DOMINOS PIZZA INC (DPZ) Q2 2026 Earnings Summary

Executive Summary

Q2 2026 primary documents (8‑K earnings press release and call transcript) are not yet available. Consensus points to Revenue of $1.21B* and EPS of $4.46*; year-ago Q2 2025 actuals were $1.145B revenue and $3.81 EPS. Momentum drivers from recent quarters: Best Deal Ever value promotion, Parmesan Stuffed Crust, aggregator ramp (DoorDash/Uber), and loyalty compounding .
Recent execution: U.S. same-store sales accelerated to +5.2% in Q3 2025 with carryout +8.7% and delivery +2.5% as DoorDash reached full rollout; income from operations grew +12.2% YoY; supply chain margins expanded on procurement productivity .
Headwinds: Company-owned store margins compressed in Q2 2025 (insurance and food basket) and net income/EPS were pressured by DPC Dash mark-to-market and higher effective tax rate; management flagged broader macro deceleration starting early Q4 2025 .
Catalysts into Q2 2026: continued aggregator build (multi‑year tailwind), brand refresh, e‑commerce upgrade completion, and loyalty-driven frequency; management reiterated confidence in sustaining ~3% U.S. comps in 2026 and ongoing share gains .

What Went Well and What Went Wrong

What Went Well

“Best Deal Ever” and Stuffed Crust drove positive order counts and meaningful market share gains; carryout comps hit +8.7% in Q3 2025, with delivery positive and DoorDash contributions beginning post full rollout .
Procurement productivity raised supply chain gross margins (+50 bps in Q2 2025; +70 bps in Q3 2025); income from operations grew +14.8% in Q2 and +11.8% in Q3 YoY .
CEO: “We have never had more tools to drive long-term value creation for our franchisees and shareholders,” citing aggregators, Stuffed Crust, rewards, and ad scale .

What Went Wrong

U.S. company-owned store gross margin fell 200 bps in Q2 2025 due to insurance and food basket increases; Q3 2025 US company-owned margin also stepped down vs PY (−50 bps) .
Net income and EPS declined YoY in Q2 2025 and Q3 2025 primarily on DPC Dash investment mark-to-market and higher effective tax rate; diluted EPS fell to $3.81 (Q2) and $4.08 (Q3) .
Macro caution: management noted an industry-wide slowing at the start of Q4 2025 that could pressure comps; watch for potential demand softness into 2026 .

Financial Results

Note: Q2 2026 is based on S&P Global consensus estimates (asterisk).

Metric	Q2 2025 (actual)	Q3 2025 (actual)	Q2 2026E (consensus)
Revenue ($USD Billions)	$1.145	$1.147	$1.208*
Diluted EPS ($)	$3.81	$4.08	$4.46*
Income from Operations ($USD Millions)	$225.0	$223.2	N/A
Net Income ($USD Millions)	$131.1	$139.3	N/A
Supply Chain Gross Margin (%)	11.8%	11.3%	N/A
U.S. Company-Owned Store Gross Margin (%)	15.6%	16.3%	N/A
EBITDA ($USD Millions)	241.5 (actual)	N/A	254.1*

Segment revenue breakdown (actuals):

Revenue Component ($USD Millions)	Q2 2025	Q3 2025
U.S. Company-owned stores	$92.5	$82.7
U.S. franchise royalties & fees	$156.3	$157.2
International franchise royalties & fees	$77.2	$78.5
Supply chain	$687.1	$697.0
U.S. franchise advertising	$132.2	$131.6
Total Revenues	$1,145.1	$1,147.1

Key operating KPIs:

KPI	Q2 2025	Q3 2025
U.S. same-store sales	+3.4%	+5.2%
International same-store sales (ex-FX)	+2.4%	+1.7%
Global retail sales growth (ex-FX)	+5.6%	+6.3%
Global net store growth (quarter)	+178	+214
U.S. net store growth (quarter)	+30	+29

Estimate comparison (Q2 2025 actual vs consensus at the time):

Metric	Q2 2025 Consensus	Q2 2025 Actual
Revenue ($USD)	$1,145,857,790*	$1,145,144,000
EPS ($)	$3.96*	$3.81
EBITDA ($USD)	$237,372,340*	$241,512,000

Values with asterisk retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
U.S. same-store sales growth (FY)	FY 2025	~3%	Reiterated ~3%; macro could pressure Q4	Maintained
International SSS growth (FY)	FY 2025	1%–2%	1%–2%; could tilt high end if macro/geopolitical impacts limited	Maintained
Operating Income growth (ex-FX)	FY 2025	~8%	~8% (ex-FX, severance, refranchising gain)	Maintained
Net U.S. store openings	FY 2025	175+	175 (pipeline visibility strong)	Maintained
Aggregator impact	H2 2025 → 2026	Ramp expected	Multi‑year tailwind; DoorDash build in Q4, compounding into 2026	Raised confidence
Dividend per share	Q3/Q4 2025	$1.74	Declared $1.74 (Jul and Oct 2025)	Maintained
2026 U.S. comps (management view)	2026	N/A	Confidence in ~3% comps and share gains	New commentary

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2025)	Previous Mentions (Q3 2025)	Current Period (pre‑Q2 2026)	Trend
Aggregators (Uber/DoorDash)	Uber tracking; DoorDash national rollout complete; back‑half build	First full quarter of DoorDash; multi‑year tailwind; pricing for profitability	Continued build expected through 2026	Positive, multi‑year
Loyalty/Rewards	Redesigned program driving carryout frequency; compounding	Bigger than ever; accelerates carryout; higher tickets at 20/40‑point redemptions	Frequency compounding as leading indicator	Strengthening
Product Innovation (Stuffed Crust)	Exceeded expectations, traffic and ticket tailwind	Evergreen menu item; sustained mix/ticket; complements value	Ongoing contribution	Durable
Supply Chain/Procurement	Sustained productivity; margin uplift	Slight improvement expected; seasonal utilities noted	Base built, incremental gains taper	Moderating gains
Macro & Value Strategy	QSR pizza flat YTD; value on offense; pricing below inflation	Industry slowing noted in early Q4; optionality via value playbook	Macro a watch item into 2026	Cautious
International Unit Growth	India/China strong; DPE closures a 2025 headwind	DPE closures largely behind; 2026 visibility better; India/China opening plans strong	Reacceleration ex‑DPE expected	Improving ex‑DPE
Brand Refresh/E‑commerce	Under development	Full web rollout; app rollout by year‑end; first brand refresh in 13 years	Activation into 2026	Positive

Management Commentary

CEO: “We have never had more tools to drive long-term value creation… fully rolled out on the two largest aggregators… and stuffed crust” .
CFO: “Carryout comps were up 8.7%… loyalty database continues to build… delivery was positive… benefited from aggregators” .
CEO on aggregators: “A multi‑year tailwind… pricing must be sustainable; we can absolutely do that” .
CFO on procurement: “Fantastic procurement team… the gains are in the base… magnitude likely tapers” .
CEO on 2026: Confidence to achieve ~3% U.S. comps and continued market share gains driven by Hungry for More pillars .

Q&A Highlights

Sustainability of growth post 2025 laps: Management emphasized base‑building initiatives (aggregators, Stuffed Crust, loyalty) vs LTOs; confidence in sustaining ~3% U.S. comps into 2026 .
Delivery channel dynamics: Domino’s pricing for franchisee profitability; expects aggregator share to converge with off‑platform share over time .
Carryout vs delivery mix: Minimal crossover; carryout growth driven by loyalty and value promotions; frequency compounding is the leading indicator .
Margin mechanics: Corporate store margin compression in Q2 2025 tied to one‑off insurance; franchisee EBITDA in “good place” and targeted to grow .
International development: India/China strong build programs; DPE closures largely complete; better visibility into 2026 openings .

Estimates Context

Q2 2026 consensus: Revenue $1,208M*, EPS $4.46*, EBITDA $254.1M*; 20 revenue and 23 EPS estimates, respectively. Values retrieved from S&P Global.
Q2 2025 actual vs consensus: EPS missed ($3.81 vs $3.96*), revenue essentially in‑line ($1,145.1M vs $1,145.9M*), EBITDA beat ($241.5M vs $237.4M*). Values with asterisk retrieved from S&P Global.
With DoorDash ramp and loyalty-driven carryout frequency, estimates may need upward revision if macro headwinds abate and aggregator mix scales; conversely, management’s noted Q4 2025 macro softening argues for caution on near-term comp assumptions .

Key Takeaways for Investors

Execution momentum is intact: value promotion plus Stuffed Crust and aggregator reach continue to drive positive order counts and share gains; expect multi‑year benefits .
Watch macro signals: management flagged broad industry slowing starting Q4 2025; position sizing should reflect potential near-term comp pressure despite structural tailwinds .
Margin narrative: procurement productivity has structurally improved supply chain margins, but incremental gains may taper; franchisee EBITDA remains resilient .
2026 setup: brand refresh and e‑commerce upgrades, combined with loyalty compounding and aggregator maturation, support management’s 3% U.S. comps confidence .
International: Core growth engines (India, China) remain strong; DPE closures likely behind, improving 2026 net unit growth visibility .
Tactical catalyst: Continued DoorDash awareness/marketing and value playbook optionality (Best Deal Ever/Boost Weeks) can offset macro volatility and sustain traffic .
Risk management: Monitor DPC Dash investment impacts on below‑the‑line items and effective tax rate variability that affected net income/EPS in 2025 .

Note: Q2 2026 primary documents are not yet available; this recap leverages the most recent primary documents (Q2/Q3 2025 press releases, 8‑K, and transcripts) and S&P Global consensus for Q2 2026 marked with asterisk. Values retrieved from S&P Global.