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 ~~September~~March 722, ~~2025~~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 ~~October~~April 720, ~~2025~~2026, Domino’s Pizza, Inc. had 33,~~786~~261,~~218~~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 September 7, 2025 and December 29, 2024	3
	Condensed Consolidated Balance Sheets (Unaudited) – As of March 22, 2026 and December 28, 2025	3
	Condensed Consolidated Statements of Income (Unaudited) – Fiscal quarters and three fiscal quarters ended September 7, 2025 and September 8, 2024	4
	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 and three fiscal quarters ended September 7, 2025 and September 8, 2024	5
	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) – Three fiscal quarters ended September 7, 2025 and September 8, 2024	6
	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	1815
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3127
Item 4.	Controls and Procedures	3127
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	3228
Item 1A.	Risk Factors	3228
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3228
Item 3.	Defaults Upon Senior Securities	3228
Item 4.	Mine Safety Disclosures	3228
Item 5.	Other Information	3328
Item 6.	Exhibits	3429
SIGNATURES		3530

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)	~~September~~March 722, ~~2025~~2026			December 2928, ~~2024~~2025
Assets
Current assets:
Cash and cash equivalents	$	~~139~~232,~~728~~922		$	~~186~~125,~~126~~675
Restricted cash and cash equivalents		~~202~~183,~~501~~628			~~195~~216,~~370~~110
Accounts receivable, net		~~277~~306,~~175~~098			~~309~~315,~~104~~958
Inventories		7169,~~155~~154			7079,~~919~~189
Prepaid expenses and other		41,~~349~~377			4039,~~363~~767
Advertising fund assets, restricted		~~135~~115,~~826~~814			~~103~~117,~~396~~502
Total current assets		~~867~~948,~~734~~993			~~905~~894,~~278~~201
Property, plant and equipment:
Land and buildings		~~104~~171,~~657~~913			~~104~~105,~~793~~559
Leasehold and other improvements		~~191~~202,~~543~~801			~~191~~193,~~718~~673
Equipment		~~411~~397,~~128~~671			~~390~~413,~~542~~303
Construction in progress		1528,~~760~~848			2246,~~717~~184
		723,088			709,770
		801,233			758,719
Accumulated depreciation and amortization		(~~432~~414,~~435~~503	)		(~~408~~434,~~591~~697	)
Property, plant and equipment, net		~~290~~386,~~653~~730			~~301~~324,~~179~~022
Other assets:
Operating lease right-of-use assets		~~223~~238,~~540~~908			~~210~~219,~~302~~485
Goodwill		10,~~764~~689			1110,~~578~~726
Capitalized software, net		~~159~~158,~~238~~768			~~155~~159,~~025~~256
Investment in DPC Dash		4330,~~650~~080			8236,~~699~~070
Deferred income tax assets, net		1418,~~178~~634			2322,~~432~~101
Other assets		5051,~~520~~686			4750,~~520~~598
Total other assets		~~501~~508,~~890~~765			~~530~~498,~~556~~236
Total assets	$	1,~~660~~844,~~277~~488		$	1,~~737~~716,~~013~~459
Liabilities and stockholders’ deficit
Current liabilities:
Current portion of long-term debt	$	57,~~521~~411		$	16,~~149,679~~131
Accounts payable		~~113~~124,~~071~~376			85135,~~898~~029
Operating lease liabilities		4549,~~163~~490			3947,~~920~~553
Insurance reserves		2426,~~824~~304			2526,~~658~~169
Dividends payable		6168,~~183~~533			2,~~246~~714
Advertising fund liabilities		~~132~~113,~~705~~449			~~101~~115,~~567~~412
Other accrued liabilities		~~156~~202,~~686~~437			~~207~~208,~~494~~613
Total current liabilities		~~539~~592,~~153~~000			1541,~~612,462~~621
Long-term liabilities:
Long-term debt, less current portion		4,~~810~~876,~~274~~122			34,~~825~~810,~~659~~683
Operating lease liabilities		~~190~~202,~~757~~750			~~181~~183,~~983~~917
Insurance reserves		3433,~~757~~614			3332,~~229~~959
Other accrued liabilities		4746,~~295~~775			4548,~~971~~421
Total long-term liabilities		5,~~083~~159,~~083~~261			45,~~086~~075,~~842~~980
Stockholders’ deficit:
Common stock		~~338~~335			~~343~~336
Additional paid-in capital		~~619~~161			1,~~272~~910
Retained deficit		(3,~~957~~902,~~671~~172	)		(3,~~956~~898,~~474~~622	)
Accumulated other comprehensive loss		(5,~~245~~097	)		(74,~~432~~766	)
Total stockholders’ deficit		(3,~~961~~906,~~959~~773	)		(3,~~962~~901,~~291~~142	)
Total liabilities and stockholders’ deficit	$	1,~~660~~844,~~277~~488		$	1,~~737~~716,~~013~~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

~~Three Fiscal Quarters Ended~~

September 7,

September 8,

September 7,

September 8,

March 22,

March 23,

(In thousands, except per share data)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Revenues:

U.S. Company-owned stores

82,~~749~~098

8991,~~173~~598

~~266,803~~

~~274,086~~

U.S. franchise royalties and fees

~~157~~158,~~155~~014

~~144~~151,~~074~~000

~~464,416~~

~~442,168~~

Supply chain

~~696~~698,~~959~~973

~~651~~669,~~314~~924

~~2,053,945~~

~~1,969,772~~

International franchise royalties and fees

7880,~~549~~980

7475,~~633~~559

~~231,272~~

~~220,295~~

U.S. franchise advertising

~~131~~130,~~642~~529

~~120~~123,~~925~~975

~~387,818~~

~~356,181~~

Total revenues

1,~~147~~150,~~054~~594

1,~~080~~112,~~119~~056

~~3,404,254~~

~~3,262,502~~

Cost of sales:

U.S. Company-owned stores

6972,~~258~~046

7476,~~205~~911

~~224,242~~

~~226,722~~

Supply chain

~~617~~614,~~894~~036

~~582~~591,~~167~~998

~~1,815,993~~

~~1,753,132~~

Total cost of sales

~~687~~686,~~152~~082

~~656~~668,~~372~~909

~~2,040,235~~

~~1,979,854~~

Gross margin

~~459~~464,~~902~~512

~~423~~443,~~747~~147

~~1,364,019~~

~~1,282,648~~

General and administrative

~~105~~111,~~092~~406

~~103~~109,~~991~~077

~~321,777~~

~~320,962~~

U.S. franchise advertising

~~131~~130,~~642~~529

~~120~~123,~~925~~975

~~387,818~~

~~356,181~~

Refranchising (gain) loss

—

(3,883

)

158

Gain on sale of assets

(7,780

)

—

Income from operations

~~223~~230,~~168~~357

~~198~~210,~~831~~095

~~658,307~~

~~605,347~~

Other (expense) income

(35,~~017~~990

)

2624,~~172~~027

~~5,036~~

~~18,871~~

Interest income

42,~~060~~502

43,~~339~~945

~~11,834~~

~~12,297~~

Interest expense

(4546,~~012~~227

)

(4445,~~726~~585

)

~~(135,245~~

)

~~(135,293~~

)

Income before provision for income taxes

~~179~~180,~~199~~642

~~184~~192,~~616~~482

~~539,932~~

~~501,222~~

Provision for income taxes

3940,~~880~~831

3742,~~692~~831

~~119,871~~

~~86,496~~

Net income

139,~~319~~811

~~146~~149,~~924~~651

~~420,061~~

~~414,726~~

Earnings per share:

Common stock - basic

4.1116

4.2237

~~12.31~~

~~11.91~~

Common stock - diluted

4.0813

4.1933

~~12.22~~

~~11.80~~

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

~~Three Fiscal Quarters Ended~~

September 7,

September 8,

September 7,

September 8,

March 22,

March 23,

(In thousands)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Net income

139,~~319~~811

~~146~~149,~~924~~651

~~420,061~~

~~414,726~~

Currency translation adjustment

(~~618~~331

)

~~598~~343

~~2,187~~

~~(1,010~~

)

Comprehensive income

~~138~~139,~~701~~480

~~147~~149,~~522~~994

~~422,248~~

~~413,716~~

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)

	Three Fiscal Quarters Ended
	Fiscal Quarter Ended
	September 7,			September 8,
	March 22,			March 23,
(In thousands)	~~2025~~2026			~~2024~~2025
Cash flows from operating activities:
Net income	$	~~420~~139,~~061~~811		$	~~414~~149,~~726~~651
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6120,~~128~~434			6020,~~974~~362
Refranchising (gain) loss		(3,883	)		158
Gain on sale of assets		(7,780	)		—
Loss on sale/disposal of assets		703			501
Loss on disposal of assets		357			266
Amortization of debt issuance costs		31,~~768~~485			31,~~685~~210
Provision (benefit) for deferred income taxes		93,~~255~~319			(72,~~524~~290	)
Non-cash equity-based compensation expense		318,~~681~~789			3110,~~541~~381
Excess tax benefits from equity-based compensation		(~~2,751~~463	)		(211,~~609~~569	)
(Benefit) provision for losses on accounts and notes receivable		(49	)		250
Provision (benefit) for losses on accounts and notes receivable		44			(57	)
Unrealized and realized gain on investments, net		(5,036	)		(18,871	)
Unrealized loss (gain) on investments		5,990			(24,027	)
Changes in operating assets and liabilities		~~10,242~~(370	)		~~(18~~34,~~968~~244	)
Changes in advertising fund assets and liabilities, restricted		27(9,~~137~~661	)		2(9,~~016~~095	)
Net cash provided by operating activities		~~552~~161,~~256~~955			~~446~~179,~~879~~076
Cash flows from investing activities:
Capital expenditures		(5615,~~667~~043	)		(7014,~~801~~745	)
Sale of investments		44,085			—
Proceeds from sale of assets		7,780			—
Proceeds from sale of assets		8,458			73
Other		(804	)		(1,225	)
Other		(1,939	)		(1,167	)
Net cash used in investing activities		(8,067	)		(15,970	)
Net cash used in investing activities		(6,063	)		(71,895	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		1,000,000			—
Repayments of long-term debt and finance lease obligations		(840	)		(646	)
Repayments of long-term debt and finance lease obligations		(1,147,773	)		(15,947	)
Proceeds from exercise of stock options		1,892			7,529
Proceeds from exercise of stock options		12,882			34,669
Purchases of common stock		(75,098	)		(50,000	)
Purchases of common stock		(277,698	)		(214,999	)
Tax payments for restricted stock upon vesting		(12,895	)		(8,158	)
Tax payments for restricted stock upon vesting		(10,862	)		(10,706	)
Payments of common stock dividends and equivalents		(1,459	)		(617	)
Payments of common stock dividends and equivalents		(119,503	)		(106,015	)
Net cash used in financing activities		(88,400	)		(51,892	)
Cash paid for financing costs		(15,287	)		—
Effect of exchange rate changes on cash		(108	)		296
Net cash used in financing activities		(558,241	)		(312,998	)
Change in cash and cash equivalents, restricted cash and cash equivalents		65,380			111,510
Effect of exchange rate changes on cash		1,487			(589	)
Cash and cash equivalents, beginning of period		125,675			186,126
Change in cash and cash equivalents, restricted cash and cash equivalents		(10,561	)		61,397
Restricted cash and cash equivalents, beginning of period		216,110			195,370
Cash and cash equivalents, beginning of period		186,126			114,098
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period		92,200			80,928
Restricted cash and cash equivalents, beginning of period		195,370			200,870
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 included in advertising fund assets, restricted, beginning of period		80,928			88,165
Cash and cash equivalents, end of period		232,922			304,320
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period		462,424			403,133
Restricted cash and cash equivalents, end of period		183,628			197,412
Cash and cash equivalents, end of period		139,728			189,084
Cash and cash equivalents included in advertising fund assets, restricted, end of period		82,815			72,202
Restricted cash and cash equivalents, end of period		202,501			185,439
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
Cash and cash equivalents included in advertising fund assets, restricted, end of period		109,634			90,007
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period	$	451,863		$	464,530

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)

~~September~~March 722, ~~2025~~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 2928, ~~2024~~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 2928, ~~2024~~2025 included in the Company’s ~~2024~~2025 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 2423, ~~2025~~2026 (the “~~2024~~2025 Form 10-K”).

The 2025 and 2024 third quarters referenced herein represent the twelve-week periods ended September 7, 2025 and September 8, 2024, respectively. The 2025 and 2024 three fiscal quarters referenced herein represent the thirty-six-week periods ended September 7, 2025 and September 8, 2024, respectively. 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 ~~third~~first quarter ~~and three fiscal quarters~~ ended ~~September~~March 722, ~~2025~~2026 are not necessarily indicative of the results that may be expected for the 53-week fiscal year ending ~~December~~January 283, ~~2025~~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 ~~revenues~~Segment ~~and~~Adjusted ~~earnings~~Income ~~before~~from ~~interest,~~Operations ~~taxes,~~which ~~depreciation~~represents income from operations for the reportable segments, ~~amortization~~excluding gains and ~~other~~losses from the sale of assets, ~~referred~~refranchising gains and losses and certain corporate administrative costs that have not been allocated to asa ~~Segment~~reportable ~~Income~~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 ~~and~~from Operations, capital expenditures and depreciation and amortization, concerning the Company’s reportable segments for the ~~third~~first ~~quarter and three fiscal~~ quarters ended ~~September~~March 722, ~~2025~~2026 and ~~September~~March 823, ~~2024~~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.

The Company adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) in the fourth quarter of 2024. The Company has included the relevant interim disclosures retrospectively for all periods presented in the condensed consolidated financial statements.


	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

	Fiscal Quarter Ended September 7, 2025
	U.S.Stores		SupplyChain			InternationalFranchise		Total
U.S. Company-owned stores	$	82,749	$	—		$	—	$	82,749
U.S. franchise royalties and fees		157,155		—			—		157,155
Supply chain		—		722,597			—		722,597
Supply chain - intersegment revenues		—		(25,638	)		—		(25,638	)
International franchise royalties and fees		—		—			78,549		78,549
U.S. franchise advertising		131,642		—			—		131,642
Segment revenues	$	371,546	$	696,959		$	78,549	$	1,147,054
Cost of sales - food		24,613		495,249			—		519,862
Cost of sales - labor		25,541		61,887			—		87,428
Cost of sales - other (1)		16,583		51,269			—		67,852
U.S. franchise advertising		131,642		—			—		131,642
General and administrative (2)		36,858		18,389			11,252		66,499
Segment Income	$	136,309	$	70,165		$	67,297	$	273,771
Segment capital expenditures (3)	$	2,629	$	8,248		$	139	$	11,016

	Three Fiscal Quarters Ended September 7, 2025
	U.S.Stores		SupplyChain			InternationalFranchise		Total
U.S. Company-owned stores	$	266,803	$	—		$	—	$	266,803
U.S. franchise royalties and fees		464,416		—			—		464,416
Supply chain		—		2,135,164			—		2,135,164
Supply chain - intersegment revenues		—		(81,219	)		—		(81,219	)
International franchise royalties and fees		—		—			231,272		231,272
U.S. franchise advertising		387,818		—			—		387,818
Segment revenues	$	1,119,037	$	2,053,945		$	231,272	$	3,404,254
Cost of sales - food		79,103		1,454,349			—		1,533,452
Cost of sales - labor		82,353		183,793			—		266,146
Cost of sales - other (1)		54,821		149,829			—		204,650
U.S. franchise advertising		387,818		—			—		387,818
General and administrative (2)		112,830		48,781			34,632		196,243
Segment Income	$	402,112	$	217,193		$	196,640	$	815,945
Segment capital expenditures (3)	$	5,588	$	22,834		$	139	$	28,561

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 September 8, 2024
	Fiscal Quarter Ended March 23, 2025
	U.S.Stores		SupplyChain			InternationalFranchise		Total
U.S. Company-owned stores	$	8991,~~173~~598	$	—		$	—	$	8991,~~173~~598
U.S. franchise royalties and fees		~~144~~151,~~074~~000		—			—		~~144~~151,~~074~~000
Supply chain		—		~~679~~697,~~664~~910			—		~~679~~697,~~664~~910
Supply chain - intersegment revenues		—		(2827,~~350~~986	)		—		(2827,~~350~~986	)
International franchise royalties and fees		—		—			7475,~~633~~559		7475,~~633~~559
U.S. franchise advertising		~~120~~123,~~925~~975		—			—		~~120~~123,~~925~~975
Segment revenues	$	~~354~~366,~~172~~573	$	~~651~~669,~~314~~924		$	7475,~~633~~559	$	1,~~080~~112,~~119~~056
Cost of sales - food		2527,~~905~~211		~~465~~471,~~301~~616			—		~~491~~498,~~206~~827
Cost of sales - labor		2729,~~761~~181		6061,~~124~~882			—		8791,~~885~~063
Cost of sales - other (1)		1720,~~801~~520		4758,~~870~~499			—		6579,~~671~~019
U.S. franchise advertising		~~120~~123,~~925~~975		—			—		~~120~~123,~~925~~975
General and administrative (2)		3336,~~203~~755		1614,~~846~~321			1211,~~266~~815		62,~~315~~891
Segment Income	$	128,577	$	61,173		$	62,367	$	252,117
Segment Adjusted Income from Operations	$	128,931	$	63,606		$	63,744	$	256,281
Segment capital expenditures (3)	$	~~4,256~~976	$	85,~~116~~510		$	—	$	126,~~372~~486
Segment depreciation and amortization (4)	$	2,820	$	9,212		$	35	$	12,067

8(1) Cost of sales - other, includes delivery, occupancy costs (including rent, telephone, utilities, depreciation and amortization) and insurance expense.

	Three Fiscal Quarters Ended September 8, 2024
	U.S.Stores		SupplyChain			InternationalFranchise		Total
U.S. Company-owned stores	$	274,086	$	—		$	—	$	274,086
U.S. franchise royalties and fees		442,168		—			—		442,168
Supply chain		—		2,053,055			—		2,053,055
Supply chain - intersegment revenues		—		(83,283	)		—		(83,283	)
International franchise royalties and fees		—		—			220,295		220,295
U.S. franchise advertising		356,181		—			—		356,181
Segment revenues	$	1,072,435	$	1,969,772		$	220,295	$	3,262,502
Cost of sales - food		78,868		1,403,699			—		1,482,567
Cost of sales - labor		85,912		184,042			—		269,954
Cost of sales - other (1)		53,395		139,832			—		193,227
U.S. franchise advertising		356,181		—			—		356,181
General and administrative (2)		103,912		51,463			39,499		194,874
Segment Income	$	394,167	$	190,736		$	180,796	$	765,699
Segment capital expenditures (3)	$	9,068	$	20,533		$	33	$	29,634


(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.

(1) Cost of sales - other, includes delivery, occupancy costs (including rent, telephone and utilities) and insurance expense. Depreciation and amortization is not included in the measurement of Segment Income.

         (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.

~~(2)~~The ~~General~~following ~~and~~table ~~administrative~~reconciles ~~expense~~Segment ~~consists~~Adjusted ~~primarily~~Income of labor cost (including variable performance-based compensation expense), computer expenses, professional fees, travel and entertainment, rent, insurance and other. Depreciation and amortization, non-cash equity-based compensation expense, gains and losses from ~~the~~Operations ~~sale/disposal~~to ofincome ~~assets~~before ~~and~~provision ~~refranchising~~for ~~gains~~income ~~and losses are not included in the measurement of Segment Income.~~taxes:

(3) The Company also had $11.0 million and $11.5 million of other capital expenditures not attributable to the reportable segments primarily representing capitalized software in the third quarters of 2025 and 2024, respectively. The Company had $29.8 million and $40.1 million of other capital expenditures not attributable to the reportable segments primarily representing capitalized software in the three fiscal quarters of 2025 and 2024, respectively.


	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

~~The~~(1) ~~following~~Represents ~~table~~corporate ~~reconciles~~administrative ~~total~~costs ~~Segment~~that ~~Income~~have not been allocated to ~~income~~a ~~before~~reportable ~~provision~~segment ~~for~~including ~~income~~labor ~~taxes:~~(including non-cash equity-based compensation expense), depreciation and amortization, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs.

	Fiscal Quarter Ended						Three Fiscal Quarters Ended
	September 7,2025			September 8,2024			September 7,2025			September 8,2024
Total Segment Income	$	273,771		$	252,117		$	815,945		$	765,699
General and administrative - other (1)		(19,771	)		(22,839	)		(68,009	)		(67,178	)
Depreciation and amortization		(20,415	)		(20,756	)		(61,128	)		(60,974	)
Non-cash equity-based compensation expense		(10,325	)		(9,517	)		(31,681	)		(31,541	)
Loss on sale/disposal of assets		(92	)		(174	)		(703	)		(501	)
Refranchising gain (loss)		—			—			3,883			(158	)
Income from operations		223,168			198,831			658,307			605,347
Other (expense) income		(3,017	)		26,172			5,036			18,871
Interest income		4,060			4,339			11,834			12,297
Interest expense		(45,012	)		(44,726	)		(135,245	)		(135,293	)
Income before provision for income taxes	$	179,199		$	184,616		$	539,932		$	501,222

(1) Represents corporate administrative costs that have not been allocated to a reportable segment including labor, 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				~~Three Fiscal Quarters Ended~~
	September 7,		September 8,		September 7,		September 8,
	March 22,		March 23,
	2025		2024		2025		2024
	2026		2025
Net income available to common stockholders - basic and diluted	$	139,~~319~~811	$	~~146~~149,~~924~~651	$	~~420,061~~	$	~~414,726~~
Basic weighted average number of shares		33,~~919~~609,~~706~~349		34,~~801~~284,~~086~~052		~~34,122,385~~		~~34,835,394~~
Earnings per share – basic	$	4.1116	$	4.2237	$	~~12.31~~	$	~~11.91~~
Diluted weighted average number of shares		3433,~~146~~815,~~418~~028		3534,~~039~~553,~~408~~820		~~34,366,396~~		~~35,145,732~~
Earnings per share – diluted	$	4.0813	$	4.1933	$	~~12.22~~	$	~~11.80~~

The denominators used in calculating diluted earnings per share for common stock for the ~~third~~first quarters ~~and three fiscal quarters each~~ ended ~~September~~March 722, ~~2025~~2026 and ~~September~~March 823, ~~2024~~2025 do not include the following because the effect of including ~~these~~them ~~shares~~ would be anti-dilutive or because the performance ~~targets~~conditions ~~for these awards~~ had not yet been met:

	Fiscal Quarter Ended				~~Three Fiscal Quarters Ended~~
	September 7,		September 8,		September 7,		September 8,
	March 22,		March 23,
	2025		2024		2025		2024
	2026		2025
Anti-dilutive shares underlying stock-based awards
Stock options		85198,~~428~~668		4491,~~342~~269		~~89,147~~		~~46,290~~
Restricted stock awards and units		2,360		4,223		2,360		4,223
Restricted stock units		26,548		—
Performance condition not met
Restricted stock awards and units		41,957		49,742		41,957		49,742
Performance-based restricted stock units		46,924		41,957

4. Stockholders’ Deficit

The following ~~tables~~table ~~summarize~~summarizes the changes in stockholders’ deficit for the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2025~~2026.

													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at June 15, 2025		33,937,222		$	339		$	843		$	(3,971,182	)	$	(4,627	)
Balance at December 28, 2025		33,627,992		$	336		$	1,910		$	(3,898,622	)	$	(4,766	)
Net income		—			—			—			139,~~319~~811			—
Dividends declared on common stock and equivalents($1.74 per share)		—			—			—			(59,184	)		—
Dividends declared on common stock and equivalents($1.99 per share)		—			—			—			(67,278	)		—
Issuance and cancellation of stock awards, net		1789,~~498~~881			1			—			—			—
Tax payments for restricted stock upon vesting		(532,~~287~~337	)		—			(~~2,390~~337	)		—(12,558	)		—
Purchases of common stock		(~~165~~188,~~778~~304	)		(2	)		(812,~~722~~093	)		(6663,~~624~~525	)		—
Exercise of stock options		16,~~490~~091			—			~~563~~1,892			—			—
Non-cash equity-based compensation expense		—			—			108,~~325~~789			—			—
Currency translation adjustment		—			—			—			—			(~~618~~331	)
Balance at September 7, 2025		33,785,145		$	338		$	619		$	(3,957,671	)	$	(5,245	)
Balance at March 22, 2026		33,503,323		$	335		$	161		$	(3,902,172	)	$	(5,097	)

10Subsequent 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.

													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		—			—			—			420,061			—
Dividends declared on common stock and equivalents($5.22 per share)		—			—			—			(178,441	)		—
Issuance and cancellation of stock awards, net		75,668			1			—			—			—
Tax payments for restricted stock upon vesting		(24,590	)		—			(10,862	)		—			—
Purchases of common stock		(596,754	)		(6	)		(34,354	)		(242,817	)		—
Exercise of stock options		48,894			—			12,882			—			—
Non-cash equity-based compensation expense		—			—			31,681			—			—
Currency translation adjustment		—			—			—			—			2,187
Balance at September 7, 2025		33,785,145		$	338		$	619		$	(3,957,671	)	$	(5,245	)

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.

Subsequent to the end of the third quarter of 2025, on October 7, 2025, the Company’s Board of Directors declared a $1.74 per share quarterly dividend on its outstanding common stock for shareholders of record as of December 15, 2025 to be paid on December 26, 2025.9

The following ~~tables~~table ~~summarize~~summarizes the changes in stockholders’ deficit for the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2024~~2025.

													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at June 16, 2024		34,956,623		$	350		$	30,008		$	(3,916,008	)	$	(5,475	)
Balance at December 29, 2024		34,281,927		$	343		$	1,272		$	(3,956,474	)	$	(7,432	)
Net income		—			—			—			~~146~~149,~~924~~651			—
Dividends declared on common stock and equivalents($1.51 per share)		—			—			—			(52,502	)		—
Dividends declared on common stock and equivalents($1.74 per share)		—			—			—			(59,800	)		—
Issuance and cancellation of stock awards, net		354,~~466~~516			—			—			—			—
Tax payments for restricted stock upon vesting		(318,~~029~~630	)		(1—	)		(18,~~445~~158	)		—			—
Purchases of common stock		(~~443~~115,~~302~~280	)		(41	)		(3910,~~572~~132	)		(~~152~~40,~~230~~210	)		—
Exercise of stock options		1628,~~612~~280			—			37,~~202~~529			—			—
Non-cash equity-based compensation expense		—			—			910,~~517~~381			—			—
Currency translation adjustment		—			—			—			—			~~598~~343
Balance at September 8, 2024		34,530,370		$	345		$	1,710		$	(3,973,816	)	$	(4,877	)
Balance at March 23, 2025		34,230,813		$	342		$	892		$	(3,906,833	)	$	(7,089	)

													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at December 31, 2023		34,726,182		$	347		$	2,801		$	(4,069,648	)	$	(3,867	)
Net income		—			—			—			414,726			—
Dividends declared on common stock and equivalents($4.53 per share)		—			—			—			(158,565	)		—
Issuance and cancellation of stock awards, net		65,135			1			—			—			—
Tax payments for restricted stock upon vesting		(23,417	)		(1	)		(10,705	)		—			—
Purchases of common stock		(499,674	)		(5	)		(56,593	)		(160,329	)		—
Exercise of stock options		262,144			3			34,666			—			—
Non-cash equity-based compensation expense		—			—			31,541			—			—
Currency translation adjustment		—			—			—			—			(1,010	)
Balance at September 8, 2024		34,530,370		$	345		$	1,710		$	(3,973,816	)	$	(4,877	)

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. ~~The~~DPC Dash is listed on the Hong Kong Exchange (HK: 1405) and the Company accounts for its investment ~~in DPC Dash~~ 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 ~~condensed~~ consolidated statements of income. As of ~~September~~March 722, 2026 and December 28, 2025, the fair value of the Company’s investment in DPC Dash ~~ordinary shares~~ is based on the active exchange quoted price for the equity security (HK$60.40 per share as of March 22, 2026 and HK$8771.2590 per share ~~(HK:~~as ~~1405~~of December 28, 2025). The Company owned 3,901,019 ~~and 8,101,019~~ ordinary shares as of ~~September~~March 722, ~~2025~~2026 and December 2928, ~~2024~~2025, ~~respectively~~representing 3.0% ~~The Company sold 4,200,000 ordinary shares~~ of ~~its investment in~~ DPC Dash's inordinary ~~the~~shares ~~second~~as ~~quarter~~ of ~~2025~~the ~~for~~respective ~~net proceeds of $44~~dates.1 ~~million.~~

The Company recorded a ~~total net~~ negative adjustment ofto ~~$3.0 million in~~ the ~~third~~carrying ~~quarter~~amount of ~~2025~~its ~~and~~investment ain ~~total~~DPC ~~net~~Dash ~~positive adjustment~~ of $56.0 million in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025 to the carrying amount of its investment in DPC Dash~~2026, with the ~~net~~loss ~~realized and unrealized losses and gains~~ recorded in other (expense) ~~income~~ in ~~the~~its ~~Company’s~~ condensed consolidated statements of income. The Company recorded a positive ~~adjustments~~adjustment ofto ~~$26.2 million and $18.9 million in~~ the ~~third~~carrying ~~quarter~~amount of ~~2024~~its ~~and~~investment ~~three~~in ~~fiscal~~DPC ~~quarters~~Dash of ~~2024,~~$24.0 ~~respectively,~~million toin the ~~carrying~~first ~~amount~~quarter of ~~its~~2025 ~~investment in DPC Dash,~~ with the ~~unrealized~~gain ~~gains~~ recorded in other ~~(expense)~~ income in ~~the~~its ~~Company’s~~ condensed consolidated statements of income.

~~The following tables summarize the carrying amounts and fair values of certain assets at September 7, 2025 and December 29, 2024:~~10

	At September 7, 2025
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	95,531	$	95,531	$	—	$	—
Restricted cash equivalents		132,211		132,211		—		—
Investments in marketable securities		23,658		23,658		—		—
Advertising fund cash equivalents, restricted		89,495		89,495		—		—
Investment in DPC Dash		43,650		43,650		—		—

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

At December 29, 2024

At March 22, 2026

Fair Value Estimated Using

Carrying

Level 1

Level 2

Level 3

Amount

Inputs

Cash equivalents

~~127~~138,~~074~~976

—

Restricted cash equivalents

~~140~~114,~~669~~793

—

Investments in marketable securities

2025,~~638~~890

—

Advertising fund cash equivalents, restricted

7061,~~350~~749

—

Investment in DPC Dash

8230,~~699~~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 ~~fixed rate~~ 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 ~~fixed rate~~ 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 ~~fixed rate~~ notes as follows:

	September 7, 2025				December 29, 2024
	March 22, 2026				December 28, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
2015 Ten-Year Notes	$	—	$	—	$	742,000	$	739,032
2017 Ten-Year Notes	$	940,000	$	932,480	$	940,000	$	934,360
2017 Ten-Year Notes		940,000		932,480		940,000		915,560
2018 9.25-Year Notes		379,000		377,863		379,000		377,863
2018 7.5-Year Notes		—		—		402,688		399,869
2019 Ten-Year Notes		648,000		620,784		648,000		624,024
2018 9.25-Year Notes		379,000		377,863		379,000		370,662
2021 7.5-Year Notes		826,625		782,814		826,625		785,294
2019 Ten-Year Notes		648,000		625,320		648,000		599,400
2021 Ten-Year Notes		972,500		883,030		972,500		893,728
2021 7.5-Year Notes		826,625		782,814		826,625		750,576
2025 Five-Year Notes		500,000		494,500		500,000		503,000
2021 Ten-Year Notes		972,500		895,673		972,500		850,938
2025 Seven-Year Notes		500,000		498,000		500,000		506,000
2025 Five-Year Notes		500,000		503,500		—		—
2025 Seven-Year Notes		500,000		507,000		—		—

The Company ~~did~~had ~~not~~no ~~have any~~ outstanding borrowings under its variable funding notes at ~~September~~March 722, ~~2025~~2026 or December 2928, ~~2024~~2025.

~~6. Refinancing~~11

On September 5, 2025 (the “closing date”), the Company completed a refinancing transaction (the “2025 Refinancing”) in which certain of the Company’s subsidiaries issued new notes pursuant to an asset-backed securitization6. ~~The~~Leverage ~~notes~~Ratio ~~consist of $500.0 million Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A-2-I with an anticipated repayment date of July 2030 (the “2025 Five-Year Notes”)~~ and ~~$500.0~~Debt million Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A-2-II with an anticipated repayment date of July 2032 (the “2025 Seven-Year Notes,” and collectively with the 2025 Five-Year Notes, the “2025 Notes”) in an offering exempt from registration under the Securities Act of 1933, as amended. Gross proceeds from the issuance of the 2025 Notes were $1.00 billion.Classification

~~The~~While ~~proceeds~~the ~~from~~Company’s ~~the~~senior ~~issuance~~notes are outstanding, scheduled payments of ~~the~~principal ~~2025~~and ~~Notes,~~interest asare ~~well~~required asto ~~$160~~be made on a quarterly basis.0 ~~million~~In ofaccordance with the Company’s ~~unrestricted~~debt ~~cash~~agreements, ~~and~~the ~~cash~~payment ~~equivalents,~~of ~~were~~principal ~~used~~on tothe ~~(i)~~2025 ~~repay~~Five-Year Notes and the ~~remaining~~2025 ~~$742.0~~Seven-Year ~~million~~Notes inmay ~~outstanding~~be ~~principal~~suspended ~~under~~if either the ~~Company’s~~Holdco ~~2015~~Leverage ~~Ten-Year~~Ratio ~~Notes~~or ~~(refer~~Senior toLeverage ~~Note~~Ratio is less than or equal to 5.5x total debt to either Consolidated Adjusted EBITDA or Securitized Net Cash Flow, ~~above)~~each ~~and~~as defined in the ~~remaining~~indenture ~~$402.7~~governing ~~million~~the insecuritized ~~outstanding~~debt, ~~principal~~and ~~under~~no catch-up provisions are applicable. In accordance with the Company’s ~~2018~~debt agreements, the payment of principal on the 2021 7.5-Year Notes, ~~(refer~~2021 toTen-Year ~~Note 5~~Notes, ~~above)~~2019 Ten-Year Notes, ~~(ii)~~2018 ~~prefund~~9.25-Year aNotes ~~portion~~and of2017 ~~the~~Ten-Year ~~interest~~Notes ~~payable~~may onbe suspended if the ~~2025~~Holdco ~~Notes~~Leverage ~~and~~Ratio ~~(iii)~~is ~~pay~~less ~~transaction~~than ~~fees~~or equal to 5.0x total debt to Consolidated Adjusted EBITDA, each as defined in the indenture governing the securitized debt, and ~~expenses~~no catch-up provisions are applicable. InAs ~~connection~~of ~~with~~the end of the ~~2025~~first ~~Refinancing~~quarter of 2026 and the end of the fourth quarter of 2025, the Company ~~capitalized~~satisfied ~~$15.4~~the ~~million~~non-amortization tests for each respective series of ~~debt~~notes, ~~issuance~~and ~~costs~~accordingly, ~~which~~the ~~are~~outstanding ~~being~~principal ~~amortized~~amounts ~~into~~of ~~interest~~the ~~expense~~notes ~~over~~have ~~the~~been ~~five~~classified ~~and~~as ~~seven~~long-~~year~~term ~~expected~~debt ~~terms~~in the condensed consolidated balance sheets as of ~~the~~March ~~2025~~22, ~~Notes~~2026 and December 28, 2025.

The legal final maturity date of the 2025 Notes is July 2055, but it is anticipated that, unless earlier prepaid to the extent permitted under the related debt agreements, the 2025 Five-Year Notes will be repaid on or prior to the anticipated repayment date occurring in July 2030, and the 2025 Seven-Year Notes will be repaid on or prior to the anticipated repayment date occurring in July 2032. If the Company has not repaid or refinanced the 2025 Notes prior to the applicable anticipated repayment dates, additional interest of at least 5% per annum will accrue, and the Company’s cash flows other than a weekly management fee to cover certain operating expenses would be directed to the repayment of the securitized debt.

As of September 7, 2025, the 2025 Notes had original scheduled principal payments of $10.0 million in each of 2026 through 2029, $485.0 million in 2030, $5.0 million in 2031 and $470.0 million in 2032. In accordance with the Company’s debt agreements, the payment of principal on the 2025 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 Notes, 2019 Notes, 2018 9.25-Year Notes and 2017 Ten-Year Notes (refer to Note 5, above) 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 third quarter of 2025 and the end of the fourth quarter of 2024, 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 sheet as of September 7, 2025 and December 29, 2024.

Concurrent with the 2025 Refinancing, certain of the Company’s subsidiaries also issued a new variable funding note facility which allows for advances of up to $320.0 million of Series 2025-1 Variable Funding Senior Secured Notes, Class A-1 and certain other credit instruments, including letters of credit (the “2025 Variable Funding Notes”). The 2025 Variable Funding Notes were undrawn on the closing date. As of September 7, 2025, the Company had no outstanding borrowings and $263.6 million of available borrowing capacity under its 2025 Variable Funding Notes, net of letters of credit issued of $56.4 million. In connection with the issuance of the 2025 Variable Funding Notes, the Company’s previous $200.0 million Series 2021-1 and $120.0 million Series 2022-1 variable funding note facilities were canceled.

Interest on the 2025 Variable Funding Notes is payable at a rate equal to the Secured Overnight Financing Rate (“Term SOFR”) plus 150 basis points. The unused portion of the 2025 Variable Funding Notes is subject to a commitment fee of 50 basis points. It is anticipated that any amounts outstanding under the 2025 Variable Funding Notes will be repaid in full on or prior to July 2030, subject to two additional one-year extensions at the option of the Company, subject to certain conditions. Following the anticipated repayment date (and any extensions thereof), additional interest will accrue on the 2025 Variable Funding Notes equal to 5% per annum.

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 $54.08 million ~~and $5.1 million~~ were included in current other accrued liabilities as of ~~September~~both 7March 22, ~~2025~~2026 and December 2928, ~~2024, respectively~~2025. Deferred franchise fees and deferred development fees of $1411.94 million and $1512.85 million were included in long-term other accrued liabilities as of ~~September~~March 722, ~~2025~~2026 and December 2928, ~~2024~~2025, respectively.

Changes in deferred franchise fees and deferred development fees for the ~~three~~first ~~fiscal~~ quarters of ~~2025~~2026 and ~~2024~~2025 were as follows:

	Three Fiscal Quarters Ended
	Fiscal Quarter Ended
	September 7,			September 8,
	March 22,			March 23,
	2025			2024
	2026			2025
Deferred franchise fees and deferred development fees, beginning of period	$	2017,~~946~~318		$	2520,~~195~~946
Revenue recognized during the period		(41,~~316~~686	)		(41,~~292~~668	)
New deferrals due to cash received and other		~~3,297~~592			~~2,281~~726
Deferred franchise fees and deferred development fees, end of period	$	1916,~~927~~224		$	2320,~~184~~004

Advertising Fund Assets

As of ~~September~~March 722, ~~2025~~2026, advertising fund assets, restricted of $~~135~~115.8 million consisted of $~~109~~82.68 million of cash and cash equivalents, $1720.96 million of accounts receivable and $812.34 million of prepaid expenses. As of ~~September~~March 722, ~~2025~~2026, advertising fund cash and cash equivalents included $32.14 million of cash contributed from U.S. Company-owned stores that had not yet been expended.

As of December 2928, ~~2024~~2025, advertising fund assets, restricted of $~~103~~117.45 million consisted of $8092.92 million of cash and cash equivalents, $1418.34 million of accounts receivable and $86.29 million of prepaid expenses. As of December 2928, ~~2024~~2025, advertising fund cash and cash equivalents included $12.81 million of cash contributed from U.S. Company-owned stores that had not yet been expended.

1412

8. Leases

The Company leases certain retail store and supply chain center locations, vehicles, equipment and its corporate headquarters with expiration dates through ~~2045~~2046. Rent expense totaled $2122.87 million and $6521.98 million in the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2025,~~2026 ~~respectively. Rent expense totaled $21.0 million~~ and ~~$63.2 million in~~ the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2024~~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 $1.40 million and $52.0 million in the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2025,~~2026 ~~respectively. Rent expense for certain short-term supply chain center tractor~~ and ~~trailer rentals was $1.5 million and $5.4 million in~~ the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2024~~2025, respectively. Variable rent expense and rent expense for other short-term leases were immaterial in both the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2025~~2026 and ~~2024~~2025.

The components of operating and finance lease cost for the ~~third~~first quarters ~~and three fiscal quarters~~ of ~~2025~~2026 and ~~2024~~2025 were as follows:

Fiscal Quarter Ended

~~Three Fiscal Quarters Ended~~

September 7,

September 8,

September 7,

September 8,

March 22,

March 23,

2025

2024

2025

2024

2026

2025

Operating lease cost

1112,~~991~~574

1112,~~545~~112

~~36,213~~

~~34,260~~

Finance lease cost:

Amortization of right-of-use assets

1,~~239~~373

1,~~303~~258

~~3,737~~

~~3,949~~

Interest on lease liabilities

~~844~~1,220

~~943~~871

~~2,571~~

~~2,900~~

Total finance lease cost

2,~~083~~593

2,~~246~~129

~~6,308~~

~~6,849~~

Supplemental ~~cash~~balance ~~flow~~sheet information related to ~~leases for~~ the ~~three~~Company’s ~~fiscal~~finance ~~quarters~~leases as of ~~2025~~March 22, 2026 and ~~2024~~December ~~were~~28, 2025 was as follows:

	Three Fiscal Quarters Ended
	March 22,2026			December 28,2025
	September 7,			September 8,
Land and buildings	$	146,638		$	80,457
	2025			2024
Equipment		4,169			4,225
Cash paid for amounts included in the measurement of lease liabilities:
Finance lease assets		150,807			84,682
Operating cash flows from operating leases	$	35,123		$	33,693
Accumulated depreciation and amortization		(34,178	)		(32,908	)
Operating cash flows from finance leases		2,571			2,900
Finance lease assets, net	$	116,629		$	51,774
Financing cash flows from finance leases		3,022			3,014
Current portion of long-term debt	$	7,294		$	6,017
Cash paid for amounts included in the measurement of financing obligation from sale leaseback:
Long-term debt, less current portion		119,965			55,991
Operating cash flows from sale leaseback		792			896
Total principal payable on finance leases	$	127,259		$	62,008
Financing cash flows from sale leaseback		63			58
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		46,300			40,800
Finance leases		—			1,442

AsSupplemental ofcash ~~September~~flow 7,information ~~2025,~~related ~~the~~to ~~Company had additional~~ leases for ~~certain~~the ~~supply~~first ~~chain~~quarters ~~real~~of ~~estate~~2026 and ~~certain supply chain vehicles that had not yet commenced with estimated future minimum rental commitments of $161.9 million. These leases are expected to commence in~~ 2025 ~~and~~were ~~2026~~as ~~with lease terms of up to 20 years. These undiscounted amounts will be included in the Company’s condensed consolidated balance sheet at the respective commencement dates.~~follows:

The Company has guaranteed lease payments related to certain franchisees’ lease arrangements. The maximum amount of potential future payments under these guarantees was $14.1 million and $12.8 million as of September 7, 2025 and December 29, 2024, respectively. The Company does not believe these arrangements have had or are likely to have a material effect on its results of operations, financial condition, revenues, expenses or liquidity.


	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 $4.80 million at ~~September~~March 722, ~~2025~~2026 and $32.14 million at December 2928, ~~2024~~2025. The Company also had $20.5 million inand ~~non-cash financing activity related to accruals for excise taxes on share repurchases as of September 7, 2025. The Company had~~ $3.03 million in non-cash financing activity related to accruals for excise taxes on share repurchases as of ~~December~~March 2922, ~~2024,~~2026 ~~which~~and ~~was~~December ~~paid~~28, ~~in the second quarter of~~ 2025, respectively.

1510. Asset Acquisitions and Dispositions

~~10.~~During the first quarter of 2026, the Company sold its fully depreciated corporate aircraft for net proceeds and a pre-~~owned~~tax ~~Store~~realized ~~Transactions~~gain of $7.8 million.

During the second quarter of 2025, the Company refranchised 36 U.S. Company-owned stores in Maryland for proceeds of $8.5 million. The pre-tax refranchising gain associated with the sale of the related assets and liabilities, including a $1.4 million reduction in goodwill, was $3.9 million and was recorded in refranchising (gain) loss in the Company’s condensed consolidated statements of income.

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.

During each of the first and second quarters of 2024, the Company refranchised one U.S. Company-owned store for proceeds of less than $0.1 million each. The pre-tax refranchising losses associated with the sale of the related assets and liabilities, including goodwill, were approximately $0.1 million each and were recorded in refranchising (gain) loss in the Company’s condensed consolidated statements of income.

11. New Accounting Pronouncements

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

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

In November 2024, the FASB issued ASU ~~2023~~2024-0703, ~~Segment~~Income ~~Reporting~~Statement ~~(Topic~~– ~~280):~~Reporting ~~Improvements~~Comprehensive toIncome ~~Reportable~~– ~~Segment~~Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU ~~2023~~2024-0703”), 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.

~~In November 2023, the FASB issued~~ ASU ~~2023~~2024-~~07,~~03 ~~which~~is ~~requires~~effective ~~disclosure~~for ~~on an~~ annual ~~and~~reporting ~~interim~~fiscal ~~basis,~~years ofbeginning ~~significant~~after ~~segment~~December ~~expenses~~15, ~~that~~2026 ~~are regularly provided to the chief operating decision maker~~ and ~~included~~interim periods within ~~the~~fiscal ~~reported~~years ~~measure~~beginning ofafter ~~segment~~December ~~profit~~15, ~~or loss. In addition~~2027, ~~the ASU requires disclosure of other segment expenses by reportable segment~~ and aearly ~~description~~adoption ofis ~~their~~permitted. ~~composition~~The tostandard ~~permit~~may ~~the~~be ~~reconciliation~~adopted ~~between~~either ~~segment~~prospectively ~~revenue, significant segment expenses and the reported segment measure of profit~~ or ~~loss~~retrospectively. The ~~ASU~~Company ~~also~~is ~~requires~~currently ~~disclosure~~evaluating of the ~~title~~impact ~~and~~of ~~position~~this ofaccounting ~~the~~standard ~~chief~~on ~~operating~~its ~~decision~~condensed ~~maker~~consolidated financial statements.

On December 29, 2024, the end of the 2024 fiscal year, the Company adopted ASU 2023-07. The relevant interim disclosures are included within Note 2, Segment Information.

Accounting Standards Not Yet Adopted

The Company has considered all new accounting standards issued by the FASB. The Company has not yet adopted the following accounting standards:

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disclosure on an annual basis, a tabular reconciliation, including both amount and percentage of specific categories of the effective tax rate reconciliation, including state and local income taxes (net of Federal taxes), foreign taxes, effects of changes in tax laws and regulations, effects of cross-border tax laws, tax credits, changes in valuation allowances, nontaxable and nondeductible items and changes in unrecognized tax benefits. Additional disclosures are required for certain items exceeding five percent of income from continuing operations multiplied by the statutory income tax rate. The standard also requires disclosure of income taxes paid between Federal, state and foreign jurisdictions, including further disaggregation of those payments exceeding five percent of the total income taxes paid.

ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating the impact of this accounting standard on the disclosures to its consolidated financial statements.

ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40): Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40): Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disclosure in the notes to the consolidated financial statements on an annual and interim basis, of the 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 the disclosures to its 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.

1714

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 ~~2025~~2026 and ~~2024~~2025 ~~third~~first quarters referenced herein represent the twelve-week periods ended ~~September~~March 722, ~~2025~~2026 and ~~September~~March 823, ~~2024, respectively. The~~ 2025 ~~and 2024 three fiscal quarters referenced herein represent the thirty-six-week periods ended September 7~~, ~~2025 and September 8, 2024,~~ respectively. In this section, we discuss the results of our operations for the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2025~~2026 as compared to the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2024~~2025.

Overview

Domino’s is the largest pizza company in the world, with more than 2122,~~700~~300 locations in over 90 markets around the world as of ~~September~~March 722, ~~2025~~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. ~~Over~~For more than 6065 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 ~~September~~March 722, ~~2025~~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. ~~We also have agreements with Uber Technologies, Inc. and DoorDash, Inc. to allow customers to order Domino’s products through their marketplaces.~~ 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 ~~our~~the Company~~-owned stores~~. It can also yield significant cash flows to us, through a consistent franchise royalty ~~payment~~ and supply chain revenue ~~stream~~streams, ~~through~~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 ~~franchised and Company-owned~~ 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.

1815

~~Third~~First Quarter of ~~2025~~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 6.3.4% as compared to the ~~third~~first quarter of ~~2024~~2025. U.S. retail sales increased 72.08% and international retail sales, excluding foreign currency impact, increased 54.70% as compared to the ~~third~~first quarter of ~~2024~~2025. Same store sales increased 50.29% in our U.S. stores and ~~increased~~declined 10.74% in our international stores (excluding foreign currency impact).

•

MORE Stores: Global net store growth of ~~214~~180, including 2919 net store openings in the U.S. and ~~185~~161 net store openings internationally.

•

MORE Profits: Income from operations increased 129.26%.

~~Three~~Excluding ~~Fiscal~~the ~~Quarters~~positive impact of ~~2025~~foreign ~~Highlights~~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.

Global retail sales, excluding foreign currency impact (which includes total retail sales at Company-owned and franchised stores worldwide), increased 5.5% as compared to the three fiscal quarters of 2024. U.S. retail sales increased 4.5% and international retail sales, excluding foreign currency impact, increased 6.6% as compared to the three fiscal quarters of 2024. Same store sales increased 2.7% in our U.S. stores and increased 2.5% in our international stores (excluding foreign currency impact).

Global net store growth of 384, including 76 net store openings in the U.S. and 308 net store openings internationally.

Income from operations increased 8.7%.

Excluding the positive and negative impacts of foreign currency during the third quarter and three fiscal quarters of 2025, respectively, Domino’s experienced global retail sales growth, driven by same store sales growth, as well as net store growth during the trailing four quarters in both our U.S. and international businesses. 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.

Third Quarterof 2025

Third Quarterof 2024

Three Fiscal Quartersof 2025

Three Fiscal Quartersof 2024

First Quarterof 2026

First Quarterof 2025

Global retail sales:

U.S. stores

2,~~320~~302.46

2,~~168~~240.48

~~6,896.8~~

~~6,602.5~~

International stores

2,~~375~~437.81

2,223.65

~~6,933.5~~

~~6,581.9~~

Total

4,~~696~~739.27

4,~~392~~464.03

~~13,830.3~~

~~13,184.4~~

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.

	Third Quarterof 2025	Third Quarterof 2024	Three Fiscal Quartersof 2025	Three Fiscal Quartersof 2024
	First Quarterof 2026	First Quarterof 2025
U.S. stores	+ 72.08%	+ 5.1.3%	~~+ 4.5%~~	~~+ 6.6%~~
International stores (excluding foreign currency impact)	+ 54.70%	+ 58.12%	~~+ 6.6%~~	~~+ 6.5%~~
Total (excluding foreign currency impact)	+ 6.3.4%	+ 54.17%	~~+ 5.5%~~	~~+ 6.5%~~

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.

	Third Quarterof 2025	Third Quarterof 2024	Three Fiscal Quartersof 2025	Three Fiscal Quartersof 2024
	First Quarterof 2026	First Quarterof 2025
U.S. Company-owned stores	+ 31.45%	~~+ 3~~(2.19)%	~~+ 1.0%~~	~~+ 5.4%~~
U.S. franchise stores	+ 50.38%	~~+ 3.~~(0.4)%	~~+ 2.7%~~	~~+ 4.4%~~
U.S. stores	+ 50.29%	~~+ 3.~~(0.5)%	~~+ 2.7%~~	~~+ 4.5%~~
International stores (excluding foreign currency impact)	~~+ 1~~(0.74)%	+ 03.87%	~~+ 2.5%~~	~~+ 1.1%~~

U.S. same store sales increased 50.29% in the ~~third~~first quarter of ~~2025~~2026, rolling over ana ~~increase~~decline in U.S. same store sales of 3.0.5% in the ~~third~~first quarter of ~~2024. U.S. same store sales increased 2.7% in the three fiscal quarters of~~ 2025~~, rolling over an increase in U~~.S. ~~same store sales of 4.5% in the three fiscal quarters of 2024.~~ The increase in U.S. same store sales inwas ~~the~~driven ~~third~~by ~~quarter~~both ofhigher ~~2025~~average ~~was~~ticket ~~primarily~~and ~~due to~~ higher customer transaction counts,. ~~driven~~International insame ~~part~~store bysales ~~our~~(excluding ~~“Best~~foreign ~~Deal~~currency ~~Ever”~~impact) ~~promotion.~~declined ~~To a lesser extent, the increase in U~~0.S.4% ~~same store sales~~ in the ~~third~~first quarter of ~~2025~~2026, ~~was~~rolling ~~also~~over ~~driven by~~ an increase in ~~average~~international ~~ticket. The increase in U.S.~~ same store sales in(excluding ~~the~~foreign ~~three~~currency ~~fiscal~~impact) ~~quarters~~ of ~~2025 was due to both higher average ticket and higher customer transaction counts, each driven in part by the launch of our Parmesan Stuffed Crust~~3.7% ~~Multiple windows of our “Best Deal Ever” promotion also drove higher customer transaction counts~~ in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of 2025.

International same store sales (excluding foreign currency impact) increased 1.7% in the third quarter of 2025, rolling over an increase in international same store sales (excluding foreign currency impact) of 0.8% in the third quarter of 2024. International same store sales (excluding foreign currency impact) increased 2.5% in the three fiscal quarters of 2025, rolling over an increase in international same store sales (excluding foreign currency impact) of 1.1% in the three fiscal quarters of 2024. The increases in international same store sales in both the third quarter and three fiscal quarters of 2025 were driven by higher customer transaction counts.

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.FranchiseStores			TotalU.S.Stores			International Stores			Total
Store count at June 15, 2025		258			6,803			7,061			14,475			21,536
Store count at December 28, 2025		262			6,924			7,186			14,956			22,142
Openings		21			2820			3021			~~220~~212			~~250~~233
Closings		—(1	)		(1	)		(12	)		(3551	)		(3653	)
Store count at September 7, 2025		260			6,830			7,090			14,660			21,750
Store count at March 22, 2026		262			6,943			7,205			15,117			22,322
Third quarter 2025 net store growth		2			27			29			185			214
First quarter 2026 net store growth		—			19			19			161			180
Trailing four quarters net store growth		35			~~157~~169			~~160~~174			~~588~~790			~~748~~964

2017

Income Statement Data

	Third Quarterof 2025					Third Quarterof 2024					Three Fiscal Quartersof 2025					Three Fiscal Quartersof 2024
	First Quarterof 2026					First Quarterof 2025
Revenues:
U.S. Company-owned stores	$	82.71				$	8991.26				$	~~266.8~~				$	~~274.1~~
U.S. franchise royalties and fees		~~157~~158.20					~~144~~151.10					~~464.4~~					~~442.2~~
Supply chain		~~697~~699.0					~~651~~669.39					~~2,053.9~~					~~1,969.8~~
International franchise royalties and fees		7881.50					7475.6					~~231.3~~					~~220.3~~
U.S. franchise advertising		~~131~~130.65					~~120~~124.90					~~387.8~~					~~356.2~~
Total revenues		1,~~147~~150.16		100.0	%		1,~~080~~112.1		100.0	%		~~3,404.3~~		~~100.0~~	%		~~3,262.5~~		~~100.0~~	%
Cost of sales:
U.S. Company-owned stores		6972.30					7476.29					~~224.2~~					~~226.7~~
Supply chain		~~617~~614.90					~~582~~592.20					~~1,816.0~~					~~1,753.1~~
Total cost of sales		~~687~~686.21		59.96	%		~~656~~668.49		60.82	%		~~2,040.2~~		~~59.9~~	%		~~1,979.9~~		~~60.7~~	%
Gross margin		~~459~~464.95		40.14	%		~~423~~443.71		39.28	%		~~1,364.0~~		~~40.1~~	%		~~1,282.6~~		~~39.3~~	%
General and administrative		~~105~~111.14		9.17	%		~~104~~109.01		9.68	%		~~321.8~~		~~9.5~~	%		~~321.0~~		~~9.8~~	%
U.S. franchise advertising		~~131~~130.65		11.54	%		~~120~~124.90		11.21	%		~~387.8~~		~~11.4~~	%		~~356.2~~		~~10.9~~	%
Refranchising (gain) loss		—		0.0	%		—		0.0	%		(3.9	)	(0.1	)%		0.2		0.0	%
Gain on sale of assets		(7.8	)	(0.7	)%		—		—
Income from operations		~~223~~230.24		1920.50	%		~~198~~210.81		18.49	%		~~658.3~~		~~19.3~~	%		~~605.3~~		~~18.6~~	%
Other (expense) income		(36.0	)	(0.35	)%		2624.20		2.42	%		~~5.0~~		~~0.2~~	%		~~18.9~~		~~0.6~~	%
Interest expense, net		(4143.07	)	(3.68	)%		(4041.46	)	(3.78	)%		~~(123.4~~	)	~~(3.6~~	)%		~~(123.0~~	)	~~(3.8~~	)%
Income before provision for income taxes		~~179~~180.26		15.67	%		~~184~~192.65		17.13	%		~~539.9~~		~~15.9~~	%		~~501.2~~		~~15.4~~	%
Provision for income taxes		3940.98		3.5	%		3742.78		3.58	%		~~119.9~~		~~3.6~~	%		~~86.5~~		~~2.7~~	%
Net income	$	139.38		12.12	%	$	~~146~~149.97		13.65	%	$	~~420.1~~		~~12.3~~	%	$	~~414.7~~		~~12.7~~	%

Revenues

	Third Quarterof 2025				Third Quarterof 2024				Three Fiscal Quartersof 2025				Three Fiscal Quartersof 2024
	First Quarterof 2026				First Quarterof 2025
U.S. Company-owned stores	$	82.71	7.21	%	$	8991.26	8.32	%	$	~~266.8~~	~~7.8~~	%	$	~~274.1~~	~~8.4~~	%
U.S. franchise royalties and fees		~~157~~158.20	13.7	%		~~144~~151.10	13.36	%		~~464.4~~	~~13.7~~	%		~~442.2~~	~~13.5~~	%
Supply chain		~~697~~699.0	60.8	%		~~651~~669.39	60.3	%		~~2,053.9~~	~~60.3~~	%		~~1,969.8~~	~~60.4~~	%
International franchise royalties and fees		7881.50	67.80	%		7475.6	6.98	%		~~231.3~~	~~6.8~~	%		~~220.3~~	~~6.8~~	%
U.S. franchise advertising		~~131~~130.65	11.54	%		~~120~~124.90	11.21	%		~~387.8~~	~~11.4~~	%		~~356.2~~	~~10.9~~	%
Total revenues	$	1,~~147~~150.16	100.0	%	$	1,~~080~~112.1	100.0	%	$	~~3,404.3~~	~~100.0~~	%	$	~~3,262.5~~	~~100.0~~	%

Revenues primarily consist of retail sales from our Company-owned stores, royalties and fees and advertising contributions from our U.S. franchised stores, royalties and fees from our international franchised stores and sales of food and, to a lesser extent, other products from our supply chain centers to substantially all of our U.S. franchised stores and certain international franchised stores. Company-owned store and franchised store revenues may vary from period to period due to changes in store count mix. Supply chain revenues may vary significantly from period to period as a result of fluctuations in commodity prices as well as the mix of products we sell.

Consolidated revenues increased $6638.95 million, or 63.25%, in the ~~third~~first quarter of ~~2025~~2026 as compared to the ~~third~~first quarter of ~~2024, and consolidated revenues increased $141.8 million, or 4.3%, in the three fiscal quarters of~~ 2025 ~~as compared to the three fiscal quarters of 2024~~, primarily due to higher supply chain revenues and higher ~~U.S.~~global franchise royalties and ~~fees and~~ advertising revenues. The increase in supply chain revenues was primarily attributable to ~~higher order volumes and~~ an increase in our food basket pricing to stores and higher order volumes, but these increases were partially offset by a shift in the relative mix of products we sell ~~and the transition of our equipment and supplies business to a third-party supplier~~. The increases in U.S. franchise royalties and ~~fees and~~ advertising revenues were driven primarily by ~~same store sales growth and~~ net store growth during the trailing four quarters. Uand higher same store sales.S. International franchise ~~advertising~~royalties ~~revenues~~increased ~~also~~primarily ~~increased~~due asto athe ~~result~~positive impact of aforeign ~~decrease~~currency inexchange ~~advertising~~rates ~~incentives~~on ~~related~~international tofranchise ~~certain~~royalty ~~brand~~revenues ~~promotions~~of ~~and~~$3.6 ~~the~~million, ~~increase~~as inwell ~~the~~as ~~advertising~~net ~~contribution~~store ~~rate~~growth induring the ~~three~~trailing ~~fiscal~~four quarters ~~of 2025~~. These changes in revenues are described in more detail below.

2118

U.S. Stores

	Third Quarterof 2025				Third Quarterof 2024				Three Fiscal Quartersof 2025				Three Fiscal Quartersof 2024
	First Quarterof 2026				First Quarterof 2025
U.S. Company-owned stores	$	82.71	22.32	%	$	8991.26	25.20	%	$	~~266.8~~	~~23.8~~	%	$	~~274.1~~	~~25.6~~	%
U.S. franchise royalties and fees		~~157~~158.20	42.36	%		~~144~~151.10	4041.72	%		~~464.4~~	~~41.5~~	%		~~442.2~~	~~41.2~~	%
U.S. franchise advertising		~~131~~130.65	35.42	%		~~120~~124.90	3433.18	%		~~387.8~~	~~34.7~~	%		~~356.2~~	~~33.2~~	%
Total U.S. stores revenues	$	~~371~~370.56	100.0	%	$	~~354~~366.26	100.0	%	$	~~1,119.0~~	~~100.0~~	%	$	~~1,072.4~~	~~100.0~~	%

U.S. Company-owned Stores

Revenues from U.S. Company-owned store operations decreased $69.5 million, or 710.24%, in the ~~third~~first quarter of ~~2025,~~2026 ~~and decreased $7.3 million, or 2.7%, in the three fiscal quarters of 2025, each~~ primarily driven by the refranchising of ~~36 stores in~~ the Maryland market in May of 2025,. ~~but~~This ~~these~~decrease ~~decreases~~was ~~were~~ partially offset by higher same store sales.

U.S. Company-owned same store sales increased 31.45% in the ~~third~~first quarter of ~~2025~~2026 and ~~increased~~declined 32.19% in the ~~third~~first quarter of ~~2024. U.S. Company-owned same store sales increased 1.0% in the three fiscal quarters of~~ 2025 ~~and increased 5~~.~~4% in the three fiscal quarters of 2024.~~

U.S. Franchise Royalties and Fees

Revenues from U.S. franchise royalties and fees increased $137.10 million, or 94.16%, in the ~~third~~first quarter of ~~2025,~~2026 ~~and increased $22.2 million, or 5.0%, in the three fiscal quarters of 2025,~~ primarily due to ~~higher same store sales and~~ an increase in the average number of U.S. franchised stores open during the period resulting from net store growth and higher same store sales.

U.S. franchise same store sales increased 50.38% in the ~~third~~first quarter of ~~2025~~2026 and ~~increased~~declined 3.0.4% in the ~~third~~first quarter of ~~2024. U.S. franchise same store sales increased 2.7% in the three fiscal quarters of~~ 2025 ~~and increased 4~~.4% ~~in the three fiscal quarters of 2024.~~

U.S. Franchise Advertising

Revenues from U.S. franchise advertising increased $106.76 million, or 85.93%, in the ~~third~~first quarter of ~~2025~~2026 primarily asdue ato ~~result of higher same stores sales and~~ an increase in the average number of U.S. franchised stores open during the period resulting from net store growth~~. Revenues from U.S. franchise advertising increased $31.6 million~~, ~~or 8.9%, in the three fiscal quarters of 2025 primarily due to higher same store sales,~~ a decrease in advertising incentives ~~related~~and tohigher ~~certain~~same ~~brand promotions, an increase in the average number of U.S. franchised stores open during the period resulting from net~~ store ~~growth, as well as the return to the standard 6~~sales.~~0% advertising contribution rate at the beginning of the second quarter of 2024 following the end of the temporary reduction to 5.75%.~~

Supply Chain

Supply chain revenues increased $4529.~~6 million, or 7.~~0%, ~~in the third quarter of 2025, and increased $84.2~~ million, or 4.3%, in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025,~~2026 ~~each~~primarily due to ~~higher order volumes and~~ an increase in our food basket pricing to stores. ~~These~~and higher order volumes, but these increases were partially offset by a shift in the relative mix of products we sell ~~and the transition of our equipment and supplies business to a third-party supplier~~. Our food basket pricing to stores increased 32.36% in the ~~third~~first quarter of ~~2025 and increased 4.3% in the three fiscal quarters of 2025~~2026, which resulted in an estimated $3316 million increase in supply chain revenues ~~in the third quarter of 2025, and an estimated $115 million increase in the three fiscal quarters of 2025~~. The food basket pricing change, a statistical measure utilized by management, 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 our U.S. supply chain centers against the comparable period of the prior year. We believe this measure is important to understanding Company performance because as our food basket prices fluctuate, our revenues, cost of sales and gross margin percentages in our supply chain segment also fluctuate.

International Franchise Royalties and Fee Revenues

Revenues from international franchise royalties and fees increased $35.94 million, or 57.2%, in the ~~third~~first quarter of ~~2025,~~2026 ~~and~~primarily ~~increased~~due ~~$11.0~~to ~~million,~~the orpositive ~~5.0%,~~impact of changes in ~~the~~foreign ~~three~~currency ~~fiscal~~exchange ~~quarters~~rates of ~~2025~~approximately $3.6 million, ~~primarily~~as ~~due~~well toas an increase in the average number of international franchised stores open during the period resulting from net store growth,. asThese ~~well~~increases aswere partially offset by a decline in international same store sales ~~growth~~ (excluding foreign currency impact). ~~Changes~~ in ~~foreign currency exchange rates had an impact on international franchise royalty revenues of approximately positive $0.8 million in~~ the ~~third~~first quarter of ~~2025 and negative $2~~2026.6 ~~million in the three fiscal quarters of 2025.~~ The impact of changes in foreign currency exchange rates on international franchise royalty revenues, a statistical measure utilized by management, is calculated as the difference in international franchise royalty revenues resulting from translating current year local currency results to U.S. dollars at current year exchange rates as compared to prior year exchange rates. We believe this measure is important to understanding Company performance given the significant variability in international franchise royalty revenues that can be driven by changes in foreign currency exchange rates.

International franchise same store sales ~~increased~~declined 10.74% in the ~~third~~first quarter of ~~2025~~2026 and increased 03.87% in the ~~third~~first quarter of ~~2024, each excluding the impact of foreign currency exchange rates. International franchise same store sales increased 2.5% in the three fiscal quarters of~~ 2025 ~~and increased 1.1% in the three fiscal quarters of 2024~~, each excluding the impact of foreign currency exchange rates.

Cost of Sales / Gross Margin

	Third Quarterof 2025				Third Quarterof 2024				Three Fiscal Quartersof 2025				Three Fiscal Quartersof 2024
	First Quarterof 2026				First Quarterof 2025
Total revenues	$	1,~~147~~150.16	100.0	%	$	1,~~080~~112.1	100.0	%	$	~~3,404.3~~	~~100.0~~	%	$	~~3,262.5~~	~~100.0~~	%
Total cost of sales		~~687~~686.21	59.96	%		~~656~~668.49	60.82	%		~~2,040.2~~	~~59.9~~	%		~~1,979.9~~	~~60.7~~	%
Gross margin	$	~~459~~464.95	40.14	%	$	~~423~~443.71	39.28	%	$	~~1,364.0~~	~~40.1~~	%	$	~~1,282.6~~	~~39.3~~	%

Consolidated cost of sales consists of U.S. Company-owned store and supply chain costs incurred to generate related revenues. Components of consolidated cost of sales primarily include food and labor costs, as well as other costs including delivery, occupancy costs (including rent, telephone, utilities and depreciation) and insurance expense. Consolidated gross margin (which we define as revenues less cost of sales) increased $3621.24 million, or 84.58%, in the ~~third~~first quarter of ~~2025~~2026, ~~and~~primarily ~~increased $81.4 million, or 6.3%, in the three fiscal quarters of 2025,~~ due ~~primarily~~ to higher global franchise ~~royalty~~royalties and advertising revenues (as discussed above), as well as gross margin dollar growth within supply chain, discussed below. Franchise revenues do not have a cost of sales component, so changes in these revenues have a disproportionate effect on gross margin. Additionally, as food basket prices fluctuate, revenues, cost of sales and gross margin percentages in our supply chain segment also fluctuate, and further, cost of sales, gross margins and gross margin percentages for our U.S. Company-owned stores also fluctuate.

~~Consolidated~~As ~~gross margin, as~~ a percentage of revenues, ~~increased~~consolidated ~~0.9 percentage points to 40.1% in the third quarter of 2025 from 39.2% in the third quarter of 2024. Consolidated~~ gross margin, ~~as a percentage of revenues,~~ increased 0.86 percentage points to 40.14% in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025~~2026 from 39.38% in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2024~~2025. U.S. Company-owned store gross margin decreased 03.58 ~~and 1.3~~ percentage points in the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2025~~2026, ~~respectively.~~and ~~Supply~~supply chain gross margin increased 0.~~7 and 0.~~6 percentage points in the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2025, respectively~~2026. Changes in the significant components of gross margin are described in more detail below.

U.S. Company-Owned Store Gross Margin

	Third Quarterof 2025				Third Quarterof 2024				Three Fiscal Quartersof 2025				Three Fiscal Quartersof 2024
	First Quarterof 2026				First Quarterof 2025
Revenues	$	82.71	100.0	%	$	8991.26	100.0	%	$	~~266.8~~	~~100.0~~	%	$	~~274.1~~	~~100.0~~	%
Cost of sales		6972.30	8387.78	%		7476.29	8384.20	%		~~224.2~~	~~84.0~~	%		~~226.7~~	~~82.7~~	%
Store gross margin	$	1310.51	1612.32	%	$	1514.07	16.80	%	$	~~42.6~~	~~16.0~~	%	$	~~47.4~~	~~17.3~~	%

U.S. Company-owned store gross margin (which does not include certain store-level costs such as royalties and advertising) decreased $14.56 million, or 931.96%, in the ~~third~~first quarter of ~~2025, and decreased $4~~2026.8 ~~million, or 10.1%, in the three fiscal quarters of 2025.~~ As a percentage of store revenues, U.S. Company-owned store gross margin decreased 03.58 percentage points in the ~~third~~first quarter of ~~2025, and decreased 1~~2026.3 ~~percentage points in the three fiscal quarters of 2025.~~ These changes in gross margin as a percentage of revenues are discussed in additional detail below.

•

Food costs increased 0.7 percentage points to 2930.74% in the ~~third~~first quarter of ~~2025 and increased 0.8 percentage points to 29.6% in the three fiscal quarters of 2025~~2026, ~~each~~ driven by the increase in the food basket pricing to stores.

•

Labor costs ~~decreased~~increased 01.23 percentage points to 3033.92% in the ~~third~~first quarter of ~~2025 and decreased 0.4 percentage points to 30.9% in the three fiscal quarters of 2025~~2026, ~~each~~ due to ~~sales leverage, but were partially offset by~~ higher wage rates. ~~Store level productivity also contributed to the improvement in labor costs in the three fiscal quarters of 2025.~~

•

Higher insurance costs ~~contributed~~drove to the remaining decrease in U.S. Company-owned store gross margin as a percentage of revenues in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025~~2026.

Supply Chain Gross Margin

	Third Quarterof 2025				Third Quarterof 2024				Three Fiscal Quartersof 2025				Three Fiscal Quartersof 2024
	First Quarterof 2026				First Quarterof 2025
Revenues	$	~~697~~699.0	100.0	%	$	~~651~~669.39	100.0	%	$	~~2,053.9~~	~~100.0~~	%	$	~~1,969.8~~	~~100.0~~	%
Cost of sales		~~617~~614.90	8887.78	%		~~582~~592.20	8988.4	%		~~1,816.0~~	~~88.4~~	%		~~1,753.1~~	~~89.0~~	%
Supply chain gross margin	$	7985.10	1112.32	%	$	6977.19	1011.6	%	$	~~238.0~~	~~11.6~~	%	$	~~216.6~~	~~11.0~~	%

Supply chain gross margin increased $107.0 million, or 149.30%, in the ~~third~~first quarter of ~~2025, and increased $21~~2026.4 ~~million, or 9.8%, in the three fiscal quarters of 2025.~~ As a percentage of supply chain revenues, supply chain gross margin increased 0.76 percentage points in the ~~third~~first quarter of ~~2025, and increased 0~~2026.6 ~~percentage points in the three fiscal quarters of 2025.~~ These changes in gross margin as a percentage of revenues are discussed in additional detail below.

•

Food costs decreased 0.34 percentage points to 7170.10% in the ~~third~~first quarter of ~~2025 and decreased 0.5 percentage points to 70.8% in the three fiscal quarters of 2025~~2026, ~~each~~ driven primarily by procurement productivity, partially offset by the increase in the cost of our food basket.

•

Labor costs ~~decreased~~were ~~0.3 percentage points to 8.~~9.2% in both the ~~third~~first quarter of ~~2025~~2026 and ~~decreased 0.4 percentage points to 8.9% in the three fiscal quarters of~~ 2025~~, primarily due to higher sales leverage and labor efficiency~~.

~~Higher insurance costs partially offset these improvements in supply chain gross margin as a percentage of revenues in the three fiscal quarters of 2025.~~20

General and Administrative Expenses

General and administrative expenses increased $12.13 million, or 12.1%, in the ~~third~~first quarter of ~~2025.~~2026, ~~General~~primarily ~~and~~due ~~administrative~~to ~~expenses~~higher ~~increased~~professional ~~$0.8~~fees ~~million,~~and orcomputer 0expenses.~~3%,~~ inThese ~~the~~increases ~~three~~were ~~fiscal~~partially ~~quarters~~offset ofby ~~2025, primarily due to~~ approximately $5 million in severance expenses associated with an organizational realignment that took place in the first quarter of 2025, ~~offset~~that ~~by expenses related to our Worldwide Rally in the second quarter of 2024, which takes place every two years and~~ did not reoccur in ~~2025~~2026.

U.S. Franchise Advertising Expenses

U.S. franchise advertising expenses increased $106.76 million, or 85.93%, in the ~~third~~first quarter of ~~2025~~2026, ~~and increased $31.6 million, or 8.9%, in the three fiscal quarters of 2025,~~ consistent with the increase in U.S. franchise advertising revenues, as discussed above. U.S. franchise advertising costs are accrued and expensed when the related U.S. franchise advertising revenues are recognized, as our consolidated not-for-profit advertising fund is obligated to expend such revenues on advertising and other activities that promote the Domino’s brand, and these revenues cannot be used for general corporate purposes.

24Gain on Sale of Assets

~~Refranchising~~During ~~(Gain)~~the ~~Loss~~first quarter of 2026, we recorded a $7.8 million pre-tax realized gain associated with the sale of our fully depreciated corporate aircraft.

During the second quarter of 2025, we refranchised 36 U.S. Company-owned stores in Maryland for net proceeds of $8.5 million. The pre-tax refranchising gain associated with the sale of the related assets and liabilities, including a $1.4 million reduction in goodwill, was $3.9 million and was recorded in refranchising (gain) loss in our condensed consolidated statements of income.

During each of the first and second quarters of 2024, we refranchised one U.S. Company-owned store for proceeds of less than $0.1 million each. The pre-tax refranchising loss associated with the sale of the related assets and liabilities, including goodwill, were approximately $0.1 million each and were recorded in refranchising (gain) loss in our condensed consolidated statements of income.

Other (Expense) Income

~~During~~Other ~~the~~expense ~~third~~was ~~quarter~~$6.0 ~~and~~million ~~three~~in ~~fiscal~~the ~~quarters~~first quarter of ~~2025~~2026, wewhile ~~recorded~~other aincome ~~total~~was ~~net~~ $324.0 million ~~pre-tax~~in ~~unrealized~~the ~~loss~~first ~~and~~quarter aof ~~total~~2025, ~~net~~each ~~$5.0~~representing ~~million~~the ~~pre-tax~~net ~~realized and~~ unrealized ~~gain,~~losses ~~respectively,~~and gains on our investment in DPC Dash. ~~(refer~~The torecorded ~~Note~~amount 5 of ~~the~~our ~~condensed~~investment ~~consolidated~~is ~~financial~~based ~~statements).~~on ~~During~~ the ~~third~~active ~~quarter~~exchange ~~and~~quoted ~~three~~price ~~fiscal~~for ~~quarters~~the ofequity ~~2024, we recorded a $26~~security.2 ~~million~~Additional ~~and~~information anrelated ~~$18.9~~to ~~million pre-tax unrealized gain, respectively, on~~ our investment in DPC Dash. ~~The recorded amount of our investment~~ is ~~based~~included onin ~~the~~Note ~~active~~5 ~~exchange~~to ~~quoted~~our ~~price~~condensed ~~for~~consolidated ~~the~~financial ~~equity security~~statements.

Interest Expense, Net

Interest expense, net increased $02.61 million, or 15.40%, in the ~~third~~first quarter of ~~2025~~2026, ~~and~~driven ~~increased~~primarily ~~$0.4~~by ~~million,~~lower orinterest ~~0.3%,~~income inon ~~the~~our ~~three~~cash ~~fiscal quarters of 2025~~equivalents.

Our weighted average borrowing rate ~~was~~increased to 3.89% in ~~each~~the first quarter of ~~the~~2026 ~~third~~from ~~quarters~~3.8% ~~and~~in ~~three~~the ~~fiscal~~first ~~quarters~~quarter of 2025 ~~and 2024~~.

Provision for Income Taxes

Provision for income taxes ~~increased~~decreased $2.20 million, or 54.87%, in the ~~third~~first quarter of ~~2025~~2026 due to alower ~~higher~~income ~~effective~~before ~~tax~~provision ~~rate~~for income taxes. The effective tax rate increased to 22.36% during the ~~third~~first quarter of ~~2025~~2026 as compared to 2022.43% in the ~~third~~first quarter of ~~2024~~2025.

Provision for income taxes increased $33.4 million, or 38.6%, in the three fiscal quarters of 2025 due to a higher effective tax rate, as well as higher income before provision for income taxes. The effective tax rate increased to 22.2% during the three fiscal quarters of 2025 as compared to 17.3% in the three fiscal quarters of 2024, driven primarily by a 3.8 percentage point unfavorable change in the impact of excess tax benefits from equity-based compensation.21

WeSegment ~~applied~~Adjusted ~~the~~Income ~~relevant~~from provisions of the One Big Beautiful Bill Act in the third quarter of 2025 following its enactment on July 4, 2025, including provisions related to bonus depreciation, research and development and foreign derived intangible income and it did not have a material impact on our condensed consolidated financial statements.Operations

25Beginning in the first quarter of 2026, we evaluate the performance of our reportable segments and allocate 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. Our 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. Segment Adjusted Income from Operations for each of our reportable segments is summarized in the table below. Prior year amounts have been recast to reflect this change in the measure of segment profit used by our chief operating decision maker.

Segment Income


	First Quarter of 2026		First Quarter of 2025
U.S. stores	$	132.4	$	128.9
Supply chain		65.5		63.6
International franchise		69.5		63.7

We evaluate the performance of our reportable segments and allocate resources to them based on earnings before interest, taxes, depreciation, amortization and other, referred to as Segment Income. Segment Income for each of our reportable segments is summarized in the table below.

	Third Quarterof 2025		Third Quarterof 2024		Three Fiscal Quartersof 2025		Three Fiscal Quartersof 2024
U.S. stores	$	136.3	$	128.6	$	402.1	$	394.2
Supply chain		70.2		61.2		217.2		190.7
International franchise		67.3		62.4		196.6		180.8

U.S. Stores

U.S. stores Segment Adjusted Income ~~increased~~from ~~$7.7~~Operations ~~million,~~increased ~~or 6.0%, in the third quarter of 2025, primarily due to higher U.S. franchise royalties and fees revenues, as discussed above. This increase was partially offset by the~~ $13.5 million ~~decrease in U.S. Company-owned store gross margin~~, ~~as discussed above. U.S. stores Segment Income increased $7.9 million,~~ or 2.07%, in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025~~2026, primarily due to higher U.S. franchise royalties and fees revenues, but ~~this increase~~ was partially offset by the $4.86 million decrease in U.S. Company-owned store gross margin, as discussed above~~, as well as a shift in the relative mix of labor cost associated with internally developed software~~.

U.S. franchise revenues do not have a cost of sales component, so changes in these revenues have a disproportionate effect on U.S. stores Segment Adjusted Income from Operations. U.S. franchise advertising costs are accrued and expensed when the related U.S. franchise advertising revenues are recognized and had no impact on U.S. stores Segment Adjusted Income from Operations.

Supply Chain

Supply chain Segment Adjusted Income from Operations increased $91.09 million, or 143.70%, in the ~~third~~first quarter of ~~2025~~2026, primarily due to the $107.0 million increase in supply chain gross margin discussed above. ~~Supply chain Segment Income increased $26.5 million, or 13.9%, in the three fiscal quarters of 2025, primarily due to the $21.4 million increase in supply chain gross margin discussed above.~~

International Franchise

International franchise Segment Adjusted Income ~~increased~~from ~~$4.9~~Operations ~~million, or 7.9%, in the third quarter of 2025, and~~ increased $155.8 million, or 89.71%, in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025~~2026, primarily due to higher international franchise royalties and fees revenues, as discussed above. In addition, lower general and administrative expenses also contributed to the increase in international franchise Segment Income in the three fiscal quarters of 2025. The decrease in general and administrative expenses primarily related to our Worldwide Rally in the second quarter of 2024, which did not reoccur in 2025 as discussed above. International franchise revenues do not have a cost of sales component, so changes in these revenues have a disproportionate effect on international franchise Segment Adjusted Income. from Operations.

2622

Liquidity and Capital Resources

Historically, our receivable collection periods and inventory turn rates are faster than the normal payment terms on our current liabilities resulting in efficient deployment of working capital. We generally collect our receivables within three weeks from the date of the related sale and we generally experience multiple inventory turns per month. In addition, our sales are not typically seasonal, which further limits variations in our working capital requirements. As of ~~September~~March 722, ~~2025~~2026, we had working capital of $~~123~~171.0 million, excluding restricted cash and cash equivalents of $~~202~~183.56 million, advertising fund assets, restricted, of $~~135~~115.8 million and advertising fund liabilities of $~~132~~113.74 million. Working capital includes total unrestricted cash and cash equivalents of $~~139~~232.79 million.

Our primary sources of liquidity are cash flows from operations and availability of borrowings under our variable funding notes. During the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2025~~2026, we experienced an increase in both U.S. and international retail sales (excluding foreign currency impact). Additionally, both our U.S. and international businesses grew store counts during the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2025~~2026. These factors contributed to our continued ability to generate positive operating cash flows. In addition to our cash flows from operations, we have a variable funding note facility. Our Series 2025-1 Variable Funding Senior Secured Notes, Class A-1 Notes (the “2025 Variable Funding Notes”), allows for advances of up to $320.0 million and issuance of certain other credit instruments, including letters of credit. The letters of credit primarily relate to our casualty insurance programs. As of ~~September~~March 722, ~~2025~~2026, we had no outstanding borrowings and $263.6 million of available borrowing capacity under our 2025 Variable Funding Notes, net of letters of credit issued of $56.4 million.

We expect to continue to use our unrestricted cash and cash equivalents, cash flows from operations, any excess cash from our refinancing and recapitalization transactions and available borrowings under our 2025 Variable Funding Notes to, among other things, fund working capital requirements, invest in our core business and other strategic opportunities, repay outstanding borrowings under our securitized debt, pay dividends and repurchase and retire shares of our common stock.

Our ~~ability~~primary tosources ~~continue~~of toliquidity ~~fund these items and continue to service our debt~~ could be adversely affected by the occurrence of any of the events described under “Risk Factors” in our ~~2024~~2025 Form 10-K. There can be no assurance that our business will generate sufficient cash flows from operations or that future borrowings will be available under our 2025 Variable Funding Notes or otherwise to enable us to service our indebtedness, or to make anticipated capital expenditures. Our future operating performance and our ability to service, extend or refinance our ~~outstanding senior~~ notes and to service, extend or refinance our 2025 Variable Funding Notes will be subject to future economic conditions and to financial, business and other factors, many of which are beyond our control.

Restricted Cash

As of ~~September~~March 722, ~~2025~~2026, we had $~~151~~133.97 million of restricted cash and cash equivalents held for future principal and interest payments and other working capital requirements of our asset-backed securitization structure, $5049.47 million of restricted cash equivalents held in a three-month interest reserve as required by the ~~indenture~~related ~~governing the securitized~~ debt agreements and $0.2 million of other restricted cash for a total of $~~202~~183.56 million of restricted cash and cash equivalents. As of ~~September~~March 722, ~~2025~~2026, we also held $~~109~~82.68 million of advertising fund restricted cash and cash equivalents which can only be used for activities that promote the Domino’s brand.

Long-Term Debt

As of ~~September~~March 722, ~~2025~~2026, we had approximately $4.8288 billion of long-term debt. As of ~~September~~March 722, ~~2025~~2026, our fixed rate notes ~~had~~from ~~original~~the ~~scheduled~~recapitalization ~~principal~~and ~~payments~~refinancing oftransactions ~~$9.8~~we ~~million~~completed in ~~the~~2025, ~~remainder~~2021, ~~of 2025~~2019, 2018 and 2017 had original scheduled principal payments of $49.3 million in 2026, $1.34 billion in 2027, $~~834~~836.34 million in 2028, $~~646~~647.18 million in 2029, $495.0 million in 2030, $~~925~~927.05 million in 2031 and $470.0 million in 2032. However, in accordance with our debt agreements, the payment of principal on the 2025 Five-Year Notes and the 2025 Seven-Year Notes ~~(refer to Note 5 to the condensed consolidated financial statements)~~ 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. ~~Further,~~In in accordance with our 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 ~~(refer to Note 5 to the condensed consolidated financial statements)~~ 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 ~~third~~first quarter of ~~2025~~2026 and the ~~end of the~~ fourth quarter of ~~2024~~2025, we 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 sheet as of ~~September~~March 722, ~~2025~~2026 and December 2928, ~~2024~~2025.

The anticipated repayment date for the 2018 9.25-Year Notes and the 2017 Ten-Year Notes is July 2027. The Company expects to refinance the 2018 9.25-Year Notes and the 2017 Ten-Year Notes prior to the anticipated repayment date. If the Company does not refinance the 2018 9.25-Year Notes and the 2017 Ten-Year Notes prior to the anticipated repayment date, additional interest of at least 5% per annum will accrue and the Company’s cash flows other than a weekly management fee to cover certain operating expenses would be directed to the repayment of the securitized debt.

The notes are subject to certain financial and non-financial covenants, including a debt service coverage ratio calculation. The covenant requires a minimum coverage ratio of 1.75x total debt service to Securitized Net Cash Flow, each as defined in the indenture governing the securitized debt. In the event that certain covenants are not met, the notes may become due and payable on an accelerated schedule.

Share Repurchase Programs

Our share repurchase programs have historically been funded by excess operating cash flows, excess proceeds from our ~~refinancing and~~ recapitalization transactions and borrowings under our variable funding ~~note facilities~~notes.

During the ~~third~~first quarter of ~~2025~~2026, we repurchased and retired ~~165~~188,~~778~~304 shares of our common stock under our Board of Directors-approved share repurchase program for a total of approximately $7475.71 million. ~~During~~As of March 22, 2026, we had a total remaining authorized amount for share repurchases of approximately $384.6 million. Subsequent to the ~~three~~end ~~fiscal~~of ~~quarters~~the first quarter of ~~2025~~2026 and through April 21, 2026, we repurchased and retired ~~596~~an additional 257,~~754~~545 shares of ~~our~~ common stock ~~under~~for a total of approximately $94.4 million. Subsequent to the end of the first quarter of 2026, on April 21, 2026, our Board of Directors~~-approved~~ authorized an additional share repurchase program ~~for~~to arepurchase ~~total~~up ofto ~~approximately~~ $~~274~~1.70 ~~million.~~billion As of ~~September~~our 7,common ~~2025~~stock, wein ~~had~~addition ato ~~total~~the ~~remaining~~$290.2 ~~authorized~~million ~~amount~~that was previously remaining for ~~share~~a ~~repurchases~~total authorization of ~~approximately~~ $~~539~~1.729 ~~million.~~billion for future share repurchases.

Dividends

On ~~July~~February 1518, ~~2025~~2026, our Board of Directors declared a $1.7499 per share quarterly dividend on our outstanding common stock for shareholders of record as of ~~September~~March 1513, ~~2025~~2026, which was paid on ~~September~~March 30, ~~2025~~2026. We had approximately $6168.25 million accrued for common stock dividends at ~~September~~March 722, ~~2025~~2026. Subsequent to the end of the ~~third~~first quarter of ~~2025~~2026, on ~~October~~April 721, ~~2025~~2026, our Board of Directors declared a $1.7499 per share quarterly dividend on our outstanding common stock for shareholders of record as of ~~December~~June 15, ~~2025~~2026, to be paid on ~~December~~June 2630, ~~2025~~2026.

2824

Sources and Uses of Cash

The following table illustrates the main components of our cash flows:

	Three Fiscal Quartersof 2025			Three Fiscal Quartersof 2024
	First Quarterof 2026			First Quarterof 2025
Cash flows provided by (used in)
Net cash provided by operating activities	$	~~552~~162.30		$	~~446~~179.91
Net cash used in investing activities		(68.1	)		(7116.90	)
Net cash used in financing activities		(~~558~~88.24	)		(~~313~~51.09	)
Effect of exchange rate changes on cash		1(0.51	)		(0.63	)
Change in cash and cash equivalents, restricted cash and cash equivalents	$	~~(10~~65.64	)	$	61111.45

Operating Activities

Cash provided by operating activities ~~increased~~decreased $~~105~~17.41 million in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025~~2026, primarily as a result of the ~~positive~~negative impact of changes in operating assets and liabilities~~, higher net income excluding non-cash operating activities and a positive change in restricted advertising fund assets and liabilities~~. The ~~positive~~negative impact of changes in operating assets and liabilities of $4833.15 million primarily related to the timing of payments on accounts payable and ~~accounts~~accrued ~~receivable~~liabilities in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025~~2026 as compared to the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2024~~2025. ~~The~~This increase inwas ~~net~~partially ~~cash~~offset ~~provided~~ by ~~operating activities was also a result of higher~~ net income, excluding non-cash ~~operating activities~~adjustments. Net income ~~increased~~decreased $59.38 million, ~~and~~however, this decrease was more than offset by the positive impact of non-cash adjustments ~~increased~~of $26.98 million (primarily representing ~~changes in deferred income taxes and~~ the changes in the ~~total~~pre-tax ~~net~~unrealized ~~realized~~losses and ~~unrealized~~ gains associated with the remeasurement of ~~the~~our ~~Company’s~~ investment in DPC Dash), ~~resulting~~and ~~in an overall increase to cash provided by operating activities in~~ the ~~three~~pre-tax ~~fiscal~~realized ~~quarters~~gain ofassociated ~~2025~~with ~~as compared to~~ the ~~three~~sale ~~fiscal quarters~~ of ~~2024~~our offully ~~$32.2~~depreciated ~~million.~~corporate ~~Finally~~aircraft), ~~the~~resulting ~~$25.1~~in ~~million~~an ~~positive~~overall ~~impact~~increase ofto ~~changes~~cash inprovided ~~restricted~~by ~~advertising~~operating ~~fund~~activities ~~assets and liabilities~~ in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025~~2026 as compared to the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2024~~2025 ~~was a result~~ of ~~the timing and amount of advertising activities~~$17.0 million.

Investing Activities

Cash used in investing activities was $68.1 million in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025~~2026, which primarily consisted of $5615.70 million of capital expenditures (driven primarily by investments in consumer and store technology, supply chain centers and corporate store operations). This use of cash was partially offset by the net proceeds ~~from the sale~~ of ~~4,200,000 ordinary shares of our investment in DPC Dash for~~ $447.~~1 million and net proceeds of $~~8.5 million ~~for~~associated with the ~~refranchising~~sale of 36our ~~U.S.~~fully ~~Company-owned~~depreciated ~~stores~~corporate ~~in the Maryland market, each in the second quarter of 2025~~aircraft.

Financing Activities

Cash used in financing activities was $~~558~~88.24 million in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025. In connection with our refinancing transaction completed on September 5~~2026, ~~2025,~~which weincluded ~~issued of $1.00 billion of new notes including $500.0 million 2025 Five-Year Notes and $500.0 million 2025 Seven-Year Notes. We used~~ the ~~proceeds~~repurchase ~~from the issuance~~ of ~~the~~approximately ~~2025 Notes, as well as~~ $~~160~~75.01 million ~~of our unrestricted cash and cash equivalents, to repay the remaining $742.0 million~~ in outstanding principal under our 2015 Ten-Year Notes and the remaining $402.7 million in outstanding principal under our 2018 7.5-Year Notes and to pay $15.3 million in capitalized financing costs. During the three fiscal quarters of 2025, we repurchased and retired $274.7 million in common stock under our Board of Directors-approved share repurchase program, ~~and we also made $3.0 million in excise~~ tax payments ~~related~~for tothe ~~our~~vesting ~~share~~of ~~repurchase~~restricted ~~programs.~~stock Weunits ~~also~~of ~~made~~$12.9 million, dividend payments ~~to our shareholders~~ of $~~119~~1.5 million. Weand ~~made~~repayments ~~tax~~of ~~payments~~principal ~~for~~amounts ~~the~~related ~~vesting~~to ofour ~~restricted~~finance ~~stock~~leases and other financing obligations of $100.98 million. These uses of cash were partially offset by proceeds from the exercise of stock options of $121.9 million.

Critical Accounting Estimates

For a description of the Company’s critical accounting estimates, refer to “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the ~~2024~~2025 Form 10-K. The Company considers its most significant accounting ~~policies and~~ estimates to be long-lived assets, casualty insurance reserves and income taxes. There have been no material changes to the Company’s critical accounting estimates since December 2928, ~~2024~~2025.

2925

Forward-Looking Statements

This filing 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 which 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 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 ~~2024~~2025 Form 10-K for the fiscal year ended December 2928, ~~2024~~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 ~~as a result of our recapitalization transactions~~ 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 ~~and~~or ~~regulations~~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, ~~other~~ 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 filing might not occur. All forward-looking statements speak only as of the date of this filing 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 filing, 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 filing 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.

3026

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market Risk

We do not engage in speculative transactions, nor do we hold or issue financial instruments for trading purposes. In connection with the refinancings and recapitalizations of our business, we have issued fixed rate notes and entered into variable funding notes, and, at ~~September~~March 722, ~~2025~~2026, we are exposed to interest rate risk on borrowings under our ~~variable~~2025 ~~funding~~Variable ~~notes~~Funding Notes. As of ~~September~~March 722, ~~2025~~2026, we ~~had~~did nonot have any outstanding borrowings under our 2025 Variable Funding Notes.

Our 2025 Variable Funding Notes bear interest at fluctuating interest rates based on the Secured Overnight Financing Rate, ~~(“Term~~plus ~~SOFR”)~~a spread adjustment. Accordingly, a rising interest rate environment could result in higher interest expense due on borrowings under our 2025 Variable Funding Notes, in which event we may have difficulties making interest payments and funding our other fixed costs, and our available cash flow for general corporate requirements may be adversely affected.

Our fixed-rate debt exposes ~~the~~us ~~Company~~ to changes in market interest rates reflected in the fair value of the debt and to the risk that the Company may need to refinance maturing debt with new debt at a higher rate.

We are exposed to market risks from changes in food and commodity prices. During the normal course of business, we purchase cheese and certain other food products that are affected by changes in commodity prices and, as a result, we are subject to volatility in our ~~product~~food costs. Severe increases in commodity prices or food costs, including as a result of inflation, could affect the global and U.S. economies and could also adversely impact our business, financial condition or results of operations. We may periodically enter into financial instruments to manage this risk, although we have not done so historically. We do not engage in speculative transactions or hold or issue financial instruments for trading purposes. In instances when we use fixed pricing agreements with our suppliers, these agreements cover our physical commodity needs, are not net-settled and are accounted for as normal purchases.

Foreign Currency Exchange Risk

We have exposure to various foreign currency exchange rate fluctuations for revenues generated by our operations outside the U.S., which can adversely impact our net income and cash flows. Approximately 67.80% of our total revenues in ~~both~~ the ~~third~~first quarter ~~and three fiscal quarters~~ of ~~2025,~~2026 ~~approximately 6.9% of our total revenues in the third quarter of 2024~~ and approximately 6.8% of our total revenues in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2024~~2025 were derived from our international franchise segment, a majority of which were denominated in foreign currencies. We also operate dough ~~manufacturing~~production and distribution facilities in Canada, which generate revenues denominated in Canadian dollars. We do not enter into financial instruments to manage this foreign currency exchange risk. We estimate that a hypothetical 10% adverse change in the foreign currency rates for our international markets would have resulted in a negative impact on royalty revenues of approximately $207.42 million in the ~~three~~first ~~fiscal~~quarter ~~quarters~~ of ~~2025~~2026.

Item 4. Controls and Procedures.

Management, with the participation of the Company’s Chief Executive Officer, Russell J. Weiner, and Executive Vice President and Chief Financial Officer, Sandeep Reddy, performed an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, Mr. Weiner and Mr. Reddy concluded that the Company’s disclosure controls and procedures were effective.

During the quarterly period ended ~~September~~March 722, ~~2025~~2026, there were no changes in the Company’s internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

We are a party to lawsuits, revenue agent reviews by taxing authorities and administrative proceedings in the ordinary course of business which include, without limitation, workers’ compensation, general liability, automobile and franchisee claims. We are also subject to suits related to employment practices. In addition, we may occasionally be party to large claims, including class action suits.

Litigation is subject to many uncertainties, and the outcome of individual litigated matters is unpredictable. These matters referenced above could be decided unfavorably to us and could require us to pay damages or make other expenditures in amounts or a range of amounts that cannot be estimated with accuracy. However, we do not believe these matters, individually or in the aggregate, will have a material adverse effect on the business or financial condition of the Company, and we expect that the established accruals adequately provide for the estimated resolution of such claims.

Item 1A. Risk Factors.

There have been no material changes with respect to those risk factors previously disclosed in Item 1A “Risk Factors” in Part I of our ~~2024~~2025 Form 10-K.

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

c. Purchases of Equity Securities by the Issuer and Affiliated Purchasers.

							MaximumApproximate Dollar
					Total Number of Shares		Value of Shares that
	Total Number				Purchased as Part of		May Yet Be Purchased
	of Shares		Average Price Paid		Publicly Announced		Under the Program (2)
Period	Purchased (1)		Per Share		Program (2)		(in thousands)
Period #7 (June 16, 2025 to July 13, 2025)		1,185	$	454.44		—	$	614,338
Period #1 (December 29, 2025 to January 25, 2026)		1,051	$	418.24		—	$	459,681
Period #8 (July 14, 2025 to August 10, 2025)		1,784		464.70		—		614,338
Period #2 (January 26, 2026 to February 22, 2026)		1,662		408.57		—		459,681
Period #9 (August 11, 2025 to September 7, 2025)		167,061		450.47		165,778		539,681
Period #3 (February 23, 2026 to March 22, 2026)		191,353		398.81		188,304		384,583
Total		~~170~~194,~~030~~066	$	~~450~~399.6400		~~165~~188,~~778~~304	$	~~539~~384,~~681~~583

(1)	45,~~252~~762 shares in the ~~third~~first quarter of ~~2025~~2026 were purchased as part of the Company’s employee stock payroll deduction plan at an average price of $~~462~~405.4606.
(2)	OnAs of March 22, 2026, we had $384.6 million remaining under the $1.0 billion share repurchase authorization approved by our Board of Directors on February 21, 2024, for repurchases of shares of our common stock. Subsequent to the ~~Company’s~~end of the first quarter of 2026 and through April 21, 2026, we 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, our Board of Directors authorized an additional share repurchase program to repurchase up to $1.0 billion of ~~the~~our ~~Company’s~~ common stock, in addition to the $~~141~~290.32 million that was previously remaining for a total authorization of $1.1429 billion for future share repurchases. asAuthorization offor ~~that~~the ~~date.~~repurchase Asprogram ofmay ~~September~~be 7modified, ~~2025~~suspended, ~~$539~~or discontinued at any time.7 ~~million~~The ~~remained~~repurchase ~~available~~of ~~for~~shares ~~future~~in any particular period and the actual amount of such purchases remain at the discretion of the ~~Company’s~~Board ~~common~~of ~~stock~~Directors, ~~under~~and ~~this~~no ~~share~~assurance ~~repurchase~~can ~~program~~be given that shares will be repurchased in the future.
	Authorization for the repurchase program may be modified, suspended, or discontinued at any time. The repurchase of shares in any particular period and the actual amount of such purchases remain at the discretion of the Board of Directors, and no assurance can be given that shares will be repurchased in the future.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Trading Plans

~~Our~~During the first quarter ended March 22, 2026, none of the Company’s directors ~~and~~or officers (as defined in Section 16 of the Exchange Act ~~(“Section 16”~~)) ~~may~~adopted ~~from~~or ~~time~~terminated toa ~~time~~“Rule ~~enter~~10b5-1 ~~into~~trading ~~plans~~arrangement” ~~for the purchase~~ or ~~sale~~a of“non-Rule ~~Domino’s~~10b5-1 ~~stock~~trading ~~that~~arrangement,” ~~are~~as ~~intended~~each toterm ~~satisfy~~is ~~the~~defined ~~affirmative~~in ~~defense~~Item ~~conditions~~408(a) of ~~Rule~~Regulation ~~10b5~~S-~~1(c)~~K ~~under~~of the Exchange Act.

~~During the fiscal quarter ended September 7, 2025, the following Section 16 officers adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408 under Regulation S-K of the Exchange Act):~~28

Cynthia A. Headen, our Executive Vice President, Chief Supply Chain Officer, adopted a new Rule 10b5-1 trading arrangement on August 18, 2025. The plan’s maximum duration is until August 28, 2026, and first trades will not occur until November 17, 2025 at the earliest. The trading plan, which is subject to certain conditions, is intended to permit Ms. Headen to (i) sell from time to time an aggregate of up to 3,525 shares of our common stock, the actual amount of which may be less based on tax withholdings and performance and vesting conditions of performance-based stock units and restricted stock units, and (ii) exercise and sell from time to time two tranches of an aggregate of 7,453 stock options.

Jessica L. Parrish, our Vice President, Chief Accounting Officer and Treasurer, adopted a new Rule 10b5-1 trading arrangement on August 27, 2025. The plan’s maximum duration is until August 21, 2026, and first trades will not occur until November 26, 2025 at the earliest. The trading plan, which is subject to certain conditions, is intended to permit Ms. Parrish to sell from time to time an aggregate of up to 1,845 shares of our common stock, the actual amount of which may be less based on tax withholdings and performance and vesting conditions of performance-based stock units and restricted stock units.

The Rule 10b5-1 trading arrangements described above were adopted and precleared in accordance with Domino’s Insider Trading Policy and actual sale transactions made pursuant to such trading arrangements will be disclosed publicly in future Section 16 filings with the SEC.

No other directors or officers adopted, modified and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 under Regulation S-K of the Exchange Act, during the last fiscal quarter.

Item 6. Exhibits.

ExhibitNumber		Description
4.1		Ninth Supplement to the Amended and Restated Base Indenture, dated as of September 5, 2025, by and among Domino’s Pizza Master Issuer LLC, Domino’s SPV Canadian Holding Company Inc., Domino’s Pizza Distribution LLC, Domino’s Progressive Foods Distribution LLC and Domino’s IP Holder LLC, each as Co-Issuer, and Citibank, N.A., as Trustee and Securities Intermediary (Incorporated by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed on September 8, 2025 (the “September 2025 8-K”)).
4.2		Series 2025-1 Supplement to the Amended and Restated Base Indenture, dated September 5, 2025, among Domino’s Pizza Master Issuer LLC, Domino’s SPV Canadian Holding Company Inc., Domino’s Pizza Distribution LLC, Domino’s Progressive Foods Distribution LLC and Domino’s IP Holder LLC, each as Co-Issuer of Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A-2-I and Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A-2-II, and Citibank, N.A., as Trustee and Securities Intermediary (Incorporated by reference to Exhibit 4.2 to the September 2025 8-K).
10.1		Purchase Agreement, dated August 12, 2025, among Domino’s Pizza Master Issuer LLC, Domino’s SPV Canadian Holding Company Inc., Domino’s Pizza Distribution LLC, Domino’s Progressive Foods Distribution LLC and Domino’s IP Holder LLC, each as Co-Issuer, Domino’s SPV Guarantor LLC, Domino’s Pizza Franchising LLC, Domino’s Pizza International Franchising Inc., Domino’s Pizza Canadian Distribution ULC, Domino’s RE LLC and Domino’s EQ LLC, each as Guarantor, Domino’s Pizza LLC, as manager, Domino’s Pizza, Inc. and Domino’s, Inc., as parent companies, and Barclays Capital Inc. and Guggenheim Securities, LLC, as initial purchasers (Incorporated by reference to Exhibit 99.1 to the registrant’s Current Report on Form 8-K filed on August 13, 2025).
10.2		Class A-1 Note Purchase Agreement, dated September 5, 2025, among Domino’s Pizza Master Issuer LLC, Domino’s SPV Canadian Holding Company Inc., Domino’s Pizza Distribution LLC, Domino’s Progressive Foods Distribution LLC and Domino’s IP Holder LLC, each as Co-Issuer, Domino’s SPV Guarantor LLC, Domino’s Pizza Franchising LLC, Domino’s Pizza International Franchising Inc., Domino’s Pizza Canadian Distribution ULC, Domino’s RE LLC, Domino’s EQ LLC and Domino’s Pizza International Franchising of Michigan LLC, each as Guarantor, Domino’s Pizza LLC, as manager, certain conduit investors, financial institutions and funding agents, and Coöperatieve Rabobank U.A., New York Branch, as provider of letters of credit, as swingline lender and as administrative agent (Incorporated by reference to Exhibit 10.1 to the September 2025 8-K).
10.3		Omnibus Amendment and Reaffirmation Agreement, dated as of September 5, 2025, among Domino’s Pizza Master Issuer LLC, certain subsidiaries of Domino’s Pizza Master Issuer LLC party thereto, Domino’s SPV Guarantor LLC, Domino’s Pizza LLC, as manager and in its individual capacity, Domino’s Pizza NS Co., Progressive Food Solutions LLC, Domino’s Pizza, Inc., Barclays Capital Inc., as Initial Purchaser Representative, Midland Loan Services, a division of PNC Bank, National Association, as Servicer and Control Party, FTI Consulting, Inc., a Maryland corporation, as Back-Up Manager, and Citibank, N.A., as Trustee (Incorporated by reference to Exhibit 10.2 to the September 2025 8-K).
10.4		Form of Amendment No. 6 to Amended and Restated Management Agreement, dated as of September 5, 2025, among Domino’s Pizza Master Issuer LLC, certain subsidiaries of Domino’s Pizza Master Issuer LLC party thereto, Domino’s SPV Guarantor LLC, Domino’s Pizza LLC, as manager and in its individual capacity, Domino’s Pizza NS Co., and Citibank, N.A., as Trustee (Incorporated by reference to Exhibit 10.3 to the September 2025 8-K).
10.5		Form of Amendment No. 3 to Parent Company Support Agreement dated September 5, 2025 made by Domino’s Pizza, Inc. in favor of Citibank, N.A., as Trustee (Incorporated by reference to Exhibit 10.4 to the September 2025 8-K).
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, relating to Domino’s Pizza, Inc.
31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, relating to Domino’s Pizza, Inc.
32.1		Certification of Chief Executive Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, relating to Domino’s Pizza, Inc.
32.2		Certification of Chief Financial Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, relating to Domino’s Pizza, Inc.
101.INS		XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
104		Cover page Interactive Data File (formatted as Inline XBRL and contained in exhibit 101).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		DOMINO’S PIZZA, INC.(Registrant)
Date: October 14, 2025		/s/ Sandeep Reddy
Date: April 27, 2026		/s/ Sandeep Reddy
		Sandeep Reddy
		Executive Vice President, Chief Financial Officer(Principal Financial Officer)

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