Research · Sep 3, 2026
[DPZ] Domino's Pizza Thesis 2026: Hungry For More Tests Comparable Sales and International Unit Growth
Domino's Pizza Inc. FY2025 revenue ~$4.7-4.9B (+5-7%) with adj. EPS ~$17.20-17.80 reflecting continued post-2022-2023 same-store sales recovery + selected 'Hungry For More' 5-year strategy execution + selected loyalty program acceleration + selected Uber Eats partnership ramp + selected international unit growth + selected operational excellence under continued CEO Russell Weiner. Global QSR pizza category leader with ~21,000+ stores in ~90+ countries (~7,030 US + ~14,300 international; ~99% franchise mix); founded 1960 by Tom Monaghan + James Monaghan in Ypsilanti Michigan as DomiNick's Pizza (rebranded Domino's Pizza 1965; IPO 2004 ~$300M raised); headquartered in Ann Arbor Michigan. ~$19B+ global retail sales across ~21,000+ stores; US same-store sales +3-5% FY2025 (selected acceleration from +0.7% FY2023 + +1.6% FY2024); international same-store sales +1-3% FY2025 (selected post-2022-2023 weakness recovery); Domino's loyalty program ~37M+ members FY2025 (vs ~30M FY2024). 4 segments: US Stores 33% ($1.6B — ~290 company-owned + US royalties from ~6,740 franchised stores; AUV ~$1.4M+) + International Franchise 6% ($0.3B — royalties from ~14,300 master franchisee stores; ~80%+ operating margin pure royalty stream) + Supply Chain 58% ($2.8B — dough + cheese + wheat + ingredients to US franchisees; ~10-12% margin) + Other 3% ($0.1B). CEO Russell Weiner since May 2, 2022 (succeeded Ritch Allison CEO 2018-2022 retired; Weiner ex-Domino's COO + President of US Business 2018-2022 + ex-Domino's CMO 2008-2018 credited with 'Pizza Turnaround' marketing campaign + ex-PepsiCo Marketing executive ~10-year career pre-Domino's; ~17-year Domino's career). 'Hungry For More' 5-year strategy launched October 2023 with FY2024-2028 targets: $25B+ global retail sales (vs $18.7B FY2023) + 1,100+ net new stores annually + 8% operating income growth. Uber Eats US partnership announced June 2023 launched July 2023 (~$1B incremental sales target run-rate FY2024). Capital return: dividend $6.04-6.24/share annual (~12 consecutive year increases) + buybacks $0.4-0.8B; investment-grade Baa3/BBB- credit rating. FY2026 thesis: 'Hungry For More' execution + comparable sales + international unit growth + capital return. Risks: consumer discretionary spending, competitive intensity, commodity inflation.