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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 22, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-32242

Domino’s Pizza, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Delaware		38-2511577
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)
30 Frank Lloyd Wright Drive Ann Arbor, Michigan		48105
(Address of Principal Executive Offices)		(Zip Code)

(734) 930-3030

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Domino’s Pizza, Inc. Common Stock, $0.01 par value	DPZ	The Nasdaq Stock Market LLC

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 20, 2026, Domino’s Pizza, Inc. had 33,261,870 shares of common stock, par value $0.01 per share, outstanding.

Domino’s Pizza, Inc.

TABLE OF CONTENTS


		Page No.
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets (Unaudited) – As of March 22, 2026 and December 28, 2025	3

	Condensed Consolidated Statements of Income (Unaudited) – Fiscal quarters ended March 22, 2026 and March 23, 2025	4

	Condensed Consolidated Statements of Comprehensive Income (Unaudited) – Fiscal quarters ended March 22, 2026 and March 23, 2025	5

	Condensed Consolidated Statements of Cash Flows (Unaudited) – Fiscal quarters ended March 22, 2026 and March 23, 2025	6

	Notes to Condensed Consolidated Financial Statements (Unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 4.	Controls and Procedures	27

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 3.	Defaults Upon Senior Securities	28

Item 4.	Mine Safety Disclosures	28

Item 5.	Other Information	28

Item 6.	Exhibits	29

SIGNATURES		30

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)


(In thousands)	March 22, 2026			December 28, 2025
Assets
Current assets:
Cash and cash equivalents	$	232,922		$	125,675
Restricted cash and cash equivalents		183,628			216,110
Accounts receivable, net		306,098			315,958
Inventories		69,154			79,189
Prepaid expenses and other		41,377			39,767
Advertising fund assets, restricted		115,814			117,502
Total current assets		948,993			894,201
Property, plant and equipment:
Land and buildings		171,913			105,559
Leasehold and other improvements		202,801			193,673
Equipment		397,671			413,303
Construction in progress		28,848			46,184
		801,233			758,719
Accumulated depreciation and amortization		(414,503	)		(434,697	)
Property, plant and equipment, net		386,730			324,022
Other assets:
Operating lease right-of-use assets		238,908			219,485
Goodwill		10,689			10,726
Capitalized software, net		158,768			159,256
Investment in DPC Dash		30,080			36,070
Deferred income tax assets, net		18,634			22,101
Other assets		51,686			50,598
Total other assets		508,765			498,236
Total assets	$	1,844,488		$	1,716,459
Liabilities and stockholders’ deficit
Current liabilities:
Current portion of long-term debt	$	7,411		$	6,131
Accounts payable		124,376			135,029
Operating lease liabilities		49,490			47,553
Insurance reserves		26,304			26,169
Dividends payable		68,533			2,714
Advertising fund liabilities		113,449			115,412
Other accrued liabilities		202,437			208,613
Total current liabilities		592,000			541,621
Long-term liabilities:
Long-term debt, less current portion		4,876,122			4,810,683
Operating lease liabilities		202,750			183,917
Insurance reserves		33,614			32,959
Other accrued liabilities		46,775			48,421
Total long-term liabilities		5,159,261			5,075,980
Stockholders’ deficit:
Common stock		335			336
Additional paid-in capital		161			1,910
Retained deficit		(3,902,172	)		(3,898,622	)
Accumulated other comprehensive loss		(5,097	)		(4,766	)
Total stockholders’ deficit		(3,906,773	)		(3,901,142	)
Total liabilities and stockholders’ deficit	$	1,844,488		$	1,716,459

The accompanying notes are an integral part of these condensed consolidated financial statements.

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)


	Fiscal Quarter Ended
	March 22,			March 23,
(In thousands, except per share data)	2026			2025
Revenues:
U.S. Company-owned stores	$	82,098		$	91,598
U.S. franchise royalties and fees		158,014			151,000
Supply chain		698,973			669,924
International franchise royalties and fees		80,980			75,559
U.S. franchise advertising		130,529			123,975
Total revenues		1,150,594			1,112,056
Cost of sales:
U.S. Company-owned stores		72,046			76,911
Supply chain		614,036			591,998
Total cost of sales		686,082			668,909
Gross margin		464,512			443,147
General and administrative		111,406			109,077
U.S. franchise advertising		130,529			123,975
Gain on sale of assets		(7,780	)		—
Income from operations		230,357			210,095
Other (expense) income		(5,990	)		24,027
Interest income		2,502			3,945
Interest expense		(46,227	)		(45,585	)
Income before provision for income taxes		180,642			192,482
Provision for income taxes		40,831			42,831
Net income	$	139,811		$	149,651
Earnings per share:
Common stock - basic	$	4.16		$	4.37
Common stock - diluted	$	4.13		$	4.33

The accompanying notes are an integral part of these condensed consolidated financial statements.

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Fiscal Quarter Ended
	March 22,			March 23,
(In thousands)	2026			2025
Net income	$	139,811		$	149,651
Currency translation adjustment		(331	)		343
Comprehensive income	$	139,480		$	149,994

The accompanying notes are an integral part of these condensed consolidated financial statements.

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Fiscal Quarter Ended
	March 22,			March 23,
(In thousands)	2026			2025
Cash flows from operating activities:
Net income	$	139,811		$	149,651
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		20,434			20,362
Gain on sale of assets		(7,780	)		—
Loss on disposal of assets		357			266
Amortization of debt issuance costs		1,485			1,210
Provision (benefit) for deferred income taxes		3,319			(2,290	)
Non-cash equity-based compensation expense		8,789			10,381
Excess tax benefits from equity-based compensation		(463	)		(1,569	)
Provision (benefit) for losses on accounts and notes receivable		44			(57	)
Unrealized loss (gain) on investments		5,990			(24,027	)
Changes in operating assets and liabilities		(370	)		34,244
Changes in advertising fund assets and liabilities, restricted		(9,661	)		(9,095	)
Net cash provided by operating activities		161,955			179,076
Cash flows from investing activities:
Capital expenditures		(15,043	)		(14,745	)
Proceeds from sale of assets		7,780			—
Other		(804	)		(1,225	)
Net cash used in investing activities		(8,067	)		(15,970	)
Cash flows from financing activities:
Repayments of long-term debt and finance lease obligations		(840	)		(646	)
Proceeds from exercise of stock options		1,892			7,529
Purchases of common stock		(75,098	)		(50,000	)
Tax payments for restricted stock upon vesting		(12,895	)		(8,158	)
Payments of common stock dividends and equivalents		(1,459	)		(617	)
Net cash used in financing activities		(88,400	)		(51,892	)
Effect of exchange rate changes on cash		(108	)		296
Change in cash and cash equivalents, restricted cash and cash equivalents		65,380			111,510

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		232,922			304,320
Restricted cash and cash equivalents, end of period		183,628			197,412
Cash and cash equivalents included in advertising fund assets, restricted, end of period		82,815			72,202
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period	$	499,365		$	573,934

The accompanying notes are an integral part of these condensed consolidated financial statements.

Domino’s Pizza, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited; tabular amounts in thousands, except share and per share amounts)

March 22, 2026

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Additionally, the condensed consolidated balance sheet at December 28, 2025 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Certain captions have been conformed to the current period presentation. For further information, refer to the consolidated financial statements and footnotes for the fiscal year ended December 28, 2025 included in the Company’s 2025 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 23, 2026 (the “2025 Form 10-K”).

In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair statement have been included. Operating results for the first quarter ended March 22, 2026 are not necessarily indicative of the results that may be expected for the 53-week fiscal year ending January 3, 2027.

2. Segment Information

The Company has three reportable segments: (i) U.S. stores; (ii) supply chain; and (iii) international franchise.

The Company’s operations are organized by management on the combined basis of line of business and geography. The U.S. stores segment includes operations with respect to all franchised and Company-owned stores throughout the U.S. The supply chain segment primarily includes the distribution of food and, to a lesser extent, other products, from the Company’s supply chain center operations in the U.S. and Canada. The international franchise segment includes operations related to the Company’s franchising business in foreign markets. The Company’s chief operating decision maker is its Chief Executive Officer, and beginning in the first quarter of 2026, he evaluates the performance of the Company’s segments and allocates resources to them based on Segment Adjusted Income from Operations which represents income from operations for the reportable segments, excluding gains and losses from the sale of assets, refranchising gains and losses and certain corporate administrative costs that have not been allocated to a reportable segment. The Company’s chief operating decision maker uses Segment Adjusted Income from Operations to determine future business objectives and targets and for long-range planning for the reportable segments, as well as to evaluate their operating performance.

The tables below summarize the financial information, including revenues, significant segment expenses, Segment Adjusted Income from Operations, capital expenditures and depreciation and amortization, concerning the Company’s reportable segments for the first quarters ended March 22, 2026 and March 23, 2025. Intersegment revenues are comprised of sales of food and, to a lesser extent, other products, from the supply chain segment to the Company-owned stores in the U.S. stores segment. Intersegment sales prices are market based.


	Fiscal Quarter Ended March 22, 2026
	U.S. Stores		Supply Chain			International Franchise		Total
U.S. Company-owned stores	$	82,098	$	—		$	—	$	82,098
U.S. franchise royalties and fees		158,014		—			—		158,014
Supply chain		—		724,414			—		724,414
Supply chain - intersegment revenues		—		(25,441	)		—		(25,441	)
International franchise royalties and fees		—		—			80,980		80,980
U.S. franchise advertising		130,529		—			—		130,529
Segment revenues	$	370,641	$	698,973		$	80,980	$	1,150,594
Cost of sales - food		24,935		489,102			—		514,037
Cost of sales - labor		27,239		64,379			—		91,618
Cost of sales - other (1)		19,873		60,554			—		80,427
U.S. franchise advertising		130,529		—			—		130,529
General and administrative (2)		35,696		19,426			11,474		66,596
Segment Adjusted Income from Operations	$	132,369	$	65,512		$	69,506	$	267,387
Segment capital expenditures (3)	$	2,670	$	5,248		$	—	$	7,918
Segment depreciation and amortization (4)	$	2,558	$	9,753		$	18	$	12,329

Significant segment expenses and Segment Adjusted Income from Operations in the table below for the first quarter ended March 23, 2025 have been recast to reflect the change in the measure of segment profit used by the Company’s chief operating decision maker.


	Fiscal Quarter Ended March 23, 2025
	U.S. Stores		Supply Chain			International Franchise		Total
U.S. Company-owned stores	$	91,598	$	—		$	—	$	91,598
U.S. franchise royalties and fees		151,000		—			—		151,000
Supply chain		—		697,910			—		697,910
Supply chain - intersegment revenues		—		(27,986	)		—		(27,986	)
International franchise royalties and fees		—		—			75,559		75,559
U.S. franchise advertising		123,975		—			—		123,975
Segment revenues	$	366,573	$	669,924		$	75,559	$	1,112,056
Cost of sales - food		27,211		471,616			—		498,827
Cost of sales - labor		29,181		61,882			—		91,063
Cost of sales - other (1)		20,520		58,499			—		79,019
U.S. franchise advertising		123,975		—			—		123,975
General and administrative (2)		36,755		14,321			11,815		62,891
Segment Adjusted Income from Operations	$	128,931	$	63,606		$	63,744	$	256,281
Segment capital expenditures (3)	$	976	$	5,510		$	—	$	6,486
Segment depreciation and amortization (4)	$	2,820	$	9,212		$	35	$	12,067


(1)		Cost of sales - other, includes delivery, occupancy costs (including rent, telephone, utilities, depreciation and amortization) and insurance expense.


(2)		General and administrative expense consists primarily of labor cost, depreciation and amortization, computer expenses, professional fees, travel and entertainment, rent, insurance and other. Gains and losses from the sale of assets and refranchising gains and losses are not included in the measurement of Segment Adjusted Income from Operations. Non-cash equity-based compensation expense is not allocated to the reportable segments.

         (3)

         The Company also had $8.6 million and $8.7 million of other capital expenditures not attributable to the reportable segments primarily representing capitalized software in the first quarters of 2026 and 2025, respectively.

         (4)

         Segment depreciation and amortization reflects amounts included within cost of sales - other and general and administrative expenses. The Company also had $8.1 million and $8.3 million of depreciation and amortization expense included in general and administrative expense not allocated to the reportable segments in the first quarters of 2026 and 2025, respectively.

The following table reconciles Segment Adjusted Income from Operations to income before provision for income taxes:


	Fiscal Quarter Ended
	March 22, 2026			March 23, 2025
Segment Adjusted Income from Operations	$	267,387		$	256,281
General and administrative - unallocated (1)		(44,810	)		(46,186	)
Gain on sale of assets		7,780			—
Income from operations		230,357			210,095
Other (expense) income		(5,990	)		24,027
Interest income		2,502			3,945
Interest expense		(46,227	)		(45,585	)
Income before provision for income taxes	$	180,642		$	192,482


(1)		Represents corporate administrative costs that have not been allocated to a reportable segment including labor (including non-cash equity-based compensation expense), depreciation and amortization, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs.

The Company’s chief operating decision maker is not regularly provided financial information related to the assets of the reportable segments, and he does not evaluate their performance or allocate resources to them based on assets. Therefore, total assets by reportable segment are not included in the Company’s segment disclosures.

3. Earnings Per Share


	Fiscal Quarter Ended
	March 22,		March 23,
	2026		2025
Net income available to common stockholders - basic and diluted	$	139,811	$	149,651
Basic weighted average number of shares		33,609,349		34,284,052
Earnings per share – basic	$	4.16	$	4.37
Diluted weighted average number of shares		33,815,028		34,553,820
Earnings per share – diluted	$	4.13	$	4.33

The denominators used in calculating diluted earnings per share for common stock for the first quarters ended March 22, 2026 and March 23, 2025 do not include the following because the effect of including them would be anti-dilutive or because the performance conditions had not yet been met:


	Fiscal Quarter Ended
	March 22,		March 23,
	2026		2025
Anti-dilutive shares underlying stock-based awards
Stock options		198,668		91,269
Restricted stock units		26,548		—
Performance condition not met
Performance-based restricted stock units		46,924		41,957

4. Stockholders’ Deficit

The following table summarizes the changes in stockholders’ deficit for the first quarter of 2026.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at December 28, 2025		33,627,992		$	336		$	1,910		$	(3,898,622	)	$	(4,766	)
Net income		—			—			—			139,811			—
Dividends declared on common stock and equivalents ($1.99 per share)		—			—			—			(67,278	)		—
Issuance and cancellation of stock awards, net		89,881			1			—			—			—
Tax payments for restricted stock upon vesting		(32,337	)		—			(337	)		(12,558	)		—
Purchases of common stock		(188,304	)		(2	)		(12,093	)		(63,525	)		—
Exercise of stock options		6,091			—			1,892			—			—
Non-cash equity-based compensation expense		—			—			8,789			—			—
Currency translation adjustment		—			—			—			—			(331	)
Balance at March 22, 2026		33,503,323		$	335		$	161		$	(3,902,172	)	$	(5,097	)

Subsequent to the end of the first quarter of 2026, on April 21, 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 June 15, 2026 to be paid on June 30, 2026.

Subsequent to the end of the first quarter of 2026 and through April 21, 2026, the Company repurchased and retired an additional 257,545 shares of common stock for a total of approximately $94.4 million. Subsequent to the end of the first quarter of 2026, on April 21, 2026, the Company’s Board of Directors authorized an additional share repurchase program to repurchase up to $1.0 billion of the Company’s common stock, in addition to the $290.2 million that was previously remaining for a total authorization of $1.29 billion for future share repurchases.

The following table summarizes the changes in stockholders’ deficit for the first quarter of 2025.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at December 29, 2024		34,281,927		$	343		$	1,272		$	(3,956,474	)	$	(7,432	)
Net income		—			—			—			149,651			—
Dividends declared on common stock and equivalents ($1.74 per share)		—			—			—			(59,800	)		—
Issuance and cancellation of stock awards, net		54,516			—			—			—			—
Tax payments for restricted stock upon vesting		(18,630	)		—			(8,158	)		—			—
Purchases of common stock		(115,280	)		(1	)		(10,132	)		(40,210	)		—
Exercise of stock options		28,280			—			7,529			—			—
Non-cash equity-based compensation expense		—			—			10,381			—			—
Currency translation adjustment		—			—			—			—			343
Balance at March 23, 2025		34,230,813		$	342		$	892		$	(3,906,833	)	$	(7,089	)

5. Fair Value Measurements

Fair value measurements enable the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

Fair Value of Cash Equivalents and Marketable Securities

The fair values of the Company’s cash equivalents and investments in marketable securities are based on quoted prices in active markets for identical assets.

Fair Value of Investments

The Company holds a non-controlling interest in DPC Dash Ltd (“DPC Dash”), the Company’s master franchisee in China that owns and operates Domino’s Pizza stores in that market. DPC Dash is listed on the Hong Kong Exchange (HK: 1405) and the Company accounts for its investment as a trading security and records it at fair value at the end of each reporting period, with gains and losses recorded in other income or expense in its consolidated statements of income. As of March 22, 2026 and December 28, 2025, the fair value of the Company’s investment in DPC Dash is based on the active exchange quoted price for the equity security (HK$60.40 per share as of March 22, 2026 and HK$71.90 per share as of December 28, 2025). The Company owned 3,901,019 ordinary shares as of March 22, 2026 and December 28, 2025, representing 3.0% of DPC Dash's ordinary shares as of the respective dates.

The Company recorded a negative adjustment to the carrying amount of its investment in DPC Dash of $6.0 million in the first quarter of 2026, with the loss recorded in other expense in its condensed consolidated statements of income. The Company recorded a positive adjustment to the carrying amount of its investment in DPC Dash of $24.0 million in the first quarter of 2025 with the gain recorded in other income in its condensed consolidated statements of income.

The following tables summarize the carrying amounts and fair values of certain assets at March 22, 2026 and December 28, 2025:


	At March 22, 2026
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	138,976	$	138,976	$	—	$	—
Restricted cash equivalents		114,793		114,793		—		—
Investments in marketable securities		25,890		25,890		—		—
Advertising fund cash equivalents, restricted		61,749		61,749		—		—
Investment in DPC Dash		30,080		30,080		—		—


	At December 28, 2025
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	54,306	$	54,306	$	—	$	—
Restricted cash equivalents		146,517		146,517		—		—
Investments in marketable securities		24,971		24,971		—		—
Advertising fund cash equivalents, restricted		65,604		65,604		—		—
Investment in DPC Dash		36,070		36,070		—		—

Fair Value of Debt

The estimated fair values of the Company’s notes are classified as Level 2 measurements, as the Company estimates the fair value amount by using available market information. The Company obtained quotes from two separate brokerage firms that are knowledgeable about the Company’s notes and, at times, trade these notes. The Company also performed its own internal analysis based on the information gathered from public markets, including information on notes that are similar to those of the Company. However, considerable judgment is required to interpret market data to estimate fair value. Accordingly, the fair value estimates presented are not necessarily indicative of the amount that the Company or the noteholders could realize in a current market exchange. The use of different assumptions and/or estimation methodologies may have a material effect on the estimated fair values stated below.

Management estimated the approximate fair values of the Company’s notes as follows:


	March 22, 2026				December 28, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
2017 Ten-Year Notes	$	940,000	$	932,480	$	940,000	$	934,360
2018 9.25-Year Notes		379,000		377,863		379,000		377,863
2019 Ten-Year Notes		648,000		620,784		648,000		624,024
2021 7.5-Year Notes		826,625		782,814		826,625		785,294
2021 Ten-Year Notes		972,500		883,030		972,500		893,728
2025 Five-Year Notes		500,000		494,500		500,000		503,000
2025 Seven-Year Notes		500,000		498,000		500,000		506,000

The Company had no outstanding borrowings under its variable funding notes at March 22, 2026 or December 28, 2025.

6. Leverage Ratio and Debt Classification

While the Company’s senior notes are outstanding, scheduled payments of principal and interest are required to be made on a quarterly basis. In accordance with the Company’s debt agreements, the payment of principal on the 2025 Five-Year Notes and the 2025 Seven-Year Notes may be suspended if either the Holdco Leverage Ratio or Senior Leverage Ratio is less than or equal to 5.5x total debt to either Consolidated Adjusted EBITDA or Securitized Net Cash Flow, each as defined in the indenture governing the securitized debt, and no catch-up provisions are applicable. In accordance with the Company’s debt agreements, the payment of principal on the 2021 7.5-Year Notes, 2021 Ten-Year Notes, 2019 Ten-Year Notes, 2018 9.25-Year Notes and 2017 Ten-Year Notes may be suspended if the Holdco Leverage Ratio is less than or equal to 5.0x total debt to Consolidated Adjusted EBITDA, each as defined in the indenture governing the securitized debt, and no catch-up provisions are applicable. As of the end of the first quarter of 2026 and the end of the fourth quarter of 2025, the Company satisfied the non-amortization tests for each respective series of notes, and accordingly, the outstanding principal amounts of the notes have been classified as long-term debt in the condensed consolidated balance sheets as of March 22, 2026 and December 28, 2025.

7. Revenue Disclosures

Contract Liabilities

Contract liabilities primarily consist of deferred franchise fees and deferred development fees. Deferred franchise fees and deferred development fees of $4.8 million were included in current other accrued liabilities as of both March 22, 2026 and December 28, 2025. Deferred franchise fees and deferred development fees of $11.4 million and $12.5 million were included in long-term other accrued liabilities as of March 22, 2026 and December 28, 2025, respectively.

Changes in deferred franchise fees and deferred development fees for the first quarters of 2026 and 2025 were as follows:


	Fiscal Quarter Ended
	March 22,			March 23,
	2026			2025
Deferred franchise fees and deferred development fees, beginning of period	$	17,318		$	20,946
Revenue recognized during the period		(1,686	)		(1,668	)
New deferrals due to cash received and other		592			726
Deferred franchise fees and deferred development fees, end of period	$	16,224		$	20,004

Advertising Fund Assets

As of March 22, 2026, advertising fund assets, restricted of $115.8 million consisted of $82.8 million of cash and cash equivalents, $20.6 million of accounts receivable and $12.4 million of prepaid expenses. As of March 22, 2026, advertising fund cash and cash equivalents included $2.4 million of cash contributed from U.S. Company-owned stores that had not yet been expended.

As of December 28, 2025, advertising fund assets, restricted of $117.5 million consisted of $92.2 million of cash and cash equivalents, $18.4 million of accounts receivable and $6.9 million of prepaid expenses. As of December 28, 2025, advertising fund cash and cash equivalents included $2.1 million of cash contributed from U.S. Company-owned stores that had not yet been expended.

8. Leases

The Company leases certain retail store and supply chain center locations, vehicles, equipment and its corporate headquarters with expiration dates through 2046. Rent expense totaled $22.7 million and $21.8 million in the first quarter of 2026 and the first quarter of 2025, respectively. Rent expense includes operating lease cost, as well as expense for non-lease components including common area maintenance, real estate taxes and insurance for the Company’s real estate leases. Rent expense also includes the variable rate per mile driven and fixed maintenance charges for the Company’s supply chain center tractors and trailers and expense for short-term rentals. Rent expense for certain short-term supply chain center tractor and trailer rentals was $1.0 million and $2.0 million in the first quarter of 2026 and the first quarter of 2025, respectively. Variable rent expense and rent expense for other short-term leases were immaterial in both the first quarter of 2026 and 2025.

The components of operating and finance lease cost for the first quarters of 2026 and 2025 were as follows:


	Fiscal Quarter Ended
	March 22,		March 23,
	2026		2025
Operating lease cost	$	12,574	$	12,112
Finance lease cost:
Amortization of right-of-use assets		1,373		1,258
Interest on lease liabilities		1,220		871
Total finance lease cost	$	2,593	$	2,129

Supplemental balance sheet information related to the Company’s finance leases as of March 22, 2026 and December 28, 2025 was as follows:


	March 22, 2026			December 28, 2025
Land and buildings	$	146,638		$	80,457
Equipment		4,169			4,225
Finance lease assets		150,807			84,682
Accumulated depreciation and amortization		(34,178	)		(32,908	)
Finance lease assets, net	$	116,629		$	51,774

Current portion of long-term debt	$	7,294		$	6,017
Long-term debt, less current portion		119,965			55,991
Total principal payable on finance leases	$	127,259		$	62,008

Supplemental cash flow information related to leases for the first quarters of 2026 and 2025 were as follows:


	Fiscal Quarter Ended
	March 22,		March 23,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	11,211	$	10,113
Operating cash flows from finance leases		1,220		871
Financing cash flows from finance leases		823		631
Cash paid for amounts included in the measurement of financing obligation from sale leaseback:
Operating cash flows from sale leaseback		197		198
Financing cash flows from sale leaseback		17		15
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		30,377		15,967
Finance leases		65,589		—

As of March 22, 2026, the Company had additional leases for certain supply chain vehicles that had not yet commenced with estimated future minimum rental commitments of $12.6 million. These leases are expected to commence in 2026 with lease terms of up to 9 years. These undiscounted amounts will be included in the Company’s condensed consolidated balance sheet at the respective commencement dates.

The Company has guaranteed lease payments related to certain franchisees’ lease arrangements. The maximum amount of potential future payments under these guarantees was $11.1 million and $12.6 million as of March 22, 2026 and December 28, 2025, respectively. The Company does not believe these arrangements have or are likely to have a material effect on its results of operations, financial condition, revenues, expenses or liquidity.

9. Supplemental Disclosures of Cash Flow Information

The Company had non-cash investing activities related to accruals for capital expenditures of $4.0 million at March 22, 2026 and $2.4 million at December 28, 2025. The Company also had $0.5 million and $3.3 million in non-cash financing activity related to accruals for excise taxes on share repurchases as of March 22, 2026 and December 28, 2025, respectively.

10. Asset Acquisitions and Dispositions

During the first quarter of 2026, the Company sold its fully depreciated corporate aircraft for net proceeds and a pre-tax realized gain of $7.8 million.

During the first quarter of 2025, the Company purchased two U.S. franchised stores from one of the Company’s former U.S. franchisees for $0.9 million, which was paid in the second quarter of 2025. The Company recorded $0.3 million of intangibles, $0.1 million of equipment and leasehold improvements and $0.5 million of goodwill.

11. New Accounting Pronouncements

The Company has considered all new accounting standards issued by the Financial Accounting Standards Board (“FASB”). The Company has not yet adopted the following standards:

Accounting Standards Update (“ASU”) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which requires disclosure in the notes to the consolidated financial statements on an annual and interim basis, amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization for all expense captions presented on the face of the consolidated statements of income. The standard also requires a qualitative description of the amounts remaining in those expense captions that are not separately disaggregated. The standard also requires disclosure of the composition and amount of selling expenses.

ASU 2024-03 is effective for annual reporting fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and early adoption is permitted. The standard may be adopted either prospectively or retrospectively. The Company is currently evaluating the impact of this accounting standard on its condensed consolidated financial statements.

ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), to modernize the accounting guidance for the costs to develop software for internal use. The standard applies to costs incurred to develop or obtain software for internal use. ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The new standard also supersedes the guidance related to costs incurred to develop a website.

ASU 2025-06 guidance is effective for annual periods beginning after December 15, 2027. The guidance can be applied on a prospective basis, a modified basis for in-process projects or on a retrospective basis. The Company is currently evaluating the impact of this accounting standard on its condensed consolidated financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(Unaudited; tabular amounts in millions, except percentages and store data)

The 2026 and 2025 first quarters referenced herein represent the twelve-week periods ended March 22, 2026 and March 23, 2025, respectively. In this section, we discuss the results of our operations for the first quarter of 2026 as compared to the first quarter of 2025.

Overview

Domino’s is the largest pizza company in the world, with more than 22,300 locations in over 90 markets around the world as of March 22, 2026, and operates two distinct service models within its stores, with a significant business in both delivery and carryout. We are a highly recognized global brand, and we focus on value while serving neighborhoods locally through our large worldwide network of franchise owners and U.S. Company-owned stores through both the delivery and carryout service models. We have been selling quality, affordable food to our customers since 1960. We became “Domino’s Pizza” in 1965 and opened our first franchised store in 1967. For more than 65 years, we have built Domino’s into one of the most widely-recognized consumer brands in the world. We believe our commitment to value, convenience, quality and new products continues to keep consumers engaged with the brand.

We are primarily a franchisor, with approximately 99% of Domino’s global stores owned and operated by our independent franchisees as of March 22, 2026. Franchising enables an individual to be a business owner and maintain control over all employment-related matters and pricing decisions, while also benefiting from the strength of the Domino’s global brand and operating system with limited capital investment by us.

Domino’s business model is straightforward: Domino’s stores handcraft and serve quality food at a competitive price, with easy ordering access and efficient service, enhanced by our technological innovations. Our hand-tossed dough is made fresh and distributed to stores around the world by us and our franchisees.

Domino’s generates revenues and earnings by charging royalties and fees to our franchisees. Royalties are ongoing percent-of-sales fees for use of the Domino’s® brand marks. We also generate revenues and earnings by selling food and, to a lesser extent, other products to franchisees through our supply chain operations primarily in the U.S. and Canada and by operating a number of Company-owned stores in the U.S. Franchisees profit by selling pizza and other complementary items to their local customers. In our international markets, we generally grant geographical rights to the Domino’s Pizza® brand to master franchisees. These master franchisees are charged with developing their geographical area, and they may profit by sub-franchising and selling food and, to a lesser extent, other products to those sub-franchisees, as well as by running pizza stores. We believe that everyone in the system can benefit from the franchise model, including the end consumer, who can purchase Domino’s menu items for themselves and their family conveniently and economically.

Domino’s business model can yield strong returns for our franchise owners and the Company. It can also yield significant cash flows to us, through consistent franchise royalty and supply chain revenue streams, all within an asset-light model. We have historically returned cash to shareholders through dividend payments and share repurchases. Domino’s financial results are driven largely by retail sales at our stores. Changes in retail sales are primarily driven by same store sales growth and net store growth. We actively monitor both of these metrics, as they directly impact our revenues and profits, and we strive to consistently increase both metrics. Retail sales drive royalty payments from franchisees, as well as Company-owned store and supply chain revenues.

At Domino’s, we believe we have a proven business model for success that has historically driven strong returns for our shareholders. Our Hungry for MORE strategy aims to generate MORE sales, MORE stores and MORE profits. The strategic imperatives of our Hungry for MORE strategy are as follows:

Most Delicious Food: We believe we have the best pizza in the industry, and our menu has even more mouthwatering options beyond pizza. We will continue to showcase the breadth of our menu, while highlighting the deliciousness of our food through our innovative marketing promotions.

Operational Excellence: We are relentless in our focus on convenience, consistency and efficiency for our customers.

Renowned Value: We are committed to continuing to offer competitive pricing and personalized value for our customers that is innovative and memorable.

Enhanced by Best-in-Class Franchisees: Our franchisees play a vital role in driving results and excitement across the more than 90 markets in which we operate.

First Quarter of 2026 Highlights

As discussed above, our Hungry for MORE strategy aims to generate MORE sales, MORE stores and MORE profits.

•

MORE Sales: Global retail sales, excluding foreign currency impact (which includes total retail sales at Company-owned and franchised stores worldwide), increased 3.4% as compared to the first quarter of 2025. U.S. retail sales increased 2.8% and international retail sales, excluding foreign currency impact, increased 4.0% as compared to the first quarter of 2025. Same store sales increased 0.9% in our U.S. stores and declined 0.4% in our international stores (excluding foreign currency impact).

•

MORE Stores: Global net store growth of 180, including 19 net store openings in the U.S. and 161 net store openings internationally.

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MORE Profits: Income from operations increased 9.6%.

Excluding the positive impact of foreign currency, Domino’s experienced global retail sales growth during the first quarter of 2026, driven by same store sales growth in the U.S. and net store growth in both our U.S. and international businesses. These factors, as well as gross margin dollar improvement within supply chain and a pre-tax realized gain on the sale of our fully depreciated corporate aircraft, also contributed to an increase in income from operations. Overall, we believe our global retail sales growth, excluding foreign currency impact, marketing initiatives, operations and emphasis on technology have combined to strengthen our brand. These financial and statistical measures are described in additional detail below.

Statistical Measures

The tables below outline certain statistical measures we utilize to analyze our performance. This historical data is not necessarily indicative of results to be expected for any future period.

Global Retail Sales

Global retail sales is a commonly used statistical measure in the quick-service restaurant industry that is important to understanding performance. Global retail sales refers to total worldwide retail sales at Company-owned and franchised stores. We believe 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. We review comparable industry global retail sales information to assess business trends and to track the growth of the Domino’s Pizza brand, and we believe they are indicative of the financial health of our 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 our profitability. Retail sales for franchised stores are reported to us by our franchisees and are not included in our revenues. The amounts below are presented in millions of U.S. dollars.


	First Quarter of 2026		First Quarter of 2025
Global retail sales:
U.S. stores	$	2,302.6	$	2,240.8
International stores		2,437.1		2,223.5
Total	$	4,739.7	$	4,464.3

Global Retail Sales Growth, Excluding Foreign Currency Impact

Global retail sales growth, excluding foreign currency impact, is a commonly used statistical measure in the quick-service restaurant industry that is important to understanding performance. Global retail sales growth, excluding foreign currency impact is calculated as the change of international 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.


	First Quarter of 2026	First Quarter of 2025
U.S. stores	+ 2.8%	+ 1.3%
International stores (excluding foreign currency impact)	+ 4.0%	+ 8.2%
Total (excluding foreign currency impact)	+ 3.4%	+ 4.7%

Same Store Sales Growth

Same store sales growth is a commonly used statistical measure in the quick-service restaurant industry that is important to understanding performance. Same store sales growth 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.


	First Quarter of 2026	First Quarter of 2025
U.S. Company-owned stores	+ 1.5%	(2.9)%
U.S. franchise stores	+ 0.8%	(0.4)%
U.S. stores	+ 0.9%	(0.5)%
International stores (excluding foreign currency impact)	(0.4)%	+ 3.7%

U.S. same store sales increased 0.9% in the first quarter of 2026, rolling over a decline in U.S. same store sales of 0.5% in the first quarter of 2025. The increase in U.S. same store sales was driven by both higher average ticket and higher customer transaction counts. International same store sales (excluding foreign currency impact) declined 0.4% in the first quarter of 2026, rolling over an increase in international same store sales (excluding foreign currency impact) of 3.7% in the first quarter of 2025.

Store Growth Activity

Net store growth is a commonly used statistical measure in the quick-service restaurant industry that is important to understanding performance. Net store growth 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.


	U.S. Company- owned Stores			U.S. Franchise Stores			Total U.S. Stores			International Stores			Total
Store count at December 28, 2025		262			6,924			7,186			14,956			22,142
Openings		1			20			21			212			233
Closings		(1	)		(1	)		(2	)		(51	)		(53	)
Store count at March 22, 2026		262			6,943			7,205			15,117			22,322
First quarter 2026 net store growth		—			19			19			161			180
Trailing four quarters net store growth		5			169			174			790			964

Income Statement Data


	First Quarter of 2026					First Quarter of 2025
Revenues:
U.S. Company-owned stores	$	82.1				$	91.6
U.S. franchise royalties and fees		158.0					151.0
Supply chain		699.0					669.9
International franchise royalties and fees		81.0					75.6
U.S. franchise advertising		130.5					124.0
Total revenues		1,150.6		100.0	%		1,112.1	100.0	%
Cost of sales:
U.S. Company-owned stores		72.0					76.9
Supply chain		614.0					592.0
Total cost of sales		686.1		59.6	%		668.9	60.2	%
Gross margin		464.5		40.4	%		443.1	39.8	%
General and administrative		111.4		9.7	%		109.1	9.8	%
U.S. franchise advertising		130.5		11.4	%		124.0	11.1	%
Gain on sale of assets		(7.8	)	(0.7	)%		—	—
Income from operations		230.4		20.0	%		210.1	18.9	%
Other (expense) income

DOMINOS PIZZA INC 10-Q