Domino’s Pizza (NASDAQ: DPZ) delivered Q4 FY2025 diluted EPS of $5.35, narrowly missing the consensus estimate of $5.38 by $0.03. Revenue came in at $1.54 billion, beating estimates of $1.52 billion, reflecting 6.4% year-over-year growth. Global retail sales grew 4.9% excluding foreign currency impact, while U.S. same-store sales rose 3.7%. DPZ shares gained approximately 4.65% following the announcement.
About Domino’s Pizza
Domino’s Pizza, Inc. (NASDAQ: DPZ) is the world’s largest pizza delivery company, founded in 1960 and headquartered in Ann Arbor, Michigan. The company operates through a primarily franchise-driven model, with a global network spanning over 21,000 stores across more than 90 markets worldwide. Domino’s generates revenue through three core channels: U.S. franchise royalties and advertising fees, supply chain operations that serve its domestic stores, and international franchise royalties.
As of the latest trading session, Domino’s carries a market capitalization of approximately $13.0 billion, a P/E ratio of 22.47, and a trailing twelve-month EPS of $17.12. The stock offers an annual dividend yield of approximately 1.81%, with a quarterly dividend of $1.74 per share ($6.96 annualized). The company’s 52-week range spans from $370.70 to $500.55, with shares recently trading near $384.61. Analysts maintain a consensus “Buy” rating with a 12-month price target of $474.04, implying roughly 23% upside from current levels.
Top Financial Highlights
- Q4 total revenue reached USD 1.54 billion, increasing 6.4% from USD 1.44 billion in Q4 FY2024.
- Full year FY2025 revenue totaled approximately USD 4.94 billion, reflecting steady expansion across operating segments.
- Q4 net income rose to USD 181.6 million, representing a 7.2% increase compared to USD 169.4 million in the prior year quarter.
- Q4 diluted earnings per share reached USD 5.35, reflecting a 9.4% increase from USD 4.89 in Q4 FY2024.
- Full year diluted earnings per share stood at USD 17.12 on a trailing twelve month basis.
- Q4 income from operations amounted to USD 295.7 million, increasing 8.0% year over year.
- Full year income from operations reached USD 954.0 million, up 8.5% from USD 879.0 million in FY2024.
- U.S. same store sales grew 3.7% in Q4 and 3.0% for the full fiscal year.
- International same store sales, excluding foreign exchange impact, increased 0.7% in Q4 and 1.9% for the full year.
- Global net store expansion totaled 392 stores in Q4 and 776 stores for FY2025.
- Supply chain gross margin improved to 11.4% in Q4, reflecting a 0.1 percentage point year over year increase.
- Consolidated adjusted EBITDA for the trailing four quarters reached USD 1.085 billion, rising from USD 1.012 billion in the prior period.
- Cash and cash equivalents stood at approximately USD 342 million as of the most recent reporting period.
- The leverage ratio improved to 4.4x, compared to 4.9x in the previous year, indicating strengthening balance sheet metrics.
- Ongoing share repurchase activity contributed to a lower diluted share count and supported the 9.4% growth in earnings per share.
Operational Highlights
Global Retail Sales (in millions of U.S. dollars)
- U.S. stores generated USD 3,056.1 million in Q4 2025, compared to USD 2,897.6 million in Q4 2024.
- International stores reported USD 3,240.4 million in Q4 2025, up from USD 3,042.2 million in Q4 2024.
- Total global retail sales reached USD 6,296.5 million in Q4 2025, increasing from USD 5,939.8 million in the prior year quarter.
- U.S. stores recorded full year sales of USD 9,952.9 million in 2025, compared to USD 9,500.1 million in 2024.
- International stores generated USD 10,173.9 million in fiscal year 2025, up from USD 9,624.1 million in 2024.
- Total global retail sales for fiscal year 2025 amounted to USD 20,126.8 million, compared to USD 19,124.2 million in fiscal year 2024.
Global Retail Sales Growth
- U.S. stores recorded growth of 5.5% in Q4 2025, compared to 2.3% in Q4 2024.
- International stores reported growth of 4.5% in Q4 2025, compared to 6.4% in Q4 2024.
- Total global retail sales increased 4.9% in Q4 2025, versus 4.4% in the prior year quarter.
- U.S. stores achieved full year growth of 4.8% in 2025, compared to 5.3% in 2024.
- International stores posted full year growth of 5.9% in 2025, compared to 6.5% in 2024.
- Total global retail sales grew 5.4% in fiscal year 2025, versus 5.9% in fiscal year 2024.
Beat or Miss?
| Metric | Reported | Estimated | Difference/Analysis |
| Revenue | $1.54B | $1.52B | Beat by ~$17.5M (+1.1%) |
| Diluted EPS | $5.35 | $5.38 | Missed by $0.03 (-0.56%) |
| U.S. Same-Store Sales | 3.70% | ~+3.0% (guidance) | Beat full-year guidance; strong Q4 finish |
| International SSS (ex-FX) | 0.70% | +1% to +2% (guidance range) | Below low end of annual guidance for Q4 |
| Income from Operations Growth | 8.00% | ~8% (company guidance) | In line with management expectations |
| Global Net Store Growth (FY) | 776 | 175+ U.S. / in line with 2024 intl. | Met development targets |
Domino’s delivered a mixed quarter: revenue topped expectations on strong supply chain and franchise advertising revenues, but EPS fell just short of consensus due to margin pressures from higher insurance costs, elevated labor rates, and increased food basket pricing. The company-owned store gross margin declined 2.4% points, partially offsetting gains elsewhere.
What Leadership Is Saying?
CEO Russell Weiner – On Strategy and Outlook
“These strong results flowed through to increased franchisee profits, showcasing our ability to drive store-level profitability while providing incredible value for our customers. As we look ahead to 2026, it is our expectation that we will meaningfully increase our market share within a U.S. QSR pizza category that continues to grow. Our value and scale advantages will remain a differentiator, while our new brand campaign and e-commerce site will drive deliciousness and improved experiences.”
CFO Sandeep Reddy – On Financial Performance (Q3 FY2025 Remarks, Most Recent Available)
“Our financial results continued to be impacted by a challenging macro backdrop, but we drove profit growth that was slightly ahead of our expectations due to our strong sales performance and the timing of investments. Income from operations increased 11.8% excluding the impact of foreign currency. This increase was primarily due to higher U.S. franchise royalties and fees and gross margin dollar growth within supply chain.”
Historical Performance
Domino’s YoY Comparison
| Category | Q4 FY2025 | Q4 FY2024 | Change (%) |
| Total Revenue | $1.54B | $1.44B | +6.4% |
| Net Income | $181.6M | $169.4M | +7.2% |
| Diluted EPS | $5.35 | $4.89 | +9.4% |
| Income from Operations | $295.7M | $273.7M | +8.0% |
| U.S. Same-Store Sales Growth | 3.70% | 0.40% | +3.3 pp |
| International SSS (ex-FX) | 0.70% | 2.70% | -2.0 pp |
| Global Net Store Growth | 392 | 364 | 7.70% |
| Supply Chain Gross Margin | 11.40% | 11.30% | +0.1 pp |
The most notable year-over-year improvement was in U.S. same-store sales, which surged from just +0.4% in Q4 FY2024 to +3.7% in Q4 FY2025, driven by the “Best Deal Ever” promotion, Parmesan Stuffed Crust innovation, aggregator partnerships (DoorDash and Uber Eats), and a revamped loyalty program. However, international same-store sales decelerated from +2.7% to +0.7%, reflecting macro pressures in markets like Japan and France.
Competitor YoY Comparison – Q4 Performance
| Category | Domino’s (DPZ) Q4 FY2025 | McDonald’s (MCD) Q4 FY2025 | Yum! Brands (YUM) Q4 FY2025 | Papa John’s (PZZA) Q3 FY2025* |
| Revenue | $1.54B | $7.01B | $2.52B | $508M |
| Revenue YoY Change | +6.4% | 9.70% | 6.50% | -4.30% |
| Net Income | $181.6M | $2.16B | $535M | $4.4M |
| Operating Income | $295.7M | $3.16B | $738M | $16.2M |
| P/E Ratio (Current) | 22.47 | 27.55 | 29.38 | 27.71 |
Among the major QSR competitors, Domino’s delivered solid revenue growth of 6.4%, competitive with Yum! Brands’ 6.5% growth. McDonald’s outpaced with 9.7% revenue growth in Q4 2025, benefiting from its global scale and value-driven promotions. Papa John’s continues to face significant headwinds, with revenue declining 4.3% and net income collapsing to just $4.4 million. Domino’s trades at the lowest P/E ratio (22.47) among the group, suggesting relative value given its consistent growth trajectory.
How the Market Reacted?
Domino’s Pizza stock responded positively to the Q4 FY2025 earnings release, with shares gaining approximately 4.65% following the announcement on February 23, 2026. Despite the slight EPS miss of $0.03 versus consensus, investors were encouraged by the revenue beat, strong U.S. same-store sales momentum of +3.7%, and management’s bullish 2026 outlook centered on market share expansion.
The stock had been trading near its 52-week low of $370.70 ahead of the report, with analysts noting that the forward P/E of approximately 19.3x on 2026 estimates was well below its historical average of 20-21x, creating a favorable risk/reward setup. Overall market sentiment shifted to cautiously optimistic, as the “Hungry for MORE” strategy continues to deliver tangible results across store growth, digital innovation, and franchisee profitability.
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