$DPZ · DOMINOS PIZZA INC
Domino's Pizza filed its 10-Q for the quarter ended September 6, 2026. Diluted EPS rose to $4.60 from $4.08 a year ago on net income of $152.2M. Total revenue increased 3.4% YoY to $1.186B, with supply chain revenue of $746.2M and international franchise royalties of $83.7M driving growth. U.S. Company-owned store revenue fell sharply to $61.4M from $82.7M as the company continues refranchising. Gross margin was 40.2%.
- Q3 diluted EPS of $4.60 vs $4.08 a year ago, on net income of $152.2M.
- Total revenue rose 3.4% YoY to $1.186B, driven by supply chain and franchise royalties.
- U.S. Company-owned store revenue fell 25.8% YoY to $61.4M, reflecting refranchising.
- Gross margin improved to 40.2% from 40.1% in the prior-year quarter.
- Stockholders' deficit widened to -$3.96B; $1.33B of debt classified as current.
Extended-hours trading shows DPZ at $302.91, down 2.57% from the regular-session close of $310.90, suggesting the market is reacting negatively despite the EPS beat — likely focused on the U.S. company-owned store revenue decline and the heavy debt load.
The EPS beat masks structural shifts: collapsing company-owned store revenue, a ballooning stockholders' deficit, and $1.33B in debt coming due within a year.
Domino's asset-light franchise model continues to shift: U.S. company-owned store revenue dropped 25.8% YoY as refranchising progresses, while supply chain and international franchise royalties provide the growth engine.
$1.33B of long-term debt reclassified as current, indicating near-term refinancing risk. Stockholders' deficit of -$3.96B leaves no equity cushion against operational headwinds. The DPC Dash investment was written down to $15.2M from $36.1M, reflecting a $20.9M unrealized loss.
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