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Eric Andrew Gonzalez

Vice President and Senior Equity Research Analyst at KeyBanc Capital Markets

Eric Andrew Gonzalez is a Vice President and Senior Equity Research Analyst at KeyBanc Capital Markets Inc., specializing in restaurant sector coverage since joining the firm in June 2018. He covers a comprehensive portfolio of major restaurant brands including McDonald's, Starbucks, Chipotle Mexican Grill, Domino's Pizza, Yum! Brands, Restaurant Brands International, Darden Restaurants, Brinker International, Texas Roadhouse, Shake Shack, CAVA Group, Sweetgreen, Papa John's, The Wendy's Company, Jack in the Box, and Dine Brands Global, where he maintains an Overweight rating with recently raised price targets. Prior to KeyBanc, Gonzalez spent seven years as a Vice President and Associate Analyst at RBC Capital Markets and UBS Securities working on Institutional Investor-ranked research teams, and also held positions at Oppenheimer & Co., International Strategy and Investment Group, Nomura Securities International, and Morgan Stanley in various equity and fixed-income roles. He earned his Bachelor of Science degree from Cornell University's Dyson School of Applied Economics and Management and an MBA from Columbia Business School, holds Series 7, 63, 86, and 87 licenses, and was recognized as a Rising Star in the restaurant sector by Institutional Investor Magazine in 2017.

Eric Andrew Gonzalez's questions to DARDEN RESTAURANTS (DRI) leadership

Eric Andrew Gonzalez's questions to DARDEN RESTAURANTS (DRI) leadership • Q1 2026

Question

Eric Andrew Gonzalez asked about Darden's observations on consumer income perspectives, specifically if they are gaining share among lower-income consumers or seeing trade-in from higher-income groups. He also inquired about the implications of the commodity discussion for store-level margins and the likelihood of achieving modest margin expansion embedded in the guidance.

Answer

CEO Rick Cardenas noted that all casual dining brands saw increased visits year-over-year from guests across all income groups, especially higher-income, suggesting both trade-down and trade-up. CFO Raj Vennam referred to Darden's long-term framework of 0 to 20 basis points earnings after tax (EAT) growth, indicating that achieving this goal by investing in guests is the priority, even if segment profit margins are down.

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Eric Andrew Gonzalez's questions to DARDEN RESTAURANTS (DRI) leadership • Q1 2026

Question

Eric Andrew Gonzalez asked about Darden's observations on consumer income groups, specifically if they are gaining share among lower-income consumers or seeing trade-in from higher-income individuals. He also sought clarification on the implications of commodity costs for store-level margins and the full-year margin expansion guidance.

Answer

Rick Cardenas, President, CEO & Director, noted that all Darden casual dining brands saw increased visits from all income groups year-over-year, particularly higher-income, indicating a shift towards price certainty and perceived value. Raj Vennam, SVP & CFO, reiterated Darden's long-term framework of 0-20 basis points earnings after tax (EAT) growth, emphasizing that the focus is on EAT level margins rather than segment profit margins.

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