benefit from his experience and perspective in his role on the Board. Domino's is one of the most innovative and resilient global systems in the restaurant industry and I am excited to build that foundation as we focus on reaccelerating growth and continuing to deliver delicious pizza and exceptional value to customers worldwide." 

Russell Weiner will continue serving as Chief Executive Officer through September 30, 2026, after which he will become Executive Chairman Designate until Domino's annual shareholder meeting in April 2027, when he will assume the role of Executive Chairman. Weiner will help ensure continuity as the Company transitions to its next generation of leadership and will provide counsel to Joe Jordan and the Board, supporting Domino's continued growth leveraging his 18 years with the brand.

"Since joining Domino's in 2008, Russell has played a pivotal role in the Company's growth and success," said David Brandon. "Among his many contributions to the brand prior to becoming CEO, Russell led the highly successful, and somewhat infamous, 'Pizza Turnaround' campaign that was launched in 2010 and created many years of positive momentum for our brand and business. As CEO, Russell was the architect of the Hungry for MORE strategy, which continues to drive sales and store growth and expand Domino's dominant market share of the pizza category. During his tenure as CEO, the Company achieved net store growth of more than 3,200 locations, increased global retail sales by nearly $3 billion, and delivered close to a 30% increase in operating income. We owe Russell a great debt of thanks for his leadership and many accomplishments and look forward to his continued involvement as Executive Chairman of the Board."

David Brandon will retire from the Board and as Executive Chairman following the Company's 2027 annual shareholder meeting. He has served as Chairman of Domino's Board of Directors since 1999 and as Executive Chairman since 2022. He also served as Chief Executive Officer from 1999 to 2010. During his 28 years of leadership and board stewardship, Brandon helped transform Domino's into a global category leader, guiding the Company from its 2004 initial public offering through a period of significant international expansion and technological innovation, including the introduction of online ordering, Domino's Tracker and mobile ordering. 

"Dave's impact on Domino's cannot be overstated," said Russell Weiner, Chief Executive Officer. "He led the Company through its transformation from a domestic pizza chain to a global technology and delivery leader, championing the digital innovations that revolutionized how customers order pizza. Beyond his strategic vision, Dave has been an invaluable mentor to countless leaders across our system. His relentless focus on franchisee success and operational excellence has shaped the culture that drives Domino's today, and his legacy will endure for generations to come." 

With a leadership team that combines deep operational expertise, strategic vision and strong franchisee relationships, Domino's enters its next chapter focused on accelerating growth, strengthening its global leadership position and continuing to raise the bar on delicious food at renowned value for customers around the world. 

About Domino's Pizza®
Founded in 1960, Domino's Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout. It ranks among the world's top public restaurant brands with a global enterprise of more than 22,300 stores in over 90 markets. Domino's had global retail sales of over $20.4 billion in the trailing four quarters ended March 22, 2026. Its system is comprised of independent franchise owners who accounted for 99% of Domino's stores as of the end of the first quarter of 2026. In the U.S., Domino's generated more than 85% of U.S. retail sales in 2025 via digital channels and has developed many innovative ordering platforms.

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SOURCE Domino's Pizza