Domino's (DPZ) FY2025 10-K Annual Report
Domino's (DPZ) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Domino's FY2025 10-K Analysis
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
Domino's FY2025 Key Financial MetricsXBRL
Revenue
$4.9B
▲ +5.0% YoY
Net Income
$602M
▲ +3.0% YoY
Gross Margin
40.0%
▲ +67bp YoY
Operating Margin
19.3%
▲ +63bp YoY
Net Margin
12.2%
▼ -23bp YoY
ROE
-15.4%
▼ -68bp YoY
Total Assets
$1.7B
▼ -1.2% YoY
EPS (Diluted)
$17.57
▲ +5.3% YoY
Operating Cash Flow
$792M
▲ +26.8% YoY
Source: XBRL data from Domino's FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other Domino's Annual Reports
Get deeper insights on Domino's
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.