DPZ
Updated: 24/09/2026, 20:06:56
Domino's Pizza, Inc. operates as a leading international and domestic purveyor of pizza, managing its extensive operations through three distinct segments: U.S. Stores, International Franchise, and Supply Chain. The company is primarily recognized for its Domino's-branded pizzas, which are distributed via a vast network of both corporate-owned and independently franchised outlets. Beyond its flagship product, the menu also encompasses a variety of other offerings, including oven-baked sandwiches, pasta dishes, boneless and winged chicken, various bread and dip accompaniments, desserts, and soft drink beverages. As of January 2, 2022, the enterprise boasted approximately 18,800 locations spanning 90 global markets. Established in 1960, Domino's Pizza, Inc. is headquartered in Ann Arbor, Michigan.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
0.6B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
0.7B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
0.4B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Canada manufacturing network
Canada · Manufacturing Partner Country
We also operate dough manufacturing and distribution facilities in Canada, which generate revenues denominated in Canadian dollars.
Canada
Canada manufacturing network
We also operate dough manufacturing and distribution facilities in Canada, which generate revenues denominated in Canadian dollars.
United States
United States manufacturing network
We also operate dough manufacturing and distribution facilities in Canada, which generate revenues denominated in Canadian dollars.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Global franchised pizza company
Largest pizza company in the world; >22,100 locations in over 90 markets as of Dec 28, 2025; ~99% of global stores franchised
“Domino’s is the largest pizza company in the world with more than 22,100 locations in over 90 markets around the world as of December 28, 2025”
International franchise average royalty rate
International royalty rates averaged approximately 3.0% in 2025
“Royalty rates vary among international markets and may also differ based on certain incentives and concessions and averaged approximately 3.0% in 2025.”
U.S. franchise advertising contribution rate
Each U.S. franchisee generally required to contribute 6.0% of retail sales to DNAF
“Each franchisee is generally required to contribute 6.0% of their retail sales to fund national marketing and advertising campaigns”
U.S. franchise royalty rate
Each U.S. franchisee generally required to pay a 5.5% royalty fee on sales
“Each franchisee is generally required to pay a 5.5% royalty fee on sales.”
Three reportable segments
U.S. stores, international franchise, and supply chain segments
“We operate, and report, three business segments: U.S. stores, international franchise and supply chain.”
No customer over 10% of revenues
No customer accounted for more than 10% of consolidated revenues in 2025, 2024 or 2023
“No customer accounted for more than 10% of our total consolidated revenues in 2025, 2024 or 2023.”
Digital channel sales share
More than 85% of U.S. retail sales in 2025 were derived from digital channels, primarily online ordering website and mobile applications.
“more than 85% of our U.S. retail sales in 2025 were derived from digital channels, primarily through our online ordering website and mobile applications”
Aggregator marketplace partnerships
Multinational agreements with Uber Technologies and DoorDash allow ordering of Domino’s products via their marketplaces
“We have multinational agreements with Uber Technologies, Inc. and DoorDash, Inc. to allow customers to order Domino’s products through their respective marketplaces.”
Menu and 2025 launches
Menu: pizza plus sides; 2025 launched Parmesan Stuffed Crust, Spicy Chicken Bacon Ranch, Bread Bites; localized intl offerings
“During 2025, we launched our Parmesan Stuffed Crust Pizza, as well as our Spicy Chicken Bacon Ranch specialty pizza and Garlic and Cinnamon Bread Bites.”
U.S. stores segment revenue 2025
U.S. stores: $1.61B (32.6% of consolidated revenues); 6,924 franchised + 262 Company-owned = 7,186 U.S. stores
“our U.S. stores segment accounted for $1.61 billion, or 32.6%, of our consolidated revenues”
Revenue recognition by segment structure
Five disclosed revenue streams: U.S. Company-owned stores; U.S. franchise royalties/fees; supply chain sales to U.S./Canada franchisees; international franchise royalties/fees; U.S. franchise advertising contributions to DNAF (consolidated not-for-profit subsidiary)
“Supply chain revenues are primarily comprised of sales of food and other products to franchised Domino’s Pizza stores located in the U.S. and Canada.”
Cheese cost exposure
Cheese represents approximately 25% of the food basket purchased by Company-owned stores and is subject to significant price volatility.
“Cheese, in particular, is a significant cost to us, representing approximately 25% of the food basket purchased by our Company-owned stores.”
International franchise revenue share and FX sensitivity
~6.9% of 2025 total revenues from international franchise segment; 10% adverse FX change = ~$30.0M negative impact on 2025 international royalty/fee revenues; no FX hedging
“A hypothetical 10% adverse change in the foreign currency rates for our international markets would have resulted in a negative impact on international franchise royalty and fee revenues of approximately $30.0 million in 2025.”
U.S. franchisee supply chain purchasing
Substantially all U.S. franchisees purchased food and other products from the company in 2025, though not contractually required to do so.
“While substantially all U.S. franchisees purchased food and other products from us and our suppliers in 2025, U.S. franchisees are not required to purchase food and other products from us”
Equity investment in DPC Dash (China master franchisee)
Domino's holds an equity investment in DPC Dash Ltd, its master franchisee in China; failure of DPC Dash could result in loss of investment value.
“we have an equity investment in DPC Dash Ltd (“DPC Dash”), as further discussed elsewhere in this report. Through its subsidiaries, DPC Dash serves as the Company's master franchisee in China”
U.S. pizza competitors
In the U.S., Domino's competes primarily against Pizza Hut, Papa John's and Little Caesars Pizza as well as regional, independent and local establishments.
“In the U.S., we compete primarily against national chains Pizza Hut®, Papa John's® and Little Caesars Pizza® as well as regional, independent and local establishments.”
Named competitors
Competes with Pizza Hut, Papa John’s, Little Caesars, independents, and delivery aggregators in the fragmented QSR pizza category
“we compete primarily against national chains Pizza Hut®, Papa John’s® and Little Caesars Pizza® as well as regional, independent and local establishments”
International and aggregator competition
Internationally competes with Pizza Hut, Papa John's and country-specific companies; also faces competition from order and delivery aggregators, supermarkets and meal kit providers.
“competition from order and delivery aggregators and other players both in the pizza category and more broadly, that may create further pressures to grow our business in order to maintain our market share.”
Unredeemed gift card liability
Unredeemed gift cards in other current accrued liabilities: $44.3M (2025) and $42.6M (2024)
“The Company had $44.3 million and $42.6 million included in other current accrued liabilities related to unredeemed gift cards as of December 28, 2025 and December 29, 2024, respectively.”
U.S. QSR pizza market position
#1 U.S. QSR pizza, ~23.3% total share (up from ~22.5%); delivery ~32.9%, carryout ~19.6%; category $43.4B (2025) vs $42.8B (2024)
“we are recognized as number one, with approximately 23.3% total market share based on consumer spending data for the year ending December 2025 (up from approximately 22.5% for the year ended December 2024)”
Hungry for MORE strategy
Hungry for MORE strategy: Most Delicious Food, Operational Excellence, Renowned Value, Best-in-Class Franchisees
“Our Hungry for MORE strategy aims to generate MORE sales, MORE stores and MORE profits.”
2025 Variable Funding Notes interest rate risk
No outstanding borrowings under 2025 Variable Funding Notes at Dec 28, 2025; borrowings bear Term SOFR + spread, exposing to rising rates
“As of December 28, 2025, we did not have any outstanding borrowings under our 2025 Variable Funding Notes.”
Floating-rate Variable Funding Notes tied to Term SOFR
2025 Variable Funding Notes bear fluctuating interest rates based on Term SOFR; continuation of SOFR publication is not assured.
“our 2025 Variable Funding Notes bear interest at fluctuating interest rates that in certain circumstances is based on a forward-looking term rate based on the Secured Overnight Financing Rate (“Term SOFR”).”
Labor cost and minimum wage exposure
Labor costs are largely a function of minimum wage; several jurisdictions including California have approved minimum wage increases and labor costs are expected to continue increasing.
“several jurisdictions in which we and our franchisees operate, including California, have recently approved minimum wage increases.”
Cybersecurity and data privacy regulation
Digital ordering platforms collect personally identifiable information subject to evolving privacy laws including the CPRA and NY SHIELD Act; compromise could cause adverse publicity, lost sales, and fines.
“the State of California has adopted the California Privacy Rights Act of 2020, an amendment to the California Consumer Privacy Act, and numerous other states have adopted similar comprehensive data protection laws”
Limited-vendor ingredients
Certain ingredients, including meat products, are available from only a limited number of vendors, limiting competitive bidding effectiveness.
“because certain of these ingredients, including meat products, may only be available from a limited number of vendors, we may not always be able to do so effectively.”
Technology and AI disruption risk
Advances in delivery technology, autonomous vehicles, and AI could disrupt the business; AI adoption may create dependency and expense risks.
“We may incorporate traditional and generative AI solutions into our business, and these solutions may become important in our operations over time.”
~99% of global stores are franchised; royalties and fees plus supply chain sales to franchisees are core revenue streams.
“approximately 99% of Domino’s global stores owned and operated by our independent franchisees as of December 28, 2025”
Domino’s competes in delivery and carryout segments of the QSR pizza category, which are the two largest segments.
“In the U.S., we compete in the delivery and carryout segments of the QSR pizza category.”
More than 85% of U.S. retail sales in 2025 came from digital channels, making platform disruption or cyber-attacks a material sales risk.
“more than 85% of our U.S. retail sales in 2025 were derived from digital channels, primarily through our online ordering website and mobile applications”
Royalties (5.5% U.S.), advertising contributions (6.0% U.S.), supply chain food sales, and international royalties (~3.0%) all derive from franchisee retail sales
“Supply chain revenues are primarily comprised of sales of food and other products to franchised Domino’s Pizza stores located in the U.S. and Canada.”
Results are driven largely by retail sales at franchised and Company-owned stores, which depend on consumer demand, tastes and disposable income.
“can be affected by changes in consumer tastes, economic conditions, demographic trends, geopolitical and reputational considerations, marketing, advertising, pricing and consumers’ disposable income”
Cheese is approximately 25% of the food basket for Company-owned stores and subject to significant price fluctuations, driving input cost volatility.
“Cheese, in particular, is a significant cost to us, representing approximately 25% of the food basket purchased by our Company-owned stores.”
Substantially all U.S. franchisees purchase from the company's supply chain but are not required to; defection to outside suppliers would adversely affect results.
“While substantially all U.S. franchisees purchased food and other products from us and our suppliers in 2025, U.S. franchisees are not required to purchase food and other products from us”
Highly competitive, fragmented QSR pizza category against national chains and growing aggregation platforms.
“The QSR pizza category is large, fragmented and highly competitive.”
Labor costs are largely a function of minimum wage; jurisdiction-level minimum wage increases (including California) are expected to keep raising costs for the company and franchisees.
“As more jurisdictions implement minimum wage increases, we expect that labor costs will continue to increase.”
Aggregator competition for customers and drivers has substantially increased; aggregator orders may carry lower store-level profitability than owned channels.
“Competition for both customers and drivers from these order and delivery aggregators and other food delivery services has substantially increased”
Inflationary pressures on customers' disposable purchasing power, especially lower-income customers, can reduce demand for products.
“may also impact the discretionary purchasing power of our customers, especially customers with less disposable income... resulting in decreased demand for our products.”
Management reports retail sales growth excluding foreign currency impact, indicating meaningful FX translation exposure from 90+ international markets.
“Global retail sales, excluding foreign currency impact (which includes total retail sales at Company-owned and franchised stores worldwide), increased 5.4%”
~6.9% of 2025 revenues from international franchise segment, majority in foreign currencies, unhedged; 10% adverse FX move = ~$30M impact
“We do not enter into financial instruments to manage this foreign currency exchange risk.”
Franchise fee revenue tied to per-transaction digital fees ($0.375 per digital U.S. transaction in fiscal 2025), linking franchise revenue growth to digital order volume
“was $0.375 per digital transaction in fiscal 2025”
Multinational agreements with Uber and DoorDash expand ordering access while aggregators simultaneously compete for customers.
“We also compete with other restaurants, as well as order and delivery aggregation companies, which have continued to grow in size and scale in recent years.”
Variable Funding Notes bear Term SOFR-based floating rates; rising rates increase interest expense, and maturing fixed-rate debt may need refinancing at higher rates
“a rising interest rate environment could result in higher interest expense due on borrowings under our 2025 Variable Funding Notes”
Largest master franchisee accounts for ~24% of international store count but only 1.4% of consolidated revenues.
“Revenues from this master franchisee accounted for 1.4% of our consolidated revenues in 2025.”
Advances in digital ordering, autonomous vehicle delivery, and AI could shift consumer behavior and labor availability; failure to adopt AI timely is a disclosed risk.
“if we were to incorporate AI technologies which we become dependent on or fail to adopt AI in a timely or effective manner.”
Severe commodity/food cost increases including from inflation could adversely impact business, financial condition or results of operations
“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.”
Domino's growth in China depends on DPC Dash, its master franchisee and equity investment; DPC Dash failure could cause loss of investment value.
“If DPC Dash does not succeed or is unable to successfully execute its growth strategy, we could lose some or all of our investment value.”
Dough manufacturing and distribution facilities in Canada generate Canadian-dollar revenues and supply chain sales to Canadian franchisees
“We also operate dough manufacturing and distribution facilities in Canada, which generate revenues denominated in Canadian dollars.”
Cost of sales primarily includes food and labor costs, plus delivery, occupancy, insurance; G&A driven primarily by labor including variable performance-based compensation
“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), insurance expense and other.”
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