Short answer
Domino's (DPZ) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $4.9B (+5.0% year over year) and net income of $602M.
- Top risk flagged: NLRB joint employer rule (vacated Apr 2024) could be reinstated, potentially making Domino's liable for franchisees' labor violations across 6,924 U.S. franchise stores
FY2025 key financial metrics · XBRL
- Revenue
- $4.9B
- +5.0% YoY
- Net income
- $602M
- +3.0% YoY
- Operating margin
- 19.3%
- +0.6 pp YoY
- Gross margin
- 40.0%
- +0.7 pp YoY
- EPS (diluted)
- $17.57
- +5.3% YoY
- ROE
- -15.4%
- −0.7 pp YoY
- Operating cash flow
- $792M
- +26.8% YoY
Source: XBRL data from the Domino's (DPZ) FY2025 10-K on SEC EDGAR. USD.
Domino's FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Asset-light franchisor (~99% franchised); revenue via royalties, supply chain sales (60.5% of revenue at $2.99B), and Company-owned stores
- New 2025 menu launches: Parmesan Stuffed Crust Pizza, Spicy Chicken Bacon Ranch pizza, and Garlic and Cinnamon Bread Bites
- U.S. total market share rose to 23.3% (from 22.5% in 2024); delivery share 32.9%, carryout share 19.6%
- 85%+ of U.S. retail sales from digital channels in 2025; eCommerce platform redesign fully launched (website/mobile web), with app rollout ongoing
- SBTi approved near-term and net zero targets (October 2024); commitment to net zero by 2050 and near-term targets by 2032: notable ESG formalization for the filing year
Management Discussion & Analysis
- Revenue $4.94B, up $233.6M (+5.0%) YoY; supply chain (+$143.7M), U.S. franchise advertising (+$49.6M) primary drivers
- Operating margin 19.3% vs 18.7%; gross margin 40.0% vs 39.3%; net margin 12.2% vs 12.4% (higher tax rate 21.9% vs 19.1%)
- Best segment: Supply Chain Segment Income +$39.5M (+14.1%) to $320.1M; worst: U.S. Stores +$10.0M (+1.8%) to $575.3M
- Operating cash flow $792.1M vs $624.9M; capex $120.6M; buybacks $354.7M; dividends $236.9M paid; 2025 Refinancing issued $1.0B new notes
- Capex guidance ~$120M for 2026; key risks include commodity/food cost inflation, foreign currency headwinds, substantial leverage and tariff/geopolitical uncertainty
Risk Factors
- NLRB joint employer rule (vacated Apr 2024) could be reinstated, potentially making Domino's liable for franchisees' labor violations across 6,924 U.S. franchise stores
- Largest international master franchisee operates 3,524 stores across 12 markets, representing ~24% of international store count: single-entity concentration risk
- Consolidated total debt ~$4.82 billion; fixed rate notes include $1.34B due 2027 and $836.4M due 2028
- Cheese represents ~25% of Company-owned store food basket; single/limited-supplier dependency for cheese and meat toppings
- 10% adverse FX move would reduce international royalty revenues by ~$30M; international royalties ~6.9% of total 2025 revenues
Generated from the filing text; verify against the original. How to read a 10-K
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