Short answer
Domino's (DPZ) filed its fiscal 2024 10-K annual report with the SEC on Feb 24, 2025. It reported revenue of $4.7B (+5.1% year over year) and net income of $584M.
- Top risk flagged: Increased indebtedness from multiple recapitalizations since 2015 creating refinancing risk
FY2024 key financial metrics · XBRL
- Revenue
- $4.7B
- +5.1% YoY
- Net income
- $584M
- +12.5% YoY
- Operating margin
- 18.7%
- +0.4 pp YoY
- Gross margin
- 39.3%
- +0.7 pp YoY
- EPS (diluted)
- $16.69
- +13.8% YoY
- ROE
- -14.7%
- −2.0 pp YoY
- Operating cash flow
- $625M
- +5.8% YoY
Source: XBRL data from the Domino's (DPZ) FY2024 10-K on SEC EDGAR. USD.
Domino's FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Franchise-driven global pizza delivery and carryout with 99% of 21,300+ stores independently owned
- New menu items launched in 2024: 5-Cheese Mac & Cheese and New York Style Pizza in U.S.; localized international flavors including Burgundy Beef Pizza and Paratha Pizza in India
- Strategic "fortressing" focus on increasing store density and enhancing delivery/carryout proximity within existing markets
- Supply chain revenues dominant at $2.85B (60% of consolidated revenue), supporting over 7,600 stores with vertical integration and profit-sharing with franchisees
- Environmental and social commitments: SBTi-approved near-term and net zero carbon targets by 2032 and 2050; launched electric delivery vehicle fleet in 2024
Management Discussion & Analysis
- Revenue $4.71B, up 5.1% YoY from $4.48B driven by supply chain (+$130.8M), franchise royalties and advertising increases
- Gross margin 39.3% vs 38.6% YoY; U.S. Company-owned stores margin 16.7% vs 16.4%, supply chain margin 11.1% vs 10.2%
- Best performing segment supply chain with $2.85B revenue (+4.8%) and 11.1% margin; worst U.S. Company-owned stores $394M (+4.7%) and 16.7% margin
- Net income $584.2M, margin 12.4% vs 11.6%; income from operations increased 7.3% to $879.0M, margin 18.7% vs 18.3%
- Net store growth 775 stores (160 U.S., 615 international); U.S. same store sales +3.2%, international +1.6% (ex FX)
- No cash flow specifics detailed; historically returns capital via dividends and buybacks; capex not quantified
- Management sees continued growth driven by technology, marketing, and net store expansion; key risk foreign currency impact on international royalties (-$5.8M)
Risk Factors
- Increased indebtedness from multiple recapitalizations since 2015 creating refinancing risk
- Exposure to commodity cost inflation, notably cheese and fuel prices affecting operating expenses
- Supply chain disruptions of fresh food products and store equipment impacting operations
- Competition from food-service and delivery market players challenging brand strength and growth
- Key-person risk due to dependence on retention and replacement of executive officers and management
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